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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Current and Future Minimum Rental Payments for Ground Leases | The following table reflects the current and future annual rents under our ground leases:
Property |  | Term (1) |  | Annual Rent
Bethesda Marriott Suites |  | Through 4/2087 |  | $781,366 (2)
Courtyard Manhattan/Fifth Avenue (3) |  | 10/2007 - 9/2017 |  | $906,000
|  | 10/2017 - 9/2027 |  | $1,132,812
|  | 10/2027 - 9/2037 |  | $1,416,015
|  | 10/2037 - 9/2047 |  | $1,770,019
|  | 10/2047 - 9/2057 |  | $2,212,524
|  | 10/2057 - 9/2067 |  | $2,765,655
|  | 10/2067 - 9/2077 |  | $3,457,069
|  | 10/2077 - 9/2085 |  | $4,321,336
Salt Lake City Marriott Downtown (Ground lease for hotel) (4) |  | Through 12/2056 |  | Greater of $132,000 or 2.6% of annual gross room sales
Salt Lake City Marriott Downtown (Ground lease for extension) |  | 1/2013 - 12/2016 |  | $11,305
|  | 1/2017 - 12/2017 |  | $13,000
|  | 1/2018 - 12/2056 (5) |  | $13,500
Westin Boston Waterfront Hotel (6) (Base rent) |  | 1/2016 - 12/2020 |  | $750,000
|  | 1/2021 - 12/2025 |  | $1,000,000
|  | 1/2026 - 12/2030 |  | $1,500,000
|  | 1/2031 - 12/2035 |  | $1,750,000
|  | 1/2036 - 5/2099 |  | No base rent
Westin Boston Waterfront Hotel (Percentage rent) |  | Through 5/2015 |  | 0% of annual gross revenue
|  | 6/2016 - 5/2026 |  | 1.0% of annual gross revenue
|  | 6/2026 - 5/2036 |  | 1.5% of annual gross revenue
|  | 6/2036 - 5/2046 |  | 2.75% of annual gross revenue
|  | 6/2046 - 5/2056 |  | 3.0% of annual gross revenue
|  | 6/2056 - 5/2066 |  | 3.25% of annual gross revenue
|  | 6/2066 - 5/2099 |  | 3.5% of annual gross revenue
JW Marriott Denver at Cherry Creek |  | 1/2015 - 12/2020 |  | $50,000
|  | 1/2021 - 12/2025 |  | $55,000
|  | 1/2026 - 12/2030 (7) |  | $60,000
Shorebreak Hotel |  | Through 4/2016 |  | $115,542
|  | 5/2016 - 4/2021 (8) |  | $126,649
Orchards Inn Sedona |  | Through 6/2018 |  | $117,780
|  | 7/2018 - 12/2070 |  | $121,078 (9)
Hotel Palomar Phoenix (Base Rent) |  | Through 3/2020 |  | $16,875
|  | 4/2020 - 3/2021 |  | $33,750
|  | 4/2021 - 3/2085 |  | $34,594 (10)
Hotel Palomar Phoenix (Government Property Lease Excise Tax) (11) |  | 1/2022 - 12/2023 |  | $390,000
|  | 1/2024 - 12/2033 |  | $312,000
|  | 1/2034 - 12/2043 |  | $234,000
|  | 1/2044 - 12/2053 |  | $156,000
|  | 1/2054 - 12/2063 |  | $78,000
|  | 1/2064 - 3/2085 |  | $—
Cavallo Point (Base Rent) |  | Through 12/2018 |  | $1
|  | 1/2019 - 12/2066 |  | $67,034 (12)
Cavallo Point (13) (Percentage Rent) |  | Through 12/2018 |  | 1.0% of adjusted gross revenue over threshold
|  | 1/2019 - 12/2023 |  | 2.0% of adjusted gross revenue over threshold
|  | 1/2024 - 12/2028 |  | 3.0% of adjusted gross revenue over threshold
|  | 1/2029 - 12/2033 |  | 4.0% of adjusted gross revenue over threshold
|  | 1/2034 - 12/2066 |  | 5.0% of adjusted gross revenue over threshold
Cavallo Point (14) (Participation Rent) |  | Through 12/2066 |  | 10.0% of adjusted gross revenue over threshold
Property |  | Term (1) |  | Annual Rent
Renaissance Worthington garage ground lease |  | 8/2013 - 7/2022 |  | $40,400
|  | 8/2022 - 7/2037 |  | $46,081
|  | 8/2037 - 7/2052 |  | $51,763
|  | 8/2052 - 7/2067 |  | $57,444
__________
(1) | These terms assume our exercise of all renewal options.
(2) | Represents rent for the year ended December 31, 2018. Rent increases annually by 5.5%.
(3) | The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2018.
(4) | We own a 21% interest in the land underlying the hotel and, as a result, 21% of the annual rent under the ground lease is paid to us by the hotel.
(5) | Rent will increase from the prior year's rent based on a Consumer Price Index calculation on each January 1, beginning January 1, 2019 and through the end of the lease.
(6) | Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease.
(7) | Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%.
(8) | Rent will increase on May 1, 2021 and every five years thereafter based on a Consumer Price Index calculation.
(9) | Represents rent from July 2018 through June 2019. On July 1, 2018, rent increased based on a Consumer Price Index calculation, and will continue to do so annually through the end of the lease.
(10) | Represents rent from April 2021 through March 2022. Rent increases annually each April by 2.5%.
(11) | As lessee of government property, the hotel is subject to a Government Property Lease Excise Tax ("GPLET") under Arizona state statute with payments beginning in 2022.
(12) | Base rent increases in January 2019 and resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%.
(13) | Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent.
(14) | Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $40 million in 2018, $42 million in 2019, and $42 million plus an annual increase based on a Consumer Price Index calculation for 2020 and every year thereafter through the end of the lease term.
Schedule of Future Minimum Rental Commitments under Non-cancelable Operating Leases | Future minimum annual rental commitments under all non-cancelable operating leases as of December 31, 2018 are as follows (in thousands):
2019 | $ | 5,232 |
2020 | 4,866 |
2021 | 6,132 |
2022 | 5,122 |
2023 | 5,096 |
Thereafter | 636,770 |
| $ | 663,218 |

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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