Real Estate Owned

12 Months Ended

Dec. 31, 2019

Note 9—Real Estate Owned

Our real estate assets at both December 31, 2019 and 2018 were comprised of a hotel property and an office building.


	December 31, 2019						December 31, 2018
	Hotel		Office				Hotel		Office
(in thousands)	Property		Building		Total		Property		Building		Total
Land	$	3,294	$	4,509	$	7,803	$	3,294	$	4,509	$	7,803
Building and intangible assets		31,541		2,010		33,551		31,066		2,010		33,076
Less: Impairment loss		(14,307)		(2,500)		(16,807)		(13,307)		(2,500)		(15,807)
Less: Accumulated depreciation and amortization		(10,320)		(1,007)		(11,327)		(9,778)		(848)		(10,626)
Real estate owned, net	$	10,208	$	3,012	$	13,220	$	11,275	$	3,171	$	14,446

During 2019, 2018 and 2017, our hotel property had a weighted average occupancy rate of 51%, 49% and 52%, respectively, a weighted average daily rate of $111, $108 and $108, respectively, and weighted average revenue per available room of $57, $53 and $56, respectively. The operation of a hotel property is seasonal with the majority of revenues earned in the first two quarters of the calendar year.

Our office building was fully occupied by a single tenant until April 2017, when the lease expired. The building is currently vacant.

Through site visits and discussions with market participants, we determined that our real estate assets exhibited indicators of impairment and, based on our impairment analyses performed, we recorded impairment losses of $1.0 million, $2.0 million and $3.2 million in 2019, 2018 and 2017, respectively.

Our real estate assets had restricted cash balances due to escrow requirements totaling $0.5 million at both December 31, 2019 and 2018.