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Acquisitions | 9 Months Ended
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Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Acquisitions On July 29, 2021, we acquired the 218-room Bourbon Orleans Hotel located in New Orleans, Louisiana, for net consideration of $90.1 million, including prorations. The acquisition was funded with corporate cash. Upon acquisition of the hotel, we entered into a five-year management agreement with Evolution Hospitality. The management agreement provides for a base management fee of 2.5% of gross revenues for the first year of the agreement and 2.0% of gross revenues thereafter. The management agreement also provides for an incentive management fee of 15% of hotel operating profit above an owner's priority, determined in accordance with the terms of the management agreement. The incentive management fee is capped at 1% of gross revenues for each year. On July 30, 2021, we acquired the 37-room Henderson Park Inn located in Destin, Florida, for net consideration of $26.4 million, including prorations. The acquisition was funded with corporate cash. Upon acquisition of the hotel, we entered into a five-year management agreement with Aimbridge Hospitality. The management agreement provides for a base management fee of 2.5% of gross revenues. The management agreement also provides for an incentive management fee of 15% of hotel operating profit above an owner's priority, determined in accordance with the terms of the management agreement. The incentive management fee is capped at 1% of gross revenues for each year.

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- Definition The entire disclosure for asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 50 -Section 15 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6911878&loc=d3e8732-128492 + Details
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