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Relationship with Managers (Tables) | 12 Months Ended
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Dec. 31, 2016
Relationships with Managers [Abstract] |
Schedule Sets Forth the Agreement Date, Initial Term and Number of Renewal Terms Under the Respective Hotel Management Agreements for Each of Our Owned Hotels | The following table sets forth the agreement date, initial term and number of renewal terms under the respective hotel management agreements for each of our hotels. Generally, the term of the hotel management agreements renew automatically for a negotiated number of consecutive periods upon the expiration of the initial term unless the property manager gives notice to us of its election not to renew the hotel management agreement.
Property |  | Manager |  | Date of Agreement |  | Initial Term |  | Number of Renewal Terms
Atlanta Alpharetta Marriott |  | Marriott |  | 9/2000 |  | 30 years |  | Two ten-year periods
Bethesda Marriott Suites |  | Marriott |  | 12/2004 |  | 21 years |  | Two ten-year periods
Boston Westin Waterfront |  | Marriott |  | 5/2004 |  | 20 years |  | Four ten-year periods
Chicago Marriott Downtown |  | Marriott |  | 3/2006 |  | 32 years |  | Two ten-year periods
Courtyard Denver Downtown |  | Sage Hospitality |  | 7/2011 |  | 5 years |  | One five-year period
Courtyard Manhattan/Fifth Avenue |  | Marriott |  | 12/2004 |  | 30 years |  | None
Courtyard Manhattan/Midtown East |  | Marriott |  | 11/2004 |  | 30 years |  | Two ten-year periods
Frenchman's Reef & Morning Star Marriott Beach Resort |  | Marriott |  | 9/2000 |  | 30 years |  | Two ten-year periods
The Gwen Chicago |  | HEI Hotels & Resorts (1) |  | 6/2016 |  | 10 years |  | None
Hilton Boston Downtown |  | Davidson Hotels & Resorts |  | 11/2012 |  | 7 years |  | Two five-year periods
Hilton Burlington |  | Interstate Hotels & Resorts |  | 12/2010 |  | 5 years |  | Month-to-month
Hilton Garden Inn New York City/Times Square Central |  | Highgate Hotels |  | 1/2011 |  | 10 years |  | One five-year period
Hotel Rex |  | Joie de Vivre Hotels |  | 9/2005 |  | 5 years |  | Month-to-month
Inn at Key West |  | Ocean Properties (2) |  | 12/2016 |  | 10 years |  | Two five-year periods
JW Marriott Denver at Cherry Creek |  | Sage Hospitality |  | 5/2011 |  | 5 years |  | One five-year period
Lexington Hotel New York |  | Highgate Hotels |  | 6/2011 |  | 10 years |  | One five-year period
Renaissance Charleston |  | Marriott |  | 1/2000 |  | 21 years |  | Two five-year periods
Renaissance Worthington |  | Marriott |  | 9/2000 |  | 30 years |  | Two ten-year periods
Salt Lake City Marriott Downtown |  | Marriott |  | 12/2001 |  | 30 years |  | Three fifteen-year periods
Sheraton Suites Key West |  | Ocean Properties |  | 6/2015 |  | 12 years |  | None
Shorebreak Hotel |  | Kimpton Hotel & Restaurant Group |  | 2/2015 |  | 10 years |  | None
The Lodge at Sonoma, a Renaissance Resort & Spa |  | Marriott |  | 10/2004 |  | 20 years |  | One ten-year period
Vail Marriott Mountain Resort & Spa |  | Vail Resorts |  | 6/2005 |  | 15½ years |  | None
Westin Fort Lauderdale Beach Resort |  | HEI Hotels & Resorts |  | 12/2014 |  | 10 years |  | None
Westin San Diego |  | Interstate Hotels & Resorts |  | 12/2010 |  | 5 years |  | Month-to-month
Westin Washington D.C. City Center |  | HEI Hotels & Resorts |  | 4/2015 |  | 10 years |  | None
______________
(1) | HEI Hotels & Resorts assumed management of the hotel in June 2016. The hotel was previously managed by Crescent Hotels & Resorts.
(2) | Ocean Properties assumed management of the hotel in December 2016. The hotel was previously managed by Noble House Hotels & Resorts.
Schedule of Base Management Fee, Incentive Management Fee and FF&E Reserve Contribution | The following table sets forth the base management fee, incentive management fee and FF&E reserve contribution, generally due and payable each fiscal year, for each of our properties:
Property |  | Base Management Fee(1) |  |  | Incentive Management Fee(2) |  |  | FF&E Reserve Contribution(1) |  |
Atlanta Alpharetta Marriott |  | 3 | % |  | 25 | % |  | 5 | % |
Bethesda Marriott Suites |  | 3 | % |  | 50 | % | (3) | 5 | % | (4)
Boston Westin Waterfront |  | 2.5 | % |  | 20 | % |  | 4 | % |
Chicago Marriott Downtown |  | 3 | % |  | 18 | % | (5) | 5 | % |
Courtyard Denver Downtown |  | 1.5 | % | (6) | 10 | % |  | 4 | % |
Courtyard Manhattan/Fifth Avenue |  | 6 | % |  | 25 | % |  | 4 | % |
Courtyard Manhattan/Midtown East |  | 5 | % |  | 25 | % |  | 4 | % |
Frenchman's Reef & Morning Star Marriott Beach Resort |  | 3 | % |  | 15 | % |  | 5.5 | % |
The Gwen Chicago |  | 1.75 | % | (7) | 15 | % |  | 4 | % |
Hilton Boston Downtown |  | 2 | % |  | 10 | % |  | 4 | % |
Hilton Burlington |  | 1.5 | % | (8) | 10 | % |  | — |  |
Hilton Garden Inn New York City/Times Square Central |  | 3 | % |  | 15 | % |  | 4 | % |
Hotel Rex |  | 3 | % |  | 10 | % |  | 4 | % |
Inn at Key West |  | 3 | % |  | 10 | % |  | 4 | % |
JW Marriott Denver at Cherry Creek |  | 2.5 | % | (9) | 10 | % |  | 4 | % |
Lexington Hotel New York |  | 3 | % | (10) | 20 | % |  | 5 | % |
Renaissance Charleston |  | 3 | % | (11) | 20 | % |  | 5 | % |
Renaissance Worthington |  | 3 | % |  | 25 | % |  | 5 | % |
Salt Lake City Marriott Downtown |  | 1.5 | % | (12) | 20 | % |  | 5 | % |
Sheraton Suites Key West |  | 3 | % |  | 10 | % |  | 4 | % |
Shorebreak Hotel |  | 2.5 | % |  | 15 | % |  | 4 | % |
The Lodge at Sonoma, a Renaissance Resort & Spa |  | 3 | % |  | 20 | % |  | 5 | % |
Vail Marriott Mountain Resort & Spa |  | 3 | % |  | 20 | % |  | 4 | % |
Westin Fort Lauderdale Beach Resort |  | 2.25 | % | (13) | 15 | % |  | 4 | % |
Westin San Diego |  | 1.5 | % | (8) | 10 | % |  | 4 | % |
Westin Washington D.C. City Center |  | 2 | % |  | 15 | % |  | 4 | % |
______________
(1) | As a percentage of gross revenues.
(2) | Based on a percentage of hotel operating profits above a specified return on our invested capital or specified operating profit thresholds.
(3) | The owner's priority expires in 2028, after which the manager will receive 50% of the hotel's operating profits.
(4) | The contribution is reduced to 1% until operating profits exceed an owner's priority of $3.9 million.
(5) | Calculated as 18% of net operating income. There is no owner's priority; however, the Company's contribution to the hotel's multi-year guest room renovation is treated as a deduction in calculating net operating income.
(6) | The base management fee is a sum of 1.5% of gross revenues and 1.5% of gross operating profit.
(7) | The base management fee increases to 2% for 2017 and 2.25% for 2018 through the remainder of the term.
(8) Total management fees are capped at 2.5% of gross revenues.
(9) | The base management fees increased to 2.5% of gross revenues beginning May 19, 2016.
(10) | The base management fee will decrease to 2% from January 2017 through June 2017, and will then subsequently revert back to 3%.
(11) | The base management fee increased to 3.0% beginning September 2016 and will increase to 3.5% beginning September 2017 through the remainder of the term.
(12) | The base management fee decreased from 3% to 1.5% beginning May 2016 and will increase to 2.0% in May 2018 and to 3.0% in May 2021 through the remainder of the term.
(13) The base management fee decreases to 2% beginning January 1, 2017.
Summary of Management Fees from Continuing Operations | The following is a summary of management fees for the years ended December 31, 2016, 2015 and 2014 (in thousands):
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Base management fees | $ | 22,333 |  |  | $ | 23,228 |  |  | $ | 21,473 |
Incentive management fees | 7,810 |  |  | 7,405 |  |  | 8,554 |
Total management fees | $ | 30,143 |  |  | $ | 30,633 |  |  | $ | 30,027 |
Schedule of the Terms of the Hotel Franchise Agreements | The following table sets forth the terms of the hotel franchise agreements for our twelve franchised hotels:
|  | Date of Agreement |  | Term |  | Franchise Fee
Vail Marriott Mountain Resort & Spa |  | 6/2005 |  | 16 years |  | 6% of gross room sales plus 3% of gross food and beverage sales
JW Marriott Denver at Cherry Creek |  | 5/2011 |  | 15 years |  | 6% of gross room sales and 3% of gross food and beverage sales
Lexington Hotel New York |  | 3/2012 |  | 20 years |  | 5% of gross room sales
Courtyard Denver Downtown |  | 7/2011 |  | 16 years |  | 5.5% of gross room sales
Hilton Boston Downtown |  | 7/2012 |  | 10 years |  | 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales
Westin Washington D.C. City Center |  | 12/2010 |  | 20 years |  | 7% of gross room sales and 3% of gross food and beverage sales
Westin San Diego |  | 12/2010 |  | 20 years |  | 7% of gross room sales and 3% of gross food and beverage sales
Hilton Burlington |  | 7/2012 |  | 10 years |  | 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales
Hilton Garden Inn New York/Times Square Central |  | 6/2011 |  | 22 years |  | 5% of gross room sales; program fee of 4.3% of gross room sales
Westin Fort Lauderdale Beach Resort |  | 12/2014 |  | 20 years |  | 6% of gross room sales and 2% of gross food and beverage sales
The Gwen Chicago |  | 5/2015 |  | 20 years |  | 4.5% of gross room sales
Sheraton Suites Key West |  | 2/2006 |  | 20 years |  | 5% of gross room sales

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