|
☑
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Maryland
|
|
86-1062192
|
(State or other jurisdiction of incorporation or organization)
|
|
(IRS employer identification number)
|
|
|
|
14185 Dallas Parkway
|
|
|
Suite 1100
|
|
|
Dallas
|
|
|
Texas
|
|
75254
|
(Address of principal executive offices)
|
|
(Zip code)
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock
|
|
AHT
|
|
New York Stock Exchange
|
Preferred Stock, Series D
|
|
AHT-PD
|
|
New York Stock Exchange
|
Preferred Stock, Series F
|
|
AHT-PF
|
|
New York Stock Exchange
|
Preferred Stock, Series G
|
|
AHT-PG
|
|
New York Stock Exchange
|
Preferred Stock, Series H
|
|
AHT-PH
|
|
New York Stock Exchange
|
Preferred Stock, Series I
|
|
AHT-PI
|
|
New York Stock Exchange
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☑
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
|
|
|
Page
|
|
||
PART I
|
||
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 1B.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
||
PART II
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
Item 7.
|
||
|
|
|
Item 7A.
|
||
|
|
|
Item 8.
|
||
|
|
|
Item 9.
|
||
|
|
|
Item 9A.
|
||
|
|
|
Item 9B.
|
||
|
||
PART III
|
||
|
|
|
Item 10.
|
||
|
|
|
Item 11.
|
||
|
|
|
Item 12.
|
||
|
|
|
Item 13.
|
||
|
|
|
Item 14.
|
||
|
||
PART IV
|
||
|
|
|
Item 15.
|
||
|
||
Item 16.
|
||
|
||
•
|
the impact of the novel strain of coronavirus (COVID-19) on our business;
|
•
|
our business and investment strategy;
|
•
|
anticipated or expected purchases or sales of assets;
|
•
|
our projected operating results;
|
•
|
completion of any pending transactions;
|
•
|
our ability to obtain future financing arrangements or restructure existing property level indebtedness;
|
•
|
our understanding of our competition;
|
•
|
market trends;
|
•
|
projected capital expenditures; and
|
•
|
the impact of technology on our operations and business.
|
•
|
the factors discussed in this Annual Report under the sections entitled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Business,” and “Properties”, as updated in our subsequent Quarterly Reports on Form 10-Q and other filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”);
|
•
|
adverse effects of the novel strain of coronavirus (COVID-19), including a potential general reduction in business and personal travel and potential travel restrictions in regions where our hotels are located;
|
•
|
general volatility of the capital markets and the market price of our common and preferred stock;
|
•
|
general and economic business conditions affecting the lodging and travel industry;
|
•
|
|
•
|
changes in our business or investment strategy;
|
•
|
availability, terms, and deployment of capital;
|
•
|
unanticipated increases in financing and other costs, including a rise in interest rates;
|
•
|
availability of qualified personnel to our advisor;
|
•
|
changes in our industry and the market in which we operate, interest rates, or local economic conditions;
|
•
|
the degree and nature of our competition;
|
•
|
actual and potential conflicts of interest with Ashford Inc. and its subsidiaries (including Ashford Hospitality Advisors LLC (“Ashford LLC”), Remington Hotels, Premier Project Management LLC (“Premier”), Braemar Hotels & Resorts Inc. (together with its subsidiaries, “Braemar”), our executive officers and our non-independent director;
|
•
|
changes in personnel of Ashford LLC or the lack of availability of qualified personnel;
|
•
|
changes in governmental regulations, accounting rules, tax rates and similar matters;
|
•
|
legislative and regulatory changes, including changes to the Internal Revenue Code of 1986, as amended (the “Code”), and related rules, regulations and interpretations governing the taxation of real estate investment trusts (“REITs”); and
|
•
|
limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for U.S. federal income tax purposes.
|
Item 1.
|
Business
|
•
|
117 consolidated hotel properties, including 115 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 24,943 total rooms (or 24,916 net rooms excluding those attributable to our partner);
|
•
|
90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); and
|
•
|
17.0% ownership in OpenKey with a carrying value of $2.8 million.
|
•
|
acquisition of hotel properties, in whole or in part, that will be accretive to our portfolio;
|
•
|
disposition of non-core hotel properties;
|
•
|
pursuing capital market activities to enhance long-term stockholder value;
|
•
|
preserving capital, enhancing liquidity, and continuing current cost saving measures;
|
•
|
implementing selective capital improvements designed to increase profitability and to maintain the quality of our assets;
|
•
|
implementing effective asset management strategies to minimize operating costs and increase revenues;
|
•
|
financing or refinancing hotels on competitive terms;
|
•
|
utilizing hedges and derivatives to mitigate risks;
|
•
|
accessing cost effective capital; and
|
•
|
making other investments or divestitures that our board of directors deems appropriate.
|
•
|
our leverage levels across the portfolio;
|
•
|
the purchase price of our investments to be acquired with debt financing;
|
•
|
impact on financial covenants;
|
•
|
cost of debt;
|
•
|
loan maturity schedule;
|
•
|
the estimated market value of our investments upon refinancing;
|
•
|
the ability of particular investments, and our Company as a whole, to generate cash flow to cover expected debt service; and
|
•
|
trailing twelve months net operating income of the hotel to be financed.
|
•
|
purchase interests in partnerships or joint ventures;
|
•
|
finance the origination or purchase of debt investments; or
|
•
|
finance acquisitions, expand, redevelop or improve existing properties, or develop new properties or other uses.
|
•
|
historical reviews of the properties;
|
•
|
reviews of certain public records;
|
•
|
preliminary investigations of the sites and surrounding properties;
|
•
|
screening for the presence of hazardous substances, toxic substances, and underground storage tanks; and
|
•
|
the preparation and issuance of a written report.
|
•
|
training of operational personnel;
|
•
|
safety;
|
•
|
maintaining specified insurance;
|
•
|
types of services and products ancillary to guestroom services that may be provided;
|
•
|
display of signage; and
|
•
|
type, quality, and age of furniture, fixtures, and equipment included in guestrooms, lobbies, and other common areas.
|
Item 1A.
|
Risk Factors
|
•
|
require us to dedicate a substantial portion of our cash flow from operations to make principal and interest payments on our indebtedness, thereby reducing our cash flow available to fund working capital, capital expenditures and other general corporate purposes, including to pay dividends on our common stock and our preferred stock as currently contemplated or necessary to satisfy the requirements for qualification as a REIT;
|
•
|
increase our vulnerability to general adverse economic and industry conditions and limit our flexibility in planning for, or reacting to, changes in our business and our industry;
|
•
|
limit our ability to borrow additional funds or refinance indebtedness on favorable terms or at all to expand our business or ease liquidity constraints; and
|
•
|
place us at a competitive disadvantage relative to competitors that have less indebtedness.
|
•
|
adverse effects of the novel strain of coronavirus (COVID-19), including a potential general reduction in business and personal travel and potential travel restrictions in regions where our hotels are located;
|
•
|
competition from other hotel properties in our markets;
|
•
|
over-building of hotels in our markets, which results in increased supply and adversely affects occupancy and revenues at our hotels;
|
•
|
dependence on business and commercial travelers and tourism;
|
•
|
increases in operating costs due to inflation, increased energy costs and other factors that may not be offset by increased room rates;
|
•
|
changes in interest rates and in the availability, cost and terms of debt financing;
|
•
|
increases in assessed property taxes from changes in valuation or real estate tax rates;
|
•
|
increases in the cost of property insurance;
|
•
|
changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance with laws and regulations, fiscal policies and ordinances;
|
•
|
unforeseen events beyond our control, such as terrorist attacks, travel related health concerns which could reduce travel, including pandemics and epidemics such as H1N1 influenza (swine flu), avian flu, SARS, the Zika virus, MERS and other future outbreaks of infectious diseases, imposition of taxes or surcharges by regulatory authorities, travel-related accidents, travel infrastructure interruptions and unusual weather patterns, including natural disasters such as wildfires, hurricanes, tsunamis or earthquakes;
|
•
|
adverse effects of international, national, regional and local economic and market conditions and increases in energy costs or labor costs and other expenses affecting travel, which may affect travel patterns and reduce the number of business and commercial travelers and tourists;
|
•
|
adverse effects of a downturn in the lodging industry;
|
•
|
political instability;
|
•
|
travel restrictions (whether government-imposed or voluntary); and
|
•
|
risks generally associated with the ownership of hotel properties and real estate, as we discuss in more detail below.
|
•
|
construction cost overruns and delays;
|
•
|
the disruption of operations and displacement of revenue at operating hotels, including revenue lost while rooms, restaurants or meeting space under renovation are out of service;
|
•
|
the cost of funding renovations or developments and inability to obtain financing on attractive terms;
|
•
|
the return on our investment in these capital improvements or developments failing to meet expectations;
|
•
|
governmental restrictions on the nature or size of a project;
|
•
|
inability to obtain all necessary zoning, land use, building, occupancy, and construction permits;
|
•
|
loss of substantial investment in a development project if a project is abandoned before completion;
|
•
|
acts of God such as earthquakes, hurricanes, floods or fires that could adversely affect a project;
|
•
|
environmental problems; and
|
•
|
disputes with franchisors or hotel managers regarding compliance with relevant franchise agreements or management agreements.
|
•
|
available interest rate hedging may not correspond directly with the interest rate risk for which protections is sought;
|
•
|
the duration of the hedge may not match the duration of the related liability;
|
•
|
the party owing money in the hedging transaction may default on its obligation to pay;
|
•
|
the credit quality of the party owing money on the hedge may be downgraded to such an extent that it impairs our ability to sell or assign our side of the hedging transaction; and
|
•
|
the value of derivatives used for hedging may be adjusted from time to time in accordance with generally accepted accounting principles (“GAAP”) to reflect changes in fair value and such downward adjustments, or “mark-to-market loss,” would reduce our stockholders’ equity.
|
•
|
adverse changes in international, national, regional and local economic and market conditions;
|
•
|
changes in interest rates and in the availability, cost, and terms of debt financing;
|
•
|
the ongoing need for capital improvements, particularly in older structures;
|
•
|
changes in operating expenses; and
|
•
|
civil unrest, acts of war or terrorism, epidemics, and acts of God, including earthquakes, floods and other natural disasters, which may result in uninsured and underinsured losses.
|
•
|
our knowledge of the contamination;
|
•
|
the timing of the contamination;
|
•
|
the cause of the contamination; or
|
•
|
the party responsible for the contamination.
|
•
|
the insurance coverage thresholds that we have obtained will fully protect us against insurable losses (i.e., losses may exceed coverage limits);
|
•
|
we will not incur large deductibles that will adversely affect our earnings;
|
•
|
we will not incur losses from risks that are not insurable or that are not economically insurable; or
|
•
|
current coverage thresholds will continue to be available at reasonable rates.
|
•
|
we would be taxed as a regular domestic corporation, which, among other things, means being unable to deduct distributions to our stockholders in computing taxable income and being subject to U.S. federal income tax on our taxable income at regular corporate rates;
|
•
|
we would also be subject to federal alternative minimum tax for taxable years beginning before January 1, 2018, and, possibly, increased state and local income taxes;
|
•
|
any resulting tax liability could be substantial and would reduce the amount of cash available for distribution to stockholders; and
|
•
|
unless we were entitled to relief under applicable statutory provisions, we would be disqualified from treatment as a REIT for the subsequent four taxable years following the year that we lost our qualification, and, thus, our cash available for distribution to stockholders could be reduced for each of the years during which we did not qualify as a REIT.
|
•
|
We will be required to pay tax on undistributed REIT taxable income.
|
•
|
If we have net income from the disposition of foreclosure property held primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, we must pay tax on that income at the highest corporate rate.
|
•
|
If we sell a property in a “prohibited transaction,” our gain from the sale would be subject to a 100% penalty tax.
|
•
|
Each of our TRSs is a fully taxable corporation and will be subject to federal and state taxes on its income.
|
•
|
We may continue to experience increases in our state and local income tax burden. Over the past several years, certain state and local taxing authorities have significantly changed their income tax regimes in order to raise revenues. The changes enacted that have increased our state and local income tax burden include the taxation of modified gross receipts (as opposed to net taxable income), the suspension of and/or limitation on the use of net operating loss deductions, increases in tax rates and fees, the addition of surcharges, and the taxation of our partnership income at the entity level. Facing mounting budget deficits, more state and local taxing authorities have indicated that they are going to revise their income tax regimes in this fashion and/or eliminate certain federally allowed tax deductions such as the REIT dividends paid deduction.
|
•
|
redemption rights of qualifying parties;
|
•
|
transfer restrictions on our common units;
|
•
|
the ability of the general partner in some cases to amend the partnership agreement without the consent of the limited partners; and
|
•
|
the right of the limited partners to consent to transfers of the general partnership interest and mergers under specified circumstances.
|
•
|
The ownership limit in our charter limits related investors, including, among other things, any voting group, from acquiring over 9.8% of our common stock or any class of our preferred stock without our permission.
|
•
|
Our charter authorizes our board of directors to issue common stock or preferred stock in one or more classes and to establish the preferences and rights of any class of common stock or preferred stock issued. These actions can be taken without soliciting stockholder approval. Our common stock and preferred stock issuances could have the effect of delaying or preventing someone from taking control of us, even if a change in control were in our stockholders’ best interests.
|
•
|
“business combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate thereof) for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose special stockholder voting requirements on these business combinations, unless certain fair price requirements set forth in the MGCL are satisfied; and
|
•
|
“control share” provisions that provide that “control shares” of our company (defined as shares which, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of outstanding “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
|
•
|
amend or revise at any time our dividend policy with respect to our common stock or preferred stock (including by eliminating, failing to declare, or significantly reducing dividends on these securities);
|
•
|
terminate our advisor under certain conditions pursuant to the advisory agreement, subject to the payment of a termination fee;
|
•
|
amend or revise at any time and from time to time our investment, financing, borrowing and dividend policies and our policies with respect to all other activities, including growth, debt, capitalization and operations, subject to the limitations and restrictions provided in our advisory agreement and mutual exclusivity agreement;
|
•
|
amend our policies with respect to conflicts of interest provided that such changes are consistent with applicable legal requirements;
|
•
|
subject to the terms of our charter, prevent the ownership, transfer and/or accumulation of shares in order to protect our status as a REIT or for any other reason deemed to be in the best interests of us and our stockholders;
|
•
|
issue additional shares without obtaining stockholder approval, which could dilute the ownership of our then-current stockholders;
|
•
|
amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series, without obtaining stockholder approval;
|
•
|
classify or reclassify any unissued shares of our common stock or preferred stock and set the preferences, rights and other terms of such classified or reclassified shares, without obtaining stockholder approval;
|
•
|
employ and compensate affiliates (subject to disinterested director approval);
|
•
|
direct our resources toward investments that do not ultimately appreciate over time; and
|
•
|
determine that it is not in our best interests to attempt to qualify, or to continue to qualify, as a REIT.
|
Item 2.
|
Properties
|
Hotel Property
|
|
Location
|
|
Service Type
|
|
Total Rooms
|
|
% Owned
|
|
Owned Rooms
|
|
Year Ended December 31, 2019
|
||||||||||||
Occupancy
|
|
ADR
|
|
RevPAR
|
||||||||||||||||||||
Fee Simple Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Embassy Suites
|
|
Austin, TX
|
|
Full service
|
|
150
|
|
|
100
|
%
|
|
150
|
|
|
82.44
|
%
|
|
$
|
159.95
|
|
|
$
|
131.86
|
|
Embassy Suites
|
|
Dallas, TX
|
|
Full service
|
|
150
|
|
|
100
|
|
|
150
|
|
|
75.30
|
%
|
|
$
|
135.30
|
|
|
$
|
101.88
|
|
Embassy Suites
|
|
Herndon, VA
|
|
Full service
|
|
150
|
|
|
100
|
|
|
150
|
|
|
79.29
|
%
|
|
$
|
172.61
|
|
|
$
|
136.86
|
|
Embassy Suites
|
|
Las Vegas, NV
|
|
Full service
|
|
220
|
|
|
100
|
|
|
220
|
|
|
87.53
|
%
|
|
$
|
143.40
|
|
|
$
|
125.52
|
|
Embassy Suites
|
|
Flagstaff, AZ
|
|
Full service
|
|
119
|
|
|
100
|
|
|
119
|
|
|
80.59
|
%
|
|
$
|
148.90
|
|
|
$
|
120.01
|
|
Embassy Suites
|
|
Houston, TX
|
|
Full service
|
|
150
|
|
|
100
|
|
|
150
|
|
|
80.25
|
%
|
|
$
|
144.39
|
|
|
$
|
115.87
|
|
Embassy Suites
|
|
West Palm Beach, FL
|
|
Full service
|
|
160
|
|
|
100
|
|
|
160
|
|
|
82.22
|
%
|
|
$
|
153.53
|
|
|
$
|
126.23
|
|
Embassy Suites
|
|
Philadelphia, PA
|
|
Full service
|
|
263
|
|
|
100
|
|
|
263
|
|
|
85.31
|
%
|
|
$
|
157.87
|
|
|
$
|
134.68
|
|
Embassy Suites
|
|
Walnut Creek, CA
|
|
Full service
|
|
249
|
|
|
100
|
|
|
249
|
|
|
83.48
|
%
|
|
$
|
181.88
|
|
|
$
|
151.83
|
|
Embassy Suites
|
|
Arlington, VA
|
|
Full service
|
|
269
|
|
|
100
|
|
|
269
|
|
|
83.86
|
%
|
|
$
|
199.28
|
|
|
$
|
167.13
|
|
Embassy Suites
|
|
Portland, OR
|
|
Full service
|
|
276
|
|
|
100
|
|
|
276
|
|
|
84.43
|
%
|
|
$
|
203.80
|
|
|
$
|
172.07
|
|
Embassy Suites
|
|
Santa Clara, CA
|
|
Full service
|
|
258
|
|
|
100
|
|
|
258
|
|
|
90.09
|
%
|
|
$
|
255.75
|
|
|
$
|
230.40
|
|
Embassy Suites
|
|
Orlando, FL
|
|
Full service
|
|
174
|
|
|
100
|
|
|
174
|
|
|
91.23
|
%
|
|
$
|
159.06
|
|
|
$
|
145.10
|
|
Embassy Suites
|
|
New York, NY
|
|
Full service
|
|
310
|
|
|
100
|
|
|
310
|
|
|
94.96
|
%
|
|
$
|
245.75
|
|
|
$
|
233.37
|
|
Hilton Garden Inn
|
|
Jacksonville, FL
|
|
Select service
|
|
119
|
|
|
100
|
|
|
119
|
|
|
73.55
|
%
|
|
$
|
131.62
|
|
|
$
|
96.81
|
|
Hilton Garden Inn
|
|
Austin, TX
|
|
Select service
|
|
254
|
|
|
100
|
|
|
254
|
|
|
82.25
|
%
|
|
$
|
180.31
|
|
|
$
|
148.29
|
|
Hilton Garden Inn
|
|
Baltimore, MD
|
|
Select service
|
|
158
|
|
|
100
|
|
|
158
|
|
|
72.57
|
%
|
|
$
|
121.02
|
|
|
$
|
87.82
|
|
Hilton Garden Inn
|
|
Virginia Beach, VA
|
|
Select service
|
|
176
|
|
|
100
|
|
|
176
|
|
|
83.49
|
%
|
|
$
|
143.84
|
|
|
$
|
120.10
|
|
Hilton
|
|
Houston, TX
|
|
Full service
|
|
242
|
|
|
100
|
|
|
242
|
|
|
72.35
|
%
|
|
$
|
120.99
|
|
|
$
|
87.53
|
|
Hilton
|
|
St. Petersburg, FL
|
|
Full service
|
|
333
|
|
|
100
|
|
|
333
|
|
|
79.80
|
%
|
|
$
|
157.33
|
|
|
$
|
125.54
|
|
Hilton
|
|
Santa Fe, NM
|
|
Full service
|
|
158
|
|
|
100
|
|
|
158
|
|
|
89.18
|
%
|
|
$
|
166.24
|
|
|
$
|
148.25
|
|
Hilton
|
|
Bloomington, MN
|
|
Full service
|
|
300
|
|
|
100
|
|
|
300
|
|
|
76.84
|
%
|
|
$
|
134.17
|
|
|
$
|
103.10
|
|
Hilton
|
|
Costa Mesa, CA
|
|
Full service
|
|
486
|
|
|
100
|
|
|
486
|
|
|
78.19
|
%
|
|
$
|
140.98
|
|
|
$
|
110.23
|
|
Hilton
|
|
Boston, MA
|
|
Full service
|
|
390
|
|
|
100
|
|
|
390
|
|
|
90.14
|
%
|
|
$
|
251.73
|
|
|
$
|
226.93
|
|
Hilton
|
|
Parsippany, NJ
|
|
Full service
|
|
353
|
|
|
100
|
|
|
353
|
|
|
66.49
|
%
|
|
$
|
169.73
|
|
|
$
|
112.86
|
|
Hilton
|
|
Tampa, FL
|
|
Full service
|
|
238
|
|
|
100
|
|
|
238
|
|
|
82.84
|
%
|
|
$
|
137.97
|
|
|
$
|
114.29
|
|
Hilton
|
|
Alexandria, VA
|
|
Full service
|
|
252
|
|
|
100
|
|
|
252
|
|
|
82.21
|
%
|
|
$
|
184.93
|
|
|
$
|
152.03
|
|
Hilton
|
|
Santa Cruz, CA
|
|
Full service
|
|
178
|
|
|
100
|
|
|
178
|
|
|
75.84
|
%
|
|
$
|
185.71
|
|
|
$
|
140.84
|
|
Hampton Inn
|
|
Lawrenceville, GA
|
|
Select service
|
|
85
|
|
|
100
|
|
|
85
|
|
|
70.99
|
%
|
|
$
|
112.30
|
|
|
$
|
79.72
|
|
Hampton Inn
|
|
Evansville, IN
|
|
Select service
|
|
140
|
|
|
100
|
|
|
140
|
|
|
63.15
|
%
|
|
$
|
107.22
|
|
|
$
|
67.71
|
|
Hampton Inn
|
|
Parsippany, NJ
|
|
Select service
|
|
152
|
|
|
100
|
|
|
152
|
|
|
72.49
|
%
|
|
$
|
145.88
|
|
|
$
|
105.75
|
|
Hampton Inn
|
|
Buford, GA
|
|
Select service
|
|
92
|
|
|
100
|
|
|
92
|
|
|
69.79
|
%
|
|
$
|
124.18
|
|
|
$
|
86.67
|
|
Hampton Inn
|
|
Phoenix, AZ
|
|
Select service
|
|
106
|
|
|
100
|
|
|
106
|
|
|
77.71
|
%
|
|
$
|
126.82
|
|
|
$
|
98.56
|
|
Hampton Inn - Waterfront
|
|
Pittsburgh, PA
|
|
Select service
|
|
113
|
|
|
100
|
|
|
113
|
|
|
76.95
|
%
|
|
$
|
126.45
|
|
|
$
|
97.30
|
|
Hampton Inn - Washington
|
|
Pittsburgh, PA
|
|
Select service
|
|
103
|
|
|
100
|
|
|
103
|
|
|
73.16
|
%
|
|
$
|
94.25
|
|
|
$
|
68.95
|
|
Hampton Inn
|
|
Columbus, OH
|
|
Select service
|
|
145
|
|
|
100
|
|
|
145
|
|
|
63.66
|
%
|
|
$
|
144.34
|
|
|
$
|
91.88
|
|
Marriott
|
|
Beverly Hills, CA
|
|
Full service
|
|
260
|
|
|
100
|
|
|
260
|
|
|
88.15
|
%
|
|
$
|
260.92
|
|
|
$
|
230.00
|
|
Marriott
|
|
Durham, NC
|
|
Full service
|
|
225
|
|
|
100
|
|
|
225
|
|
|
73.28
|
%
|
|
$
|
145.86
|
|
|
$
|
106.88
|
|
Marriott
|
|
Arlington, VA
|
|
Full service
|
|
701
|
|
|
100
|
|
|
701
|
|
|
77.77
|
%
|
|
$
|
194.46
|
|
|
$
|
151.24
|
|
Marriott
|
|
Bridgewater, NJ
|
|
Full service
|
|
347
|
|
|
100
|
|
|
347
|
|
|
68.07
|
%
|
|
$
|
210.77
|
|
|
$
|
143.48
|
|
Marriott
|
|
Dallas, TX
|
|
Full service
|
|
265
|
|
|
100
|
|
|
265
|
|
|
75.21
|
%
|
|
$
|
135.43
|
|
|
$
|
101.85
|
|
Marriott
|
|
Fremont, CA
|
|
Full service
|
|
357
|
|
|
100
|
|
|
357
|
|
|
77.21
|
%
|
|
$
|
198.45
|
|
|
$
|
153.22
|
|
Marriott
|
|
Memphis, TN
|
|
Full service
|
|
232
|
|
|
100
|
|
|
232
|
|
|
74.55
|
%
|
|
$
|
167.02
|
|
|
$
|
124.51
|
|
Marriott
|
|
Irving, TX
|
|
Full service
|
|
491
|
|
|
100
|
|
|
491
|
|
|
74.95
|
%
|
|
$
|
154.38
|
|
|
$
|
115.71
|
|
Hotel Property
|
|
Location
|
|
Service Type
|
|
Total Rooms
|
|
% Owned
|
|
Owned Rooms
|
|
Year Ended December 31, 2019
|
||||||||||||
Occupancy
|
|
ADR
|
|
RevPAR
|
||||||||||||||||||||
Marriott
|
|
Omaha, NE
|
|
Full service
|
|
300
|
|
|
100
|
|
|
300
|
|
|
61.68
|
%
|
|
$
|
129.46
|
|
|
$
|
79.85
|
|
Marriott
|
|
Sugarland, TX
|
|
Full service
|
|
300
|
|
|
100
|
|
|
300
|
|
|
79.98
|
%
|
|
$
|
136.58
|
|
|
$
|
109.24
|
|
SpringHill Suites by Marriott
|
|
Baltimore, MD
|
|
Select service
|
|
133
|
|
|
100
|
|
|
133
|
|
|
82.49
|
%
|
|
$
|
106.30
|
|
|
$
|
87.68
|
|
SpringHill Suites by Marriott
|
|
Kennesaw, GA
|
|
Select service
|
|
90
|
|
|
100
|
|
|
90
|
|
|
72.66
|
%
|
|
$
|
119.88
|
|
|
$
|
87.11
|
|
SpringHill Suites by Marriott
|
|
Buford, GA
|
|
Select service
|
|
97
|
|
|
100
|
|
|
97
|
|
|
80.67
|
%
|
|
$
|
110.16
|
|
|
$
|
88.86
|
|
SpringHill Suites by Marriott
|
|
Charlotte, NC
|
|
Select service
|
|
136
|
|
|
100
|
|
|
136
|
|
|
70.07
|
%
|
|
$
|
103.67
|
|
|
$
|
72.65
|
|
SpringHill Suites by Marriott
|
|
Durham, NC
|
|
Select service
|
|
120
|
|
|
100
|
|
|
120
|
|
|
76.74
|
%
|
|
$
|
111.88
|
|
|
$
|
85.86
|
|
SpringHill Suites by Marriott
|
|
Manhattan Beach, CA
|
|
Select service
|
|
164
|
|
|
100
|
|
|
164
|
|
|
85.89
|
%
|
|
$
|
137.33
|
|
|
$
|
117.94
|
|
SpringHill Suites by Marriott
|
|
Plymouth Meeting, PA
|
|
Select service
|
|
199
|
|
|
100
|
|
|
199
|
|
|
72.39
|
%
|
|
$
|
111.51
|
|
|
$
|
80.72
|
|
Fairfield Inn by Marriott
|
|
Kennesaw, GA
|
|
Select service
|
|
86
|
|
|
100
|
|
|
86
|
|
|
55.02
|
%
|
|
$
|
103.37
|
|
|
$
|
56.88
|
|
Courtyard by Marriott
|
|
Bloomington, IN
|
|
Select service
|
|
117
|
|
|
100
|
|
|
117
|
|
|
69.61
|
%
|
|
$
|
122.57
|
|
|
$
|
85.32
|
|
Courtyard by Marriott - Tremont
|
|
Boston, MA
|
|
Select service
|
|
315
|
|
|
100
|
|
|
315
|
|
|
82.17
|
%
|
|
$
|
232.57
|
|
|
$
|
191.11
|
|
Courtyard by Marriott
|
|
Columbus, IN
|
|
Select service
|
|
90
|
|
|
100
|
|
|
90
|
|
|
66.48
|
%
|
|
$
|
112.98
|
|
|
$
|
75.11
|
|
Courtyard by Marriott
|
|
Denver, CO
|
|
Select service
|
|
202
|
|
|
100
|
|
|
202
|
|
|
88.32
|
%
|
|
$
|
150.68
|
|
|
$
|
133.08
|
|
Courtyard by Marriott
|
|
Louisville, KY
|
|
Select service
|
|
150
|
|
|
100
|
|
|
150
|
|
|
68.74
|
%
|
|
$
|
143.08
|
|
|
$
|
98.35
|
|
Courtyard by Marriott
|
|
Gaithersburg, MD
|
|
Select service
|
|
210
|
|
|
100
|
|
|
210
|
|
|
72.43
|
%
|
|
$
|
151.86
|
|
|
$
|
110.00
|
|
Courtyard by Marriott
|
|
Crystal City, VA
|
|
Select service
|
|
272
|
|
|
100
|
|
|
272
|
|
|
74.95
|
%
|
|
$
|
158.56
|
|
|
$
|
118.84
|
|
Courtyard by Marriott
|
|
Ft. Lauderdale, FL
|
|
Select service
|
|
174
|
|
|
100
|
|
|
174
|
|
|
78.45
|
%
|
|
$
|
130.50
|
|
|
$
|
102.37
|
|
Courtyard by Marriott
|
|
Overland Park, KS
|
|
Select service
|
|
168
|
|
|
100
|
|
|
168
|
|
|
64.45
|
%
|
|
$
|
123.64
|
|
|
$
|
79.68
|
|
Courtyard by Marriott
|
|
Foothill Ranch, CA
|
|
Select service
|
|
156
|
|
|
100
|
|
|
156
|
|
|
77.92
|
%
|
|
$
|
136.42
|
|
|
$
|
106.30
|
|
Courtyard by Marriott
|
|
Alpharetta, GA
|
|
Select service
|
|
154
|
|
|
100
|
|
|
154
|
|
|
68.55
|
%
|
|
$
|
144.40
|
|
|
$
|
98.99
|
|
Courtyard by Marriott
|
|
Oakland, CA
|
|
Select service
|
|
156
|
|
|
100
|
|
|
156
|
|
|
84.66
|
%
|
|
$
|
189.40
|
|
|
$
|
160.35
|
|
Courtyard by Marriott
|
|
Scottsdale, AZ
|
|
Select service
|
|
180
|
|
|
100
|
|
|
180
|
|
|
82.00
|
%
|
|
$
|
141.54
|
|
|
$
|
116.07
|
|
Courtyard by Marriott
|
|
Plano, TX
|
|
Select service
|
|
153
|
|
|
100
|
|
|
153
|
|
|
64.33
|
%
|
|
$
|
148.19
|
|
|
$
|
95.33
|
|
Courtyard by Marriott
|
|
Newark, CA
|
|
Select service
|
|
181
|
|
|
100
|
|
|
181
|
|
|
82.65
|
%
|
|
$
|
170.31
|
|
|
$
|
140.76
|
|
Courtyard by Marriott
|
|
Manchester, CT
|
|
Select service
|
|
90
|
|
|
85
|
|
|
77
|
|
|
75.00
|
%
|
|
$
|
133.92
|
|
|
$
|
100.44
|
|
Courtyard by Marriott
|
|
Basking Ridge, NJ
|
|
Select service
|
|
235
|
|
|
100
|
|
|
235
|
|
|
68.32
|
%
|
|
$
|
187.90
|
|
|
$
|
128.37
|
|
Courtyard by Marriott
|
|
Wichita, KS
|
|
Select service
|
|
128
|
|
|
100
|
|
|
128
|
|
|
75.98
|
%
|
|
$
|
133.04
|
|
|
$
|
101.09
|
|
Courtyard by Marriott - Billerica
|
|
Boston, MA
|
|
Select service
|
|
210
|
|
|
100
|
|
|
210
|
|
|
63.94
|
%
|
|
$
|
141.71
|
|
|
$
|
90.61
|
|
Homewood Suites
|
|
Pittsburgh, PA
|
|
Select service
|
|
148
|
|
|
100
|
|
|
148
|
|
|
71.98
|
%
|
|
$
|
121.96
|
|
|
$
|
87.79
|
|
Marriott Residence Inn
|
|
Lake Buena Vista, FL
|
|
Select service
|
|
210
|
|
|
100
|
|
|
210
|
|
|
73.76
|
%
|
|
$
|
132.82
|
|
|
$
|
97.96
|
|
Marriott Residence Inn
|
|
Evansville, IN
|
|
Select service
|
|
78
|
|
|
100
|
|
|
78
|
|
|
85.68
|
%
|
|
$
|
105.06
|
|
|
$
|
90.02
|
|
Marriott Residence Inn
|
|
Orlando, FL
|
|
Select service
|
|
350
|
|
|
100
|
|
|
350
|
|
|
82.51
|
%
|
|
$
|
129.74
|
|
|
$
|
107.05
|
|
Marriott Residence Inn
|
|
Falls Church, VA
|
|
Select service
|
|
159
|
|
|
100
|
|
|
159
|
|
|
75.96
|
%
|
|
$
|
163.70
|
|
|
$
|
124.35
|
|
Marriott Residence Inn
|
|
San Diego, CA
|
|
Select service
|
|
150
|
|
|
100
|
|
|
150
|
|
|
85.61
|
%
|
|
$
|
172.35
|
|
|
$
|
147.56
|
|
Marriott Residence Inn
|
|
Salt Lake City, UT
|
|
Select service
|
|
144
|
|
|
100
|
|
|
144
|
|
|
71.70
|
%
|
|
$
|
125.87
|
|
|
$
|
90.25
|
|
Marriott Residence Inn
|
|
Las Vegas, NV
|
|
Select service
|
|
256
|
|
|
100
|
|
|
256
|
|
|
84.56
|
%
|
|
$
|
132.06
|
|
|
$
|
111.68
|
|
Marriott Residence Inn
|
|
Phoenix, AZ
|
|
Select service
|
|
200
|
|
|
100
|
|
|
200
|
|
|
78.47
|
%
|
|
$
|
122.03
|
|
|
$
|
95.76
|
|
Marriott Residence Inn
|
|
Plano, TX
|
|
Select service
|
|
126
|
|
|
100
|
|
|
126
|
|
|
63.90
|
%
|
|
$
|
113.59
|
|
|
$
|
72.58
|
|
Marriott Residence Inn
|
|
Newark, CA
|
|
Select service
|
|
168
|
|
|
100
|
|
|
168
|
|
|
80.79
|
%
|
|
$
|
190.62
|
|
|
$
|
154.00
|
|
Marriott Residence Inn
|
|
Manchester, CT
|
|
Select service
|
|
96
|
|
|
85
|
|
|
82
|
|
|
78.78
|
%
|
|
$
|
134.11
|
|
|
$
|
105.64
|
|
Marriott Residence Inn
|
|
Jacksonville, FL
|
|
Select service
|
|
120
|
|
|
100
|
|
|
120
|
|
|
82.08
|
%
|
|
$
|
134.87
|
|
|
$
|
110.70
|
|
Marriott Residence Inn
|
|
Stillwater, OK
|
|
Select service
|
|
101
|
|
|
100
|
|
|
101
|
|
|
56.03
|
%
|
|
$
|
113.15
|
|
|
$
|
63.39
|
|
TownePlace Suites by Marriott
|
|
Manhattan Beach, CA
|
|
Select service
|
|
143
|
|
|
100
|
|
|
143
|
|
|
86.45
|
%
|
|
$
|
136.29
|
|
|
$
|
117.83
|
|
One Ocean
|
|
Atlantic Beach, FL
|
|
Full service
|
|
193
|
|
|
100
|
|
|
193
|
|
|
71.91
|
%
|
|
$
|
214.36
|
|
|
$
|
154.14
|
|
Sheraton Hotel
|
|
Ann Arbor, MI
|
|
Full service
|
|
197
|
|
|
100
|
|
|
197
|
|
|
68.06
|
%
|
|
$
|
153.36
|
|
|
$
|
104.37
|
|
Sheraton Hotel
|
|
Langhorne, PA
|
|
Full service
|
|
186
|
|
|
100
|
|
|
186
|
|
|
65.81
|
%
|
|
$
|
127.07
|
|
|
$
|
83.63
|
|
Sheraton Hotel
|
|
Minneapolis, MN
|
|
Full service
|
|
220
|
|
|
100
|
|
|
220
|
|
|
54.69
|
%
|
|
$
|
124.86
|
|
|
$
|
68.28
|
|
Sheraton Hotel
|
|
Indianapolis, IN
|
|
Full service
|
|
378
|
|
|
100
|
|
|
378
|
|
|
72.27
|
%
|
|
$
|
140.44
|
|
|
$
|
101.49
|
|
Sheraton Hotel
|
|
Anchorage, AK
|
|
Full service
|
|
370
|
|
|
100
|
|
|
370
|
|
|
68.41
|
%
|
|
$
|
158.59
|
|
|
$
|
108.49
|
|
Sheraton Hotel
|
|
San Diego, CA
|
|
Full service
|
|
260
|
|
|
100
|
|
|
260
|
|
|
75.13
|
%
|
|
$
|
136.88
|
|
|
$
|
102.84
|
|
Hyatt Regency
|
|
Coral Gables, FL
|
|
Full service
|
|
254
|
|
|
100
|
|
|
254
|
|
|
79.95
|
%
|
|
$
|
188.77
|
|
|
$
|
150.92
|
|
Hyatt Regency
|
|
Hauppauge, NY
|
|
Full service
|
|
358
|
|
|
100
|
|
|
358
|
|
|
68.27
|
%
|
|
$
|
138.19
|
|
|
$
|
94.34
|
|
Hotel Property
|
|
Location
|
|
Service Type
|
|
Total Rooms
|
|
% Owned
|
|
Owned Rooms
|
|
Year Ended December 31, 2019
|
||||||||||||
Occupancy
|
|
ADR
|
|
RevPAR
|
||||||||||||||||||||
Hyatt Regency
|
|
Savannah, GA
|
|
Full service
|
|
351
|
|
|
100
|
|
|
351
|
|
|
86.65
|
%
|
|
$
|
190.57
|
|
|
$
|
165.12
|
|
Renaissance
|
|
Nashville, TN
|
|
Full service
|
|
673
|
|
|
100
|
|
|
673
|
|
|
85.25
|
%
|
|
$
|
246.53
|
|
|
$
|
210.17
|
|
Annapolis Historic Inn
|
|
Annapolis, MD
|
|
Full service
|
|
124
|
|
|
100
|
|
|
124
|
|
|
58.27
|
%
|
|
$
|
163.09
|
|
|
$
|
95.03
|
|
Lakeway Resort & Spa
|
|
Austin, TX
|
|
Full service
|
|
168
|
|
|
100
|
|
|
168
|
|
|
67.50
|
%
|
|
$
|
184.91
|
|
|
$
|
124.81
|
|
Silversmith
|
|
Chicago, IL
|
|
Full service
|
|
144
|
|
|
100
|
|
|
144
|
|
|
70.67
|
%
|
|
$
|
177.45
|
|
|
$
|
125.40
|
|
The Churchill
|
|
Washington, D.C.
|
|
Full service
|
|
173
|
|
|
100
|
|
|
173
|
|
|
62.45
|
%
|
|
$
|
183.23
|
|
|
$
|
114.43
|
|
The Melrose
|
|
Washington, D.C.
|
|
Full service
|
|
240
|
|
|
100
|
|
|
240
|
|
|
74.64
|
%
|
|
$
|
196.19
|
|
|
$
|
146.43
|
|
Le Pavillon
|
|
New Orleans, LA
|
|
Full service
|
|
226
|
|
|
100
|
|
|
226
|
|
|
68.49
|
%
|
|
$
|
159.64
|
|
|
$
|
109.34
|
|
The Ashton
|
|
Ft. Worth, TX
|
|
Full service
|
|
39
|
|
|
100
|
|
|
39
|
|
|
72.10
|
%
|
|
$
|
206.37
|
|
|
$
|
148.80
|
|
Westin
|
|
Princeton, NJ
|
|
Full service
|
|
296
|
|
|
100
|
|
|
296
|
|
|
68.94
|
%
|
|
$
|
163.22
|
|
|
$
|
112.52
|
|
W
|
|
Atlanta, GA
|
|
Full service
|
|
237
|
|
|
100
|
|
|
237
|
|
|
78.17
|
%
|
|
$
|
219.55
|
|
|
$
|
171.62
|
|
W
|
|
Minneapolis, MN
|
|
Full service
|
|
229
|
|
|
100
|
|
|
229
|
|
|
67.39
|
%
|
|
$
|
214.70
|
|
|
$
|
144.69
|
|
Le Meridien
|
|
Minneapolis, MN
|
|
Full service
|
|
60
|
|
|
100
|
|
|
60
|
|
|
71.23
|
%
|
|
$
|
205.55
|
|
|
$
|
146.42
|
|
Hotel Indigo
|
|
Atlanta, GA
|
|
Full service
|
|
141
|
|
|
100
|
|
|
141
|
|
|
73.06
|
%
|
|
$
|
161.67
|
|
|
$
|
118.11
|
|
Ritz-Carlton
|
|
Atlanta, GA
|
|
Full service
|
|
444
|
|
|
100
|
|
|
444
|
|
|
78.42
|
%
|
|
$
|
258.94
|
|
|
$
|
203.05
|
|
La Posada de Santa Fe
|
|
Santa Fe, NM
|
|
Full service
|
|
157
|
|
|
100
|
|
|
157
|
|
|
80.91
|
%
|
|
$
|
226.23
|
|
|
$
|
183.04
|
|
Ground Lease Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Crowne Plaza (1) (2)
|
|
Key West, FL
|
|
Full service
|
|
160
|
|
|
100
|
|
|
160
|
|
|
79.47
|
%
|
|
$
|
282.71
|
|
|
$
|
224.68
|
|
Crowne Plaza (3)
|
|
Annapolis, MD
|
|
Full service
|
|
197
|
|
|
100
|
|
|
197
|
|
|
56.22
|
%
|
|
$
|
116.90
|
|
|
$
|
65.73
|
|
Hilton (4)
|
|
Ft. Worth, TX
|
|
Full service
|
|
294
|
|
|
100
|
|
|
294
|
|
|
74.04
|
%
|
|
$
|
163.36
|
|
|
$
|
120.95
|
|
Renaissance (5)
|
|
Palm Springs, CA
|
|
Full service
|
|
410
|
|
|
100
|
|
|
410
|
|
|
72.16
|
%
|
|
$
|
167.12
|
|
|
$
|
120.59
|
|
Total
|
|
|
|
|
|
24,943
|
|
|
|
|
24,916
|
|
|
76.34
|
%
|
|
$
|
168.06
|
|
|
$
|
128.29
|
|
Item 3.
|
Legal Proceedings
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
Amount
|
|
|
%
|
|
Amount
|
|
|
%
|
|
Amount
|
|
|
%
|
|||||||||
Common Stock (cash):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ordinary income
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
Capital gain
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|||
Return of capital
|
0.3600
|
|
(1)
|
|
100.0000
|
|
|
0.4800
|
|
(1)
|
|
100.0000
|
|
|
0.4800
|
|
(1)
|
|
100.0000
|
|
|||
Total
|
$
|
0.3600
|
|
|
|
100.0000
|
%
|
|
$
|
0.4800
|
|
|
|
100.0000
|
%
|
|
$
|
0.4800
|
|
|
|
100.0000
|
%
|
Common Stock (stock - NYSE: AINC):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ordinary income
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
Capital gain
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
%
|
|||
Return of capital
|
0.0380
|
|
(2)
|
|
100.0000
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|||
Total
|
$
|
0.0380
|
|
|
|
100.0000
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
Preferred Stock – Series A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ordinary income
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
Capital gain
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
0.8605
|
|
(1)
|
|
53.6739
|
|
|||
Return of capital
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
0.7427
|
|
(1)
|
|
46.3261
|
|
|||
Total
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
1.6032
|
|
|
|
100.0000
|
%
|
Preferred Stock – Series D:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ordinary income
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
Capital gain
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
1.1338
|
|
(1)
|
|
53.6735
|
|
|||
Return of capital
|
2.1124
|
|
(1)
|
|
100.0000
|
|
|
2.1124
|
|
(1)
|
|
100.0000
|
|
|
0.9786
|
|
(1)
|
|
46.3265
|
|
|||
Total
|
$
|
2.1124
|
|
|
|
100.0000
|
%
|
|
$
|
2.1124
|
|
|
|
100.0000
|
%
|
|
$
|
2.1124
|
|
|
|
100.0000
|
%
|
Preferred Stock – Series F:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ordinary income
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
Capital gain
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
0.9895
|
|
(1)
|
|
53.6722
|
|
|||
Return of capital
|
1.8436
|
|
(1)
|
|
100.0000
|
|
|
1.8436
|
|
(1)
|
|
100.0000
|
|
|
0.8541
|
|
(1)
|
|
46.3278
|
|
|||
Total
|
$
|
1.8436
|
|
|
|
100.0000
|
%
|
|
$
|
1.8436
|
|
|
|
100.0000
|
%
|
|
$
|
1.8436
|
|
|
|
100.0000
|
%
|
Preferred Stock – Series G:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ordinary income
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
Capital gain
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
0.9428
|
|
(1)
|
|
53.6719
|
|
|||
Return of capital
|
1.8436
|
|
(1)
|
|
100.0000
|
|
|
1.8436
|
|
(1)
|
|
100.0000
|
|
|
0.8138
|
|
(1)
|
|
46.3281
|
|
|||
Total
|
$
|
1.8436
|
|
|
|
100.0000
|
%
|
|
$
|
1.8436
|
|
|
|
100.0000
|
%
|
|
$
|
1.7566
|
|
|
|
100.0000
|
%
|
Preferred Stock – Series H:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ordinary income
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
Capital gain
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
0.1006
|
|
(1)
|
|
53.6533
|
|
|||
Return of capital
|
1.8750
|
|
(1)
|
|
100.0000
|
|
|
1.8750
|
|
(1)
|
|
100.0000
|
|
|
0.0869
|
|
(1)
|
|
46.3467
|
|
|||
Total
|
$
|
1.8750
|
|
|
|
100.0000
|
%
|
|
$
|
1.8750
|
|
|
|
100.0000
|
%
|
|
$
|
0.1875
|
|
|
|
100.0000
|
%
|
Preferred Stock – Series I:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ordinary income
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
Capital gain
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|||
Return of capital
|
1.8750
|
|
(1)
|
|
100.0000
|
|
|
1.6354
|
|
(1)
|
|
100.0000
|
|
|
—
|
|
|
|
—
|
|
|||
Total
|
$
|
1.8750
|
|
|
|
100.0000
|
%
|
|
$
|
1.6354
|
|
|
|
100.0000
|
%
|
|
$
|
—
|
|
|
|
—
|
%
|
(1)
|
The fourth quarter 2017 preferred and common distributions paid January 17, 2018 are treated as 2018 distributions for tax purposes. The fourth quarter 2018 preferred and common distributions paid January 16, 2019 are treated as 2019 distributions for tax purposes. The fourth quarter 2019 preferred and common distributions paid January 15, 2020 are treated as 2020 distributions for tax purposes.
|
(2)
|
On November 5, 2019 Ashford Trust distributed its remaining shares of common stock in Ashford, Inc. (NYSE: AINC) to the common shareholders of record as of the close of business of the New York Stock Exchange on October 29, 2019.
|
|
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights
|
|
Weighted-Average Exercise Price Of Outstanding Options, Warrants, And Rights
|
|
Number of
Securities Remaining Available for Future Issuance
|
|
|
|
Equity compensation plans approved by security holders
|
None
|
|
N/A
|
|
1,895,026
|
|
|
(1)
|
Equity compensation plans not approved by security holders
|
None
|
|
N/A
|
|
None
|
|
|
|
Total
|
None
|
|
N/A
|
|
1,895,026
|
|
|
|
(1)
|
As of December 31, 2019, there were 1,895,026 shares of our common stock, or securities convertible into 1,895,026 shares of our common stock that remained available for issuance under our Amended and Restated 2011 Stock Incentive Plan.
|
Period
|
|
Total
Number of Shares Purchased |
|
Average
Price Paid Per Share |
|
Total Number of
Shares Purchased as Part of Publicly Announced Plan (1) |
|
Maximum Dollar
Value of Shares That May Yet Be Purchased Under the Plan |
||||||
Common stock:
|
|
|
|
|
|
|
|
|
||||||
October 1 to October 31
|
|
2,138
|
|
|
$
|
—
|
|
(2)
|
—
|
|
|
$
|
200,000,000
|
|
November 1 to November 30
|
|
1,458
|
|
|
$
|
—
|
|
(2)
|
—
|
|
|
$
|
200,000,000
|
|
December 1 to December 31
|
|
2,451
|
|
|
$
|
—
|
|
(2)
|
—
|
|
|
$
|
200,000,000
|
|
Total
|
|
6,047
|
|
|
$
|
—
|
|
|
—
|
|
|
|
(1)
|
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 and preferred stock having an aggregate value of up to $200 million. The board of director’s authorization replaced any previous repurchase authorizations.
|
(2)
|
There is no cost associated with the forfeiture of restricted shares of our common stock.
|
Item 6.
|
Selected Financial Data
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(in thousands, except per share amounts)
|
||||||||||||||||||
Statements of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenue
|
$
|
1,502,759
|
|
|
$
|
1,430,789
|
|
|
$
|
1,439,270
|
|
|
$
|
1,492,043
|
|
|
$
|
1,336,966
|
|
Total operating expenses
|
1,414,156
|
|
|
1,340,850
|
|
|
1,304,265
|
|
|
1,336,339
|
|
|
1,199,051
|
|
|||||
Gain (loss) on sale of assets and hotel properties
|
26,126
|
|
|
475
|
|
|
14,030
|
|
|
31,599
|
|
|
380,752
|
|
|||||
Operating income (loss)
|
114,729
|
|
|
90,414
|
|
|
149,035
|
|
|
187,303
|
|
|
518,667
|
|
|||||
Net income (loss)
|
(142,679
|
)
|
|
(156,309
|
)
|
|
(88,760
|
)
|
|
(58,782
|
)
|
|
305,813
|
|
|||||
Net income (loss) attributable to the Company
|
(113,635
|
)
|
|
(126,966
|
)
|
|
(67,008
|
)
|
|
(46,285
|
)
|
|
270,939
|
|
|||||
Net income (loss) attributable to common stockholders
|
(156,212
|
)
|
|
(169,543
|
)
|
|
(122,568
|
)
|
|
(88,681
|
)
|
|
236,977
|
|
|||||
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to common stockholders
|
$
|
(1.58
|
)
|
|
$
|
(1.75
|
)
|
|
$
|
(1.30
|
)
|
|
$
|
(0.95
|
)
|
|
$
|
2.35
|
|
Weighted average diluted common shares
|
99,837
|
|
|
97,282
|
|
|
95,207
|
|
|
94,426
|
|
|
114,881
|
|
|
December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Balance Sheets Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Investments in hotel properties, net
|
$
|
4,108,443
|
|
|
$
|
4,105,219
|
|
|
$
|
4,035,915
|
|
|
$
|
4,160,563
|
|
|
$
|
4,419,684
|
|
Cash and cash equivalents
|
262,636
|
|
|
319,210
|
|
|
354,805
|
|
|
347,091
|
|
|
215,078
|
|
|||||
Restricted cash
|
135,571
|
|
|
120,602
|
|
|
116,787
|
|
|
144,014
|
|
|
153,680
|
|
|||||
Notes receivable, net
|
7,709
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,746
|
|
|||||
Total assets
|
4,691,348
|
|
|
4,685,954
|
|
|
4,669,850
|
|
|
4,891,544
|
|
|
4,965,131
|
|
|||||
Indebtedness, net
|
4,106,518
|
|
|
3,927,266
|
|
|
3,696,300
|
|
|
3,723,559
|
|
|
3,840,617
|
|
|||||
Total stockholders’ equity of the Company
|
268,762
|
|
|
452,489
|
|
|
632,500
|
|
|
791,621
|
|
|
811,086
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(in thousands, except per share amounts)
|
||||||||||||||||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash provided by (used in) operating activities
|
$
|
177,209
|
|
|
$
|
181,560
|
|
|
$
|
207,382
|
|
|
$
|
179,723
|
|
|
$
|
203,577
|
|
Cash provided by (used in) investing activities
|
(253,193
|
)
|
|
(329,634
|
)
|
|
(63,881
|
)
|
|
(21,858
|
)
|
|
(780,613
|
)
|
|||||
Cash provided by (used in) financing activities
|
34,379
|
|
|
115,814
|
|
|
(163,902
|
)
|
|
(34,150
|
)
|
|
644,604
|
|
|||||
Cash dividends declared per common share
|
0.30
|
|
|
0.48
|
|
|
0.48
|
|
|
0.48
|
|
|
0.48
|
|
|||||
EBITDAre (unaudited) (1)
|
403,285
|
|
|
366,639
|
|
|
378,261
|
|
|
398,222
|
|
|
371,101
|
|
|||||
Funds From Operations (FFO) (unaudited) (1)
|
89,017
|
|
|
82,363
|
|
|
98,406
|
|
|
129,532
|
|
|
132,863
|
|
(1)
|
A more detailed description and computation of FFO and EBITDAre is contained in the “Non-GAAP Financial Measures” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7.
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
acquisition of hotel properties that will be accretive to our portfolio;
|
•
|
disposition of non-core hotel properties;
|
•
|
pursuing capital market activities to enhance long-term stockholder value;
|
•
|
preserving capital, enhancing liquidity, and continuing current cost-saving measures;
|
•
|
implementing selective capital improvements designed to increase profitability;
|
•
|
implementing effective asset management strategies to minimize operating costs and increase revenues;
|
•
|
financing or refinancing hotels on competitive terms;
|
•
|
utilizing hedges and derivatives to mitigate risks; and
|
•
|
making other investments or divestitures that our board of directors deems appropriate.
|
•
|
Occupancy—Occupancy means the total number of hotel rooms sold in a given period divided by the total number of rooms available. Occupancy measures the utilization of our hotels’ available capacity. We use occupancy to measure demand at a specific hotel or group of hotels in a given period.
|
•
|
ADR—ADR means average daily rate and is calculated by dividing total hotel rooms revenues by total number of rooms sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. We use ADR to assess the pricing levels that we are able to generate.
|
•
|
RevPAR—RevPAR means revenue per available room and is calculated by multiplying ADR by the average daily occupancy. RevPAR is one of the commonly used measures within the hotel industry to evaluate hotel operations. RevPAR does not include revenues from food and beverage sales or parking, telephone or other non-rooms revenues generated by the property. Although RevPAR does not include these ancillary revenues, it is generally considered the leading indicator of core revenues for many hotels. We also use RevPAR to compare the results of our hotels between periods
|
•
|
Rooms revenue-Occupancy and ADR are the major drivers of rooms revenue. Rooms revenue accounts for the substantial majority of our total revenue.
|
•
|
Food and beverage revenue-Occupancy and the type of customer staying at the hotel are the major drivers of food and beverage revenue (i.e., group business typically generates more food and beverage business through catering functions when compared to transient business, which may or may not utilize the hotel’s food and beverage outlets or meeting and banquet facilities).
|
•
|
Other hotel revenue-Occupancy and the nature of the property are the main drivers of other ancillary revenue, such as telecommunications, parking and leasing services.
|
•
|
Rooms expense-These costs include housekeeping wages and payroll taxes, reservation systems, room supplies, laundry services and front desk costs. Like rooms revenue, occupancy is the major driver of rooms expense and, therefore, rooms expense has a significant correlation to rooms revenue. These costs can increase based on increases in salaries and wages, as well as the level of service and amenities that are provided.
|
•
|
Food and beverage expense-These expenses primarily include food, beverage and labor costs. Occupancy and the type of customer staying at the hotel (i.e., catered functions generally are more profitable than restaurant, bar or other on-
|
•
|
Management fees-Base management fees are computed as a percentage of gross revenue. Incentive management fees generally are paid when operating profits exceed certain threshold levels.
|
•
|
Other hotel expenses-These expenses include labor and other costs associated with the other operating department revenues, as well as labor and other costs associated with administrative departments, franchise fees, sales and marketing, repairs and maintenance and utility costs.
|
|
Year Ended December 31,
|
|
Favorable (Unfavorable)
Change |
||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019 to 2018
|
|
2018 to 2017
|
||||||||||
Total revenue
|
$
|
1,502,759
|
|
|
$
|
1,430,789
|
|
|
$
|
1,439,270
|
|
|
$
|
71,970
|
|
|
$
|
(8,481
|
)
|
Total hotel expenses
|
(952,674
|
)
|
|
(900,582
|
)
|
|
(907,301
|
)
|
|
(52,092
|
)
|
|
6,719
|
|
|||||
Property taxes, insurance and other
|
(84,110
|
)
|
|
(78,355
|
)
|
|
(73,579
|
)
|
|
(5,755
|
)
|
|
(4,776
|
)
|
|||||
Depreciation and amortization
|
(269,003
|
)
|
|
(258,458
|
)
|
|
(246,731
|
)
|
|
(10,545
|
)
|
|
(11,727
|
)
|
|||||
Impairment charges
|
(33,628
|
)
|
|
(23,391
|
)
|
|
(10,153
|
)
|
|
(10,237
|
)
|
|
(13,238
|
)
|
|||||
Transaction costs
|
(2
|
)
|
|
(11
|
)
|
|
(14
|
)
|
|
9
|
|
|
3
|
|
|||||
Advisory service fee
|
(63,632
|
)
|
|
(69,122
|
)
|
|
(53,199
|
)
|
|
5,490
|
|
|
(15,923
|
)
|
|||||
Corporate, general and administrative
|
(11,107
|
)
|
|
(10,931
|
)
|
|
(13,288
|
)
|
|
(176
|
)
|
|
2,357
|
|
|||||
Gain (loss) on sale of assets and hotel properties
|
26,126
|
|
|
475
|
|
|
14,030
|
|
|
25,651
|
|
|
(13,555
|
)
|
|||||
Operating income (loss)
|
114,729
|
|
|
90,414
|
|
|
149,035
|
|
|
24,315
|
|
|
(58,621
|
)
|
|||||
Equity in earnings (loss) of unconsolidated entities
|
(2,307
|
)
|
|
867
|
|
|
(5,866
|
)
|
|
(3,174
|
)
|
|
6,733
|
|
|||||
Interest income
|
3,067
|
|
|
3,952
|
|
|
2,202
|
|
|
(885
|
)
|
|
1,750
|
|
|||||
Other income (expense)
|
10,490
|
|
|
64
|
|
|
(3,422
|
)
|
|
10,426
|
|
|
3,486
|
|
|||||
Interest expense and amortization of loan costs
|
(262,001
|
)
|
|
(236,786
|
)
|
|
(222,631
|
)
|
|
(25,215
|
)
|
|
(14,155
|
)
|
|||||
Write-off of premiums, loan costs and exit fees
|
(2,841
|
)
|
|
(8,847
|
)
|
|
(2,845
|
)
|
|
6,006
|
|
|
(6,002
|
)
|
|||||
Unrealized gain (loss) on marketable securities
|
1,896
|
|
|
(1,013
|
)
|
|
(4,649
|
)
|
|
2,909
|
|
|
3,636
|
|
|||||
Unrealized gain (loss) on derivatives
|
(4,494
|
)
|
|
(2,178
|
)
|
|
(2,802
|
)
|
|
(2,316
|
)
|
|
624
|
|
|||||
Income tax benefit (expense)
|
(1,218
|
)
|
|
(2,782
|
)
|
|
2,218
|
|
|
1,564
|
|
|
(5,000
|
)
|
|||||
Net income (loss)
|
(142,679
|
)
|
|
(156,309
|
)
|
|
(88,760
|
)
|
|
13,630
|
|
|
(67,549
|
)
|
|||||
(Income) loss from consolidated entities attributable to noncontrolling interests
|
112
|
|
|
30
|
|
|
110
|
|
|
82
|
|
|
(80
|
)
|
|||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
|
28,932
|
|
|
29,313
|
|
|
21,642
|
|
|
(381
|
)
|
|
7,671
|
|
|||||
Net income (loss) attributable to the Company
|
$
|
(113,635
|
)
|
|
$
|
(126,966
|
)
|
|
$
|
(67,008
|
)
|
|
$
|
13,331
|
|
|
$
|
(59,958
|
)
|
Hotel Properties
|
|
Location
|
|
Type
|
|
Date
|
SpringHill Suites Glen Allen (1)
|
|
Glen Allen, VA
|
|
Disposition
|
|
February 20, 2018
|
SpringHill Suites Centreville (1)
|
|
Centreville, VA
|
|
Disposition
|
|
May 1, 2018
|
Residence Inn Tampa (1)
|
|
Tampa, FL
|
|
Disposition
|
|
May 10, 2018
|
Hilton Alexandria Old Town (2)
|
|
Alexandria, VA
|
|
Acquisition
|
|
June 29, 2018
|
La Posada de Santa Fe (2)
|
|
Santa Fe, NM
|
|
Acquisition
|
|
October 31, 2018
|
Embassy Suites New York Manhattan Times Square (2)
|
|
New York, NY
|
|
Acquisition
|
|
January 22, 2019
|
Hilton Santa Cruz/Scotts Valley (2)
|
|
Santa Cruz, CA
|
|
Acquisition
|
|
February 26, 2019
|
San Antonio Marriott (1)
|
|
San Antonio, TX
|
|
Disposition
|
|
August 2, 2019
|
Hilton Garden Inn Wisconsin Dells (1)
|
|
Wisconsin Dells, WI
|
|
Disposition
|
|
August 6, 2019
|
Courtyard Savannah (1)
|
|
Savannah, GA
|
|
Disposition
|
|
August 14, 2019
|
SpringHill Suites Jacksonville (1)
|
|
Jacksonville, FL
|
|
Disposition
|
|
December 3, 2019
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
RevPAR (revenue per available room)
|
$
|
127.22
|
|
|
$
|
123.62
|
|
Occupancy
|
76.26
|
%
|
|
76.32
|
%
|
||
ADR (average daily rate)
|
$
|
166.84
|
|
|
$
|
161.99
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
< 1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
> 5 Years
|
|
Total
|
||||||||||
Contractual obligations excluding extension options:
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt obligations
|
$
|
3,279,403
|
|
|
$
|
509,353
|
|
|
$
|
251,580
|
|
|
$
|
83,667
|
|
|
$
|
4,124,003
|
|
Estimated interest obligations (1)
|
114,514
|
|
|
65,409
|
|
|
20,085
|
|
|
12,912
|
|
|
212,920
|
|
|||||
Operating lease obligations
|
3,425
|
|
|
6,327
|
|
|
6,052
|
|
|
204,869
|
|
|
220,673
|
|
|||||
Capital commitments
|
50,481
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,481
|
|
|||||
Total contractual obligations
|
$
|
3,447,823
|
|
|
$
|
581,089
|
|
|
$
|
277,717
|
|
|
$
|
301,448
|
|
|
$
|
4,608,077
|
|
(1)
|
For variable interest rate indebtedness, interest obligations are estimated based on the LIBOR interest rate as of December 31, 2019.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income (loss)
|
$
|
(142,679
|
)
|
|
$
|
(156,309
|
)
|
|
$
|
(88,760
|
)
|
Interest expense and amortization of premiums and loan costs, net
|
262,001
|
|
|
236,786
|
|
|
222,631
|
|
|||
Depreciation and amortization
|
269,003
|
|
|
258,458
|
|
|
246,731
|
|
|||
Income tax expense (benefit)
|
1,218
|
|
|
2,782
|
|
|
(2,218
|
)
|
|||
Equity in (earnings) loss of unconsolidated entities
|
2,307
|
|
|
(867
|
)
|
|
5,918
|
|
|||
Company’s portion of EBITDA of unconsolidated entities (Ashford Inc.)
|
4,336
|
|
|
3,445
|
|
|
(1,666
|
)
|
|||
Company’s portion of EBITDA of unconsolidated entities (OpenKey)
|
(403
|
)
|
|
(572
|
)
|
|
(498
|
)
|
|||
EBITDA
|
395,783
|
|
|
343,723
|
|
|
382,138
|
|
|||
Impairment charges on real estate
|
33,628
|
|
|
23,391
|
|
|
10,153
|
|
|||
(Gain) loss on sale of assets and hotel properties
|
(26,126
|
)
|
|
(475
|
)
|
|
(14,030
|
)
|
|||
EBITDAre
|
403,285
|
|
|
366,639
|
|
|
378,261
|
|
|||
Amortization of unfavorable contract liabilities
|
176
|
|
|
(155
|
)
|
|
(1,535
|
)
|
|||
Uninsured hurricane related costs
|
—
|
|
|
(291
|
)
|
|
2,829
|
|
|||
(Gain) loss on insurance settlements
|
(450
|
)
|
|
(928
|
)
|
|
(192
|
)
|
|||
Write-off of premiums, loan costs and exit fees
|
2,841
|
|
|
8,847
|
|
|
2,845
|
|
|||
Other (income) expense, net
|
(10,219
|
)
|
|
539
|
|
|
3,422
|
|
|||
Transaction and conversion costs
|
2,329
|
|
|
863
|
|
|
4,299
|
|
|||
Legal, advisory and settlement costs
|
1,660
|
|
|
1,084
|
|
|
4,199
|
|
|||
Unrealized (gain) loss on marketable securities
|
(1,896
|
)
|
|
1,013
|
|
|
4,649
|
|
|||
Unrealized (gain) loss on derivatives
|
4,494
|
|
|
2,178
|
|
|
2,802
|
|
|||
Dead deal costs
|
78
|
|
|
291
|
|
|
9
|
|
|||
Software implementation costs
|
—
|
|
|
—
|
|
|
1,034
|
|
|||
Non-cash stock/unit-based compensation
|
19,717
|
|
|
26,939
|
|
|
12,287
|
|
|||
Company’s portion of (gain) loss of AQUA U.S. Fund
|
—
|
|
|
—
|
|
|
(52
|
)
|
|||
Company’s portion of adjustments to EBITDAre of unconsolidated entities (Ashford Inc.)
|
2,941
|
|
|
4,479
|
|
|
6,790
|
|
|||
Company’s portion of adjustments to EBITDAre of unconsolidated entities (OpenKey)
|
49
|
|
|
17
|
|
|
13
|
|
|||
Adjusted EBITDAre
|
$
|
425,005
|
|
|
$
|
411,515
|
|
|
$
|
421,660
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income (loss)
|
$
|
(142,679
|
)
|
|
$
|
(156,309
|
)
|
|
$
|
(88,760
|
)
|
(Income) loss from consolidated entities attributable to noncontrolling interests
|
112
|
|
|
30
|
|
|
110
|
|
|||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
|
28,932
|
|
|
29,313
|
|
|
21,642
|
|
|||
Preferred dividends
|
(42,577
|
)
|
|
(42,577
|
)
|
|
(44,761
|
)
|
|||
Extinguishment of issuance costs upon redemption of preferred stock
|
—
|
|
|
—
|
|
|
(10,799
|
)
|
|||
Net income (loss) available to common stockholders
|
(156,212
|
)
|
|
(169,543
|
)
|
|
(122,568
|
)
|
|||
Depreciation and amortization on real estate
|
268,778
|
|
|
258,227
|
|
|
246,490
|
|
|||
(Gain) loss on sale of assets and hotel properties
|
(26,126
|
)
|
|
(475
|
)
|
|
(14,030
|
)
|
|||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
|
(28,932
|
)
|
|
(29,313
|
)
|
|
(21,642
|
)
|
|||
Equity in (income) loss of unconsolidated entities
|
2,307
|
|
|
(867
|
)
|
|
5,918
|
|
|||
Impairment charges on real estate
|
33,628
|
|
|
23,391
|
|
|
10,153
|
|
|||
Company’s portion of FFO of unconsolidated entities (Ashford Inc.)
|
(4,030
|
)
|
|
1,524
|
|
|
(5,410
|
)
|
|||
Company’s portion of FFO of unconsolidated entities (OpenKey)
|
(396
|
)
|
|
(581
|
)
|
|
(505
|
)
|
|||
FFO available to common stockholders and OP unitholders
|
89,017
|
|
|
82,363
|
|
|
98,406
|
|
|||
Extinguishment of issuance costs upon redemption of preferred stock
|
—
|
|
|
—
|
|
|
10,799
|
|
|||
Write-off of premiums, loan costs and exit fees
|
2,841
|
|
|
8,847
|
|
|
2,845
|
|
|||
(Gain) loss on insurance settlements
|
(450
|
)
|
|
(928
|
)
|
|
(192
|
)
|
|||
Uninsured hurricane related costs
|
—
|
|
|
(291
|
)
|
|
2,829
|
|
|||
Other (income) expense, net
|
(10,219
|
)
|
|
539
|
|
|
3,422
|
|
|||
Transaction and conversion costs
|
2,329
|
|
|
863
|
|
|
4,299
|
|
|||
Legal, advisory and settlement costs
|
1,660
|
|
|
1,084
|
|
|
4,199
|
|
|||
Unrealized (gain) loss on marketable securities
|
(1,896
|
)
|
|
1,013
|
|
|
4,649
|
|
|||
Unrealized (gain) loss on derivatives
|
4,494
|
|
|
2,178
|
|
|
2,802
|
|
|||
Dead deal costs
|
78
|
|
|
291
|
|
|
9
|
|
|||
Software implementation costs
|
—
|
|
|
—
|
|
|
1,034
|
|
|||
Non-cash stock/unit-based compensation
|
19,717
|
|
|
26,939
|
|
|
12,287
|
|
|||
Tax reform
|
—
|
|
|
—
|
|
|
(1,080
|
)
|
|||
Amortization of loan costs
|
29,537
|
|
|
21,435
|
|
|
13,213
|
|
|||
Company’s portion of unrealized loss of AQUA U.S. Fund
|
—
|
|
|
—
|
|
|
(52
|
)
|
|||
Company’s portion of adjustments to FFO of unconsolidated entities (Ashford Inc.)
|
8,319
|
|
|
907
|
|
|
9,374
|
|
|||
Company’s portion of adjustments to FFO of unconsolidated entities (OpenKey)
|
55
|
|
|
21
|
|
|
13
|
|
|||
Adjusted FFO available to common stockholders and OP unitholders
|
$
|
145,482
|
|
|
$
|
145,261
|
|
|
$
|
168,856
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 8.
|
Financial Statements and Supplementary Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Investments in hotel properties, net
|
$
|
4,108,443
|
|
|
$
|
4,105,219
|
|
Cash and cash equivalents
|
262,636
|
|
|
319,210
|
|
||
Restricted cash
|
135,571
|
|
|
120,602
|
|
||
Marketable securities
|
14,591
|
|
|
21,816
|
|
||
Accounts receivable, net of allowance of $698 and $485, respectively
|
39,638
|
|
|
37,060
|
|
||
Inventories
|
4,346
|
|
|
4,224
|
|
||
Notes receivable, net
|
7,709
|
|
|
—
|
|
||
Investment in unconsolidated entities
|
2,829
|
|
|
4,489
|
|
||
Deferred costs, net
|
2,897
|
|
|
3,449
|
|
||
Prepaid expenses
|
21,886
|
|
|
19,982
|
|
||
Derivative assets, net
|
1,691
|
|
|
2,396
|
|
||
Operating lease right-of-use assets
|
49,995
|
|
|
—
|
|
||
Other assets
|
17,932
|
|
|
15,923
|
|
||
Intangible asset, net
|
797
|
|
|
9,824
|
|
||
Due from related parties, net
|
3,019
|
|
|
—
|
|
||
Due from third-party hotel managers
|
17,368
|
|
|
21,760
|
|
||
Total assets
|
$
|
4,691,348
|
|
|
$
|
4,685,954
|
|
Liabilities and Equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Indebtedness, net
|
$
|
4,106,518
|
|
|
$
|
3,927,266
|
|
Accounts payable and accrued expenses
|
134,341
|
|
|
136,757
|
|
||
Dividends and distributions payable
|
20,849
|
|
|
26,794
|
|
||
Due to Ashford Inc., net
|
6,570
|
|
|
23,034
|
|
||
Due to related parties, net
|
—
|
|
|
1,477
|
|
||
Due to third-party hotel managers
|
2,509
|
|
|
2,529
|
|
||
Intangible liabilities, net
|
2,337
|
|
|
15,483
|
|
||
Operating lease liabilities
|
53,270
|
|
|
—
|
|
||
Derivative liabilities, net
|
42
|
|
|
50
|
|
||
Other liabilities
|
25,776
|
|
|
18,716
|
|
||
Total liabilities
|
4,352,212
|
|
|
4,152,106
|
|
||
Commitments and contingencies (note 18)
|
|
|
|
||||
Redeemable noncontrolling interests in operating partnership
|
69,870
|
|
|
80,743
|
|
||
Equity:
|
|
|
|
||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
|
|
|
|
||||
Series D Cumulative Preferred Stock, 2,389,393 shares issued and outstanding at December 31, 2019 and 2018
|
24
|
|
|
24
|
|
||
Series F Cumulative Preferred Stock, 4,800,000 shares issued and outstanding at December 31, 2019 and 2018
|
48
|
|
|
48
|
|
||
Series G Cumulative Preferred Stock, 6,200,000 shares issued and outstanding at December 31, 2019 and 2018
|
62
|
|
|
62
|
|
||
Series H Cumulative Preferred Stock, 3,800,000 shares issued and outstanding at December 31, 2019 and 2018
|
38
|
|
|
38
|
|
||
Series I Cumulative Preferred Stock, 5,400,000 shares issued and outstanding at December 31, 2019 and 2018
|
54
|
|
|
54
|
|
||
Common stock, $0.01 par value, 400,000,000 shares authorized, 102,103,602 and 101,035,530 shares issued and outstanding at December 31, 2019 and 2018, respectively
|
1,021
|
|
|
1,010
|
|
||
Additional paid-in capital
|
1,825,553
|
|
|
1,814,273
|
|
||
Accumulated deficit
|
(1,558,038
|
)
|
|
(1,363,020
|
)
|
||
Total stockholders’ equity of the Company
|
268,762
|
|
|
452,489
|
|
||
Noncontrolling interests in consolidated entities
|
504
|
|
|
616
|
|
||
Total equity
|
269,266
|
|
|
453,105
|
|
||
Total liabilities and equity
|
$
|
4,691,348
|
|
|
$
|
4,685,954
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue
|
|
|
|
|
|
||||||
Rooms
|
$
|
1,184,987
|
|
|
$
|
1,134,687
|
|
|
$
|
1,143,135
|
|
Food and beverage
|
243,917
|
|
|
224,311
|
|
|
234,777
|
|
|||
Other
|
69,653
|
|
|
67,782
|
|
|
58,204
|
|
|||
Total hotel revenue
|
1,498,557
|
|
|
1,426,780
|
|
|
1,436,116
|
|
|||
Other
|
4,202
|
|
|
4,009
|
|
|
3,154
|
|
|||
Total revenue
|
1,502,759
|
|
|
1,430,789
|
|
|
1,439,270
|
|
|||
Expenses
|
|
|
|
|
|
||||||
Hotel operating expenses:
|
|
|
|
|
|
||||||
Rooms
|
258,446
|
|
|
248,139
|
|
|
248,643
|
|
|||
Food and beverage
|
167,945
|
|
|
156,902
|
|
|
161,683
|
|
|||
Other expenses
|
472,437
|
|
|
442,463
|
|
|
444,322
|
|
|||
Management fees
|
53,846
|
|
|
53,078
|
|
|
52,653
|
|
|||
Total hotel operating expenses
|
952,674
|
|
|
900,582
|
|
|
907,301
|
|
|||
Property taxes, insurance and other
|
84,110
|
|
|
78,355
|
|
|
73,579
|
|
|||
Depreciation and amortization
|
269,003
|
|
|
258,458
|
|
|
246,731
|
|
|||
Impairment charges
|
33,628
|
|
|
23,391
|
|
|
10,153
|
|
|||
Transaction costs
|
2
|
|
|
11
|
|
|
14
|
|
|||
Advisory services fee
|
63,632
|
|
|
69,122
|
|
|
53,199
|
|
|||
Corporate, general and administrative
|
11,107
|
|
|
10,931
|
|
|
13,288
|
|
|||
Total expenses
|
1,414,156
|
|
|
1,340,850
|
|
|
1,304,265
|
|
|||
Gain (loss) on sale of assets and hotel properties
|
26,126
|
|
|
475
|
|
|
14,030
|
|
|||
Operating income (loss)
|
114,729
|
|
|
90,414
|
|
|
149,035
|
|
|||
Equity in earnings (loss) of unconsolidated entities
|
(2,307
|
)
|
|
867
|
|
|
(5,866
|
)
|
|||
Interest income
|
3,067
|
|
|
3,952
|
|
|
2,202
|
|
|||
Other income (expense)
|
10,490
|
|
|
64
|
|
|
(3,422
|
)
|
|||
Interest expense and amortization of premiums and loan costs
|
(262,001
|
)
|
|
(236,786
|
)
|
|
(222,631
|
)
|
|||
Write-off of premiums, loan costs and exit fees
|
(2,841
|
)
|
|
(8,847
|
)
|
|
(2,845
|
)
|
|||
Unrealized gain (loss) on marketable securities
|
1,896
|
|
|
(1,013
|
)
|
|
(4,649
|
)
|
|||
Unrealized gain (loss) on derivatives
|
(4,494
|
)
|
|
(2,178
|
)
|
|
(2,802
|
)
|
|||
Income (loss) before income taxes
|
(141,461
|
)
|
|
(153,527
|
)
|
|
(90,978
|
)
|
|||
Income tax benefit (expense)
|
(1,218
|
)
|
|
(2,782
|
)
|
|
2,218
|
|
|||
Net income (loss)
|
(142,679
|
)
|
|
(156,309
|
)
|
|
(88,760
|
)
|
|||
(Income) loss from consolidated entities attributable to noncontrolling interests
|
112
|
|
|
30
|
|
|
110
|
|
|||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
|
28,932
|
|
|
29,313
|
|
|
21,642
|
|
|||
Net income (loss) attributable to the Company
|
(113,635
|
)
|
|
(126,966
|
)
|
|
(67,008
|
)
|
|||
Preferred dividends
|
(42,577
|
)
|
|
(42,577
|
)
|
|
(44,761
|
)
|
|||
Extinguishment of issuance costs upon redemption of preferred stock
|
—
|
|
|
—
|
|
|
(10,799
|
)
|
|||
Net income (loss) attributable to common stockholders
|
$
|
(156,212
|
)
|
|
$
|
(169,543
|
)
|
|
$
|
(122,568
|
)
|
Income (loss) per share – basic and diluted:
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
||||||
Net income (loss) attributable to common stockholders
|
$
|
(1.58
|
)
|
|
$
|
(1.75
|
)
|
|
$
|
(1.30
|
)
|
Weighted average common shares outstanding – basic
|
99,837
|
|
|
97,282
|
|
|
95,207
|
|
|||
Diluted:
|
|
|
|
|
|
||||||
Net income (loss) attributable to common stockholders
|
$
|
(1.58
|
)
|
|
$
|
(1.75
|
)
|
|
$
|
(1.30
|
)
|
Weighted average common shares outstanding – diluted
|
99,837
|
|
|
97,282
|
|
|
95,207
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income (loss)
|
$
|
(142,679
|
)
|
|
$
|
(156,309
|
)
|
|
$
|
(88,760
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Total other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total comprehensive income (loss)
|
(142,679
|
)
|
|
(156,309
|
)
|
|
(88,760
|
)
|
|||
Comprehensive (income) loss attributable to noncontrolling interests in consolidated entities
|
112
|
|
|
30
|
|
|
110
|
|
|||
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership
|
28,932
|
|
|
29,313
|
|
|
21,642
|
|
|||
Comprehensive income (loss) attributable to the Company
|
$
|
(113,635
|
)
|
|
$
|
(126,966
|
)
|
|
$
|
(67,008
|
)
|
|
Preferred Stock
|
|
|
|
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Noncontrolling Interests in Consolidated Entities
|
|
Total
|
|
Redeemable Noncontrolling Interest in Operating Partnership
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Series A
|
|
Series D
|
|
Series F
|
|
Series G
|
|
Series H
|
|
Series I
|
|
Common Stock
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
Balance at January 1, 2017
|
1,657
|
|
|
$
|
17
|
|
|
9,469
|
|
|
$
|
95
|
|
|
4,800
|
|
|
$
|
48
|
|
|
6,200
|
|
|
$
|
62
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
96,377
|
|
|
$
|
964
|
|
|
$
|
1,764,450
|
|
|
$
|
(974,015
|
)
|
|
$
|
756
|
|
|
$
|
792,377
|
|
|
$
|
132,768
|
|
Purchases of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(203
|
)
|
|
(2
|
)
|
|
(1,270
|
)
|
|
—
|
|
|
—
|
|
|
(1,272
|
)
|
|
—
|
|
||||||||||||
Equity-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,227
|
|
|
—
|
|
|
—
|
|
|
7,227
|
|
|
5,060
|
|
||||||||||||
Forfeitures of restricted shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Issuance of restricted shares/units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,271
|
|
|
12
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94
|
|
||||||||||||
Redemption of preferred shares
|
(1,657
|
)
|
|
(17
|
)
|
|
(7,080
|
)
|
|
(71
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(207,538
|
)
|
|
(10,799
|
)
|
|
—
|
|
|
(218,425
|
)
|
|
—
|
|
||||||||||||
Issuances of preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,800
|
|
|
38
|
|
|
5,400
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
221,979
|
|
|
—
|
|
|
—
|
|
|
222,071
|
|
|
—
|
|
||||||||||||
Dividends declared - common shares ($.48/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,104
|
)
|
|
—
|
|
|
(47,104
|
)
|
|
—
|
|
||||||||||||
Dividends declared - preferred shares- Series A ($1.6032/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,539
|
)
|
|
—
|
|
|
(2,539
|
)
|
|
—
|
|
||||||||||||
Dividends declared - preferred shares- Series D ($2.1124/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,211
|
)
|
|
—
|
|
|
(18,211
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series F ($1.8436/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,849
|
)
|
|
—
|
|
|
(8,849
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series G ($1.8436/share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,430
|
)
|
|
—
|
|
|
(11,430
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series H
($.6563/share) |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,494
|
)
|
|
—
|
|
|
(2,494
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series I
($.2292/share) |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,238
|
)
|
|
—
|
|
|
(1,238
|
)
|
|
—
|
|
||||||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,007
|
)
|
||||||||||||
Redemption/conversion of operating partnership units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
161
|
|
|
—
|
|
|
—
|
|
|
161
|
|
|
(161
|
)
|
||||||||||||
Redemption value adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,010
|
)
|
|
—
|
|
|
(10,010
|
)
|
|
10,010
|
|
||||||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(67,008
|
)
|
|
(110
|
)
|
|
(67,118
|
)
|
|
(21,642
|
)
|
||||||||||||
Balance at December 31, 2017
|
—
|
|
|
$
|
—
|
|
|
2,389
|
|
|
$
|
24
|
|
|
4,800
|
|
|
$
|
48
|
|
|
6,200
|
|
|
$
|
62
|
|
|
3,800
|
|
|
$
|
38
|
|
|
5,400
|
|
|
$
|
54
|
|
|
97,409
|
|
|
$
|
974
|
|
|
$
|
1,784,997
|
|
|
$
|
(1,153,697
|
)
|
|
$
|
646
|
|
|
$
|
633,146
|
|
|
$
|
116,122
|
|
Purchases of common shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(249
|
)
|
|
(3
|
)
|
|
(1,595
|
)
|
|
—
|
|
|
—
|
|
|
(1,598
|
)
|
|
—
|
|
||||||||||||
Equity-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,098
|
|
|
—
|
|
|
—
|
|
|
16,098
|
|
|
10,841
|
|
||||||||||||
Forfeitures of restricted shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Issuance of restricted shares/units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,490
|
|
|
15
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
123
|
|
|
53
|
|
||||||||||||
Issuance of common stock (net)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,434
|
|
|
24
|
|
|
14,665
|
|
|
—
|
|
|
—
|
|
|
14,689
|
|
|
—
|
|
||||||||||||
Dividends declared - common shares ($.48/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,951
|
)
|
|
—
|
|
|
(47,951
|
)
|
|
—
|
|
||||||||||||
Dividends declared - preferred shares- Series D ($2.1124/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,047
|
)
|
|
—
|
|
|
(5,047
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series F ($1.8436/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,849
|
)
|
|
—
|
|
|
(8,849
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series G ($1.8436/share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,431
|
)
|
|
—
|
|
|
(11,431
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series H ($1.875/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,125
|
)
|
|
—
|
|
|
(7,125
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series I ($1.875/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,125
|
)
|
|
—
|
|
|
(10,125
|
)
|
|
—
|
|
||||||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,789
|
)
|
||||||||||||
Redemption value adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,171
|
|
|
—
|
|
|
8,171
|
|
|
(8,171
|
)
|
||||||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(126,966
|
)
|
|
(30
|
)
|
|
(126,996
|
)
|
|
(29,313
|
)
|
||||||||||||
Balance at December 31, 2018
|
—
|
|
|
$
|
—
|
|
|
2,389
|
|
|
$
|
24
|
|
|
4,800
|
|
|
$
|
48
|
|
|
6,200
|
|
|
$
|
62
|
|
|
3,800
|
|
|
$
|
38
|
|
|
5,400
|
|
|
$
|
54
|
|
|
101,036
|
|
|
$
|
1,010
|
|
|
$
|
1,814,273
|
|
|
$
|
(1,363,020
|
)
|
|
$
|
616
|
|
|
$
|
453,105
|
|
|
$
|
80,743
|
|
Impact of adoption of new accounting standard
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,755
|
|
|
—
|
|
|
1,755
|
|
|
—
|
|
||||||||||||
Purchases of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(210
|
)
|
|
(1
|
)
|
|
(1,030
|
)
|
|
—
|
|
|
—
|
|
|
(1,031
|
)
|
|
—
|
|
||||||||||||
Equity-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,413
|
|
|
—
|
|
|
—
|
|
|
12,413
|
|
|
7,304
|
|
|
Preferred Stock
|
|
|
|
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Noncontrolling Interests in Consolidated Entities
|
|
Total
|
|
Redeemable Noncontrolling Interest in Operating Partnership
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Series A
|
|
Series D
|
|
Series F
|
|
Series G
|
|
Series H
|
|
Series I
|
|
Common Stock
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62
|
)
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Issuance of restricted shares/units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,340
|
|
|
13
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
||||||||||||
Issuance of units for hotel acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,854
|
|
||||||||||||
Common stock issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(91
|
)
|
|
—
|
|
|
—
|
|
|
(91
|
)
|
|
|
|||||||||||||
Dividends declared - common shares ($.30/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31,116
|
)
|
|
—
|
|
|
(31,116
|
)
|
|
—
|
|
||||||||||||
Dividends declared - preferred shares- Series D ($2.1124/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,048
|
)
|
|
—
|
|
|
(5,048
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series F ($1.8436/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,849
|
)
|
|
—
|
|
|
(8,849
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series G ($1.8436/share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,430
|
)
|
|
—
|
|
|
(11,430
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series H ($1.875/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,125
|
)
|
|
—
|
|
|
(7,125
|
)
|
|
—
|
|
||||||||||||
Dividends declared – preferred shares- Series I ($1.875/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,125
|
)
|
|
—
|
|
|
(10,125
|
)
|
|
—
|
|
||||||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,572
|
)
|
||||||||||||
Redemption value adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,445
|
)
|
|
—
|
|
|
(9,445
|
)
|
|
9,445
|
|
||||||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(113,635
|
)
|
|
(112
|
)
|
|
(113,747
|
)
|
|
(28,932
|
)
|
||||||||||||
Balance at December 31, 2019
|
—
|
|
|
$
|
—
|
|
|
2,389
|
|
|
$
|
24
|
|
|
4,800
|
|
|
$
|
48
|
|
|
6,200
|
|
|
$
|
62
|
|
|
3,800
|
|
|
$
|
38
|
|
|
5,400
|
|
|
$
|
54
|
|
|
102,104
|
|
|
$
|
1,021
|
|
|
$
|
1,825,553
|
|
|
$
|
(1,558,038
|
)
|
|
$
|
504
|
|
|
$
|
269,266
|
|
|
$
|
69,870
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows from Operating Activities
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
(142,679
|
)
|
|
$
|
(156,309
|
)
|
|
$
|
(88,760
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
269,003
|
|
|
258,458
|
|
|
246,731
|
|
|||
Impairment charges
|
33,628
|
|
|
23,391
|
|
|
10,153
|
|
|||
Amortization of intangibles
|
(257
|
)
|
|
(237
|
)
|
|
(238
|
)
|
|||
Recognition of deferred income
|
(954
|
)
|
|
(577
|
)
|
|
(869
|
)
|
|||
Deferred income tax expense (benefit)
|
(159
|
)
|
|
135
|
|
|
2,324
|
|
|||
Bad debt expense
|
3,127
|
|
|
2,148
|
|
|
2,185
|
|
|||
Equity in (earnings) loss of unconsolidated entities
|
2,307
|
|
|
(867
|
)
|
|
5,866
|
|
|||
(Gain) loss on sale of assets and hotel properties, net
|
(26,126
|
)
|
|
(475
|
)
|
|
(14,030
|
)
|
|||
Realized and unrealized (gain) loss on marketable securities
|
(1,980
|
)
|
|
924
|
|
|
3,678
|
|
|||
Purchases of marketable securities
|
(4,208
|
)
|
|
(12,228
|
)
|
|
(54,793
|
)
|
|||
Sales of marketable securities
|
13,413
|
|
|
16,414
|
|
|
77,374
|
|
|||
Realized (gain) loss on investment in Ashford Inc.
|
(11,792
|
)
|
|
—
|
|
|
—
|
|
|||
(Gain) loss on insurance settlement
|
(450
|
)
|
|
(928
|
)
|
|
—
|
|
|||
Net settlement of trading derivatives
|
(3,485
|
)
|
|
648
|
|
|
(5,035
|
)
|
|||
Realized and unrealized (gains) losses on derivatives
|
5,294
|
|
|
2,178
|
|
|
7,510
|
|
|||
Amortization of loan costs and premiums and write-off of premiums, loan costs and exit fees
|
32,153
|
|
|
30,012
|
|
|
14,190
|
|
|||
Equity-based compensation
|
19,717
|
|
|
26,939
|
|
|
12,287
|
|
|||
Amortization of parking asset
|
118
|
|
|
—
|
|
|
—
|
|
|||
Non-cash interest income
|
(191
|
)
|
|
—
|
|
|
—
|
|
|||
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
|
|
|
|
|
|
||||||
Accounts receivable and inventories
|
(6,639
|
)
|
|
5,553
|
|
|
2,037
|
|
|||
Prepaid expenses and other assets
|
2,307
|
|
|
(1,946
|
)
|
|
(4,762
|
)
|
|||
Operating lease right-of-use assets
|
1,322
|
|
|
—
|
|
|
—
|
|
|||
Operating lease liabilities
|
(937
|
)
|
|
—
|
|
|
—
|
|
|||
Accounts payable and accrued expenses
|
(4,177
|
)
|
|
376
|
|
|
(5,316
|
)
|
|||
Due to/from related parties
|
(4,496
|
)
|
|
(574
|
)
|
|
944
|
|
|||
Due to/from third-party hotel managers
|
4,372
|
|
|
(4,214
|
)
|
|
(4,353
|
)
|
|||
Due to/from Braemar OP, net
|
—
|
|
|
—
|
|
|
(488
|
)
|
|||
Due to/from Ashford Inc., net
|
(1,256
|
)
|
|
(8,793
|
)
|
|
(570
|
)
|
|||
Other liabilities
|
234
|
|
|
1,532
|
|
|
1,317
|
|
|||
Net cash provided by (used in) operating activities
|
177,209
|
|
|
181,560
|
|
|
207,382
|
|
|||
Cash Flows from Investing Activities
|
|
|
|
|
|
||||||
Investment in unconsolidated entity
|
(647
|
)
|
|
(667
|
)
|
|
(984
|
)
|
|||
Proceeds from franchise agreement extensions
|
4,000
|
|
|
—
|
|
|
—
|
|
|||
Acquisition of hotel properties and assets, net of cash and restricted cash acquired
|
(212,552
|
)
|
|
(162,593
|
)
|
|
(363
|
)
|
|||
Improvements and additions to hotel properties
|
(159,220
|
)
|
|
(207,325
|
)
|
|
(221,960
|
)
|
|||
Net proceeds from sale of assets and hotel properties
|
102,676
|
|
|
40,629
|
|
|
105,267
|
|
|||
Payments for initial franchise fees
|
(475
|
)
|
|
(329
|
)
|
|
(225
|
)
|
|||
Liquidation of U.S. AQUA Fund
|
—
|
|
|
—
|
|
|
50,942
|
|
|||
Proceeds from sale of investment in Ashford Inc.
|
11,792
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from property insurance
|
1,233
|
|
|
651
|
|
|
3,442
|
|
|||
Net cash provided by (used in) investing activities
|
(253,193
|
)
|
|
(329,634
|
)
|
|
(63,881
|
)
|
|||
Cash Flows from Financing Activities
|
|
|
|
|
|
||||||
Borrowings on indebtedness
|
404,795
|
|
|
2,705,769
|
|
|
704,800
|
|
|||
Repayments of indebtedness
|
(272,357
|
)
|
|
(2,463,100
|
)
|
|
(754,836
|
)
|
|||
Payments for loan costs and exit fees
|
(9,643
|
)
|
|
(55,555
|
)
|
|
(13,871
|
)
|
|||
Payments for dividends and distributions
|
(86,210
|
)
|
|
(97,445
|
)
|
|
(101,592
|
)
|
|||
Purchases of common stock
|
(1,031
|
)
|
|
(1,598
|
)
|
|
(1,272
|
)
|
|||
Redemption of preferred stock
|
—
|
|
|
—
|
|
|
(218,425
|
)
|
|||
Payments for derivatives
|
(1,112
|
)
|
|
(3,162
|
)
|
|
(871
|
)
|
|||
Proceeds from common stock offering
|
—
|
|
|
14,752
|
|
|
—
|
|
|||
Proceeds from preferred stock offerings
|
—
|
|
|
—
|
|
|
222,071
|
|
|||
Preferred and common stock offering costs
|
(91
|
)
|
|
—
|
|
|
—
|
|
|||
Deposit on ERFP assets
|
—
|
|
|
16,100
|
|
|
—
|
|
|||
Other
|
28
|
|
|
53
|
|
|
94
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net cash provided by (used in) financing activities
|
34,379
|
|
|
115,814
|
|
|
(163,902
|
)
|
|||
Net change in cash and cash equivalents
|
(41,605
|
)
|
|
(32,260
|
)
|
|
(20,401
|
)
|
|||
Cash, cash equivalents and restricted cash at beginning of year
|
439,812
|
|
|
472,072
|
|
|
492,473
|
|
|||
Cash, cash equivalents and restricted cash at end of year
|
$
|
398,207
|
|
|
$
|
439,812
|
|
|
$
|
472,072
|
|
|
|
|
|
|
|
||||||
Supplemental Cash Flow Information
|
|
|
|
|
|
||||||
Interest paid
|
$
|
233,771
|
|
|
$
|
215,344
|
|
|
$
|
210,644
|
|
Income taxes paid (received), net
|
(1,059
|
)
|
|
1,890
|
|
|
(253
|
)
|
|||
|
|
|
|
|
|
||||||
Supplemental Disclosure of Investing and Financing Activities
|
|
|
|
|
|
||||||
Accrued but unpaid capital expenditures
|
$
|
24,239
|
|
|
$
|
23,615
|
|
|
$
|
19,456
|
|
Dividends and distributions declared but not paid
|
20,849
|
|
|
26,794
|
|
|
25,045
|
|
|||
Issuance of units for hotel acquisition
|
7,854
|
|
|
—
|
|
|
—
|
|
|||
Assumption of debt in hotel acquisition
|
24,922
|
|
|
—
|
|
|
—
|
|
|||
Notes receivable issued in land sale
|
7,590
|
|
|
—
|
|
|
—
|
|
|||
Other non-cash consideration from land sale
|
4,797
|
|
|
—
|
|
|
—
|
|
|||
Non-cash dividends paid
|
—
|
|
|
123
|
|
|
—
|
|
|||
Unsettled common stock offering proceeds
|
—
|
|
|
1,075
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of period
|
$
|
319,210
|
|
|
$
|
354,805
|
|
|
$
|
347,091
|
|
Cash and cash equivalents at beginning of period included in assets held for sale
|
—
|
|
|
78
|
|
|
976
|
|
|||
Restricted cash at beginning of period
|
120,602
|
|
|
116,787
|
|
|
144,014
|
|
|||
Restricted cash at beginning of period included in assets held for sale
|
—
|
|
|
402
|
|
|
392
|
|
|||
Cash, cash equivalents and restricted cash at beginning of period
|
$
|
439,812
|
|
|
$
|
472,072
|
|
|
$
|
492,473
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
262,636
|
|
|
$
|
319,210
|
|
|
$
|
354,805
|
|
Cash and cash equivalents at end of period included in assets held for sale
|
—
|
|
|
—
|
|
|
78
|
|
|||
Restricted cash at end of period
|
135,571
|
|
|
120,602
|
|
|
116,787
|
|
|||
Restricted cash at end of period included in assets held for sale
|
—
|
|
|
—
|
|
|
402
|
|
|||
Cash, cash equivalents and restricted cash at end of period
|
$
|
398,207
|
|
|
$
|
439,812
|
|
|
$
|
472,072
|
|
•
|
117 consolidated hotel properties, including 115 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 24,943 total rooms (or 24,916 net rooms excluding those attributable to our partner);
|
•
|
90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); and
|
•
|
17.0% ownership in OpenKey with a carrying value of $2.8 million.
|
Hotel Property
|
|
Location
|
|
Type
|
|
Date
|
Renaissance Portsmouth
|
|
Portsmouth, VA
|
|
Disposition
|
|
February 1, 2017
|
Embassy Suites Syracuse
|
|
Syracuse, NY
|
|
Disposition
|
|
March 6, 2017
|
Crowne Plaza Ravinia
|
|
Atlanta, GA
|
|
Disposition
|
|
June 29, 2017
|
SpringHill Suites Glen Allen
|
|
Glen Allen, VA
|
|
Disposition
|
|
February 20, 2018
|
SpringHill Suites Centreville
|
|
Centreville, VA
|
|
Disposition
|
|
May 1, 2018
|
Residence Inn Tampa
|
|
Tampa, FL
|
|
Disposition
|
|
May 10, 2018
|
Hilton Alexandria Old Town
|
|
Alexandria, VA
|
|
Acquisition
|
|
June 29, 2018
|
La Posada de Santa Fe
|
|
Santa Fe, NM
|
|
Acquisition
|
|
October 31, 2018
|
Embassy Suites New York Manhattan Times Square
|
|
New York, NY
|
|
Acquisition
|
|
January 22, 2019
|
Hilton Santa Cruz/Scotts Valley
|
|
Santa Cruz, CA
|
|
Acquisition
|
|
February 26, 2019
|
San Antonio Marriott
|
|
San Antonio, TX
|
|
Disposition
|
|
August 2, 2019
|
Hilton Garden Inn Wisconsin Dells
|
|
Wisconsin Dells, WI
|
|
Disposition
|
|
August 6, 2019
|
Courtyard Savannah
|
|
Savannah, GA
|
|
Disposition
|
|
August 14, 2019
|
SpringHill Suites Jacksonville
|
|
Jacksonville, FL
|
|
Disposition
|
|
December 3, 2019
|
|
|
Year Ended December 31, 2019
|
|||||||||||||||||||||
Primary Geographical Market
|
|
Number of Hotels
|
|
Rooms
|
|
Food and Beverage
|
|
Other Hotel
|
|
Other
|
|
Total
|
|||||||||||
Atlanta, GA Area
|
|
9
|
|
|
$
|
72,572
|
|
|
$
|
18,878
|
|
|
$
|
4,650
|
|
|
$
|
—
|
|
|
$
|
96,100
|
|
Boston, MA Area
|
|
3
|
|
|
61,222
|
|
|
7,943
|
|
|
3,773
|
|
|
—
|
|
|
72,938
|
|
|||||
Dallas / Ft. Worth Area
|
|
7
|
|
|
59,926
|
|
|
15,814
|
|
|
3,486
|
|
|
—
|
|
|
79,226
|
|
|||||
Houston, TX Area
|
|
3
|
|
|
26,038
|
|
|
9,208
|
|
|
809
|
|
|
—
|
|
|
36,055
|
|
|||||
Los Angeles, CA Metro Area
|
|
6
|
|
|
78,689
|
|
|
16,117
|
|
|
5,237
|
|
|
—
|
|
|
100,043
|
|
|||||
Miami, FL Metro Area
|
|
3
|
|
|
27,857
|
|
|
9,277
|
|
|
938
|
|
|
—
|
|
|
38,072
|
|
|||||
Minneapolis - St. Paul, MN - WI Area
|
|
4
|
|
|
32,073
|
|
|
7,997
|
|
|
3,727
|
|
|
—
|
|
|
43,797
|
|
|||||
Nashville, TN Area
|
|
1
|
|
|
51,628
|
|
|
22,356
|
|
|
2,356
|
|
|
—
|
|
|
76,340
|
|
|||||
New York / New Jersey Metro Area
|
|
7
|
|
|
98,961
|
|
|
24,239
|
|
|
3,461
|
|
|
—
|
|
|
126,661
|
|
|||||
Orlando, FL Area
|
|
3
|
|
|
30,400
|
|
|
1,865
|
|
|
1,737
|
|
|
—
|
|
|
34,002
|
|
|||||
Philadelphia, PA Area
|
|
3
|
|
|
24,469
|
|
|
3,903
|
|
|
723
|
|
|
—
|
|
|
29,095
|
|
|||||
San Diego, CA Area
|
|
2
|
|
|
17,838
|
|
|
1,395
|
|
|
1,015
|
|
|
—
|
|
|
20,248
|
|
|||||
San Francisco - Oakland, CA Metro Area
|
|
7
|
|
|
91,081
|
|
|
9,628
|
|
|
2,627
|
|
|
—
|
|
|
103,336
|
|
|||||
Tampa, FL Area
|
|
2
|
|
|
25,187
|
|
|
7,858
|
|
|
1,112
|
|
|
—
|
|
|
34,157
|
|
|||||
Washington D.C. - MD - VA Area
|
|
9
|
|
|
124,056
|
|
|
26,231
|
|
|
8,333
|
|
|
—
|
|
|
158,620
|
|
|||||
Other Areas
|
|
48
|
|
|
343,813
|
|
|
58,878
|
|
|
23,567
|
|
|
—
|
|
|
426,258
|
|
|||||
Orlando WorldQuest
|
|
—
|
|
|
4,066
|
|
|
102
|
|
|
1,333
|
|
|
—
|
|
|
5,501
|
|
|||||
Sold properties
|
|
4
|
|
|
15,111
|
|
|
2,228
|
|
|
769
|
|
|
—
|
|
|
18,108
|
|
|||||
Corporate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,202
|
|
|
4,202
|
|
|||||
Total
|
|
121
|
|
|
$
|
1,184,987
|
|
|
$
|
243,917
|
|
|
$
|
69,653
|
|
|
$
|
4,202
|
|
|
$
|
1,502,759
|
|
|
|
Year Ended December 31, 2018
|
|||||||||||||||||||||
Primary Geographical Market
|
|
Number of Hotels
|
|
Rooms
|
|
Food and Beverage
|
|
Other Hotel
|
|
Other
|
|
Total
|
|||||||||||
Atlanta, GA Area
|
|
9
|
|
|
$
|
66,688
|
|
|
$
|
17,060
|
|
|
$
|
5,217
|
|
|
$
|
—
|
|
|
$
|
88,965
|
|
Boston, MA Area
|
|
3
|
|
|
60,232
|
|
|
7,725
|
|
|
3,468
|
|
|
—
|
|
|
71,425
|
|
|||||
Dallas / Ft. Worth Area
|
|
7
|
|
|
61,910
|
|
|
16,746
|
|
|
3,602
|
|
|
—
|
|
|
82,258
|
|
|||||
Houston, TX Area
|
|
3
|
|
|
26,783
|
|
|
9,214
|
|
|
854
|
|
|
—
|
|
|
36,851
|
|
|||||
Los Angeles, CA Metro Area
|
|
6
|
|
|
77,976
|
|
|
15,645
|
|
|
4,702
|
|
|
—
|
|
|
98,323
|
|
|||||
Miami, FL Metro Area
|
|
3
|
|
|
28,366
|
|
|
9,009
|
|
|
997
|
|
|
—
|
|
|
38,372
|
|
|||||
Minneapolis - St. Paul, MN - WI Area
|
|
4
|
|
|
36,138
|
|
|
9,618
|
|
|
4,602
|
|
|
—
|
|
|
50,358
|
|
|||||
Nashville, TN Area
|
|
1
|
|
|
50,120
|
|
|
13,116
|
|
|
1,783
|
|
|
—
|
|
|
65,019
|
|
|||||
New York / New Jersey Metro Area
|
|
6
|
|
|
74,441
|
|
|
23,029
|
|
|
2,899
|
|
|
—
|
|
|
100,369
|
|
|||||
Orlando, FL Area
|
|
3
|
|
|
28,966
|
|
|
1,570
|
|
|
1,325
|
|
|
—
|
|
|
31,861
|
|
|||||
Philadelphia, PA Area
|
|
3
|
|
|
24,385
|
|
|
4,534
|
|
|
869
|
|
|
—
|
|
|
29,788
|
|
|||||
San Diego, CA Area
|
|
2
|
|
|
18,392
|
|
|
1,075
|
|
|
971
|
|
|
—
|
|
|
20,438
|
|
|||||
San Francisco - Oakland, CA Metro Area
|
|
6
|
|
|
81,368
|
|
|
7,726
|
|
|
2,562
|
|
|
—
|
|
|
91,656
|
|
|||||
Tampa, FL Area
|
|
2
|
|
|
22,896
|
|
|
6,459
|
|
|
1,542
|
|
|
—
|
|
|
30,897
|
|
|||||
Washington D.C. - MD - VA Area
|
|
9
|
|
|
113,902
|
|
|
23,673
|
|
|
6,695
|
|
|
—
|
|
|
144,270
|
|
|||||
Other Areas
|
|
48
|
|
|
330,898
|
|
|
55,358
|
|
|
23,245
|
|
|
—
|
|
|
409,501
|
|
|||||
Orlando WorldQuest
|
|
—
|
|
|
4,429
|
|
|
130
|
|
|
1,188
|
|
|
—
|
|
|
5,747
|
|
|||||
Sold properties
|
|
7
|
|
|
26,797
|
|
|
2,624
|
|
|
1,261
|
|
|
—
|
|
|
30,682
|
|
|||||
Corporate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,009
|
|
|
4,009
|
|
|||||
Total
|
|
122
|
|
|
$
|
1,134,687
|
|
|
$
|
224,311
|
|
|
$
|
67,782
|
|
|
$
|
4,009
|
|
|
$
|
1,430,789
|
|
|
|
Year ended December 31, 2017
|
|||||||||||||||||||||
Primary Geographical Market
|
|
Number of Hotels
|
|
Rooms
|
|
Food and Beverage
|
|
Other Hotel
|
|
Other
|
|
Total
|
|||||||||||
Atlanta, GA Area
|
|
9
|
|
|
$
|
67,463
|
|
|
$
|
17,526
|
|
|
$
|
4,979
|
|
|
$
|
—
|
|
|
$
|
89,968
|
|
Boston, MA Area
|
|
3
|
|
|
58,719
|
|
|
8,265
|
|
|
3,217
|
|
|
—
|
|
|
70,201
|
|
|||||
Dallas / Ft. Worth Area
|
|
7
|
|
|
61,086
|
|
|
16,887
|
|
|
3,258
|
|
|
—
|
|
|
81,231
|
|
|||||
Houston, TX Area
|
|
3
|
|
|
27,965
|
|
|
9,162
|
|
|
738
|
|
|
—
|
|
|
37,865
|
|
|||||
Los Angeles, CA Metro Area
|
|
6
|
|
|
77,224
|
|
|
15,503
|
|
|
4,592
|
|
|
—
|
|
|
97,319
|
|
|||||
Miami, FL Metro Area
|
|
3
|
|
|
28,833
|
|
|
9,057
|
|
|
992
|
|
|
—
|
|
|
38,882
|
|
|||||
Minneapolis - St. Paul, MN - WI Area
|
|
4
|
|
|
36,156
|
|
|
9,740
|
|
|
4,391
|
|
|
—
|
|
|
50,287
|
|
|||||
Nashville, TN Area
|
|
1
|
|
|
50,530
|
|
|
16,979
|
|
|
1,629
|
|
|
—
|
|
|
69,138
|
|
|||||
New York / New Jersey Metro Area
|
|
6
|
|
|
73,670
|
|
|
24,876
|
|
|
2,528
|
|
|
—
|
|
|
101,074
|
|
|||||
Orlando, FL Area
|
|
3
|
|
|
30,053
|
|
|
1,851
|
|
|
736
|
|
|
—
|
|
|
32,640
|
|
|||||
Philadelphia, PA Area
|
|
3
|
|
|
23,434
|
|
|
4,052
|
|
|
725
|
|
|
—
|
|
|
28,211
|
|
|||||
San Diego, CA Area
|
|
2
|
|
|
18,044
|
|
|
1,512
|
|
|
769
|
|
|
—
|
|
|
20,325
|
|
|||||
San Francisco - Oakland, CA Metro Area
|
|
6
|
|
|
77,713
|
|
|
8,073
|
|
|
2,033
|
|
|
—
|
|
|
87,819
|
|
|||||
Tampa, FL Area
|
|
3
|
|
|
23,775
|
|
|
6,699
|
|
|
760
|
|
|
—
|
|
|
31,234
|
|
|||||
Washington D.C. - MD - VA Area
|
|
9
|
|
|
111,928
|
|
|
23,896
|
|
|
5,094
|
|
|
—
|
|
|
140,918
|
|
|||||
Other Areas
|
|
48
|
|
|
327,697
|
|
|
54,716
|
|
|
18,822
|
|
|
—
|
|
|
401,235
|
|
|||||
Orlando WorldQuest
|
|
—
|
|
|
4,946
|
|
|
141
|
|
|
1,224
|
|
|
—
|
|
|
6,311
|
|
|||||
Sold properties
|
|
10
|
|
|
43,899
|
|
|
5,842
|
|
|
1,717
|
|
|
—
|
|
|
51,458
|
|
|||||
Corporate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,154
|
|
|
3,154
|
|
|||||
Total
|
|
126
|
|
|
$
|
1,143,135
|
|
|
$
|
234,777
|
|
|
$
|
58,204
|
|
|
$
|
3,154
|
|
|
$
|
1,439,270
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Land
|
$
|
769,381
|
|
|
$
|
670,362
|
|
Buildings and improvements
|
4,129,884
|
|
|
4,062,810
|
|
||
Furniture, fixtures and equipment
|
503,156
|
|
|
504,806
|
|
||
Construction in progress
|
29,745
|
|
|
37,394
|
|
||
Condominium properties
|
12,093
|
|
|
12,091
|
|
||
Total cost
|
5,444,259
|
|
|
5,287,463
|
|
||
Accumulated depreciation
|
(1,335,816
|
)
|
|
(1,182,244
|
)
|
||
Investments in hotel properties, net
|
$
|
4,108,443
|
|
|
$
|
4,105,219
|
|
Land
|
$
|
111,619
|
|
Buildings and improvements
|
80,047
|
|
|
Furniture, fixtures and equipment (1)
|
8,626
|
|
|
Investments in hotel properties, net
|
$
|
200,292
|
|
Key money
|
(3,800
|
)
|
|
|
$
|
196,492
|
|
Net other assets (liabilities)
|
$
|
1,320
|
|
|
Year Ended December 31, 2019
|
||
Total revenue
|
$
|
26,139
|
|
Net income (loss)
|
(3,549
|
)
|
Land
|
$
|
9,399
|
|
Buildings and improvements
|
34,276
|
|
|
Furniture, fixtures and equipment (1)
|
3,852
|
|
|
Investments in hotel properties, net
|
$
|
47,527
|
|
Debt discount
|
407
|
|
|
|
$
|
47,934
|
|
Net other assets (liabilities)
|
$
|
38
|
|
(1)
|
$3.9 million of FF&E was sold to Ashford Inc. as a part of the ERFP transaction for the Hilton Santa Cruz/Scotts Valley.
|
|
Year Ended December 31, 2019
|
||
Total revenue
|
$
|
9,106
|
|
Net income (loss)
|
(346
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Total hotel revenue
|
$
|
18,108
|
|
|
$
|
30,682
|
|
|
$
|
51,458
|
|
Total hotel operating expenses
|
(11,740
|
)
|
|
(19,631
|
)
|
|
(34,987
|
)
|
|||
Gain (loss) on sale of assets and hotel properties
|
6,072
|
|
|
475
|
|
|
14,030
|
|
|||
Property taxes, insurance and other
|
(1,418
|
)
|
|
(2,266
|
)
|
|
(3,105
|
)
|
|||
Depreciation and amortization
|
(2,399
|
)
|
|
(4,590
|
)
|
|
(9,012
|
)
|
|||
Impairment charges
|
(6,533
|
)
|
|
(16,983
|
)
|
|
(8,301
|
)
|
|||
Operating income (loss)
|
2,090
|
|
|
(12,313
|
)
|
|
10,083
|
|
|||
Interest income
|
—
|
|
|
—
|
|
|
12
|
|
|||
Interest expense and amortization of premiums and loan costs
|
(808
|
)
|
|
(2,983
|
)
|
|
(8,290
|
)
|
|||
Write-off of premiums, loan costs and exit fees
|
(426
|
)
|
|
(524
|
)
|
|
(98
|
)
|
|||
Income (loss) before income taxes
|
856
|
|
|
(15,820
|
)
|
|
1,707
|
|
|||
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership
|
(136
|
)
|
|
2,316
|
|
|
(265
|
)
|
|||
Net Income (loss) before income taxes attributable to the Company
|
$
|
720
|
|
|
$
|
(13,504
|
)
|
|
$
|
1,442
|
|
Cash
|
$
|
8,250
|
|
Note receivable - construction financing (1)
|
3,543
|
|
|
Note receivable - certificate of occupancy (2)
|
4,047
|
|
|
Other asset - future ownership rights of parking parcel (3)
|
4,100
|
|
|
Other asset - free use of parking easement prior to development commencement (4)
|
235
|
|
|
Other asset - reimbursement of parking fees while parking parcel is in development (5)
|
462
|
|
|
Total
|
$
|
20,637
|
|
(1)
|
This note receivable has a face value of $4.0 million and was discounted at 7.0%, which represents the stated rate in the note. See note 9.
|
(2)
|
This note receivable has a face value of $5.3 million and was discounted at 7.0%, which represents the stated rate in the note. See note 9.
|
(3)
|
The $4.1 million is the estimated fair value on the closing date of the transaction.
|
(4)
|
This amount represents the value for the time period that the Company will receive free use of the parking easement prior to development commencement. The total amount was discounted at 7.0%.
|
(5)
|
This amount represents the value for parking fees that will be reimbursed to the Company during the development of the parking parcel and was discounted at 7.0%.
|
|
December 31, 2019
|
||
Assets
|
|
||
Operating lease right-of-use assets
|
$
|
49,995
|
|
Liabilities
|
|
||
Operating lease liabilities
|
$
|
53,270
|
|
Classification
|
|
Year Ended December 31, 2019
|
||
Hotel operating expenses - other (1)
|
|
$
|
4,323
|
|
|
Year 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)
|
$
|
3,511
|
|
Weighted Average Remaining Lease Term
|
|
||
Operating leases (1)
|
73 years
|
|
|
Weighted Average Discount Rate
|
|
||
Operating leases (1)
|
5.17
|
%
|
|
Operating Leases
|
||
2020
|
$
|
3,425
|
|
2021
|
3,235
|
|
|
2022
|
3,092
|
|
|
2023
|
3,026
|
|
|
2024
|
3,026
|
|
|
Thereafter
|
204,869
|
|
|
Total future minimum lease payments
|
220,673
|
|
|
Less: interest
|
(167,403
|
)
|
|
Present value of lease liabilities
|
$
|
53,270
|
|
2019
|
$
|
2,643
|
|
2020
|
2,506
|
|
|
2021
|
2,379
|
|
|
2022
|
2,297
|
|
|
2023
|
2,249
|
|
|
Thereafter
|
121,697
|
|
|
Total
|
$
|
133,771
|
|
|
December 31, 2018
|
||
Total assets
|
$
|
379,005
|
|
Total liabilities
|
$
|
108,726
|
|
Series B Convertible Preferred Stock
|
200,847
|
|
|
Redeemable noncontrolling interests
|
3,531
|
|
|
Total stockholders’ equity of Ashford Inc.
|
65,443
|
|
|
Noncontrolling interests in consolidated entities
|
458
|
|
|
Total equity
|
65,901
|
|
|
Total liabilities and equity
|
$
|
379,005
|
|
Our ownership interest in Ashford Inc.
|
$
|
1,896
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Total revenue
|
$
|
291,250
|
|
|
$
|
195,520
|
|
|
$
|
81,573
|
|
Total operating expenses
|
(302,480
|
)
|
|
(196,359
|
)
|
|
(92,095
|
)
|
|||
Operating income (loss)
|
(11,230
|
)
|
|
(839
|
)
|
|
(10,522
|
)
|
|||
Equity in earnings (loss) of unconsolidated entities
|
(286
|
)
|
|
—
|
|
|
—
|
|
|||
Realized and unrealized gain (loss) on investments, net
|
—
|
|
|
—
|
|
|
(91
|
)
|
|||
Interest expense and amortization of loan costs
|
(2,367
|
)
|
|
(1,200
|
)
|
|
(122
|
)
|
|||
Other income (expense)
|
49
|
|
|
(505
|
)
|
|
264
|
|
|||
Income tax benefit (expense)
|
(1,540
|
)
|
|
10,364
|
|
|
(9,723
|
)
|
|||
Net income (loss)
|
(15,374
|
)
|
|
7,820
|
|
|
(20,194
|
)
|
|||
(Income) loss from consolidated entities attributable to noncontrolling interests
|
536
|
|
|
924
|
|
|
358
|
|
|||
Net (income) loss attributable to redeemable noncontrolling interests
|
983
|
|
|
1,438
|
|
|
1,484
|
|
|||
Net income (loss) attributable to Ashford Inc.
|
(13,855
|
)
|
|
10,182
|
|
|
(18,352
|
)
|
|||
Preferred dividends
|
(14,435
|
)
|
|
(4,466
|
)
|
|
—
|
|
|||
Amortization of preferred stock discount
|
(1,928
|
)
|
|
(730
|
)
|
|
—
|
|
|||
Net income attributable to common stockholders
|
$
|
(30,218
|
)
|
|
$
|
4,986
|
|
|
$
|
(18,352
|
)
|
Our equity in earnings (loss) of Ashford Inc.
|
$
|
(1,896
|
)
|
|
$
|
1,459
|
|
|
$
|
(5,437
|
)
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Carrying value of the investment in OpenKey (in thousands)
|
$
|
2,829
|
|
|
$
|
2,593
|
|
Ownership interest in OpenKey
|
17.0
|
%
|
|
16.3
|
%
|
|
|
Year Ended December 31,
|
||||||||||
Line Item
|
|
2019
|
|
2018
|
|
2017
|
||||||
Equity in earnings (loss) of unconsolidated entity
|
|
$
|
(411
|
)
|
|
$
|
(592
|
)
|
|
$
|
(481
|
)
|
|
|
|
|
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
Indebtedness
|
|
Collateral
|
|
Maturity
|
|
Interest Rate
|
|
Debt
Balance |
|
Book Value
of Collateral
|
|
Debt
Balance
|
|
Book Value
of Collateral
|
||||||||
Mortgage loan (2)
|
|
1 hotel
|
|
July 2019
|
|
4.00%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,232
|
|
|
$
|
7,752
|
|
Mortgage loan
|
|
1 hotel
|
|
August 2019
|
|
LIBOR (1) + 4.95%
|
|
—
|
|
|
—
|
|
|
7,778
|
|
|
9,446
|
|
||||
Mortgage loan (3)
|
|
8 hotels
|
|
February 2020
|
|
LIBOR (1) + 2.92%
|
|
395,000
|
|
|
331,686
|
|
|
395,000
|
|
|
344,744
|
|
||||
Mortgage loan (4) (5) (6)
|
|
19 hotels
|
|
April 2020
|
|
LIBOR (1) + 3.20%
|
|
907,030
|
|
|
1,077,936
|
|
|
962,575
|
|
|
1,168,504
|
|
||||
Mortgage loan (7)
|
|
1 hotel
|
|
May 2020
|
|
LIBOR (1) + 2.90%
|
|
—
|
|
|
—
|
|
|
16,100
|
|
|
29,966
|
|
||||
Mortgage loan (8)
|
|
1 hotel
|
|
June 2020
|
|
LIBOR (1) + 5.10%
|
|
43,750
|
|
|
60,191
|
|
|
43,750
|
|
|
62,995
|
|
||||
Mortgage loan (4)
|
|
7 hotels
|
|
June 2020
|
|
LIBOR (1) + 3.65%
|
|
180,720
|
|
|
131,102
|
|
|
180,720
|
|
|
136,325
|
|
||||
Mortgage loan (4)
|
|
7 hotels
|
|
June 2020
|
|
LIBOR (1) + 3.39%
|
|
174,400
|
|
|
131,420
|
|
|
174,400
|
|
|
137,611
|
|
||||
Mortgage loan (4)
|
|
5 hotels
|
|
June 2020
|
|
LIBOR (1) + 3.73%
|
|
221,040
|
|
|
175,875
|
|
|
221,040
|
|
|
176,279
|
|
||||
Mortgage loan (4)
|
|
5 hotels
|
|
June 2020
|
|
LIBOR (1) + 4.02%
|
|
262,640
|
|
|
105,702
|
|
|
262,640
|
|
|
116,304
|
|
||||
Mortgage loan (4)
|
|
5 hotels
|
|
June 2020
|
|
LIBOR (1) + 2.73%
|
|
160,000
|
|
|
185,854
|
|
|
160,000
|
|
|
189,026
|
|
||||
Mortgage loan (4)
|
|
5 hotels
|
|
June 2020
|
|
LIBOR (1) + 3.68%
|
|
215,120
|
|
|
198,059
|
|
|
215,120
|
|
|
193,120
|
|
||||
Mortgage loan (9)
|
|
1 hotel
|
|
July 2020
|
|
LIBOR (1) + 4.40%
|
|
35,200
|
|
|
38,383
|
|
|
35,200
|
|
|
36,177
|
|
||||
Mortgage loan (10)
|
|
8 hotels
|
|
July 2020
|
|
LIBOR (1) + 4.33%
|
|
144,000
|
|
|
168,054
|
|
|
144,000
|
|
|
173,678
|
|
||||
Mortgage loan
|
|
1 hotel
|
|
November 2020
|
|
6.26%
|
|
91,542
|
|
|
112,767
|
|
|
93,433
|
|
|
121,162
|
|
||||
Mortgage loan (11)
|
|
1 hotel
|
|
November 2020
|
|
LIBOR (1) + 2.55%
|
|
25,000
|
|
|
49,748
|
|
|
25,000
|
|
|
49,912
|
|
||||
Mortgage loan (12) (13)
|
|
17 hotels
|
|
November 2020
|
|
LIBOR (1) + 3.00%
|
|
419,000
|
|
|
263,998
|
|
|
427,000
|
|
|
282,462
|
|
||||
Mortgage loan (14)
|
|
2 hotels
|
|
March 2021
|
|
LIBOR (1) + 2.75%
|
|
240,000
|
|
|
235,705
|
|
|
—
|
|
|
—
|
|
||||
Mortgage loan (15)
|
|
1 hotel
|
|
February 2022
|
|
LIBOR (1) + 3.90%
|
|
145,000
|
|
|
189,982
|
|
|
—
|
|
|
—
|
|
||||
Mortgage loan (14)
|
|
2 hotels
|
|
June 2022
|
|
LIBOR (1) + 3.00%
|
|
—
|
|
|
—
|
|
|
178,099
|
|
|
245,984
|
|
||||
Mortgage loan
|
|
1 hotel
|
|
November 2022
|
|
LIBOR (1) + 2.00%
|
|
97,000
|
|
|
186,400
|
|
|
97,000
|
|
|
194,886
|
|
||||
Mortgage loan (7)
|
|
1 hotel
|
|
December 2022
|
|
LIBOR (1) + 2.25%
|
|
16,100
|
|
|
27,498
|
|
|
—
|
|
|
—
|
|
||||
Mortgage loan
|
|
1 hotel
|
|
May 2023
|
|
5.46%
|
|
51,843
|
|
|
83,824
|
|
|
52,843
|
|
|
79,124
|
|
||||
Mortgage loan
|
|
1 hotel
|
|
June 2023
|
|
LIBOR (1) + 2.45%
|
|
73,450
|
|
|
107,212
|
|
|
73,450
|
|
|
110,592
|
|
||||
Mortgage loan
|
|
1 hotel
|
|
January 2024
|
|
5.49%
|
|
6,759
|
|
|
8,112
|
|
|
6,883
|
|
|
8,694
|
|
||||
Mortgage loan
|
|
1 hotel
|
|
January 2024
|
|
5.49%
|
|
9,865
|
|
|
19,166
|
|
|
10,045
|
|
|
20,516
|
|
||||
Mortgage loan
|
|
1 hotel
|
|
May 2024
|
|
4.99%
|
|
6,292
|
|
|
6,896
|
|
|
6,414
|
|
|
7,153
|
|
||||
Mortgage loan (2)
|
|
1 hotel
|
|
June 2024
|
|
LIBOR (1) + 2.00%
|
|
8,881
|
|
|
7,416
|
|
|
—
|
|
|
—
|
|
||||
Mortgage loan
|
|
3 hotels
|
|
August 2024
|
|
5.20%
|
|
64,207
|
|
|
48,560
|
|
|
65,242
|
|
|
50,768
|
|
||||
Mortgage loan
|
|
2 hotels
|
|
August 2024
|
|
4.85%
|
|
11,845
|
|
|
11,727
|
|
|
12,048
|
|
|
10,909
|
|
||||
Mortgage loan
|
|
3 hotels
|
|
August 2024
|
|
4.90%
|
|
23,683
|
|
|
17,348
|
|
|
24,086
|
|
|
16,211
|
|
||||
Mortgage loan
|
|
2 hotels
|
|
February 2025
|
|
4.45%
|
|
19,438
|
|
|
10,314
|
|
|
19,835
|
|
|
10,423
|
|
||||
Mortgage loan
|
|
3 hotels
|
|
February 2025
|
|
4.45%
|
|
50,279
|
|
|
70,318
|
|
|
51,304
|
|
|
73,645
|
|
||||
Mortgage loan
|
|
1 hotel
|
|
March 2025
|
|
4.66%
|
|
24,919
|
|
|
43,577
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
$
|
4,124,003
|
|
|
$
|
4,104,830
|
|
|
$
|
3,966,237
|
|
|
$
|
4,064,368
|
|
Premiums, net
|
|
|
|
|
|
|
|
655
|
|
|
|
|
|
1,293
|
|
|
|
|||||
Deferred loan costs, net
|
|
|
|
|
|
|
|
(18,140
|
)
|
|
|
|
(40,264
|
)
|
|
|
||||||
Indebtedness, net
|
|
|
|
|
|
|
|
$
|
4,106,518
|
|
|
|
|
$
|
3,927,266
|
|
|
|
(1)
|
LIBOR rates were 1.763% and 2.503% at December 31, 2019 and December 31, 2018, respectively.
|
(2)
|
On June 7, 2019, we amended this mortgage loan 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%.
|
(3)
|
This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in February 2020.
|
(4)
|
This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.
|
(5)
|
This mortgage loan had a $26.8 million pay down of principal related to the sale of the Marriott San Antonio on August 2, 2019. See note 5.
|
(6)
|
This mortgage loan had a $28.8 million pay down of principal related to the sale of the Courtyard Savannah on August 14, 2019. See note 5.
|
(7)
|
On December 27, 2019, we amended this mortgage loan totaling $16.0 million. The amended mortgage totaling $16.1 million has a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The amended mortgage loan is interest only and bears interest at a rate of LIBOR + 2.25%.
|
(8)
|
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2019.
|
(9)
|
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period, which began in July 2019, resulted in a change in the interest rate in accordance with the original loan terms. The interest rate at December 31, 2018 was LIBOR + 4.15%.
|
(10)
|
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period, which began in July 2019, resulted in a change in the interest rate in accordance with the original loan terms. The interest rate at December 31, 2018 was LIBOR + 4.09%.
|
(11)
|
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
|
(12)
|
This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2019.
|
(13)
|
This mortgage loan had an $8.0 million pay down of principal related to the sale of the parking lot adjacent to the Hilton St. Petersburg Bayfront on October 10, 2019. See note 5.
|
(14)
|
On March 5, 2019, we refinanced this mortgage loan totaling $178.1 million with a new $240.0 million mortgage loan with a two-year initial term and five one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.75%.
|
(15)
|
This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
|
Mortgage Loan
|
|
Principal Amount (in thousands)
|
|
Interest Rate
|
|
Secured Hotel Properties
|
A
|
|
$180,720
|
|
LIBOR + 3.65%
|
|
Courtyard Columbus Tipton Lakes
|
|
|
|
|
|
|
Courtyard Scottsdale Old Town
|
|
|
|
|
|
|
Residence Inn Phoenix Airport
|
|
|
|
|
|
|
SpringHill Suites Manhattan Beach
|
|
|
|
|
|
|
SpringHill Suites Plymouth Meeting
|
|
|
|
|
|
|
Residence Inn Las Vegas Hughes Center
|
|
|
|
|
|
|
Residence Inn Newark
|
B
|
|
$174,400
|
|
LIBOR + 3.39%
|
|
Courtyard Newark
|
|
|
|
|
|
|
SpringHill Suites BWI
|
|
|
|
|
|
|
Courtyard Oakland Airport
|
|
|
|
|
|
|
Courtyard Plano Legacy
|
|
|
|
|
|
|
Residence Inn Plano
|
|
|
|
|
|
|
TownePlace Suites Manhattan Beach
|
|
|
|
|
|
|
Courtyard Basking Ridge
|
C
|
|
$221,040
|
|
LIBOR + 3.73%
|
|
Sheraton San Diego Mission Valley
|
|
|
|
|
|
|
Sheraton Bucks County
|
|
|
|
|
|
|
Hilton Ft. Worth
|
|
|
|
|
|
|
Hyatt Regency Coral Gables
|
|
|
|
|
|
|
Hilton Minneapolis
|
D
|
|
$262,640
|
|
LIBOR + 4.02%
|
|
Hilton Santa Fe
|
|
|
|
|
|
|
Embassy Suites Dulles
|
|
|
|
|
|
|
Marriott Beverly Hills
|
|
|
|
|
|
|
One Ocean
|
|
|
|
|
|
|
Marriott Suites Dallas Market Center
|
E (1)
|
|
$216,320
|
|
LIBOR + 4.36%
|
|
Marriott Memphis East
|
|
|
|
|
|
|
Embassy Suites Philadelphia Airport
|
|
|
|
|
|
|
Sheraton Anchorage
|
|
|
|
|
|
|
Lakeway Resort & Spa
|
|
|
|
|
|
|
Marriott Fremont
|
F
|
|
$215,120
|
|
LIBOR + 3.68%
|
|
W Atlanta Downtown
|
|
|
|
|
|
|
Embassy Suites Flagstaff
|
|
|
|
|
|
|
Embassy Suites Walnut Creek
|
|
|
|
|
|
|
Marriott Bridgewater
|
|
|
|
|
|
|
Marriott Durham Research Triangle Park
|
(1)
|
On July 3, 2018, we purchased $56.3 million of mezzanine debt related to the Pool E loan that was issued in conjunction with the June 13, 2018 refinancing. The net interest rate after the purchase of the Pool E loan is LIBOR + 2.73%.
|
|
|
Year Ended December 31,
|
||||||||||
Line Item
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest expense and amortization of premium and loan costs
|
|
$
|
232
|
|
|
$
|
277
|
|
|
$
|
1,953
|
|
2020
|
$
|
3,279,403
|
|
2021
|
5,485
|
|
|
2022
|
503,868
|
|
|
2023
|
126,875
|
|
|
2024
|
124,705
|
|
|
Thereafter
|
83,667
|
|
|
Total
|
$
|
4,124,003
|
|
Cash
|
$
|
8,250
|
|
Note receivable - construction financing
|
3,543
|
|
|
Note receivable - certificate of occupancy
|
4,047
|
|
|
Other asset - future ownership rights of parking parcel
|
4,100
|
|
|
Other asset - free use of parking easement prior to development commencement
|
235
|
|
|
Other asset - reimbursement of parking fees while parking parcel is in development
|
462
|
|
|
Total
|
$
|
20,637
|
|
|
Interest Rate
|
|
December 31, 2019
|
|||
Construction Financing Note (1)
|
|
|
|
|||
Face amount
|
7.0
|
%
|
|
$
|
4,000
|
|
Discount (2)
|
|
|
(402
|
)
|
||
|
|
|
3,598
|
|
||
Certificate of Occupancy Note (3)
|
|
|
|
|||
Face amount
|
7.0
|
%
|
|
$
|
5,250
|
|
Discount (4)
|
|
|
(1,139
|
)
|
||
|
|
|
4,111
|
|
||
Note receivable, net
|
|
|
$
|
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.
|
|
Imputed Interest Rate
|
|
December 31, 2019
|
|
|||
Future ownership rights of parking parcel
|
7.0
|
%
|
|
$
|
4,100
|
|
|
Imputed accrued interest
|
|
|
72
|
|
|
||
|
|
|
4,172
|
|
(1)
|
||
|
|
|
|
|
|||
Free use of parking easement prior to development commencement
|
7.0
|
%
|
|
$
|
235
|
|
|
Accumulated amortization
|
|
|
(118
|
)
|
|
||
|
|
|
117
|
|
(1)
|
||
|
|
|
|
|
|||
Reimbursement of parking fees while parking parcel is in development (2)
|
7.0
|
%
|
|
$
|
462
|
|
|
Accumulated amortization
|
|
|
—
|
|
|
||
|
|
|
462
|
|
(1)
|
||
Total
|
|
|
$
|
4,751
|
|
|
(1)
|
Included in “other assets” in the consolidated balance sheets.
|
(2)
|
Amortization will commence when the parking parcel begins development.
|
|
Year Ended December 31,
|
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
|
||||||
Interest rate caps:
|
|
|
|
|
|
|
||||||
Notional amount (in thousands)
|
$
|
1,051,050
|
|
(1)
|
$
|
3,614,618
|
|
(1)
|
$
|
2,539,700
|
|
(1)
|
Strike rate low end of range
|
1.50
|
%
|
|
1.50
|
%
|
|
1.50
|
%
|
|
|||
Strike rate high end of range
|
4.88
|
%
|
|
5.71
|
%
|
|
5.84
|
%
|
|
|||
Effective date range
|
January 2019 - November 2019
|
|
|
January 2018 - November 2018
|
|
|
February 2017 - October 2017
|
|
|
|||
Termination date range
|
June 2020 - February 2022
|
|
|
January 2019 - November 2020
|
|
|
February 2018 - November 2019
|
|
|
|||
Total cost (in thousands)
|
$
|
1,112
|
|
|
$
|
3,143
|
|
|
$
|
871
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate floors:
|
|
|
|
|
|
|
||||||
Notional amount (in thousands)
|
$
|
6,000,000
|
|
(1)
|
$
|
12,025,000
|
|
(1)
|
$
|
10,750,000
|
|
(1)
|
Strike rate low end of range
|
1.63
|
%
|
|
1.25
|
%
|
|
1.00
|
%
|
|
|||
Strike rate high end of range
|
1.63
|
%
|
|
2.00
|
%
|
|
1.50
|
%
|
|
|||
Effective date range
|
January 2019
|
|
|
July 2018 - November 2018
|
|
|
September 2017 - December 2017
|
|
|
|||
Termination date range
|
March 2020
|
|
|
September 2019 - November 2021
|
|
|
March 2019 - June 2019
|
|
|
|||
Total cost (in thousands)
|
$
|
225
|
|
|
$
|
432
|
|
|
$
|
388
|
|
|
(1)
|
These instruments were not designated as cash flow hedges
|
|
December 31, 2019
|
|
December 31, 2018
|
|
||||||
Interest rate caps:
|
|
|
|
|
||||||
Notional amount (in thousands)
|
$
|
3,799,740
|
|
(1)
|
$
|
3,953,718
|
|
(1)
|
||
Strike rate low end of range
|
1.50
|
%
|
|
1.50
|
%
|
|
||||
Strike rate high end of range
|
5.22
|
%
|
|
5.71
|
%
|
|
||||
Termination date range
|
February 2020 - February 2022
|
|
|
January 2019 - November 2020
|
|
|
||||
Aggregate principle balance on corresponding mortgage loans (in thousands)
|
$
|
3,666,331
|
|
|
$
|
3,521,872
|
|
|
||
|
|
|
|
|
||||||
Interest rate floors: (2)
|
|
|
|
|
||||||
Notional amount (in thousands)
|
$
|
12,025,000
|
|
(1
|
)
|
$
|
28,775,000
|
|
(1
|
)
|
Strike rate low end of range
|
(0.25
|
)%
|
|
(0.25
|
)%
|
|
||||
Strike rate high end of range
|
1.63
|
%
|
|
2.00
|
%
|
|
||||
Termination date range
|
March 2020 - November 2021
|
|
|
March 2019 - 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.
|
•
|
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.
|
|
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, 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 securities
|
14,591
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate derivatives – floors
|
$
|
—
|
|
|
$
|
255
|
|
|
$
|
—
|
|
|
$
|
208
|
|
|
$
|
463
|
|
(2)
|
Interest rate derivatives – caps
|
—
|
|
|
601
|
|
|
—
|
|
|
—
|
|
|
601
|
|
(2)
|
|||||
Credit default swaps
|
—
|
|
|
520
|
|
|
—
|
|
|
812
|
|
|
1,332
|
|
(2)
|
|||||
|
—
|
|
|
1,376
|
|
|
—
|
|
|
1,020
|
|
|
2,396
|
|
|
|||||
Non-derivative assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
21,816
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,816
|
|
(3)
|
|||||
Total
|
$
|
21,816
|
|
|
$
|
1,376
|
|
|
$
|
—
|
|
|
$
|
1,020
|
|
|
$
|
24,212
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit default swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
(50
|
)
|
|
(50
|
)
|
(4)
|
|||||
Net
|
$
|
21,816
|
|
|
$
|
1,376
|
|
|
$
|
—
|
|
|
$
|
970
|
|
|
$
|
24,162
|
|
|
(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.
|
|
Gain (Loss) Recognized in Income
|
|
||||||||||
|
Year Ended December 31,
|
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Derivative assets:
|
|
|
|
|
|
|
||||||
Interest rate derivatives - floors
|
$
|
(438
|
)
|
|
$
|
(488
|
)
|
|
$
|
(2,435
|
)
|
|
Interest rate derivatives - caps
|
(1,666
|
)
|
|
(2,678
|
)
|
|
(758
|
)
|
|
|||
Credit default swaps
|
(2,098
|
)
|
(4)
|
703
|
|
(4)
|
(4,201
|
)
|
(4)
|
|||
Options on futures contracts
|
—
|
|
|
—
|
|
|
(116
|
)
|
|
|||
Non-derivative assets:
|
|
|
|
|
|
|
||||||
Equity
|
1,980
|
|
|
(924
|
)
|
|
(3,678
|
)
|
|
|||
Total
|
(2,222
|
)
|
|
(3,387
|
)
|
|
(11,188
|
)
|
|
|||
Liabilities
|
|
|
|
|
|
|
||||||
Derivative liabilities:
|
|
|
|
|
|
|
||||||
Credit default swaps
|
(1,092
|
)
|
|
285
|
|
|
—
|
|
|
|||
Net
|
$
|
(3,314
|
)
|
|
$
|
(3,102
|
)
|
|
$
|
(11,188
|
)
|
|
|
|
|
|
|
|
|
||||||
Total combined
|
|
|
|
|
|
|
||||||
Interest rate derivatives - floors
|
$
|
362
|
|
|
$
|
(488
|
)
|
|
$
|
(2,435
|
)
|
|
Interest rate derivatives - caps
|
(1,666
|
)
|
|
(2,678
|
)
|
|
(758
|
)
|
|
|||
Credit default swaps
|
(3,190
|
)
|
|
988
|
|
|
(36
|
)
|
|
|||
Options on futures contracts
|
—
|
|
|
—
|
|
|
427
|
|
|
|||
Total derivatives
|
(4,494
|
)
|
(1)
|
(2,178
|
)
|
(1)
|
(2,802
|
)
|
(1)
|
|||
Realized gain (loss) on credit default swaps
|
—
|
|
(2) (4)
|
—
|
|
(2) (4)
|
(4,165
|
)
|
(2) (4)
|
|||
Realized gain (loss) on options on futures contracts
|
(800
|
)
|
(2)
|
—
|
|
|
(543
|
)
|
(2)
|
|||
Unrealized gain (loss) on marketable securities
|
1,896
|
|
(3)
|
(1,013
|
)
|
(3)
|
(4,649
|
)
|
(3)
|
|||
Realized gain (loss) on marketable securities
|
84
|
|
(2)
|
89
|
|
(2)
|
971
|
|
(2)
|
|||
Net
|
$
|
(3,314
|
)
|
|
$
|
(3,102
|
)
|
|
$
|
(11,188
|
)
|
|
(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 $1,077, $1,045 and $1,036 in 2019, 2018 and 2017, respectively, included in “other income (expense)” associated with credit default swaps.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
||||||||
Financial assets and liabilities measured at fair value:
|
|
|
|
|
|
|
|
||||||||
Marketable securities
|
$
|
14,591
|
|
|
$
|
14,591
|
|
|
$
|
21,816
|
|
|
$
|
21,816
|
|
Derivative assets, net
|
1,691
|
|
|
1,691
|
|
|
2,396
|
|
|
2,396
|
|
||||
Derivative liabilities, net
|
42
|
|
|
42
|
|
|
50
|
|
|
50
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Financial assets not measured at fair value:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
262,636
|
|
|
$
|
262,636
|
|
|
$
|
319,210
|
|
|
$
|
319,210
|
|
Restricted cash
|
135,571
|
|
|
135,571
|
|
|
120,602
|
|
|
120,602
|
|
||||
Accounts receivable, net
|
39,638
|
|
|
39,638
|
|
|
37,060
|
|
|
37,060
|
|
||||
Notes receivable, net
|
7,709
|
|
|
$7,323 to $8,095
|
|
|
—
|
|
|
—
|
|
||||
Due from related parties, net
|
3,019
|
|
|
3,019
|
|
|
—
|
|
|
—
|
|
||||
Due from third-party hotel managers
|
17,368
|
|
|
17,368
|
|
|
21,760
|
|
|
21,760
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Financial liabilities not measured at fair value:
|
|
|
|
|
|
|
|
||||||||
Indebtedness
|
$
|
4,124,658
|
|
|
$3,881,453 to $4,290,027
|
|
|
$
|
3,967,530
|
|
|
$3,773,343 to $4,170,538
|
|
||
Accounts payable and accrued expenses
|
134,341
|
|
|
134,341
|
|
|
136,757
|
|
|
136,757
|
|
||||
Dividends and distributions payable
|
20,849
|
|
|
20,849
|
|
|
26,794
|
|
|
26,794
|
|
||||
Due to Ashford Inc., net
|
6,570
|
|
|
6,570
|
|
|
23,034
|
|
|
23,034
|
|
||||
Due to related parties, net
|
—
|
|
|
—
|
|
|
1,477
|
|
|
1,477
|
|
||||
Due to third-party hotel managers
|
2,509
|
|
|
2,509
|
|
|
2,529
|
|
|
2,529
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Income (loss) allocated to common stockholders – basic and diluted:
|
|
|
|
|
|
||||||
Income (loss) attributable to the Company
|
$
|
(113,635
|
)
|
|
$
|
(126,966
|
)
|
|
$
|
(67,008
|
)
|
Less: Dividends on preferred stock
|
(42,577
|
)
|
|
(42,577
|
)
|
|
(44,761
|
)
|
|||
Less: Extinguishment of issuance costs upon redemption of preferred stock
|
—
|
|
|
—
|
|
|
(10,799
|
)
|
|||
Less: Dividends on common stock
|
(29,840
|
)
|
|
(47,057
|
)
|
|
(45,752
|
)
|
|||
Less: Dividends on unvested performance stock units
|
(475
|
)
|
|
(50
|
)
|
|
(393
|
)
|
|||
Less: Dividends on unvested restricted shares
|
(801
|
)
|
|
(844
|
)
|
|
(959
|
)
|
|||
Undistributed income (loss) allocated to common stockholders
|
(187,328
|
)
|
|
(217,494
|
)
|
|
(169,672
|
)
|
|||
Add back: Dividends on common stock
|
29,840
|
|
|
47,057
|
|
|
45,752
|
|
|||
Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted
|
$
|
(157,488
|
)
|
|
$
|
(170,437
|
)
|
|
$
|
(123,920
|
)
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
||||||
Weighted average common shares outstanding - basic and diluted
|
99,837
|
|
|
97,282
|
|
|
95,207
|
|
|||
|
|
|
|
|
|
||||||
Basic income (loss) per share:
|
|
|
|
|
|
||||||
Net income (loss) allocated to common stockholders per share
|
$
|
(1.58
|
)
|
|
$
|
(1.75
|
)
|
|
$
|
(1.30
|
)
|
|
|
|
|
|
|
||||||
Diluted income (loss) per share:
|
|
|
|
|
|
||||||
Net income (loss) allocated to common stockholders per share
|
$
|
(1.58
|
)
|
|
$
|
(1.75
|
)
|
|
$
|
(1.30
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Income (loss) allocated to common stockholders is not adjusted for:
|
|
|
|
|
|
||||||
Income (loss) allocated to unvested restricted shares
|
$
|
801
|
|
|
$
|
844
|
|
|
$
|
959
|
|
Income (loss) allocated to unvested performance stock units
|
475
|
|
|
50
|
|
|
393
|
|
|||
Income (loss) attributable to noncontrolling interest in operating partnership
|
(28,932
|
)
|
|
(29,313
|
)
|
|
(21,642
|
)
|
|||
Total
|
$
|
(27,656
|
)
|
|
$
|
(28,419
|
)
|
|
$
|
(20,290
|
)
|
|
|
|
|
|
|
||||||
Weighted average diluted shares are not adjusted for:
|
|
|
|
|
|
||||||
Effect of unvested restricted shares
|
68
|
|
|
111
|
|
|
376
|
|
|||
Effect of unvested performance stock units
|
69
|
|
|
251
|
|
|
258
|
|
|||
Effect of assumed conversion of operating partnership units
|
19,082
|
|
|
17,599
|
|
|
17,342
|
|
|||
Total
|
19,219
|
|
|
17,961
|
|
|
17,976
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
Type
|
|
Line Item
|
|
2019
|
|
2018
|
|
2017
|
||||||
Performance LTIP units
|
|
Advisory services fee
|
|
$
|
3,594
|
|
|
$
|
6,797
|
|
|
$
|
1,785
|
|
LTIP units
|
|
Advisory services fee
|
|
3,264
|
|
|
3,508
|
|
|
2,800
|
|
|||
LTIP units - independent directors
|
|
Corporate, general and administrative
|
|
446
|
|
|
536
|
|
|
475
|
|
|||
|
|
|
|
$
|
7,304
|
|
|
$
|
10,841
|
|
|
$
|
5,060
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Redeemable noncontrolling interests (in thousands)
|
$
|
69,870
|
|
|
$
|
80,743
|
|
Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands)
|
155,536
|
|
|
146,091
|
|
||
Ownership percentage of operating partnership
|
15.92
|
%
|
|
14.64
|
%
|
(1)
|
Reflects the excess of the redemption value over the accumulated historical costs.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Allocated net (income) loss to the redeemable noncontrolling interests
|
$
|
28,932
|
|
|
$
|
29,313
|
|
|
$
|
21,642
|
|
Aggregate cash distributions to holders of common units and LTIP units
|
6,572
|
|
|
8,789
|
|
|
10,007
|
|
|
Year Ended December 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Outstanding at beginning of year
|
19,921
|
|
|
19,602
|
|
|
19,443
|
|
LTIP units issued
|
338
|
|
|
476
|
|
|
701
|
|
Performance LTIP units issued
|
215
|
|
|
582
|
|
|
1,179
|
|
Performance LTIP units canceled
|
—
|
|
|
(739
|
)
|
|
—
|
|
Common units issued for hotel acquisition
|
1,468
|
|
|
—
|
|
|
—
|
|
Common units converted to common stock
|
—
|
|
|
—
|
|
|
(21
|
)
|
Conversion factor adjustment
|
—
|
|
|
—
|
|
|
(1,700
|
)
|
Outstanding at end of year
|
21,942
|
|
|
19,921
|
|
|
19,602
|
|
Common units convertible/redeemable at end of year
|
18,571
|
|
|
16,645
|
|
|
16,320
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Common shares issued
|
—
|
|
|
2,434
|
|
|
—
|
|
|||
Gross proceed received
|
$
|
—
|
|
|
$
|
15,522
|
|
|
$
|
—
|
|
Commissions and other expenses
|
—
|
|
|
194
|
|
|
—
|
|
|||
Net proceeds
|
$
|
—
|
|
|
$
|
15,328
|
|
|
$
|
—
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Common stock
|
$
|
31,116
|
|
|
$
|
47,951
|
|
|
$
|
47,104
|
|
Preferred stocks:
|
|
|
|
|
|
||||||
Series A Cumulative Preferred Stock
|
—
|
|
|
—
|
|
|
2,539
|
|
|||
Series D Cumulative Preferred Stock
|
5,048
|
|
|
5,047
|
|
|
18,211
|
|
|||
Series F Cumulative Preferred Stock
|
8,849
|
|
|
8,849
|
|
|
8,849
|
|
|||
Series G Cumulative Preferred Stock
|
11,430
|
|
|
11,431
|
|
|
11,430
|
|
|||
Series H Cumulative Preferred Stock
|
7,125
|
|
|
7,125
|
|
|
2,494
|
|
|||
Series I Cumulative Preferred Stock
|
10,125
|
|
|
10,125
|
|
|
1,238
|
|
|||
Total dividends declared
|
$
|
73,693
|
|
|
$
|
90,528
|
|
|
$
|
91,865
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Carrying value of noncontrolling interests
|
$
|
504
|
|
|
$
|
616
|
|
|
|
Year Ended December 31,
|
||||||||||
Line Item
|
|
2019
|
|
2018
|
|
2017
|
||||||
(Income) loss allocated to noncontrolling interests in consolidated entities
|
|
$
|
112
|
|
|
$
|
30
|
|
|
$
|
110
|
|
|
|
Year Ended December 31,
|
||||||||||
Line Item
|
|
2019
|
|
2018
|
|
2017
|
||||||
Advisory services fee
|
|
$
|
6,268
|
|
|
$
|
6,698
|
|
|
$
|
4,774
|
|
Management fees
|
|
768
|
|
|
1,159
|
|
|
645
|
|
|||
Corporate, general and administrative - Premier
|
|
350
|
|
|
—
|
|
|
—
|
|
|||
Corporate, general and administrative - independent directors
|
|
90
|
|
|
—
|
|
|
90
|
|
|||
|
|
$
|
7,476
|
|
|
$
|
7,857
|
|
|
$
|
5,509
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
Units
|
|
Weighted Average Price at Grant
|
|
Units
|
|
Weighted Average Price at Grant
|
|
Units
|
|
Weighted Average Price at Grant
|
|||||||||
Outstanding at beginning of year
|
1,713
|
|
|
$
|
6.56
|
|
|
2,085
|
|
|
$
|
7.03
|
|
|
1,627
|
|
|
$
|
8.30
|
|
Restricted shares granted
|
1,340
|
|
|
5.36
|
|
|
907
|
|
|
6.64
|
|
|
1,272
|
|
|
6.46
|
|
|||
Restricted shares vested
|
(863
|
)
|
|
6.50
|
|
|
(1,230
|
)
|
|
7.41
|
|
|
(759
|
)
|
|
8.82
|
|
|||
Restricted shares forfeited
|
(62
|
)
|
|
5.82
|
|
|
(49
|
)
|
|
6.41
|
|
|
(55
|
)
|
|
6.73
|
|
|||
Outstanding at end of year
|
2,128
|
|
|
$
|
5.86
|
|
|
1,713
|
|
|
$
|
6.56
|
|
|
2,085
|
|
|
$
|
7.03
|
|
|
|
Year Ended December 31,
|
||||||||||
Line Item
|
|
2019
|
|
2018
|
|
2017
|
||||||
Advisory services fee
|
|
$
|
4,937
|
|
|
$
|
8,241
|
|
|
$
|
1,718
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
Units
|
|
Weighted Average Price at Grant
|
|
Units
|
|
Weighted Average Price at Grant
|
|
Units
|
|
Weighted Average Price at Grant
|
|||||||||
Outstanding at beginning of year
|
775
|
|
|
$
|
6.31
|
|
|
820
|
|
|
$
|
6.07
|
|
|
336
|
|
|
$
|
6.38
|
|
PSUs granted
|
809
|
|
|
5.36
|
|
|
526
|
|
|
6.64
|
|
|
484
|
|
|
5.85
|
|
|||
PSUs vested
|
—
|
|
|
—
|
|
|
(323
|
)
|
|
6.19
|
|
|
—
|
|
|
—
|
|
|||
PSUs canceled
|
—
|
|
|
—
|
|
|
(248
|
)
|
|
6.38
|
|
|
—
|
|
|
—
|
|
|||
Outstanding at end of year
|
1,584
|
|
|
$
|
5.82
|
|
|
775
|
|
|
$
|
6.31
|
|
|
820
|
|
|
$
|
6.07
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Hotel management fees, including incentive hotel management fees
|
$
|
27,205
|
|
|
$
|
30,890
|
|
|
$
|
30,629
|
|
Market service and project management fees
|
—
|
|
|
11,148
|
|
|
21,315
|
|
|||
Corporate general and administrative
|
6,014
|
|
|
5,872
|
|
|
5,652
|
|
|||
Total
|
$
|
33,219
|
|
|
$
|
47,910
|
|
|
$
|
57,596
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Advisory services fee
|
|
|
|
|
|
||||||
Base advisory fee
|
$
|
36,269
|
|
|
$
|
35,526
|
|
|
$
|
34,650
|
|
Reimbursable expenses (1)
|
9,300
|
|
|
8,351
|
|
|
7,472
|
|
|||
Equity-based compensation (2)
|
18,063
|
|
|
25,245
|
|
|
11,077
|
|
|||
Total advisory services fee
|
$
|
63,632
|
|
|
$
|
69,122
|
|
|
$
|
53,199
|
|
(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.
|
|
|
|
Year Ended December 31, 2019
|
|||||||||||||||||||||
Company
|
|
Product or Service
|
Total
|
Investments in Hotel Properties, net (1)
|
|
Indebtedness, net (2)
|
|
Other Hotel Revenue
|
|
Other Hotel Expenses
|
|
Management Fees
|
||||||||||||
AIM
|
|
Cash management services
|
$
|
1,206
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Ashford LLC
|
|
Insurance claims services
|
75
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Ashford Securities
|
|
Broker/Dealer
|
896
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
J&S Audio Visual
|
|
Audio visual commissions
|
7,365
|
|
—
|
|
|
—
|
|
|
7,365
|
|
|
—
|
|
|
—
|
|
||||||
J&S Audio Visual
|
|
Equipment
|
24
|
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Lismore Capital
|
|
Debt placement services
|
1,294
|
|
—
|
|
|
(1,215
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Lismore Capital
|
|
Broker services
|
427
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
OpenKey
|
|
Mobile key app
|
112
|
|
3
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|
—
|
|
||||||
Premier
|
|
Project management services
|
20,004
|
|
18,281
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Pure Wellness
|
|
Hypoallergenic premium rooms
|
1,021
|
|
599
|
|
|
—
|
|
|
—
|
|
|
422
|
|
|
—
|
|
||||||
Remington Hotels
|
|
Hotel management services (3)
|
9,152
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,356
|
|
|
3,796
|
|
|
|
|
Year Ended December 31, 2019
|
|||||||||||||||||||||
Company
|
|
Product or Service
|
Total
|
Property Taxes, Insurance and Other
|
|
Advisory Services Fee
|
|
Corporate, General and Administrative
|
|
Gain (Loss) on Sale of Assets and Hotel Properties
|
|
Write-off of Premiums, Loan Costs and Exit Fees
|
||||||||||||
AIM
|
|
Cash management services
|
$
|
1,206
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,206
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Ashford LLC
|
|
Insurance claims services
|
75
|
|
75
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Ashford Securities
|
|
Broker/Dealer
|
896
|
|
—
|
|
|
—
|
|
|
896
|
|
|
—
|
|
|
—
|
|
||||||
J&S Audio Visual
|
|
Audio visual commissions
|
7,365
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
J&S Audio Visual
|
|
Equipment
|
24
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Lismore Capital
|
|
Debt placement services
|
1,294
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79
|
|
||||||
Lismore Capital
|
|
Broker services
|
427
|
|
—
|
|
|
—
|
|
|
—
|
|
|
427
|
|
|
—
|
|
||||||
OpenKey
|
|
Mobile key app
|
112
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Premier
|
|
Project management services
|
20,004
|
|
—
|
|
|
1,723
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Pure Wellness
|
|
Hypoallergenic premium rooms
|
1,021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Remington Hotels
|
|
Hotel management services
|
9,152
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Year Ended December 31, 2018
|
|||||||||||||||||||||
Company
|
|
Product or Service
|
Total
|
Investments in Hotel Properties, net (1)
|
|
Indebtedness, net (2)
|
|
Other Revenue
|
|
Other Hotel Expenses
|
|
Corporate, General and Administrative
|
||||||||||||
AIM
|
|
Cash management services
|
$
|
1,156
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,156
|
|
Ashford LLC
|
|
Insurance claims services
|
76
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
||||||
J&S Audio Visual
|
|
Audio visual commissions
|
3,569
|
|
—
|
|
|
—
|
|
|
3,569
|
|
|
—
|
|
|
—
|
|
||||||
J&S Audio Visual
|
|
Equipment
|
925
|
|
925
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Lismore Capital
|
|
Debt placement services
|
5,094
|
|
—
|
|
|
(5,094
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
OpenKey
|
|
Mobile key app
|
105
|
|
3
|
|
|
—
|
|
|
—
|
|
|
102
|
|
|
—
|
|
||||||
Premier
|
|
Project management services
|
7,677
|
|
7,677
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Pure Wellness
|
|
Hypoallergenic premium rooms
|
2,436
|
|
2,412
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
|
|
Year Ended December 31, 2017
|
|||||||||||||||||||||
Company
|
|
Product or Service
|
Total
|
Investments in Hotel Properties, net (1)
|
|
Indebtedness, net (2)
|
|
Other Revenue
|
|
Other Hotel Expenses
|
|
Corporate, General and Administrative
|
||||||||||||
AIM
|
|
Cash management services
|
$
|
1,976
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,976
|
|
J&S Audio Visual
|
|
Audio visual commissions
|
66
|
|
—
|
|
|
—
|
|
|
66
|
|
|
—
|
|
|
—
|
|
||||||
Lismore Capital
|
|
Debt placement services
|
913
|
|
—
|
|
|
(913
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
OpenKey
|
|
Mobile key app
|
60
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
—
|
|
||||||
Pure Wellness
|
|
Hypoallergenic premium rooms
|
1,309
|
|
1,309
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(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.
|
|
|
Year Ended December 31,
|
||||||||||
Line Item
|
|
2019
|
|
2018
|
|
2017
|
||||||
Other hotel expenses
|
|
$
|
76,707
|
|
|
$
|
72,095
|
|
|
$
|
69,300
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Income tax (expense) benefit at federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017
|
$
|
(1,539
|
)
|
|
$
|
(4,435
|
)
|
|
$
|
(1,478
|
)
|
State income tax (expense) benefit, net of U.S. federal income tax benefit
|
(475
|
)
|
|
(698
|
)
|
|
160
|
|
|||
Permanent differences
|
(310
|
)
|
|
(128
|
)
|
|
(338
|
)
|
|||
Revaluation of deferred tax assets and liabilities related to the 2017 Tax Act(1)
|
—
|
|
|
—
|
|
|
(5,242
|
)
|
|||
Provision to return adjustment entirely offset by change in valuation allowance
|
(325
|
)
|
|
(230
|
)
|
|
957
|
|
|||
Gross receipts and margin taxes
|
(923
|
)
|
|
(950
|
)
|
|
(913
|
)
|
|||
Interest and penalties
|
32
|
|
|
(11
|
)
|
|
(49
|
)
|
|||
Valuation allowance
|
2,322
|
|
|
3,670
|
|
|
9,121
|
|
|||
Total income tax (expense) benefit
|
$
|
(1,218
|
)
|
|
$
|
(2,782
|
)
|
|
$
|
2,218
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
(48
|
)
|
|
$
|
(1,195
|
)
|
|
$
|
5,264
|
|
State
|
(1,329
|
)
|
|
(1,452
|
)
|
|
(722
|
)
|
|||
Total current income tax (expense) benefit
|
(1,377
|
)
|
|
(2,647
|
)
|
|
4,542
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
126
|
|
|
(39
|
)
|
|
(2,192
|
)
|
|||
State
|
33
|
|
|
(96
|
)
|
|
(132
|
)
|
|||
Total deferred income tax (expense) benefit
|
159
|
|
|
(135
|
)
|
|
(2,324
|
)
|
|||
Total income tax (expense) benefit
|
$
|
(1,218
|
)
|
|
$
|
(2,782
|
)
|
|
$
|
2,218
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Allowance for doubtful accounts
|
$
|
150
|
|
|
$
|
114
|
|
Unearned income
|
2,525
|
|
|
1,801
|
|
||
Federal and state net operating losses
|
2,458
|
|
|
2,342
|
|
||
Capital loss carryforward
|
5,436
|
|
|
—
|
|
||
Accrued expenses
|
1,723
|
|
|
1,710
|
|
||
Prepaid expenses
|
(4,823
|
)
|
|
(4,848
|
)
|
||
Tax property basis less than book basis
|
(3,355
|
)
|
|
(1,840
|
)
|
||
Tax derivatives basis greater than book basis
|
2,281
|
|
|
1,612
|
|
||
Investment in Ashford, Inc.
|
—
|
|
|
7,197
|
|
||
Other
|
194
|
|
|
664
|
|
||
Deferred tax asset (liability)
|
6,589
|
|
|
8,752
|
|
||
Valuation allowance
|
(7,712
|
)
|
|
(10,034
|
)
|
||
Net deferred tax asset (liability)
|
$
|
(1,123
|
)
|
|
$
|
(1,282
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at beginning of year
|
$
|
10,034
|
|
|
$
|
6,232
|
|
|
$
|
15,353
|
|
Additions
|
—
|
|
|
4,766
|
|
|
2,053
|
|
|||
Deductions
|
(2,322
|
)
|
|
(964
|
)
|
|
(11,174
|
)
|
|||
Balance at end of year
|
$
|
7,712
|
|
|
$
|
10,034
|
|
|
$
|
6,232
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Deferred franchise fees
|
$
|
4,811
|
|
|
$
|
4,571
|
|
Deferred loan costs
|
—
|
|
|
816
|
|
||
Total costs
|
4,811
|
|
|
5,387
|
|
||
Accumulated amortization
|
(1,914
|
)
|
|
(1,938
|
)
|
||
Deferred costs, net
|
$
|
2,897
|
|
|
$
|
3,449
|
|
|
Intangible Assets, net
|
|
Intangible Liabilities, net
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cost
|
$
|
797
|
|
|
$
|
10,276
|
|
|
$
|
2,723
|
|
|
$
|
16,846
|
|
Accumulated amortization
|
—
|
|
|
(452
|
)
|
|
(386
|
)
|
|
(1,363
|
)
|
||||
|
$
|
797
|
|
|
$
|
9,824
|
|
|
$
|
2,337
|
|
|
$
|
15,483
|
|
2020
|
$
|
80
|
|
2021
|
80
|
|
|
2022
|
80
|
|
|
2023
|
80
|
|
|
2024
|
36
|
|
|
Thereafter
|
1,981
|
|
|
Total
|
$
|
2,337
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Full
Year
|
|
|||||||||||
2019
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total revenue
|
$
|
358,718
|
|
|
$
|
415,148
|
|
|
$
|
374,237
|
|
|
$
|
354,656
|
|
|
$
|
1,502,759
|
|
|
|
Total operating expenses
|
334,966
|
|
|
366,699
|
|
|
347,161
|
|
|
365,330
|
|
|
1,414,156
|
|
|
||||||
Gain (loss) on sale of assets and hotel properties
|
233
|
|
|
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
|
$
|
(0.49
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(0.39
|
)
|
|
$
|
(1.58
|
)
|
(1
|
)
|
Weighted average diluted common shares
|
99,407
|
|
|
99,942
|
|
|
99,971
|
|
|
99,968
|
|
|
99,837
|
|
|
||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total revenue
|
$
|
342,207
|
|
|
$
|
389,164
|
|
|
$
|
355,930
|
|
|
$
|
343,488
|
|
|
$
|
1,430,789
|
|
|
|
Total operating expenses
|
318,945
|
|
|
346,129
|
|
|
326,601
|
|
|
349,175
|
|
|
1,340,850
|
|
|
||||||
Gain (loss) on sale of assets and hotel properties
|
(9
|
)
|
|
$
|
412
|
|
|
$
|
(9
|
)
|
|
$
|
81
|
|
|
$
|
475
|
|
|
||
Operating income (loss)
|
$
|
23,253
|
|
|
$
|
43,447
|
|
|
$
|
29,320
|
|
|
$
|
(5,606
|
)
|
|
$
|
90,414
|
|
|
|
Net income (loss)
|
$
|
(32,649
|
)
|
|
$
|
(23,351
|
)
|
|
$
|
(34,261
|
)
|
|
$
|
(66,048
|
)
|
|
$
|
(156,309
|
)
|
|
|
Net income (loss) attributable to the Company
|
$
|
(26,271
|
)
|
|
$
|
(18,306
|
)
|
|
$
|
(27,589
|
)
|
|
$
|
(54,800
|
)
|
|
$
|
(126,966
|
)
|
|
|
Net income (loss) attributable to common stockholders
|
$
|
(36,915
|
)
|
|
$
|
(28,950
|
)
|
|
$
|
(38,234
|
)
|
|
$
|
(65,444
|
)
|
|
$
|
(169,543
|
)
|
|
|
Diluted income (loss) attributable to common stockholders per share
|
$
|
(0.39
|
)
|
|
$
|
(0.30
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(0.66
|
)
|
|
$
|
(1.75
|
)
|
(1
|
)
|
Weighted average diluted common shares
|
95,367
|
|
|
96,889
|
|
|
97,467
|
|
|
99,324
|
|
|
97,282
|
|
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and Procedures
|
Item 9B.
|
Other Information
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accountant Fees and Services
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
(b)
|
Exhibits
|
Exhibit
|
|
Description
|
2.1
|
|
|
3.1
|
|
|
3.2
|
|
|
3.3
|
|
|
4.1
|
|
|
4.1.1
|
|
|
4.1.2
|
|
|
4.2.1
|
|
|
4.2.2
|
|
|
4.3.1
|
|
|
4.3.2
|
|
|
4.4
|
|
|
4.5
|
|
|
4.6
|
|
|
4.7
|
|
|
4.8 *
|
|
|
10.1
|
|
|
10.1.2
|
|
|
10.1.3
|
|
|
10.1.4
|
|
|
10.1.5
|
|
|
10.1.6
|
|
Exhibit
|
|
Description
|
10.2
|
|
|
10.3.1†
|
|
|
10.3.1.1†
|
|
|
10.3.1.2†
|
|
|
10.3.2†
|
|
|
10.3.3†
|
|
|
10.3.4†
|
|
|
10.3.5†
|
|
|
10.3.6†
|
|
|
10.3.7†*
|
|
|
10.3.8†*
|
|
|
10.3.9†*
|
|
|
10.4
|
|
|
10.5
|
|
|
10.6.1
|
|
|
10.6.2
|
|
|
10.6.3
|
|
|
10.6.4
|
|
|
10.6.5
|
|
|
10.7
|
|
|
10.8
|
|
|
10.9
|
|
|
10.10
|
|
|
10.11
|
|
|
10.12
|
|
Exhibit
|
|
Description
|
10.13
|
|
|
10.14
|
|
|
10.15
|
|
|
10.16
|
|
|
10.17
|
|
|
10.18
|
|
|
10.19
|
|
|
10.20
|
|
|
10.21
|
|
|
10.22
|
|
|
10.23.1
|
|
|
10.23.2
|
|
|
10.24
|
|
|
10.25
|
|
|
10.26
|
|
|
10.27
|
|
|
10.28
|
|
|
10.29
|
|
Exhibit
|
|
Description
|
10.30
|
|
|
10.31
|
|
|
10.32
|
|
|
10.33
|
|
|
10.34
|
|
|
10.35
|
|
|
10.36
|
|
|
10.37
|
|
|
10.38
|
|
|
10.39
|
|
|
10.40
|
|
|
10.41
|
|
|
10.42
|
|
|
10.43
|
|
|
10.44
|
|
|
10.45
|
|
|
10.46
|
|
|
10.47
|
|
Exhibit
|
|
Description
|
10.48
|
|
|
10.49
|
|
|
10.50
|
|
|
21.1*
|
|
|
21.2*
|
|
|
23.1*
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1*
|
|
|
32.2*
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the XBRL document
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
Submitted electronically with this report.
|
101.CAL
|
|
Inline XBRL Taxonomy Calculation Linkbase Document.
|
|
Submitted electronically with this report.
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
Submitted electronically with this report.
|
101.LAB
|
|
Inline XBRL Taxonomy Label Linkbase Document.
|
|
Submitted electronically with this report.
|
101.PRE
|
|
Inline XBRL Taxonomy Presentation Linkbase Document.
|
|
Submitted electronically with this report.
|
104
|
|
Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
|
|
Submitted electronically with this report.
|
|
ASHFORD HOSPITALITY TRUST, INC.
|
|
|
|
|
|
By:
|
/s/ DOUGLAS A. KESSLER
|
|
|
Douglas A. Kessler
|
|
|
President and Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
||
/s/ MONTY J. BENNETT
|
|
Chairman of the Board of Directors
|
|
March 12, 2020
|
Monty J. Bennett
|
|
|
||
|
|
|
|
|
/s/ DOUGLAS A. KESSLER
|
|
President and Chief Executive Officer (Principal Executive Officer)
|
|
March 12, 2020
|
Douglas A. Kessler
|
|
|
|
|
|
|
|
|
|
/s/ DERIC S. EUBANKS
|
|
Chief Financial Officer (Principal Financial Officer)
|
|
March 12, 2020
|
Deric S. Eubanks
|
|
|
||
|
|
|
|
|
/s/ MARK L. NUNNELEY
|
|
Chief Accounting Officer (Principal Accounting Officer)
|
|
March 12, 2020
|
Mark L. Nunneley
|
|
|
||
|
|
|
|
|
/s/ BENJAMIN J. ANSELL, M.D.
|
|
Director
|
|
March 12, 2020
|
Benjamin J. Ansell, M.D.
|
|
|
||
|
|
|
|
|
/s/ FREDERICK J. KLEISNER
|
|
Director
|
|
March 12, 2020
|
Frederick J. Kleisner
|
|
|
||
|
|
|
|
|
/s/ AMISH GUPTA
|
|
Director
|
|
March 12, 2020
|
Amish Gupta
|
|
|
||
|
|
|
|
|
/s/ KAMAL JAFARNIA
|
|
Director
|
|
March 12, 2020
|
Kamal Jafarnia
|
|
|
|
|
|
|
|
|
|
/s/ SHERI L. PANTERMUEHL
|
|
Director
|
|
March 12, 2020
|
Sheri L. Pantermuehl
|
|
|
|
|
|
|
|
|
|
/s/ ALAN L. TALLIS
|
|
Director
|
|
March 12, 2020
|
Alan L. Tallis
|
|
|
|
|
Column A
|
|
Column B
|
|
Column C
|
|
Column D
|
|
Column E
|
|
Column F
|
|
Column G
|
|
Column H
|
|
Column I
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized
Since Acquisition |
|
Gross Carrying Amount
At Close of Period |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Hotel Property
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Construction
Date
|
|
Acquisition
Date
|
|
Income
Statement
|
||||||||||||||||||
Embassy Suites
|
|
Austin, TX
|
|
$
|
23,364
|
|
|
$
|
1,204
|
|
|
$
|
9,388
|
|
|
$
|
193
|
|
|
$
|
6,806
|
|
|
$
|
1,397
|
|
|
$
|
16,194
|
|
|
$
|
17,591
|
|
|
$
|
9,052
|
|
|
08/1998
|
|
|
|
(1),(2),(3)
|
Embassy Suites
|
|
Dallas, TX
|
|
15,465
|
|
|
1,878
|
|
|
8,907
|
|
|
238
|
|
|
6,703
|
|
|
2,116
|
|
|
15,610
|
|
|
17,726
|
|
|
8,618
|
|
|
12/1998
|
|
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
Herndon, VA
|
|
25,120
|
|
|
1,303
|
|
|
9,836
|
|
|
277
|
|
|
8,928
|
|
|
1,580
|
|
|
18,764
|
|
|
20,344
|
|
|
10,400
|
|
|
12/1998
|
|
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
Las Vegas, NV
|
|
30,282
|
|
|
3,307
|
|
|
16,952
|
|
|
397
|
|
|
15,008
|
|
|
3,704
|
|
|
31,960
|
|
|
35,664
|
|
|
17,928
|
|
|
05/1999
|
|
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
Flagstaff, AZ
|
|
18,400
|
|
|
1,267
|
|
|
4,278
|
|
|
—
|
|
|
3,406
|
|
|
1,267
|
|
|
7,684
|
|
|
8,951
|
|
|
3,912
|
|
|
|
|
10/2003
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
Houston, TX
|
|
17,810
|
|
|
1,799
|
|
|
10,404
|
|
|
—
|
|
|
7,312
|
|
|
1,799
|
|
|
17,716
|
|
|
19,515
|
|
|
8,212
|
|
|
|
|
03/2005
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
West Palm Beach, FL
|
|
19,802
|
|
|
3,277
|
|
|
13,949
|
|
|
—
|
|
|
8,877
|
|
|
3,277
|
|
|
22,826
|
|
|
26,103
|
|
|
11,348
|
|
|
|
|
03/2005
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
Philadelphia, PA
|
|
28,698
|
|
|
5,791
|
|
|
34,819
|
|
|
—
|
|
|
17,421
|
|
|
5,791
|
|
|
52,240
|
|
|
58,031
|
|
|
21,982
|
|
|
|
|
12/2006
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
Walnut Creek, CA
|
|
49,920
|
|
|
7,452
|
|
|
25,334
|
|
|
—
|
|
|
22,758
|
|
|
7,452
|
|
|
48,092
|
|
|
55,544
|
|
|
19,170
|
|
|
|
|
12/2006
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
Arlington, VA
|
|
46,355
|
|
|
36,065
|
|
|
41,588
|
|
|
—
|
|
|
18,327
|
|
|
36,065
|
|
|
59,915
|
|
|
95,980
|
|
|
20,197
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
Portland, OR
|
|
88,435
|
|
|
11,110
|
|
|
60,048
|
|
|
—
|
|
|
7,258
|
|
|
11,110
|
|
|
67,306
|
|
|
78,416
|
|
|
23,487
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
Santa Clara, CA
|
|
67,440
|
|
|
8,948
|
|
|
46,239
|
|
|
—
|
|
|
16,209
|
|
|
8,948
|
|
|
62,448
|
|
|
71,396
|
|
|
22,282
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
Orlando, FL
|
|
22,526
|
|
|
5,674
|
|
|
21,593
|
|
|
—
|
|
|
11,586
|
|
|
5,674
|
|
|
33,179
|
|
|
38,853
|
|
|
13,174
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Embassy Suites
|
|
New York, NY
|
|
145,000
|
|
|
111,619
|
|
|
88,673
|
|
|
—
|
|
|
(8,336
|
)
|
|
111,619
|
|
|
80,337
|
|
|
191,956
|
|
|
1,974
|
|
|
|
|
01/2019
|
|
(1),(2),(3)
|
|||||||||
Hilton Garden Inn
|
|
Jacksonville, FL
|
|
11,756
|
|
|
1,751
|
|
|
9,164
|
|
|
—
|
|
|
5,752
|
|
|
1,751
|
|
|
14,916
|
|
|
16,667
|
|
|
6,521
|
|
|
|
|
11/2003
|
|
(1),(2),(3)
|
|||||||||
Hilton Garden Inn
|
|
Austin, TX
|
|
66,257
|
|
|
7,605
|
|
|
48,725
|
|
|
—
|
|
|
5,158
|
|
|
7,605
|
|
|
53,883
|
|
|
61,488
|
|
|
10,694
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Hilton Garden Inn
|
|
Baltimore, MD
|
|
16,218
|
|
|
4,027
|
|
|
20,199
|
|
|
—
|
|
|
6,171
|
|
|
4,027
|
|
|
26,370
|
|
|
30,397
|
|
|
4,210
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Hilton Garden Inn
|
|
Virginia Beach, VA
|
|
32,140
|
|
|
4,101
|
|
|
26,329
|
|
|
—
|
|
|
415
|
|
|
4,101
|
|
|
26,744
|
|
|
30,845
|
|
|
3,827
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Hilton
|
|
Ft. Worth, TX
|
|
62,000
|
|
|
4,538
|
|
|
13,922
|
|
|
1
|
|
|
23,803
|
|
|
4,539
|
|
|
37,725
|
|
|
42,264
|
|
|
16,894
|
|
|
|
|
03/2005
|
|
(1),(2),(3)
|
|||||||||
Hilton
|
|
Houston, TX
|
|
19,949
|
|
|
2,200
|
|
|
13,247
|
|
|
—
|
|
|
9,936
|
|
|
2,200
|
|
|
23,183
|
|
|
25,383
|
|
|
10,421
|
|
|
|
|
03/2005
|
|
(1),(2),(3)
|
|||||||||
Hilton
|
|
St. Petersburg, FL
|
|
48,730
|
|
|
2,991
|
|
|
13,907
|
|
|
(1,130
|
)
|
|
19,489
|
|
|
1,861
|
|
|
33,396
|
|
|
35,257
|
|
|
16,729
|
|
|
|
|
03/2005
|
|
(1),(2),(3)
|
|||||||||
Hilton
|
|
Santa Fe, NM
|
|
26,400
|
|
|
7,004
|
|
|
10,689
|
|
|
—
|
|
|
7,814
|
|
|
7,004
|
|
|
18,503
|
|
|
25,507
|
|
|
9,380
|
|
|
|
|
12/2006
|
|
(1),(2),(3)
|
|||||||||
Hilton
|
|
Bloomington, MN
|
|
46,800
|
|
|
5,685
|
|
|
59,139
|
|
|
—
|
|
|
9,596
|
|
|
5,685
|
|
|
68,735
|
|
|
74,420
|
|
|
25,820
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Hilton
|
|
Costa Mesa, CA
|
|
65,671
|
|
|
12,917
|
|
|
91,791
|
|
|
—
|
|
|
14,922
|
|
|
12,917
|
|
|
106,713
|
|
|
119,630
|
|
|
38,522
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Hilton
|
|
Boston, MA
|
|
97,000
|
|
|
62,555
|
|
|
134,407
|
|
|
—
|
|
|
14,341
|
|
|
62,555
|
|
|
148,748
|
|
|
211,303
|
|
|
24,903
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Hilton
|
|
Parsippany, NJ
|
|
38,073
|
|
|
7,293
|
|
|
58,098
|
|
|
—
|
|
|
6,883
|
|
|
7,293
|
|
|
64,981
|
|
|
72,274
|
|
|
14,790
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Hilton
|
|
Tampa, FL
|
|
27,442
|
|
|
5,206
|
|
|
21,186
|
|
|
—
|
|
|
12,355
|
|
|
5,206
|
|
|
33,541
|
|
|
38,747
|
|
|
9,437
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Hilton
|
|
Alexandria, VA
|
|
73,450
|
|
|
14,459
|
|
|
96,602
|
|
|
—
|
|
|
45
|
|
|
14,459
|
|
|
96,647
|
|
|
111,106
|
|
|
3,894
|
|
|
|
|
06/2018
|
|
(1),(2),(3)
|
|||||||||
Hilton
|
|
Santa Cruz, CA
|
|
24,919
|
|
|
9,399
|
|
|
38,129
|
|
|
—
|
|
|
(3,066
|
)
|
|
9,399
|
|
|
35,063
|
|
|
44,462
|
|
|
885
|
|
|
|
|
02/2019
|
|
(1),(2),(3)
|
|||||||||
Hampton Inn
|
|
Lawrenceville, GA
|
|
5,447
|
|
|
697
|
|
|
3,808
|
|
|
—
|
|
|
3,179
|
|
|
697
|
|
|
6,987
|
|
|
7,684
|
|
|
3,465
|
|
|
|
|
11/2003
|
|
(1),(2),(3)
|
|||||||||
Hampton Inn
|
|
Evansville, IN
|
|
11,118
|
|
|
1,301
|
|
|
5,034
|
|
|
—
|
|
|
2,619
|
|
|
1,301
|
|
|
7,653
|
|
|
8,954
|
|
|
3,800
|
|
|
|
|
09/2004
|
|
(1),(2),(3)
|
|||||||||
Hampton Inn
|
|
Parsippany, NJ
|
|
18,641
|
|
|
3,268
|
|
|
24,306
|
|
|
—
|
|
|
2,500
|
|
|
3,268
|
|
|
26,806
|
|
|
30,074
|
|
|
5,172
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Hampton Inn
|
|
Buford, GA
|
|
8,675
|
|
|
1,168
|
|
|
5,338
|
|
|
—
|
|
|
4,622
|
|
|
1,168
|
|
|
9,960
|
|
|
11,128
|
|
|
3,274
|
|
|
|
|
07/2004
|
|
(1),(2),(3)
|
|||||||||
Hampton Inn
|
|
Phoenix, AZ
|
|
11,267
|
|
|
853
|
|
|
10,145
|
|
|
—
|
|
|
5,002
|
|
|
853
|
|
|
15,147
|
|
|
16,000
|
|
|
2,865
|
|
|
|
|
06/2015
|
|
(1),(2),(3)
|
Column A
|
|
Column B
|
|
Column C
|
|
Column D
|
|
Column E
|
|
Column F
|
|
Column G
|
|
Column H
|
|
Column I
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized
Since Acquisition |
|
Gross Carrying Amount
At Close of Period |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Hotel Property
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Construction
Date
|
|
Acquisition
Date
|
|
Income
Statement
|
||||||||||||||||||
Hampton Inn - Waterfront
|
|
Pittsburgh, PA
|
|
12,786
|
|
|
2,335
|
|
|
18,663
|
|
|
(1,213
|
)
|
|
(10,652
|
)
|
|
1,122
|
|
|
8,011
|
|
|
9,133
|
|
|
226
|
|
|
|
|
06/2015
|
|
(1),(2),(3),(4)
|
|||||||||
Hampton Inn - Washington
|
|
Pittsburgh, PA
|
|
17,341
|
|
|
2,760
|
|
|
19,739
|
|
|
(1,491
|
)
|
|
(11,327
|
)
|
|
1,269
|
|
|
8,412
|
|
|
9,681
|
|
|
594
|
|
|
|
|
06/2015
|
|
(1),(2),(3),(4)
|
|||||||||
Hampton Inn
|
|
Columbus, OH
|
|
21,017
|
|
|
1,789
|
|
|
27,210
|
|
|
1
|
|
|
3,691
|
|
|
1,790
|
|
|
30,901
|
|
|
32,691
|
|
|
5,000
|
|
|
|
|
06/2015
|
|
(1),(2),(3)
|
|||||||||
Marriott
|
|
Beverly Hills, CA
|
|
123,120
|
|
|
6,510
|
|
|
22,061
|
|
|
—
|
|
|
23,809
|
|
|
6,510
|
|
|
45,870
|
|
|
52,380
|
|
|
24,959
|
|
|
|
|
03/2005
|
|
(1),(2),(3)
|
|||||||||
Marriott
|
|
Durham, NC
|
|
26,800
|
|
|
1,794
|
|
|
25,056
|
|
|
—
|
|
|
18,478
|
|
|
1,794
|
|
|
43,534
|
|
|
45,328
|
|
|
16,077
|
|
|
|
|
02/2006
|
|
(1),(2),(3)
|
|||||||||
Marriott
|
|
Arlington, VA
|
|
91,542
|
|
|
20,637
|
|
|
101,376
|
|
|
—
|
|
|
58,860
|
|
|
20,637
|
|
|
160,236
|
|
|
180,873
|
|
|
68,106
|
|
|
|
|
07/2006
|
|
(1),(2),(3)
|
|||||||||
Marriott
|
|
Bridgewater, NJ
|
|
71,200
|
|
|
5,059
|
|
|
89,268
|
|
|
—
|
|
|
13,231
|
|
|
5,059
|
|
|
102,499
|
|
|
107,558
|
|
|
32,852
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Marriott
|
|
Dallas, TX
|
|
30,400
|
|
|
2,701
|
|
|
30,893
|
|
|
—
|
|
|
14,196
|
|
|
2,701
|
|
|
45,089
|
|
|
47,790
|
|
|
18,711
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Marriott
|
|
Fremont, CA
|
|
58,402
|
|
|
5,800
|
|
|
44,200
|
|
|
—
|
|
|
2,172
|
|
|
5,800
|
|
|
46,372
|
|
|
52,172
|
|
|
6,674
|
|
|
|
|
08/2014
|
|
(1),(2),(3)
|
|||||||||
Marriott
|
|
Memphis, TN
|
|
27,041
|
|
|
6,210
|
|
|
37,284
|
|
|
—
|
|
|
1,589
|
|
|
6,210
|
|
|
38,873
|
|
|
45,083
|
|
|
9,264
|
|
|
|
|
02/2015
|
|
(1),(2),(3)
|
|||||||||
Marriott
|
|
Irving, TX
|
|
66,653
|
|
|
8,330
|
|
|
82,272
|
|
|
—
|
|
|
35,370
|
|
|
8,330
|
|
|
117,642
|
|
|
125,972
|
|
|
19,426
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Marriott
|
|
Omaha, NE
|
|
15,847
|
|
|
6,641
|
|
|
49,887
|
|
|
—
|
|
|
12,516
|
|
|
6,641
|
|
|
62,403
|
|
|
69,044
|
|
|
13,505
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Marriott
|
|
Sugarland, TX
|
|
62,301
|
|
|
9,047
|
|
|
84,043
|
|
|
—
|
|
|
(723
|
)
|
|
9,047
|
|
|
83,320
|
|
|
92,367
|
|
|
11,282
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
SpringHill Suites by Marriott
|
|
Baltimore, MD
|
|
13,600
|
|
|
2,502
|
|
|
13,206
|
|
|
—
|
|
|
4,161
|
|
|
2,502
|
|
|
17,367
|
|
|
19,869
|
|
|
8,158
|
|
|
|
|
05/2004
|
|
(1),(2),(3)
|
|||||||||
SpringHill Suites by Marriott
|
|
Kennesaw, GA
|
|
6,638
|
|
|
1,106
|
|
|
5,021
|
|
|
—
|
|
|
3,656
|
|
|
1,106
|
|
|
8,677
|
|
|
9,783
|
|
|
3,576
|
|
|
|
|
07/2004
|
|
(1),(2),(3)
|
|||||||||
SpringHill Suites by Marriott
|
|
Buford, GA
|
|
9,561
|
|
|
1,132
|
|
|
6,089
|
|
|
—
|
|
|
831
|
|
|
1,132
|
|
|
6,920
|
|
|
8,052
|
|
|
2,777
|
|
|
|
|
07/2004
|
|
(1),(2),(3)
|
|||||||||
SpringHill Suites by Marriott
|
|
Charlotte, NC
|
|
12,775
|
|
|
1,235
|
|
|
6,818
|
|
|
—
|
|
|
1,002
|
|
|
1,235
|
|
|
7,820
|
|
|
9,055
|
|
|
3,032
|
|
|
|
|
06/2005
|
|
(1),(2),(3)
|
|||||||||
SpringHill Suites by Marriott
|
|
Durham, NC
|
|
6,663
|
|
|
1,090
|
|
|
3,991
|
|
|
—
|
|
|
1,276
|
|
|
1,090
|
|
|
5,267
|
|
|
6,357
|
|
|
2,066
|
|
|
|
|
06/2005
|
|
(1),(2),(3)
|
|||||||||
SpringHill Suites by Marriott
|
|
Manhattan Beach, CA
|
|
28,560
|
|
|
5,726
|
|
|
21,187
|
|
|
—
|
|
|
1,307
|
|
|
5,726
|
|
|
22,494
|
|
|
28,220
|
|
|
7,564
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
SpringHill Suites by Marriott
|
|
Plymouth Meeting, PA
|
|
20,800
|
|
|
3,210
|
|
|
24,578
|
|
|
—
|
|
|
1,473
|
|
|
3,210
|
|
|
26,051
|
|
|
29,261
|
|
|
8,610
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Fairfield Inn by Marriott
|
|
Kennesaw, GA
|
|
5,207
|
|
|
840
|
|
|
4,359
|
|
|
—
|
|
|
2,567
|
|
|
840
|
|
|
6,926
|
|
|
7,766
|
|
|
2,246
|
|
|
|
|
07/2004
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Bloomington, IN
|
|
14,248
|
|
|
900
|
|
|
10,741
|
|
|
—
|
|
|
3,817
|
|
|
900
|
|
|
14,558
|
|
|
15,458
|
|
|
6,677
|
|
|
|
|
09/2004
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott - Tremont
|
|
Boston, MA
|
|
102,451
|
|
|
24,494
|
|
|
85,246
|
|
|
—
|
|
|
11,340
|
|
|
24,494
|
|
|
96,586
|
|
|
121,080
|
|
|
19,178
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Columbus, IN
|
|
8,160
|
|
|
673
|
|
|
4,804
|
|
|
—
|
|
|
3,435
|
|
|
673
|
|
|
8,239
|
|
|
8,912
|
|
|
3,960
|
|
|
|
|
09/2004
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Denver, CO
|
|
33,376
|
|
|
9,342
|
|
|
29,656
|
|
|
—
|
|
|
3,677
|
|
|
9,342
|
|
|
33,333
|
|
|
42,675
|
|
|
5,909
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Louisville, KY
|
|
18,261
|
|
|
1,352
|
|
|
12,266
|
|
|
—
|
|
|
4,673
|
|
|
1,352
|
|
|
16,939
|
|
|
18,291
|
|
|
6,181
|
|
|
|
|
09/2004
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Gaithersburg, MD
|
|
28,580
|
|
|
5,128
|
|
|
30,522
|
|
|
—
|
|
|
4,372
|
|
|
5,128
|
|
|
34,894
|
|
|
40,022
|
|
|
5,902
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Crystal City, VA
|
|
42,538
|
|
|
5,411
|
|
|
38,610
|
|
|
—
|
|
|
14,073
|
|
|
5,411
|
|
|
52,683
|
|
|
58,094
|
|
|
20,534
|
|
|
|
|
06/2005
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Ft. Lauderdale, FL
|
|
20,617
|
|
|
2,244
|
|
|
18,520
|
|
|
—
|
|
|
6,454
|
|
|
2,244
|
|
|
24,974
|
|
|
27,218
|
|
|
10,598
|
|
|
|
|
06/2005
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Overland Park, KS
|
|
8,794
|
|
|
1,868
|
|
|
14,030
|
|
|
—
|
|
|
4,559
|
|
|
1,868
|
|
|
18,589
|
|
|
20,457
|
|
|
8,299
|
|
|
|
|
06/2005
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Foothill Ranch, CA
|
|
21,735
|
|
|
2,447
|
|
|
16,005
|
|
|
—
|
|
|
3,648
|
|
|
2,447
|
|
|
19,653
|
|
|
22,100
|
|
|
8,232
|
|
|
|
|
06/2005
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Alpharetta, GA
|
|
19,665
|
|
|
2,244
|
|
|
12,345
|
|
|
—
|
|
|
3,590
|
|
|
2,244
|
|
|
15,935
|
|
|
18,179
|
|
|
7,084
|
|
|
|
|
06/2005
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Oakland, CA
|
|
28,240
|
|
|
5,112
|
|
|
19,429
|
|
|
—
|
|
|
4,099
|
|
|
5,112
|
|
|
23,528
|
|
|
28,640
|
|
|
9,013
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Scottsdale, AZ
|
|
23,600
|
|
|
3,700
|
|
|
22,134
|
|
|
—
|
|
|
4,884
|
|
|
3,700
|
|
|
27,018
|
|
|
30,718
|
|
|
10,337
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Plano, TX
|
|
18,160
|
|
|
2,115
|
|
|
22,360
|
|
|
—
|
|
|
1,994
|
|
|
2,115
|
|
|
24,354
|
|
|
26,469
|
|
|
8,592
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Newark, CA
|
|
34,960
|
|
|
2,863
|
|
|
10,723
|
|
|
—
|
|
|
1,678
|
|
|
2,863
|
|
|
12,401
|
|
|
15,264
|
|
|
4,413
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Manchester, CT
|
|
6,292
|
|
|
1,301
|
|
|
7,430
|
|
|
—
|
|
|
1,931
|
|
|
1,301
|
|
|
9,361
|
|
|
10,662
|
|
|
3,766
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Basking Ridge, NJ
|
|
41,600
|
|
|
5,419
|
|
|
45,304
|
|
|
—
|
|
|
6,482
|
|
|
5,419
|
|
|
51,786
|
|
|
57,205
|
|
|
18,549
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Courtyard by Marriott
|
|
Wichita, KS
|
|
18,380
|
|
|
291
|
|
|
23,090
|
|
|
—
|
|
|
(1,108
|
)
|
|
291
|
|
|
21,982
|
|
|
22,273
|
|
|
2,887
|
|
|
|
|
06/2015
|
|
(1),(2),(3)
|
Column A
|
|
Column B
|
|
Column C
|
|
Column D
|
|
Column E
|
|
Column F
|
|
Column G
|
|
Column H
|
|
Column I
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized
Since Acquisition |
|
Gross Carrying Amount
At Close of Period |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Hotel Property
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Construction
Date
|
|
Acquisition
Date
|
|
Income
Statement
|
||||||||||||||||||
Courtyard by Marriott - Billerica
|
|
Boston, MA
|
|
29,807
|
|
|
3,528
|
|
|
29,352
|
|
|
—
|
|
|
1,410
|
|
|
3,528
|
|
|
30,762
|
|
|
34,290
|
|
|
6,099
|
|
|
|
|
06/2015
|
|
(1),(2),(3)
|
|||||||||
Homewood Suites
|
|
Pittsburgh, PA
|
|
25,492
|
|
|
1,906
|
|
|
28,093
|
|
|
—
|
|
|
2,781
|
|
|
1,906
|
|
|
30,874
|
|
|
32,780
|
|
|
5,132
|
|
|
|
|
06/2015
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
Lake Buena Vista, FL
|
|
25,330
|
|
|
2,555
|
|
|
20,367
|
|
|
—
|
|
|
10,717
|
|
|
2,555
|
|
|
31,084
|
|
|
33,639
|
|
|
13,809
|
|
|
|
|
03/2004
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
Evansville, IN
|
|
7,830
|
|
|
961
|
|
|
5,972
|
|
|
(1
|
)
|
|
2,939
|
|
|
960
|
|
|
8,911
|
|
|
9,871
|
|
|
4,419
|
|
|
|
|
09/2004
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
Orlando, FL
|
|
25,687
|
|
|
6,554
|
|
|
40,539
|
|
|
—
|
|
|
19,672
|
|
|
6,554
|
|
|
60,211
|
|
|
66,765
|
|
|
22,529
|
|
|
|
|
06/2005
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
Falls Church, VA
|
|
26,151
|
|
|
2,752
|
|
|
34,979
|
|
|
—
|
|
|
7,376
|
|
|
2,752
|
|
|
42,355
|
|
|
45,107
|
|
|
17,299
|
|
|
|
|
06/2005
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
San Diego, CA
|
|
29,281
|
|
|
3,156
|
|
|
29,514
|
|
|
—
|
|
|
3,810
|
|
|
3,156
|
|
|
33,324
|
|
|
36,480
|
|
|
13,267
|
|
|
|
|
06/2005
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
Salt Lake City, UT
|
|
15,798
|
|
|
1,897
|
|
|
16,357
|
|
|
—
|
|
|
3,489
|
|
|
1,897
|
|
|
19,846
|
|
|
21,743
|
|
|
7,819
|
|
|
|
|
06/2005
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
Las Vegas, NV
|
|
38,160
|
|
|
18,177
|
|
|
39,568
|
|
|
(6,184
|
)
|
|
(12,854
|
)
|
|
11,993
|
|
|
26,714
|
|
|
38,707
|
|
|
7,465
|
|
|
|
|
04/2007
|
|
(1),(2),(3),(4)
|
|||||||||
Marriott Residence Inn
|
|
Phoenix, AZ
|
|
23,680
|
|
|
4,100
|
|
|
23,187
|
|
|
—
|
|
|
2,655
|
|
|
4,100
|
|
|
25,842
|
|
|
29,942
|
|
|
9,014
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
Plano, TX
|
|
14,160
|
|
|
2,045
|
|
|
16,869
|
|
|
—
|
|
|
2,116
|
|
|
2,045
|
|
|
18,985
|
|
|
21,030
|
|
|
6,774
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
Newark, CA
|
|
37,760
|
|
|
3,272
|
|
|
11,706
|
|
|
—
|
|
|
2,586
|
|
|
3,272
|
|
|
14,292
|
|
|
17,564
|
|
|
5,272
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
Manchester, CT
|
|
6,759
|
|
|
1,462
|
|
|
8,306
|
|
|
—
|
|
|
3,798
|
|
|
1,462
|
|
|
12,104
|
|
|
13,566
|
|
|
5,454
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
Jacksonville, FL
|
|
9,865
|
|
|
1,997
|
|
|
16,084
|
|
|
—
|
|
|
10,214
|
|
|
1,997
|
|
|
26,298
|
|
|
28,295
|
|
|
9,129
|
|
|
|
|
05/2007
|
|
(1),(2),(3)
|
|||||||||
Marriott Residence Inn
|
|
Stillwater, OK
|
|
7,911
|
|
|
930
|
|
|
15,070
|
|
|
(524
|
)
|
|
(7,185
|
)
|
|
406
|
|
|
7,885
|
|
|
8,291
|
|
|
1,377
|
|
|
|
|
06/2015
|
|
(1),(2),(3),(4)
|
|||||||||
Tribute Portfolio
|
|
Santa Fe, NM
|
|
25,000
|
|
|
8,094
|
|
|
42,058
|
|
|
—
|
|
|
1,049
|
|
|
8,094
|
|
|
43,107
|
|
|
51,201
|
|
|
1,453
|
|
|
|
|
10/2018
|
|
(1),(2),(3)
|
|||||||||
TownePlace Suites by Marriott
|
|
Manhattan Beach, CA
|
|
23,680
|
|
|
4,805
|
|
|
17,543
|
|
|
—
|
|
|
4,937
|
|
|
4,805
|
|
|
22,480
|
|
|
27,285
|
|
|
8,843
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Ritz-Carlton
|
|
Atlanta, GA
|
|
97,902
|
|
|
2,477
|
|
|
80,139
|
|
|
—
|
|
|
31,229
|
|
|
2,477
|
|
|
111,368
|
|
|
113,845
|
|
|
21,266
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
One Ocean
|
|
Atlantic Beach, FL
|
|
57,600
|
|
|
5,815
|
|
|
14,817
|
|
|
—
|
|
|
28,226
|
|
|
5,815
|
|
|
43,043
|
|
|
48,858
|
|
|
25,727
|
|
|
|
|
04/2004
|
|
(1),(2),(3)
|
|||||||||
Renaissance
|
|
Nashville, TN
|
|
207,000
|
|
|
20,671
|
|
|
158,260
|
|
|
—
|
|
|
33,589
|
|
|
20,671
|
|
|
191,849
|
|
|
212,520
|
|
|
32,689
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Renaissance
|
|
Palm Springs, CA
|
|
51,522
|
|
|
—
|
|
|
74,112
|
|
|
—
|
|
|
15,176
|
|
|
—
|
|
|
89,288
|
|
|
89,288
|
|
|
17,719
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Sheraton Hotel
|
|
Ann Arbor, MI
|
|
35,200
|
|
|
4,158
|
|
|
35,042
|
|
|
—
|
|
|
4,570
|
|
|
4,158
|
|
|
39,612
|
|
|
43,770
|
|
|
5,387
|
|
|
|
|
06/2015
|
|
(1),(2),(3)
|
|||||||||
Sheraton Hotel
|
|
Langhorne, PA
|
|
12,880
|
|
|
2,037
|
|
|
12,424
|
|
|
—
|
|
|
9,270
|
|
|
2,037
|
|
|
21,694
|
|
|
23,731
|
|
|
10,860
|
|
|
|
|
07/2004
|
|
(1),(2),(3)
|
|||||||||
Sheraton Hotel
|
|
Minneapolis, MN
|
|
20,933
|
|
|
2,953
|
|
|
14,280
|
|
|
—
|
|
|
5,909
|
|
|
2,953
|
|
|
20,189
|
|
|
23,142
|
|
|
9,417
|
|
|
|
|
03/2005
|
|
(1),(2),(3)
|
|||||||||
Sheraton Hotel
|
|
Indianapolis, IN
|
|
59,278
|
|
|
3,100
|
|
|
22,041
|
|
|
—
|
|
|
22,381
|
|
|
3,100
|
|
|
44,422
|
|
|
47,522
|
|
|
21,532
|
|
|
|
|
03/2005
|
|
(1),(2),(3)
|
|||||||||
Sheraton Hotel
|
|
Anchorage, AK
|
|
26,331
|
|
|
4,023
|
|
|
39,363
|
|
|
—
|
|
|
19,502
|
|
|
4,023
|
|
|
58,865
|
|
|
62,888
|
|
|
23,437
|
|
|
|
|
12/2006
|
|
(1),(2),(3)
|
|||||||||
Sheraton Hotel
|
|
San Diego, CA
|
|
36,160
|
|
|
7,294
|
|
|
36,382
|
|
|
—
|
|
|
7,893
|
|
|
7,294
|
|
|
44,275
|
|
|
51,569
|
|
|
17,483
|
|
|
|
|
12/2006
|
|
(1),(2),(3)
|
|||||||||
Hyatt Regency
|
|
Coral Gables, FL
|
|
63,200
|
|
|
4,805
|
|
|
50,820
|
|
|
—
|
|
|
27,599
|
|
|
4,805
|
|
|
78,419
|
|
|
83,224
|
|
|
28,276
|
|
|
|
|
04/2007
|
|
(1),(2),(3)
|
|||||||||
Hyatt Regency
|
|
Hauppauge, NY
|
|
36,095
|
|
|
6,284
|
|
|
35,669
|
|
|
—
|
|
|
(1,085
|
)
|
|
6,284
|
|
|
34,584
|
|
|
40,868
|
|
|
6,512
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Hyatt Regency
|
|
Savannah, GA
|
|
69,224
|
|
|
14,041
|
|
|
72,721
|
|
|
—
|
|
|
13,781
|
|
|
14,041
|
|
|
86,502
|
|
|
100,543
|
|
|
17,958
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Crown Plaza
|
|
Key West, FL
|
|
64,980
|
|
|
—
|
|
|
27,514
|
|
|
—
|
|
|
11,167
|
|
|
—
|
|
|
38,681
|
|
|
38,681
|
|
|
17,619
|
|
|
|
|
03/2005
|
|
(1),(2),(3)
|
|||||||||
Crown Plaza
|
|
Annapolis, MD
|
|
—
|
|
|
—
|
|
|
9,903
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
10,022
|
|
|
10,022
|
|
|
4,658
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Annapolis Historic Inn
|
|
Annapolis, MD
|
|
18,658
|
|
|
3,028
|
|
|
7,833
|
|
|
—
|
|
|
8,387
|
|
|
3,028
|
|
|
16,220
|
|
|
19,248
|
|
|
8,962
|
|
|
|
|
03/2005
|
|
(1),(2),(3),(4)
|
|||||||||
Lakeway Resort & Spa
|
|
Austin, TX
|
|
19,527
|
|
|
4,541
|
|
|
28,940
|
|
|
—
|
|
|
7,716
|
|
|
4,541
|
|
|
36,656
|
|
|
41,197
|
|
|
12,160
|
|
|
|
|
02/2015
|
|
(1),(2),(3)
|
|||||||||
Silversmith
|
|
Chicago, IL
|
|
27,739
|
|
|
4,782
|
|
|
22,398
|
|
|
—
|
|
|
(1,871
|
)
|
|
4,782
|
|
|
20,527
|
|
|
25,309
|
|
|
3,507
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
The Churchill
|
|
Washington, D.C.
|
|
41,114
|
|
|
25,898
|
|
|
32,304
|
|
|
—
|
|
|
14,778
|
|
|
25,898
|
|
|
47,082
|
|
|
72,980
|
|
|
12,525
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
The Melrose
|
|
Washington, D.C.
|
|
75,454
|
|
|
29,277
|
|
|
62,507
|
|
|
—
|
|
|
(43
|
)
|
|
29,277
|
|
|
62,464
|
|
|
91,741
|
|
|
8,804
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
Le Pavillon
|
|
New Orleans, LA
|
|
43,750
|
|
|
10,933
|
|
|
51,549
|
|
|
(2,601
|
)
|
|
11,760
|
|
|
8,332
|
|
|
63,309
|
|
|
71,641
|
|
|
11,450
|
|
|
|
|
06/2015
|
|
(1),(2),(3)
|
|||||||||
The Ashton
|
|
Ft. Worth, TX
|
|
8,881
|
|
|
800
|
|
|
7,187
|
|
|
—
|
|
|
1,712
|
|
|
800
|
|
|
8,899
|
|
|
9,699
|
|
|
2,283
|
|
|
|
|
07/2014
|
|
(1),(2),(3)
|
Column A
|
|
Column B
|
|
Column C
|
|
Column D
|
|
Column E
|
|
Column F
|
|
Column G
|
|
Column H
|
|
Column I
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized
Since Acquisition |
|
Gross Carrying Amount
At Close of Period |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Hotel Property
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Land
|
|
FF&E,
Buildings and Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Construction
Date
|
|
Acquisition
Date
|
|
Income
Statement
|
||||||||||||||||||
Westin
|
|
Princeton, NJ
|
|
33,000
|
|
|
6,475
|
|
|
52,195
|
|
|
—
|
|
|
8,035
|
|
|
6,475
|
|
|
60,230
|
|
|
66,705
|
|
|
10,831
|
|
|
|
|
03/2015
|
|
(1),(2),(3)
|
|||||||||
W
|
|
Atlanta, GA
|
|
48,800
|
|
|
2,353
|
|
|
54,383
|
|
|
—
|
|
|
4,542
|
|
|
2,353
|
|
|
58,925
|
|
|
61,278
|
|
|
8,589
|
|
|
|
|
07/2015
|
|
(1),(2),(3)
|
|||||||||
W
|
|
Minneapolis, MN
|
|
51,843
|
|
|
8,430
|
|
|
79,713
|
|
|
—
|
|
|
5,008
|
|
|
8,430
|
|
|
84,721
|
|
|
93,151
|
|
|
9,327
|
|
|
|
|
11/2015
|
|
(1),(2),(3)
|
|||||||||
Le Meridien
|
|
Minneapolis, MN
|
|
—
|
|
|
2,752
|
|
|
12,248
|
|
|
—
|
|
|
2,578
|
|
|
2,752
|
|
|
14,826
|
|
|
17,578
|
|
|
2,561
|
|
|
|
|
07/2015
|
|
(1),(2),(3)
|
|||||||||
Hotel Indigo
|
|
Atlanta, GA
|
|
16,100
|
|
|
3,230
|
|
|
23,713
|
|
|
—
|
|
|
4,546
|
|
|
3,230
|
|
|
28,259
|
|
|
31,489
|
|
|
3,991
|
|
|
|
|
10/2015
|
|
(1),(2),(3)
|
|||||||||
WorldQuest
|
|
Orlando, FL
|
|
—
|
|
|
1,432
|
|
|
9,870
|
|
|
(40
|
)
|
|
2,142
|
|
|
1,392
|
|
|
12,012
|
|
|
13,404
|
|
|
3,077
|
|
|
|
|
03/2011
|
|
(1),(2),(3)
|
|||||||||
Total
|
|
|
|
$
|
4,124,003
|
|
|
$
|
782,850
|
|
|
$
|
3,760,480
|
|
|
$
|
(12,077
|
)
|
|
$
|
913,006
|
|
|
$
|
770,773
|
|
|
$
|
4,673,486
|
|
|
$
|
5,444,259
|
|
|
$
|
1,335,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Investment in Real Estate:
|
|
|
|
|
|
|
||||||
Beginning balance
|
|
$
|
5,287,463
|
|
|
$
|
5,064,294
|
|
|
$
|
5,054,564
|
|
Additions
|
|
409,603
|
|
|
374,223
|
|
|
225,461
|
|
|||
Impairment/write-offs
|
|
(136,658
|
)
|
|
(125,964
|
)
|
|
(111,820
|
)
|
|||
Sales/disposals
|
|
(116,149
|
)
|
|
(25,090
|
)
|
|
(85,709
|
)
|
|||
Assets held for sale
|
|
—
|
|
|
—
|
|
|
(18,202
|
)
|
|||
Ending balance
|
|
$
|
5,444,259
|
|
|
$
|
5,287,463
|
|
|
$
|
5,064,294
|
|
Accumulated Depreciation:
|
|
|
|
|
|
|
||||||
Beginning balance
|
|
1,182,244
|
|
|
1,028,379
|
|
|
894,001
|
|
|||
Depreciation expense
|
|
269,664
|
|
|
258,441
|
|
|
247,220
|
|
|||
Impairment/write-offs
|
|
(103,038
|
)
|
|
(102,410
|
)
|
|
(101,008
|
)
|
|||
Sales/disposals
|
|
(13,054
|
)
|
|
(2,166
|
)
|
|
(11,364
|
)
|
|||
Assets held for sale
|
|
—
|
|
|
—
|
|
|
(470
|
)
|
|||
Ending balance
|
|
$
|
1,335,816
|
|
|
$
|
1,182,244
|
|
|
$
|
1,028,379
|
|
Investment in Real Estate, net
|
|
$
|
4,108,443
|
|
|
$
|
4,105,219
|
|
|
$
|
4,035,915
|
|