XML 79 R64.htm IDEA: XBRL DOCUMENT v2.4.0.8
Relationship with Managers (Parenthetical) (Details) (USD $)
12 Months Ended 1 Months Ended 11 Months Ended 12 Months Ended 2 Months Ended 10 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2013
Bethesda Marriott Suites [Member]
Marriott [Member]
Dec. 31, 2013
Chicago Marriott Downtown [Member]
Marriott [Member]
Dec. 31, 2013
Conrad Chicago [Member]
Hilton [Member]
Dec. 31, 2013
Courtyard Denver Downtown [Member]
Sage Hospitality [Member]
Dec. 31, 2013
Courtyard Manhattan / Fifth Avenue [Member]
Marriott [Member]
Dec. 31, 2013
Courtyard Manhattan / Fifth Avenue [Member]
Marriott [Member]
From 2015 to thereafter [Member]
Dec. 31, 2013
Hilton Burlington [Member]
Interstate Hotels and Resorts [Member]
Dec. 31, 2013
Hilton Burlington [Member]
Interstate Hotels and Resorts [Member]
Increase beginning July 12, 2014 [Member]
Dec. 31, 2013
Hilton Garden Inn Chelsea/ New York City [Member]
Nov. 30, 2013
Hilton Garden Inn Chelsea/ New York City [Member]
Dec. 31, 2013
Hilton Garden Inn Chelsea/ New York City [Member]
Alliance Hospitality Management [Member]
Feb. 28, 2013
Hilton Garden Inn Chelsea/ New York City [Member]
Alliance Hospitality Management [Member]
Increase in September 2013 [Member]
Dec. 31, 2013
Hilton Garden Inn Chelsea/ New York City [Member]
Alliance Hospitality Management [Member]
Increase in September 2013 [Member]
Dec. 31, 2013
JW Marriot Denver at Cherry Creek [Member]
Sage Hospitality [Member]
Dec. 31, 2013
Orlando Airport Marriott [Member]
Marriott [Member]
Dec. 31, 2013
Westin Washington, D.C. City Center [Member]
Interstate Hotels and Resorts [Member]
Dec. 31, 2013
Westin Washington, D.C. City Center [Member]
Interstate Hotels and Resorts [Member]
Real Estate Properties [Line Items]                                  
FF&E reserve contributions as a percentage of gross revenue, contribution percentage reduced (as a percent) 1.00%                                
Operating profits exceeds owner's priority $ 3,800,000 $ 0                              
Calculated as net operating income before incentive management fees (as a perent)   20.00%                              
Performance Guarantee based on operating profits     8,600,000                            
Base management fee reduction (as a percent)     0.00%                            
Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 7% of invested capital (as a perent)       2.50%                   2.75%      
Base management fee of 2.5% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent)       7.00%                          
Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 8% of invested capital (as a perent)       3.00%                   3.25%      
Base management fee of 3% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent)       8.00%                          
Base Management Fee (as a percent) 3.00% [1] 3.00% [1] 3.00% [1],[2] 2.00% [1],[3] 5.50% [1],[4] 6.00% 1.00% [1],[5] 1.50% 2.00% 3.00% 2.00% [1],[6] 2.50% 2.00% 2.25% [1],[7] 2.00% [1]   1.00% [1],[5]
Base management fee percentage of gross revenue if exceeds operating profit expectations (as a percent)         6.00%                        
Base management fee percentage of gross revenue if operating profits equal or exceed, minimum (as a percent)         $ 5,000,000                        
Property Management Fee Percent Fee Of Gross Revenue, Capped Percentage             2.50%                    
Base management fee of 2.75% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent)                           7.00%      
Base management fee of 3.25% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent)                           8.00%      
FF&E Reserve Contribution (as a percent) 5.00% [1],[8] 5.00% [1] 4.00% [1] 4.00% [1] 4.00% [1]   0.00% [1]       0.00% [1]     4.00% [1] 5.00% [1] 4.00% [1] 4.00% [1]
[1] As a percentage of gross revenues.
[2] The base management fee is reduced by the amount in which operating profits do not meet the performance guarantee. The performance guarantee was $8.6 million in 2013 and base management fees were reduced to zero.
[3] The base management fee is 2.5% of gross revenues if the hotel achieves operating results in excess of 7% of our invested capital and 3% of gross revenues if the hotel achieves operating profits in excess of 8% of our invested capital.
[4] The base management fee increases to 6% beginning in fiscal year 2015 for the remainder of the agreement. Prior to 2015, the base management fee may increase to 6.0% at the beginning of the fiscal year following the achievement of operating profits equal to or above $5.0 million.
[5] The base management fee will increase to 1.5% of gross revenues beginning on July 12, 2014. Total management fees are capped at 2.5% of gross revenues.
[6] During 2013, we amended the management agreement to reduce the annual base management fee from 2.5% to 2% effective March 1, 2013.
[7] The base management fee is 2.75% of gross revenues if the hotel achieves operating profits in excess of 7% of our invested capital and 3.25% of gross revenues if the hotel achieves operating profits in excess of 8% of our invested capital.
[8] The contribution is reduced to 1% until operating profits exceed an owner's priority of $3.8 million.