ASHFORD HOSPITALITY TRUST INC, 10-K filed on 3/16/2021
Annual Report
v3.20.4
Cover Page - USD ($)
12 Months Ended
Dec. 31, 2020
Mar. 11, 2021
Jun. 30, 2020
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2020    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-31775    
Entity Registrant Name ASHFORD HOSPITALITY TRUST, INC.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 86-1062192    
Entity Address, Address Line One 14185 Dallas Parkway    
Entity Address, Address Line Two Suite 1100    
Entity Address, City or Town Dallas    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 75254    
City Area Code 972    
Local Phone Number 490-9600    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 70,987,000
Entity Common Stock, Shares Outstanding   103,356,082  
Documents Incorporated by Reference Portions of the registrant’s definitive Proxy Statement pertaining to the 2021 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Form 10-K.    
Entity Central Index Key 0001232582    
Amendment Flag false    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Common Stock      
Document Information [Line Items]      
Title of 12(b) Security Common Stock    
Trading Symbol AHT    
Security Exchange Name NYSE    
Preferred Stock, Series D      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock, Series D    
Trading Symbol AHT-PD    
Security Exchange Name NYSE    
Preferred Stock, Series F      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock, Series F    
Trading Symbol AHT-PF    
Security Exchange Name NYSE    
Preferred Stock, Series G      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock, Series G    
Trading Symbol AHT-PG    
Security Exchange Name NYSE    
Preferred Stock, Series H      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock, Series H    
Trading Symbol AHT-PH    
Security Exchange Name NYSE    
Preferred Stock, Series I      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock, Series I    
Trading Symbol AHT-PI    
Security Exchange Name NYSE    
v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
ASSETS    
Investments in hotel properties, net $ 3,426,982 $ 4,108,443
Cash and cash equivalents 92,905 262,636
Restricted cash 74,408 135,571
Marketable securities 0 14,591
Accounts receivable, net of allowance of $441 and $698, respectively 21,760 39,638
Inventories 2,447 4,346
Notes receivable, net 8,263 7,709
Investment in unconsolidated entity 2,811 2,829
Deferred costs, net 1,851 2,897
Prepaid expenses 18,401 21,886
Derivative assets, net 263 1,691
Operating lease right-of-use assets 45,008 49,995
Other assets 23,303 17,932
Intangible assets 797 797
Due from related parties, net 5,801 3,019
Due from third-party hotel managers 9,383 17,368
Total assets 3,734,383 4,691,348
Liabilities:    
Indebtedness, net 3,728,911 4,106,518
Accounts payable and accrued expenses 99,954 124,226
Accrued interest payable 98,685 10,115
Dividends and distributions payable 868 20,849
Due to Ashford Inc., net 13,383 6,570
Due to third-party hotel managers 184 2,509
Intangible liabilities, net 2,257 2,337
Operating lease liabilities 45,309 53,270
Derivative liabilities, net 0 42
Other liabilities 5,336 25,776
Total liabilities 3,994,887 4,352,212
Commitments and contingencies (note 17)
Redeemable noncontrolling interests in operating partnership 22,951 69,870
Equity (deficit):    
Common stock, $0.01 par value, 400,000,000 shares authorized, 64,362,505 and 10,210,360 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 644 102
Additional paid-in capital 1,808,875 1,826,472
Accumulated deficit (2,093,292) (1,558,038)
Total stockholders’ equity (deficit) of the Company (283,621) 268,762
Noncontrolling interest in consolidated entities 166 504
Total equity (deficit) (283,455) 269,266
Total liabilities and equity/deficit 3,734,383 4,691,348
Preferred Stock, Series D    
Equity (deficit):    
Preferred stock, $0.01 par value, 50,000,000 shares authorized: 18 24
Preferred Stock, Series F    
Equity (deficit):    
Preferred stock, $0.01 par value, 50,000,000 shares authorized: 29 48
Preferred Stock, Series G    
Equity (deficit):    
Preferred stock, $0.01 par value, 50,000,000 shares authorized: 44 62
Preferred Stock, Series H    
Equity (deficit):    
Preferred stock, $0.01 par value, 50,000,000 shares authorized: 27 38
Preferred Stock, Series I    
Equity (deficit):    
Preferred stock, $0.01 par value, 50,000,000 shares authorized: $ 34 $ 54
v3.20.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
ASSETS    
Allowance for doubtful accounts receivable $ 441 $ 698
Equity (deficit):    
Preferred stock, par value (in dollars per shares) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 50,000,000 50,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 400,000,000 400,000,000
Common stock, shares issued (in shares) 64,362,505 10,210,360
Common stock, shares outstanding (in shares) 64,362,505 10,210,360
Preferred Stock, Series D    
Equity (deficit):    
Preferred stock, par value (in dollars per shares) $ 0.01  
Preferred stock, shares issued (in shares) 1,791,461 2,389,393
Preferred stock, shares outstanding (in shares) 1,791,461 2,389,393
Preferred Stock, Series F    
Equity (deficit):    
Preferred stock, par value (in dollars per shares) $ 0.01  
Preferred stock, shares issued (in shares) 2,891,440 4,800,000
Preferred stock, shares outstanding (in shares) 2,891,440 4,800,000
Preferred Stock, Series G    
Equity (deficit):    
Preferred stock, par value (in dollars per shares) $ 0.01  
Preferred stock, shares issued (in shares) 4,422,623 6,200,000
Preferred stock, shares outstanding (in shares) 4,422,623 6,200,000
Preferred Stock, Series H    
Equity (deficit):    
Preferred stock, par value (in dollars per shares) $ 0.01  
Preferred stock, shares issued (in shares) 2,668,637 3,800,000
Preferred stock, shares outstanding (in shares) 2,668,637 3,800,000
Preferred Stock, Series I    
Equity (deficit):    
Preferred stock, par value (in dollars per shares) $ 0.01  
Preferred stock, shares issued (in shares) 3,391,349 5,400,000
Preferred stock, shares outstanding (in shares) 3,391,349 5,400,000
v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
REVENUE      
Total revenue $ 508,238 $ 1,502,759 $ 1,430,789
Hotel operating expenses:      
Total hotel expenses 434,672 952,674 900,582
Property taxes, insurance and other 79,669 84,110 78,355
Depreciation and amortization 252,765 269,003 258,458
Impairment charges 91,721 33,628 23,391
Transaction costs 0 2 11
Advisory services fee 50,050 63,632 69,122
Corporate, general and administrative 28,048 11,107 10,931
Total expenses 936,925 1,414,156 1,340,850
Gain (loss) on disposition of assets and hotel properties (36,680) 26,126 475
OPERATING INCOME (LOSS) (465,367) 114,729 90,414
Equity in earnings (loss) of unconsolidated entities (448) (2,307) 867
Interest income 672 3,067 3,952
Other income (expense) (16,998) 10,490 64
Interest expense and amortization of premiums and loan costs (247,381) (262,001) (236,786)
Write-off of premiums, loan costs and exit fees (13,867) (2,841) (8,847)
Gain (loss) on extinguishment of debt 90,349 0 0
Unrealized gain (loss) on marketable securities (1,467) 1,896 (1,013)
Unrealized gain (loss) on derivatives 19,950 (4,494) (2,178)
INCOME (LOSS) BEFORE INCOME TAXES (634,557) (141,461) (153,527)
Income tax (expense) benefit 1,335 (1,218) (2,782)
NET INCOME (LOSS) (633,222) (142,679) (156,309)
(Income) loss attributable to noncontrolling interest in consolidated entities 338 112 30
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 89,008 28,932 29,313
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (543,876) (113,635) (126,966)
Preferred dividends (32,117) (42,577) (42,577)
Gain (loss) on extinguishment of preferred stock (55,477) 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (520,516) $ (156,212) $ (169,543)
Basic:      
Net income (loss) attributable to common stockholders (in dollars per share) $ (33.00) $ (15.77) $ (17.52)
Weighted average common shares outstanding – basic (in shares) 15,756 9,984 9,728
Diluted:      
Net income (loss) attributable to common stockholders (in dollars per share) $ (33.00) $ (15.77) $ (17.52)
Weighted average common shares outstanding – diluted (in shares) 15,756 9,984 9,728
Total hotel revenue      
REVENUE      
Total revenue $ 506,505 $ 1,498,557 $ 1,426,780
Rooms      
REVENUE      
Total revenue 407,492 1,184,987 1,134,687
Hotel operating expenses:      
Total hotel expenses 106,508 258,446 248,139
Food and beverage      
REVENUE      
Total revenue 61,157 243,917 224,311
Hotel operating expenses:      
Total hotel expenses 49,223 167,945 156,902
Other hotel revenue      
REVENUE      
Total revenue 37,856 69,653 67,782
Hotel operating expenses:      
Total hotel expenses 253,997 472,437 442,463
Other      
REVENUE      
Total revenue 1,733 4,202 4,009
Management fees      
Hotel operating expenses:      
Total hotel expenses $ 24,944 $ 53,846 $ 53,078
v3.20.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (633,222) $ (142,679) $ (156,309)
Other comprehensive income (loss), net of tax:      
Total other comprehensive income (loss) 0 0 0
Comprehensive income (loss) (633,222) (142,679) (156,309)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities 338 112 30
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership 89,008 28,932 29,313
Comprehensive income (loss) attributable to the Company $ (543,876) $ (113,635) $ (126,966)
v3.20.4
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Preferred Stock, Series D
Preferred Stock, Series F
Preferred Stock, Series G
Preferred Stock, Series H
Preferred Stock, Series I
Impact of adoption of new accounting standard
Preferred Stock
Preferred Stock, Series D
Preferred Stock
Preferred Stock, Series F
Preferred Stock
Preferred Stock, Series G
Preferred Stock
Preferred Stock, Series H
Preferred Stock
Preferred Stock, Series I
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Deficit
Preferred Stock, Series D
Accumulated Deficit
Preferred Stock, Series F
Accumulated Deficit
Preferred Stock, Series G
Accumulated Deficit
Preferred Stock, Series H
Accumulated Deficit
Preferred Stock, Series I
Accumulated Deficit
Impact of adoption of new accounting standard
Noncontrolling Interests In Consolidated Entities
Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance, shares (in shares) at Dec. 31, 2017               2,389 4,800 6,200 3,800 5,400 9,741                    
Beginning balance, value at Dec. 31, 2017 $ 633,146             $ 24 $ 48 $ 62 $ 38 $ 54 $ 97 $ 1,785,874 $ (1,153,697)             $ 646 $ 116,122
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                              
Purchases of common stock (in shares)                         (25)                    
Purchases of common stock (1,598)                         (1,598)                  
Equity-based compensation 16,098                         16,098                 10,841
Forfeitures of restricted shares (in shares)                         (5)                    
Issuance of restricted shares/units (in shares)                         149                    
Issuance of restricted shares/units 123                       $ 2 121                 53
Common stock issued (in shares)                         244                    
Issuance of stock 14,689                       $ 2 14,687                  
Dividends declared - common shares (47,951)                           (47,951)                
Dividends declared - preferred shares   $ (5,047) $ (8,849) $ (11,431) $ (7,125) $ (10,125)                   $ (5,047) $ (8,849) $ (11,431) $ (7,125) $ (10,125)      
Distributions to noncontrolling interests                                             (8,789)
Redemption value adjustment 8,171                           8,171               (8,171)
Net income (loss) (126,996)                           (126,966)             (30) (29,313)
Ending balance, shares (in shares) at Dec. 31, 2018               2,389 4,800 6,200 3,800 5,400 10,104                    
Ending balance, value at Dec. 31, 2018 453,105           $ 1,755 $ 24 $ 48 $ 62 $ 38 $ 54 $ 101 1,815,182 (1,363,020)           $ 1,755 616 80,743
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                              
Purchases of common stock (in shares)                         (21)                    
Purchases of common stock (1,031)                         (1,031)                  
Equity-based compensation 12,413                         12,413                 7,304
Forfeitures of restricted shares (in shares)                         (7)                    
Issuance of restricted shares/units (in shares)                         134                    
Issuance of restricted shares/units 0                       $ 1 (1)                 28
Issuance of units for hotel acquisition                                             7,854
Common stock issuance costs (91)                         (91)                  
Dividends declared - common shares (31,116)                           (31,116)                
Dividends declared - preferred shares   (5,048) (8,849) (11,430) (7,125) (10,125)                   (5,048) (8,849) (11,430) (7,125) (10,125)      
Distributions to noncontrolling interests                                             (6,572)
Redemption value adjustment (9,445)                           (9,445)               9,445
Net income (loss) (113,747)                           (113,635)             (112) (28,932)
Ending balance, shares (in shares) at Dec. 31, 2019               2,389 4,800 6,200 3,800 5,400 10,210                    
Ending balance, value at Dec. 31, 2019 269,266             $ 24 $ 48 $ 62 $ 38 $ 54 $ 102 1,826,472 (1,558,038)             504 69,870
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                              
Purchases of common stock (in shares)                         (32)                    
Purchases of common stock (399)                         (399)                  
Equity-based compensation 5,916                         5,916                 4,830
Forfeitures of restricted shares (in shares)                         (53)                    
Issuance of restricted shares/units (in shares)                         186                    
Issuance of restricted shares/units 0                       $ 1 (1)                  
Common stock issued (in shares)                         12,679                    
Issuance of stock 31,872                       $ 127 31,745                  
Dividends declared - preferred shares   $ (1,262) $ (2,212) $ (2,858) $ (1,781) $ (2,531)                   $ (1,262) $ (2,212) $ (2,858) $ (1,781) $ (2,531)      
Dividend claw back 606                           606               1,401
Redemption/conversion of operating partnership units (in shares)                         196                    
Redemption/conversion of operating partnership units 959                       $ 2 957                 (959)
Redemption value adjustment (36,817)                           (36,817)               36,817
Extinguishment of preferred stock (in shares)               (598) (1,909) (1,777) (1,131) (2,009) 41,177                    
Extinguishment of preferred stock 0             $ (6) $ (19) $ (18) $ (11) $ (20) $ 412 (55,815) 55,477                
Net income (loss) (544,214)                           (543,876)             (338) (89,008)
Ending balance, shares (in shares) at Dec. 31, 2020               1,791 2,891 4,423 2,669 3,391 64,363                    
Ending balance, value at Dec. 31, 2020 $ (283,455)             $ 18 $ 29 $ 44 $ 27 $ 34 $ 644 $ 1,808,875 $ (2,093,292)             $ 166 $ 22,951
v3.20.4
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dividends declared - common stock (in dollars per share)   $ 3.00 $ 4.80
Preferred Stock | Preferred Stock, Series D      
Dividends declared - preferred stock (in dollars per share) $ 0.53 2.11 2.11
Preferred Stock | Preferred Stock, Series F      
Dividends declared - preferred stock (in dollars per share) 0.46 1.84 1.84
Preferred Stock | Preferred Stock, Series G      
Dividends declared - preferred stock (in dollars per share) 0.46 1.84 1.84
Preferred Stock | Preferred Stock, Series H      
Dividends declared - preferred stock (in dollars per share) 0.47 1.88 1.88
Preferred Stock | Preferred Stock, Series I      
Dividends declared - preferred stock (in dollars per share) $ 0.47 $ 1.88 $ 1.88
v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Cash Flows from Operating Activities      
Net income (loss) $ (633,222) $ (142,679) $ (156,309)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:      
Depreciation and amortization 252,765 269,003 258,458
Impairment charges 91,721 33,628 23,391
Amortization of intangibles (307) (257) (237)
Recognition of deferred income (768) (954) (577)
Bad debt expense 1,810 3,127 2,148
Deferred income tax expense (benefit) (1,058) (159) 135
Equity in (earnings) loss of unconsolidated entities 448 2,307 (867)
(Gain) loss on disposition of assets and hotel properties 36,680 (26,126) (475)
(Gain) loss on extinguishment of debt (90,349) 0 0
Realized and unrealized (gain) loss on marketable securities (801) (1,980) 924
Realized (gain) loss on investment in Ashford Inc. 0 (11,792) 0
Purchases of marketable securities (1,997) (4,208) (12,228)
Sales of marketable securities 17,389 13,413 16,414
Gain on insurance settlements 0 (450) (928)
Net settlement of trading derivatives 2,347 (3,485) 648
Realized and unrealized (gain) loss on derivatives (878) 5,294 2,178
Amortization of loan costs, premiums and capitalized default interest and write-off of premiums, loan costs and exit fees 10,229 32,153 30,012
Equity-based compensation 10,746 19,717 26,939
Amortization of parking asset 117 118 0
Non-cash interest income (854) (191) 0
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:      
Accounts receivable and inventories 15,738 (6,639) 5,553
Prepaid expenses and other assets 1,079 2,307 (1,946)
Operating lease right-of-use assets 1,006 1,322 0
Operating lease liabilities (595) (937) 0
Accounts payable and accrued expenses and accrued interest payable 143,241 (4,177) 376
Due to/from related parties (2,782) (4,496) (574)
Due to/from third-party hotel managers 3,763 4,372 (4,214)
Due to/from Ashford Inc., net 6,091 (1,256) (8,793)
Other liabilities (11,090) 234 1,532
Net cash provided by (used in) operating activities (149,531) 177,209 181,560
Cash Flows from Investing Activities      
Investment in unconsolidated entity (430) (647) (667)
Proceeds from franchise agreement 0 4,000 0
Acquisition of hotel properties and assets, net of cash and restricted cash acquired (1,113) (212,552) (162,593)
Improvements and additions to hotel properties (46,206) (159,220) (207,325)
Net proceeds from disposition of assets and hotel properties 38,763 102,676 40,629
Payments for initial franchise fees 0 (475) (329)
Proceeds from sale of investment in Ashford Inc. 0 11,792 0
Proceeds from property insurance 1,382 1,233 651
Net cash provided by (used in) investing activities (7,604) (253,193) (329,634)
Cash Flows from Financing Activities      
Borrowings on indebtedness 88,000 404,795 2,705,769
Repayments of indebtedness (137,849) (272,357) (2,463,100)
Payments for loan costs and exit fees (26,682) (9,643) (55,555)
Payments for dividends and distributions (28,619) (86,210) (97,445)
Purchases of common stock (399) (1,031) (1,598)
Payments for derivatives (83) (1,112) (3,162)
Proceeds from common stock offerings 31,873 0 14,752
Preferred and common stock offering costs 0 (91) 0
Net proceeds from sale of FF&E 0 0 16,100
Other 0 28 53
Net cash provided by (used in) financing activities (73,759) 34,379 115,814
Net increase (decrease) in cash, cash equivalents and restricted cash (230,894) (41,605) (32,260)
Cash, cash equivalents and restricted cash at beginning of period 398,207 439,812 472,072
Cash, cash equivalents and restricted cash and at end of period 167,313 398,207 439,812
Supplemental Cash Flow Information      
Interest paid 91,372 233,711 215,344
Income taxes paid (refunded) 1,021 (1,059) 1,890
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Accrued but unpaid capital expenditures 12,640 24,239 23,615
Non-cash dividends paid 0 0 123
Accrued stock offering costs 0 0 1,075
Notes receivable issued in land sale 0 7,590 0
Other non-cash consideration from land sale 0 4,797 0
Issuance of units for hotel acquisition 0 7,854 0
Assumption of debt in hotel acquisition 0 24,922 0
Buyer assumption of debt in hotel disposition 108,750 0 0
Non-cash extinguishment of debt 179,030 0 0
Non-cash loan principal associated with default interest and late charges 47,453 0 0
Non-cash loan proceeds associated with accrued interest and legal fees 22,456 0 0
Non-cash extinguishment of preferred stock 179,061 0 0
Issuance of common stock from preferred stock exchanges 123,584 0 0
Dividends and distributions declared but not paid 868 20,849 26,794
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash      
Cash and cash equivalents 92,905 262,636 319,210
Cash and cash equivalents included in assets held for sale   0 0
Restricted cash 74,408 135,571 120,602
Restricted cash included in assets held for sale   0 0
Cash, cash equivalents and restricted cash $ 167,313 $ 398,207 $ 439,812
v3.20.4
Organization and Description of Business
12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
Ashford Hospitality Trust, Inc., together with its subsidiaries (“Ashford Trust”), is a real estate investment trust (“REIT”). While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the U.S. that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average, and in all methods including direct real estate, equity, and debt. Future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly-owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. In this report, terms such as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc. and all entities included in its consolidated financial statements.
Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. As of December 31, 2020, we owned interests in the following assets:
103 consolidated hotel properties, including 101 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 22,621 total rooms (or 22,594 net rooms excluding those attributable to our partner);
90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); and
17.5% ownership in OpenKey with a carrying value of $2.8 million.
For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of December 31, 2020, our 103 hotel properties were leased or owned by our wholly-owned or majority-owned subsidiaries that are treated as taxable REIT subsidiaries for U.S. federal income tax purposes (collectively, these subsidiaries are referred to as “Ashford TRS”). Ashford TRS then engages third-party or affiliated hotel management companies to operate the hotels under management contracts. Hotel operating results related to these properties are included in the consolidated statements of operations.
We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”), a subsidiary of Ashford Inc., through an advisory agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC.
We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. Remington Hotels, a subsidiary of Ashford Inc., manages 68 of our 103 hotel properties and WorldQuest. Third-party management companies manage the remaining hotel properties.
Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to project management services, debt placement and related services, audio visual services, real estate advisory services, insurance claims services, hypoallergenic premium rooms, investment management services, broker-dealer and distribution services and mobile key technology.
In June 2020, our board of directors approved a reverse stock split of our issued and outstanding common stock at a ratio of 1-for-10. This reverse stock split converted every ten issued and outstanding shares of common stock into one share of common stock. The reverse stock split was effective as of the close of business on July 15, 2020. As a result of the reverse stock split, the number of outstanding shares of common stock was reduced from approximately 104.8 million shares to approximately 10.5 million shares on that date. Additionally, the number of outstanding common units, Long-Term Incentive Plan (“LTIP”) units and Performance LTIP units was reduced from approximately 20.5 million units to approximately 2.1 million units on that date. All common stock, common units, LTIP units, Performance LTIP units, performance stock units and restricted stock units as well as per share data related to these classes of equity have been revised in the accompanying consolidated financial statements to reflect this reverse stock split for all periods presented.
COVID-19, Management’s Plans and Liquidity
In December 2019, COVID-19 was identified in Wuhan, China, subsequently spread to other regions of the world, and has resulted in significant travel restrictions and extended shutdown of numerous businesses in every state in the United States. In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. Since late February 2020, we have experienced a significant decline in occupancy and RevPAR and we expect the significant occupancy and RevPAR declines
associated with COVID-19 to continue as we are experiencing significant reservation cancellations as well as a significant reduction in new reservations. The prolonged presence of the virus has resulted in health and other government authorities imposing widespread restrictions on travel and other businesses. The hotel industry and our portfolio have experienced the postponement or cancellation of a significant number of business conferences and similar events. Following the government mandates and health official orders, in March 2020, the Company temporarily suspended operations at 23 of its 116 hotels and dramatically reduced staffing and expenses at its hotels that remained operational. As of December 31, 2020, operations at two of the Company’s hotels remained temporarily suspended. COVID-19 has had a significant negative impact on the Company’s operations and financial results to date. The full financial impact of the reduction in hotel demand caused by the pandemic cannot be reasonably estimated at this time due to uncertainty as to its severity and duration. In addition, one or more possible recurrences of COVID-19 cases could result in further reductions in business and personal travel and could cause state and local governments to reinstate travel restrictions. The Company expects that the COVID-19 pandemic will continue to have a significant negative impact on the Company’s results of operations, financial position and cash flow throughout 2021 and for the foreseeable future. As a result, the Company suspended the quarterly cash dividend on its common stock for each quarter in fiscal year 2020, suspended the quarterly cash dividend on its preferred stock for the second, third and fourth quarters of fiscal year 2020, reduced planned capital expenditures, and working closely with its hotel managers, significantly reduced its hotels’ operating expenses.
Beginning on April 1, 2020, we did not make principal or interest payments under nearly all of our loans, which constituted an “Event of Default” as such term is defined under the applicable loan documents. Pursuant to the terms of the applicable loan documents, such an Event of Default caused an automatic increase in the interest rate on our outstanding loan balance for the period such Event of Default remains outstanding. Following an Event of Default, our lenders can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable loan agreement and foreclose on the applicable hotel properties that are security for such loans.
The Company is in the process of negotiating forbearance agreements with its lenders. At this time, forbearance agreements have been executed on most, but not all of our loans. In the aggregate, as of December 31, 2020 we have entered into forbearance and other agreements with varying terms and conditions that conditionally waive or defer payment defaults for loans with a total outstanding principal balance of approximately $2.8 billion out of approximately $3.7 billion in property level debt outstanding as of December 31, 2020. See notes 7 and 25.
Additionally, certain of the Company’s hotel properties are subject to ground leases rather than a fee simple interest, with respect to all or a portion of the real property at those hotels. It is possible the Company may default on some or all of the ground leases within the next twelve months.
When preparing financial statements for each annual and interim reporting period management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that create substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In applying the accounting guidance, the Company considers its current financial condition and liquidity sources, including current funds available, forecasted future cash flows and its unconditional obligations due over the next 12 months.
As of December 31, 2020, the Company held cash and cash equivalents of $92.9 million and restricted cash of $74.4 million. We are currently experiencing significant variability in the operating cash flows of our hotel properties. We are also taking several steps to reduce our cash utilization and potentially raise additional capital. On January 15, 2021, the Company entered into a senior secured term loan facility with Oaktree Capital Management L.P. comprising of (a) initial term loans in an aggregate principal amount of $200 million, (b) initial delayed draw term loans in an aggregate principal amount of up to $150 million and (c) additional delayed draw term loans in an aggregate principal amount of up to $100 million. See note 25.
We cannot predict when hotel operating levels will return to normalized levels after the effects of the pandemic subside, whether our hotels will be forced to shut down operations or whether one or more governmental entities may impose additional travel restrictions due to a resurgence of COVID-19 cases in the future. As a result of these factors arising from the impact of the pandemic, we are unable to estimate future financial performance with certainty. However, based on our completed senior secured term loan facility with Oaktree Capital Management L.P. and forbearance and other agreements with our property-level lenders, our current unrestricted and restricted cash on hand, our current cash utilization and forecast of future operating results for the next 12 months from the date of this report, and the actions we have taken to improve our liquidity, the Company has concluded that management’s current plan alleviates the substantial doubt about its ability to continue as a going concern. Facts and circumstances could change in the future that are outside of management’s control, such as additional government mandates, health official orders, travel restrictions and extended business shutdowns due to COVID-19.
v3.20.4
Significant Accounting Policies
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation—The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements.
Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP.
The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements:
Hotel Property
Location
TypeDate
SpringHill Suites Glen AllenGlen Allen, VADispositionFebruary 20, 2018
SpringHill Suites CentrevilleCentreville, VADispositionMay 1, 2018
Residence Inn TampaTampa, FLDispositionMay 10, 2018
Hilton Alexandria Old TownAlexandria, VAAcquisitionJune 29, 2018
La Posada de Santa FeSanta Fe, NMAcquisitionOctober 31, 2018
Embassy Suites New York Manhattan Times SquareNew York, NYAcquisitionJanuary 22, 2019
Hilton Santa Cruz/Scotts ValleySanta Cruz, CAAcquisitionFebruary 26, 2019
San Antonio MarriottSan Antonio, TXDispositionAugust 2, 2019
Hilton Garden Inn Wisconsin DellsWisconsin Dells, WIDispositionAugust 6, 2019
Courtyard SavannahSavannah, GADispositionAugust 14, 2019
SpringHill Suites JacksonvilleJacksonville, FLDispositionDecember 3, 2019
Crowne Plaza AnnapolisAnnapolis, MDDispositionMarch 9, 2020
Columbus Hampton Inn EastonColumbus, OHDispositionAugust 19, 2020
Stillwater Residence InnStillwater, OKDispositionAugust 19, 2020
Washington Hampton Inn Pittsburgh Meadow LandsPittsburgh, PADispositionAugust 19, 2020
Phoenix Hampton Inn Airport NorthPhoenix, AZDispositionAugust 19, 2020
Pittsburgh Hampton Inn Waterfront West HomesteadPittsburgh, PADispositionAugust 19, 2020
Wichita Courtyard by Marriott Old TownWichita, KSDispositionAugust 19, 2020
Canonsburg Homewood Suites Pittsburgh SouthpointePittsburgh, PADispositionAugust 19, 2020
Billerica Courtyard by Marriott BostonBoston, MADispositionAugust 19, 2020
Embassy Suites New York Manhattan Times SquareNew York, NYDispositionAugust 19, 2020
W Minneapolis, MNMinneapolis, MNDispositionSeptember 15, 2020
Courtyard LouisvilleLouisville, KYDispositionSeptember 21, 2020
Courtyard Ft. LauderdaleFt. Lauderdale, FLDispositionSeptember 21, 2020
Residence Inn Lake Buena VistaLake Buena Vista, FLDispositionSeptember 21, 2020
Use of Estimates—The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents—Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash—Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.
Marketable Securities—Marketable securities include U.S. treasury bills and publicly traded equity securities. All of these investments are recorded at fair value. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “marketable securities.” Net investment income, including interest income, dividends, and realized gains and losses, is reported as a component of “other income (expense)” in the consolidated statements of operations. Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations.
Accounts Receivable—Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts.
Inventories—Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method.
Investments in Hotel Properties, net—Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions that extend the useful life of the hotel properties are capitalized.
Impairment of Investments in Hotel Properties—Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding periods, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. We recorded impairment charges of $91.7 million, $33.6 million and $23.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. See note 5.
Hotel Dispositions—Discontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. See note 5.
Assets Held for Sale and Discontinued Operations—We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale.
Investments in Unconsolidated Entity—As of December 31, 2020, we held a 17.5% ownership interest in OpenKey, which is accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investment in our unconsolidated entity for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in “equity in earnings (loss) of unconsolidated
entities” in the consolidated statements of operations. No such impairment was recorded for the years ended December 31, 2020, 2019 and 2018.
Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities are not consolidated.
Notes Receivable, net—We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method.
Impairment of Notes Receivable—We review notes receivable for impairment each reporting period. The impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Under the model, the Company will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument and is required to record a credit loss expense (or reversal) in each reporting period. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions. No impairment charges were recorded for the years ended December 31, 2020 and 2019.
Leases—We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. We currently do not have any finance leases.
Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally amortized utilizing a straight-line method adjusted for the lease liability accretion during the period.
We have lease agreements with lease and non-lease components, which under the elected practical expedients under Accounting Standard Codification (“ASC”) 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component.
As of January 1, 2019, we recorded operating lease liabilities as well as a corresponding operating lease ROU asset which includes deferred rent and the reclassified intangible assets and intangible liabilities associated with above/below market-rate leases where we are the lessee.
Intangible Assets and Liabilities—Intangible assets represent the acquisition of a permanent docking easement and intangible liabilities represent the liabilities recorded on certain hotel properties’ lessor lease contracts that were below market rates at the date of acquisition. The asset is not subject to amortization and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts. See note 21.
Deferred Costs, net—Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See note 20.
Derivative Instruments and Hedging—We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floor, and flooridors. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master-netting settlement arrangements and the credit default swaps are subject to credit support
annexes. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.
All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives, credit default swaps and options on futures contracts are reported as “derivative assets, net” in the consolidated balance sheets. For interest rate derivatives, credit default swaps and options on futures contracts, changes in fair value and realized gains and losses are recognized in earnings as “unrealized gain (loss) on derivatives” and “other income (expense),” respectively, in the consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets.
Due to/from Related Parties—Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year.
Due to/from Ashford Inc.—Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year.
Due to/from Third-Party Hotel Managers—Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year.
Unfavorable Management Contract Liabilities—Certain management agreements assumed in previous acquisitions had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we initially recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions.
Noncontrolling Interests—The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value.
The noncontrolling interests in consolidated entities represent ownership interests of 15% in two hotel properties held by one joint venture at December 31, 2020 and 2019, and is reported in equity in the consolidated balance sheets.
Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss.
Revenue Recognition—Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay.
Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the
property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net).
Other hotel revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames.
Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned.
Other Hotel Expenses—Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred.
Advertising Costs—Advertising costs are charged to expense as incurred. For the years ended December 31, 2020, 2019 and 2018, we incurred advertising costs of $4.3 million, $10.4 million and $8.5 million, respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations.
Equity-Based Compensation—Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, stock/unit-based compensation for non-employees was accounted for at fair value based on the market price of the shares at period end that resulted in recording expense, included in “advisory services fee” and “management fees,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and Performance Long-Term Incentive Plan (“Performance LTIP”) units granted to certain executive officers were accounted for at fair value at period end based on a Monte Carlo simulation valuation model that resulted in recording expense, included in “advisory services fee,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Stock/unit grants to certain independent directors are recorded at fair value based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
After the adoption of ASU 2018-07 in the third quarter of 2018, stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate, general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. PSUs and Performance LTIP units granted to certain executive officers vest based on market conditions and are measured at the grant date fair value based on a Monte Carlo simulation valuation model. The subsequent expense is then ratably recognized over the service period as the service is rendered regardless of when, if ever, the market conditions are satisfied. This results in recording expense, included in “advisory services fee,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Stock/unit grants to certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
Depreciation and Amortization—Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales.
Income Taxes—As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 19.
The “Income Taxes” topic of the FASB’s ASC addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take
in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2016 through 2020 remain subject to potential examination by certain federal and state taxing authorities.
Income (Loss) Per Share—Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
Recently Adopted Accounting Standards—In June 2016, the FASB issued Accounting Standards Updated (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”). ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates (“ASU 2019-10”). ASU 2019-10 updates the effective dates for ASU 2016-13, but there is no change for public companies. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2019-11”). ASU 2019-11, clarifies specific issues within the amendments of ASU 2016-13. We adopted the standard effective January 1, 2020 and the adoption of this standard did not have a material impact on our consolidated financial statements.
Recently Issued Accounting Standards—In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”), which clarifies the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. The ASU, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. We are currently evaluating the impact that ASU 2020-01 will have on our consolidated financial statements and related disclosures.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur.
In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be
settled in cash or shares. For SEC filers, excluding smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We are currently evaluating the impact that ASU 2020-06 may have on our consolidated financial statements and related disclosures.
v3.20.4
Revenue
12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
For the years ended December 31, 2020, 2019, and 2018, we recorded $0, $0, and $2.6 million of business interruption income for the Hilton St. Petersburg Bayfront and Key West Crowne Plaza related to a settlement for lost profits from the BP Deepwater Horizon oil spill in the Gulf of Mexico in 2010. In 2019, we recorded $172,000 of miscellaneous business interruption income. Business interruption income is included in “other” hotel revenue in our consolidated statements of operations.
Taxes specifically collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned.
The following tables present our revenue disaggregated by geographical areas (in thousands):
Year Ended December 31, 2020
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area$28,047 $5,513 $3,096 $— $36,656 
Boston, MA Area9,645 896 2,441 — 12,982 
Dallas / Ft. Worth Area22,491 4,896 2,025 — 29,412 
Houston, TX Area11,418 2,854 394 — 14,666 
Los Angeles, CA Metro Area34,182 4,461 2,721 — 41,364 
Miami, FL Metro Area8,643 2,509 302 — 11,454 
Minneapolis - St. Paul, MN - WI Area4,417 996 277 — 5,690 
Nashville, TN Area12,105 5,591 2,239 — 19,935 
New York / New Jersey Metro Area20,130 4,254 1,517 — 25,901 
Orlando, FL Area8,415 532 952 — 9,899 
Philadelphia, PA Area9,888 1,426 352 — 11,666 
San Diego, CA Area6,998 322 665 — 7,985 
San Francisco - Oakland, CA Metro Area33,888 2,299 1,568 — 37,755 
Tampa, FL Area11,325 2,449 906 — 14,680 
Washington D.C. - MD - VA Area31,446 4,737 3,242 — 39,425 
Other Areas39 130,311 16,320 12,763 — 159,394 
Orlando WorldQuest— 1,571 24 547 — 2,142 
Disposed properties14 22,572 1,078 1,849 — 25,499 
Corporate— — — — 1,733 1,733 
Total117 $407,492 $61,157 $37,856 $1,733 $508,238 
Year Ended December 31, 2019
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area$72,572 $18,878 $4,650 $— $96,100 
Boston, MA Area54,276 7,072 3,605 — 64,953 
Dallas / Ft. Worth Area59,926 15,814 3,486 — 79,226 
Houston, TX Area26,038 9,208 809 — 36,055 
Los Angeles, CA Metro Area78,689 16,117 5,237 — 100,043 
Miami, FL Metro Area21,356 8,578 797 — 30,731 
Minneapolis - St. Paul, MN - WI Area19,980 5,973 814 — 26,767 
Nashville, TN Area51,628 22,356 2,356 — 76,340 
New York / New Jersey Metro Area74,075 23,601 2,847 — 100,523 
Orlando, FL Area22,891 1,836 1,287 — 26,014 
Philadelphia, PA Area24,469 3,903 723 — 29,095 
San Diego, CA Area17,838 1,395 1,015 — 20,248 
San Francisco - Oakland, CA Metro Area91,081 9,628 2,627 — 103,336 
Tampa, FL Area25,187 7,858 1,112 — 34,157 
Washington D.C. - MD - VA Area124,056 26,231 8,333 — 158,620 
Other Areas39 306,637 57,170 22,881 — 386,688 
Orlando WorldQuest— 4,066 102 1,333 — 5,501 
Disposed properties18 110,222 8,197 5,741 — 124,160 
Corporate— — — — 4,202 4,202 
Total121 $1,184,987 $243,917 $69,653 $4,202 $1,502,759 
Year Ended December 31, 2018
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area$66,688 $17,060 $5,217 $— $88,965 
Boston, MA Area52,508 6,609 3,378 — 62,495 
Dallas / Ft. Worth Area61,910 16,746 3,602 — 82,258 
Houston, TX Area26,783 9,214 854 — 36,851 
Los Angeles, CA Metro Area77,976 15,645 4,702 — 98,323 
Miami, FL Metro Area21,652 8,283 849 — 30,784 
Minneapolis - St. Paul, MN - WI Area22,071 7,219 949 — 30,239 
Nashville, TN Area50,120 13,116 1,782 — 65,018 
New York / New Jersey Metro Area74,441 23,029 2,899 — 100,369 
Orlando, FL Area20,393 1,518 830 — 22,741 
Philadelphia, PA Area24,385 4,534 869 — 29,788 
San Diego, CA Area18,392 1,075 971 — 20,438 
San Francisco - Oakland, CA Metro Area81,368 7,726 2,562 — 91,656 
Tampa, FL Area22,896 6,459 1,542 — 30,897 
Washington D.C. - MD - VA Area113,902 23,673 6,695 — 144,270 
Other Areas38 293,283 53,752 22,470 — 369,505 
Orlando WorldQuest— 4,429 130 1,188 — 5,747 
Disposed properties21 101,490 8,523 6,423 — 116,436 
Corporate— — — — 4,009 4,009 
Total122 $1,134,687 $224,311 $67,782 $4,009 $1,430,789 
v3.20.4
Investments in Hotel Properties, net
12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Investments in Hotel Properties, net Investments in Hotel Properties, net
Investments in hotel properties, net consisted of the following (in thousands):
December 31, 2020December 31, 2019
Land$630,690 $769,381 
Buildings and improvements3,751,588 4,129,884 
Furniture, fixtures and equipment388,428 503,156 
Construction in progress16,192 29,745 
Condominium properties11,707 12,093 
Total cost4,798,605 5,444,259 
Accumulated depreciation(1,371,623)(1,335,816)
Investments in hotel properties, net$3,426,982 $4,108,443 
The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $3.0 billion and $3.5 billion as of December 31, 2020 and 2019, respectively.
For the years ended December 31, 2020, 2019 and 2018, we recognized depreciation expense of $252.4 million, $268.4 million and $257.9 million, respectively.
v3.20.4
Hotel Dispositions and Impairment Charges
12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Hotel Dispositions and Impairment Charges Hotel Disposition and Impairment ChargesHotel Dispositions
On March 9, 2020, the Company sold the Crowne Plaza in Annapolis, Maryland for approximately $5.1 million in cash. The net carrying value was approximately $2.1 million. The sale resulted in a gain of approximately $3.7 million for the year ended December 31, 2020, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations.
On May 12, 2020, the lender who held the mortgage note secured by the Embassy Suites New York Manhattan Times Square ($108.8 million mortgage loan and $36.2 million in mezzanine loans) sent the Company an acceleration notice which accelerated all payments due under the applicable loan documents. To remedy the acceleration notice, on August 19, 2020 the Company sold the Embassy Suites New York Manhattan Times Square for approximately $143.9 million of consideration, which consisted of $35.1 million in cash and $108.8 million in the form of the assumption of the mortgage loan. The sale resulted in a loss of approximately $40.4 million for the year ended December 31, 2020, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. See note 7.
On June 22, 2020, the lender for the W Hotel in Minneapolis, Minnesota ($45.8 million mortgage loan and $5.8 million mezzanine loan) sent to the Company a notice of UCC sale, which provided that the respective lender would sell the subsidiaries of the Company that own the respective hotel in a public auction. On September 15, 2020, the Company completed a consensual assignment of 100% of the equity interests in the owner of the W Hotel, which resulted in a gain on extinguishment of debt of approximately $1.1 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. See note 7.
On July 9, 2020, the mortgage, senior mezzanine and junior mezzanine loans with a principal amount of $144.2 million, and securing the Courtyard Billerica, Hampton Inn Columbus Easton, Hampton Inn Phoenix Airport, Homewood Suites Pittsburgh Southpointe, Hampton Inn Pittsburgh Waterfront, Hampton Inn Pittsburgh Washington, Residence Inn Stillwater and Courtyard Wichita (the “Rockbridge Portfolio”) matured and the Company failed to repay the loans on such maturity date. On August 19, 2020, the Company completed a consensual assignment of the entities that own the Rockbridge Portfolio in lieu of a UCC sale, which resulted in a gain on extinguishment of debt of approximately $65.2 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statement of operations. See note 7.
On July 23, 2020, the lender for the Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Lake Buena Vista (collectively “MS C1” with a $56.0 million mortgage loan and $8.0 million mezzanine loan) sent to us a notice of UCC sale, which provided that the respective lender would sell the subsidiaries of the Company that own the respective hotels in a public auction. On September 21, 2020, the mezzanine lender for MS C1 conducted a UCC-foreclosure of its collateral consisting of 100% of the equity interests in the owners of the Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Buena
Vista hotels, which resulted in a gain on extinguishment of debt of approximately $19.7 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. See note 7.
On August 2, 2019, the Company sold the Marriott in San Antonio, Texas for $34.0 million in cash. The sale resulted in a gain of approximately $2.6 million for the year ended December 31, 2019, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $26.8 million of debt associated with the hotel property. See note 7.
On August 6, 2019, the Company sold the Hilton Garden Inn in Wisconsin Dells, Wisconsin for $8.0 million in cash. The sale resulted in a loss of approximately $292,000 for the year ended December 31, 2019, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $7.7 million of debt associated with the hotel property. See note 7.
On August 14, 2019, the Company sold the Courtyard by Marriott in Savannah, Georgia for approximately $29.8 million in cash. The sale resulted in a loss of approximately $60,000 for the year ended December 31, 2019, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $28.8 million of debt associated with the hotel property. See note 7.
On December 3, 2019, the Company sold the SpringHill Suites Jacksonville for approximately $11.2 million in cash. The sale resulted in a gain of approximately $3.8 million for the year ended December 31, 2019, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations.
On February 20, 2018, the Company sold the SpringHill Suites Glen Allen for approximately $10.9 million in cash. The sale resulted in a loss of approximately $13,000 for the year ended December 31, 2018, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $7.6 million of debt associated with the hotel property. See note 7.
On May 1, 2018, the Company sold the SpringHill Suites Centreville for approximately $7.5 million in cash. The sale resulted in a gain of approximately $98,000 for the year ended December 31, 2018, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $6.6 million of debt associated with the hotel property. See note 7.
On May 10, 2018, the Company sold the Residence Inn Tampa for approximately $24.0 million in cash. The sale resulted in a gain of approximately $390,000 for the year ended December 31, 2018, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $22.5 million of debt associated with the hotel property. See note 7.
The results of operations for these hotel properties are included in net income (loss) through the date of disposition as shown in the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018. The following table includes condensed financial information from these hotel properties in the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 (in thousands):
Year Ended December 31,
202020192018
Total hotel revenue
$25,499 $124,160 $116,436 
Total hotel operating expenses(20,916)(77,685)(72,047)
Gain (loss) on disposition of assets and hotel properties(36,680)6,042 475 
Property taxes, insurance and other(6,406)(11,272)(8,939)
Depreciation and amortization(12,426)(23,577)(23,481)
Impairment charges(85,144)(33,628)(23,599)
Operating income (loss)(136,073)(15,960)(11,155)
Interest income55 57 
Interest expense and amortization of premiums and loan costs(21,502)(26,690)(19,609)
Write-off of premiums, loan costs and exit fees(21)(524)(98)
Gain (loss) on extinguishment of debt90,349 — — 
Income (loss) before income taxes(67,238)(43,119)(30,805)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership9,913 5,215 3,534 
Net income (loss) before income taxes attributable to the Company$(57,325)$(37,904)$(27,271)
Impairment Charges
For the years ended December 31, 2020, 2019 and 2018, we recorded impairment charges of $91.7 million, $33.6 million and $23.4 million, respectively.
For the three months ended March 31, 2020, we recorded an impairment charge of $27.6 million. The impairment charge was comprised of $13.9 million at the Columbus Hampton Inn Easton, $10.0 million at the Canonsburg Homewood Suites Pittsburgh Southpointe and $3.7 million at the Phoenix Hampton Inn Airport North as a result of reduced estimated cash flows resulting from the COVID-19 pandemic and changes to the expected holding periods of these hotel properties.
On July 9, 2020, the non-recourse mortgage loan secured by the Rockbridge Portfolio matured. The lender provided notice of UCC sale, which resulted in the sale of the subsidiaries of the Company that own the respective hotels in a public auction. As a result, the estimated fair value of each hotel property was compared to its carrying value, as of June 30, 2020. During the three months ended June 30, 2020, an impairment charge totaling $27.6 million was recorded that was comprised of $1.7 million at the Columbus Hampton Inn Easton, $3.0 million at the Pittsburgh Hampton Inn Waterfront West Homestead, $3.0 million at the Washington Hampton Inn Pittsburgh Meadow Lands, $1.8 million at the Cannonsburg Homewood Suites Pittsburgh Southpointe, $2.4 million at the Stillwater Residence Inn, $9.5 million at the Billerica Courtyard by Marriott Boston, and $6.1 million at the Wichita Courtyard by Marriott Old Town resulting from the difference between the estimated fair value of the property as compared to the net book value at June 30, 2020. We engaged a third-party valuation expert to assist in determining the fair value of the hotel properties. Each impairment charge was based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach, which are considered Level 3 valuation techniques. No further impairment was required for the properties, which were disposed of on August 19, 2020.
In conjunction with the disposition of the W Minneapolis, we engaged a third party valuation expert to assist in determining the fair value of the hotel property. For the three months ended September 30, 2020, the impairment charge was comprised of $29.9 million resulting from the difference between the estimated fair value of the property as compared to the net book value at September 15, 2020. The impairment charge was based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach, which are considered Level 3 valuation techniques.
In December 2020, the Company entered into a purchase sale agreement to sell the Le Meridien in Minneapolis, MN. We engaged a third party valuation expert to assist in determining the fair value of the hotel property. For the three months ended
December 31, 2020, we recorded an impairment charge of $6.6 million resulting from the difference between the estimated fair value of the property and the net book value at December 31, 2020. The impairment charge was based on methodologies which included the development of the discounted cash flow method of the income approach with support based on the market approach, which are considered Level 3 valuation techniquesDuring the second quarter of 2019, we recorded impairment charges of $1.4 million at the Wisconsin Dells Hilton Garden Inn and $5.1 million at the Savannah Courtyard related to the disposition of the hotel properties. In the fourth quarter of 2019, we recorded impairment charges of $9.3 million at the Pittsburgh Hampton Inn Waterfront, $7.6 million at the Stillwater Residence Inn, and $10.2 million at the Washington Hampton Inn Pittsburgh Meadow Lands. These impairment charges resulted from changes in the estimated holding periods of these hotel properties. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques.For the year ended December 31, 2018, we recorded a $23.4 million impairment charge, which was comprised of $9.9 million at the San Antonio Marriott, $6.7 million at the Annapolis Crowne Plaza, $5.1 million at the Wisconsin Dells Hilton Garden Inn and $2.0 million at the SpringHill Suites Centreville related to its disposition. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques. We also recorded impairment adjustments of $275,000 in 2018 based on changes in estimates of property damages incurred from Hurricanes Harvey and Irma.
The following table presents our hotel property measured at fair value as a result of the aforementioned impairment charges aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at December 31, 2020, and the related impairment charge recorded (in thousands):
Fair Value as of December 31, 2020Year Ended December 31, 2020
Level 1Level 2Level 3TotalImpairment Charges
Le Meridien Minneapolis$— $— $7,663 $7,663 $6,577 
v3.20.4
Investment in Unconsolidated Entity
12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Entity Investment in Unconsolidated EntityOpenKey, which is controlled and consolidated by Ashford Inc., is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software for keyless entry into hotel guest rooms. Our investment is recorded as a component of “investment in unconsolidated entity” in our consolidated balance sheets and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of December 31, 2020, the Company has made investments in OpenKey totaling $5.0 million.We review our investment in OpenKey for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of the investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entities. No such impairment was recorded for the years ended December 31, 2020, 2019 and 2018.
The following table summarizes our carrying value and ownership interest in OpenKey:
December 31, 2020December 31, 2019
Carrying value of the investment in OpenKey (in thousands)$2,811 $2,829 
Ownership interest in OpenKey17.5 %17.0 %
The following table summarizes our equity in earnings (loss) in OpenKey (in thousands):
Year Ended December 31,
Line Item202020192018
Equity in earnings (loss) of unconsolidated entities$(448)$(411)$(592)
v3.20.4
Indebtedness, net
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Indebtedness, net Indebtedness, net
Indebtedness consisted of the following (in thousands):
December 31, 2020December 31, 2019
IndebtednessCollateralMaturity
Interest Rate (1)
Default Rate (2)
Debt BalanceBook Value of CollateralDebt BalanceBook Value of Collateral
Mortgage loan(4)
1 hotelJune 2020
LIBOR(3) + 5.10%
n/a$— $— $43,750 $60,191 
Mortgage loan(5)
8 hotelsJuly 2020
LIBOR(3) + 4.33%
n/a— — 144,000 168,054 
Mortgage loan(6)
2 hotelsMarch 2021
LIBOR(3) + 2.75%
n/a240,000 224,022 240,000 235,705 
Mortgage loan(7)
19 hotelsApril 2021
LIBOR(3) + 3.20%
n/a914,281 1,020,462 907,030 1,077,936 
Mortgage loan(8)
7 hotelsJune 2021
LIBOR(3) + 3.65%
n/a180,720 125,266 180,720 131,102 
Mortgage loan(8)
7 hotelsJune 2021
LIBOR(3) + 3.39%
n/a174,400 124,613 174,400 131,420 
Mortgage loan(9)
5 hotelsJune 2021
LIBOR(3) + 3.73%
n/a221,040 163,550 221,040 175,875 
Mortgage loan(10)
5 hotelsJune 2021
LIBOR(3) + 4.02%
n/a262,640 94,111 262,640 105,702 
Mortgage loan(10)
5 hotelsJune 2021
LIBOR(3) + 3.68%
n/a215,120 190,650 215,120 198,059 
Mortgage loan(11)
5 hotelsJune 2021
LIBOR(3) + 2.73%
n/a160,000 178,377 160,000 185,854 
Mortgage loan(12)
1 hotelNovember 20216.26%n/a84,544 101,521 91,542 112,767 
Mortgage loan(13)(14)
17 hotelsNovember 2021
LIBOR(3) + 3.00%
4.00%419,000 238,886 419,000 263,998 
Mortgage loan(15)
1 hotelNovember 2021
LIBOR(3) + 2.55%
n/a25,000 48,231 25,000 49,748 
Mortgage loan(5)
1 hotelFebruary 2022
LIBOR(3) + 3.90%
n/a— — 145,000 189,982 
Mortgage loan(13)(16)
8 hotelsFebruary 2022
LIBOR(3) + 2.92%
5.00%395,000 311,023 395,000 331,686 
Mortgage loan(17)
1 hotelJuly 2022
LIBOR(3) + 3.95%
n/a34,200 38,549 35,200 38,383 
Mortgage loan(18)
1 hotelNovember 2022
LIBOR(3) + 2.00%
n/a98,259 180,312 97,000 186,400 
Mortgage loan(19)
1 hotelDecember 2022
LIBOR(3) + 2.25%
n/a16,100 26,046 16,100 27,498 
Mortgage loan(4) (20)
1 hotelJanuary 2023
LIBOR(3) + 3.40%
n/a37,000 56,784 — — 
Mortgage loan(5)
1 hotelMay 20235.46%n/a— — 51,843 83,824 
Mortgage loan(21)
1 hotelJune 2023
LIBOR(3) + 2.45%
n/a73,450 105,359 73,450 107,212 
Mortgage loan(22)
1 hotelJanuary 20245.49%n/a6,706 7,456 6,759 8,112 
Mortgage loan(22)
1 hotelJanuary 20245.49%n/a9,786 17,172 9,865 19,166 
Mortgage loan(13)
1 hotelMay 20244.99%5.00%6,260 6,494 6,292 6,896 
Mortgage loan(23)
1 hotelJune 2024
LIBOR(3) + 2.00%
n/a8,881 6,980 8,881 7,416 
Mortgage loan(5)
3 hotelsAugust 20245.20%n/a— — 64,207 48,560 
Mortgage loan(24)
2 hotelsAugust 20244.85%n/a11,774 10,466 11,845 11,727 
Mortgage loan(24)
3 hotelsAugust 20244.90%n/a23,542 15,805 23,683 17,348 
Mortgage loan(13)
2 hotelsFebruary 20254.45%4.00%19,369 9,859 19,438 10,314 
Mortgage loan(13)
3 hotelsFebruary 20254.45%4.00%50,098 64,816 50,279 70,318 
Mortgage loan(25)
1 hotelMarch 20254.66%n/a24,415 42,778 24,919 43,577 
3,711,585 $3,409,588 4,124,003 $4,104,830 
Premiums (discounts), net(288)655 
Capitalized default interest and late charges27,444 — 
Deferred loan costs, net(9,830)(18,140)
Indebtedness, net$3,728,911 $4,106,518 
_____________________________
(1)    Interest rates do not include default or late payment rates in effect on some mortgage loans.
(2)    Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of December 31, 2020. The default rate is accrued in addition to the stated interest rate.
(3)     LIBOR rates were 0.144% and 1.763% at December 31, 2020 and December 31, 2019, respectively.
(4)    On January 9, 2020, we refinanced this mortgage loan totaling $43.8 million with a new $37.0 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.40%.
(5)     During 2020, we disposed of the properties securing this mortgage loan. The assets and liabilities associated with this mortgage loan have been removed from the Company's consolidated balance sheet. See note 5.
(6)    Effective August 5, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with deferred interest due in twelve monthly installments beginning January 2021, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.
(7)    Effective July 9, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses, monthly FF&E escrow deposits were waived through November 2020, and monthly tax deposits were waived until July 2021. In conjunction with the forbearance agreement, deferred interest payments of $6.1 million are capitalized into the principal balance and are to be repaid over twelve months following the deferral period. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2020.
(8)    Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with three one-month extension options for the mezzanine debt subject to the satisfaction of certain conditions. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020.
(9)    Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, and an extension option for the mezzanine debt to June 2021. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period with any remaining balance due at maturity. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020.
(10)    Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with two one-month extension options for the mezzanine debt subject to the satisfaction of certain conditions. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020.
(11)     Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020.
(12)     Effective November 1, 2020, we executed a loan modification agreement for this mortgage loan. Terms of the amendment required a $5.0 million principal paydown, the loan maturity was extended one year, monthly FF&E escrow deposits were waived from October 2020 through March 2021, and lender-held FF&E reserve funds were made available to fund property-level operating shortfalls through March 2021 and debt service payments from November 2020 through February 2021. This mortgage loan has no extension options.
(13)    As of December 31, 2020, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.
(14)    Effective February 9, 2021, we executed an agreement regarding existing default and extension options for this mortgage loan. In connection with the agreement, monthly FF&E escrow deposits were waived through December 2021. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2020.
(15)    Effective June 29, 2020, we executed a consent and loan modification agreement for this mortgage loan. In connection with the agreement, lender-held reserves were made available to fund monthly interest payments due under the loan and monthly FF&E escrow deposits were waived until April 2021. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option began in November 2020. This mortgage loan has a LIBOR floor of 1.25%.
(16)    Effective January 19, 2021, we executed a loan modification and reinstatement agreement for this mortgage loan. In connection with the agreement, monthly FF&E escrow deposits were waived from April 2020 through December 2020, and monthly tax escrow deposits were waived from April 2020 through June 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in February 2021.
(17)    Effective August 3, 2020, we executed a loan amendment for this mortgage loan. Terms of the amendment required a $1.0 million principal paydown. The amended mortgage loan has a two-year initial term and one one-year extension options, subject to satisfaction of certain conditions, is interest only and bears interest at a rate of LIBOR + 3.95%, and has a LIBOR floor of 0.25%.
(18)     Effective October 2, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with deferred interest due in twelve monthly installments beginning January 2021, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020.
(19)     Effective May 1, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for three months, with all deferred payments due at maturity, lender-held reserves were made available to fund property-level operating expenses, monthly FF&E escrow deposits were waived through December 2020 and tax escrow deposits were waived through October 2020. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage has a LIBOR floor of 0.25%.
(20)     Effective July 7, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for two months, lender-held reserves were made available to fund debt service or property-level operating expenses, and monthly FF&E escrow deposits were waived from April 2020 through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period.
(21)     Effective May 20, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period.
(22)    Effective December 31, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of principal and interest payments and FF&E escrow deposits for six months, with deferred payments due in nine monthly installments beginning January 2021, lender-held reserves were made available to fund monthly tax escrow deposits, and monthly insurance and PIP escrow deposits were waived through December 2020.
(23)    Effective April 7, 2020, we executed a forbearance agreement for this mortgage loan, which amended the terms. Terms of the agreement include an initial interest payment deferral for three months, with the option to extend the interest payment deferral an additional three months, which was exercised on September 24, 2020. All deferred interest is due at maturity.
(24)    Effective December 31, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of principal and interest payments and FF&E escrow deposits from June 2020 through December 2020, with deferred payments due in six monthly installments beginning July 2021, lender-held reserves were made available to fund monthly tax escrow deposits, and monthly insurance and PIP escrow deposits were waived through December 2020.
(25)    Effective December 8, 2020, we executed a loan modification agreement for this mortgage loan. In connection with the agreement, monthly tax and insurance escrow deposits were waived from April 2020 through September 2020, monthly FF&E escrow deposits were waived from April 2020 through September 2022, and lender-held reserves were made available to fund April 2020 through December 2020 debt service payments.
On January 9, 2020, we refinanced our $43.8 million mortgage loan, secured by the Le Pavillon in New Orleans, Louisiana. In connection with the refinance we reduced the loan amount by $6.8 million. The new mortgage loan totals $37.0 million. The new mortgage loan is interest only and provides for an interest rate of LIBOR + 3.40%. The stated maturity is January 2023 with two one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Le Pavillon.
In April 2020, certain subsidiaries of the Company applied for and received loans from Key Bank, N.A. under the Payroll Protection Program (“PPP”), which was established under the CARES Act. All funds borrowed under the PPP were returned on or before May 7, 2020.
Beginning on April 1, 2020, we did not make principal or interest payments under nearly all of our loans, which constituted an “Event of Default” as such term is defined under the applicable loan documents. Pursuant to the terms of the applicable loan documents, such an Event of Default caused an automatic increase in the interest rate on our outstanding loan balance for the period such Event of Default remains outstanding. Following an Event of Default, our lenders can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable loan agreement and foreclose on the applicable hotel properties that are security for such loans. The Company is in the process of negotiating forbearance agreements with its lenders. Forbearance agreements have been executed on most, but not all of our loans.
In the aggregate, we have entered into forbearance and other agreements with varying terms and conditions that conditionally waive or defer payment defaults for loans with a total outstanding principal balance of approximately $2.8 billion out of approximately $3.7 billion in property level debt outstanding as of December 31, 2020. See footnotes in the table above for general terms of the agreements. See note 16 for discussion of the loan modification agreement with Lismore Capital LLC.
The lender who holds the mortgage note secured by the Hilton Scotts Valley hotel in Santa Cruz, California ($24.4 million mortgage loan) provided an acceleration notice which accelerated all payments due under the applicable loan documents. A loan modification agreement was reached on December 8, 2020.
On May 12, 2020, the lender who held the mortgage note secured by the Embassy Suites New York Manhattan Times Square ($108.8 million mortgage loan and $36.2 million in mezzanine loans) sent the Company an acceleration notice which accelerated all payments due under the applicable loan documents. To remedy the acceleration notice, on August 19. 2020 the Company sold the Embassy Suites New York Manhattan Times Square for approximately $143.9 million of consideration, which consisted of $35.1 million in cash and $108.8 million in the form of the assumption of the mortgage loan. The sale resulted in a loss of approximately $40.4 million for the year ended December 31, 2020, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. Upon the loan assumption by the buyer, accrued interest was forgiven by the lender and the $35.1 million of proceeds were used to extinguish the $36.2 million of mezzanine loans, which resulted in a gain of $4.3 million which was included in “gain (loss) on extinguishment of debt” in the consolidated statement of operations.
On June 22, 2020, the lender for the W Hotel in Minneapolis, Minnesota ($45.8 million mortgage loan and a $5.8 million mezzanine loan) sent the Company a notice of UCC sale, which provided that the respective lender would sell the subsidiaries of the Company that own the respective hotel in a public auction. On September 15, 2020, the Company completed a consensual assignment of 100% of the equity interests in the owner of the W Hotel, which resulted in a gain on extinguishment of debt of approximately $1.1 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations.
On July 9, 2020, the mortgage, senior mezzanine and junior mezzanine loans with an aggregate principal balance of $144.2 million, secured by the Rockbridge Portfolio, matured and the Company failed to repay the loans on such maturity date. On
August 19, 2020, the Company completed a consensual assignment of the entities that own the Rockbridge Portfolio in lieu of a UCC sale, which resulted in a gain on extinguishment of debt of approximately $65.2 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statement of operations.
On July 23, 2020, the lender for MS C1 ($56.0 million mortgage loan and an $8.0 million mezzanine loan) sent the Company a notice of UCC sale, which provided that the respective lender would sell the subsidiaries of the Company that own the respective hotels in a public auction. On September 21, 2020, the mezzanine lender for MS C1 conducted a UCC-foreclosure of its collateral consisting of 100% of the equity interests in the owners of the Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Buena Vista hotels, which resulted in a gain on extinguishment of debt of approximately $19.7 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations.
On August 3, 2020, we amended our $35.2 million mortgage loan, secured by the Sheraton Ann Arbor hotel, which extended the maturity to July 2022. In conjunction with the amended terms, we repaid $1.0 million in principal, with another $1.0 million principal reduction due January 2021. The amended mortgage loan is interest only and bears interest at a rate of LIBOR + 3.95%, and has a LIBOR floor of 0.25%. This loan has a one-year extension option, subject to satisfaction of certain conditions.
For the year ended December 31, 2020 the Company determined that all of the forbearance and other agreements evaluated were considered troubled debt restructurings due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. No gain or loss was recognized during the year ended December 31, 2020 as the carrying amount of the original loans was not greater than the undiscounted cash flows of the modified loans.
Additionally, as a result of the troubled debt restructurings all accrued default interest and late charges were capitalized into the applicable loan balances and will be amortized over the remaining term of the loan using the effective interest method. The amount of default interest and late charges capitalized into the loan balance was $47.5 million. The amount of the capitalized principal that was amortized during the year ended December 31, 2020 was $20.0 million, which is included in “interest expense and amortization of premiums and loan costs” in the consolidated statement of operations.
On January 22, 2019, in connection with the acquisition of the Embassy Suites New York Manhattan Times Square, we completed the financing of a $145.0 million mortgage loan. This mortgage loan is interest only and provides for an interest rate of LIBOR + 3.90%. The stated maturity date of the mortgage loan is February 2022, with two one-year extensions. The mortgage loan is secured by the Embassy Suites New York Manhattan Times Square.
On February 26, 2019, in connection with the acquisition of the Hilton Santa Cruz/Scotts Valley, we assumed a $25.3 million non-recourse mortgage loan with a fair value of $24.9 million. This mortgage loan amortizes monthly and provides for a fixed interest rate of 4.66%. The stated maturity date is March 2025. The mortgage loan is secured by the Hilton Santa Cruz/Scotts Valley.
On March 5, 2019, we refinanced our $178.1 million mortgage loan, secured by the Renaissance Nashville and Westin Princeton. The new mortgage loan totals $240.0 million. The new mortgage loan is interest only and provides for an interest rate of LIBOR + 2.75%. The stated maturity is March 2021 with five one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Renaissance Nashville and Westin Princeton.
On June 7, 2019, we amended the mortgage loan secured by the Fort Worth Ashton totaling $5.2 million. The amended mortgage loan totaling $8.9 million has a five-year term, is interest only and bears interest at a rate of LIBOR + 2.00%.
On August 2, 2019, we repaid $26.8 million of principal on our mortgage loan partially secured by the San Antonio Marriott. This hotel property was sold on August 2, 2019. See note 5.
On August 6, 2019, we repaid $7.7 million of principal on our mortgage loan secured by the Hilton Garden Inn Wisconsin Dells. This hotel property was sold on August 6, 2019. See note 5.
On August 14, 2019, we repaid $28.8 million of principal on our mortgage loan partially secured by the Courtyard Savannah. This hotel property was sold on August 14, 2019. See note 5.
On October 10, 2019, we repaid $8.0 million of principal on our mortgage loan partially secured by the Hilton St. Petersburg Bayfront in connection with selling the 1.65-acre parking lot adjacent to the hotel on October 10, 2019. See note 5.
On December 27, 2019, we amended the mortgage loan secured by the Indigo Atlanta totaling $16.0 million. The amended mortgage loan totaling $16.1 million has a three-year term, is interest only and bears interest at a rate of LIBOR + 2.25%. The stated maturity is December 2022 with two one-year extension options, subject to the satisfaction of certain conditions. e recognized net premium amortization as presented in the table below (in thousands):
Year Ended December 31,
Line Item202020192018
Interest expense and amortization of premium and loan costs$154 $232 $277 
The amortization of the net premium is computed using a method that approximates the effective interest method, which is included in “interest expense and amortization of premiums and loan costs” in the consolidated statements of operations.
We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. As of December 31, 2020, we were in compliance with all covenants on mortgage loans in which we entered into forbearance and other agreements. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP.
Maturities and scheduled amortizations of indebtedness as of December 31, 2020 for each of the five following years and thereafter are as follows (in thousands):
2021$2,902,783 
2022544,681 
2023113,996 
202465,157 
202584,968 
Thereafter— 
Total$3,711,585 
v3.20.4
Notes Receivable, net and Other
12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Notes Receivable, net and Other Notes Receivable, net and Other
Notes receivable, net are summarized in the table below (dollars in thousands):
Interest RateDecember 31, 2020December 31, 2019
Construction Financing Note (1) (5)
Face amount7.0 %$4,000 $4,000 
Discount (2)
(143)(402)
3,857 3,598 
Certificate of Occupancy Note (3) (5)
Face amount7.0 %$5,250 $5,250 
Discount (4)
(844)(1,139)
4,406 4,111 
Note receivable, net$8,263 $7,709 
____________________________________
(1)    The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before the earlier of (i) the buyer closing on third party institutional financing for the construction of improvements on the property, (ii) three years after the development commencement date, or (iii) July 9, 2024.
(2)    The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2021.
(3)    The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before July 9, 2025.
(4)    The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2023.
(5)     The notes receivable are secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront.
No cash interest income was recorded for the years ended December 31, 2020 and 2019.
For the years ended December 31, 2020 and 2019, we recognized discount amortization income of $554,000 and $119,000, respectively, which is included in “other income (expense)” in the consolidated statements of operations.
On January 1, 2020, we adopted the provisions of ASC Topic 326, Financial Instruments - Credit Losses. Upon adoption we evaluated the notes and other receivables under the criteria in ASC Topic 326. Upon adoption we determined that the expected credit loss associated with the notes and other receivables was immaterial. As of December 31, 2020 and 2019, there was no allowance related to the notes receivable.
Other consideration received from the sale of the 1.65-acre parking lot adjacent to the Hilton St. Petersburg Bayfront is summarized in the table below (dollars in thousands):
Imputed Interest RateDecember 31, 2020December 31, 2019
Future ownership rights of parking parcel7.0 %$4,100 $4,100 
Imputed interest372 72 
4,472 
(1)
4,172 
(1)
Free use of parking easement prior to development commencement7.0 %$235 $235 
Accumulated amortization(235)(118)
— 
(1)
117 
(1)
Reimbursement of parking fees while parking parcel is in development (2)
7.0 %$231 $462 
Total$4,703 $4,751 
____________________________________
(1)    Included in “other assets” in the consolidated balance sheets.
(2)    Payments commenced in July when the parking parcel development began.
For the years ended December 31, 2020 and 2019, we recognized imputed interest income of $300,000 and $72,000, respectively, and amortization expense of $117,000 and $118,000, respectively, related to the free use of parking easement, which are included in “other income (expense)” in the consolidated statement of operations.
For the years ended December 31, 2020 and 2019, we received reimbursement of $240,000 and $0 of parking fees and recognized interest income of $9,000 and $0, which is included in “other income (expense)” in the consolidated statements of operations while the parking parcel is in development.
v3.20.4
Derivative Instruments and Hedging
12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Derivative Instruments and HedgingInterest Rate Derivatives—We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows. The interest rate derivatives currently include interest rate caps and interest rate floors. These derivatives are subject to master netting settlement arrangements. To mitigate the nonperformance risk, we routinely use a third party’s analysis of the creditworthiness of the counterparties, which supports our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value.
The following table presents a summary of our interest rate derivatives entered into over each applicable period:
Year Ended December 31,
202020192018
Interest rate caps:
Notional amount (in thousands)$457,000 
(1)
$1,051,050 
(1)
$3,614,618 
(1)
Strike rate low end of range3.00 %1.50 %1.50 %
Strike rate high end of range4.00 %4.88 %5.71 %
Effective date rangeJanuary 2020 - September 2020January 2019 - November 2019January 2018 - November 2018
Termination date rangeFebruary 2021 - February 2022June 2020 - February 2022January 2019 - November 2020
Total cost (in thousands)$83 $1,112 $3,143 
Interest rate floors:
Notional amount (in thousands)$— $6,000,000 
(1)
$12,025,000 
(1)
Strike rate low end of range1.63 %1.25 %
Strike rate high end of range1.63 %2.00 %
Effective date rangeJanuary 2019July 2018 - November 2018
Termination date rangeMarch 2020September 2019 - November 2021
Total cost (in thousands)$— $225 $432 
_______________
(1)These instruments were not designated as cash flow hedges.
We held interest rate instruments as summarized in the table below:
December 31, 2020December 31, 2019
Interest rate caps:
Notional amount (in thousands)$842,000 
(1)
$3,799,740 
(1)
Strike rate low end of range3.00 %1.50 %
Strike rate high end of range4.00 %5.22 %
Termination date rangeFebruary 2021 - February 2022February 2020 - February 2022
Aggregate principle balance on corresponding mortgage loans (in thousands)$697,000 $3,666,331 
Interest rate floors: (2)
Notional amount (in thousands)$25,000 
(1)
$12,025,000 
(1)
Strike rate low end of range1.25 %(0.25)%
Strike rate high end of range1.25 %1.63 %
Termination date rangeNovember 2021March 2020 - November 2021
_______________
(1)These instruments were not designated as cash flow hedges.
(2)Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.
Credit Default Swap Derivatives—We use credit default swaps, tied to the CMBX index, to hedge financial and capital market risk. A credit default swap is a derivative contract that functions like an insurance policy against the credit risk of an entity or obligation. The seller of protection assumes the credit risk of the reference obligation from the buyer (us) of protection in exchange for annual premium payments. If a default or a loss, as defined in the credit default swap agreements, occurs on the underlying bonds, then the buyer of protection is protected against those losses. The only liability for us, the buyer, is the annual premium and any change in value of the underlying CMBX index (if the trade is terminated prior to maturity). For all CMBX trades completed to date, we were the buyer of protection. Credit default swaps are subject to master-netting settlement arrangements and credit support annexes. Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. The change in market value of credit default swaps is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparties when the change in
market value is over $250,000. As of December 31, 2020, all credit default swaps were disposed of and the Company no longer holds any credit default swap positions.
v3.20.4
Fair Value Measurements
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value Hierarchy—For disclosure purposes, financial instruments, whether measured at fair value on a recurring or nonrecurring basis or not measured at fair value, are classified in a hierarchy consisting of three levels based on the observability of valuation inputs in the market place as discussed below:
Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets.
Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability.
Fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Fair values of interest rate caps, floors, flooridors and corridors are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below the strike rates of the floors or rise above the strike rates of the caps. Variable interest rates used in the calculation of projected receipts and payments on the swaps, caps, and floors are based on an expectation of future interest rates derived from observable market interest rate curves (LIBOR forward curves) and volatilities (Level 2 inputs). We also incorporate credit valuation adjustments (Level 3 inputs) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk.
Fair values of credit default swaps are obtained from a third party who publishes various information including the index composition and price data (Level 2 inputs). The fair value of credit default swaps does not contain credit-risk-related adjustments as the change in fair value is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty.
Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. These expected future cash flows are probability-weighted projections based on the contract terms, accounting for both the magnitude and likelihood of potential payments, which are both computed using the appropriate LIBOR forward curve and market implied volatilities as of the valuation date (Level 2 inputs). 
Fair value of options on futures contracts is determined based on the last reported settlement price as of the measurement date (Level 1 inputs). These exchange-traded options are centrally cleared, and a clearinghouse stands in between all trades to ensure that the obligations involved in the trades are satisfied.
Fair values of marketable securities and liabilities associated with marketable securities, including public equity securities, equity put and call options, and other investments, are based on their quoted market closing prices (Level 1 inputs).
Fair values of hotel properties are based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach (Level 3 inputs). See note 5.
When a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, which we consider significant (10% or more) to the overall valuation of our derivatives, the derivative valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at December 31, 2020, the LIBOR interest rate forward curve (Level 2 inputs) assumed a downtrend from 0.144% to 0.131% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
Quoted Market Prices (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Counter-party and Cash Collateral Netting(1)
Total
December 31, 2020:
Assets
Derivative assets:
Interest rate derivatives - floors$— $263 $— $— $263 
(2)
Total$— $263 $— $— $263 
December 31, 2019:
Assets
Derivative assets:
Interest rate derivatives - floors$— $42 $— $257 $299 
(2)
Interest rate derivatives - caps— 47 — — 47 
(2)
Credit default swaps— (1,579)— 2,924 1,345 
(2)
— (1,490)— 3,181 1,691 
Non-derivative assets:
Equity securities14,591 — — — 14,591 
(3)
Total$14,591 $(1,490)$— $3,181 $16,282 
Liabilities
Derivative liabilities:
Credit default swaps— (1,092)— 1,050 (42)
(4)
Net$14,591 $(2,582)$— $4,231 $16,240 
____________________________________
(1)    Represents net cash collateral posted between us and our counterparties.
(2)    Reported net as “derivative assets, net” in our consolidated balance sheets.
(3)    Reported as “marketable securities” in our consolidated balance sheets.
(4)    Reported net as “derivative liabilities, net” in our consolidated balance sheets.
v3.20.4
Summary of Fair Value of Financial Instruments
12 Months Ended
Dec. 31, 2020
Investments, All Other Investments [Abstract]  
Summary of Fair Value of Financial Instruments Summary of Fair Value of Financial Instruments
Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):
December 31, 2020December 31, 2019
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets and liabilities measured at fair value:
Marketable securities$— $— $14,591 $14,591 
Derivative assets, net263 263 1,691 1,691 
Derivative liabilities, net— — 42 42 
Financial assets not measured at fair value:
Cash and cash equivalents$92,905 $92,905 $262,636 $262,636 
Restricted cash74,408 74,408 135,571 135,571 
Accounts receivable, net21,760 21,760 39,638 39,638 
Notes receivable, net8,263 
$7,850 to $8,676
7,709 
$7,323 to $8,095
Due from related parties, net5,801 5,801 3,019 3,019 
Due from third-party hotel managers9,383 9,383 17,368 17,368 
Financial liabilities not measured at fair value:
Indebtedness$3,711,297 
$3,167,369 to $3,500,777
$4,124,658 
$3,881,453 to $4,290,027
Accounts payable and accrued expenses99,954 99,954 124,226 124,226 
Accrued interest payable98,685 98,685 10,115 10,115 
Dividends and distributions payable868 868 20,849 20,849 
Due to Ashford Inc., net13,383 13,383 6,570 6,570 
Due to third-party hotel managers184 184 2,509 2,509 
Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have original maturities of less than 90 days. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique.
Accounts receivable, net, accounts payable and accrued expenses, accrued interest payable, dividends and distributions payable, due to/from related parties, net, due to Ashford Inc., net and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to their short-term nature. This is considered a Level 1 valuation technique.
Notes receivable, net. The carrying amount of notes receivable, net approximates its fair value. We estimate the fair value of the notes receivable, net to be approximately 95.0% and 105.0% of the carrying value of $8.3 million at December 31, 2020 and approximately 95.0% to 105.0% of the carrying value of $7.7 million as of December 31, 2019.
Marketable securities. Marketable securities consist of U.S. treasury bills, publicly traded equity securities, and put and call options on certain publicly traded equity securities. The fair value of these investments is based on quoted market closing prices at the balance sheet date. See note 10 for a complete description of the methodology and assumptions utilized in determining the fair values.
Derivative assets, net and derivative liabilities, net. See notes 9 and 10 for a complete description of the methodology and assumptions utilized in determining fair values.
Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. Current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied and adjusted for credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total indebtedness to be approximately 85.3% to 94.3% of the carrying value of $3.7 billion at December 31, 2020 and
approximately 94.1% to 104.0% of the carrying value of $4.1 billion at December 31, 2019. These fair value estimates are considered a Level 2 valuation technique.
v3.20.4
Income (Loss) Per Share
12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Income (Loss) Per Share Income (Loss) Per Share
Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):
Year Ended December 31,
202020192018
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company$(543,876)$(113,635)$(126,966)
Less: Dividends on preferred stock(32,117)(42,577)(42,577)
Less: Extinguishment of preferred stock55,477 — — 
Less: Dividends on common stock— (29,840)(47,057)
Less: Dividends on unvested performance stock units— (475)(50)
Add: Claw back of dividends on unvested performance stock units606 — — 
Less: Dividends on unvested restricted shares— (801)(844)
Undistributed income (loss) allocated to common stockholders(519,910)(187,328)(217,494)
Add back: Dividends on common stock— 29,840 47,057 
Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted$(519,910)$(157,488)$(170,437)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic and diluted15,756 9,984 9,728 
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share$(33.00)$(15.77)$(17.52)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share$(33.00)$(15.77)$(17.52)
Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):
Year Ended December 31,
202020192018
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested restricted shares$— $801 $844 
Income (loss) allocated to unvested performance stock units— 475 50 
Income (loss) attributable to redeemable noncontrolling interests in operating partnership(89,008)
(1)
(28,932)(29,313)
Total$(89,008)$(27,656)$(28,419)
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares11 
Effect of unvested performance stock units— 25 
Effect of assumed conversion of operating partnership units1,896 1,908 1,760 
Effect of contingently issuable shares— — 
Total1,906 1,922 1,796 
_______________
(1)Inclusive of preferred stock dividends in arrears of $3.1 million for the year ended December 31, 2020 allocated to redeemable noncontrolling interests in operating partnership.
v3.20.4
Redeemable Noncontrolling Interests in Operating Partnership
12 Months Ended
Dec. 31, 2020
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interests in Operating Partnership Redeemable Noncontrolling Interests in Operating Partnership
Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (the “common units”) and the units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested. Each common unit may be redeemed for either cash or, at our sole discretion, up to one share of our REIT common stock, which is either: (i) issued pursuant to an effective registration statement; (ii) included in an effective registration statement providing for the resale of such common stock; or (iii) issued subject to a registration rights agreement.
LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, have vesting periods ranging from three years to five years. Additionally, certain independent members of the board of directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common unit which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of the operating partnership at a time when our stock is trading at a level in excess of the price it was trading on the date of the LTIP issuance. More specifically, LTIP units will achieve full economic parity with common units in connection with (i) the actual sale of all or substantially all of the assets of the operating partnership or (ii) the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the partnership agreement, for the operating partnership.
On March 16, 2020, the Company announced that in light of the uncertainty created by the effects of COVID-19, the annual cash retainer for each independent director serving on the Company’s board of directors would be temporarily reduced by 25% and would continue in effect until the board of directors determined in its discretion that the effects of COVID-19 had subsided. The Company also disclosed at that time that any amounts relinquished pursuant to the reduction in fees may be paid in the future, as determined by the board of directors in its discretion. On August 3, 2020, the Company announced that for fiscal year 2020, the independent directors will receive the full value of their annual cash retainer (without reduction). However, all remaining quarterly installments of the annual cash retainer (and any additional cash retainers for committee service or service as lead director), will instead be paid in either fully vested shares of common stock or LTIP units (at each director’s election). In May 2020, September 2020 and December 2020, approximately 16,000, 82,000 and 34,000 LTIP units, respectively, were issued to independent directors with fair values of approximately $107,000, $160,000 and $128,000, respectively, which vested immediately upon grant and have been expensed during the year ended December 31, 2020. These grants represented a portion of the annual cash retainer for each independent director serving on the Company’s board of directors.The compensation committee of the board of directors of the Company may authorize the issuance of Performance LTIP units to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of Performance LTIP units that will be settled in common units of Ashford Trust OP, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. The number of Performance LTIP units actually earned may range from 0% to 200% of target based on achievement of specified absolute and relative total stockholder returns based on the formulas determined by the Company’s compensation committee on the grant date. As of December 31, 2020, there were approximately 130,000 Performance LTIP units, representing 200% of the target number granted, outstanding. The performance criteria for the Performance LTIP units are based on market conditions under the relevant literature, and the Performance LTIP units were granted to non-employees. During the year ended December 31, 2020, approximately 109,000 performance-based LTIP units were canceled due to the market condition criteria not being met. As a result there was a claw back of the previously declared dividends in the amount of $1.4 million. Following the adoption of ASU 2018-07 in the third quarter of 2018, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date.As of December 31, 2020, we have issued a total of 1.4 million LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units other than approximately 205,000 units (50,000 of which are Performance LTIP units) have reached full economic parity with, and are convertible into, common units upon vesting.
We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands):
Year Ended December 31,
TypeLine Item202020192018
Performance LTIP unitsAdvisory services fee$1,972 $3,594 $6,797 
LTIP unitsAdvisory services fee2,042 3,264 3,508 
LTIP units - independent directorsCorporate, general and administrative816 446 536 
$4,830 $7,304 $10,841 
The unamortized cost of the unvested Performance LTIP units, which was $652,000 at December 31, 2020, will be expensed over a period of 2.0 years with a weighted average period of 1.0 year. The unamortized cost of the unvested LTIP units, which was $2.6 million at December 31, 2020, will be expensed over a period of 2.2 years with a weighted average period of 1.4 years.
The following table presents the common units redeemed and the fair value upon redemption (in thousands):
Year Ended December 31,
202020192018
Common units converted to stock196 — — 
Fair value of common units converted$959 $— $— 
On February 26, 2019, we issued 1.5 million common units in our operating partnership in conjunction with the acquisition of the Hilton Santa Cruz/Scotts Valley.
The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage:
December 31, 2020December 31, 2019
Redeemable noncontrolling interests (in thousands)$22,951 $69,870 
Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands)
186,763 155,536 
Ownership percentage of operating partnership8.51 %15.92 %
____________________________________
(1)    Reflects the excess of the redemption value over the accumulated historical costs.
We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands):
Year Ended December 31,
202020192018
Allocated net (income) loss to the redeemable noncontrolling interests$89,008 $28,932 $29,313 
Distributions declared to holders of common units, LTIP units and Performance LTIP units— 6,572 8,789 
Performance LTIP dividend claw back upon cancellation(1,401)— — 
A summary of the activity of the units in our operating partnership is as follow (in thousands):
Year Ended December 31,
202020192018
Outstanding at beginning of year2,194 1,992 1,960 
LTIP units issued232 34 48 
Performance LTIP units issued50 21 58 
Performance LTIP units canceled(109)— (74)
Common units issued for hotel acquisition— 147 — 
Common units converted to common stock(196)— — 
Outstanding at end of year2,171 2,194 1,992 
Common units convertible/redeemable at end of year1,777 1,857 1,665 
v3.20.4
Equity
12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Equity Equity
Common Stock and Preferred Stock Repurchases—On December 5, 2017, the board of directors reapproved a stock repurchase program (the “Repurchase Program”) pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share and preferred stock having an aggregate value of up to $200 million. The board of directors’ authorization replaced any previous repurchase authorizations. For the years ended December 31, 2020, 2019 and 2018, no shares of our common stock or preferred stock have been repurchased under the Repurchase Program.
In addition, we acquired 30,558, 21,070 and 24,856 shares of our common stock in 2020, 2019 and 2018, respectively, to satisfy employees’ statutory minimum U.S. federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan.
At-the-Market Equity Offering Program—On December 11, 2017, the Company established an “at-the-market” equity offering program pursuant to which it may, from time to time, sell shares of its common stock having an aggregate offering price of up to $100 million. No shares of its common stock were issued under this program during the year ended December 31, 2019. As of December 31, 2020, we have issued approximately 4.4 million shares of our common stock for gross proceeds of approximately $27.5 million. The program expired on September 28, 2020.
The table below summarizes the activity (in thousands):
Year Ended December 31,
202020192018
Common stock issued4,127 — 243 
Gross proceed received$12,009 $— $15,522 
Commissions and other expenses150 — 194 
Net proceeds$11,859 $— $15,328 
Common Stock Resale Agreement - On December 7, 2020, the Company and Lincoln Park Capital Fund, LLC (“Lincoln Park”), entered into a purchase agreement, pursuant to which the Company may sell to Lincoln Park up to $40 million of shares of common stock, par value $0.01 per share of the Company, from time to time during the term of the purchase agreement. Meanwhile, both parties also entered into a registration rights agreement, pursuant to which the Company agreed to file a registration statement with the SEC covering the resale of shares of Common Stock that are issued to Lincoln Park under the Purchase Agreement. Meanwhile, both parties also entered into a registration rights agreement, pursuant to which the Company agreed to file a registration statement with the SEC covering the resale of shares of Common Stock that are issued to Lincoln
Park under the Purchase Agreement. The Company filed a registration statement on Form S-11 on December 11, 2020, which was amended on December 21, 2020, and deemed effective by the SEC on December 22, 2020.
Under the terms and subject to the conditions of the Purchase Agreement, the Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase up to $40.0 million of shares of Common Stock. Such sales of Common Stock by the Company, if any, will be subject to certain limitations, and may occur from time to time, at the Company’s sole discretion, over a 24-month period commencing on the date that a registration statement covering the resale of shares of Common Stock that are issued under the Purchase Agreement, which the Company agreed to file with the SEC pursuant to the Registration Rights Agreement, is declared effective by the SEC and a final prospectus in connection therewith is filed and the other conditions set forth in the Purchase Agreement are satisfied. Lincoln Park has no right to require the Company to sell any Common Stock to Lincoln Park, but Lincoln Park is obligated to make purchases as the Company directs, subject to conditions set forth in the Purchase Agreement.
Upon entering into the Purchase Agreement, the Company issued 190,840 shares of Common Stock (the “Commitment Shares”) as consideration for Lincoln Park’s execution and delivery of the Purchase Agreement. Under the Purchase Agreement, the Company may from time to time, at its discretion, direct Lincoln Park to purchase on any single business day (a “Regular Purchase”) up to (i) 400,000 shares of Common Stock if the closing sale price of the Common Stock is not below $5.00 per share on the NYSE or (ii) 300,000 shares of Common Stock if the closing sale price of the Common Stock is below $5.00 per share on the NYSE. In any case, Lincoln Park’s commitment in any single Regular Purchase may not exceed $3,000,000. The foregoing share amounts and per share prices will be adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction occurring after the date of the Purchase Agreement.
In addition to Regular Purchases, the Company may also direct Lincoln Park to purchase other amounts as accelerated purchases or as additional accelerated purchases on the terms and subject to the conditions set forth in the Purchase Agreement.
The Purchase Agreement also prohibits the Company from directing Lincoln Park to purchase any shares of Common Stock if those shares, when aggregated with all other shares of Common Stock then beneficially owned by Lincoln Park and its affiliates, would result in Lincoln Park and its affiliates having beneficial ownership, at any single point in time, of more than 4.99% of the then total outstanding shares of Common Stock.
The table below summarizes the activity (in thousands):
Year Ended December 31,
2020
Shares sold to Lincoln Park8,362 
Additional commitment shares191 
Total shares issued to Lincoln Park8,553 
Gross proceeds received$20,556 
Preferred Stock—In accordance with Ashford Trust’s charter, we are authorized to issue 50 million shares of preferred stock, which currently includes Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock, Series H Cumulative Preferred Stock and Series I Cumulative Preferred Stock.
On November 25, 2020 Ashford Trust closed its previously commenced offers to exchange any and all shares of the Company’s 8.45% Series D Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series F Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series G Cumulative Preferred Stock, par value $0.01 per share, 7.50% Series H Cumulative Preferred Stock, par value $0.01 per share and 7.50% Series I Cumulative Preferred Stock, par value $0.01 per
share for newly issued shares of the Company’s common stock, par value $0.01. The table below summarizes the activity (in thousands):
Year Ended December 31, 2020
Preferred Shares TenderedCommon Shares Issued
8.45% Series D Cumulative Preferred Stock
575 3,211 
7.375% Series F Cumulative Preferred Stock
1,755 9,791 
7.375% Series G Cumulative Preferred Stock
1,663 9,279 
7.50% Series H Cumulative Preferred Stock
1,029 5,742 
7.50% Series I Cumulative Preferred Stock
1,858 10,366 
6,880 38,389 
From December 8, 2020 through December 31, 2020, Ashford Trust entered into privately negotiated exchange agreements with certain holders of its 8.45% Series D Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series F Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series G Cumulative Preferred Stock, par value $0.01 per share, 7.50% Series H Cumulative Preferred Stock, par value $0.01 per share and 7.50% Series I Cumulative Preferred Stock, par value $0.01 per share in reliance on Section 3(a)(9) of the Securities Act of 1933, as amended. The Company agreed to exchange a total of 2,788,035 shares of its common stock, par value $0.01 per share, for an aggregate of 544,177 shares of Preferred Stock. The table below summarizes the activity (in thousands):
Year Ended December 31, 2020
Preferred Shares TenderedCommon Shares Issued
8.45% Series D Cumulative Preferred Stock
23 131 
7.375% Series F Cumulative Preferred Stock
154 795 
7.375% Series G Cumulative Preferred Stock
114 573 
7.50% Series H Cumulative Preferred Stock
102 515 
7.50% Series I Cumulative Preferred Stock
151 774 
544 2,788 
8.45% Series D Cumulative Preferred Stock. At December 31, 2020 and 2019, there were 1.8 million and 2.4 million shares of Series D Cumulative Preferred Stock outstanding, respectively. The Series D Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series F Cumulative Preferred Stock (noted below), Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below) and Series I Cumulative Preferred Stock (noted below) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series D Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series D Cumulative Preferred Stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25 per share plus accrued and unpaid dividends, if any, at the redemption date. Series D Cumulative Preferred Stock quarterly dividends are set at the rate of 8.45% per annum of the $25.00 liquidation preference (equivalent to an annual dividend rate of $2.1124 per share). The dividend rate increases to 9.45% per annum if these shares are no longer traded on a major stock exchange. In general, Series D Cumulative Preferred Stock holders have no voting rights.
7.375% Series F Cumulative Preferred Stock. At December 31, 2020 and 2019 there were 2.9 million and 4.8 million shares of 7.375% Series F Cumulative Preferred Stock outstanding, respectively. The Series F Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below) and Series I Cumulative Preferred Stock (noted below) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series F Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series F Cumulative Preferred Stock is redeemable at our option for cash (on or after July 15, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series F Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series F Cumulative Preferred Stock is convertible into a maximum 9.68992 shares of our common stock. The actual number is based on a formula as defined in the Series F Cumulative
Preferred Stock agreement (unless the Company exercises its right to redeem the Series F cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series F Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series F Cumulative Preferred Stock will not impact our earnings per share calculations. Series F Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series F Cumulative Preferred Stock holders have no voting rights.
7.375% Series G Cumulative Preferred Stock. At December 31, 2020 and 2019 there were 4.4 million and 6.2 million shares of 7.375% Series G Cumulative Preferred Stock outstanding, respectively. The Series G Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series H Cumulative Preferred Stock (noted below) and Series I Cumulative Preferred Stock (noted below)) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series G Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series G Cumulative Preferred Stock is redeemable at our option for cash (on or after October 18, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series G Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series G Cumulative Preferred Stock is convertible into a maximum 8.33333 shares of our common stock. The actual number is based on a formula as defined in the Series G Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series G cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series G Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series G Cumulative Preferred Stock will not impact our earnings per share calculations. Series G Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series G Cumulative Preferred Stock holders have no voting rights.
7.50% Series H Cumulative Preferred Stock. At December 31, 2020 and 2019 there were 2.7 million and 3.8 million shares of 7.50% Series H Cumulative Preferred Stock outstanding, respectively. The Series H Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock and Series I Cumulative Preferred Stock (discussed below) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series H Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series H Cumulative Preferred Stock is redeemable at our option for cash (on or after August 25, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series H Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series H Cumulative Preferred Stock is convertible into a maximum 8.25083 shares of our common stock. The actual number is based on a formula as defined in the Series H Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series H cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series H Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series H Cumulative Preferred Stock will not impact our earnings per share. Series H Cumulative Preferred Stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series H Cumulative Preferred Stock holders have no voting rights.
7.50% Series I Cumulative Preferred Stock. At December 31, 2020 and 2019 there were 3.4 million and 5.4 million shares of 7.50% Series I Cumulative Preferred Stock outstanding, respectively. The Series I Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock and Series H Cumulative Preferred Stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series I Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series I Cumulative Preferred Stock is redeemable at our option for cash (on or after November 17, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series I Cumulative
Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series I Cumulative Preferred Stock is convertible into a maximum 8.06452 shares of our common stock. The actual number is based on a formula as defined in the Series I Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series I cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series I Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series I Cumulative Preferred Stock will not impact our earnings per share. Series I Cumulative Preferred Stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series I Cumulative Preferred Stock holders have no voting rights.
Dividends—A summary of dividends declared is as follows (in thousands):
Year Ended December 31,
202020192018
Common stock$— $31,116 $47,951 
Preferred stocks:
Series D Cumulative Preferred Stock1,262 5,048 5,047 
Series F Cumulative Preferred Stock2,212 8,849 8,849 
Series G Cumulative Preferred Stock2,858 11,430 11,431 
Series H Cumulative Preferred Stock1,781 7,125 7,125 
Series I Cumulative Preferred Stock2,531 10,125 10,125 
Total dividends declared$10,644 $73,693 $90,528 
The table below presents the accumulated but unpaid dividends in arrears as of December 31, 2020 (in thousands):
December 31, 2020
8.45% Series D Cumulative Preferred Stock ($1.58/share)
$2,838 
7.375% Series F Cumulative Preferred Stock ($1.38/share)
3,998 
7.375% Series G Cumulative Preferred Stock ($1.38/share)
6,115 
7.50% Series H Cumulative Preferred Stock ($1.41/share)
3,753 
7.50% Series I Cumulative Preferred Stock ($1.41share)
4,769 
Total$21,473 
Noncontrolling Interests in Consolidated Entities—Our noncontrolling entity partner had an ownership interest of 15% in two hotel properties. The below table summarized the total carrying value (in thousands), which is reported in equity in the consolidated balance sheets:
December 31,
20202019
Carrying value of noncontrolling interests$166 $504 
The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands):
Year Ended December 31,
Line Item202020192018
(Income) loss allocated to noncontrolling interests in consolidated entities$338 $112 $30 
v3.20.4
Stock-Based Compensation
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based CompensationUnder the Amended and Restated 2011 Stock Incentive Plan approved by stockholders, we are authorized to grant approximately 1.7 million restricted stock units and performance stock units of our common stock as incentive stock awards. At December 31, 2020, approximately 126,000 shares were available for future issuance under the Amended and Restated 2011 Stock Incentive Plan.
Restricted Stock Units—We incur stock-based compensation expense in connection with restricted stock units awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance.
At December 31, 2020, the unamortized cost of the unvested restricted stock units was $2.9 million which will be amortized over a period of 2.2 years with a weighted average period of 1.6 years.
In May 2020, September 2020 and December 2020, approximately 3,000, 13,000 and 6,000 shares of common stock, respectively, were issued to independent directors with fair values of approximately $17,000, $25,000 and $20,000 respectively, which vested immediately upon grant and have been expensed during the year ended December 31, 2020. These grants represented a portion of the annual cash retainer for each independent director serving on the Company’s board of directors in connection with the COVID-19 related modifications to our director compensation program discussed in note 13.
The following table summarizes the stock-based compensation expense (in thousands):
Year Ended December 31,
Line Item202020192018
Advisory services fee$3,897 $6,268 $6,698 
Management fees594 768 1,159 
Corporate, general and administrative - Premier298 350 — 
Corporate, general and administrative - independent directors147 90 — 
$4,936 $7,476 $7,857 
During the year ended December 31, 2018, approximately $1.5 million of the compensation expense was related to the accelerated vesting of equity awards granted to one of our executive officers upon his death, in accordance with the terms of the awards.
A summary of our restricted stock unit activity is as follows (shares in thousands):
Year Ended December 31,
202020192018
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year213 $58.60 171 $65.60 208 $70.30 
Restricted shares granted168 11.55 134 53.60 91 66.40 
Restricted shares vested(162)46.25 (86)65.00 (123)74.10 
Restricted shares forfeited(53)34.89 (6)58.20 (5)64.10 
Outstanding at end of year166 $30.61 213 $58.60 171 $65.60 
Performance Stock Units—The compensation committee of the board of directors of the Company may authorize the issuance of PSUs, which have a cliff vesting period of three years, to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. The number of PSUs actually earned may range from 0% to 200% of target based on achievement of specified absolute and relative total stockholder returns based on the formulas determined by the Company’s Compensation Committee on the grant date. The performance criteria for the PSUs are based on market conditions under the relevant literature, and the PSUs were granted to non-employees. During the year ended December 31, 2018, 24,800 PSUs were canceled due to the market condition criteria not being met. During the year ended December 31, 2020, 35,000 PSUs were canceled due to the market condition criteria not being met. As a result there was a claw back of the previously declared dividends in the amount of $378,000.
During 2020, 65,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the year ended December 31, 2020, which is included in “advisory services fees” on our consolidated statement of operations. Additionally, as a result of the forfeiture there was a claw back of the previously declared dividends in the amount of $228,000 for the year ended December 31, 2020.
The following table summarizes the compensation expense (in thousands):
Year Ended December 31,
Line Item202020192018
Advisory services fee$958 $4,937 $8,241 
During the year ended December 31, 2018, approximately $3.0 million of the compensation expense was related to the accelerated vesting of PSUs granted to one of our executive officers upon his death, in accordance with the terms of the awards.The unamortized cost of PSUs, which was $2.0 million at December 31, 2020, will be expensed over a period of approximately 2.0 years with a weighted average period of 1.2 years.
A summary of our PSU activity is as follows (shares in thousands):
Year Ended December 31,
202020192018
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year158 $58.20 77 $63.10 82 $60.70 
PSUs granted70 8.00 81 53.60 53 66.40 
PSUs vested— — — — (33)61.90 
PSU’s forfeited(65)45.83 — — — — 
PSUs canceled(35)58.50 — — (25)63.80 
Outstanding at end of year128 $37.79 158 $58.20 77 $63.10 
v3.20.4
Related Party Transactions
12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Ashford Inc.
Advisory Agreement
Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor. Our chairman, Mr. Monty J. Bennett, also serves as chairman of the board of directors and chief executive officer of Ashford Inc.
Under our advisory agreement, we pay advisory fees to Ashford LLC. We are required to pay Ashford LLC a monthly base fee that is a percentage of our total market capitalization on a declining sliding scale plus the Net Asset Fee Adjustment, as defined in the advisory agreement, subject to a minimum monthly base fee, as payment for managing our day-to-day operations in accordance with our investment guidelines. Total market capitalization includes the aggregate principal amount of our consolidated indebtedness (including our proportionate share of debt of any entity that is not consolidated but excluding our joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale is between 0.70% and 0.50% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion. At December 31, 2020, the monthly base fee was 0.70% based on our current market capitalization. We are also required to pay Ashford LLC an incentive fee that is measured annually (or stub period if the advisory agreement is terminated at other than year-end). Each year that our annual total stockholder return exceeds the average annual total stockholder return for our peer group we pay Ashford LLC an incentive fee over the following three years, subject to the FCCR Condition, as defined in the advisory agreement, which relates to the ratio of adjusted EBITDA to fixed charges. We also reimburse Ashford LLC for certain reimbursable overhead and internal audit, risk management advisory and asset management services, as specified in the advisory agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to our officers and employees of Ashford LLC in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period.
On October 16, 2020, the independent members of the board of directors of Ashford Inc. provided the Company a 30-day deferral on the payment of: (i) approximately $3 million in base advisory fees with respect to the month of October 2020; and (ii) approximately $1 million in reimbursable expenses with respect to the month of October 2020 payable under the advisory agreement.
On November 5, 2020, the independent members of the board of directors of Ashford Inc. provided the Company an additional 30-day deferral of the base advisory fees that were previously deferred from October. Additionally, the independent
members of the board of directors of Ashford Inc. provided the Company a 30-day deferral on the payment of approximately $3 million in base advisory fees with respect to the month of November 2020.
On November 26, 2020, the independent members of the board of directors of Ashford Inc. granted Ashford Trust: (i) an additional deferral of the payment of the base advisory fees that were previously deferred for the months of October 2020 and November 2020; and (ii) a deferral of approximately $3 million in base advisory fees with respect to the month of December 2020. The foregoing payments will now be due and payable on January 4, 2021. Additionally, the independent members of the board of directors of Ashford Inc. waived any claim against Ashford Trust and Ashford Trust’s affiliates and each of their officers and directors for breach of the Advisory Agreement or any damages that may have arisen in absence of such fee deferral.
On January 4, 2021, the independent members of the board of directors of Ashford Inc. granted Ashford Trust: (i) an additional deferral of the payment of the base advisory fees that were previously deferred for the months of October 2020, November 2020 and December 2020; and (ii) a deferral of approximately $2.8 million in base advisory fees with respect to the month of January 2021. The foregoing payments were due and payable on January 11, 2021. Additionally, the Ashford Inc. Directors waived any claim against Ashford Trust and Ashford Trust’s affiliates and each of their officers and directors for breach of the Advisory Agreement or any damages that may have arisen in absence of such fee deferral. All outstanding base advisory fees and reimbursable expenses outstanding as of December 31, 2020 were paid in January 2021.
The following table summarizes the advisory services fees incurred (in thousands):
Year Ended December 31,
202020192018
Advisory services fee
Base advisory fee$34,745 $36,269 $35,526 
Reimbursable expenses (1)
6,436 9,300 8,351 
Equity-based compensation (2)
8,869 
(3)
18,063 25,245 
Total advisory services fee$50,050 $63,632 $69,122 
________
(1)Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services.
(2)    Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.
(3)    During the year ended December 31, 2020, 65,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the year ended December 31, 2020.
Due from related parties, net includes a $1.2 million security deposit paid to Remington Hotel Corporation, an entity indirectly owned by Mr. Monty J. Bennett and Mr. Archie Bennett, Jr., for office space allocated to us under our advisory agreement. It will be held as security for the payment of our allocated share of office space rental. If unused it will be returned to us upon lease expiration or earlier termination.
Pursuant to the Company’s hotel management agreements with each hotel management company, the Company bears the economic burden for casualty insurance coverage. Under the advisory agreement, Ashford Inc. secures casualty insurance policies to cover Ashford Trust, Braemar, their hotel managers, as needed, and Ashford Inc. The total loss estimates included in such policies are based on the collective pool of risk exposures from each party. Ashford Inc.’s risk management department manages the casualty insurance program. At the beginning of each year, Ashford Inc.’s risk management department collects funds from Ashford Trust, Braemar and their respective hotel management companies, to fund the casualty insurance program as needed, on an allocated basis.
Lismore Advisory Fee
On March 20, 2020, Lismore Capital LLC (“Lismore”), a subsidiary of Ashford Inc., entered into an agreement with the Company to seek modifications, forbearances or refinancings of the Company’s loans (the “Lismore Agreement”). Pursuant to the Lismore Agreement, Lismore shall, during the agreement term (which commenced on March 20, 2020 and shall end on the date that is twelve months following the commencement date, or upon it being terminated by Ashford Trust on not less than thirty days written notice) negotiate the refinancing, modification or forbearance of the existing mortgage debt on Ashford Trust’s hotels. For the purposes of the Lismore Agreement, financing shall include, without limitation, senior or subordinate loan financing, provided in any single transaction or a combination of transactions, including, mortgage loan financing, mezzanine loan financing, or subordinate loan financing encumbering the applicable hotel or unsecured loan financing.
On July 1, 2020, the Company amended and restated the agreement with Lismore with an effective date of April 6, 2020. Pursuant to the amended and restated agreement, the term of the agreement was extended to 24 months following the commencement date. In connection with the services provided by Lismore under the amended and restated agreement, Lismore is entitled to receive a fee of approximately $2.6 million in three equal installments of approximately $857,000 per month beginning July 20, 2020, and ending on September 20, 2020. Lismore is also entitled to receive a fee that is calculated and payable as follows: (i) a fee equal to 25 basis points (0.25%) of the amount of a loan, payable upon the acceptance by the applicable lender of any forbearance or extension of such loan, or in the case where a third-party agent or contractor engaged by the Company has secured an extension of the maturity date equal to or greater than 12 months of any such loan, then the amount payable to Lismore shall be reduced to 10 basis points (0.10%); (ii) a fee equal to 75 basis points (0.75%) of the amount of any principal reduction of a loan upon the acceptance by any lender of any principal reduction of such loan; and (iii) a fee equal to 150 basis points (1.50%) of the implied conversion value (but in any case, no less than 50% percent of the face value of such loan or loans) of a loan upon the acceptance by any lender of any debt to equity conversion of such loan.
At the time of amendment, the Company had paid Lismore approximately $8.3 million, in the aggregate, pursuant to the original agreement. Under the amended and restated agreement, the Company is still entitled, in the event that the Company does not complete, for any reason, extensions or forbearances during the term of the agreement equal to or greater than approximately $4.1 billion, to offset, against any fees the Company or its affiliates owe pursuant to the advisory agreement, a portion of the fee previously paid by the Company to Lismore equal to the product of (x) approximately $4.1 billion minus the amount of extensions or forbearances completed during the term of the agreement multiplied by (y) 0.125%. Upon entering into the agreement with Lismore, the Company made a payment of $5.1 million. No amounts under this payment can be clawed back. As of December 31, 2020, the Company has also paid $5.1 million related to periodic installments of which approximately $3.5 million has been expensed in accordance with the agreement and approximately $1.7 million may be offset against future fees under the agreement that are eligible for claw back under the agreement. As of December 31, 2020 approximately $4.4 million of the payments are included in “other assets.” Further, the Company has incurred approximately $6.7 million in success fees under the agreement in connection with each signed forbearance or other agreement, of which no amounts are available for claw back. As of December 31, 2020, the Company has a payable of $3.4 million for these fees included in “Due to Ashford Inc., net” on our consolidated balance sheet.
On August 25, 2020, in light of the fact that Ashford Trust subsequently agreed to transfer the hotels underlying the Rockbridge Portfolio to the lender, the independent members of the board of directors of Ashford Inc. waived $540,000 of Lismore advisory fees associated with items (ii) and (iii) above with respect to the Rockbridge Portfolio loan. Also on August 25, 2020, in light of the fact that Lismore negotiated access to the FF&E reserves but no forbearance on debt service, the independent members of the board of directors of Ashford Inc. waived $94,000 of Lismore advisory fees associated with items (ii) and (iii) above with respect to the mortgage loan secured by La Posada de Santa Fe.
On October 16, 2020, the independent members of the board of directors of Ashford Inc. provided the Company a 30-day deferral on the payment of the success fees of approximately $3.0 million that were earned by Ashford Inc. during the third quarter. On November 5, 2020, the independent members of the board of directors of Ashford Inc. provided the Company an additional 30-day deferral of the payment of the success fees. For the year ended December 31, 2020, the Company has recognized expense of $9.2 million, which is included in “write-off of premiums, loan costs and exit fees.” Additionally, the independent members of the board of directors of Ashford Inc. accelerated approximately $506,000 in claw back credit due to Ashford Trust which, absent a waiver, would occur after the expiration of the Lismore Agreement. Such claw back credit is due to Ashford Trust in connection with certain properties Ashford Trust no longer owns.
On November 5, 2020, the independent members of the board of directors of Ashford Inc. provided the Company a 30-day deferral of potential Lismore success fees for the month of November 2020.
On November 26, 2020, the Ashford Inc. Directors granted Ashford Trust: (i) an additional deferral of the payment of Lismore success fees for the months of October 2020 and November 2020; and (ii) a deferral of any Lismore success fees for the month of December 2020. The foregoing payments will now be due and payable on January 4, 2021.
On January 4, 2021, the Ashford Inc. Directors granted Ashford Trust: (i) an additional deferral of the payment of any Lismore success fees for the months of October 2020, November 2020 and December 2020; and (ii) a deferral of any additional Lismore success fees for the month of January 2021. The foregoing payments were payable on January 11, 2021. Additionally, the Ashford Inc. Directors waived any claim against Ashford Trust and Ashford Trust’s affiliates and each of their officers and directors for breach of the Lismore Agreement or any damages that may have arisen in absence of such fee deferral. All amounts were paid in January 2021.
Ashford Securities
On September 25, 2019, Ashford Inc. announced the formation of Ashford Securities to raise retail capital in order to grow its existing and future platforms. In conjunction with the formation of Ashford Securities, Ashford Trust entered into a contribution agreement with Ashford Inc. pursuant to which Ashford Trust has agreed to contribute, with Braemar Hotels & Resorts Inc. (“Braemar”), up to $15 million to fund the operations of Ashford Securities.
Costs for all operating expenses of Ashford Securities that are contributed by Ashford Trust and Braemar will be expensed as incurred. These costs will be allocated initially to Ashford Trust and Braemar based on an allocation percentage of 75% to Ashford Trust and 25% to Braemar. Upon reaching the earlier of $400 million in aggregate non-listed preferred equity offerings raised or June 10, 2023, there will be a true up (the “True-up Date”) between Ashford Trust and Braemar whereby the actual capital contributions contributed by each company will be based on the actual amount of capital raised by Ashford Trust and Braemar, respectively. After the True-up Date, the capital contributions would be allocated between Ashford Trust and Braemar quarterly based on the actual capital raised through Ashford Securities. Funding advances would be expensed as the expenses are incurred by Ashford Securities.
On December 31, 2020, an Amended and Restated Contribution Agreement was entered into by Ashford Inc., Ashford Trust and Braemar with respect to expenses to be reimbursed to Ashford Securities. The Initial True-Up Date did not occur and beginning on the effective date of the Amended and Restated Contribution Agreement, costs will be allocated based upon an allocation percentage of 50% to Ashford Inc., 50% to Braemar and 0% to Ashford Trust. Upon reaching the earlier of $400 million in aggregate non-listed preferred equity offerings raised, or June 10, 2023, there will be an Amended and Restated true up (the “Amended and Restated True-up Date”) among Ashford Inc., Ashford Trust and Braemar whereby the actual expense reimbursement paid by each company will be based on the actual amount of capital raised by Ashford Inc., Ashford Trust and Braemar, respectively. After the Amended and Restated True-Up Date, the expense reimbursements will be allocated among Ashford Inc., Ashford Trust and Braemar quarterly based on the actual capital raised through Ashford Securities. As of December 31, 2020, Ashford Trust has funded approximately $3.0 million. As of December 31, 2020 and 2019, $85,000 and $1.6 million, respectively, of the pre-funded amounts were included in “other assets” on our consolidated balance sheets.
The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands):
Year Ended December 31,
Line Item202020192018
Corporate, general and administrative$1,998 $896 $— 
Enhanced Return Funding Program
The Enhanced Return Funding Program Agreement (the “ERFP Agreement”) generally provides that Ashford LLC will make investments to facilitate the acquisition of properties by Ashford Trust OP that are recommended by Ashford LLC, in an aggregate amount of up to $50 million (subject to increase to up to $100 million by mutual agreement). The investments will equal 10% of the property acquisition price and will be made, either at the time of the property acquisition or at any time generally in the following three years, in exchange for hotel FF&E for use at the acquired property or any other property owned by Ashford Trust OP.
The initial term of the ERFP Agreement is two years (the “Initial Term”), unless earlier terminated pursuant to the terms of the ERFP Agreement. At the end of the Initial Term, the ERFP Agreement shall automatically renew for successive one year periods (each such period a “Renewal Term”) unless either Ashford Inc. or Ashford Trust provides written notice to the other at least sixty days in advance of the expiration of the Initial Term or Renewal Term, as applicable, that such notifying party intends not to renew the ERFP Agreement.
As a result of the Embassy Suites New York Manhattan Times Square acquisition in 2019, under the ERFP Agreement, we are entitled to receive $19.5 million from Ashford LLC in the form of future purchases of hotel FF&E. In the second quarter of 2019, the Company sold $8.1 million of hotel FF&E from certain Ashford Trust hotel properties to Ashford LLC. On March 13, 2020, an extension agreement was entered into whereby the required FF&E acquisition date by Ashford LLC of the remaining $11.4 million was extended to December 31, 2022.
On August 19, 2020, the Embassy Suites New York Manhattan Times Square was sold. The hotel contained FF&E that was previously sold to Ashford LLC under the ERFP program. On November 5, 2020, the independent members of the board of directors of Ashford Inc. waived the requirement of the Company to provide replacement FF&E.
On November 25, 2020, the Ashford Trust Directors granted Ashford Inc., in its sole and absolute discretion, the right to set-off against the Embassy Suites New York ERFP Balance, the fees pursuant to the Advisory Agreement and Lismore Agreement that have been or may be deferred by Ashford Inc.
Project Management Agreement
In connection with Ashford Inc.’s August 8, 2018 acquisition of Remington Lodging’s project management business, we entered into a project management agreement with Ashford Inc.’s subsidiary, Premier Project Management LLC (“Premier”), pursuant to which Premier provides project management services to our hotels, including construction management, interior design, architectural services, and the purchasing, freight management, and supervision of installation of FF&E and related services. Pursuant to the project management agreement, we pay Premier: (a) project management fees of up to 4% of project costs; and (b) market service fees at current market rates with respect to construction management, interior design, FF&E purchasing, FF&E expediting/freight management, FF&E warehousing and FF&E installation and supervision. On March 20, 2020, we amended the project management agreement to provide that Premier’s fees shall be paid by the Company to Premier upon the completion of any work provided by third party vendors to the Company.
Hotel Management Agreement
On November 6, 2019, Ashford Inc. completed the acquisition of Remington Lodging’s hotel management business. As a result of the acquisition, hotel management services are provided by Remington Hotels, a subsidiary of Ashford Inc., under the respective hotel management agreement with each customer, including Ashford Trust and Braemar.
At December 31, 2020, Remington Hotels managed 68 of our 103 hotel properties and the WorldQuest condominium properties.
We pay monthly hotel management fees equal to the greater of approximately $14,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met and other general and administrative expense reimbursements primarily related to accounting services.
Pursuant to the terms of the Letter Agreement dated March 13, 2020 (the “Hotel Management Letter Agreement”), in order to allow Remington Hotels to better manage its corporate working capital and to ensure the continued efficient operation of our hotels, we agreed to pay the base fee and to reimburse all expenses on a weekly basis for the preceding week, rather than on a monthly basis. The Hotel Management Letter Agreement went into effect on March 13, 2020 and will continue until terminated by us.
We also have a mutual exclusivity agreement with Remington Hotels, pursuant to which: (i) we have agreed to engage Remington Hotels to provide management services with respect to any hotel we acquire or invest in, to the extent we have the right and/or control the right to direct the management of such hotel; and (ii) Remington Hotels has agreed to grant us a right of first refusal to purchase any opportunity to develop or construct a hotel that it identifies that meets our initial investment guidelines. We are not, however, obligated to engage Remington Hotels if our independent directors either: (i) unanimously vote to hire a different manager or developer; or (ii) by a majority vote elect not to engage such related party because either special circumstances exist such that it would be in the best interest of our Company not to engage such related party, or, based on the related party’s prior performance, it is believed that another manager could perform the management or other duties materially better.
Remington Lodging (prior to Ashford Inc. acquisitions)
Remington Lodging was a property and project management company, wholly owned by our chairman, Mr. Monty J. Bennett and Mr. Archie Bennett, Jr. who is our chairman emeritus. We had master property and project management agreements and property and project management mutual exclusivity agreements with Remington Lodging.
On August 8, 2018, Ashford Inc. completed the acquisition of Remington Lodging’s project management business, Premier. As a result of Ashford Inc.’s acquisition, the project management services are no longer provided by Remington Lodging and are now provided by Premier, a subsidiary of Ashford Inc. under the respective project management agreement with each customer, including Ashford Trust and Braemar.
On November 6, 2019, Ashford Inc. completed the acquisition of Remington Lodging’s hotel management business. As a result of the acquisition, hotel management services that were previously provided by Remington Lodging are now be provided
by Remington Hotels, a subsidiary of Ashford Inc. under the respective hotel management agreement with each customer, including Ashford Trust and Braemar under the Remington Hotels name.
Prior to August 8, 2018, we paid Remington Lodging: (a) monthly hotel management fees equal to the greater of $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria are met; (b) project management fees of up to 4% of project costs; (c) market service fees including purchasing, design and construction management not to exceed 16.5% of project budget cumulatively, including project management fees; and (d) other general and administrative expense reimbursements primarily related to accounting services. This related party allocates such charges to us based on various methodologies, including headcount and actual amounts incurred.
Between August 8, 2018 and November 5, 2019, we paid Remington Lodging monthly hotel management fees equal to the greater of $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met and other general and administrative expense reimbursements primarily related to accounting services.
The following table presents the fees related to our hotel and project management agreements with Remington Lodging prior to its transactions with Ashford Inc. (in thousands):
Year ended December 31,
20192018
Hotel management fees, including incentive hotel management fees$27,205 $30,890 
Market service and project management fees— 11,148 
Corporate general and administrative6,014 5,872 
Total$33,219 $47,910 
Summary of Transactions
In accordance with our advisory agreement, our advisor, or entities in which our advisor has an interest, have a right to provide products or services to our hotels, provided such transactions are evaluated and approved by our independent directors. The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands):
Year Ended December 31, 2020
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other AssetsOther Hotel RevenueManagement Fee
AIMCash management services$995 $— $— $— $— $— 
Ashford LLCInsurance claims services118 — — — — — 
J&S Audio VisualAudio visual commissions2,187 — — — 2,187 — 
Lismore CapitalDebt placement and related services16,570 
(4)
— 128 4,388 — — 
Lismore CapitalBroker services170 — — 70 — — 
OpenKeyMobile key app118 — — — — — 
PremierProject management services6,801 5,727 — — — — 
Pure WellnessHypoallergenic premium rooms967 38 — — — — 
Remington Hotels
Hotel management services (3)
27,443 — — — — 15,835 
Year Ended December 31, 2020
CompanyProduct or ServiceTotalOther Hotel ExpensesProperty Taxes, Insurance and OtherAdvisory ExpensesCorporate, General and AdministrativeWrite-off of Premiums, Loan Costs and Exit Fees
AIMCash management services$995 $— $— $— $995 $— 
Ashford LLCInsurance claims services118 — 118 — — — 
J&S Audio VisualAudio visual commissions2,187 — — — — — 
Lismore CapitalDebt placement and related services16,570 — — — — 12,054 
Lismore CapitalBroker services170 — — — — 100 
OpenKeyMobile key app118 118 — — — — 
PremierProject management services6,801 — — 1,074 — — 
Pure WellnessHypoallergenic premium rooms967 929 — — — — 
Remington Hotels
Hotel management services (3)
27,443 11,608 — — — — 
Year Ended December 31, 2019
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other Hotel RevenueOther Hotel ExpensesManagement Fees
AIMCash management services$1,206 $— $— $— $— $— 
Ashford LLCInsurance claims services75 — — — — — 
Ashford SecuritiesBroker/Dealer896 — — — — — 
J&S Audio VisualAudio visual commissions7,365 — — 7,365 — — 
J&S Audio VisualEquipment24 24 — — — — 
Lismore CapitalDebt placement and related services1,294 — (1,215)— — — 
Lismore CapitalBroker services427 — — — — — 
OpenKeyMobile key app112 — — 109 — 
PremierProject management services20,004 18,281 — — — — 
Pure WellnessHypoallergenic premium rooms1,021 599 — — 422 — 
Remington Hotels
Hotel management services (3)
9,152 — — — 5,356 3,796 
Year Ended December 31, 2019
CompanyProduct or ServiceTotalProperty Taxes, Insurance and OtherAdvisory Services FeeCorporate, General and AdministrativeGain (Loss) on Disposition of Assets and Hotel PropertiesWrite-off of Premiums, Loan Costs and Exit Fees
AIMCash management services$1,206 $— $— $1,206 $— $— 
Ashford LLCInsurance claims services75 75 — — — — 
Ashford SecuritiesBroker/Dealer896 — — 896 — — 
J&S Audio VisualAudio visual commissions7,365 — — — — — 
J&S Audio VisualEquipment24 — — — — — 
Lismore CapitalDebt placement and related services1,294 — — — — 79 
Lismore CapitalBroker services427 — — — 427 — 
OpenKeyMobile key app112 — — — — — 
PremierProject management services20,004 — 1,723 — — — 
Pure WellnessHypoallergenic premium rooms1,021 — — — — — 
Remington Hotels
Hotel management services (3)
9,152 — — — — — 
Year Ended December 31, 2018
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other Hotel RevenueOther Hotel ExpensesCorporate, General and Administrative
AIMCash management services$1,156 $— $— $— $— $1,156 
Ashford LLCInsurance claims services76 — — — — 76 
J&S Audio VisualAudio visual commissions3,569 — — 3,569 — — 
J&S Audio VisualEquipment925 925 — — — — 
Lismore CapitalDebt placement and related services5,094 — (5,094)— — — 
OpenKeyMobile key app105 — — 102 — 
PremierProject management services7,677 7,677 — — — — 
Pure WellnessHypoallergenic premium rooms2,436 2,412 — — 24 — 
Recorded in FF&E and depreciated over the estimated useful life.(2)Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement.
(3)Other hotel expenses include incentive hotel management fees and other hotel management costs
(4)Amount excludes a $506,000 claw back credit due to Ashford Trust. See Lismore Advisory Fee section above.
The following table summarizes the amount due to Ashford Inc. (in thousands):
Due to Ashford Inc.
CompanyProduct or ServiceDecember 31, 2020December 31, 2019
Ashford LLCAdvisory services$9,533 $1,133 
Ashford LLCInsurance claims services30 18 
AIMCash management services(111)82 
J&S Audio VisualAudio visual commissions131 1,009 
OpenKeyMobile key app13 
PremierProject management services323 4,028 
Pure WellnessHypoallergenic premium rooms44 298 
Lismore CapitalDebt placement and related services3,420 — 
$13,383 $6,570 
As of December 31, 2020 and 2019, due from related parties, net included a net receivable from Remington Hotels in the amount of $4.6 million and $1.8 million, respectively, primarily related to advances made by Ashford Trust and accrued base and incentive management fees.
v3.20.4
Commitments and Contingencies
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Restricted Cash—Under certain management and debt agreements for our hotel properties existing at December 31, 2020, escrow payments are required for insurance, real estate taxes, and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow 4% to 6% of gross revenues for capital improvements. The Company is currently working with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls.
Franchise Fees—Under franchise agreements for our hotel properties existing at December 31, 2020, we pay franchisor royalty fees between 3% and 6% of gross rooms revenue and, in some cases, 1% to 3% of food and beverage revenues. Additionally, we pay fees for marketing, reservations, and other related activities aggregating between 1% and 4% of gross rooms revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2021 and 2047. When a franchise term expires, the franchisor has no obligation to renew the franchise. A franchise termination could have a material adverse effect on the operations or the underlying value of the affected hotel due to loss of associated name recognition, marketing support, and centralized reservation systems provided by the franchisor. A franchise termination could also have a material adverse effect on cash available for distribution to stockholders. In addition, if we breach the franchise agreement and the franchisor terminates a franchise prior to its expiration date, we may be liable for up to three times the average annual fees incurred for that property.
The table below summarizes the franchise fees incurred (in thousands):
Year Ended December 31,
Line Item202020192018
Other hotel expenses$22,658 $76,707 $72,095 
Management Fees—Under hotel management agreements for our hotel properties existing at December 31, 2020, we pay monthly hotel management fees equal to the greater of approximately $14,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 1% to 7% of gross revenues, as well as annual incentive management fees, if applicable. These hotel management agreements expire from 2021 through 2038, with renewal options. If we terminate a hotel management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term and liquidated damages or, in certain circumstances, we may substitute a new management agreement.
Additionally, we pay: (a) project management fees of up to 4% of project costs; (b) market service fees including purchasing, design and construction management not to exceed 16.5% of project management budget cumulatively, including project management fees; and (c) other general fees at current market rates as approved by our independent directors, if required. Prior to August 8, 2018, these fees were paid to Remington Lodging. In connection with Ashford Inc.’s August 8,
2018 acquisition of Remington Lodging’s project management business, we entered into a project management agreement with Premier, a subsidiary of Ashford Inc. From and after August 8, 2018, we paid the aforementioned fees to Premier. See note 16.
Leases—We lease land and facilities under non-cancelable operating leases, which expire between 2040 and 2084, including three ground leases related to our hotel properties. Two of these ground leases are subject to base rent plus contingent rent based on each hotel property’s financial results and escalation clauses. Additionally, other leases have certain contingent rentals included. For the year ended December 31, 2018, we recognized rent expense of $4.0 million, which included contingent rent of $837,000. Rent expense is included in “other” hotel expenses in the consolidated statements of operations.
On January 1, 2019, we adopted ASC 842 on a modified retrospective basis. The adoption of this standard has resulted in the recognition of operating lease ROU assets and lease liabilities primarily related to our ground lease arrangements. See note 18 for operating lease cost, including variable lease cost associated with the ground leases as well as future minimum lease payments due under non-cancellable leases.
Capital Commitments—At December 31, 2020, we had capital commitments of $29.4 million, including commitments that will be satisfied with insurance proceeds, relating to general capital improvements that are expected to be paid in the next twelve months.
Income Taxes—We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2016 through 2020 remain subject to potential examination by certain federal and state taxing authorities.
Potential Pension Liabilities—Upon our 2006 acquisition of a hotel property, certain employees of such hotel were unionized and covered by a multi-employer defined benefit pension plan. At that time, no unfunded pension liabilities existed. Subsequent to our acquisition, a majority of employees, who are employees of the hotel manager, Remington Lodging, petitioned the employer to withdraw recognition of the union. As a result of the decertification petition, Remington Lodging withdrew recognition of the union. At the time of the withdrawal, the National Retirement Fund, the union’s pension fund, indicated unfunded pension liabilities existed. The National Labor Relations Board (“NLRB”) filed a complaint against Remington Lodging seeking, among other things, a ruling that Remington Lodging’s withdrawal of recognition was unlawful. The pension fund entered into a settlement agreement with Remington Lodging on November 1, 2011, providing that Remington Lodging will continue to make monthly pension fund payments pursuant to the collective bargaining agreement. As of December 31, 2020, Remington Lodging continues to comply with the settlement agreement by making the appropriate monthly pension fund payments. If Remington Lodging does not comply with the settlement agreement, we have agreed to indemnify Remington Lodging for the payment of the unfunded pension liability, if any, as set forth in the settlement agreement equal to $1.7 million minus the monthly pension payments made by Remington Lodging since the settlement agreement. To illustrate, if Remington Lodging - as of the date a final determination occurs - has made monthly pension payments equaling $100,000, Remington Lodging’s remaining withdrawal liability would be the unfunded pension liability of $1.7 million minus $100,000 (or $1.6 million). This remaining unfunded pension liability would be paid to the pension fund in annual installments of $84,000 (but may be made monthly or quarterly, at Remington Lodging’s election), which shall continue for the remainder of twenty years, which is capped, unless Remington Lodging elects to pay the unfunded pension liability amount earlier.
LitigationPalm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. This litigation involves a landlord tenant dispute from 2008 in which the landlord, Palm Beach Florida Hotel and Office Building Limited Partnership, a subsidiary of the Company, claimed that the tenant had violated various lease provisions of the lease agreement and was therefore in default. The tenant counterclaimed and asserted multiple claims including that it had been wrongfully evicted. The litigation was instituted by the plaintiff in November 2008 in the Circuit Court of the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida and proceeded to a jury trial on June 30, 2014. The jury entered its verdict awarding the tenant total claims of $10.8 million and ruling against the landlord on its claim of breach of contract. In 2016, the Court of Appeals reduced the original $10.8 million judgment to $8.8 million and added pre-judgment interest on the wrongful eviction judgment. The case was further appealed to the Florida Supreme Court. On May 23, 2017, the trial court issued an order compelling the company that issued the supersedeas bond, RLI Insurance Company (“RLI”), to pay approximately $10.0 million. On June 1, 2017, RLI paid Nantucket this amount and sought reimbursement from the Company, and on June 7, 2017, the Company paid $2.5 million of the judgment. On June 27, 2017, the Florida Supreme Court denied the Company’s petition for review. As a result, all of the appeals were exhausted and the judgment was final with the determination and reimbursement of attorney’s fees being the only remaining dispute. On June 29, 2017, the balance of the judgment of $3.9 million was paid to Nantucket by the Company. On July 26, 2018, we paid $544,000 as part of a settlement on certain legal fees. The negotiations relating to the potential payment of the remaining attorney’s fees are still ongoing. As of December 31, 2020, we have accrued approximately $504,000 in legal fees, which represents the Company’s estimate of the amount of potential remaining legal fees that could be owed.
On December 4, 2015, Pedro Membrives filed a class action lawsuit against HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Mark A. Sharkey, Archie Bennett, Jr., Monty J. Bennett, Christopher Peckham, and any other related entities in the Supreme Court of New York, Nassau County, Commercial Division. On August 30, 2016, the complaint was amended to add Michele Spero as a Plaintiff and Remington Long Island Employers, LLC as a defendant. The lawsuit is captioned Pedro Membrives and Michele Spero, individually and on behalf of others similarly situated v. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC, et al., Index No. 607828/2015 (Sup. Ct. Nassau Cty.). The plaintiffs allege that the owner and management company of the Hyatt Regency Long Island hotel violated New York law by improperly retaining service charges rather than distributing them to employees. In 2017, the class was certified. On July 24, 2018, the trial court granted the plaintiffs’ motion for summary judgment on liability. The defendants appealed the summary judgment to the New York State Appellate Division, Second Department (the “Second Department”), and the appeal is still pending. By Order dated May 7, 2020, the Second Department referred the matter for mandatory mediation. The parties participated in mediation on June 22, 2020, however, they were not able to arrive at mutually acceptable settlement terms. Notwithstanding the pending appeal on the summary judgment issue, the trial court continued the litigation with respect to the plaintiffs’ alleged damages, however, the trial judge retired at the end of 2020 without deciding any issues relating to damages. The case has been re-assigned, and the new trial judge has directed the parties to explore another round of mediation. If this effort is unsuccessful, the trial court will likely schedule a hearing on the damages issue. The defendants intend to vigorously defend against the plaintiffs’ claims and the Company does not believe that an unfavorable outcome is probable. If, however, the plaintiffs’ motion for summary judgment on liability is upheld and the Company is unsuccessful in any further appeals, the Company estimates that damages could range between approximately $5.8 million and $11.9 million plus interest and attorneys’ fees. As of December 31, 2020, no amounts have been accrued.
In June 2020, each of the Company, Braemar, Ashford Inc., and Lismore, a subsidiary of Ashford Inc. (collectively with the Company, Braemar, Ashford Inc. and Lismore, the “Ashford Companies”), received an administrative subpoena from the SEC. The Company’s administrative subpoena requires the production of documents and other information since January 1, 2018 relating to, among other things, (1) related party transactions among the Ashford Companies (including the Lismore Agreement between the Company and Lismore pursuant to which the Company engaged Lismore to negotiate the refinancing, modification or forbearance of certain mortgage debt) or between any of the Ashford Companies and any officer, director or owner of the Ashford Companies or any entity controlled by any such person, and (2) the Company’s accounting policies, procedures, and internal controls related to such related party transactions. In addition, in October 2020, Mr. Monty J. Bennett, chairman of our board of directors, received an administrative subpoena from the SEC requiring testimony and the production of documents and other information substantially similar to the requests in the subpoenas received by the Ashford Companies. The Company and Mr. Monty J. Bennett are responding to the administrative subpoenas.
A class action lawsuit has been filed against one of the Company’s hotel management companies alleging violations of certain California employment laws, which class action affects nine hotels owned by subsidiaries of the Company. The court has entered an order granting class certification with respect to: (1) a statewide class of non-exempt employees of our manager who were allegedly deprived of rest breaks as a result of our manager’s previous written policy requiring its employees to stay on premises during rest breaks; and (2) a derivative class of non-exempt former employees of our manager who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members were sent out on February 2, 2021. Potential class members have until April 4, 2021 to opt out of the class. While we believe it is reasonably possible that we may incur a loss associated with this litigation, because the class size has not yet been determined and there is uncertainty under California law with respect to a significant legal issue, we do not believe that any potential loss to the Company is reasonably estimable at this time. As of December 31, 2020, no amounts have been accrued.
We are also engaged in other legal proceedings that have arisen but have not been fully adjudicated. To the extent the claims giving rise to these legal proceedings are not covered by insurance, they relate to the following general types of claims: employment matters, tax matters, matters relating to compliance with applicable law (for example, the Americans with Disability Act and similar state laws). The likelihood of loss from these legal proceedings is based on the definitions within contingency accounting literature. We recognize a loss when we believe the loss is both probable and reasonably estimable. Based on the information available to us relating to these legal proceedings and/or our experience in similar legal proceedings, we do not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position, results of operations, or cash flow. However, our assessment may change depending upon the development of these legal proceedings, and the final results of these legal proceedings cannot be predicted with certainty. If we do not prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position, results of operations, or cash flows could be materially adversely affected in future periods.
v3.20.4
Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Leases
On January 1, 2019, we adopted ASC 842 on a modified retrospective basis. We elected the practical expedients which allowed us to apply the new guidance at its effective date on January 1, 2019 without adjusting the comparative prior period financial statements. The package of practical expedients also allowed us to carry forward the historical lease classification. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record short-term leases on the balance sheet across all existing asset classes.
The adoption of this standard has resulted in the recognition of operating lease ROU assets and lease liabilities primarily related to our ground lease arrangements for which we are the lessee. As of January 1, 2019, we recorded operating lease liabilities of $43.3 million as well as a corresponding operating lease ROU asset of $38.8 million which includes the reclassified intangible assets of $9.0 million, intangible liabilities of $13.0 million and deferred rent of $485,000. The adoption of the standard did not have a material impact on our consolidated statements of operations and statements of cash flows.
The majority of our leases, as lessee, are operating ground leases. We also have operating equipment leases, such as copier and vehicle leases, at our hotel properties. Some leases include one or more options to renew, with renewal terms that can extend the lease term from 1 year to 99 years. The exercise of lease renewal options is at our sole discretion. Some leases have variable payments, however, if variable payments are contingent, they are not included in the ROU assets and liabilities. We have no finance leases as of December 31, 2020.
The discount rate used to calculate the lease liability and ROU asset related to our ground leases is based on our incremental borrowing rate (“IBR”), as the rate implicit in each lease is not readily determinable. The IBR is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term and at an amount equal to the lease payments in a similar economic environment.
As of December 31, 2020 and 2019, our leased assets and liabilities consisted of the following (in thousands):
December 31, 2020December 31, 2019
Assets
Operating lease right-of-use assets$45,008 $49,995 
Liabilities
Operating lease liabilities$45,309 $53,270 
We incurred the following operating lease costs related to our operating leases (in thousands):
Classification Year Ended December 31, 2020Year Ended December 31, 2019
Hotel operating expenses - other (1)
$4,453 $4,323 
_______________________________________
(1) For the years ended December 31, 2020 and 2019, operating lease cost includes approximately $495,000 and $501,000, respectively, of variable lease cost associated with the ground leases and $227,000 and $176,000, respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial.
Other information related to leases is as follows:
Year Ended December 31, 2020Year Ended December 31, 2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)$3,028 $3,511 
Weighted Average Remaining Lease Term
Operating leases (1)
69 years73 years
Weighted Average Discount Rate
Operating leases (1)
5.14 %5.17 %
_______________________________________
(1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases.
Future minimum lease payments due under non-cancellable leases as of December 31, 2020 were as follows (in thousands):
Operating Leases
2021$2,974 
20222,852 
20232,834 
20242,833 
20252,833 
Thereafter172,683 
Total future minimum lease payments (1)
187,009 
Less: interest141,700 
Present value of lease liabilities$45,309 
________
(1) Based on payment amounts as of December 31, 2020.
Enhanced Return Funding Program
We lease certain assets from Ashford Inc. under the Enhanced Return Funding Program. See note 16.
v3.20.4
Income Taxes
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For U.S. federal income tax purposes, we elected to be treated as a REIT under the Code. To qualify as a REIT, we must meet certain organizational and operational stipulations, including a requirement that we distribute at least 90% of our REIT taxable income, excluding net capital gains, to our stockholders. We currently intend to adhere to these requirements and maintain our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax prior to December 31, 2017) and may not qualify as a REIT for four years that are subsequently taxable. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes as well as to federal income and excise taxes on our undistributed taxable income.
At December 31, 2020, all of our 103 hotel properties were leased or owned by Ashford TRS (our taxable REIT subsidiaries). Ashford TRS recognized net book income (loss) of $(142.0) million, $7.3 million and $21.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.
The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands):
Year Ended December 31,
202020192018
Income tax (expense) benefit at federal statutory income tax rate of 21%$29,811 $(1,539)$(4,435)
State income tax (expense) benefit, net of U.S. federal income tax benefit4,014 (475)(698)
Permanent differences415 (310)(128)
Provision to return adjustment(228)(325)(230)
Gross receipts and margin taxes(347)(923)(950)
Interest and penalties(13)32 (11)
Valuation allowance(32,317)2,322 3,670 
Total income tax (expense) benefit$1,335 $(1,218)$(2,782)
The components of income tax (expense) benefit are as follows (in thousands):
Year Ended December 31,
202020192018
Current:
Federal$826 $(48)$(1,195)
State(549)(1,329)(1,452)
Total current income tax (expense) benefit277 (1,377)(2,647)
Deferred:
Federal927 126 (39)
State131 33 (96)
Total deferred income tax (expense) benefit1,058 159 (135)
Total income tax (expense) benefit$1,335 $(1,218)$(2,782)
For the years ended December 31, 2020, 2019 and 2018 income tax expense includes interest and penalties paid to taxing authorities of $11,000, $56,000 and $11,000, respectively. Additionally, in 2020 we received interest income of $19,000 included in income tax expense. At December 31, 2020 and 2019, we determined that there were no material amounts to accrue for interest and penalties due to taxing authorities.
At December 31, 2020 and 2019, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands):
December 31,
20202019
Allowance for doubtful accounts$89 $150 
Unearned income1,364 2,525 
Federal and state net operating losses30,687 2,458 
Capital loss carryforward7,372 5,436 
Accrued expenses1,263 1,723 
Prepaid expenses(121)(4,823)
Tax property basis less than book basis(2,600)(3,355)
Tax derivatives basis greater than book basis296 2,281 
Other1,307 194 
Deferred tax asset (liability)39,657 6,589 
Valuation allowance(40,029)(7,712)
Net deferred tax asset (liability)$(372)$(1,123)
At December 31, 2020, we had TRS net operating loss carryforwards for U.S. federal income tax purposes of $130.3 million, of which $10.1 million is subject to expiration and will begin to expire in 2021. The remainder was generated after 12/31/2017 and is not subject to expiration under the Tax Cuts and Jobs Act. The loss carryforwards subject to expiration may be available to offset future taxable income, if any, in 2021 through 2027, with the remainder available to offset taxable income beyond 2027. The majority of the net operating loss carryforwards are subject to substantial limitation on their use. At December 31, 2020, Ashford Hospitality Trust, Inc., our REIT, had net operating loss carryforwards for U.S. federal income tax purposes of $617.2 million, based on the latest filed tax return, of which $426.1 million will begin to expire in 2023, and are available to offset future taxable income, if any, through 2036. The remainder was generated after December 31, 2017 and is not subject to expiration under the Tax Cuts and Jobs Act. The majority of the net operating loss carryforwards are subject to substantial limitation on their use.
At December 31, 2020 and 2019, we maintained a valuation allowance of $40.0 million and $7.7 million, respectively. At December 31, 2020 and 2019, we have reserved certain deferred tax assets of our TRS entities as we believe it is more likely than not that these deferred tax assets will not be realized. We considered all available evidence, both positive and negative. We
concluded that the objectively verifiable negative evidence of a history of consolidated losses and the limitations imposed by the Code on the utilization of net operating losses of acquired subsidiaries outweigh the positive evidence. We believe this treatment is appropriate considering the nature of the intercompany transactions and leases between the REIT and its subsidiaries and that the current level of taxable income at the TRS is primarily attributable to our current transfer pricing arrangements. The transfer pricing arrangements are renewed upon expiration. All existing leases were extended and terms amended in 2020 to reflect the economic impact of COVID-19. Outside consultants prepared the transfer pricing studies supporting the rents from the leases. Outside consultants will continue to provide transfer pricing studies on any newly acquired properties. The intercompany rents are determined in accordance with the arms’ length transfer pricing standard, taking into account the cost of ownership to the REIT among other factors. We do not recognize deferred tax assets and a valuation allowance for the REIT since the REIT distributes its taxable income as dividends to stockholders, and in turn, the stockholders incur income taxes on those dividends.
The following table summarizes the changes in the valuation allowance (in thousands):
Year Ended December 31,
202020192018
Balance at beginning of year$7,712 $10,034 $6,232 
Additions32,317 — 4,766 
Deductions— (2,322)(964)
Balance at end of year$40,029 $7,712 $10,034 
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted. For the year ended December 31, 2020, the CARES Act allowed us to record a tax benefit of $858,000 for the 2020 net operating loss at our TRS that will be carried back to prior tax years.
On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law, and extended several COVID-19 tax related measures passed as part of the “CARES Act.” The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted, which is the period ended December 31, 2020. The Consolidated Appropriations Act, 2021 did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020.
v3.20.4
Deferred Costs, net
12 Months Ended
Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferred Costs, net Deferred Costs, net
Deferred costs, net consist of the following (in thousands):
December 31,
20202019
Deferred franchise fees$3,472 $4,811 
Accumulated amortization(1,621)(1,914)
Deferred costs, net$1,851 $2,897 
v3.20.4
Segment Reporting
12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment ReportingWe operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refers to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics. As of December 31, 2020 and December 31, 2019, all of our hotel properties were domestically located.
v3.20.4
Intangible Assets, net and Intangible Liabilities, net
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net and Intangible Liabilities, net Intangible Assets, net and Intangible Liabilities, net
Intangible assets, net and intangible liabilities, net consisted of the following (in thousands):
Intangible Assets, netIntangible Liabilities, net
December 31,December 31,
2020201920202019
Cost$797 $797 $2,723 $2,723 
Accumulated amortization— — (466)(386)
$797 $797 $2,257 $2,337 
The intangible assets represents the acquisition of the permanent exclusive docking easement for riverfront land located in front of the Hyatt Savannah hotel in Savannah, Georgia. This intangible asset is not subject to amortization and has a carrying value of $797,000 as of December 31, 2020 and 2019.
As of December 31, 2020 and 2019, intangible liabilities, net represents below market rate leases where the Company is the lessor. For the years ended December 31, 2020, 2019 and 2018 we recorded $80,000, $81,000, and $82,000 of other revenue related to leases where we are the lessor.
Prior to January 1, 2019, the intangible assets and intangible liabilities included the above-market rate leases (liability) and below-market rate leases (asset) that were determined based on the comparison of rent due under the ground lease contracts assumed in the acquisitions to market rates for the remaining duration of the lease contracts and are amortized over their respective ground lease terms with expiration dates ranging from 2024 to 2114. For the year ended December 31, 2018, net amortization related to intangibles resulted in a reduction in lease expense of $155,000 related to leases where we are the lessee.
Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands):
2021$80 
202280 
202380 
202436 
202532 
Thereafter1,949 
Total$2,257 
v3.20.4
Concentration of Risk
12 Months Ended
Dec. 31, 2020
Risks and Uncertainties [Abstract]  
Concentration of Risk Concentration of Risk
Our investments are primarily concentrated within the hotel industry. Our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the U.S that have RevPAR generally less than twice the national average. During 2020, no geographic area represented greater than 8% of our total hotel revenue. All hotel properties securing our mortgage loans are located domestically at December 31, 2020. Accordingly, adverse conditions in the hotel industry will have a material adverse effect on our operating and investment revenues and cash available for distribution to stockholders.
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions that are in excess of the FDIC insurance limits of $250,000, U.S. government treasury bill holdings and amounts due or payable under our derivative contracts. At December 31, 2020, we have exposure risk related to our derivative contracts. Our counterparties are investment grade financial institutions.
v3.20.4
Selected Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited) Selected Quarterly Financial Data (Unaudited)
The following is a summary of the quarterly results of operations for the years ended December 31, 2020 and 2019 (in thousands, except per share data):
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
2020
Total revenue$281,877 $43,065 $93,043 $90,253 $508,238 
Total operating expenses334,936 194,800 217,198 189,991 936,925 
Gain (loss) on disposition of assets and hotel properties3,623 (6)(40,370)73 (36,680)
Operating income (loss)$(49,436)$(151,741)$(164,525)$(99,665)$(465,367)
Net income (loss)$(101,920)$(242,086)$(151,626)$(137,590)$(633,222)
Net income (loss) attributable to the Company$(84,201)$(204,616)$(129,281)$(125,778)$(543,876)
Net income (loss) attributable to common stockholders$(94,845)$(215,260)$(139,925)$(70,486)$(520,516)
Diluted income (loss) attributable to common stockholders per share$(9.40)
(2)
$(20.85)$(11.89)$(2.29)$(33.00)
(1)
Weighted average diluted common shares10,047 
(2)
10,312 11,767 30,751 15,756 
2019
Total revenue$358,718 $415,148 $374,237 $354,656 $1,502,759 
Total operating expenses334,966 366,699 347,161 365,330 1,414,156 
Gain (loss) on disposition of assets and hotel properties233 328 2,362 23,203 26,126 
Operating income (loss)$23,985 $48,777 $29,438 $12,529 $114,729 
Net income (loss)$(46,622)$(21,352)$(39,086)$(35,619)$(142,679)
Net income (loss) attributable to the Company$(38,017)$(16,282)$(31,177)$(28,159)$(113,635)
Net income (loss) attributable to common stockholders$(48,661)$(26,926)$(41,822)$(38,803)$(156,212)
Diluted income (loss) attributable to common stockholders per share$(4.94)
(2)
$(2.73)
(2)
$(4.21)
(2)
$(3.90)
(2)
$(15.77)
(1) (2)
Weighted average diluted common shares9,941 
(2)
9,994 
(2)
9,997 
(2)
9,997 
(2)
9,984 
(2)
_________________
(1) The sum of the diluted income (loss) attributable to common stockholders per share for the four quarters in 2020 and 2019 differs from the annual diluted income (loss) attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.
(2) Amounts have been revised for the effects of the 1-for-10 reverse stock split. See note 1.
v3.20.4
Subsequent Events
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On January 15, 2021, the Company and Ashford Hospitality Limited Partnership, an indirect subsidiary of the Company entered into a Credit Agreement (the “Credit Agreement”) with certain funds and accounts managed by Oaktree Capital Management, L.P. (the “Lenders”) and Oaktree Fund Administration, LLC, as administrative agent (the “Administrative Agent”). The Credit Agreement provides that, subject to the conditions set forth therein, the Lenders will make available to the Borrower a senior secured term loan facility comprising of (a) initial term loans (the “Initial Term Loan”) in an aggregate principal amount of $200 million, (b) initial delayed draw term loans in an aggregate principal amount of up to $150 million (the “Initial DDTL”) and (c) additional delayed draw term loans in an aggregate principal amount of up to $100 million (the “Additional DDTL,” and together with the Initial Term Loan and the Initial DDTL, collectively, the “Loans”), in each case to fund general corporate operations of the Company and its subsidiaries.
The Loans under the Credit Agreement will bear interest (a) with respect to the Initial Term Loan and the Initial DDTL, at an annual rate equal to 16% for the first two years, reducing to 14% thereafter and (b) with respect to the Additional DDTL, at
an annual rate equal to 18.5% for the first two years, reducing to 16.5% thereafter. Interest payments on the Loans will be due and payable in arrears on the last business day of March, June, September and December of each calendar year and the maturity date. For the first two years following the closing of the Credit Agreement, the Borrower will have the option to pay accrued interest “in kind” by adding such amount of accrued interest to the outstanding principal balance of the Loans (such interest, “PIK Interest”). The initial maturity date of the Credit Agreement (the “Maturity Date”) shall be three years, with two optional one-year extensions subject to satisfaction of certain terms and conditions. The Lenders shall, subject to certain terms, have the ability to make protective advances to the Borrower pursuant to the terms of the Credit Agreement to cure defaults with respect to mortgage and mezzanine-level indebtedness of subsidiaries of the Borrower having principal balances in excess of $400 million.
On January 20, 2021, the Company completed the sale of the Le Meridien in Minneapolis, Minnesota for approximately $7.9 million, which was closed as of December 31, 2020. As of December 31, 2020, the carrying value of the building and FF&E was approximately $7.7 million at December 31, 2020.
On January 22, 2021, the Company entered into a Standby Equity Distribution Agreement (the “SEDA”) with YA II PN, Ltd., (“YA”), pursuant to which the Company will be able to sell up to 13,718,319 shares of its common stock. As of March 11, 2021, approximately 13.7 million shares of common stock with an aggregate offering price of approximately $40.6 million have been sold under the SEDA.
From January 1, 2021 through March 11, 2021, we have issued approximately 2.0 million shares of our common stock for gross proceeds of approximately $4.6 million to Lincoln Park under the Purchase Agreement.
From January 1, 2021 through March 11, 2021, Ashford (the “Company”) entered into privately negotiated exchange agreements with certain holders of its 8.45% Series D Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series F Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series G Cumulative Preferred Stock, par value $0.01 per share, 7.50% Series H Cumulative Preferred Stock, par value $0.01 per share and 7.50% Series I Cumulative Preferred Stock, par value $0.01 per share in reliance on Section 3(a)(9) of the Securities Act of 1933, as amended. During this period, the Company exchanged a total of 23.2 million shares of its common stock, par value $0.01 per share for an aggregate of 3.5 million shares of Preferred Stock.
In February 2021 the Company was informed by its lender that the lender is initiating foreclosure proceedings for the foreclosure of the SpringHill Suites Durham and SpringHill Suites Charlotte, which secures the Company’s $19.4 million mortgage loan.
As of March 11, 2021, forbearance agreements have been executed on most, but not all of our loans. In the aggregate, we have entered into forbearance and other agreements with varying terms and conditions that conditionally waive or defer payment defaults for loans with a total outstanding principal balance of approximately $3.6 billion out of approximately $3.7 billion in property level debt outstanding as of December 31, 2020. See note 7 to our consolidated financial statements.
On March 12, 2021, Ashford Trust and Lincoln Park entered into the 2nd Purchase Agreement, which provides that subject to the terms and conditions set forth therein, the Company may sell to Lincoln Park up to 20,660,880 shares of common stock, from time to time during the term of the 2nd Purchase Agreement. Upon entering into the 2nd Purchase Agreement, the Company issued 162,655 shares of common stock as consideration for Lincoln Park’s execution and delivery of the 2nd Purchase Agreement.
v3.20.4
REAL ESTATE AND ACCUMULATED DEPRECIATION
12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
REAL ESTATE AND ACCUMULATED DEPRECIATION
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2020
(dollars in thousands)
Column AColumn BColumn CColumn DColumn EColumn FColumn GColumn HColumn I
Initial CostCosts Capitalized
Since Acquisition
Gross Carrying Amount
At Close of Period
Hotel PropertyLocationEncumbrancesLandFF&E,
Buildings and
Improvements
LandFF&E,
Buildings and
Improvements
LandFF&E,
Buildings and
Improvements
TotalAccumulated
Depreciation
Construction
Date
Acquisition
Date
Income
Statement
 Embassy Suites  Austin, TX $23,363 $1,204 $9,388 $193 $5,597 $1,397 $14,985 $16,382 $8,915  08/1998  (1), (2), (3)
 Embassy Suites  Dallas, TX 15,464 1,878 8,907 2386,114 2,116 15,021 17,137 9,014  12/1998  (1), (2), (3)
 Embassy Suites  Herndon, VA 25,120 1,303 9,836 277 7,260 1,580 17,096 18,676 10,048  12/1998  (1), (2), (3)
 Embassy Suites  Las Vegas, NV 30,282 3,307 16,952 397 12,648 3,704 29,600 33,304 18,235  05/1999  (1), (2), (3)
 Embassy Suites  Flagstaff, AZ 18,400 1,267 4,278 — 2,501 1,267 6,779 8,046 3,598  10/2003  (1), (2), (3)
 Embassy Suites  Houston, TX 17,810 1,799 10,404 — 5,701 1,799 16,105 17,904 7,885  03/2005  (1), (2), (3)
 Embassy Suites  West Palm Beach, FL 19,802 3,277 13,949 — 7,094 3,277 21,043 24,320 10,671  03/2005  (1), (2), (3)
 Embassy Suites  Philadelphia, PA 28,699 5,791 34,819 — 16,374 5,791 51,193 56,984 23,898  12/2006  (1), (2), (3)
 Embassy Suites  Walnut Creek, CA 49,920 7,452 25,334 — 22,509 7,452 47,843 55,295 22,877  12/2006  (1), (2), (3)
 Embassy Suites  Arlington, VA 46,355 36,065 41,588 — 17,395 36,065 58,983 95,048 23,237  04/2007  (1), (2), (3)
 Embassy Suites  Portland, OR 88,435 11,110 60,048 — 6,288 11,110 66,336 77,446 24,857  04/2007  (1), (2), (3)
 Embassy Suites  Santa Clara, CA 67,440 8,948 46,239 — 15,704 8,948 61,943 70,891 25,452  04/2007  (1), (2), (3)
 Embassy Suites  Orlando, FL 22,526 5,674 21,593 — 10,159 5,674 31,752 37,426 14,171  04/2007  (1), (2), (3)
 Hilton Garden Inn  Jacksonville, FL 11,756 1,751 9,164 — 5,397 1,751 14,561 16,312 7,343  11/2003  (1), (2), (3)
 Hilton Garden Inn  Austin, TX 66,788 7,605 48,725 — 3,276 7,605 52,001 59,606 11,341  03/2015  (1), (2), (3)
 Hilton Garden Inn  Baltimore, MD 16,349 4,027 20,199 — 6,103 4,027 26,302 30,329 5,784  03/2015  (1), (2), (3)
 Hilton Garden Inn  Virginia Beach, VA 32,397 4,101 26,329 — 284 4,101 26,613 30,714 4,546  03/2015  (1), (2), (3)
 Hilton  Ft. Worth, TX 62,000 4,538 13,922 21,949 4,539 35,871 40,410 16,654  03/2005  (1), (2), (3)
 Hilton  Houston, TX 19,949 2,200 13,247 — 8,140 2,200 21,387 23,587 10,300  03/2005  (1), (2), (3)
 Hilton  St. Petersburg, FL 48,730 2,991 13,907 (1,130)16,651 1,861 30,558 32,419 16,445  03/2005  (1), (2), (3)
 Hilton  Santa Fe, NM 26,400 7,004 10,689 — 5,773 7,004 16,462 23,466 8,342  12/2006  (1), (2), (3)
 Hilton  Bloomington, MN 46,800 5,685 59,139 — 7,789 5,685 66,928 72,613 26,435  04/2007  (1), (2), (3)
 Hilton  Costa Mesa, CA 65,671 12,917 91,791 — 12,019 12,917 103,810 116,727 39,809  04/2007  (1), (2), (3)
 Hilton  Boston, MA 98,259 62,555 134,407 — 14,094 62,555 148,501 211,056 30,744  03/2015  (1), (2), (3)
 Hilton  Parsippany, NJ 38,377 7,293 58,098 — 3,663 7,293 61,761 69,054 14,445  03/2015  (1), (2), (3)
 Hilton  Tampa, FL 27,662 5,206 21,186 — 12,174 5,206 33,360 38,566 12,167  03/2015  (1), (2), (3)
 Hilton  Alexandria, VA 73,450 14,459 96,602 — 1,137 14,459 97,739 112,198 6,839  06/2018  (1), (2), (3)
 Hilton  Santa Cruz, CA 24,415 9,399 38,129 — (2,710)9,399 35,419 44,818 2,040  02/2019  (1), (2), (3)
 Hampton Inn  Lawrenceville, GA 5,415 697 3,808 — 2,618 697 6,426 7,123 3,326  11/2003  (1), (2), (3)
 Hampton Inn  Evansville, IN 11,118 1,301 5,034 — 1,167 1,301 6,201 7,502 2,718  09/2004  (1), (2), (3)
 Hampton Inn  Parsippany, NJ 18,790 3,268 24,306 — 1,861 3,268 26,167 29,435 5,492  03/2015  (1), (2), (3)
 Hampton Inn  Buford, GA 8,623 1,168 5,338 — 4,356 1,168 9,694 10,862 3,942  07/2004  (1), (2), (3)
 Marriott  Beverly Hills, CA 123,120 6,510 22,061 — 19,063 6,510 41,124 47,634 23,582  03/2005  (1), (2), (3)
 Marriott  Durham, NC 26,800 1,794 25,056 — 17,931 1,794 42,987 44,781 19,030  02/2006  (1), (2), (3)
Column AColumn BColumn CColumn DColumn EColumn FColumn GColumn HColumn I
Initial CostCosts Capitalized
Since Acquisition
Gross Carrying Amount
At Close of Period
Hotel PropertyLocationEncumbrancesLandFF&E,
Buildings and
Improvements
LandFF&E,
Buildings and
Improvements
LandFF&E,
Buildings and
Improvements
TotalAccumulated
Depreciation
Construction
Date
Acquisition
Date
Income
Statement
 Marriott  Arlington, VA 84,544 20,637 101,376 — 53,066 20,637 154,442 175,079 73,558  07/2006  (1), (2), (3)
 Marriott  Bridgewater, NJ 71,200 5,059 89,268 — 21,095 5,059 110,363 115,422 37,655  04/2007  (1), (2), (3)
 Marriott  Dallas, TX 30,400 2,701 30,893 — 11,512 2,701 42,405 45,106 19,085  04/2007  (1), (2), (3)
 Marriott  Fremont, CA 58,402 5,800 44,200 — 5,477 5,800 49,677 55,477 8,746  08/2014  (1), (2), (3)
 Marriott  Memphis, TN 27,041 6,210 37,284 — (2,890)6,210 34,394 40,604 5,975  02/2015  (1), (2), (3)
 Marriott  Irving, TX 67,185 8,330 82,272 — 33,552 8,330 115,824 124,154 26,749  03/2015  (1), (2), (3)
 Marriott  Omaha, NE 15,974 6,641 49,887 — 12,177 6,641 62,064 68,705 16,963  03/2015  (1), (2), (3)
 Marriott  Sugarland, TX 62,799 9,047 84,043 — (519)9,047 83,524 92,571 13,629  03/2015  (1), (2), (3)
 SpringHill Suites by Marriott  Baltimore, MD 13,600 2,502 13,206 — 2,773 2,502 15,979 18,481 7,436  05/2004  (1), (2), (3)
 SpringHill Suites by Marriott  Kennesaw, GA 6,598 1,106 5,021 — 3,536 1,106 8,557 9,663 4,190  07/2004  (1), (2), (3)
 SpringHill Suites by Marriott  Buford, GA 9,504 1,132 6,089 — 820 1,132 6,909 8,041 2,953  07/2004  (1), (2), (3)
 SpringHill Suites by Marriott  Charlotte, NC 12,729 1,235 6,818 — 760 1,235 7,578 8,813 3,027  06/2005  (1), (2), (3)
 SpringHill Suites by Marriott  Durham, NC 6,640 1,090 3,991 — 1,114 1,090 5,105 6,195 2,122  06/2005  (1), (2), (3)
 SpringHill Suites by Marriott  Manhattan Beach, CA 28,560 5,726 21,187 — 1,142 5,726 22,329 28,055 8,039  04/2007  (1), (2), (3)
 SpringHill Suites by Marriott  Plymouth Meeting, PA 20,800 3,210 24,578 — 1,509 3,210 26,087 29,297 9,352  04/2007  (1), (2), (3)
 Fairfield Inn by Marriott  Kennesaw, GA 5,176 840 4,359 — 2,537 840 6,896 7,736 2,743  07/2004  (1), (2), (3)
 Courtyard by Marriott  Bloomington, IN 14,248 900 10,741 — 2,891 900 13,632 14,532 6,572  09/2004  (1), (2), (3)
 Courtyard by Marriott - Tremont  Boston, MA 103,270 24,494 85,246 — 7,442 24,494 92,688 117,182 19,950  03/2015  (1), (2), (3)
 Courtyard by Marriott  Columbus, IN 8,160 673 4,804 — 3,214 673 8,018 8,691 4,388  09/2004  (1), (2), (3)
 Courtyard by Marriott  Denver, CO 33,643 9,342 29,656 — 3,582 9,342 33,238 42,580 7,690  03/2015  (1), (2), (3)
 Courtyard by Marriott  Gaithersburg, MD 28,808 5,128 30,522 — 4,503 5,128 35,025 40,153 7,607  03/2015  (1), (2), (3)
 Courtyard by Marriott  Crystal City, VA 42,538 5,411 38,610 — 13,935 5,411 52,545 57,956 23,313  06/2005  (1), (2), (3)
 Courtyard by Marriott  Overland Park, KS 8,762 1,868 14,030 — 2,865 1,868 16,895 18,763 7,479  06/2005  (1), (2), (3)
 Courtyard by Marriott  Foothill Ranch, CA 21,735 2,447 16,005 — 2,539 2,447 18,544 20,991 8,028  06/2005  (1), (2), (3)
 Courtyard by Marriott  Alpharetta, GA 19,665 2,244 12,345 — 1,811 2,244 14,156 16,400 6,077  06/2005  (1), (2), (3)
 Courtyard by Marriott  Oakland, CA 28,240 5,112 19,429 — 2,621 5,112 22,050 27,162 8,458  04/2007  (1), (2), (3)
 Courtyard by Marriott  Scottsdale, AZ 23,600 3,700 22,134 — 2,625 3,700 24,759 28,459 9,160  04/2007  (1), (2), (3)
 Courtyard by Marriott  Plano, TX 18,160 2,115 22,360 — 1,116 2,115 23,476 25,591 8,454  04/2007  (1), (2), (3)
 Courtyard by Marriott  Newark, CA 34,960 2,863 10,723 — 1,545 2,863 12,268 15,131 4,680  04/2007  (1), (2), (3)
 Courtyard by Marriott  Manchester, CT 6,260 1,301 7,430 — 1,271 1,301 8,701 10,002 3,508  04/2007  (1), (2), (3)
 Courtyard by Marriott  Basking Ridge, NJ 41,600 5,419 45,304 — 6,304 5,419 51,608 57,027 20,594  04/2007  (1), (2), (3)
 Marriott Residence Inn  Evansville, IN 7,830 961 5,972 (1)1,346 960 7,318 8,278 3,385  09/2004  (1), (2), (3)
 Marriott Residence Inn  Orlando, FL 25,595 6,554 40,539 — 19,850 6,554 60,389 66,943 26,501  06/2005  (1), (2), (3)
 Marriott Residence Inn  Falls Church, VA 26,151 2,752 34,979 — 5,275 2,752 40,254 43,006 16,974  06/2005  (1), (2), (3)
 Marriott Residence Inn  San Diego, CA 29,281 3,156 29,514 — 3,390 3,156 32,904 36,060 14,044  06/2005  (1), (2), (3)
 Marriott Residence Inn  Salt Lake City, UT 15,741 1,897 16,357 — 3,229 1,897 19,586 21,483 8,393  06/2005  (1), (2), (3)
 Marriott Residence Inn  Las Vegas, NV 38,160 18,177 39,568 (6,184)(15,886)11,993 23,682 35,675 5,788  04/2007  (1), (2), (3), (4)
 Marriott Residence Inn  Phoenix, AZ 23,680 4,100 23,187 — 2,563 4,100 25,750 29,850 9,824  04/2007  (1), (2), (3)
 Marriott Residence Inn  Plano, TX 14,160 2,045 16,869 — 2,043 2,045 18,912 20,957 7,393  04/2007  (1), (2), (3)
Column AColumn BColumn CColumn DColumn EColumn FColumn GColumn HColumn I
Initial CostCosts Capitalized
Since Acquisition
Gross Carrying Amount
At Close of Period
Hotel PropertyLocationEncumbrancesLandFF&E,
Buildings and
Improvements
LandFF&E,
Buildings and
Improvements
LandFF&E,
Buildings and
Improvements
TotalAccumulated
Depreciation
Construction
Date
Acquisition
Date
Income
Statement
 Marriott Residence Inn  Newark, CA 37,760 3,272 11,706 — 2,303 3,272 14,009 17,281 5,491  04/2007  (1), (2), (3)
 Marriott Residence Inn  Manchester, CT 6,706 1,462 8,306 — 2,403 1,462 10,709 12,171 4,715  04/2007  (1), (2), (3)
 Marriott Residence Inn  Jacksonville, FL 9,786 1,997 16,084 — 10,064 1,997 26,148 28,145 10,973  05/2007  (1), (2), (3)
 Tribute Portfolio  Santa Fe, NM 25,000 8,094 42,058 — 1,003 8,094 43,061 51,155 2,924  10/2018  (1), (2), (3)
 TownePlace Suites by Marriott  Manhattan Beach, CA 23,680 4,805 17,543 — 3,681 4,805 21,224 26,029 8,750  04/2007  (1), (2), (3)
 Ritz-Carlton  Atlanta, GA 98,685 2,477 80,139 — 31,059 2,477 111,198 113,675 28,341  03/2015  (1), (2), (3)
 One Ocean  Atlantic Beach, FL 57,600 5,815 14,817 — 27,277 5,815 42,094 47,909 27,623  04/2004  (1), (2), (3)
 Renaissance  Nashville, TN 207,000 20,671 158,260 — 32,841 20,671 191,101 211,772 40,910  03/2015  (1), (2), (3)
 Renaissance  Palm Springs, CA 51,934 — 74,112 — 15,279 — 89,391 89,391 22,634  03/2015  (1), (2), (3)
 Sheraton Hotel  Ann Arbor, MI 34,200 4,158 35,042 — 6,916 4,158 41,958 46,116 7,567  06/2015  (1), (2), (3)
 Sheraton Hotel  Langhorne, PA 12,880 2,037 12,424 — 6,474 2,037 18,898 20,935 9,155  07/2004  (1), (2), (3)
 Sheraton Hotel  Minneapolis, MN 20,933 2,953 14,280 — 4,838 2,953 19,118 22,071 9,356  03/2005  (1), (2), (3)
 Sheraton Hotel  Indianapolis, IN 59,278 3,100 22,041 — 19,200 3,100 41,241 44,341 21,626  03/2005  (1), (2), (3)
 Sheraton Hotel  Anchorage, AK 26,331 4,023 39,363 — 19,738 4,023 59,101 63,124 26,516  12/2006  (1), (2), (3)
 Sheraton Hotel  San Diego, CA 36,160 7,294 36,382 — 5,912 7,294 42,294 49,588 17,289  12/2006  (1), (2), (3)
 Hyatt Regency  Coral Gables, FL 63,200 4,805 50,820 — 25,649 4,805 76,469 81,274 31,737  04/2007  (1), (2), (3)
 Hyatt Regency  Hauppauge, NY 36,383 6,284 35,669 — (513)6,284 35,156 41,440 8,478  03/2015  (1), (2), (3)
 Hyatt Regency  Savannah, GA 69,776 14,041 72,721 — 12,709 14,041 85,430 99,471 20,143  03/2015  (1), (2), (3)
 Crown Plaza  Key West, FL 64,982 — 27,514 — 10,439 — 37,953 37,953 18,907  03/2005  (1), (2), (3)
 Annapolis Historic Inn  Annapolis, MD 18,658 3,028 7,833 — 5,251 3,028 13,084 16,112 6,862  03/2005  (1), (2), (3)
 Lakeway Resort & Spa  Austin, TX 19,527 4,541 28,940 — 2,377 4,541 31,317 35,858 8,535  02/2015  (1), (2), (3)
 Silversmith  Chicago, IL 27,961 4,782 22,398 — (1,778)4,782 20,620 25,402 4,284  03/2015  (1), (2), (3)
 The Churchill  Washington, DC 41,443 25,898 32,304 — 11,833 25,898 44,137 70,035 12,695  03/2015  (1), (2), (3)
 The Melrose  Washington, DC 76,057 29,277 62,507 — (349)29,277 62,158 91,435 10,498  03/2015  (1), (2), (3)
 Le Pavillon  New Orleans, LA 37,000 10,933 51,549 (2,601)11,994 8,332 63,543 71,875 15,091  06/2015  (1), (2), (3)
 The Ashton  Ft. Worth, TX 8,881 800 7,187 — 809 800 7,996 8,796 1,816  07/2014  (1), (2), (3)
 Westin  Princeton, NJ 33,000 6,475 52,195 — 7,715 6,475 59,910 66,385 13,225  03/2015  (1), (2), (3)
 W  Atlanta, GA 48,800 2,353 54,383 — 4,495 2,353 58,878 61,231 10,965  07/2015  (1), (2), (3)
 Le Meridien  Minneapolis, MN — 2,752 12,248 (1,325)(4,947)1,427 7,301 8,728 1,064  07/2015  (1), (2), (3), (4)
 Atlanta Hotel Indigo  Atlanta, GA 16,100 3,230 23,713 — 4,579 3,230 28,292 31,522 5,476  10/2015  (1), (2), (3)
 WorldQuest  Orlando, FL — 1,432 9,870 (40)1,781 1,392 11,651 13,043 3,313  03/2011  (1), (2), (3)
Total$3,711,585 $642,258 $3,359,676 $(10,175)$806,846 $632,083 $4,166,522 $4,798,605 $1,371,623 
_________________________
(1) Estimated useful life for buildings is 39 years.
(2) Estimated useful life for building improvements is 7.5 years.
(3) Estimated useful life for furniture and fixtures is 1.5 to 5 years.
(4) Amounts include impairment charges.
Year Ended December 31,
202020192018
Investment in Real Estate:
Beginning balance$5,444,259 $5,287,463 $5,064,294 
Additions35,712 409,603 374,223 
Impairment/write-offs(254,475)(136,658)(125,964)
Sales/disposals(426,891)(116,149)(25,090)
Ending balance$4,798,605 $5,444,259 $5,287,463 
Accumulated Depreciation:
Beginning balance1,335,816 1,182,244 1,028,379 
Depreciation expense252,873 269,664 258,441 
Impairment/write-offs(162,754)(103,038)(102,410)
Sales/disposals(54,312)(13,054)(2,166)
Ending balance$1,371,623 $1,335,816 $1,182,244 
Investment in Real Estate, net$3,426,982 $4,108,443 $4,105,219 
v3.20.4
Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation—The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements.
Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP.
Recently Adopted Accounting Standards—In June 2016, the FASB issued Accounting Standards Updated (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”). ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates (“ASU 2019-10”). ASU 2019-10 updates the effective dates for ASU 2016-13, but there is no change for public companies. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2019-11”). ASU 2019-11, clarifies specific issues within the amendments of ASU 2016-13. We adopted the standard effective January 1, 2020 and the adoption of this standard did not have a material impact on our consolidated financial statements.
Recently Issued Accounting Standards—In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”), which clarifies the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. The ASU, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. We are currently evaluating the impact that ASU 2020-01 will have on our consolidated financial statements and related disclosures.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur.
In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be
settled in cash or shares. For SEC filers, excluding smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We are currently evaluating the impact that ASU 2020-06 may have on our consolidated financial statements and related disclosures.
Use of Estimates Use of Estimates—The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy Cash and Cash Equivalents—Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash Restricted Cash—Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.
Marketable Securities Marketable Securities—Marketable securities include U.S. treasury bills and publicly traded equity securities. All of these investments are recorded at fair value. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “marketable securities.” Net investment income, including interest income, dividends, and realized gains and losses, is reported as a component of “other income (expense)” in the consolidated statements of operations. Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations.
Accounts Receivable Accounts Receivable—Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts.
Inventories Inventories—Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method.
Investments in Hotel Properties, net Investments in Hotel Properties, net—Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions that extend the useful life of the hotel properties are capitalized.
Impairment of Investments in Hotel Properties and Hotel Dispositions
Impairment of Investments in Hotel Properties—Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding periods, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. We recorded impairment charges of $91.7 million, $33.6 million and $23.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. See note 5.
Hotel Dispositions—Discontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. See note 5.
Assets Held for Sale and Discontinued Operations Assets Held for Sale and Discontinued Operations—We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale.
Investments in Unconsolidated Entities Investments in Unconsolidated Entity—As of December 31, 2020, we held a 17.5% ownership interest in OpenKey, which is accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investment in our unconsolidated entity for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in “equity in earnings (loss) of unconsolidated entities” in the consolidated statements of operations. No such impairment was recorded for the years ended December 31, 2020, 2019 and 2018.Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities are not consolidated.
Notes Receivable, net Notes Receivable, net—We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method.
Impairment of Notes Receivable Impairment of Notes Receivable—We review notes receivable for impairment each reporting period. The impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Under the model, the Company will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument and is required to record a credit loss expense (or reversal) in each reporting period. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions.
Leases
Leases—We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. We currently do not have any finance leases.
Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally amortized utilizing a straight-line method adjusted for the lease liability accretion during the period.
We have lease agreements with lease and non-lease components, which under the elected practical expedients under Accounting Standard Codification (“ASC”) 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component.
As of January 1, 2019, we recorded operating lease liabilities as well as a corresponding operating lease ROU asset which includes deferred rent and the reclassified intangible assets and intangible liabilities associated with above/below market-rate leases where we are the lessee.
Intangible Assets and Liabilities Intangible Assets and Liabilities—Intangible assets represent the acquisition of a permanent docking easement and intangible liabilities represent the liabilities recorded on certain hotel properties’ lessor lease contracts that were below market rates at the date of acquisition. The asset is not subject to amortization and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts. See note 21.
Deferred Costs, net Deferred Costs, net—Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See note 20.
Derivative Instruments and Hedging Derivative Instruments and Hedging—We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floor, and flooridors. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master-netting settlement arrangements and the credit default swaps are subject to credit support annexes. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives, credit default swaps and options on futures contracts are reported as “derivative assets, net” in the consolidated balance sheets. For interest rate derivatives, credit default swaps and options on futures contracts, changes in fair value and realized gains and losses are recognized in earnings as “unrealized gain (loss) on derivatives” and “other income (expense),” respectively, in the consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets.
Due to/from Related Parties Due to/from Related Parties—Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year.
Due to/from Ashford Inc. Due to/from Ashford Inc.—Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year.
Due to/from Third-Party Hotel Managers Due to/from Third-Party Hotel Managers—Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year.
Unfavorable Management Contract Liabilities Unfavorable Management Contract Liabilities—Certain management agreements assumed in previous acquisitions had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we initially recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions.
Noncontrolling Interests
Noncontrolling Interests—The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value.
The noncontrolling interests in consolidated entities represent ownership interests of 15% in two hotel properties held by one joint venture at December 31, 2020 and 2019, and is reported in equity in the consolidated balance sheets.
Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss.
Revenue Recognition
Revenue Recognition—Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay.
Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the
property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net).
Other hotel revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames.
Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned.
Other Hotel Expenses Other Hotel Expenses—Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred.
Advertising Costs Advertising Costs—Advertising costs are charged to expense as incurred. For the years ended December 31, 2020, 2019 and 2018, we incurred advertising costs of $4.3 million, $10.4 million and $8.5 million, respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations.
Equity-Based Compensation
Equity-Based Compensation—Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, stock/unit-based compensation for non-employees was accounted for at fair value based on the market price of the shares at period end that resulted in recording expense, included in “advisory services fee” and “management fees,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and Performance Long-Term Incentive Plan (“Performance LTIP”) units granted to certain executive officers were accounted for at fair value at period end based on a Monte Carlo simulation valuation model that resulted in recording expense, included in “advisory services fee,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Stock/unit grants to certain independent directors are recorded at fair value based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
After the adoption of ASU 2018-07 in the third quarter of 2018, stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate, general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. PSUs and Performance LTIP units granted to certain executive officers vest based on market conditions and are measured at the grant date fair value based on a Monte Carlo simulation valuation model. The subsequent expense is then ratably recognized over the service period as the service is rendered regardless of when, if ever, the market conditions are satisfied. This results in recording expense, included in “advisory services fee,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Stock/unit grants to certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
Depreciation and Amortization Depreciation and Amortization—Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales.
Income Taxes
Income Taxes—As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 19.
The “Income Taxes” topic of the FASB’s ASC addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take
in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2016 through 2020 remain subject to potential examination by certain federal and state taxing authorities.
Income (Loss) Per Share Income (Loss) Per Share—Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
Recently Adopted and Issued Accounting Standards
Recently Adopted Accounting Standards—In June 2016, the FASB issued Accounting Standards Updated (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”). ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates (“ASU 2019-10”). ASU 2019-10 updates the effective dates for ASU 2016-13, but there is no change for public companies. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2019-11”). ASU 2019-11, clarifies specific issues within the amendments of ASU 2016-13. We adopted the standard effective January 1, 2020 and the adoption of this standard did not have a material impact on our consolidated financial statements.
Recently Issued Accounting Standards—In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”), which clarifies the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. The ASU, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. We are currently evaluating the impact that ASU 2020-01 will have on our consolidated financial statements and related disclosures.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur.
In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be
settled in cash or shares. For SEC filers, excluding smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We are currently evaluating the impact that ASU 2020-06 may have on our consolidated financial statements and related disclosures.
v3.20.4
Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Acquisitions and Dispositions that Affect Comparability
The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements:
Hotel Property
Location
TypeDate
SpringHill Suites Glen AllenGlen Allen, VADispositionFebruary 20, 2018
SpringHill Suites CentrevilleCentreville, VADispositionMay 1, 2018
Residence Inn TampaTampa, FLDispositionMay 10, 2018
Hilton Alexandria Old TownAlexandria, VAAcquisitionJune 29, 2018
La Posada de Santa FeSanta Fe, NMAcquisitionOctober 31, 2018
Embassy Suites New York Manhattan Times SquareNew York, NYAcquisitionJanuary 22, 2019
Hilton Santa Cruz/Scotts ValleySanta Cruz, CAAcquisitionFebruary 26, 2019
San Antonio MarriottSan Antonio, TXDispositionAugust 2, 2019
Hilton Garden Inn Wisconsin DellsWisconsin Dells, WIDispositionAugust 6, 2019
Courtyard SavannahSavannah, GADispositionAugust 14, 2019
SpringHill Suites JacksonvilleJacksonville, FLDispositionDecember 3, 2019
Crowne Plaza AnnapolisAnnapolis, MDDispositionMarch 9, 2020
Columbus Hampton Inn EastonColumbus, OHDispositionAugust 19, 2020
Stillwater Residence InnStillwater, OKDispositionAugust 19, 2020
Washington Hampton Inn Pittsburgh Meadow LandsPittsburgh, PADispositionAugust 19, 2020
Phoenix Hampton Inn Airport NorthPhoenix, AZDispositionAugust 19, 2020
Pittsburgh Hampton Inn Waterfront West HomesteadPittsburgh, PADispositionAugust 19, 2020
Wichita Courtyard by Marriott Old TownWichita, KSDispositionAugust 19, 2020
Canonsburg Homewood Suites Pittsburgh SouthpointePittsburgh, PADispositionAugust 19, 2020
Billerica Courtyard by Marriott BostonBoston, MADispositionAugust 19, 2020
Embassy Suites New York Manhattan Times SquareNew York, NYDispositionAugust 19, 2020
W Minneapolis, MNMinneapolis, MNDispositionSeptember 15, 2020
Courtyard LouisvilleLouisville, KYDispositionSeptember 21, 2020
Courtyard Ft. LauderdaleFt. Lauderdale, FLDispositionSeptember 21, 2020
Residence Inn Lake Buena VistaLake Buena Vista, FLDispositionSeptember 21, 2020
v3.20.4
Revenue (Tables)
12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following tables present our revenue disaggregated by geographical areas (in thousands):
Year Ended December 31, 2020
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area$28,047 $5,513 $3,096 $— $36,656 
Boston, MA Area9,645 896 2,441 — 12,982 
Dallas / Ft. Worth Area22,491 4,896 2,025 — 29,412 
Houston, TX Area11,418 2,854 394 — 14,666 
Los Angeles, CA Metro Area34,182 4,461 2,721 — 41,364 
Miami, FL Metro Area8,643 2,509 302 — 11,454 
Minneapolis - St. Paul, MN - WI Area4,417 996 277 — 5,690 
Nashville, TN Area12,105 5,591 2,239 — 19,935 
New York / New Jersey Metro Area20,130 4,254 1,517 — 25,901 
Orlando, FL Area8,415 532 952 — 9,899 
Philadelphia, PA Area9,888 1,426 352 — 11,666 
San Diego, CA Area6,998 322 665 — 7,985 
San Francisco - Oakland, CA Metro Area33,888 2,299 1,568 — 37,755 
Tampa, FL Area11,325 2,449 906 — 14,680 
Washington D.C. - MD - VA Area31,446 4,737 3,242 — 39,425 
Other Areas39 130,311 16,320 12,763 — 159,394 
Orlando WorldQuest— 1,571 24 547 — 2,142 
Disposed properties14 22,572 1,078 1,849 — 25,499 
Corporate— — — — 1,733 1,733 
Total117 $407,492 $61,157 $37,856 $1,733 $508,238 
Year Ended December 31, 2019
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area$72,572 $18,878 $4,650 $— $96,100 
Boston, MA Area54,276 7,072 3,605 — 64,953 
Dallas / Ft. Worth Area59,926 15,814 3,486 — 79,226 
Houston, TX Area26,038 9,208 809 — 36,055 
Los Angeles, CA Metro Area78,689 16,117 5,237 — 100,043 
Miami, FL Metro Area21,356 8,578 797 — 30,731 
Minneapolis - St. Paul, MN - WI Area19,980 5,973 814 — 26,767 
Nashville, TN Area51,628 22,356 2,356 — 76,340 
New York / New Jersey Metro Area74,075 23,601 2,847 — 100,523 
Orlando, FL Area22,891 1,836 1,287 — 26,014 
Philadelphia, PA Area24,469 3,903 723 — 29,095 
San Diego, CA Area17,838 1,395 1,015 — 20,248 
San Francisco - Oakland, CA Metro Area91,081 9,628 2,627 — 103,336 
Tampa, FL Area25,187 7,858 1,112 — 34,157 
Washington D.C. - MD - VA Area124,056 26,231 8,333 — 158,620 
Other Areas39 306,637 57,170 22,881 — 386,688 
Orlando WorldQuest— 4,066 102 1,333 — 5,501 
Disposed properties18 110,222 8,197 5,741 — 124,160 
Corporate— — — — 4,202 4,202 
Total121 $1,184,987 $243,917 $69,653 $4,202 $1,502,759 
Year Ended December 31, 2018
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area$66,688 $17,060 $5,217 $— $88,965 
Boston, MA Area52,508 6,609 3,378 — 62,495 
Dallas / Ft. Worth Area61,910 16,746 3,602 — 82,258 
Houston, TX Area26,783 9,214 854 — 36,851 
Los Angeles, CA Metro Area77,976 15,645 4,702 — 98,323 
Miami, FL Metro Area21,652 8,283 849 — 30,784 
Minneapolis - St. Paul, MN - WI Area22,071 7,219 949 — 30,239 
Nashville, TN Area50,120 13,116 1,782 — 65,018 
New York / New Jersey Metro Area74,441 23,029 2,899 — 100,369 
Orlando, FL Area20,393 1,518 830 — 22,741 
Philadelphia, PA Area24,385 4,534 869 — 29,788 
San Diego, CA Area18,392 1,075 971 — 20,438 
San Francisco - Oakland, CA Metro Area81,368 7,726 2,562 — 91,656 
Tampa, FL Area22,896 6,459 1,542 — 30,897 
Washington D.C. - MD - VA Area113,902 23,673 6,695 — 144,270 
Other Areas38 293,283 53,752 22,470 — 369,505 
Orlando WorldQuest— 4,429 130 1,188 — 5,747 
Disposed properties21 101,490 8,523 6,423 — 116,436 
Corporate— — — — 4,009 4,009 
Total122 $1,134,687 $224,311 $67,782 $4,009 $1,430,789 
v3.20.4
Investments in Hotel Properties, net (Tables)
12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Investments in Hotel Properties, net
Investments in hotel properties, net consisted of the following (in thousands):
December 31, 2020December 31, 2019
Land$630,690 $769,381 
Buildings and improvements3,751,588 4,129,884 
Furniture, fixtures and equipment388,428 503,156 
Construction in progress16,192 29,745 
Condominium properties11,707 12,093 
Total cost4,798,605 5,444,259 
Accumulated depreciation(1,371,623)(1,335,816)
Investments in hotel properties, net$3,426,982 $4,108,443 
v3.20.4
Hotel Dispositions and Impairment Charges (Tables)
12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Hotel Dispositions and Assets Held for Sale The following table includes condensed financial information from these hotel properties in the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 (in thousands):
Year Ended December 31,
202020192018
Total hotel revenue
$25,499 $124,160 $116,436 
Total hotel operating expenses(20,916)(77,685)(72,047)
Gain (loss) on disposition of assets and hotel properties(36,680)6,042 475 
Property taxes, insurance and other(6,406)(11,272)(8,939)
Depreciation and amortization(12,426)(23,577)(23,481)
Impairment charges(85,144)(33,628)(23,599)
Operating income (loss)(136,073)(15,960)(11,155)
Interest income55 57 
Interest expense and amortization of premiums and loan costs(21,502)(26,690)(19,609)
Write-off of premiums, loan costs and exit fees(21)(524)(98)
Gain (loss) on extinguishment of debt90,349 — — 
Income (loss) before income taxes(67,238)(43,119)(30,805)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership9,913 5,215 3,534 
Net income (loss) before income taxes attributable to the Company$(57,325)$(37,904)$(27,271)
Schedule of Hotel Fair Value as a Result of Impairment Charges
The following table presents our hotel property measured at fair value as a result of the aforementioned impairment charges aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at December 31, 2020, and the related impairment charge recorded (in thousands):
Fair Value as of December 31, 2020Year Ended December 31, 2020
Level 1Level 2Level 3TotalImpairment Charges
Le Meridien Minneapolis$— $— $7,663 $7,663 $6,577 
v3.20.4
Investment in Unconsolidated Entity (Tables)
12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
The following table summarizes our carrying value and ownership interest in OpenKey:
December 31, 2020December 31, 2019
Carrying value of the investment in OpenKey (in thousands)$2,811 $2,829 
Ownership interest in OpenKey17.5 %17.0 %
The following table summarizes our equity in earnings (loss) in OpenKey (in thousands):
Year Ended December 31,
Line Item202020192018
Equity in earnings (loss) of unconsolidated entities$(448)$(411)$(592)
v3.20.4
Indebtedness, net (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Summary of Indebtedness
Indebtedness consisted of the following (in thousands):
December 31, 2020December 31, 2019
IndebtednessCollateralMaturity
Interest Rate (1)
Default Rate (2)
Debt BalanceBook Value of CollateralDebt BalanceBook Value of Collateral
Mortgage loan(4)
1 hotelJune 2020
LIBOR(3) + 5.10%
n/a$— $— $43,750 $60,191 
Mortgage loan(5)
8 hotelsJuly 2020
LIBOR(3) + 4.33%
n/a— — 144,000 168,054 
Mortgage loan(6)
2 hotelsMarch 2021
LIBOR(3) + 2.75%
n/a240,000 224,022 240,000 235,705 
Mortgage loan(7)
19 hotelsApril 2021
LIBOR(3) + 3.20%
n/a914,281 1,020,462 907,030 1,077,936 
Mortgage loan(8)
7 hotelsJune 2021
LIBOR(3) + 3.65%
n/a180,720 125,266 180,720 131,102 
Mortgage loan(8)
7 hotelsJune 2021
LIBOR(3) + 3.39%
n/a174,400 124,613 174,400 131,420 
Mortgage loan(9)
5 hotelsJune 2021
LIBOR(3) + 3.73%
n/a221,040 163,550 221,040 175,875 
Mortgage loan(10)
5 hotelsJune 2021
LIBOR(3) + 4.02%
n/a262,640 94,111 262,640 105,702 
Mortgage loan(10)
5 hotelsJune 2021
LIBOR(3) + 3.68%
n/a215,120 190,650 215,120 198,059 
Mortgage loan(11)
5 hotelsJune 2021
LIBOR(3) + 2.73%
n/a160,000 178,377 160,000 185,854 
Mortgage loan(12)
1 hotelNovember 20216.26%n/a84,544 101,521 91,542 112,767 
Mortgage loan(13)(14)
17 hotelsNovember 2021
LIBOR(3) + 3.00%
4.00%419,000 238,886 419,000 263,998 
Mortgage loan(15)
1 hotelNovember 2021
LIBOR(3) + 2.55%
n/a25,000 48,231 25,000 49,748 
Mortgage loan(5)
1 hotelFebruary 2022
LIBOR(3) + 3.90%
n/a— — 145,000 189,982 
Mortgage loan(13)(16)
8 hotelsFebruary 2022
LIBOR(3) + 2.92%
5.00%395,000 311,023 395,000 331,686 
Mortgage loan(17)
1 hotelJuly 2022
LIBOR(3) + 3.95%
n/a34,200 38,549 35,200 38,383 
Mortgage loan(18)
1 hotelNovember 2022
LIBOR(3) + 2.00%
n/a98,259 180,312 97,000 186,400 
Mortgage loan(19)
1 hotelDecember 2022
LIBOR(3) + 2.25%
n/a16,100 26,046 16,100 27,498 
Mortgage loan(4) (20)
1 hotelJanuary 2023
LIBOR(3) + 3.40%
n/a37,000 56,784 — — 
Mortgage loan(5)
1 hotelMay 20235.46%n/a— — 51,843 83,824 
Mortgage loan(21)
1 hotelJune 2023
LIBOR(3) + 2.45%
n/a73,450 105,359 73,450 107,212 
Mortgage loan(22)
1 hotelJanuary 20245.49%n/a6,706 7,456 6,759 8,112 
Mortgage loan(22)
1 hotelJanuary 20245.49%n/a9,786 17,172 9,865 19,166 
Mortgage loan(13)
1 hotelMay 20244.99%5.00%6,260 6,494 6,292 6,896 
Mortgage loan(23)
1 hotelJune 2024
LIBOR(3) + 2.00%
n/a8,881 6,980 8,881 7,416 
Mortgage loan(5)
3 hotelsAugust 20245.20%n/a— — 64,207 48,560 
Mortgage loan(24)
2 hotelsAugust 20244.85%n/a11,774 10,466 11,845 11,727 
Mortgage loan(24)
3 hotelsAugust 20244.90%n/a23,542 15,805 23,683 17,348 
Mortgage loan(13)
2 hotelsFebruary 20254.45%4.00%19,369 9,859 19,438 10,314 
Mortgage loan(13)
3 hotelsFebruary 20254.45%4.00%50,098 64,816 50,279 70,318 
Mortgage loan(25)
1 hotelMarch 20254.66%n/a24,415 42,778 24,919 43,577 
3,711,585 $3,409,588 4,124,003 $4,104,830 
Premiums (discounts), net(288)655 
Capitalized default interest and late charges27,444 — 
Deferred loan costs, net(9,830)(18,140)
Indebtedness, net$3,728,911 $4,106,518 
_____________________________
(1)    Interest rates do not include default or late payment rates in effect on some mortgage loans.
(2)    Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of December 31, 2020. The default rate is accrued in addition to the stated interest rate.
(3)     LIBOR rates were 0.144% and 1.763% at December 31, 2020 and December 31, 2019, respectively.
(4)    On January 9, 2020, we refinanced this mortgage loan totaling $43.8 million with a new $37.0 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.40%.
(5)     During 2020, we disposed of the properties securing this mortgage loan. The assets and liabilities associated with this mortgage loan have been removed from the Company's consolidated balance sheet. See note 5.
(6)    Effective August 5, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with deferred interest due in twelve monthly installments beginning January 2021, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.
(7)    Effective July 9, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses, monthly FF&E escrow deposits were waived through November 2020, and monthly tax deposits were waived until July 2021. In conjunction with the forbearance agreement, deferred interest payments of $6.1 million are capitalized into the principal balance and are to be repaid over twelve months following the deferral period. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2020.
(8)    Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with three one-month extension options for the mezzanine debt subject to the satisfaction of certain conditions. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020.
(9)    Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, and an extension option for the mezzanine debt to June 2021. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period with any remaining balance due at maturity. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020.
(10)    Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with two one-month extension options for the mezzanine debt subject to the satisfaction of certain conditions. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020.
(11)     Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020.
(12)     Effective November 1, 2020, we executed a loan modification agreement for this mortgage loan. Terms of the amendment required a $5.0 million principal paydown, the loan maturity was extended one year, monthly FF&E escrow deposits were waived from October 2020 through March 2021, and lender-held FF&E reserve funds were made available to fund property-level operating shortfalls through March 2021 and debt service payments from November 2020 through February 2021. This mortgage loan has no extension options.
(13)    As of December 31, 2020, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.
(14)    Effective February 9, 2021, we executed an agreement regarding existing default and extension options for this mortgage loan. In connection with the agreement, monthly FF&E escrow deposits were waived through December 2021. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2020.
(15)    Effective June 29, 2020, we executed a consent and loan modification agreement for this mortgage loan. In connection with the agreement, lender-held reserves were made available to fund monthly interest payments due under the loan and monthly FF&E escrow deposits were waived until April 2021. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option began in November 2020. This mortgage loan has a LIBOR floor of 1.25%.
(16)    Effective January 19, 2021, we executed a loan modification and reinstatement agreement for this mortgage loan. In connection with the agreement, monthly FF&E escrow deposits were waived from April 2020 through December 2020, and monthly tax escrow deposits were waived from April 2020 through June 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in February 2021.
(17)    Effective August 3, 2020, we executed a loan amendment for this mortgage loan. Terms of the amendment required a $1.0 million principal paydown. The amended mortgage loan has a two-year initial term and one one-year extension options, subject to satisfaction of certain conditions, is interest only and bears interest at a rate of LIBOR + 3.95%, and has a LIBOR floor of 0.25%.
(18)     Effective October 2, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with deferred interest due in twelve monthly installments beginning January 2021, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020.
(19)     Effective May 1, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for three months, with all deferred payments due at maturity, lender-held reserves were made available to fund property-level operating expenses, monthly FF&E escrow deposits were waived through December 2020 and tax escrow deposits were waived through October 2020. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage has a LIBOR floor of 0.25%.
(20)     Effective July 7, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for two months, lender-held reserves were made available to fund debt service or property-level operating expenses, and monthly FF&E escrow deposits were waived from April 2020 through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period.
(21)     Effective May 20, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period.
(22)    Effective December 31, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of principal and interest payments and FF&E escrow deposits for six months, with deferred payments due in nine monthly installments beginning January 2021, lender-held reserves were made available to fund monthly tax escrow deposits, and monthly insurance and PIP escrow deposits were waived through December 2020.
(23)    Effective April 7, 2020, we executed a forbearance agreement for this mortgage loan, which amended the terms. Terms of the agreement include an initial interest payment deferral for three months, with the option to extend the interest payment deferral an additional three months, which was exercised on September 24, 2020. All deferred interest is due at maturity.
(24)    Effective December 31, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of principal and interest payments and FF&E escrow deposits from June 2020 through December 2020, with deferred payments due in six monthly installments beginning July 2021, lender-held reserves were made available to fund monthly tax escrow deposits, and monthly insurance and PIP escrow deposits were waived through December 2020.
(25)    Effective December 8, 2020, we executed a loan modification agreement for this mortgage loan. In connection with the agreement, monthly tax and insurance escrow deposits were waived from April 2020 through September 2020, monthly FF&E escrow deposits were waived from April 2020 through September 2022, and lender-held reserves were made available to fund April 2020 through December 2020 debt service payments.
Interest Income and Interest Expense Disclosure We recognized net premium amortization as presented in the table below (in thousands):
Year Ended December 31,
Line Item202020192018
Interest expense and amortization of premium and loan costs$154 $232 $277 
Schedule of maturities and schedule amortizations
Maturities and scheduled amortizations of indebtedness as of December 31, 2020 for each of the five following years and thereafter are as follows (in thousands):
2021$2,902,783 
2022544,681 
2023113,996 
202465,157 
202584,968 
Thereafter— 
Total$3,711,585 
v3.20.4
Notes Receivable, net and Other (Tables)
12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Schedule of Notes Receivable and Other
Notes receivable, net are summarized in the table below (dollars in thousands):
Interest RateDecember 31, 2020December 31, 2019
Construction Financing Note (1) (5)
Face amount7.0 %$4,000 $4,000 
Discount (2)
(143)(402)
3,857 3,598 
Certificate of Occupancy Note (3) (5)
Face amount7.0 %$5,250 $5,250 
Discount (4)
(844)(1,139)
4,406 4,111 
Note receivable, net$8,263 $7,709 
____________________________________
(1)    The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before the earlier of (i) the buyer closing on third party institutional financing for the construction of improvements on the property, (ii) three years after the development commencement date, or (iii) July 9, 2024.
(2)    The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2021.
(3)    The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before July 9, 2025.
(4)    The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2023.
(5)     The notes receivable are secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront.
Schedule of Other Consideration
Other consideration received from the sale of the 1.65-acre parking lot adjacent to the Hilton St. Petersburg Bayfront is summarized in the table below (dollars in thousands):
Imputed Interest RateDecember 31, 2020December 31, 2019
Future ownership rights of parking parcel7.0 %$4,100 $4,100 
Imputed interest372 72 
4,472 
(1)
4,172 
(1)
Free use of parking easement prior to development commencement7.0 %$235 $235 
Accumulated amortization(235)(118)
— 
(1)
117 
(1)
Reimbursement of parking fees while parking parcel is in development (2)
7.0 %$231 $462 
Total$4,703 $4,751 
____________________________________
(1)    Included in “other assets” in the consolidated balance sheets.
(2)    Payments commenced in July when the parking parcel development began.
v3.20.4
Derivative Instruments and Hedging (Tables)
12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents a summary of our interest rate derivatives entered into over each applicable period:
Year Ended December 31,
202020192018
Interest rate caps:
Notional amount (in thousands)$457,000 
(1)
$1,051,050 
(1)
$3,614,618 
(1)
Strike rate low end of range3.00 %1.50 %1.50 %
Strike rate high end of range4.00 %4.88 %5.71 %
Effective date rangeJanuary 2020 - September 2020January 2019 - November 2019January 2018 - November 2018
Termination date rangeFebruary 2021 - February 2022June 2020 - February 2022January 2019 - November 2020
Total cost (in thousands)$83 $1,112 $3,143 
Interest rate floors:
Notional amount (in thousands)$— $6,000,000 
(1)
$12,025,000 
(1)
Strike rate low end of range1.63 %1.25 %
Strike rate high end of range1.63 %2.00 %
Effective date rangeJanuary 2019July 2018 - November 2018
Termination date rangeMarch 2020September 2019 - November 2021
Total cost (in thousands)$— $225 $432 
_______________
(1)These instruments were not designated as cash flow hedges.
We held interest rate instruments as summarized in the table below:
December 31, 2020December 31, 2019
Interest rate caps:
Notional amount (in thousands)$842,000 
(1)
$3,799,740 
(1)
Strike rate low end of range3.00 %1.50 %
Strike rate high end of range4.00 %5.22 %
Termination date rangeFebruary 2021 - February 2022February 2020 - February 2022
Aggregate principle balance on corresponding mortgage loans (in thousands)$697,000 $3,666,331 
Interest rate floors: (2)
Notional amount (in thousands)$25,000 
(1)
$12,025,000 
(1)
Strike rate low end of range1.25 %(0.25)%
Strike rate high end of range1.25 %1.63 %
Termination date rangeNovember 2021March 2020 - November 2021
_______________
(1)These instruments were not designated as cash flow hedges.
(2)Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.
v3.20.4
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
Quoted Market Prices (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Counter-party and Cash Collateral Netting(1)
Total
December 31, 2020:
Assets
Derivative assets:
Interest rate derivatives - floors$— $263 $— $— $263 
(2)
Total$— $263 $— $— $263 
December 31, 2019:
Assets
Derivative assets:
Interest rate derivatives - floors$— $42 $— $257 $299 
(2)
Interest rate derivatives - caps— 47 — — 47 
(2)
Credit default swaps— (1,579)— 2,924 1,345 
(2)
— (1,490)— 3,181 1,691 
Non-derivative assets:
Equity securities14,591 — — — 14,591 
(3)
Total$14,591 $(1,490)$— $3,181 $16,282 
Liabilities
Derivative liabilities:
Credit default swaps— (1,092)— 1,050 (42)
(4)
Net$14,591 $(2,582)$— $4,231 $16,240 
____________________________________
(1)    Represents net cash collateral posted between us and our counterparties.
(2)    Reported net as “derivative assets, net” in our consolidated balance sheets.
(3)    Reported as “marketable securities” in our consolidated balance sheets.
(4)    Reported net as “derivative liabilities, net” in our consolidated balance sheets.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
Gain (Loss) Recognized in Income
Year Ended December 31,
202020192018
Assets
Derivative assets:
Interest rate derivatives - floors$601 $(438)$(488)
Interest rate derivatives - caps(130)(1,666)(2,678)
Credit default swaps407 
(4)
(2,098)
(4)
703 
(4)
878 (4,202)(2,463)
Non-derivative assets:
Equity801 1,980 (924)
Total1,679 (2,222)(3,387)
Liabilities
Derivative liabilities:
Credit default swaps— 
(4)
(1,092)
(4)
285 
(4)
Net$1,679 $(3,314)$(3,102)
Total combined
Interest rate derivatives - floors$10,106 $362 $(488)
Interest rate derivatives - caps(130)(1,666)(2,678)
Credit default swaps9,974 (3,190)988 
Unrealized gain (loss) on derivatives19,950 
(1)
(4,494)
(1)
(2,178)
(1)
Realized gain (loss) on credit default swaps
(9,567)
(2) (4)
— 
(2) (4)
— 
(2) (4)
Realized gain (loss) on interest rate floors(9,505)
(2)
(800)
(2)
— 
(2)
Unrealized gain (loss) on marketable securities
(1,467)
(3)
1,896 
(3)
(1,013)
(3)
Realized gain (loss) on marketable securities
2,268 
(2)
84 
(2)
89 
(2)
Net$1,679 $(3,314)$(3,102)
____________________________________
(1)    Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations.
(2)    Included in “other income (expense)” in our consolidated statements of operations.
(3)    Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations.
(4)    Excludes costs of $811, $1,077 and $1,045 for the years ended December 31, 2020, 2019 and 2018, respectively, included in “other income (expense)” associated with credit default swaps.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
Gain (Loss) Recognized in Income
Year Ended December 31,
202020192018
Assets
Derivative assets:
Interest rate derivatives - floors$601 $(438)$(488)
Interest rate derivatives - caps(130)(1,666)(2,678)
Credit default swaps407 
(4)
(2,098)
(4)
703 
(4)
878 (4,202)(2,463)
Non-derivative assets:
Equity801 1,980 (924)
Total1,679 (2,222)(3,387)
Liabilities
Derivative liabilities:
Credit default swaps— 
(4)
(1,092)
(4)
285 
(4)
Net$1,679 $(3,314)$(3,102)
Total combined
Interest rate derivatives - floors$10,106 $362 $(488)
Interest rate derivatives - caps(130)(1,666)(2,678)
Credit default swaps9,974 (3,190)988 
Unrealized gain (loss) on derivatives19,950 
(1)
(4,494)
(1)
(2,178)
(1)
Realized gain (loss) on credit default swaps
(9,567)
(2) (4)
— 
(2) (4)
— 
(2) (4)
Realized gain (loss) on interest rate floors(9,505)
(2)
(800)
(2)
— 
(2)
Unrealized gain (loss) on marketable securities
(1,467)
(3)
1,896 
(3)
(1,013)
(3)
Realized gain (loss) on marketable securities
2,268 
(2)
84 
(2)
89 
(2)
Net$1,679 $(3,314)$(3,102)
____________________________________
(1)    Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations.
(2)    Included in “other income (expense)” in our consolidated statements of operations.
(3)    Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations.
(4)    Excludes costs of $811, $1,077 and $1,045 for the years ended December 31, 2020, 2019 and 2018, respectively, included in “other income (expense)” associated with credit default swaps.
v3.20.4
Summary of Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2020
Investments, All Other Investments [Abstract]  
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):
December 31, 2020December 31, 2019
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets and liabilities measured at fair value:
Marketable securities$— $— $14,591 $14,591 
Derivative assets, net263 263 1,691 1,691 
Derivative liabilities, net— — 42 42 
Financial assets not measured at fair value:
Cash and cash equivalents$92,905 $92,905 $262,636 $262,636 
Restricted cash74,408 74,408 135,571 135,571 
Accounts receivable, net21,760 21,760 39,638 39,638 
Notes receivable, net8,263 
$7,850 to $8,676
7,709 
$7,323 to $8,095
Due from related parties, net5,801 5,801 3,019 3,019 
Due from third-party hotel managers9,383 9,383 17,368 17,368 
Financial liabilities not measured at fair value:
Indebtedness$3,711,297 
$3,167,369 to $3,500,777
$4,124,658 
$3,881,453 to $4,290,027
Accounts payable and accrued expenses99,954 99,954 124,226 124,226 
Accrued interest payable98,685 98,685 10,115 10,115 
Dividends and distributions payable868 868 20,849 20,849 
Due to Ashford Inc., net13,383 13,383 6,570 6,570 
Due to third-party hotel managers184 184 2,509 2,509 
v3.20.4
Income (Loss) Per Share (Tables)
12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share
The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):
Year Ended December 31,
202020192018
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company$(543,876)$(113,635)$(126,966)
Less: Dividends on preferred stock(32,117)(42,577)(42,577)
Less: Extinguishment of preferred stock55,477 — — 
Less: Dividends on common stock— (29,840)(47,057)
Less: Dividends on unvested performance stock units— (475)(50)
Add: Claw back of dividends on unvested performance stock units606 — — 
Less: Dividends on unvested restricted shares— (801)(844)
Undistributed income (loss) allocated to common stockholders(519,910)(187,328)(217,494)
Add back: Dividends on common stock— 29,840 47,057 
Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted$(519,910)$(157,488)$(170,437)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic and diluted15,756 9,984 9,728 
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share$(33.00)$(15.77)$(17.52)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share$(33.00)$(15.77)$(17.52)
Summary of Computation of Diluted Income Per Share
Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):
Year Ended December 31,
202020192018
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested restricted shares$— $801 $844 
Income (loss) allocated to unvested performance stock units— 475 50 
Income (loss) attributable to redeemable noncontrolling interests in operating partnership(89,008)
(1)
(28,932)(29,313)
Total$(89,008)$(27,656)$(28,419)
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares11 
Effect of unvested performance stock units— 25 
Effect of assumed conversion of operating partnership units1,896 1,908 1,760 
Effect of contingently issuable shares— — 
Total1,906 1,922 1,796 
_______________
(1)Inclusive of preferred stock dividends in arrears of $3.1 million for the year ended December 31, 2020 allocated to redeemable noncontrolling interests in operating partnership.
v3.20.4
Redeemable Noncontrolling Interests in Operating Partnership (Tables)
12 Months Ended
Dec. 31, 2020
Noncontrolling Interest [Abstract]  
Schedule of Compensation Expense
We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands):
Year Ended December 31,
TypeLine Item202020192018
Performance LTIP unitsAdvisory services fee$1,972 $3,594 $6,797 
LTIP unitsAdvisory services fee2,042 3,264 3,508 
LTIP units - independent directorsCorporate, general and administrative816 446 536 
$4,830 $7,304 $10,841 
The following table summarizes the stock-based compensation expense (in thousands):
Year Ended December 31,
Line Item202020192018
Advisory services fee$3,897 $6,268 $6,698 
Management fees594 768 1,159 
Corporate, general and administrative - Premier298 350 — 
Corporate, general and administrative - independent directors147 90 — 
$4,936 $7,476 $7,857 
The following table summarizes the compensation expense (in thousands):
Year Ended December 31,
Line Item202020192018
Advisory services fee$958 $4,937 $8,241 
Schedules of Redeemable Noncontrolling Interest
The following table presents the common units redeemed and the fair value upon redemption (in thousands):
Year Ended December 31,
202020192018
Common units converted to stock196 — — 
Fair value of common units converted$959 $— $— 
The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage:
December 31, 2020December 31, 2019
Redeemable noncontrolling interests (in thousands)$22,951 $69,870 
Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands)
186,763 155,536 
Ownership percentage of operating partnership8.51 %15.92 %
____________________________________
(1)    Reflects the excess of the redemption value over the accumulated historical costs.
We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands):
Year Ended December 31,
202020192018
Allocated net (income) loss to the redeemable noncontrolling interests$89,008 $28,932 $29,313 
Distributions declared to holders of common units, LTIP units and Performance LTIP units— 6,572 8,789 
Performance LTIP dividend claw back upon cancellation(1,401)— — 
A summary of the activity of the units in our operating partnership is as follow (in thousands):
Year Ended December 31,
202020192018
Outstanding at beginning of year2,194 1,992 1,960 
LTIP units issued232 34 48 
Performance LTIP units issued50 21 58 
Performance LTIP units canceled(109)— (74)
Common units issued for hotel acquisition— 147 — 
Common units converted to common stock(196)— — 
Outstanding at end of year2,171 2,194 1,992 
Common units convertible/redeemable at end of year1,777 1,857 1,665 
v3.20.4
Equity (Tables)
12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Schedule of Equity Activity
The table below summarizes the activity (in thousands):
Year Ended December 31,
202020192018
Common stock issued4,127 — 243 
Gross proceed received$12,009 $— $15,522 
Commissions and other expenses150 — 194 
Net proceeds$11,859 $— $15,328 
Summary of Activity
The table below summarizes the activity (in thousands):
Year Ended December 31,
2020
Shares sold to Lincoln Park8,362 
Additional commitment shares191 
Total shares issued to Lincoln Park8,553 
Gross proceeds received$20,556 
Schedule of Shares Issued and Tendered The table below summarizes the activity (in thousands):
Year Ended December 31, 2020
Preferred Shares TenderedCommon Shares Issued
8.45% Series D Cumulative Preferred Stock
575 3,211 
7.375% Series F Cumulative Preferred Stock
1,755 9,791 
7.375% Series G Cumulative Preferred Stock
1,663 9,279 
7.50% Series H Cumulative Preferred Stock
1,029 5,742 
7.50% Series I Cumulative Preferred Stock
1,858 10,366 
6,880 38,389 
The table below summarizes the activity (in thousands):
Year Ended December 31, 2020
Preferred Shares TenderedCommon Shares Issued
8.45% Series D Cumulative Preferred Stock
23 131 
7.375% Series F Cumulative Preferred Stock
154 795 
7.375% Series G Cumulative Preferred Stock
114 573 
7.50% Series H Cumulative Preferred Stock
102 515 
7.50% Series I Cumulative Preferred Stock
151 774 
544 2,788 
Schedule of Dividends Payable A summary of dividends declared is as follows (in thousands):
Year Ended December 31,
202020192018
Common stock$— $31,116 $47,951 
Preferred stocks:
Series D Cumulative Preferred Stock1,262 5,048 5,047 
Series F Cumulative Preferred Stock2,212 8,849 8,849 
Series G Cumulative Preferred Stock2,858 11,430 11,431 
Series H Cumulative Preferred Stock1,781 7,125 7,125 
Series I Cumulative Preferred Stock2,531 10,125 10,125 
Total dividends declared$10,644 $73,693 $90,528 
Dividends Declared
The table below presents the accumulated but unpaid dividends in arrears as of December 31, 2020 (in thousands):
December 31, 2020
8.45% Series D Cumulative Preferred Stock ($1.58/share)
$2,838 
7.375% Series F Cumulative Preferred Stock ($1.38/share)
3,998 
7.375% Series G Cumulative Preferred Stock ($1.38/share)
6,115 
7.50% Series H Cumulative Preferred Stock ($1.41/share)
3,753 
7.50% Series I Cumulative Preferred Stock ($1.41share)
4,769 
Total$21,473 
Schedule of Noncontrolling Interests in Consolidated Entities The below table summarized the total carrying value (in thousands), which is reported in equity in the consolidated balance sheets:
December 31,
20202019
Carrying value of noncontrolling interests$166 $504 
The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands):
Year Ended December 31,
Line Item202020192018
(Income) loss allocated to noncontrolling interests in consolidated entities$338 $112 $30 
v3.20.4
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Compensation Expense
We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands):
Year Ended December 31,
TypeLine Item202020192018
Performance LTIP unitsAdvisory services fee$1,972 $3,594 $6,797 
LTIP unitsAdvisory services fee2,042 3,264 3,508 
LTIP units - independent directorsCorporate, general and administrative816 446 536 
$4,830 $7,304 $10,841 
The following table summarizes the stock-based compensation expense (in thousands):
Year Ended December 31,
Line Item202020192018
Advisory services fee$3,897 $6,268 $6,698 
Management fees594 768 1,159 
Corporate, general and administrative - Premier298 350 — 
Corporate, general and administrative - independent directors147 90 — 
$4,936 $7,476 $7,857 
The following table summarizes the compensation expense (in thousands):
Year Ended December 31,
Line Item202020192018
Advisory services fee$958 $4,937 $8,241 
Summary of Restricted Stock Unit Activity
A summary of our restricted stock unit activity is as follows (shares in thousands):
Year Ended December 31,
202020192018
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year213 $58.60 171 $65.60 208 $70.30 
Restricted shares granted168 11.55 134 53.60 91 66.40 
Restricted shares vested(162)46.25 (86)65.00 (123)74.10 
Restricted shares forfeited(53)34.89 (6)58.20 (5)64.10 
Outstanding at end of year166 $30.61 213 $58.60 171 $65.60 
Summary of PSU Activity
A summary of our PSU activity is as follows (shares in thousands):
Year Ended December 31,
202020192018
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year158 $58.20 77 $63.10 82 $60.70 
PSUs granted70 8.00 81 53.60 53 66.40 
PSUs vested— — — — (33)61.90 
PSU’s forfeited(65)45.83 — — — — 
PSUs canceled(35)58.50 — — (25)63.80 
Outstanding at end of year128 $37.79 158 $58.20 77 $63.10 
v3.20.4
Related Party Transactions (Tables)
12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table summarizes the advisory services fees incurred (in thousands):
Year Ended December 31,
202020192018
Advisory services fee
Base advisory fee$34,745 $36,269 $35,526 
Reimbursable expenses (1)
6,436 9,300 8,351 
Equity-based compensation (2)
8,869 
(3)
18,063 25,245 
Total advisory services fee$50,050 $63,632 $69,122 
________
(1)Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services.
(2)    Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.
(3)    During the year ended December 31, 2020, 65,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the year ended December 31, 2020.
The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands):
Year Ended December 31,
Line Item202020192018
Corporate, general and administrative$1,998 $896 $— 
The following table presents the fees related to our hotel and project management agreements with Remington Lodging prior to its transactions with Ashford Inc. (in thousands):
Year ended December 31,
20192018
Hotel management fees, including incentive hotel management fees$27,205 $30,890 
Market service and project management fees— 11,148 
Corporate general and administrative6,014 5,872 
Total$33,219 $47,910 
The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands):
Year Ended December 31, 2020
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other AssetsOther Hotel RevenueManagement Fee
AIMCash management services$995 $— $— $— $— $— 
Ashford LLCInsurance claims services118 — — — — — 
J&S Audio VisualAudio visual commissions2,187 — — — 2,187 — 
Lismore CapitalDebt placement and related services16,570 
(4)
— 128 4,388 — — 
Lismore CapitalBroker services170 — — 70 — — 
OpenKeyMobile key app118 — — — — — 
PremierProject management services6,801 5,727 — — — — 
Pure WellnessHypoallergenic premium rooms967 38 — — — — 
Remington Hotels
Hotel management services (3)
27,443 — — — — 15,835 
Year Ended December 31, 2020
CompanyProduct or ServiceTotalOther Hotel ExpensesProperty Taxes, Insurance and OtherAdvisory ExpensesCorporate, General and AdministrativeWrite-off of Premiums, Loan Costs and Exit Fees
AIMCash management services$995 $— $— $— $995 $— 
Ashford LLCInsurance claims services118 — 118 — — — 
J&S Audio VisualAudio visual commissions2,187 — — — — — 
Lismore CapitalDebt placement and related services16,570 — — — — 12,054 
Lismore CapitalBroker services170 — — — — 100 
OpenKeyMobile key app118 118 — — — — 
PremierProject management services6,801 — — 1,074 — — 
Pure WellnessHypoallergenic premium rooms967 929 — — — — 
Remington Hotels
Hotel management services (3)
27,443 11,608 — — — — 
Year Ended December 31, 2019
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other Hotel RevenueOther Hotel ExpensesManagement Fees
AIMCash management services$1,206 $— $— $— $— $— 
Ashford LLCInsurance claims services75 — — — — — 
Ashford SecuritiesBroker/Dealer896 — — — — — 
J&S Audio VisualAudio visual commissions7,365 — — 7,365 — — 
J&S Audio VisualEquipment24 24 — — — — 
Lismore CapitalDebt placement and related services1,294 — (1,215)— — — 
Lismore CapitalBroker services427 — — — — — 
OpenKeyMobile key app112 — — 109 — 
PremierProject management services20,004 18,281 — — — — 
Pure WellnessHypoallergenic premium rooms1,021 599 — — 422 — 
Remington Hotels
Hotel management services (3)
9,152 — — — 5,356 3,796 
Year Ended December 31, 2019
CompanyProduct or ServiceTotalProperty Taxes, Insurance and OtherAdvisory Services FeeCorporate, General and AdministrativeGain (Loss) on Disposition of Assets and Hotel PropertiesWrite-off of Premiums, Loan Costs and Exit Fees
AIMCash management services$1,206 $— $— $1,206 $— $— 
Ashford LLCInsurance claims services75 75 — — — — 
Ashford SecuritiesBroker/Dealer896 — — 896 — — 
J&S Audio VisualAudio visual commissions7,365 — — — — — 
J&S Audio VisualEquipment24 — — — — — 
Lismore CapitalDebt placement and related services1,294 — — — — 79 
Lismore CapitalBroker services427 — — — 427 — 
OpenKeyMobile key app112 — — — — — 
PremierProject management services20,004 — 1,723 — — — 
Pure WellnessHypoallergenic premium rooms1,021 — — — — — 
Remington Hotels
Hotel management services (3)
9,152 — — — — — 
Year Ended December 31, 2018
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other Hotel RevenueOther Hotel ExpensesCorporate, General and Administrative
AIMCash management services$1,156 $— $— $— $— $1,156 
Ashford LLCInsurance claims services76 — — — — 76 
J&S Audio VisualAudio visual commissions3,569 — — 3,569 — — 
J&S Audio VisualEquipment925 925 — — — — 
Lismore CapitalDebt placement and related services5,094 — (5,094)— — — 
OpenKeyMobile key app105 — — 102 — 
PremierProject management services7,677 7,677 — — — — 
Pure WellnessHypoallergenic premium rooms2,436 2,412 — — 24 — 
________
(1)Recorded in FF&E and depreciated over the estimated useful life.
(2)Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement.
(3)Other hotel expenses include incentive hotel management fees and other hotel management costs
(4)Amount excludes a $506,000 claw back credit due to Ashford Trust. See Lismore Advisory Fee section above.
The following table summarizes the amount due to Ashford Inc. (in thousands):
Due to Ashford Inc.
CompanyProduct or ServiceDecember 31, 2020December 31, 2019
Ashford LLCAdvisory services$9,533 $1,133 
Ashford LLCInsurance claims services30 18 
AIMCash management services(111)82 
J&S Audio VisualAudio visual commissions131 1,009 
OpenKeyMobile key app13 
PremierProject management services323 4,028 
Pure WellnessHypoallergenic premium rooms44 298 
Lismore CapitalDebt placement and related services3,420 — 
$13,383 $6,570 
v3.20.4
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Franchise Fees
The table below summarizes the franchise fees incurred (in thousands):
Year Ended December 31,
Line Item202020192018
Other hotel expenses$22,658 $76,707 $72,095 
v3.20.4
Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Lease Balances
As of December 31, 2020 and 2019, our leased assets and liabilities consisted of the following (in thousands):
December 31, 2020December 31, 2019
Assets
Operating lease right-of-use assets$45,008 $49,995 
Liabilities
Operating lease liabilities$45,309 $53,270 
Lease Cost and Other Information
We incurred the following operating lease costs related to our operating leases (in thousands):
Classification Year Ended December 31, 2020Year Ended December 31, 2019
Hotel operating expenses - other (1)
$4,453 $4,323 
_______________________________________
(1) For the years ended December 31, 2020 and 2019, operating lease cost includes approximately $495,000 and $501,000, respectively, of variable lease cost associated with the ground leases and $227,000 and $176,000, respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial.
Other information related to leases is as follows:
Year Ended December 31, 2020Year Ended December 31, 2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)$3,028 $3,511 
Weighted Average Remaining Lease Term
Operating leases (1)
69 years73 years
Weighted Average Discount Rate
Operating leases (1)
5.14 %5.17 %
_______________________________________
(1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases.
Maturities of Operating Lease Liabilities
Future minimum lease payments due under non-cancellable leases as of December 31, 2020 were as follows (in thousands):
Operating Leases
2021$2,974 
20222,852 
20232,834 
20242,833 
20252,833 
Thereafter172,683 
Total future minimum lease payments (1)
187,009 
Less: interest141,700 
Present value of lease liabilities$45,309 
________
(1) Based on payment amounts as of December 31, 2020.
v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Reconciles the Income Tax Expense at Statutory Rates to the Actual Income Tax Expense
The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands):
Year Ended December 31,
202020192018
Income tax (expense) benefit at federal statutory income tax rate of 21%$29,811 $(1,539)$(4,435)
State income tax (expense) benefit, net of U.S. federal income tax benefit4,014 (475)(698)
Permanent differences415 (310)(128)
Provision to return adjustment(228)(325)(230)
Gross receipts and margin taxes(347)(923)(950)
Interest and penalties(13)32 (11)
Valuation allowance(32,317)2,322 3,670 
Total income tax (expense) benefit$1,335 $(1,218)$(2,782)
Components of Income Tax Benefit (Expense) From Continuing Operations
The components of income tax (expense) benefit are as follows (in thousands):
Year Ended December 31,
202020192018
Current:
Federal$826 $(48)$(1,195)
State(549)(1,329)(1,452)
Total current income tax (expense) benefit277 (1,377)(2,647)
Deferred:
Federal927 126 (39)
State131 33 (96)
Total deferred income tax (expense) benefit1,058 159 (135)
Total income tax (expense) benefit$1,335 $(1,218)$(2,782)
Deferred Tax Asset (Liability) And Related Valuation Allowance
At December 31, 2020 and 2019, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands):
December 31,
20202019
Allowance for doubtful accounts$89 $150 
Unearned income1,364 2,525 
Federal and state net operating losses30,687 2,458 
Capital loss carryforward7,372 5,436 
Accrued expenses1,263 1,723 
Prepaid expenses(121)(4,823)
Tax property basis less than book basis(2,600)(3,355)
Tax derivatives basis greater than book basis296 2,281 
Other1,307 194 
Deferred tax asset (liability)39,657 6,589 
Valuation allowance(40,029)(7,712)
Net deferred tax asset (liability)$(372)$(1,123)
Summarize the Changes in the Valuation Allowance
The following table summarizes the changes in the valuation allowance (in thousands):
Year Ended December 31,
202020192018
Balance at beginning of year$7,712 $10,034 $6,232 
Additions32,317 — 4,766 
Deductions— (2,322)(964)
Balance at end of year$40,029 $7,712 $10,034 
v3.20.4
Deferred Costs, net (Tables)
12 Months Ended
Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Deferred Costs, net
Deferred costs, net consist of the following (in thousands):
December 31,
20202019
Deferred franchise fees$3,472 $4,811 
Accumulated amortization(1,621)(1,914)
Deferred costs, net$1,851 $2,897 
v3.20.4
Intangible Assets, net and Intangible Liabilities, net (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, net and Intangible Liabilities, net
Intangible assets, net and intangible liabilities, net consisted of the following (in thousands):
Intangible Assets, netIntangible Liabilities, net
December 31,December 31,
2020201920202019
Cost$797 $797 $2,723 $2,723 
Accumulated amortization— — (466)(386)
$797 $797 $2,257 $2,337 
Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands):
2021$80 
202280 
202380 
202436 
202532 
Thereafter1,949 
Total$2,257 
v3.20.4
Selected Quarterly Financial Data (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Summary of the Quarterly Results of Operations
The following is a summary of the quarterly results of operations for the years ended December 31, 2020 and 2019 (in thousands, except per share data):
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
2020
Total revenue$281,877 $43,065 $93,043 $90,253 $508,238 
Total operating expenses334,936 194,800 217,198 189,991 936,925 
Gain (loss) on disposition of assets and hotel properties3,623 (6)(40,370)73 (36,680)
Operating income (loss)$(49,436)$(151,741)$(164,525)$(99,665)$(465,367)
Net income (loss)$(101,920)$(242,086)$(151,626)$(137,590)$(633,222)
Net income (loss) attributable to the Company$(84,201)$(204,616)$(129,281)$(125,778)$(543,876)
Net income (loss) attributable to common stockholders$(94,845)$(215,260)$(139,925)$(70,486)$(520,516)
Diluted income (loss) attributable to common stockholders per share$(9.40)
(2)
$(20.85)$(11.89)$(2.29)$(33.00)
(1)
Weighted average diluted common shares10,047 
(2)
10,312 11,767 30,751 15,756 
2019
Total revenue$358,718 $415,148 $374,237 $354,656 $1,502,759 
Total operating expenses334,966 366,699 347,161 365,330 1,414,156 
Gain (loss) on disposition of assets and hotel properties233 328 2,362 23,203 26,126 
Operating income (loss)$23,985 $48,777 $29,438 $12,529 $114,729 
Net income (loss)$(46,622)$(21,352)$(39,086)$(35,619)$(142,679)
Net income (loss) attributable to the Company$(38,017)$(16,282)$(31,177)$(28,159)$(113,635)
Net income (loss) attributable to common stockholders$(48,661)$(26,926)$(41,822)$(38,803)$(156,212)
Diluted income (loss) attributable to common stockholders per share$(4.94)
(2)
$(2.73)
(2)
$(4.21)
(2)
$(3.90)
(2)
$(15.77)
(1) (2)
Weighted average diluted common shares9,941 
(2)
9,994 
(2)
9,997 
(2)
9,997 
(2)
9,984 
(2)
_________________
(1) The sum of the diluted income (loss) attributable to common stockholders per share for the four quarters in 2020 and 2019 differs from the annual diluted income (loss) attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.
(2) Amounts have been revised for the effects of the 1-for-10 reverse stock split. See note 1.
v3.20.4
Organization and Description of Business (Details)
1 Months Ended 12 Months Ended
Jun. 30, 2020
hotel
Dec. 31, 2020
USD ($)
room
hotel
unit
shares
Dec. 31, 2019
USD ($)
hotel
shares
Dec. 31, 2018
USD ($)
hotel
Mar. 11, 2021
USD ($)
Jan. 15, 2021
USD ($)
Jul. 23, 2020
USD ($)
Jul. 15, 2020
shares
Jul. 14, 2020
shares
Jun. 22, 2020
USD ($)
May 12, 2020
USD ($)
Jan. 09, 2020
USD ($)
Dec. 31, 2017
USD ($)
Real Estate Properties [Line Items]                          
Number of hotels | hotel   117 121 122                  
Number of rooms | room   22,621                      
Number of rooms owned, net of partnership interest | room   22,594                      
Investment in unconsolidated entity   $ 2,811,000 $ 2,829,000                    
Stock split ratio 0.1                        
Number of shares of common stock (in shares) | shares   64,362,505 10,210,360         10,500,000 104,800,000        
Number of outstanding units (in shares) | shares               2,100,000 20,500,000        
Debt balance   $ 3,711,585,000                      
Cash and cash equivalents   92,905,000 $ 262,636,000 $ 319,210,000                 $ 354,805,000
Restricted cash   74,408,000 135,571,000 $ 120,602,000                 $ 116,787,000
Mortgages                          
Real Estate Properties [Line Items]                          
Outstanding principal balance with waived or deferred payments   2,800,000,000                      
Debt balance   $ 3,711,585,000 $ 4,124,003,000       $ 56,000,000.0     $ 45,800,000 $ 108,800,000    
Principal amount                       $ 37,000,000.0  
Mortgages | Subsequent Event                          
Real Estate Properties [Line Items]                          
Outstanding principal balance with waived or deferred payments         $ 3,600,000,000                
Line of Credit | Credit Agreement, Initial Term Loan | Oaktree Capital Management, L.P. | Subsequent Event                          
Real Estate Properties [Line Items]                          
Principal amount           $ 200,000,000              
Line of Credit | Credit Agreement, Initial Delayed Draw Term Loan | Oaktree Capital Management, L.P. | Subsequent Event                          
Real Estate Properties [Line Items]                          
Principal amount           150,000,000              
Line of Credit | Credit Agreement, Additional Delayed Draw Term Loan | Oaktree Capital Management, L.P. | Subsequent Event                          
Real Estate Properties [Line Items]                          
Principal amount           $ 100,000,000              
World Quest Resort                          
Real Estate Properties [Line Items]                          
Number of rooms | unit   90                      
OpenKey                          
Real Estate Properties [Line Items]                          
Ownership percentage   17.50% 17.00%                    
Investment in unconsolidated entity   $ 2,811,000 $ 2,829,000                    
Wholly Owned Properties                          
Real Estate Properties [Line Items]                          
Number of hotel properties | hotel   101                      
Majority Owned Properties                          
Real Estate Properties [Line Items]                          
Number of hotel properties | hotel   2                      
Subsidiaries                          
Real Estate Properties [Line Items]                          
Number of hotels | hotel   103                      
Number of hotel properties | hotel 116                        
Number of hotel properties managed by affiliates | hotel   68                      
Number of hotel properties suspended | hotel 23 2                      
v3.20.4
Significant Accounting Policies (Details)
12 Months Ended
Dec. 31, 2020
USD ($)
hotel
jointVenture
Dec. 31, 2019
USD ($)
hotel
jointVenture
Dec. 31, 2018
USD ($)
Real Estate Properties [Line Items]      
Number of hotel properties stated at historical cost | hotel 4    
Impairment of investments in hotel properties $ 91,721,000 $ 33,628,000 $ 23,391,000
Impairment of investments in unconsolidated entities 0 0 0
Unfavorable management contract liabilities 23,400,000    
Advertising expense $ 4,300,000 $ 10,400,000 8,500,000
Two Interstate Hotels      
Real Estate Properties [Line Items]      
Number of joint venture | jointVenture 1 1  
Two Interstate Hotels | Hotel Properties      
Real Estate Properties [Line Items]      
Ownership percentage of operating partnership 15.00% 15.00%  
Number of hotel properties held by joint ventures | hotel 2 2  
Notes Receivable      
Real Estate Properties [Line Items]      
Impairment of investments in hotel properties $ 0 $ 0  
OpenKey      
Real Estate Properties [Line Items]      
Ownership percentage 17.50% 17.00%  
Impairment of investments in unconsolidated entities $ 0 $ 0 $ 0
Minimum      
Real Estate Properties [Line Items]      
Restricted cash as percentage of property revenue 4.00%    
Minimum | Building and Building Improvements      
Real Estate Properties [Line Items]      
Estimated useful life 7 years 6 months    
Minimum | Furniture and Fixtures      
Real Estate Properties [Line Items]      
Estimated useful life 1 year 6 months    
Maximum      
Real Estate Properties [Line Items]      
Restricted cash as percentage of property revenue 6.00%    
Maximum | Building and Building Improvements      
Real Estate Properties [Line Items]      
Estimated useful life 39 years    
Maximum | Furniture and Fixtures      
Real Estate Properties [Line Items]      
Estimated useful life 5 years    
v3.20.4
Revenue (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2020
USD ($)
hotel
Dec. 31, 2019
USD ($)
hotel
Dec. 31, 2018
USD ($)
hotel
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 117 121 122
Revenue $ 90,253 $ 93,043 $ 43,065 $ 281,877 $ 354,656 $ 374,237 $ 415,148 $ 358,718 $ 508,238 $ 1,502,759 $ 1,430,789
Hilton St. Petersburg Bayfront and Key West Crowne Plaza                      
Disaggregation of Revenue [Line Items]                      
Business interruption income                 $ 0 $ 0 $ 2,600
Atlanta, GA Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 9 9 9
Revenue                 $ 36,656 $ 96,100 $ 88,965
Boston, MA Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 2 2 2
Revenue                 $ 12,982 $ 64,953 $ 62,495
Dallas / Ft. Worth Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 7 7 7
Revenue                 $ 29,412 $ 79,226 $ 82,258
Houston, TX Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 3 3 3
Revenue                 $ 14,666 $ 36,055 $ 36,851
Los Angeles, CA Metro Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 6 6 6
Revenue                 $ 41,364 $ 100,043 $ 98,323
Miami, FL Metro Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 2 2 2
Revenue                 $ 11,454 $ 30,731 $ 30,784
Minneapolis - St. Paul, MN - WI Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 3 3 3
Revenue                 $ 5,690 $ 26,767 $ 30,239
Nashville, TN Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 1 1 1
Revenue                 $ 19,935 $ 76,340 $ 65,018
New York / New Jersey Metro Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 6 6 5
Revenue                 $ 25,901 $ 100,523 $ 100,369
Orlando, FL Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 2 2 2
Revenue                 $ 9,899 $ 26,014 $ 22,741
Philadelphia, PA Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 3 3 3
Revenue                 $ 11,666 $ 29,095 $ 29,788
San Diego, CA Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 2 2 2
Revenue                 $ 7,985 $ 20,248 $ 20,438
San Francisco - Oakland, CA Metro Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 7 7 7
Revenue                 $ 37,755 $ 103,336 $ 91,656
Tampa, FL Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 2 2 2
Revenue                 $ 14,680 $ 34,157 $ 30,897
Washington D.C. - MD - VA Area                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 9 9 9
Revenue                 $ 39,425 $ 158,620 $ 144,270
Other Areas                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 39 39 38
Revenue                 $ 159,394 $ 386,688 $ 369,505
Orlando WorldQuest                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 0 0 0
Revenue                 $ 2,142 $ 5,501 $ 5,747
Disposed properties                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 14 18 21
Revenue                 $ 25,499 $ 124,160 $ 116,436
Corporate                      
Disaggregation of Revenue [Line Items]                      
Number of Hotels | hotel                 0 0 0
Revenue                 $ 1,733 $ 4,202 $ 4,009
Rooms                      
Disaggregation of Revenue [Line Items]                      
Revenue                 407,492 1,184,987 1,134,687
Rooms | Atlanta, GA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 28,047 72,572 66,688
Rooms | Boston, MA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 9,645 54,276 52,508
Rooms | Dallas / Ft. Worth Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 22,491 59,926 61,910
Rooms | Houston, TX Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 11,418 26,038 26,783
Rooms | Los Angeles, CA Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 34,182 78,689 77,976
Rooms | Miami, FL Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 8,643 21,356 21,652
Rooms | Minneapolis - St. Paul, MN - WI Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 4,417 19,980 22,071
Rooms | Nashville, TN Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 12,105 51,628 50,120
Rooms | New York / New Jersey Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 20,130 74,075 74,441
Rooms | Orlando, FL Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 8,415 22,891 20,393
Rooms | Philadelphia, PA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 9,888 24,469 24,385
Rooms | San Diego, CA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 6,998 17,838 18,392
Rooms | San Francisco - Oakland, CA Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 33,888 91,081 81,368
Rooms | Tampa, FL Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 11,325 25,187 22,896
Rooms | Washington D.C. - MD - VA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 31,446 124,056 113,902
Rooms | Other Areas                      
Disaggregation of Revenue [Line Items]                      
Revenue                 130,311 306,637 293,283
Rooms | Orlando WorldQuest                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,571 4,066 4,429
Rooms | Disposed properties                      
Disaggregation of Revenue [Line Items]                      
Revenue                 22,572 110,222 101,490
Rooms | Corporate                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Food and Beverage                      
Disaggregation of Revenue [Line Items]                      
Revenue                 61,157 243,917 224,311
Food and Beverage | Atlanta, GA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 5,513 18,878 17,060
Food and Beverage | Boston, MA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 896 7,072 6,609
Food and Beverage | Dallas / Ft. Worth Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 4,896 15,814 16,746
Food and Beverage | Houston, TX Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 2,854 9,208 9,214
Food and Beverage | Los Angeles, CA Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 4,461 16,117 15,645
Food and Beverage | Miami, FL Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 2,509 8,578 8,283
Food and Beverage | Minneapolis - St. Paul, MN - WI Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 996 5,973 7,219
Food and Beverage | Nashville, TN Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 5,591 22,356 13,116
Food and Beverage | New York / New Jersey Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 4,254 23,601 23,029
Food and Beverage | Orlando, FL Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 532 1,836 1,518
Food and Beverage | Philadelphia, PA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,426 3,903 4,534
Food and Beverage | San Diego, CA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 322 1,395 1,075
Food and Beverage | San Francisco - Oakland, CA Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 2,299 9,628 7,726
Food and Beverage | Tampa, FL Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 2,449 7,858 6,459
Food and Beverage | Washington D.C. - MD - VA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 4,737 26,231 23,673
Food and Beverage | Other Areas                      
Disaggregation of Revenue [Line Items]                      
Revenue                 16,320 57,170 53,752
Food and Beverage | Orlando WorldQuest                      
Disaggregation of Revenue [Line Items]                      
Revenue                 24 102 130
Food and Beverage | Disposed properties                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,078 8,197 8,523
Food and Beverage | Corporate                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other Hotel                      
Disaggregation of Revenue [Line Items]                      
Miscellaneous business interruption income                   172  
Revenue                 37,856 69,653 67,782
Other Hotel | Atlanta, GA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 3,096 4,650 5,217
Other Hotel | Boston, MA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 2,441 3,605 3,378
Other Hotel | Dallas / Ft. Worth Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 2,025 3,486 3,602
Other Hotel | Houston, TX Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 394 809 854
Other Hotel | Los Angeles, CA Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 2,721 5,237 4,702
Other Hotel | Miami, FL Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 302 797 849
Other Hotel | Minneapolis - St. Paul, MN - WI Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 277 814 949
Other Hotel | Nashville, TN Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 2,239 2,356 1,782
Other Hotel | New York / New Jersey Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,517 2,847 2,899
Other Hotel | Orlando, FL Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 952 1,287 830
Other Hotel | Philadelphia, PA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 352 723 869
Other Hotel | San Diego, CA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 665 1,015 971
Other Hotel | San Francisco - Oakland, CA Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,568 2,627 2,562
Other Hotel | Tampa, FL Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 906 1,112 1,542
Other Hotel | Washington D.C. - MD - VA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 3,242 8,333 6,695
Other Hotel | Other Areas                      
Disaggregation of Revenue [Line Items]                      
Revenue                 12,763 22,881 22,470
Other Hotel | Orlando WorldQuest                      
Disaggregation of Revenue [Line Items]                      
Revenue                 547 1,333 1,188
Other Hotel | Disposed properties                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,849 5,741 6,423
Other Hotel | Corporate                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,733 4,202 4,009
Other | Atlanta, GA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Boston, MA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Dallas / Ft. Worth Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Houston, TX Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Los Angeles, CA Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Miami, FL Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Minneapolis - St. Paul, MN - WI Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Nashville, TN Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | New York / New Jersey Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Orlando, FL Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Philadelphia, PA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | San Diego, CA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | San Francisco - Oakland, CA Metro Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Tampa, FL Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Washington D.C. - MD - VA Area                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Other Areas                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Orlando WorldQuest                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Disposed properties                      
Disaggregation of Revenue [Line Items]                      
Revenue                 0 0 0
Other | Corporate                      
Disaggregation of Revenue [Line Items]                      
Revenue                 $ 1,733 $ 4,202 $ 4,009
v3.20.4
Investments in Hotel Properties, net - Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Abstract]    
Land $ 630,690 $ 769,381
Buildings and improvements 3,751,588 4,129,884
Furniture, fixtures and equipment 388,428 503,156
Construction in progress 16,192 29,745
Condominium properties 11,707 12,093
Total cost 4,798,605 5,444,259
Accumulated depreciation (1,371,623) (1,335,816)
Investments in hotel properties, net $ 3,426,982 $ 4,108,443
v3.20.4
Investments in Hotel Properties, net - Narrative (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Property, Plant and Equipment [Abstract]      
Cost of land and depreciable property for federal income tax purposes $ 3,000.0 $ 3,500.0  
Depreciation $ 252.4 $ 268.4 $ 257.9
v3.20.4
Hotel Dispositions and Impairment Charges - Hotel Disposition Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Jan. 09, 2020
Dec. 27, 2019
Aug. 14, 2019
Aug. 06, 2019
Aug. 02, 2019
Jun. 07, 2019
Mar. 05, 2019
May 10, 2018
May 01, 2018
Feb. 20, 2018
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Sep. 21, 2020
Sep. 15, 2020
Jul. 23, 2020
Jul. 09, 2020
Jun. 22, 2020
May 12, 2020
Mar. 09, 2020
Dec. 03, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Debt balance                       $ 3,711,585                    
Gain (loss) on extinguishment of debt                       90,349 $ 0 $ 0                
Mortgages                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Extinguishment of debt $ 43,800 $ 16,000       $ 5,200 $ 178,100                              
Rockbridge Portfolio                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Debt balance                                   $ 144,200        
Gain (loss) on extinguishment of debt                       65,200                    
Mortgages                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Debt balance                     $ 4,124,003 3,711,585 4,124,003       $ 56,000   $ 45,800 $ 108,800    
Subordinated Debt                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Debt balance                                 $ 8,000   $ 5,800 36,200    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Crowne Plaza, Annapolis, Maryland                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Consideration for disposal                                         $ 5,100  
Carrying value of property sold                                         $ 2,100  
Gain (loss) on disposal                       3,700                    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Embassy Suites New York Manhattan Times Square                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Consideration for disposal                                       143,900    
Gain (loss) on disposal                       40,400                    
Consideration in cash                                       35,100    
Consideration in the form of the assumption of the loan                                       $ 108,800    
Gain (loss) on extinguishment of debt                       4,300                    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | W Hotel Minneapolis, Minnesota                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Assignment of equity interests                               100.00%            
Gain (loss) on extinguishment of debt                       1,100                    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Lake Buena Vista                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Assignment of equity interests                             100.00%              
Gain (loss) on extinguishment of debt                       $ 19,700                    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marriott in San Antonio                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Consideration for disposal         $ 34,000                                  
Gain (loss) on disposal                         2,600                  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marriott in San Antonio | Mortgages                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Extinguishment of debt         $ 26,800                                  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton Garden Inn in Wisconsin Dells, Wisconsin                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Consideration for disposal       $ 8,000                                    
Gain (loss) on disposal                         (292)                  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton Garden Inn in Wisconsin Dells, Wisconsin | Mortgages                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Extinguishment of debt       $ 7,700                                    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marriott in Savannah, Georgia                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Consideration for disposal     $ 29,800                                      
Gain (loss) on disposal                     $ (60)                      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marriott in Savannah, Georgia | Mortgages                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Extinguishment of debt     $ 28,800                                      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Jacksonville FL Spring Hill Suites By Marriott                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Consideration for disposal                                           $ 11,200
Gain (loss) on disposal                         $ 3,800                  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | SpringHill Suites Glen Allen                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Consideration for disposal                   $ 10,900                        
Gain (loss) on disposal                           (13)                
Disposal Group, Disposed of by Sale, Not Discontinued Operations | SpringHill Suites Glen Allen | Mortgages                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Extinguishment of debt                   $ 7,600                        
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Centerville VA Spring Hill Suites By Marriott                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Consideration for disposal                 $ 7,500                          
Gain (loss) on disposal                           98                
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Centerville VA Spring Hill Suites By Marriott | Mortgages                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Extinguishment of debt                 $ 6,600                          
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Residence Inn Tampa                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Consideration for disposal               $ 24,000                            
Gain (loss) on disposal                           $ 390                
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Residence Inn Tampa | Mortgages                                            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                            
Extinguishment of debt               $ 22,500                            
v3.20.4
Hotel Dispositions and Impairment Charges - Schedule of Hotel Dispositions and Assets Held for Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Real Estate Properties [Line Items]      
Total hotel revenue $ 25,499 $ 124,160 $ 116,436
Total hotel operating expenses (20,916) (77,685) (72,047)
Gain (loss) on disposition of assets and hotel properties (36,680) 6,042 475
Property taxes, insurance and other (6,406) (11,272) (8,939)
Depreciation and amortization (12,426) (23,577) (23,481)
Impairment charges (85,144) (33,628) (23,599)
Operating income (loss) (136,073) (15,960) (11,155)
Interest income 9 55 57
Interest expense and amortization of premiums and loan costs (21,502) (26,690) (19,609)
Write-off of premiums, loan costs and exit fees (21) (524) (98)
Gain (loss) on extinguishment of debt 90,349 0 0
Income (loss) before income taxes (67,238) (43,119) (30,805)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 9,913 5,215 3,534
Net income (loss) before income taxes attributable to the Company $ (57,325) $ (37,904) $ (27,271)
v3.20.4
Hotel Dispositions and Impairment Charges - Impairment Charges and Insurance Recoveries (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties     $ 27,600 $ 27,600 $ 91,721 $ 33,600 $ 23,400
Hurricane              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties             275
Columbus Hampton Inn Easton              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties     1,700 13,900      
Canonsburg Homewood Suites Pittsburgh Southpointe              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties       10,000      
Phoenix Hampton Inn Airport North              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties       $ 3,700      
Pittsburgh Hampton Inn Waterfront West              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties     3,000     9,300  
Washington Hampton Inn Pittsburgh Meadow Lands              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties     3,000     10,200  
Cannonsburg Homewood Suites Pittsburgh Southpointe              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties     1,800        
Stillwater Residence Inn              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties     2,400     7,600  
Billerica Courtyard By Marriott Boston              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties     9,500        
Wichita Courtyard By Marriott Old Town              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties     $ 6,100        
W Hotel Minneapolis, Minnesota              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties   $ 29,900          
Le Meridien Minneapolis              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties $ 6,600       $ 6,577    
Wisconsin Dells Hilton Garden Inn              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties           1,400 5,100
Marriott in Savannah, Georgia              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties           $ 5,100  
Marriott in San Antonio              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties             9,900
Crowne Plaza, Annapolis, Maryland              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties             6,700
SpringHill Suites Centreville              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment charge for investments in hotel properties             $ 2,000
v3.20.4
Hotel Dispositions and Impairment Charges - Hotel Properties Measured at Fair Value (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Fair Value $ 3,426,982     $ 3,426,982 $ 4,108,443  
Impairment Charges   $ 27,600 $ 27,600 91,721 $ 33,600 $ 23,400
Le Meridien Minneapolis            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment Charges 6,600     6,577    
Le Meridien Minneapolis | Fair Value, Nonrecurring            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Fair Value 7,663     7,663    
Level 1 | Le Meridien Minneapolis | Fair Value, Nonrecurring            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Fair Value 0     0    
Level 2 | Le Meridien Minneapolis | Fair Value, Nonrecurring            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Fair Value 0     0    
Level 3 | Le Meridien Minneapolis | Fair Value, Nonrecurring            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Fair Value $ 7,663     $ 7,663    
v3.20.4
Investment in Unconsolidated Entity (Details) - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]      
Investment amount $ 430,000 $ 647,000 $ 667,000
Impairment of investments in unconsolidated entities 0 0 0
Carrying value of the investment in OpenKey (in thousands) 2,811,000 2,829,000  
Equity in earnings (loss) of unconsolidated entities (448,000) (2,307,000) 867,000
OpenKey      
Schedule of Equity Method Investments [Line Items]      
Investment amount 5,000,000.0    
Impairment of investments in unconsolidated entities 0 0 0
Carrying value of the investment in OpenKey (in thousands) $ 2,811,000 $ 2,829,000  
Ownership interest in OpenKey 17.50% 17.00%  
Equity in earnings (loss) of unconsolidated entities $ (448,000) $ (411,000) $ (592,000)
v3.20.4
Indebtedness, net - Schedule of Indebtedness (Details)
$ in Thousands
12 Months Ended
Feb. 09, 2021
extension
Jan. 19, 2021
extension
Dec. 31, 2020
USD ($)
hotel
extension
installment
Nov. 01, 2020
USD ($)
extension
Oct. 02, 2020
installment
Sep. 30, 2020
extension
Aug. 05, 2020
extension
installment
Aug. 03, 2020
USD ($)
extension
Jul. 09, 2020
USD ($)
extension
Jul. 07, 2020
Jun. 29, 2020
extension
May 20, 2020
May 01, 2020
extension
Apr. 07, 2020
Jan. 09, 2020
USD ($)
extension
Dec. 27, 2019
USD ($)
hotel
Jun. 07, 2019
USD ($)
Mar. 05, 2019
USD ($)
hotel
Dec. 31, 2020
USD ($)
hotel
extension
Jul. 23, 2020
USD ($)
Jun. 22, 2020
USD ($)
May 12, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jan. 22, 2019
USD ($)
hotel
Debt Instrument [Line Items]                                                
Debt Balance     $ 3,711,585                               $ 3,711,585          
Book Value of Collateral     3,409,588                               3,409,588       $ 4,104,830  
Indebtedness, net     $ 3,728,911                               $ 3,728,911       $ 4,106,518  
LIBOR rate     0.144%                               0.144%       1.763%  
Interest expense, extension option term           1 month                                    
Mortgages                                                
Debt Instrument [Line Items]                                                
Debt Balance     $ 3,711,585                               $ 3,711,585 $ 56,000 $ 45,800 $ 108,800 $ 4,124,003  
Premiums (discounts), net     (288)                               (288)       655  
Capitalized default interest and late charges     27,444                               27,444       0  
Deferred loan costs, net     (9,830)                               (9,830)       (18,140)  
Indebtedness, net     $ 3,728,911                               $ 3,728,911       4,106,518  
Principal amount                             $ 37,000                  
Number of extension options | extension                             2                  
Term of mortgage loan extension option                             1 year                  
Mortgages | Mortgage loan 1                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Debt Balance     $ 0                               $ 0       43,750  
Book Value of Collateral     $ 0                               $ 0       60,191  
Initial term of loan                             3 years                  
Term of mortgage loan extension option                             1 year                  
Mortgages | Mortgage loan 2                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     8                               8          
Debt Balance     $ 0                               $ 0       144,000  
Book Value of Collateral     $ 0                               $ 0       168,054  
Number of extension options | extension                             2                  
Mortgages | Mortgage loan 3                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     2                               2          
Debt Balance     $ 240,000                               $ 240,000       240,000  
Book Value of Collateral     $ 224,022                               $ 224,022       235,705  
Principal amount                                   $ 240,000            
Number of extension options             5                     5            
Term of mortgage loan extension option             1 year                     1 year            
Interest expense deferral term             6 months                                  
Interest expense, number of monthly installments | installment             12                                  
Mortgages | Mortgage loan 4                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     19                               19          
Debt Balance     $ 914,281                               $ 914,281       907,030  
Book Value of Collateral     $ 1,020,462                               $ 1,020,462       1,077,936  
Number of extension options | extension                 5                              
Term of mortgage loan extension option                 1 year                              
Interest expense deferral term                 6 months                              
Deferred interest payments                 $ 6,100                              
Interest expense repayment term                 12 months                              
Mortgages | Mortgage loan 5                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     7                               7          
Debt Balance     $ 180,720                               $ 180,720       180,720  
Book Value of Collateral     $ 125,266                               $ 125,266       131,102  
Number of extension options | extension           5                                    
Term of mortgage loan extension option           1 year                                    
Interest expense deferral term           6 months                                    
Interest expense, number of extension options | extension           3                                    
Interest expense, extension option term           1 month                                    
Mortgages | Mortgage loan 6                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     7                               7          
Debt Balance     $ 174,400                               $ 174,400       174,400  
Book Value of Collateral     $ 124,613                               $ 124,613       131,420  
Mortgages | Mortgage loan 7                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     5                               5          
Debt Balance     $ 221,040                               $ 221,040       221,040  
Book Value of Collateral     $ 163,550                               $ 163,550       175,875  
Number of extension options | extension           5                                    
Term of mortgage loan extension option           1 year                                    
Interest expense deferral term           6 months                                    
Mortgages | Mortgage loan 8                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     5                               5          
Debt Balance     $ 262,640                               $ 262,640       262,640  
Book Value of Collateral     $ 94,111                               $ 94,111       105,702  
Mortgages | Mortgage loan 9                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     5                               5          
Debt Balance     $ 215,120                               $ 215,120       215,120  
Book Value of Collateral     $ 190,650                               $ 190,650       198,059  
Number of extension options | extension           5                                    
Term of mortgage loan extension option           1 year                                    
Interest expense deferral term           6 months                                    
Interest expense, number of extension options | extension           2                                    
Mortgages | Mortgage loan 10                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     5                               5          
Debt Balance     $ 160,000                               $ 160,000       160,000  
Book Value of Collateral     $ 178,377                               $ 178,377       185,854  
Number of extension options | extension           5                                    
Term of mortgage loan extension option           1 year                                    
Interest expense deferral term           6 months                                    
Mortgages | Mortgage loan 11                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Interest rate     626.00%                               626.00%          
Debt Balance     $ 84,544                               $ 84,544       91,542  
Book Value of Collateral     $ 101,521                               $ 101,521       112,767  
Number of extension options | extension       0                                        
Term of mortgage loan extension option       1 year                                        
Principal reduction       $ 5,000                                        
Mortgages | Mortgage loan 12                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     17                               17          
Default Rate     4.00%                               4.00%          
Debt Balance     $ 419,000                               $ 419,000       419,000  
Book Value of Collateral     $ 238,886                               $ 238,886       263,998  
Mortgages | Mortgage loan 12 | Subsequent Event                                                
Debt Instrument [Line Items]                                                
Number of extension options | extension 5                                              
Term of mortgage loan extension option 1 year                                              
Mortgages | Mortgage loan 13                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Debt Balance     $ 25,000                               $ 25,000       25,000  
Book Value of Collateral     $ 48,231                               $ 48,231       49,748  
Number of extension options | extension                     3                          
Term of mortgage loan extension option                     1 year                          
LIBOR floor                     1.25%                          
Mortgages | Mortgage loan 14                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Debt Balance     $ 0                               $ 0       145,000  
Book Value of Collateral     $ 0                               $ 0       189,982  
Principal amount                                               $ 145,000
Number of extension options | hotel                                               2
Term of mortgage loan extension option                                     1 year          
Mortgages | Mortgage loan 15                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     8                               8          
Default Rate     5.00%                               5.00%          
Debt Balance     $ 395,000                               $ 395,000       395,000  
Book Value of Collateral     $ 311,023                               $ 311,023       331,686  
Mortgages | Mortgage loan 15 | Subsequent Event                                                
Debt Instrument [Line Items]                                                
Number of extension options | extension   5                                            
Term of mortgage loan extension option   1 year                                            
Mortgages | Mortgage loan 16                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Debt Balance     $ 34,200         $ 35,200                     $ 34,200       35,200  
Book Value of Collateral     $ 38,549                               $ 38,549       38,383  
Initial term of loan               2 years                                
Number of extension options | extension               1                                
Term of mortgage loan extension option               1 year                                
Principal reduction               $ 1,000                                
LIBOR floor               0.25%                                
Mortgages | Mortgage loan 17                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Debt Balance     $ 98,259                               $ 98,259       97,000  
Book Value of Collateral     $ 180,312                               $ 180,312       186,400  
Interest expense deferral term         6 months                                      
Interest expense, number of monthly installments | installment         12                                      
Mortgages | Mortgage loan 18                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Debt Balance     $ 16,100                               $ 16,100       16,100  
Book Value of Collateral     $ 26,046                               $ 26,046       27,498  
Number of extension options | extension                         2                      
Term of mortgage loan extension option                         1 year                      
Interest expense deferral term                         3 months                      
LIBOR floor                         0.25%                      
Mortgages | Mortgage loan 19                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Debt Balance     $ 37,000                               $ 37,000       0  
Book Value of Collateral     $ 56,784                               $ 56,784       0  
Number of extension options | extension     2                               2          
Term of mortgage loan extension option                                     1 year          
Interest expense deferral term                   2 months                            
Interest expense repayment term                   12 months                            
Mortgages | Mortgage loan 20                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Interest rate     5.46%                               5.46%          
Debt Balance     $ 0                               $ 0       51,843  
Book Value of Collateral     $ 0                               $ 0       83,824  
Mortgages | Mortgage loan 21                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Debt Balance     $ 73,450                               $ 73,450       73,450  
Book Value of Collateral     $ 105,359                               $ 105,359       107,212  
Interest expense deferral term                       6 months                        
Interest expense repayment term                       12 months                        
Mortgages | Mortgage loan 22                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Interest rate     5.49%                               5.49%          
Debt Balance     $ 6,706                               $ 6,706       6,759  
Book Value of Collateral     $ 7,456                               $ 7,456       8,112  
Principal amount                               $ 16,100                
Initial term of loan                               3 years                
Number of extension options | hotel                               2                
Term of mortgage loan extension option                               1 year                
Interest expense deferral term     6 months                                          
Interest expense, number of monthly installments | installment     9                                          
Mortgages | Mortgage loan 23                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Interest rate     5.49%                               5.49%          
Debt Balance     $ 9,786                               $ 9,786       9,865  
Book Value of Collateral     $ 17,172                               $ 17,172       19,166  
Mortgages | Mortgage loan 24                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Interest rate     4.99%                               4.99%          
Default Rate     5.00%                               5.00%          
Debt Balance     $ 6,260                               $ 6,260       6,292  
Book Value of Collateral     $ 6,494                               $ 6,494       6,896  
Mortgages | Mortgage loan 25                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Debt Balance     $ 8,881                               $ 8,881       8,881  
Book Value of Collateral     $ 6,980                               $ 6,980       7,416  
Interest expense deferral term                           3 months                    
Interest expense deferral extension term                           3 months                    
Mortgages | Mortgage loan 26                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     3                               3          
Interest rate     5.20%                               5.20%          
Debt Balance     $ 0                               $ 0       64,207  
Book Value of Collateral     $ 0                               $ 0       48,560  
Mortgages | Mortgage loan 27                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     2                               2          
Interest rate     4.85%                               4.85%          
Debt Balance     $ 11,774                               $ 11,774       11,845  
Book Value of Collateral     $ 10,466                               $ 10,466       11,727  
Mortgages | Mortgage loan 28                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     3                               3          
Interest rate     4.90%                               4.90%          
Debt Balance     $ 23,542                               $ 23,542       23,683  
Book Value of Collateral     $ 15,805                               $ 15,805       17,348  
Principal amount                                 $ 8,900              
Initial term of loan                                 5 years              
Mortgages | Mortgage loan 29                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     2                               2          
Interest rate     4.45%                               4.45%          
Default Rate     4.00%                               4.00%          
Debt Balance     $ 19,369                               $ 19,369       19,438  
Book Value of Collateral     $ 9,859                               $ 9,859       10,314  
Mortgages | Mortgage loan 30                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     3                               3          
Interest rate     4.45%                               4.45%          
Default Rate     4.00%                               4.00%          
Debt Balance     $ 50,098                               $ 50,098       50,279  
Book Value of Collateral     $ 64,816                               $ 64,816       70,318  
Mortgages | Mortgage loan 31                                                
Debt Instrument [Line Items]                                                
Collateral | hotel     1                               1          
Interest rate     4.66%                               4.66%          
Debt Balance     $ 24,415                               $ 24,415       24,919  
Book Value of Collateral     $ 42,778                               $ 42,778       $ 43,577  
Interest expense, number of monthly installments | installment     6                                          
Mortgages | LIBOR                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate               3.95%             3.40%                  
Term of mortgage loan extension option               1 year                                
LIBOR floor               0.25%                                
Mortgages | LIBOR | Mortgage loan 1                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     5.10%          
Mortgages | LIBOR | Mortgage loan 2                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     4.33%          
Mortgages | LIBOR | Mortgage loan 3                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                   2.75% 2.75%          
Mortgages | LIBOR | Mortgage loan 4                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     3.20%          
Mortgages | LIBOR | Mortgage loan 5                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     3.65%          
Mortgages | LIBOR | Mortgage loan 6                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     3.39%          
Mortgages | LIBOR | Mortgage loan 7                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     3.73%          
Mortgages | LIBOR | Mortgage loan 8                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     4.02%          
Mortgages | LIBOR | Mortgage loan 9                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     3.68%          
Mortgages | LIBOR | Mortgage loan 10                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     2.73%          
Mortgages | LIBOR | Mortgage loan 12                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     3.00%          
Mortgages | LIBOR | Mortgage loan 13                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     2.55%          
Mortgages | LIBOR | Mortgage loan 14                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     3.90%          
Mortgages | LIBOR | Mortgage loan 15                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     2.92%          
Mortgages | LIBOR | Mortgage loan 16                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate               3.95%                     3.95%          
Mortgages | LIBOR | Mortgage loan 17                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     2.00%          
Mortgages | LIBOR | Mortgage loan 18                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     2.25%          
Mortgages | LIBOR | Mortgage loan 19                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     3.40%          
Mortgages | LIBOR | Mortgage loan 21                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     2.45%          
Mortgages | LIBOR | Mortgage loan 22                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                               2.25%                
Mortgages | LIBOR | Mortgage loan 25                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                     2.00%          
Mortgages | LIBOR | Mortgage loan 28                                                
Debt Instrument [Line Items]                                                
Basis spread on variable rate                                 2.00%              
v3.20.4
Indebtedness, net - Narrative (Details)
12 Months Ended
Aug. 05, 2020
extension
Aug. 03, 2020
USD ($)
extension
Jan. 09, 2020
USD ($)
extension
Dec. 27, 2019
USD ($)
Oct. 10, 2019
USD ($)
a
Aug. 14, 2019
USD ($)
Aug. 06, 2019
USD ($)
Aug. 02, 2019
USD ($)
Jun. 07, 2019
USD ($)
Mar. 05, 2019
USD ($)
hotel
Dec. 31, 2020
USD ($)
a
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Sep. 21, 2020
Sep. 15, 2020
Jul. 23, 2020
USD ($)
Jul. 09, 2020
USD ($)
Jun. 22, 2020
USD ($)
May 12, 2020
USD ($)
Feb. 26, 2019
USD ($)
Jan. 22, 2019
USD ($)
hotel
Debt Instrument [Line Items]                                          
Debt balance                     $ 3,711,585,000                    
Gain (loss) on extinguishment of debt                     90,349,000 $ 0 $ 0                
Gain (loss) recognized on troubled debt restructuring                     0                    
Non-cash loan principal associated with default interest and late charges                     47,453,000 0 $ 0                
Amount of capitalized principal that was amortized                     20,000,000.0                    
Mortgages                                          
Debt Instrument [Line Items]                                          
Extinguishment of debt     $ 43,800,000 $ 16,000,000.0         $ 5,200,000 $ 178,100,000                      
New Orleans, LA Le Pavillon | Mortgages                                          
Debt Instrument [Line Items]                                          
Extinguishment of debt     6,800,000                                    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Embassy Suites New York Manhattan Times Square                                          
Debt Instrument [Line Items]                                          
Consideration for disposal                                     $ 143,900,000    
Consideration in cash                                     35,100,000    
Consideration in the form of the assumption of the loan                                     108,800,000    
Gain (loss) on disposal                     40,400,000                    
Gain (loss) on extinguishment of debt                     4,300,000                    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | W Hotel Minneapolis, Minnesota                                          
Debt Instrument [Line Items]                                          
Gain (loss) on extinguishment of debt                     1,100,000                    
Assignment of equity interests                             100.00%            
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Lake Buena Vista                                          
Debt Instrument [Line Items]                                          
Gain (loss) on extinguishment of debt                     $ 19,700,000                    
Assignment of equity interests                           100.00%              
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marriott in Savannah, Georgia | Mortgages                                          
Debt Instrument [Line Items]                                          
Extinguishment of debt           $ 28,800,000                              
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marriott in San Antonio                                          
Debt Instrument [Line Items]                                          
Consideration for disposal               $ 34,000,000.0                          
Gain (loss) on disposal                       2,600,000                  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marriott in San Antonio | Mortgages                                          
Debt Instrument [Line Items]                                          
Extinguishment of debt               $ 26,800,000                          
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton Garden Inn in Wisconsin Dells, Wisconsin | Mortgages                                          
Debt Instrument [Line Items]                                          
Extinguishment of debt             $ 7,700,000                            
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel                                          
Debt Instrument [Line Items]                                          
Extinguishment of debt         $ 8,000,000.0                                
Area of property | a         1.65           1.65                    
Rockbridge Portfolio                                          
Debt Instrument [Line Items]                                          
Debt balance                                 $ 144,200,000        
Gain (loss) on extinguishment of debt                     $ 65,200,000                    
Mortgages                                          
Debt Instrument [Line Items]                                          
Principal amount     $ 37,000,000.0                                    
Number of extension options | extension     2                                    
Term of mortgage loan extension option     1 year                                    
Outstanding principal balance with waived or deferred payments                     2,800,000,000                    
Debt balance                     3,711,585,000 4,124,003,000       $ 56,000,000.0   $ 45,800,000 108,800,000    
Mortgages | LIBOR                                          
Debt Instrument [Line Items]                                          
Basis spread on variable rate   3.95% 3.40%                                    
Term of mortgage loan extension option   1 year                                      
LIBOR floor   0.25%                                      
Mortgages | Mortgage loan 31                                          
Debt Instrument [Line Items]                                          
Debt balance                     $ 24,415,000 24,919,000                  
Interest rate                     4.66%                    
Mortgages | Mortgage loan 8                                          
Debt Instrument [Line Items]                                          
Debt balance                     $ 262,640,000 262,640,000                  
Mortgages | Mortgage loan 8 | LIBOR                                          
Debt Instrument [Line Items]                                          
Basis spread on variable rate                     4.02%                    
Mortgages | Mortgage loan 16                                          
Debt Instrument [Line Items]                                          
Number of extension options | extension   1                                      
Term of mortgage loan extension option   1 year                                      
Debt balance   $ 35,200,000                 $ 34,200,000 35,200,000                  
Principal repayment   1,000,000.0                                      
Principal reduction   $ 1,000,000.0                                      
LIBOR floor   0.25%                                      
Initial term of loan   2 years                                      
Mortgages | Mortgage loan 16 | LIBOR                                          
Debt Instrument [Line Items]                                          
Basis spread on variable rate   3.95%                 3.95%                    
Mortgages | Mortgage loan 14                                          
Debt Instrument [Line Items]                                          
Principal amount                                         $ 145,000,000.0
Number of extension options | hotel                                         2
Term of mortgage loan extension option                     1 year                    
Debt balance                     $ 0 145,000,000                  
Mortgages | Mortgage loan 14 | LIBOR                                          
Debt Instrument [Line Items]                                          
Basis spread on variable rate                     3.90%                    
Mortgages | Mortgage Loan 33                                          
Debt Instrument [Line Items]                                          
Principal amount                                       $ 25,300,000  
Debt balance                                       $ 24,900,000  
Interest rate                                       4.66%  
Mortgages | Mortgage loan 3                                          
Debt Instrument [Line Items]                                          
Principal amount                   $ 240,000,000.0                      
Number of extension options 5                 5                      
Term of mortgage loan extension option 1 year                 1 year                      
Debt balance                     $ 240,000,000 $ 240,000,000                  
Mortgages | Mortgage loan 3 | LIBOR                                          
Debt Instrument [Line Items]                                          
Basis spread on variable rate                   2.75% 2.75%                    
Subordinated Debt                                          
Debt Instrument [Line Items]                                          
Debt balance                               $ 8,000,000.0   $ 5,800,000 $ 36,200,000    
v3.20.4
Indebtedness, net - Schedule of Premium Amortization Recognized (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Debt Disclosure [Abstract]      
Interest expense and amortization of premium and loan costs $ 154 $ 232 $ 277
v3.20.4
Indebtedness, net - Maturities (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Debt Disclosure [Abstract]  
2021 $ 2,902,783
2022 544,681
2023 113,996
2024 65,157
2025 84,968
Thereafter 0
Total $ 3,711,585
v3.20.4
Notes Receivable, net and Other - Schedule of Notes Receivable (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Interest Rate 7.00%  
Notes Receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Note receivable, net $ 8,263 $ 7,709
Notes Receivable | Construction Financing Note    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Face amount 4,000 4,000
Discount (143) (402)
Note receivable, net $ 3,857 3,598
Due date term 3 years  
Notes Receivable | Certificate of Occupancy Note    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Face amount $ 5,250 5,250
Discount (844) (1,139)
Note receivable, net $ 4,406 $ 4,111
v3.20.4
Notes Receivable, net and Other - Narrative (Details)
12 Months Ended
Dec. 31, 2020
USD ($)
a
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Oct. 10, 2019
a
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Cash interest income $ 0 $ 0    
Discount amortization 554,000 119,000    
Allowance related to notes receivable 0 0    
Interest income 672,000 3,067,000 $ 3,952,000  
Future ownership rights of parking parcel        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Interest income 300,000 72,000    
Free use of parking easement prior to development commencement        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Amortization expense 117,000 118,000    
Accumulated amortization 0 0    
Reimbursement of parking fees while parking parcel is in development        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Interest income 9,000 0    
Reimbursement of parking fees $ 240,000 $ 240,000    
Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel | Disposal Group, Disposed of by Sale, Not Discontinued Operations        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Area of property | a 1.65     1.65
v3.20.4
Notes Receivable, net and Other - Other Consideration (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Receivables with Imputed Interest [Line Items]    
Imputed Interest Rate 7.00%  
Total $ 4,703 $ 4,751
Future ownership rights of parking parcel    
Receivables with Imputed Interest [Line Items]    
Face amount 4,100 4,100
Imputed interest 372 72
Total 4,472 4,172
Free use of parking easement prior to development commencement    
Receivables with Imputed Interest [Line Items]    
Face amount 235 235
Accumulated amortization (235) (118)
Total 0 117
Reimbursement of parking fees while parking parcel is in development    
Receivables with Imputed Interest [Line Items]    
Face amount $ 231 $ 462
v3.20.4
Derivative Instruments and Hedging (Details) - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Credit Default Swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Change in market value of credit default swap $ 250,000    
Not Designated as Hedging Instrument | Interest rate derivatives - caps      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional amount (in thousands) 842,000,000 $ 3,799,740,000  
Aggregate principle balance on corresponding mortgage loans (in thousands) $ 697,000,000 $ 3,666,331,000  
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Minimum      
Derivative Instruments, Gain (Loss) [Line Items]      
Strike rate 3.00% 1.50%  
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Maximum      
Derivative Instruments, Gain (Loss) [Line Items]      
Strike rate 4.00% 5.22%  
Not Designated as Hedging Instrument | Interest rate derivatives - floors      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional amount (in thousands) $ 25,000,000 $ 12,025,000,000  
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Minimum      
Derivative Instruments, Gain (Loss) [Line Items]      
Strike rate low end of range (1.25%) 0.25%  
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Maximum      
Derivative Instruments, Gain (Loss) [Line Items]      
Strike rate 1.25% 1.63%  
Not Designated as Hedging Instrument | Interest rate derivatives - caps      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional amount (in thousands) $ 457,000,000 $ 1,051,050,000 $ 3,614,618,000
Total cost (in thousands) $ 83,000 $ 1,112,000 $ 3,143,000
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Minimum      
Derivative Instruments, Gain (Loss) [Line Items]      
Strike rate 3.00% 1.50% 1.50%
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Maximum      
Derivative Instruments, Gain (Loss) [Line Items]      
Strike rate 4.00% 4.88% 5.71%
Not Designated as Hedging Instrument | Interest rate derivatives - floors      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional amount (in thousands) $ 0 $ 6,000,000,000 $ 12,025,000,000
Total cost (in thousands) $ 0 $ 225,000 $ 432,000
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Minimum      
Derivative Instruments, Gain (Loss) [Line Items]      
Strike rate 1.63% 1.25%
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Maximum      
Derivative Instruments, Gain (Loss) [Line Items]      
Strike rate 1.63% 2.00%
v3.20.4
Fair Value Measurements - Narrative (Details)
Dec. 31, 2020
Dec. 31, 2019
Fair Value Disclosures [Abstract]    
Fair value consideration threshold for transfer in/out of level 3 10.00%  
LIBOR rate 0.144% 1.763%
LIBOR interest rate forward curve downtrend 0.131%  
v3.20.4
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Derivative assets:    
Derivative assets $ 263 $ 1,691
Derivative assets, net 263 1,691
Derivative liabilities:    
Derivative liabilities, net 0 (42)
Fair Value Measurements Recurring    
Derivative assets:    
Counterparty and Cash Collateral Netting 0 3,181
Derivative assets, net 263 1,691
Non-derivative assets:    
Equity securities   14,591
Total   16,282
Derivative liabilities:    
Counterparty and Cash Collateral Netting   4,231
Net   16,240
Fair Value Measurements Recurring | Interest rate derivatives - floors    
Derivative assets:    
Counterparty and Cash Collateral Netting 0 257
Derivative assets, net 263 299
Fair Value Measurements Recurring | Interest rate derivatives - caps    
Derivative assets:    
Counterparty and Cash Collateral Netting   0
Derivative assets, net   47
Fair Value Measurements Recurring | Credit default swaps    
Derivative assets:    
Counterparty and Cash Collateral Netting   2,924
Derivative assets, net   1,345
Derivative liabilities:    
Counterparty and Cash Collateral Netting   1,050
Derivative liabilities, net   (42)
Fair Value Measurements Recurring | Quoted Market Prices (Level 1)    
Derivative assets:    
Derivative assets 0 0
Non-derivative assets:    
Equity securities   14,591
Total   14,591
Derivative liabilities:    
Net   14,591
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives - floors    
Derivative assets:    
Derivative assets 0 0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives - caps    
Derivative assets:    
Derivative assets   0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Credit default swaps    
Derivative assets:    
Derivative assets   0
Derivative liabilities:    
Credit default swaps   0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2)    
Derivative assets:    
Derivative assets 263 (1,490)
Non-derivative assets:    
Equity securities   0
Total   (1,490)
Derivative liabilities:    
Net   (2,582)
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - floors    
Derivative assets:    
Derivative assets 263 42
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - caps    
Derivative assets:    
Derivative assets   47
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Credit default swaps    
Derivative assets:    
Derivative assets   (1,579)
Derivative liabilities:    
Credit default swaps   (1,092)
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3)    
Derivative assets:    
Derivative assets 0 0
Non-derivative assets:    
Equity securities   0
Total   0
Derivative liabilities:    
Net   0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives - floors    
Derivative assets:    
Derivative assets $ 0 0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives - caps    
Derivative assets:    
Derivative assets   0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Credit default swaps    
Derivative assets:    
Derivative assets   0
Derivative liabilities:    
Credit default swaps   $ 0
v3.20.4
Fair Value Measurements - Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Total derivatives   $ 19,950 $ (4,494) $ (2,178)
Unrealized gain (loss) on marketable securities   (1,467) 1,896 (1,013)
Derivative expense related to credit default swaps   811 1,077 1,045
Fair Value Measurements Recurring        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Total derivatives   19,950 (4,494) (2,178)
Unrealized gain (loss) on marketable securities   (1,467) 1,896 (1,013)
Realized gain (loss) on marketable securities   2,268 84 89
Net   1,679 (3,314) (3,102)
Fair Value Measurements Recurring | Interest rate derivatives - floors        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Total derivatives   10,106 362 (488)
Realized gain (loss) on interest rate floors   (9,505) (800) 0
Fair Value Measurements Recurring | Interest rate derivatives - caps        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Total derivatives   (130) (1,666) (2,678)
Fair Value Measurements Recurring | Credit default swaps        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Total derivatives   9,974 (3,190) 988
Realized gain (loss) on credit default swaps $ 0 (9,567) 0  
Fair Value Measurements Recurring | Derivative liabilities        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Liabilities   1,679 (3,314) (3,102)
Fair Value Measurements Recurring | Derivative liabilities | Credit default swaps        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Liabilities   0 (1,092) 285
Fair Value Measurements Recurring | Derivative assets        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Assets   878 (4,202) (2,463)
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives - floors        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Assets   601 (438) (488)
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives - caps        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Assets   (130) (1,666) (2,678)
Fair Value Measurements Recurring | Derivative assets | Credit default swaps        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Assets   407 (2,098) 703
Fair Value Measurements Recurring | Non-derivative assets        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Assets   1,679 (2,222) (3,387)
Fair Value Measurements Recurring | Non-derivative assets | Equity        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Assets   $ 801 $ 1,980 $ (924)
v3.20.4
Summary of Fair Value of Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Financial assets and liabilities measured at fair value:        
Marketable securities, Carrying value $ 0 $ 14,591    
Marketable securities, Estimated fair value 0 14,591    
Derivative assets, net, Carrying value 263 1,691    
Derivative assets, net, Estimated fair value 263 1,691    
Derivative liabilities, net 0 42    
Financial assets not measured at fair value:        
Cash and cash equivalents 92,905 262,636 $ 319,210 $ 354,805
Cash and cash equivalents, Estimated fair value 92,905 262,636    
Restricted cash, Carrying Value 74,408 135,571 120,602 $ 116,787
Restricted cash, Estimated fair value 74,408 135,571    
Accounts receivable, Carrying value 21,760 39,638    
Accounts receivable, Estimated fair value 21,760 39,638    
Notes receivable, net, Carrying value 8,263 7,709    
Due from related party, net, Carrying value 5,801 3,019    
Due from related party, net, Estimated fair value 5,801 3,019    
Due from third-party hotel managers, Carrying value 9,383 17,368    
Due from third party hotel managers, Estimated fair value 9,383 17,368    
Financial liabilities not measured at fair value:        
Indebtedness, Carrying Value 3,711,297 4,124,658    
Accounts payable and accrued expenses 99,954 124,226    
Accrued interest payable 98,685 10,115    
Dividends payable, Carrying value 868 20,849 $ 26,794  
Dividends payable, Estimated fair value 868 20,849    
Due to Ashford Inc., net, Carrying value 13,383 6,570    
Due to Ashford Inc., net, Estimated fair value 13,383 6,570    
Due to third-party hotel managers, Carrying value 184 2,509    
Due to third-party hotel managers, Estimated fair value 184 2,509    
Minimum        
Financial assets not measured at fair value:        
Notes receivable, net, Estimated fair value 7,850 7,323    
Financial liabilities not measured at fair value:        
Indebtedness, Estimated fair value 3,167,369 3,881,453    
Maximum        
Financial assets not measured at fair value:        
Notes receivable, net, Estimated fair value 8,676 8,095    
Financial liabilities not measured at fair value:        
Indebtedness, Estimated fair value $ 3,500,777 $ 4,290,027    
v3.20.4
Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Maximum maturity term of financial assets 90 days  
Notes receivable, net $ 8,263 $ 7,709
Indebtedness, net 3,728,911 4,106,518
Significant Other Observable Inputs (Level 2)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Indebtedness, net $ 3,700,000 $ 4,100,000
Minimum    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value percentage of the carrying value of notes receivable 95.00% 95.00%
Total indebtedness fair value variance from carrying value (as a percent) 85.30% 94.10%
Maximum    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value percentage of the carrying value of notes receivable 105.00% 105.00%
Total indebtedness fair value variance from carrying value (as a percent) 94.30% 104.00%
v3.20.4
Income (Loss) Per Share - Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income (loss) allocated to common stockholders - basic and diluted:      
Income (loss) attributable to the Company $ (543,876) $ (113,635) $ (126,966)
Less: Dividends on preferred stock (32,117) (42,577) (42,577)
Less: Extinguishment of preferred stock 55,477 0 0
Add: Claw back of dividends on unvested performance stock units 606    
Undistributed income (loss) allocated to common stockholders (519,910) (187,328) (217,494)
Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (519,910) $ (157,488) $ (170,437)
Weighted average common shares outstanding:      
Weighted average common shares outstanding - basic and diluted (in shares) 15,756 9,984 9,728
Basic income (loss) per share:      
Net income (loss) allocated to common stockholders per share (in dollars per share) $ (33.00) $ (15.77) $ (17.52)
Diluted income (loss) per share:      
Net income (loss) allocated to common stockholders per share (in dollars per share) $ (33.00) $ (15.77) $ (17.52)
Performance stock units      
Income (loss) allocated to common stockholders - basic and diluted:      
Less: Dividends $ 0 $ (475) $ (50)
Add: Claw back of dividends on unvested performance stock units 606 0 0
Restricted shares      
Income (loss) allocated to common stockholders - basic and diluted:      
Less: Dividends 0 (801) (844)
Common Stock      
Income (loss) allocated to common stockholders - basic and diluted:      
Less: Dividends $ 0 $ (29,840) $ (47,057)
v3.20.4
Income (Loss) Per Share - Summary of Computation of Diluted Income Per Share (Details) - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income (loss) allocated to common stockholders is not adjusted for:      
Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (89,008) $ (28,932) $ (29,313)
Total $ (89,008) $ (27,656) $ (28,419)
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 1,906 1,922 1,796
Preferred stock dividends in arrears $ 21,473    
Redeemable Noncontrolling Interests in Operating Partnership      
Weighted average diluted shares are not adjusted for:      
Preferred stock dividends in arrears 3,100    
Restricted shares      
Income (loss) allocated to common stockholders is not adjusted for:      
Income allocated to unvested shares $ 0 $ 801 $ 844
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 6 7 11
Performance stock units      
Income (loss) allocated to common stockholders is not adjusted for:      
Income allocated to unvested shares $ 0 $ 475 $ 50
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 0 7 25
Redeemable Noncontrolling Interests in Operating Partnership      
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 1,896 1,908 1,760
Contingently issuable shares      
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 4 0 0
v3.20.4
Redeemable Noncontrolling Interest in Operating Partnership - Narrative (Details) - USD ($)
$ in Thousands
12 Months Ended
Feb. 26, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Sep. 30, 2020
May 31, 2020
Mar. 16, 2020
Noncontrolling Interest [Line Items]              
Common unit limited partnership interest redemption for common stock (in shares)   1          
Performance LTIP dividend claw back upon cancellation   $ 606          
Hilton Santa Cruz/Scotts Valley              
Noncontrolling Interest [Line Items]              
Issuance of units for hotel acquisition (in shares) 1,500,000            
Director | COVID-19              
Noncontrolling Interest [Line Items]              
Temporary reduction to cash retainer             25.00%
LTIP units              
Noncontrolling Interest [Line Items]              
Common partnership unit per converted LTIP unit (in shares)   1          
Fair value of unrecognized cost   $ 2,600          
Period of recognition for unamortized shares   1 year 4 months 24 days          
Period for recognition   2 years 2 months 12 days          
LTIP units | Director              
Noncontrolling Interest [Line Items]              
Other than options (in shares)   34,000     82,000 16,000  
Fair value of options   $ 107 $ 160 $ 128      
Performance LTIP units              
Noncontrolling Interest [Line Items]              
Other than options (in shares)   130,000          
Shares forfeited (in shares)   109,000          
Performance LTIP dividend claw back upon cancellation   $ 1,401 $ 0 $ 0      
Units which have not reached full economic parity with common units (in shares)   50,000          
Fair value of unrecognized cost   $ 652          
Period of recognition for unamortized shares   1 year          
Period for recognition   2 years          
LTIP and Performance LTIP              
Noncontrolling Interest [Line Items]              
Units outstanding (in shares)   1,400,000          
Units which have not reached full economic parity with common units (in shares)   205,000          
Minimum | LTIP units              
Noncontrolling Interest [Line Items]              
Vesting period   3 years          
Minimum | Performance LTIP units              
Noncontrolling Interest [Line Items]              
Performance adjustment range   0.00%          
Maximum | LTIP units              
Noncontrolling Interest [Line Items]              
Vesting period   5 years          
Maximum | Performance LTIP units              
Noncontrolling Interest [Line Items]              
Performance adjustment range   200.00%          
v3.20.4
Redeemable Noncontrolling Interests in Operating Partnership - Compensation Expense (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Performance LTIP units | Advisory services fee      
Debt Instrument [Line Items]      
Compensation expense $ 1,972 $ 3,594 $ 6,797
LTIP units      
Debt Instrument [Line Items]      
Compensation expense 4,830 7,304 10,841
LTIP units | Advisory services fee      
Debt Instrument [Line Items]      
Compensation expense 2,042 3,264 3,508
LTIP units | Corporate, general and administrative      
Debt Instrument [Line Items]      
Compensation expense $ 816 $ 446 $ 536
v3.20.4
Redeemable Noncontrolling Interests in Operating Partnership - Activity of Units in Operating Partnership (Details) - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Partnership Interest      
Temporary Equity [Line Items]      
Redemption/conversion of operating partnership units (in shares) 196 0 0
Operating Partnership Units      
Temporary Equity [Line Items]      
Redemption/conversion of operating partnership units $ 959 $ 0 $ 0
v3.20.4
Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Noncontrolling Interest [Line Items]        
Redeemable noncontrolling interests (in thousands)   $ 22,951 $ 69,870  
Cumulative adjustments to redeemable noncontrolling interests   (36,817) $ (9,445) $ 8,171
Partnership Interest        
Noncontrolling Interest [Line Items]        
Cumulative adjustments to redeemable noncontrolling interests $ 155,536 $ 186,763    
Partnership Interest | Ashford Trust OP        
Noncontrolling Interest [Line Items]        
Ownership percentage of operating partnership   8.51% 15.92%  
v3.20.4
Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests and Declared Aggregate Cash Distributions to Holders (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Noncontrolling Interest [Line Items]      
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 89,008 $ 28,932 $ 29,313
Distributions declared to holders of common units, LTIP units and Performance LTIP units 0 6,572 8,789
Performance LTIP dividend claw back upon cancellation (606)    
Performance LTIP units      
Noncontrolling Interest [Line Items]      
Performance LTIP dividend claw back upon cancellation $ (1,401) $ 0 $ 0
v3.20.4
Redeemable Noncontrolling Interests in Operating Partnership - Activity of Units in Operating Partnership (Details) - shares
shares in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Common Units      
Summary of the activity of the operating partnership units      
Units issued (in shares) 0 147 0
Partnership Interest      
Summary of the activity of the operating partnership units      
Outstanding at beginning of year (in shares) 2,194 1,992 1,960
Units issued (in shares) 232 34 48
Common units converted to common stock (in shares) (196) 0 0
Outstanding at end of year (in shares) 2,171 2,194 1,992
Common units convertible/redeemable at end of year (in shares) 1,777 1,857 1,665
Performance LTIP units      
Summary of the activity of the operating partnership units      
Units issued (in shares) 50 21 58
Performance LTIP units canceled (in shares) (109) 0 (74)
v3.20.4
Equity - Narrative (Details)
12 Months Ended 34 Months Ended
Dec. 07, 2020
USD ($)
$ / shares
shares
Nov. 25, 2020
$ / shares
Dec. 31, 2020
hotel
$ / shares
shares
Dec. 31, 2019
hotel
$ / shares
shares
Dec. 31, 2018
shares
Sep. 30, 2020
USD ($)
shares
Jul. 15, 2020
shares
Jul. 14, 2020
shares
Dec. 11, 2017
USD ($)
Dec. 05, 2017
USD ($)
$ / shares
Sep. 18, 2017
$ / shares
Class of Stock [Line Items]                      
Common stock, par value (in dollars per share)   $ 0.01 $ 0.01 $ 0.01           $ 0.01  
Authorized amount | $                   $ 200,000,000  
Stock repurchased (in shares) | shares     0 0 0            
Additional acquisition of common stock (in shares) | shares     30,558 21,070 24,856            
Number of shares of common stock (in shares) | shares     64,362,505 10,210,360     10,500,000 104,800,000      
Preferred stock, shares authorized (in shares) | shares     50,000,000 50,000,000              
Preferred stock, par value (in dollars per shares)     $ 0.01 $ 0.01              
Common stock, shares issued (in shares) | shares     64,362,505 10,210,360              
Hotel Properties | Two Interstate Hotels                      
Class of Stock [Line Items]                      
Ownership percentage of operating partnership     15.00% 15.00%              
Number of hotel properties held by joint ventures | hotel     2 2              
Preferred Stock, Series D                      
Class of Stock [Line Items]                      
Preferred stock percentage   8.45% 8.45%                
Preferred stock, par value (in dollars per shares)   $ 0.01 $ 0.01                
Preferred stock, shares outstanding (in shares) | shares     1,791,461 2,389,393              
Redemption price of preferred stock (in dollars per share)                     $ 25
Annual dividend rate per share (in dollars per share)     $ 2.1124                
Increased dividend rate percentage     9.45%                
Preferred stock, shares issued (in shares) | shares     1,791,461 2,389,393              
Liquidation preference (in dollars per share)                     $ 25.00
Preferred Stock, Series F                      
Class of Stock [Line Items]                      
Preferred stock percentage   7.375% 7.375%                
Preferred stock, par value (in dollars per shares)   $ 0.01 $ 0.01                
Preferred stock, shares outstanding (in shares) | shares     2,891,440 4,800,000              
Redemption price of preferred stock (in dollars per share)     $ 25.00                
Annual dividend rate per share (in dollars per share)     $ 1.8436                
Preferred stock, shares issued (in shares) | shares     2,891,440 4,800,000              
Liquidation preference (in dollars per share)     $ 25.00                
Conversion ratio to common stock     9.68992                
Preferred Stock, Series G                      
Class of Stock [Line Items]                      
Preferred stock percentage   7.375% 7.375%                
Preferred stock, par value (in dollars per shares)   $ 0.01 $ 0.01                
Preferred stock, shares outstanding (in shares) | shares     4,422,623 6,200,000              
Redemption price of preferred stock (in dollars per share)     $ 25.00                
Annual dividend rate per share (in dollars per share)     $ 1.8436                
Preferred stock, shares issued (in shares) | shares     4,422,623 6,200,000              
Liquidation preference (in dollars per share)     $ 25.00                
Conversion ratio to common stock     8.33333                
Preferred Stock, Series H                      
Class of Stock [Line Items]                      
Preferred stock percentage   7.50% 7.50%                
Preferred stock, par value (in dollars per shares)   $ 0.01 $ 0.01                
Preferred stock, shares outstanding (in shares) | shares     2,668,637 3,800,000              
Redemption price of preferred stock (in dollars per share)     $ 25.00                
Annual dividend rate per share (in dollars per share)     $ 1.8750                
Preferred stock, shares issued (in shares) | shares     2,668,637 3,800,000              
Liquidation preference (in dollars per share)     $ 25.00                
Conversion ratio to common stock     8.25083                
Preferred Stock, Series I                      
Class of Stock [Line Items]                      
Preferred stock percentage   7.50% 7.50%                
Preferred stock, par value (in dollars per shares)   $ 0.01 $ 0.01                
Preferred stock, shares outstanding (in shares) | shares     3,391,349 5,400,000              
Redemption price of preferred stock (in dollars per share)     $ 25.00                
Annual dividend rate per share (in dollars per share)     $ 1.8750                
Preferred stock, shares issued (in shares) | shares     3,391,349 5,400,000              
Liquidation preference (in dollars per share)     $ 25.00                
Conversion ratio to common stock     8.06452                
Convertible Common Stock                      
Class of Stock [Line Items]                      
Common stock, shares issued (in shares) | shares     2,788,035                
Convertible Preferred Stock                      
Class of Stock [Line Items]                      
Preferred stock, shares issued (in shares) | shares     544,177                
Private Placement | Lincoln Park Capital Fund, LLC                      
Class of Stock [Line Items]                      
Common stock, par value (in dollars per share) $ 0.01                    
Shares issued (in shares) | shares 190,840                    
Shares authorized amount | $ $ 40,000,000.0                    
Purchase agreement period 24 months                    
Shares to purchase, option one (in shares) | shares 400,000                    
Shares to purchase, option two (in shares) | shares 300,000                    
Percent of total shares outstanding 4.99%                    
Private Placement | Maximum | Lincoln Park Capital Fund, LLC                      
Class of Stock [Line Items]                      
Gross proceeds received | $ $ 3,000,000                    
Sale price of stock (in dollars per share) $ 5.00                    
Common Stock                      
Class of Stock [Line Items]                      
Common stock issued (in shares) | shares     12,679,000   244,000            
Common Stock | At-The-Market Equity Distribution                      
Class of Stock [Line Items]                      
Aggregate offering price | $                 $ 100,000,000    
Shares issued (in shares) | shares       0   4,400,000          
Gross proceeds received | $           $ 27,500,000          
v3.20.4
Equity - Issuance Activity (Details) - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Class of Stock [Line Items]      
Gross proceed received $ 31,873 $ 0 $ 14,752
Common Stock      
Class of Stock [Line Items]      
Issuance of common stock (in shares) 4,127 0 243
Gross proceed received $ 12,009 $ 0 $ 15,522
Commissions and other expenses 150 0 194
Net proceeds $ 11,859 $ 0 $ 15,328
v3.20.4
Equity - Summary of Activity (Details) - Lincoln Park Capital Fund, LLC - USD ($)
$ in Thousands
12 Months Ended
Dec. 07, 2020
Dec. 31, 2020
Private Placement    
Class of Stock [Line Items]    
Shares issued (in shares) 190,840  
Common Stock | Private Placement, Shares Sold    
Class of Stock [Line Items]    
Shares issued (in shares)   8,362,000
Common Stock | Private Placement, Additional Commitment Shares    
Class of Stock [Line Items]    
Shares issued (in shares)   191,000
Common Stock | Private Placement    
Class of Stock [Line Items]    
Shares issued (in shares)   8,553,000
Gross proceeds received   $ 20,556
v3.20.4
Equity - Preferred Dividends Unpaid (Details) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Nov. 25, 2020
Dec. 31, 2020
Class of Stock [Line Items]    
Preferred stock dividends in arrears   $ 21,473
Preferred Stock, Series D    
Class of Stock [Line Items]    
Preferred stock dividends in arrears   $ 2,838
Preferred stock dividends in arrears (in dollars per share)   $ 1.58
Preferred stock percentage 8.45% 8.45%
Preferred Stock, Series F    
Class of Stock [Line Items]    
Preferred stock dividends in arrears   $ 3,998
Preferred stock dividends in arrears (in dollars per share)   $ 1.38
Preferred stock percentage 7.375% 7.375%
Preferred Stock, Series G    
Class of Stock [Line Items]    
Preferred stock dividends in arrears   $ 6,115
Preferred stock dividends in arrears (in dollars per share)   $ 1.38
Preferred stock percentage 7.375% 7.375%
Preferred Stock, Series H    
Class of Stock [Line Items]    
Preferred stock dividends in arrears   $ 3,753
Preferred stock dividends in arrears (in dollars per share)   $ 1.41
Preferred stock percentage 7.50% 7.50%
Preferred Stock, Series I    
Class of Stock [Line Items]    
Preferred stock dividends in arrears   $ 4,769
Preferred stock dividends in arrears (in dollars per share)   $ 1.41
Preferred stock percentage 7.50% 7.50%
v3.20.4
Equity - Preferred Shares Tendered and Common Shares Issued (Details) - shares
shares in Thousands
12 Months Ended
Nov. 25, 2020
Dec. 31, 2020
Dec. 31, 2019
Preferred Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   6,880  
Preferred Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     544
Common Stock      
Class of Stock [Line Items]      
Shares Tendered and Issued   41,177  
Common Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   38,389  
Common Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     2,788
Preferred Stock, Series D      
Class of Stock [Line Items]      
Preferred stock percentage 8.45% 8.45%  
Preferred Stock, Series D | Preferred Stock      
Class of Stock [Line Items]      
Shares Tendered and Issued   (598)  
Preferred Stock, Series D | Preferred Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   575  
Preferred Stock, Series D | Preferred Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     23
Preferred Stock, Series D | Common Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   3,211  
Preferred Stock, Series D | Common Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     131
Preferred Stock, Series F      
Class of Stock [Line Items]      
Preferred stock percentage 7.375% 7.375%  
Preferred Stock, Series F | Preferred Stock      
Class of Stock [Line Items]      
Shares Tendered and Issued   (1,909)  
Preferred Stock, Series F | Preferred Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   1,755  
Preferred Stock, Series F | Preferred Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     154
Preferred Stock, Series F | Common Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   9,791  
Preferred Stock, Series F | Common Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     795
Preferred Stock, Series G      
Class of Stock [Line Items]      
Preferred stock percentage 7.375% 7.375%  
Preferred Stock, Series G | Preferred Stock      
Class of Stock [Line Items]      
Shares Tendered and Issued   (1,777)  
Preferred Stock, Series G | Preferred Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   1,663  
Preferred Stock, Series G | Preferred Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     114
Preferred Stock, Series G | Common Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   9,279  
Preferred Stock, Series G | Common Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     573
Preferred Stock, Series H      
Class of Stock [Line Items]      
Preferred stock percentage 7.50% 7.50%  
Preferred Stock, Series H | Preferred Stock      
Class of Stock [Line Items]      
Shares Tendered and Issued   (1,131)  
Preferred Stock, Series H | Preferred Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   1,029  
Preferred Stock, Series H | Preferred Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     102
Preferred Stock, Series H | Common Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   5,742  
Preferred Stock, Series H | Common Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     515
Preferred Stock, Series I      
Class of Stock [Line Items]      
Preferred stock percentage 7.50% 7.50%  
Preferred Stock, Series I | Preferred Stock      
Class of Stock [Line Items]      
Shares Tendered and Issued   (2,009)  
Preferred Stock, Series I | Preferred Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   1,858  
Preferred Stock, Series I | Preferred Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     151
Preferred Stock, Series I | Common Stock | Prior Exchange Offers      
Class of Stock [Line Items]      
Shares Tendered and Issued   10,366  
Preferred Stock, Series I | Common Stock | Privately Negotiated Exchange Agreements      
Class of Stock [Line Items]      
Shares Tendered and Issued     774
v3.20.4
Equity - Summary of Dividends Declared (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Class of Stock [Line Items]      
Common stock $ 0 $ 31,116 $ 47,951
Total dividends declared 10,644 73,693 90,528
Preferred Stock, Series D      
Class of Stock [Line Items]      
Total dividends declared 1,262 5,048 5,047
Preferred Stock, Series F      
Class of Stock [Line Items]      
Total dividends declared 2,212 8,849 8,849
Preferred Stock, Series G      
Class of Stock [Line Items]      
Total dividends declared 2,858 11,430 11,431
Preferred Stock, Series H      
Class of Stock [Line Items]      
Total dividends declared 1,781 7,125 7,125
Preferred Stock, Series I      
Class of Stock [Line Items]      
Total dividends declared $ 2,531 $ 10,125 $ 10,125
v3.20.4
Equity - Noncontrolling Interests in Consolidated Entities (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Equity [Abstract]      
Carrying value of noncontrolling interests $ 166 $ 504  
(Income) loss allocated to noncontrolling interests in consolidated entities $ 338 $ 112 $ 30
v3.20.4
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Thousands
1 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
May 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Restricted shares              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Unamortized cost of unvested shares $ 2,900     $ 2,900      
Period of unamortized cost with be expensed       2 years 2 months 12 days      
Weighted average period of recognition for unamortized shares       1 year 7 months 6 days      
Other than options (in shares) 166,000     166,000 213,000 171,000 208,000
Compensation expense       $ 4,936 $ 7,476 $ 7,857  
Shares forfeited (in shares)       53,000 6,000 5,000  
Restricted shares | Executive Officer              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Compensation expense           $ 1,500  
Performance stock units              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Unamortized cost of unvested shares $ 2,000     $ 2,000      
Period of unamortized cost with be expensed       2 years      
Weighted average period of recognition for unamortized shares       1 year 2 months 12 days      
Other than options (in shares) 128,000     128,000 158,000 77,000 82,000
Compensation expense       $ 958 $ 4,937 $ 8,241  
Vesting period       3 years      
Shares canceled (in shares)       35,000 0 24,800  
Claw back of previously declared dividends       $ 378      
Shares forfeited (in shares)       65,000 0 0  
Performance stock units | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Performance adjustment range 0.00%     0.00%      
Performance stock units | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Performance adjustment range 200.00%     200.00%      
Performance stock units | Executive Officer              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Compensation expense       $ 1,900   $ 3,000  
Claw back of previously declared dividends       $ 228      
Shares forfeited (in shares)       65,000      
Non-employee restricted shares | Director              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Other than options (in shares) 6,000 13,000 3,000 6,000      
Fair value of options $ 20 $ 25 $ 17        
2011 Stock Incentive Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Authorized to grant (in shares) 1,700,000     1,700,000      
Shares available for future issuance (in shares) 126,000     126,000      
v3.20.4
Stock-Based Compensation - Summary of Compensation Expense (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Restricted shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense $ 4,936 $ 7,476 $ 7,857
Restricted shares | Advisory services fee      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 3,897 6,268 6,698
Restricted shares | Management fees      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 594 768 1,159
Restricted shares | Corporate, general and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 298 350 0
Restricted shares | Corporate, general and administrative | Director      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 147 90 0
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense $ 958 $ 4,937 $ 8,241
v3.20.4
Stock-Based Compensation - Summary of Unit Activity (Details) - $ / shares
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Restricted shares      
Units      
Outstanding at beginning of year (in shares) 213,000 171,000 208,000
Granted (in shares) 168,000 134,000 91,000
Vested (in shares) (162,000) (86,000) (123,000)
Forfeited (in shares) (53,000) (6,000) (5,000)
Outstanding at end of year (in shares) 166,000 213,000 171,000
Weighted Average Price at Grant      
Beginning of year (in dollars per share) $ 58.60 $ 65.60 $ 70.30
Granted (in dollars per share) 11.55 53.60 66.40
Vested (in dollars per share) 46.25 65.00 74.10
Forfeited (in dollars per share) 34.89 58.20 64.10
End of year (in dollars per share) $ 30.61 $ 58.60 $ 65.60
Performance Shares      
Units      
Outstanding at beginning of year (in shares) 158,000 77,000 82,000
Granted (in shares) 70,000 81,000 53,000
Vested (in shares) 0 0 (33,000)
Forfeited (in shares) (65,000) 0 0
Canceled (in shares) (35,000) 0 (24,800)
Outstanding at end of year (in shares) 128,000 158,000 77,000
Weighted Average Price at Grant      
Beginning of year (in dollars per share) $ 58.20 $ 63.10 $ 60.70
Granted (in dollars per share) 8.00 53.60 66.40
Vested (in dollars per share) 0 0 61.90
Forfeited (in dollars per share) 45.83 0 0
Canceled (in dollars per share) 58.50   63.80
End of year (in dollars per share) $ 37.79 $ 58.20 $ 63.10
v3.20.4
Related Party Transactions - Narrative (Details)
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Nov. 05, 2020
Oct. 16, 2020
USD ($)
Jul. 01, 2020
USD ($)
installment
Mar. 20, 2020
USD ($)
Sep. 25, 2019
USD ($)
Aug. 07, 2018
USD ($)
Jun. 26, 2018
USD ($)
Nov. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
hotel
Dec. 31, 2019
USD ($)
hotel
Dec. 31, 2018
hotel
Jan. 04, 2021
USD ($)
Nov. 26, 2020
USD ($)
Aug. 25, 2020
USD ($)
Mar. 13, 2020
USD ($)
Related Party Transaction [Line Items]                                  
Aggregate non-listed preferred equity offerings         $ 400,000,000           $ 400,000,000            
Number of hotels | hotel                     117 121 122        
Percentage not to exceed of project budget           16.50%                      
Due from related parties, net                     $ 5,801,000 $ 3,019,000          
Ashford Inc.                                  
Related Party Transaction [Line Items]                                  
Allocation percentage         75.00%           0.00%            
Ashford Inc. | Ashford Inc.                                  
Related Party Transaction [Line Items]                                  
Allocation percentage                     50.00%            
Ashford Inc. | Braemar Hotels & Resorts Inc                                  
Related Party Transaction [Line Items]                                  
Allocation percentage         25.00%           50.00%            
Subsidiaries                                  
Related Party Transaction [Line Items]                                  
Number of hotel properties managed by affiliates | hotel                     68            
Number of hotels | hotel                     103            
Management Fee                                  
Related Party Transaction [Line Items]                                  
Portion of project management fees to project costs           4.00%         4.00%            
Success Fees                                  
Related Party Transaction [Line Items]                                  
Deferral of payment term 30 days 30 days           30 days                  
Amount of fees not paid   $ 3,000,000.0                              
Claw back credit   506,000                              
Remington Hotels                                  
Related Party Transaction [Line Items]                                  
Security deposit                     $ 1,200,000            
Due from related parties, net                     $ 4,600,000 1,800,000          
Ashford Inc.                                  
Related Party Transaction [Line Items]                                  
Advisory services, incentive fee term                     3 years            
Contribution amount committed         $ 15,000,000                        
Contribution amount funded                   $ 3,000,000.0              
Ashford Inc. | Other Assets                                  
Related Party Transaction [Line Items]                                  
Contribution amount funded                     $ 85,000 1,600,000          
Ashford Inc. | Base Management Fees                                  
Related Party Transaction [Line Items]                                  
Reimbursable expenses   3,000,000           $ 3,000,000             $ 3,000,000    
Ashford Inc. | Base Management Fees | Subsequent Event                                  
Related Party Transaction [Line Items]                                  
Reimbursable expenses                           $ 2,800,000      
Ashford Inc. | Reimbursable Expenses                                  
Related Party Transaction [Line Items]                                  
Reimbursable expenses   $ 1,000,000                              
Ashford Inc. | Affiliated entity                                  
Related Party Transaction [Line Items]                                  
ERFP, percent of commitment for each hotel             10.00%                    
ERFP, term after acquisition             3 years                    
ERFP, initial term             2 years                    
ERFP, renewal term             1 year                    
ERFP, notice term             60 days                    
Ashford Inc. | Affiliated entity | Embassy Suites New York Manhattan Times Square                                  
Related Party Transaction [Line Items]                                  
Entitled to receive for furniture, fixtures, and equipment                       $ 19,500,000          
Consideration for FF&E                 $ 8,100,000                
Remaining ERFP amount                                 $ 11,400,000
Lismore Capital                                  
Related Party Transaction [Line Items]                                  
Advisory fees waived                               $ 540,000  
Lismore Capital | Mortgages                                  
Related Party Transaction [Line Items]                                  
Advisory fees waived                               $ 94,000  
Lismore Capital | Subsidiaries                                  
Related Party Transaction [Line Items]                                  
Advisory services, term     24 months                            
Advisory services, aggregate fee     $ 2,600,000                            
Number of installments | installment     3                            
Monthly installment fee     $ 857,000                            
Advisory services aggregate fee, percent     0.25%                            
Advisory services, extension term     12 months                            
Advisory services, amount paid     $ 8,300,000 $ 5,100,000                          
Advisory services, financing amount     $ 4,100,000,000                            
Advisory services, multiple percentage     0.125%                            
Periodic installment payments                     5,100,000            
Payment expensed in accordance with the agreement                     3,500,000            
Payment amount to be offset against future fees                     1,700,000            
Expensed recognized in other assets                     4,400,000            
Expensed recognized in write-off loan costs and exit fees                     9,200,000            
Lismore Capital | Subsidiaries | Success Fees                                  
Related Party Transaction [Line Items]                                  
Payable fees                     6,700,000            
Lismore Capital | Subsidiaries | Payable Reduction                                  
Related Party Transaction [Line Items]                                  
Advisory services, rate     0.10%                            
Lismore Capital | Subsidiaries | Advisory services fee                                  
Related Party Transaction [Line Items]                                  
Advisory services, rate     0.75%                            
Lismore Capital | Subsidiaries | Percent of Conversion Value                                  
Related Party Transaction [Line Items]                                  
Advisory services, rate     1.50%                            
Lismore Capital | Subsidiaries | Percent of Face Value                                  
Related Party Transaction [Line Items]                                  
Advisory services, rate     50.00%                            
Lismore Capital | Subsidiaries | Success Fees Payable                                  
Related Party Transaction [Line Items]                                  
Payable fees                     $ 3,400,000            
Maximum | Ashford Inc.                                  
Related Party Transaction [Line Items]                                  
Quarterly base fee                     0.70%            
Total market capitalization                     $ 10,000,000,000.0            
Maximum | Ashford Inc. | Affiliated entity                                  
Related Party Transaction [Line Items]                                  
ERFP investment amount (up to)             $ 50,000,000                    
ERFP commitment amount subject to increase             $ 100,000,000                    
Minimum | Management Fee | Management Fee                                  
Related Party Transaction [Line Items]                                  
Percent of gross revenue                     3.00%            
Minimum | Ashford Inc.                                  
Related Party Transaction [Line Items]                                  
Quarterly base fee                     0.50%            
Total market capitalization                     $ 6,000,000,000.0            
Minimum | Remington Hotels | Management Fee | Management Fee                                  
Related Party Transaction [Line Items]                                  
Payment of monthly property management fees           $ 14,000         $ 14,000            
Percent of gross revenue           3.00%                      
v3.20.4
Related Party Transactions - Advisory Service Fee and Reimbursed Operating Expenses (Details) - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Related Party Transaction [Line Items]      
Advisory services fee $ 50,050 $ 63,632 $ 69,122
Performance Shares      
Related Party Transaction [Line Items]      
Units forfeited (in shares) 65 0 0
Executive Officer | Performance Shares      
Related Party Transaction [Line Items]      
Units forfeited (in shares) 65    
Value of shares forfeited $ 1,900    
Ashford Inc.      
Related Party Transaction [Line Items]      
Corporate, general and administrative 1,998 $ 896 $ 0
Ashford Inc. | Affiliated entity      
Related Party Transaction [Line Items]      
Advisory services fee 50,050 63,632 69,122
Ashford Inc. | Affiliated entity | Base advisory fee      
Related Party Transaction [Line Items]      
Advisory services fee 34,745 36,269 35,526
Ashford Inc. | Affiliated entity | Reimbursable expenses      
Related Party Transaction [Line Items]      
Advisory services fee 6,436 9,300 8,351
Ashford Inc. | Affiliated entity | Equity-based compensation      
Related Party Transaction [Line Items]      
Advisory services fee $ 8,869 $ 18,063 $ 25,245
v3.20.4
Related Party Transactions - Schedule of Hotel and Project Management Agreements (Details) - Remington Hotels - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Related Party Transaction [Line Items]    
Hotel management fees, including incentive hotel management fees $ 27,205 $ 30,890
Market service and project management fees 0 11,148
Corporate general and administrative 6,014 5,872
Total $ 33,219 $ 47,910
v3.20.4
Related Party Transactions - Summary of Entities with Advisor Interest (Details) - USD ($)
$ in Thousands
12 Months Ended
Oct. 16, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Success Fees        
Related Party Transaction [Line Items]        
Claw back credit $ 506      
AIM | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction   $ 995 $ 1,206 $ 1,156
Total   (111) 82  
AIM | Other Hotel Revenue | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
AIM | Management Fee | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
AIM | Other Hotel Expenses | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
AIM | Property Taxes, Insurance and Other | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
AIM | Advisory Expenses | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction   0    
AIM | Corporate, General and Administrative | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction   995 1,206 1,156
AIM | Write-off of Premiums, Loan Costs and Exit Fees | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
AIM | Advisory Services Fee | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction     0  
AIM | Gain (Loss) on Disposition of Assets and Hotel Properties | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction     0  
AIM | Investments in Hotel Properties, net | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
AIM | Indebtedness, net | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
AIM | Other Assets | Cash management services        
Related Party Transaction [Line Items]        
Amount of transaction   0    
Ashford LLC | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction   118 75 76
Total   30 18  
Ashford LLC | Advisory Services Fee        
Related Party Transaction [Line Items]        
Total   9,533 1,133  
Ashford LLC | Other Hotel Revenue | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Ashford LLC | Management Fee | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Ashford LLC | Other Hotel Expenses | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Ashford LLC | Property Taxes, Insurance and Other | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction   118 75  
Ashford LLC | Advisory Expenses | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction   0    
Ashford LLC | Corporate, General and Administrative | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 76
Ashford LLC | Write-off of Premiums, Loan Costs and Exit Fees | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Ashford LLC | Advisory Services Fee | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Ashford LLC | Gain (Loss) on Disposition of Assets and Hotel Properties | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Ashford LLC | Investments in Hotel Properties, net | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Ashford LLC | Indebtedness, net | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Ashford LLC | Other Assets | Insurance claims services        
Related Party Transaction [Line Items]        
Amount of transaction   0    
Ashford Securities | Broker/Dealer        
Related Party Transaction [Line Items]        
Amount of transaction     896  
Ashford Securities | Other Hotel Revenue | Broker/Dealer        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Ashford Securities | Management Fee | Broker/Dealer        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Ashford Securities | Other Hotel Expenses | Broker/Dealer        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Ashford Securities | Property Taxes, Insurance and Other | Broker/Dealer        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Ashford Securities | Corporate, General and Administrative | Broker/Dealer        
Related Party Transaction [Line Items]        
Amount of transaction     896  
Ashford Securities | Write-off of Premiums, Loan Costs and Exit Fees | Broker/Dealer        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Ashford Securities | Advisory Services Fee | Broker/Dealer        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Ashford Securities | Gain (Loss) on Disposition of Assets and Hotel Properties | Broker/Dealer        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Ashford Securities | Investments in Hotel Properties, net | Broker/Dealer        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Ashford Securities | Indebtedness, net | Broker/Dealer        
Related Party Transaction [Line Items]        
Amount of transaction     0  
J&S Audio Visual | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction   2,187 7,365 3,569
Total   131 1,009  
J&S Audio Visual | Equipment        
Related Party Transaction [Line Items]        
Amount of transaction     24 925
J&S Audio Visual | Other Hotel Revenue | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction   2,187 7,365 3,569
J&S Audio Visual | Other Hotel Revenue | Equipment        
Related Party Transaction [Line Items]        
Amount of transaction     0 0
J&S Audio Visual | Management Fee | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
J&S Audio Visual | Management Fee | Equipment        
Related Party Transaction [Line Items]        
Amount of transaction     0  
J&S Audio Visual | Other Hotel Expenses | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
J&S Audio Visual | Other Hotel Expenses | Equipment        
Related Party Transaction [Line Items]        
Amount of transaction     0 0
J&S Audio Visual | Property Taxes, Insurance and Other | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
J&S Audio Visual | Property Taxes, Insurance and Other | Equipment        
Related Party Transaction [Line Items]        
Amount of transaction     0  
J&S Audio Visual | Advisory Expenses | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction   0    
J&S Audio Visual | Corporate, General and Administrative | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
J&S Audio Visual | Corporate, General and Administrative | Equipment        
Related Party Transaction [Line Items]        
Amount of transaction     0 0
J&S Audio Visual | Write-off of Premiums, Loan Costs and Exit Fees | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
J&S Audio Visual | Write-off of Premiums, Loan Costs and Exit Fees | Equipment        
Related Party Transaction [Line Items]        
Amount of transaction     0  
J&S Audio Visual | Advisory Services Fee | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction     0  
J&S Audio Visual | Advisory Services Fee | Equipment        
Related Party Transaction [Line Items]        
Amount of transaction     0  
J&S Audio Visual | Gain (Loss) on Disposition of Assets and Hotel Properties | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction     0  
J&S Audio Visual | Gain (Loss) on Disposition of Assets and Hotel Properties | Equipment        
Related Party Transaction [Line Items]        
Amount of transaction     0  
J&S Audio Visual | Investments in Hotel Properties, net | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
J&S Audio Visual | Investments in Hotel Properties, net | Equipment        
Related Party Transaction [Line Items]        
Amount of transaction     24 925
J&S Audio Visual | Indebtedness, net | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
J&S Audio Visual | Indebtedness, net | Equipment        
Related Party Transaction [Line Items]        
Amount of transaction     0 0
J&S Audio Visual | Other Assets | Audio visual commissions        
Related Party Transaction [Line Items]        
Amount of transaction   0    
Lismore Capital | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction   16,570 1,294 5,094
Lismore Capital | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction   170 427  
Lismore Capital | Debt placement and related services        
Related Party Transaction [Line Items]        
Total   3,420 0  
Lismore Capital | Other Hotel Revenue | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Lismore Capital | Other Hotel Revenue | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Management Fee | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Management Fee | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Other Hotel Expenses | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Lismore Capital | Other Hotel Expenses | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Property Taxes, Insurance and Other | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Property Taxes, Insurance and Other | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Advisory Expenses | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction   0    
Lismore Capital | Advisory Expenses | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction   0    
Lismore Capital | Corporate, General and Administrative | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Lismore Capital | Corporate, General and Administrative | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Write-off of Premiums, Loan Costs and Exit Fees | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction   12,054 79  
Lismore Capital | Write-off of Premiums, Loan Costs and Exit Fees | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction   100 0  
Lismore Capital | Advisory Services Fee | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Lismore Capital | Advisory Services Fee | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Lismore Capital | Gain (Loss) on Disposition of Assets and Hotel Properties | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Lismore Capital | Gain (Loss) on Disposition of Assets and Hotel Properties | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction     427  
Lismore Capital | Investments in Hotel Properties, net | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Lismore Capital | Investments in Hotel Properties, net | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Indebtedness, net | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction   128 (1,215) (5,094)
Lismore Capital | Indebtedness, net | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Other Assets | Debt placement and related services        
Related Party Transaction [Line Items]        
Amount of transaction   4,388    
Lismore Capital | Other Assets | Broker services        
Related Party Transaction [Line Items]        
Amount of transaction   70    
OpenKey | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction   118 112 105
Total   13 2  
OpenKey | Other Hotel Revenue | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
OpenKey | Management Fee | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
OpenKey | Other Hotel Expenses | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction   118 109 102
OpenKey | Property Taxes, Insurance and Other | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
OpenKey | Advisory Expenses | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction   0    
OpenKey | Corporate, General and Administrative | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
OpenKey | Write-off of Premiums, Loan Costs and Exit Fees | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
OpenKey | Advisory Services Fee | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction     0  
OpenKey | Gain (Loss) on Disposition of Assets and Hotel Properties | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction     0  
OpenKey | Investments in Hotel Properties, net | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction   0 3 3
OpenKey | Indebtedness, net | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
OpenKey | Other Assets | Mobile key app        
Related Party Transaction [Line Items]        
Amount of transaction   0    
Lismore Capital | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction   6,801 20,004 7,677
Total   323 4,028  
Lismore Capital | Other Hotel Revenue | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Lismore Capital | Management Fee | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Other Hotel Expenses | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Lismore Capital | Property Taxes, Insurance and Other | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Advisory Expenses | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction   1,074    
Lismore Capital | Corporate, General and Administrative | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Lismore Capital | Write-off of Premiums, Loan Costs and Exit Fees | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Lismore Capital | Advisory Services Fee | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction     1,723  
Lismore Capital | Gain (Loss) on Disposition of Assets and Hotel Properties | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Lismore Capital | Investments in Hotel Properties, net | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction   5,727 18,281 7,677
Lismore Capital | Indebtedness, net | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
Lismore Capital | Other Assets | Project management services        
Related Party Transaction [Line Items]        
Amount of transaction   0    
OpenKey | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction   967 1,021 2,436
Total   44 298  
OpenKey | Other Hotel Revenue | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
OpenKey | Management Fee | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
OpenKey | Other Hotel Expenses | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction   929 422 24
OpenKey | Property Taxes, Insurance and Other | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
OpenKey | Advisory Expenses | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction   0    
OpenKey | Corporate, General and Administrative | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 0
OpenKey | Write-off of Premiums, Loan Costs and Exit Fees | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
OpenKey | Advisory Services Fee | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction     0  
OpenKey | Gain (Loss) on Disposition of Assets and Hotel Properties | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction     0  
OpenKey | Investments in Hotel Properties, net | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction   38 599 2,412
OpenKey | Indebtedness, net | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction   0 0 $ 0
OpenKey | Other Assets | Hypoallergenic premium rooms        
Related Party Transaction [Line Items]        
Amount of transaction   0    
Remington Hotels | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction   27,443 9,152  
Remington Hotels | Other Hotel Revenue | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Remington Hotels | Management Fee | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction   15,835 3,796  
Remington Hotels | Other Hotel Expenses | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction   11,608 5,356  
Remington Hotels | Property Taxes, Insurance and Other | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Remington Hotels | Advisory Expenses | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction   0    
Remington Hotels | Corporate, General and Administrative | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Remington Hotels | Write-off of Premiums, Loan Costs and Exit Fees | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Remington Hotels | Advisory Services Fee | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Remington Hotels | Gain (Loss) on Disposition of Assets and Hotel Properties | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction     0  
Remington Hotels | Investments in Hotel Properties, net | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Remington Hotels | Indebtedness, net | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction   0 0  
Remington Hotels | Other Assets | Hotel management services        
Related Party Transaction [Line Items]        
Amount of transaction   0    
Ashford Inc.        
Related Party Transaction [Line Items]        
Total   $ 13,383 $ 6,570  
v3.20.4
Commitments and Contingencies (Details)
12 Months Ended
Aug. 07, 2018
USD ($)
Jul. 26, 2018
USD ($)
Jun. 29, 2017
USD ($)
Jun. 07, 2017
USD ($)
Jun. 01, 2017
USD ($)
Jun. 30, 2014
USD ($)
Nov. 01, 2011
USD ($)
Dec. 31, 2020
USD ($)
hotel
lease
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2006
USD ($)
Commitments and Contingencies [Line Items]                        
Number of ground leases | lease               3        
Number of ground leases subject to base rent | lease               2        
Rent expense                   $ 4,000,000.0    
Contingent rent                   837,000    
Capital commitments               $ 29,400,000        
Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc.                        
Commitments and Contingencies [Line Items]                        
Damages awarded           $ 10,800,000         $ 8,800,000  
Payments for legal settlements   $ 544,000 $ 3,900,000                  
Loss contingency accrual               504,000        
Pedro Membrives And Michele Spero V. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC                        
Commitments and Contingencies [Line Items]                        
Loss contingency accrual               0        
Class Action Lawsuit, California Employment Laws                        
Commitments and Contingencies [Line Items]                        
Loss contingency accrual               $ 0        
Number of hotels in class action lawsuit | hotel               9        
Potential Pension Liabilities                        
Commitments and Contingencies [Line Items]                        
Unfunded pension liabilities at acquisition                       $ 0
Unfunded pension liabilities amount received by the Hotel Manager on the loss of suit             $ 1,700,000          
Monthly pension payments             100,000          
Accrued unfunded pension liabilities             1,600,000          
Net amount of pension payments on settlement agreement paid by hotel manager             $ 84,000          
Term of pension liability             20 years          
Surety Bond | Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc.                        
Commitments and Contingencies [Line Items]                        
Payments for legal settlements       $ 2,500,000                
Surety Bond | Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. | RLI Insurance Company                        
Commitments and Contingencies [Line Items]                        
Payments for legal settlements         $ 10,000,000.0              
Franchise fees                        
Commitments and Contingencies [Line Items]                        
Other hotel expenses               $ 22,658,000 $ 76,707,000 $ 72,095,000    
Franchise Fees                        
Commitments and Contingencies [Line Items]                        
Franchisor royalty fees percent of gross room revenue, minimum               3.00%        
Franchisor royalty fees percent of gross room revenue, maximum               6.00%        
Food and beverage fees minimum               1.00%        
Food and beverage fees maximum               3.00%        
Marketing reservation and other fees, minimum               1.00%        
Marketing reservation and other fees, maximum               4.00%        
Fee multiple               3        
Management Fee                        
Commitments and Contingencies [Line Items]                        
Property management fee as percentage of gross revenue, minimum               1.00%        
Property management fee as percentage of gross revenue, maximum               7.00%        
Project management fees 4.00%             4.00%        
Maximum market service fee as percentage of project management budget               16.50%        
Minimum                        
Commitments and Contingencies [Line Items]                        
Restricted cash as percentage of property revenue               4.00%        
Minimum | Pedro Membrives And Michele Spero V. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC                        
Commitments and Contingencies [Line Items]                        
Damages sought               $ 5,800,000        
Minimum | Management Fee | Management Fee                        
Commitments and Contingencies [Line Items]                        
Percent of gross revenue               3.00%        
Minimum | Management Fee | Remington Hotels | Management Fee                        
Commitments and Contingencies [Line Items]                        
Payment of monthly property management fees $ 14,000             $ 14,000        
Percent of gross revenue 3.00%                      
Maximum                        
Commitments and Contingencies [Line Items]                        
Restricted cash as percentage of property revenue               6.00%        
Maximum | Pedro Membrives And Michele Spero V. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC                        
Commitments and Contingencies [Line Items]                        
Damages sought               $ 11,900,000        
v3.20.4
Leases - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Jan. 01, 2019
Lessee, Lease, Description [Line Items]      
Operating lease liabilities $ 45,309 $ 53,270  
Operating lease right-of-use assets 45,008 49,995  
Intangible assets reclassified (797) (797)  
Deferred rent $ (2,257) $ (2,337)  
ASU 2016-02      
Lessee, Lease, Description [Line Items]      
Operating lease liabilities     $ 43,300
Operating lease right-of-use assets     38,800
Intangible assets reclassified     9,000
Deferred rent     13,000
Deferred rent reclassified     $ 485
Minimum      
Lessee, Lease, Description [Line Items]      
Lease renewal term 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Lease renewal term 99 years    
v3.20.4
Leases - Lease Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Assets    
Operating lease right-of-use assets $ 45,008 $ 49,995
Liabilities    
Operating lease liabilities $ 45,309 $ 53,270
v3.20.4
Leases - Lease Cost and Other Information (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Assets    
Operating lease right-of-use assets $ 45,008 $ 49,995
Liabilities    
Operating lease liabilities 45,309 53,270
Hotel operating expenses - other 4,453 4,323
Variable lease expense 495 501
Amortization costs related to the intangible assets and liabilities 227 176
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases (in thousands) $ 3,028 $ 3,511
Weighted Average Remaining Lease Term    
Operating leases 69 years 73 years
Weighted Average Discount Rate    
Operating leases 5.14% 5.17%
v3.20.4
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Operating Leases    
2021 $ 2,974  
2022 2,852  
2023 2,834  
2024 2,833  
2025 2,833  
Thereafter 172,683  
Total future minimum lease payments 187,009  
Less: interest 141,700  
Present value of lease liabilities $ 45,309 $ 53,270
v3.20.4
Income Taxes - Narrative (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
hotel
Dec. 31, 2019
USD ($)
hotel
Dec. 31, 2018
USD ($)
hotel
Dec. 31, 2017
USD ($)
Operating Loss Carryforwards [Line Items]        
Minimum percentage of income distributed to shareholders to qualify as a REIT 90.00%      
Subsequent taxable years we may not qualify as REIT if we fail to qualify as a REIT in any taxable year 4 years      
Number of hotels | hotel 117 121 122  
Ashford TRS recognized net book income (loss) $ (142,000) $ 7,300 $ 21,100  
Income tax interest and penalties expenses 11 56 11  
Interest income included in income tax expense   19    
Income tax interest and penalties expenses accrued 0 0    
Net operating loss carryforwards 617,200      
Net operating loss carryforwards subject to expiration 426,100      
Valuation allowance 40,029 $ 7,712 $ 10,034 $ 6,232
Income tax benefit, net operating loss, CARES Act $ 858      
Subsidiaries        
Operating Loss Carryforwards [Line Items]        
Number of hotels | hotel 103      
Ashford TRS        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards $ 130,300      
Net operating loss carryforwards subject to expiration $ 10,100      
v3.20.4
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
Income tax (expense) benefit at federal statutory income tax rate of 21% $ 29,811 $ (1,539) $ (4,435)
State income tax (expense) benefit, net of U.S. federal income tax benefit 4,014 (475) (698)
Permanent differences 415 (310) (128)
Provision to return adjustment (228) (325) (230)
Gross receipts and margin taxes (347) (923) (950)
Interest and penalties (13) 32 (11)
Valuation allowance (32,317) 2,322 3,670
Income tax (expense) benefit $ 1,335 $ (1,218) $ (2,782)
v3.20.4
Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Current:      
Federal $ 826 $ (48) $ (1,195)
State (549) (1,329) (1,452)
Total current income tax (expense) benefit 277 (1,377) (2,647)
Deferred:      
Federal 927 126 (39)
State 131 33 (96)
Total deferred income tax (expense) benefit 1,058 159 (135)
Income tax (expense) benefit $ 1,335 $ (1,218) $ (2,782)
v3.20.4
Income Taxes - Deferred Tax Asset (Liability) and Related Valuation Allowance (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]        
Allowance for doubtful accounts $ 89 $ 150    
Unearned income 1,364 2,525    
Federal and state net operating losses 30,687 2,458    
Capital loss carryforward 7,372 5,436    
Accrued expenses 1,263 1,723    
Prepaid expenses (121) (4,823)    
Tax property basis less than book basis (2,600) (3,355)    
Tax derivatives basis greater than book basis 296 2,281    
Other 1,307 194    
Deferred tax asset (liability) 39,657 6,589    
Valuation allowance (40,029) (7,712) $ (10,034) $ (6,232)
Net deferred tax asset (liability) $ (372) $ (1,123)    
v3.20.4
Income Taxes - Changes in Valuation Allowance (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of year $ 7,712 $ 10,034 $ 6,232
Additions 32,317 0 4,766
Deductions 0 (2,322) (964)
Balance at end of year $ 40,029 $ 7,712 $ 10,034
v3.20.4
Deferred Costs, net (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deferred franchise fees $ 3,472 $ 4,811
Accumulated amortization (1,621) (1,914)
Deferred costs, net $ 1,851 $ 2,897
v3.20.4
Segment Reporting (Details)
12 Months Ended
Dec. 31, 2020
segment
Segment Reporting [Abstract]  
Number of operating segments 1
v3.20.4
Intangible Assets, net and Intangible Liabilities, net (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Intangible Assets, net      
Cost $ 797 $ 797  
Accumulated amortization 0 0  
Total 797 797  
Intangible Liabilities, net      
Cost 2,723 2,723  
Accumulated amortization (466) (386)  
Total 2,257 2,337  
Lease revenue 80 81 $ 82
Net amortization related to intangibles was a reduction in lease expense     $ (155)
Intangible Liabilities      
Total 2,257 2,337  
Savannah Dock Acquisition      
Intangible Liabilities, net      
Carrying value 797 $ 797  
Amortization expense post-adoption      
Intangible Liabilities, net      
Total 2,257    
Intangible Liabilities      
2021 80    
2022 80    
2023 80    
2024 36    
2025 32    
Thereafter 1,949    
Total $ 2,257    
v3.20.4
Concentration of Risk (Details)
12 Months Ended
Dec. 31, 2020
Sales | Geographic Concentration Risk  
Concentration Risk [Line Items]  
Concentration risk 8.00%
v3.20.4
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]                      
Total revenue $ 90,253 $ 93,043 $ 43,065 $ 281,877 $ 354,656 $ 374,237 $ 415,148 $ 358,718 $ 508,238 $ 1,502,759 $ 1,430,789
Total operating expenses 189,991 217,198 194,800 334,936 365,330 347,161 366,699 334,966 936,925 1,414,156 1,340,850
Gain (loss) on disposition of assets and hotel properties 73 (40,370) (6) 3,623 23,203 2,362 328 233 (36,680) 26,126 475
Operating income (loss) (99,665) (164,525) (151,741) (49,436) 12,529 29,438 48,777 23,985 (465,367) 114,729 $ 90,414
Net income (loss) (137,590) (151,626) (242,086) (101,920) (35,619) (39,086) (21,352) (46,622) (633,222) (142,679)  
Net income (loss) attributable to the Company (125,778) (129,281) (204,616) (84,201) (28,159) (31,177) (16,282) (38,017) (543,876) (113,635)  
Net income (loss) attributable to common stockholders $ (70,486) $ (139,925) $ (215,260) $ (94,845) $ (38,803) $ (41,822) $ (26,926) $ (48,661) $ (520,516) $ (156,212)  
Diluted income (loss) attributable to common stockholders per share (in dollars per share) $ (2.29) $ (11.89) $ (20.85) $ (9.40) $ (3.90) $ (4.21) $ (2.73) $ (4.94) $ (33.00) $ (15.77)  
Weighted average diluted common shares (in shares) 30,751 11,767 10,312 10,047 9,997 9,997 9,994 9,941 15,756 9,984 9,728
v3.20.4
Subsequent Events (Details)
2 Months Ended 12 Months Ended
Mar. 12, 2021
shares
Jan. 15, 2021
USD ($)
extension
Dec. 07, 2020
USD ($)
$ / shares
shares
Nov. 25, 2020
$ / shares
Jan. 09, 2020
USD ($)
extension
Mar. 11, 2021
USD ($)
shares
Mar. 09, 2021
USD ($)
$ / shares
shares
Mar. 09, 2021
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Jan. 16, 2023
Jan. 22, 2021
shares
Jan. 20, 2021
USD ($)
Jul. 23, 2020
USD ($)
Jun. 22, 2020
USD ($)
May 12, 2020
USD ($)
Dec. 31, 2019
USD ($)
$ / shares
shares
Dec. 05, 2017
$ / shares
Subsequent Event [Line Items]                                  
Preferred stock, par value (in dollars per shares) | $ / shares                 $ 0.01             $ 0.01  
Common stock, shares issued (in shares) | shares                 64,362,505             10,210,360  
Common stock, par value (in dollars per share) | $ / shares       $ 0.01         $ 0.01             $ 0.01 $ 0.01
Debt balance | $                 $ 3,711,585,000                
Preferred Stock, Series D                                  
Subsequent Event [Line Items]                                  
Preferred stock percentage       8.45%         8.45%                
Preferred stock, par value (in dollars per shares) | $ / shares       $ 0.01         $ 0.01                
Preferred stock, shares issued (in shares) | shares                 1,791,461             2,389,393  
Preferred Stock, Series F                                  
Subsequent Event [Line Items]                                  
Preferred stock percentage       7.375%         7.375%                
Preferred stock, par value (in dollars per shares) | $ / shares       $ 0.01         $ 0.01                
Preferred stock, shares issued (in shares) | shares                 2,891,440             4,800,000  
Preferred Stock, Series G                                  
Subsequent Event [Line Items]                                  
Preferred stock percentage       7.375%         7.375%                
Preferred stock, par value (in dollars per shares) | $ / shares       $ 0.01         $ 0.01                
Preferred stock, shares issued (in shares) | shares                 4,422,623             6,200,000  
Preferred Stock, Series H                                  
Subsequent Event [Line Items]                                  
Preferred stock percentage       7.50%         7.50%                
Preferred stock, par value (in dollars per shares) | $ / shares       $ 0.01         $ 0.01                
Preferred stock, shares issued (in shares) | shares                 2,668,637             3,800,000  
Preferred Stock, Series I                                  
Subsequent Event [Line Items]                                  
Preferred stock percentage       7.50%         7.50%                
Preferred stock, par value (in dollars per shares) | $ / shares       $ 0.01         $ 0.01                
Preferred stock, shares issued (in shares) | shares                 3,391,349             5,400,000  
Convertible Common Stock                                  
Subsequent Event [Line Items]                                  
Common stock, shares issued (in shares) | shares                 2,788,035                
Convertible Preferred Stock                                  
Subsequent Event [Line Items]                                  
Preferred stock, shares issued (in shares) | shares                 544,177                
Private Placement | Lincoln Park Capital Fund, LLC                                  
Subsequent Event [Line Items]                                  
Shares issued (in shares) | shares     190,840                            
Common stock, par value (in dollars per share) | $ / shares     $ 0.01                            
Maximum | Private Placement | Lincoln Park Capital Fund, LLC                                  
Subsequent Event [Line Items]                                  
Gross proceeds received | $     $ 3,000,000                            
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Le Meridien Minneapolis                                  
Subsequent Event [Line Items]                                  
Carrying value of hotel property | $                 $ 7,700,000                
Subsequent Event                                  
Subsequent Event [Line Items]                                  
Common stock, par value (in dollars per share) | $ / shares             $ 0.01 $ 0.01                  
Subsequent Event | Preferred Stock, Series D                                  
Subsequent Event [Line Items]                                  
Preferred stock percentage               8.45%                  
Preferred stock, par value (in dollars per shares) | $ / shares             0.01 $ 0.01                  
Subsequent Event | Preferred Stock, Series F                                  
Subsequent Event [Line Items]                                  
Preferred stock percentage               7.375%                  
Preferred stock, par value (in dollars per shares) | $ / shares             0.01 $ 0.01                  
Subsequent Event | Preferred Stock, Series G                                  
Subsequent Event [Line Items]                                  
Preferred stock percentage               7.375%                  
Preferred stock, par value (in dollars per shares) | $ / shares             0.01 $ 0.01                  
Subsequent Event | Preferred Stock, Series H                                  
Subsequent Event [Line Items]                                  
Preferred stock percentage               7.50%                  
Preferred stock, par value (in dollars per shares) | $ / shares             0.01 $ 0.01                  
Subsequent Event | Preferred Stock, Series I                                  
Subsequent Event [Line Items]                                  
Preferred stock percentage               7.50%                  
Preferred stock, par value (in dollars per shares) | $ / shares             $ 0.01 $ 0.01                  
Subsequent Event | Convertible Common Stock                                  
Subsequent Event [Line Items]                                  
Common stock, shares issued (in shares) | shares             23,200,000 23,200,000                  
Subsequent Event | Convertible Preferred Stock                                  
Subsequent Event [Line Items]                                  
Preferred stock, shares issued (in shares) | shares             3,500,000 3,500,000                  
Subsequent Event | Private Placement | YA II PN, Ltd.                                  
Subsequent Event [Line Items]                                  
Shares authorized (in shares) | shares                     13,718,319            
Shares issued (in shares) | shares             13,700,000                    
Gross proceeds received | $             $ 40,600,000                    
Subsequent Event | Private Placement | Lincoln Park Capital Fund, LLC                                  
Subsequent Event [Line Items]                                  
Shares authorized (in shares) | shares 20,660,880                                
Shares issued (in shares) | shares 162,655         2,000,000.0                      
Gross proceeds received | $           $ 4,600,000                      
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Le Meridien Minneapolis                                  
Subsequent Event [Line Items]                                  
Consideration for disposal | $                       $ 7,900,000          
Subsequent Event | Credit Agreement, Initial Term Loan                                  
Subsequent Event [Line Items]                                  
Initial term of loan   3 years                              
Number of extension options | extension   2                              
Term of mortgage loan extension option   1 year                              
Mortgages                                  
Subsequent Event [Line Items]                                  
Principal amount | $         $ 37,000,000.0                        
Number of extension options | extension         2                        
Term of mortgage loan extension option         1 year                        
Debt balance | $                 3,711,585,000       $ 56,000,000.0 $ 45,800,000 $ 108,800,000 $ 4,124,003,000  
Outstanding principal balance with waived or deferred payments | $                 $ 2,800,000,000                
Mortgages | Mortgage loan 29                                  
Subsequent Event [Line Items]                                  
Interest rate                 4.45%                
Debt balance | $                 $ 19,369,000             $ 19,438,000  
Mortgages | Subsequent Event                                  
Subsequent Event [Line Items]                                  
Outstanding principal balance with waived or deferred payments | $           $ 3,600,000,000                      
Oaktree Capital Management, L.P. | Subsequent Event | Credit Agreement, Initial Term Loan and Initial Delayed Draw Term Loan                                  
Subsequent Event [Line Items]                                  
Interest rate   16.00%                              
Interest rate term   2 years                              
Term to have the option to pay accrued interest in kind   2 years                              
Oaktree Capital Management, L.P. | Subsequent Event | Credit Agreement, Initial Term Loan and Initial Delayed Draw Term Loan | Forecast                                  
Subsequent Event [Line Items]                                  
Interest rate                   14.00%              
Oaktree Capital Management, L.P. | Subsequent Event | Credit Agreement, Additional Delayed Draw Term Loan                                  
Subsequent Event [Line Items]                                  
Interest rate   18.50%                              
Interest rate term   2 years                              
Oaktree Capital Management, L.P. | Subsequent Event | Credit Agreement, Additional Delayed Draw Term Loan | Forecast                                  
Subsequent Event [Line Items]                                  
Interest rate                   16.50%              
Oaktree Capital Management, L.P. | Line of Credit | Subsequent Event | Credit Agreement, Initial Term Loan                                  
Subsequent Event [Line Items]                                  
Principal amount | $   $ 200,000,000                              
Oaktree Capital Management, L.P. | Line of Credit | Subsequent Event | Credit Agreement, Initial Term Loan | Minimum                                  
Subsequent Event [Line Items]                                  
Principal amount | $   400,000,000                              
Oaktree Capital Management, L.P. | Line of Credit | Subsequent Event | Credit Agreement, Initial Delayed Draw Term Loan                                  
Subsequent Event [Line Items]                                  
Principal amount | $   150,000,000                              
Oaktree Capital Management, L.P. | Line of Credit | Subsequent Event | Credit Agreement, Additional Delayed Draw Term Loan                                  
Subsequent Event [Line Items]                                  
Principal amount | $   $ 100,000,000                              
v3.20.4
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,711,585      
Initial Cost of Land 642,258      
Initial Cost of FF&E, Buildings and improvements 3,359,676      
Costs Capitalized Since Acquisition, Land (10,175)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 806,846      
Gross Carrying Amount At Close of Period, Land 632,083      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 4,166,522      
Gross Carrying Amount At Close of Period, Total 4,798,605 $ 5,444,259 $ 5,287,463 $ 5,064,294
Accumulated Depreciation 1,371,623 $ 1,335,816 $ 1,182,244 $ 1,028,379
Austin, TX Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 23,363      
Initial Cost of Land 1,204      
Initial Cost of FF&E, Buildings and improvements 9,388      
Costs Capitalized Since Acquisition, Land 193      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 5,597      
Gross Carrying Amount At Close of Period, Land 1,397      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 14,985      
Gross Carrying Amount At Close of Period, Total 16,382      
Accumulated Depreciation 8,915      
Dallas, TX Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 15,464      
Initial Cost of Land 1,878      
Initial Cost of FF&E, Buildings and improvements 8,907      
Costs Capitalized Since Acquisition, Land 238      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 6,114      
Gross Carrying Amount At Close of Period, Land 2,116      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 15,021      
Gross Carrying Amount At Close of Period, Total 17,137      
Accumulated Depreciation 9,014      
Herndon, VA Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 25,120      
Initial Cost of Land 1,303      
Initial Cost of FF&E, Buildings and improvements 9,836      
Costs Capitalized Since Acquisition, Land 277      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 7,260      
Gross Carrying Amount At Close of Period, Land 1,580      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 17,096      
Gross Carrying Amount At Close of Period, Total 18,676      
Accumulated Depreciation 10,048      
Las Vegas, NV Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 30,282      
Initial Cost of Land 3,307      
Initial Cost of FF&E, Buildings and improvements 16,952      
Costs Capitalized Since Acquisition, Land 397      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 12,648      
Gross Carrying Amount At Close of Period, Land 3,704      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 29,600      
Gross Carrying Amount At Close of Period, Total 33,304      
Accumulated Depreciation 18,235      
Flagstaff, AZ Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 18,400      
Initial Cost of Land 1,267      
Initial Cost of FF&E, Buildings and improvements 4,278      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,501      
Gross Carrying Amount At Close of Period, Land 1,267      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 6,779      
Gross Carrying Amount At Close of Period, Total 8,046      
Accumulated Depreciation 3,598      
Houston, TX Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 17,810      
Initial Cost of Land 1,799      
Initial Cost of FF&E, Buildings and improvements 10,404      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 5,701      
Gross Carrying Amount At Close of Period, Land 1,799      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 16,105      
Gross Carrying Amount At Close of Period, Total 17,904      
Accumulated Depreciation 7,885      
West Palm Beach, FL Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 19,802      
Initial Cost of Land 3,277      
Initial Cost of FF&E, Buildings and improvements 13,949      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 7,094      
Gross Carrying Amount At Close of Period, Land 3,277      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 21,043      
Gross Carrying Amount At Close of Period, Total 24,320      
Accumulated Depreciation 10,671      
Philadelphia, PA Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 28,699      
Initial Cost of Land 5,791      
Initial Cost of FF&E, Buildings and improvements 34,819      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 16,374      
Gross Carrying Amount At Close of Period, Land 5,791      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 51,193      
Gross Carrying Amount At Close of Period, Total 56,984      
Accumulated Depreciation 23,898      
Walnut Creek, CA Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 49,920      
Initial Cost of Land 7,452      
Initial Cost of FF&E, Buildings and improvements 25,334      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 22,509      
Gross Carrying Amount At Close of Period, Land 7,452      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 47,843      
Gross Carrying Amount At Close of Period, Total 55,295      
Accumulated Depreciation 22,877      
Arlington, VA Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 46,355      
Initial Cost of Land 36,065      
Initial Cost of FF&E, Buildings and improvements 41,588      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 17,395      
Gross Carrying Amount At Close of Period, Land 36,065      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 58,983      
Gross Carrying Amount At Close of Period, Total 95,048      
Accumulated Depreciation 23,237      
Portland, OR Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 88,435      
Initial Cost of Land 11,110      
Initial Cost of FF&E, Buildings and improvements 60,048      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 6,288      
Gross Carrying Amount At Close of Period, Land 11,110      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 66,336      
Gross Carrying Amount At Close of Period, Total 77,446      
Accumulated Depreciation 24,857      
Santa Clara, CA Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 67,440      
Initial Cost of Land 8,948      
Initial Cost of FF&E, Buildings and improvements 46,239      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 15,704      
Gross Carrying Amount At Close of Period, Land 8,948      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 61,943      
Gross Carrying Amount At Close of Period, Total 70,891      
Accumulated Depreciation 25,452      
Orlando, FL Embassy Suites        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 22,526      
Initial Cost of Land 5,674      
Initial Cost of FF&E, Buildings and improvements 21,593      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 10,159      
Gross Carrying Amount At Close of Period, Land 5,674      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 31,752      
Gross Carrying Amount At Close of Period, Total 37,426      
Accumulated Depreciation 14,171      
Jacksonville Fl Hilton Garden Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 11,756      
Initial Cost of Land 1,751      
Initial Cost of FF&E, Buildings and improvements 9,164      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 5,397      
Gross Carrying Amount At Close of Period, Land 1,751      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 14,561      
Gross Carrying Amount At Close of Period, Total 16,312      
Accumulated Depreciation 7,343      
Austin, TX Hilton Garden Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 66,788      
Initial Cost of Land 7,605      
Initial Cost of FF&E, Buildings and improvements 48,725      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,276      
Gross Carrying Amount At Close of Period, Land 7,605      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 52,001      
Gross Carrying Amount At Close of Period, Total 59,606      
Accumulated Depreciation 11,341      
Baltimore, MD Hilton Garden Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 16,349      
Initial Cost of Land 4,027      
Initial Cost of FF&E, Buildings and improvements 20,199      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 6,103      
Gross Carrying Amount At Close of Period, Land 4,027      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 26,302      
Gross Carrying Amount At Close of Period, Total 30,329      
Accumulated Depreciation 5,784      
Virginia Beach, VA Hilton Garden Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 32,397      
Initial Cost of Land 4,101      
Initial Cost of FF&E, Buildings and improvements 26,329      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 284      
Gross Carrying Amount At Close of Period, Land 4,101      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 26,613      
Gross Carrying Amount At Close of Period, Total 30,714      
Accumulated Depreciation 4,546      
Ft. Worth, TX Hilton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 62,000      
Initial Cost of Land 4,538      
Initial Cost of FF&E, Buildings and improvements 13,922      
Costs Capitalized Since Acquisition, Land 1      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 21,949      
Gross Carrying Amount At Close of Period, Land 4,539      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 35,871      
Gross Carrying Amount At Close of Period, Total 40,410      
Accumulated Depreciation 16,654      
Houston, TX Hilton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 19,949      
Initial Cost of Land 2,200      
Initial Cost of FF&E, Buildings and improvements 13,247      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 8,140      
Gross Carrying Amount At Close of Period, Land 2,200      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 21,387      
Gross Carrying Amount At Close of Period, Total 23,587      
Accumulated Depreciation 10,300      
St. Petersburg, FL Hilton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 48,730      
Initial Cost of Land 2,991      
Initial Cost of FF&E, Buildings and improvements 13,907      
Costs Capitalized Since Acquisition, Land (1,130)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 16,651      
Gross Carrying Amount At Close of Period, Land 1,861      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 30,558      
Gross Carrying Amount At Close of Period, Total 32,419      
Accumulated Depreciation 16,445      
Santa Fe, NM Hilton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 26,400      
Initial Cost of Land 7,004      
Initial Cost of FF&E, Buildings and improvements 10,689      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 5,773      
Gross Carrying Amount At Close of Period, Land 7,004      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 16,462      
Gross Carrying Amount At Close of Period, Total 23,466      
Accumulated Depreciation 8,342      
Bloomington, MN Hilton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 46,800      
Initial Cost of Land 5,685      
Initial Cost of FF&E, Buildings and improvements 59,139      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 7,789      
Gross Carrying Amount At Close of Period, Land 5,685      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 66,928      
Gross Carrying Amount At Close of Period, Total 72,613      
Accumulated Depreciation 26,435      
Costa Mesa, CA Hilton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 65,671      
Initial Cost of Land 12,917      
Initial Cost of FF&E, Buildings and improvements 91,791      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 12,019      
Gross Carrying Amount At Close of Period, Land 12,917      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 103,810      
Gross Carrying Amount At Close of Period, Total 116,727      
Accumulated Depreciation 39,809      
Boston, MA Hilton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 98,259      
Initial Cost of Land 62,555      
Initial Cost of FF&E, Buildings and improvements 134,407      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 14,094      
Gross Carrying Amount At Close of Period, Land 62,555      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 148,501      
Gross Carrying Amount At Close of Period, Total 211,056      
Accumulated Depreciation 30,744      
Parsippany, NJ Hilton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 38,377      
Initial Cost of Land 7,293      
Initial Cost of FF&E, Buildings and improvements 58,098      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,663      
Gross Carrying Amount At Close of Period, Land 7,293      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 61,761      
Gross Carrying Amount At Close of Period, Total 69,054      
Accumulated Depreciation 14,445      
Tampa, FL Hilton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 27,662      
Initial Cost of Land 5,206      
Initial Cost of FF&E, Buildings and improvements 21,186      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 12,174      
Gross Carrying Amount At Close of Period, Land 5,206      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 33,360      
Gross Carrying Amount At Close of Period, Total 38,566      
Accumulated Depreciation 12,167      
Alexandria, VA Hilton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 73,450      
Initial Cost of Land 14,459      
Initial Cost of FF&E, Buildings and improvements 96,602      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,137      
Gross Carrying Amount At Close of Period, Land 14,459      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 97,739      
Gross Carrying Amount At Close of Period, Total 112,198      
Accumulated Depreciation 6,839      
Santa Cruz, CA Hilton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 24,415      
Initial Cost of Land 9,399      
Initial Cost of FF&E, Buildings and improvements 38,129      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (2,710)      
Gross Carrying Amount At Close of Period, Land 9,399      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 35,419      
Gross Carrying Amount At Close of Period, Total 44,818      
Accumulated Depreciation 2,040      
Lawrenceville, GA Hampton Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 5,415      
Initial Cost of Land 697      
Initial Cost of FF&E, Buildings and improvements 3,808      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,618      
Gross Carrying Amount At Close of Period, Land 697      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 6,426      
Gross Carrying Amount At Close of Period, Total 7,123      
Accumulated Depreciation 3,326      
Evansville In Hampton Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 11,118      
Initial Cost of Land 1,301      
Initial Cost of FF&E, Buildings and improvements 5,034      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,167      
Gross Carrying Amount At Close of Period, Land 1,301      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 6,201      
Gross Carrying Amount At Close of Period, Total 7,502      
Accumulated Depreciation 2,718      
Parsippany, NJ Hampton Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 18,790      
Initial Cost of Land 3,268      
Initial Cost of FF&E, Buildings and improvements 24,306      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,861      
Gross Carrying Amount At Close of Period, Land 3,268      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 26,167      
Gross Carrying Amount At Close of Period, Total 29,435      
Accumulated Depreciation 5,492      
Buford GA Hampton Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 8,623      
Initial Cost of Land 1,168      
Initial Cost of FF&E, Buildings and improvements 5,338      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 4,356      
Gross Carrying Amount At Close of Period, Land 1,168      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 9,694      
Gross Carrying Amount At Close of Period, Total 10,862      
Accumulated Depreciation 3,942      
Beverly Hills, CA Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 123,120      
Initial Cost of Land 6,510      
Initial Cost of FF&E, Buildings and improvements 22,061      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 19,063      
Gross Carrying Amount At Close of Period, Land 6,510      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 41,124      
Gross Carrying Amount At Close of Period, Total 47,634      
Accumulated Depreciation 23,582      
Durham, NC Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 26,800      
Initial Cost of Land 1,794      
Initial Cost of FF&E, Buildings and improvements 25,056      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 17,931      
Gross Carrying Amount At Close of Period, Land 1,794      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 42,987      
Gross Carrying Amount At Close of Period, Total 44,781      
Accumulated Depreciation 19,030      
Arlington VA Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 84,544      
Initial Cost of Land 20,637      
Initial Cost of FF&E, Buildings and improvements 101,376      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 53,066      
Gross Carrying Amount At Close of Period, Land 20,637      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 154,442      
Gross Carrying Amount At Close of Period, Total 175,079      
Accumulated Depreciation 73,558      
Bridgewater NJ Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 71,200      
Initial Cost of Land 5,059      
Initial Cost of FF&E, Buildings and improvements 89,268      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 21,095      
Gross Carrying Amount At Close of Period, Land 5,059      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 110,363      
Gross Carrying Amount At Close of Period, Total 115,422      
Accumulated Depreciation 37,655      
Dallas TX Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 30,400      
Initial Cost of Land 2,701      
Initial Cost of FF&E, Buildings and improvements 30,893      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 11,512      
Gross Carrying Amount At Close of Period, Land 2,701      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 42,405      
Gross Carrying Amount At Close of Period, Total 45,106      
Accumulated Depreciation 19,085      
Fremont CA, Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 58,402      
Initial Cost of Land 5,800      
Initial Cost of FF&E, Buildings and improvements 44,200      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 5,477      
Gross Carrying Amount At Close of Period, Land 5,800      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 49,677      
Gross Carrying Amount At Close of Period, Total 55,477      
Accumulated Depreciation 8,746      
Memphis, TN Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 27,041      
Initial Cost of Land 6,210      
Initial Cost of FF&E, Buildings and improvements 37,284      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (2,890)      
Gross Carrying Amount At Close of Period, Land 6,210      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 34,394      
Gross Carrying Amount At Close of Period, Total 40,604      
Accumulated Depreciation 5,975      
Irving, TX Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 67,185      
Initial Cost of Land 8,330      
Initial Cost of FF&E, Buildings and improvements 82,272      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 33,552      
Gross Carrying Amount At Close of Period, Land 8,330      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 115,824      
Gross Carrying Amount At Close of Period, Total 124,154      
Accumulated Depreciation 26,749      
Omaha, NE Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 15,974      
Initial Cost of Land 6,641      
Initial Cost of FF&E, Buildings and improvements 49,887      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 12,177      
Gross Carrying Amount At Close of Period, Land 6,641      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 62,064      
Gross Carrying Amount At Close of Period, Total 68,705      
Accumulated Depreciation 16,963      
Sugarland, TX Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 62,799      
Initial Cost of Land 9,047      
Initial Cost of FF&E, Buildings and improvements 84,043      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (519)      
Gross Carrying Amount At Close of Period, Land 9,047      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 83,524      
Gross Carrying Amount At Close of Period, Total 92,571      
Accumulated Depreciation 13,629      
Baltimore MD Spring Hill Suites By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 13,600      
Initial Cost of Land 2,502      
Initial Cost of FF&E, Buildings and improvements 13,206      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,773      
Gross Carrying Amount At Close of Period, Land 2,502      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 15,979      
Gross Carrying Amount At Close of Period, Total 18,481      
Accumulated Depreciation 7,436      
Kennesaw GA Spring Hill Suites By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 6,598      
Initial Cost of Land 1,106      
Initial Cost of FF&E, Buildings and improvements 5,021      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,536      
Gross Carrying Amount At Close of Period, Land 1,106      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 8,557      
Gross Carrying Amount At Close of Period, Total 9,663      
Accumulated Depreciation 4,190      
Buford GA Spring Hill Suites By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 9,504      
Initial Cost of Land 1,132      
Initial Cost of FF&E, Buildings and improvements 6,089      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 820      
Gross Carrying Amount At Close of Period, Land 1,132      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 6,909      
Gross Carrying Amount At Close of Period, Total 8,041      
Accumulated Depreciation 2,953      
Charlotte NC Spring Hill Suites by Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 12,729      
Initial Cost of Land 1,235      
Initial Cost of FF&E, Buildings and improvements 6,818      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 760      
Gross Carrying Amount At Close of Period, Land 1,235      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 7,578      
Gross Carrying Amount At Close of Period, Total 8,813      
Accumulated Depreciation 3,027      
Durham NC Spring Hill Suites By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 6,640      
Initial Cost of Land 1,090      
Initial Cost of FF&E, Buildings and improvements 3,991      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,114      
Gross Carrying Amount At Close of Period, Land 1,090      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 5,105      
Gross Carrying Amount At Close of Period, Total 6,195      
Accumulated Depreciation 2,122      
Manhattan Beach CA Spring Hill Suites By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 28,560      
Initial Cost of Land 5,726      
Initial Cost of FF&E, Buildings and improvements 21,187      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,142      
Gross Carrying Amount At Close of Period, Land 5,726      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 22,329      
Gross Carrying Amount At Close of Period, Total 28,055      
Accumulated Depreciation 8,039      
Plymouth Meeting Pa Spring Hill Suites By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 20,800      
Initial Cost of Land 3,210      
Initial Cost of FF&E, Buildings and improvements 24,578      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,509      
Gross Carrying Amount At Close of Period, Land 3,210      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 26,087      
Gross Carrying Amount At Close of Period, Total 29,297      
Accumulated Depreciation 9,352      
Kennesaw GA Fairfield Inn By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 5,176      
Initial Cost of Land 840      
Initial Cost of FF&E, Buildings and improvements 4,359      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,537      
Gross Carrying Amount At Close of Period, Land 840      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 6,896      
Gross Carrying Amount At Close of Period, Total 7,736      
Accumulated Depreciation 2,743      
Bloomington In Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 14,248      
Initial Cost of Land 900      
Initial Cost of FF&E, Buildings and improvements 10,741      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,891      
Gross Carrying Amount At Close of Period, Land 900      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 13,632      
Gross Carrying Amount At Close of Period, Total 14,532      
Accumulated Depreciation 6,572      
Boston, MA Courtyard by Marriott - Tremont        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 103,270      
Initial Cost of Land 24,494      
Initial Cost of FF&E, Buildings and improvements 85,246      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 7,442      
Gross Carrying Amount At Close of Period, Land 24,494      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 92,688      
Gross Carrying Amount At Close of Period, Total 117,182      
Accumulated Depreciation 19,950      
Columbus In Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 8,160      
Initial Cost of Land 673      
Initial Cost of FF&E, Buildings and improvements 4,804      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,214      
Gross Carrying Amount At Close of Period, Land 673      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 8,018      
Gross Carrying Amount At Close of Period, Total 8,691      
Accumulated Depreciation 4,388      
Denver, CO Courtyard by Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 33,643      
Initial Cost of Land 9,342      
Initial Cost of FF&E, Buildings and improvements 29,656      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,582      
Gross Carrying Amount At Close of Period, Land 9,342      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 33,238      
Gross Carrying Amount At Close of Period, Total 42,580      
Accumulated Depreciation 7,690      
Gaithersburg, MD Courtyard by Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 28,808      
Initial Cost of Land 5,128      
Initial Cost of FF&E, Buildings and improvements 30,522      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 4,503      
Gross Carrying Amount At Close of Period, Land 5,128      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 35,025      
Gross Carrying Amount At Close of Period, Total 40,153      
Accumulated Depreciation 7,607      
Crystal City VA Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 42,538      
Initial Cost of Land 5,411      
Initial Cost of FF&E, Buildings and improvements 38,610      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 13,935      
Gross Carrying Amount At Close of Period, Land 5,411      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 52,545      
Gross Carrying Amount At Close of Period, Total 57,956      
Accumulated Depreciation 23,313      
Overland Park Ks Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 8,762      
Initial Cost of Land 1,868      
Initial Cost of FF&E, Buildings and improvements 14,030      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,865      
Gross Carrying Amount At Close of Period, Land 1,868      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 16,895      
Gross Carrying Amount At Close of Period, Total 18,763      
Accumulated Depreciation 7,479      
Foothill Ranch Ca Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 21,735      
Initial Cost of Land 2,447      
Initial Cost of FF&E, Buildings and improvements 16,005      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,539      
Gross Carrying Amount At Close of Period, Land 2,447      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 18,544      
Gross Carrying Amount At Close of Period, Total 20,991      
Accumulated Depreciation 8,028      
Alpharetta GA Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 19,665      
Initial Cost of Land 2,244      
Initial Cost of FF&E, Buildings and improvements 12,345      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,811      
Gross Carrying Amount At Close of Period, Land 2,244      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 14,156      
Gross Carrying Amount At Close of Period, Total 16,400      
Accumulated Depreciation 6,077      
Oakland Ca Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 28,240      
Initial Cost of Land 5,112      
Initial Cost of FF&E, Buildings and improvements 19,429      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,621      
Gross Carrying Amount At Close of Period, Land 5,112      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 22,050      
Gross Carrying Amount At Close of Period, Total 27,162      
Accumulated Depreciation 8,458      
Scottsdale AZ Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 23,600      
Initial Cost of Land 3,700      
Initial Cost of FF&E, Buildings and improvements 22,134      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,625      
Gross Carrying Amount At Close of Period, Land 3,700      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 24,759      
Gross Carrying Amount At Close of Period, Total 28,459      
Accumulated Depreciation 9,160      
Plano TX Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 18,160      
Initial Cost of Land 2,115      
Initial Cost of FF&E, Buildings and improvements 22,360      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,116      
Gross Carrying Amount At Close of Period, Land 2,115      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 23,476      
Gross Carrying Amount At Close of Period, Total 25,591      
Accumulated Depreciation 8,454      
Newark Ca Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 34,960      
Initial Cost of Land 2,863      
Initial Cost of FF&E, Buildings and improvements 10,723      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,545      
Gross Carrying Amount At Close of Period, Land 2,863      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 12,268      
Gross Carrying Amount At Close of Period, Total 15,131      
Accumulated Depreciation 4,680      
Manchester Ct Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 6,260      
Initial Cost of Land 1,301      
Initial Cost of FF&E, Buildings and improvements 7,430      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,271      
Gross Carrying Amount At Close of Period, Land 1,301      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 8,701      
Gross Carrying Amount At Close of Period, Total 10,002      
Accumulated Depreciation 3,508      
Basking Ridge NJ Courtyard By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 41,600      
Initial Cost of Land 5,419      
Initial Cost of FF&E, Buildings and improvements 45,304      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 6,304      
Gross Carrying Amount At Close of Period, Land 5,419      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 51,608      
Gross Carrying Amount At Close of Period, Total 57,027      
Accumulated Depreciation 20,594      
Evansville In Marriott Residence Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 7,830      
Initial Cost of Land 961      
Initial Cost of FF&E, Buildings and improvements 5,972      
Costs Capitalized Since Acquisition, Land (1)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,346      
Gross Carrying Amount At Close of Period, Land 960      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 7,318      
Gross Carrying Amount At Close of Period, Total 8,278      
Accumulated Depreciation 3,385      
Orlando FL Marriott Residence Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 25,595      
Initial Cost of Land 6,554      
Initial Cost of FF&E, Buildings and improvements 40,539      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 19,850      
Gross Carrying Amount At Close of Period, Land 6,554      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 60,389      
Gross Carrying Amount At Close of Period, Total 66,943      
Accumulated Depreciation 26,501      
Falls Church VA Marriott Residence Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 26,151      
Initial Cost of Land 2,752      
Initial Cost of FF&E, Buildings and improvements 34,979      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 5,275      
Gross Carrying Amount At Close of Period, Land 2,752      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 40,254      
Gross Carrying Amount At Close of Period, Total 43,006      
Accumulated Depreciation 16,974      
San Diego CA Marriott Residence Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 29,281      
Initial Cost of Land 3,156      
Initial Cost of FF&E, Buildings and improvements 29,514      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,390      
Gross Carrying Amount At Close of Period, Land 3,156      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 32,904      
Gross Carrying Amount At Close of Period, Total 36,060      
Accumulated Depreciation 14,044      
Salt Lake City UT Marriott Residence Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 15,741      
Initial Cost of Land 1,897      
Initial Cost of FF&E, Buildings and improvements 16,357      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,229      
Gross Carrying Amount At Close of Period, Land 1,897      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 19,586      
Gross Carrying Amount At Close of Period, Total 21,483      
Accumulated Depreciation 8,393      
Las Vegas NV Marriott Residence Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 38,160      
Initial Cost of Land 18,177      
Initial Cost of FF&E, Buildings and improvements 39,568      
Costs Capitalized Since Acquisition, Land (6,184)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (15,886)      
Gross Carrying Amount At Close of Period, Land 11,993      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 23,682      
Gross Carrying Amount At Close of Period, Total 35,675      
Accumulated Depreciation 5,788      
Phoenix AZ Marriott Residence Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 23,680      
Initial Cost of Land 4,100      
Initial Cost of FF&E, Buildings and improvements 23,187      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,563      
Gross Carrying Amount At Close of Period, Land 4,100      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 25,750      
Gross Carrying Amount At Close of Period, Total 29,850      
Accumulated Depreciation 9,824      
Plano TX Marriott Residence Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 14,160      
Initial Cost of Land 2,045      
Initial Cost of FF&E, Buildings and improvements 16,869      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,043      
Gross Carrying Amount At Close of Period, Land 2,045      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 18,912      
Gross Carrying Amount At Close of Period, Total 20,957      
Accumulated Depreciation 7,393      
Newark CA Marriott Residence Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 37,760      
Initial Cost of Land 3,272      
Initial Cost of FF&E, Buildings and improvements 11,706      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,303      
Gross Carrying Amount At Close of Period, Land 3,272      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 14,009      
Gross Carrying Amount At Close of Period, Total 17,281      
Accumulated Depreciation 5,491      
Manchester CT Marriott Residence Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 6,706      
Initial Cost of Land 1,462      
Initial Cost of FF&E, Buildings and improvements 8,306      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,403      
Gross Carrying Amount At Close of Period, Land 1,462      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 10,709      
Gross Carrying Amount At Close of Period, Total 12,171      
Accumulated Depreciation 4,715      
Jacksonville FL Marriott Residence Inn        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 9,786      
Initial Cost of Land 1,997      
Initial Cost of FF&E, Buildings and improvements 16,084      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 10,064      
Gross Carrying Amount At Close of Period, Land 1,997      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 26,148      
Gross Carrying Amount At Close of Period, Total 28,145      
Accumulated Depreciation 10,973      
Santa Fe, NM Tribute Portfolio        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 25,000      
Initial Cost of Land 8,094      
Initial Cost of FF&E, Buildings and improvements 42,058      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,003      
Gross Carrying Amount At Close of Period, Land 8,094      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 43,061      
Gross Carrying Amount At Close of Period, Total 51,155      
Accumulated Depreciation 2,924      
Manhattan Beach CA Towne Place Suites By Marriott        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 23,680      
Initial Cost of Land 4,805      
Initial Cost of FF&E, Buildings and improvements 17,543      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,681      
Gross Carrying Amount At Close of Period, Land 4,805      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 21,224      
Gross Carrying Amount At Close of Period, Total 26,029      
Accumulated Depreciation 8,750      
Atlanta, GA Ritz-Carlton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 98,685      
Initial Cost of Land 2,477      
Initial Cost of FF&E, Buildings and improvements 80,139      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 31,059      
Gross Carrying Amount At Close of Period, Land 2,477      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 111,198      
Gross Carrying Amount At Close of Period, Total 113,675      
Accumulated Depreciation 28,341      
Atlantic Beach FL One Ocean        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 57,600      
Initial Cost of Land 5,815      
Initial Cost of FF&E, Buildings and improvements 14,817      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 27,277      
Gross Carrying Amount At Close of Period, Land 5,815      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 42,094      
Gross Carrying Amount At Close of Period, Total 47,909      
Accumulated Depreciation 27,623      
Nashville, TN Renaissance        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 207,000      
Initial Cost of Land 20,671      
Initial Cost of FF&E, Buildings and improvements 158,260      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 32,841      
Gross Carrying Amount At Close of Period, Land 20,671      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 191,101      
Gross Carrying Amount At Close of Period, Total 211,772      
Accumulated Depreciation 40,910      
Palm Springs, CA Renaissance        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 51,934      
Initial Cost of Land 0      
Initial Cost of FF&E, Buildings and improvements 74,112      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 15,279      
Gross Carrying Amount At Close of Period, Land 0      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 89,391      
Gross Carrying Amount At Close of Period, Total 89,391      
Accumulated Depreciation 22,634      
Ann Arbor, MI Sheraton Hotel        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 34,200      
Initial Cost of Land 4,158      
Initial Cost of FF&E, Buildings and improvements 35,042      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 6,916      
Gross Carrying Amount At Close of Period, Land 4,158      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 41,958      
Gross Carrying Amount At Close of Period, Total 46,116      
Accumulated Depreciation 7,567      
Langhorne PA Sheraton Hotel        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 12,880      
Initial Cost of Land 2,037      
Initial Cost of FF&E, Buildings and improvements 12,424      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 6,474      
Gross Carrying Amount At Close of Period, Land 2,037      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 18,898      
Gross Carrying Amount At Close of Period, Total 20,935      
Accumulated Depreciation 9,155      
Minneapolis MN Sheraton Hotel        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 20,933      
Initial Cost of Land 2,953      
Initial Cost of FF&E, Buildings and improvements 14,280      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 4,838      
Gross Carrying Amount At Close of Period, Land 2,953      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 19,118      
Gross Carrying Amount At Close of Period, Total 22,071      
Accumulated Depreciation 9,356      
Indianapolis IN Sheraton Hotel        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 59,278      
Initial Cost of Land 3,100      
Initial Cost of FF&E, Buildings and improvements 22,041      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 19,200      
Gross Carrying Amount At Close of Period, Land 3,100      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 41,241      
Gross Carrying Amount At Close of Period, Total 44,341      
Accumulated Depreciation 21,626      
Anchorage AK Sheraton Hotel        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 26,331      
Initial Cost of Land 4,023      
Initial Cost of FF&E, Buildings and improvements 39,363      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 19,738      
Gross Carrying Amount At Close of Period, Land 4,023      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 59,101      
Gross Carrying Amount At Close of Period, Total 63,124      
Accumulated Depreciation 26,516      
San Diego CA Sheraton Hotel        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 36,160      
Initial Cost of Land 7,294      
Initial Cost of FF&E, Buildings and improvements 36,382      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 5,912      
Gross Carrying Amount At Close of Period, Land 7,294      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 42,294      
Gross Carrying Amount At Close of Period, Total 49,588      
Accumulated Depreciation 17,289      
Coral Gables FL Hyatt Regency        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 63,200      
Initial Cost of Land 4,805      
Initial Cost of FF&E, Buildings and improvements 50,820      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 25,649      
Gross Carrying Amount At Close of Period, Land 4,805      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 76,469      
Gross Carrying Amount At Close of Period, Total 81,274      
Accumulated Depreciation 31,737      
Hauppauge, NY Hyatt Regency        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 36,383      
Initial Cost of Land 6,284      
Initial Cost of FF&E, Buildings and improvements 35,669      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (513)      
Gross Carrying Amount At Close of Period, Land 6,284      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 35,156      
Gross Carrying Amount At Close of Period, Total 41,440      
Accumulated Depreciation 8,478      
Savannah, GA Hyatt Regency        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 69,776      
Initial Cost of Land 14,041      
Initial Cost of FF&E, Buildings and improvements 72,721      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 12,709      
Gross Carrying Amount At Close of Period, Land 14,041      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 85,430      
Gross Carrying Amount At Close of Period, Total 99,471      
Accumulated Depreciation 20,143      
Key West FL Crowne Plaza        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 64,982      
Initial Cost of Land 0      
Initial Cost of FF&E, Buildings and improvements 27,514      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 10,439      
Gross Carrying Amount At Close of Period, Land 0      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 37,953      
Gross Carrying Amount At Close of Period, Total 37,953      
Accumulated Depreciation 18,907      
Annapolis, MD Crowne Plaza        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 18,658      
Initial Cost of Land 3,028      
Initial Cost of FF&E, Buildings and improvements 7,833      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 5,251      
Gross Carrying Amount At Close of Period, Land 3,028      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 13,084      
Gross Carrying Amount At Close of Period, Total 16,112      
Accumulated Depreciation 6,862      
Austin, TX Lakeway Resort & Spa        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 19,527      
Initial Cost of Land 4,541      
Initial Cost of FF&E, Buildings and improvements 28,940      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,377      
Gross Carrying Amount At Close of Period, Land 4,541      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 31,317      
Gross Carrying Amount At Close of Period, Total 35,858      
Accumulated Depreciation 8,535      
Chicago, IL Silversmith        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 27,961      
Initial Cost of Land 4,782      
Initial Cost of FF&E, Buildings and improvements 22,398      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (1,778)      
Gross Carrying Amount At Close of Period, Land 4,782      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 20,620      
Gross Carrying Amount At Close of Period, Total 25,402      
Accumulated Depreciation 4,284      
Washington, DC The Churchill        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 41,443      
Initial Cost of Land 25,898      
Initial Cost of FF&E, Buildings and improvements 32,304      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 11,833      
Gross Carrying Amount At Close of Period, Land 25,898      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 44,137      
Gross Carrying Amount At Close of Period, Total 70,035      
Accumulated Depreciation 12,695      
Washington, DC The Melrose        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 76,057      
Initial Cost of Land 29,277      
Initial Cost of FF&E, Buildings and improvements 62,507      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (349)      
Gross Carrying Amount At Close of Period, Land 29,277      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 62,158      
Gross Carrying Amount At Close of Period, Total 91,435      
Accumulated Depreciation 10,498      
New Orleans, LA Le Pavillon        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 37,000      
Initial Cost of Land 10,933      
Initial Cost of FF&E, Buildings and improvements 51,549      
Costs Capitalized Since Acquisition, Land (2,601)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 11,994      
Gross Carrying Amount At Close of Period, Land 8,332      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 63,543      
Gross Carrying Amount At Close of Period, Total 71,875      
Accumulated Depreciation 15,091      
Fort Worth TX Ashton        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 8,881      
Initial Cost of Land 800      
Initial Cost of FF&E, Buildings and improvements 7,187      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 809      
Gross Carrying Amount At Close of Period, Land 800      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 7,996      
Gross Carrying Amount At Close of Period, Total 8,796      
Accumulated Depreciation 1,816      
Princeton, NJ Westin        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 33,000      
Initial Cost of Land 6,475      
Initial Cost of FF&E, Buildings and improvements 52,195      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 7,715      
Gross Carrying Amount At Close of Period, Land 6,475      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 59,910      
Gross Carrying Amount At Close of Period, Total 66,385      
Accumulated Depreciation 13,225      
Atlanta, GA W        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 48,800      
Initial Cost of Land 2,353      
Initial Cost of FF&E, Buildings and improvements 54,383      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 4,495      
Gross Carrying Amount At Close of Period, Land 2,353      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 58,878      
Gross Carrying Amount At Close of Period, Total 61,231      
Accumulated Depreciation 10,965      
Minneapolis, MN Le Meridien        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost of Land 2,752      
Initial Cost of FF&E, Buildings and improvements 12,248      
Costs Capitalized Since Acquisition, Land (1,325)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (4,947)      
Gross Carrying Amount At Close of Period, Land 1,427      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 7,301      
Gross Carrying Amount At Close of Period, Total 8,728      
Accumulated Depreciation 1,064      
Atlanta, GA Hotel Indigo        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 16,100      
Initial Cost of Land 3,230      
Initial Cost of FF&E, Buildings and improvements 23,713      
Costs Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 4,579      
Gross Carrying Amount At Close of Period, Land 3,230      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 28,292      
Gross Carrying Amount At Close of Period, Total 31,522      
Accumulated Depreciation 5,476      
Orlando FL World Quest Resort        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost of Land 1,432      
Initial Cost of FF&E, Buildings and improvements 9,870      
Costs Capitalized Since Acquisition, Land (40)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,781      
Gross Carrying Amount At Close of Period, Land 1,392      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 11,651      
Gross Carrying Amount At Close of Period, Total 13,043      
Accumulated Depreciation $ 3,313      
v3.20.4
REAL ESTATE AND ACCUMULATED DEPRECIATION - Narrative (Details)
12 Months Ended
Dec. 31, 2020
Minimum | Building and Building Improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life 7 years 6 months
Minimum | Furnitures and Fixtures  
Property, Plant and Equipment [Line Items]  
Estimated useful life 1 year 6 months
Maximum | Building and Building Improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life 39 years
Maximum | Furnitures and Fixtures  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
v3.20.4
REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2020
Dec. 31, 2019
Investment in Real Estate:      
Beginning balance $ 5,064,294 $ 5,444,259 $ 5,287,463
Additions 374,223 35,712 409,603
Impairment/write-offs (125,964) (254,475) (136,658)
Sales/disposals (25,090) (426,891) (116,149)
Ending balance   4,798,605 5,444,259
Accumulated Depreciation:      
Beginning balance 1,028,379 1,335,816 1,182,244
Depreciation expense 258,441 252,873 269,664
Impairment/write-offs (102,410) (162,754) (103,038)
Sales/disposals (2,166) (54,312) (13,054)
Ending balance   1,371,623 1,335,816
Investment in Real Estate, net $ 4,105,219 $ 3,426,982 $ 4,108,443
v3.20.4
Label Element Value
Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations aht_RestrictedCashandRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations $ 402,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations 472,072,000
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents $ 78,000