Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

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

$917,512 (2)

Courtyard New York Manhattan/Fifth Avenue (3)

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 (Ground lease for hotel)

Through 12/2106

Greater of $132,000 or 2.6% of annual gross room sales

Salt Lake City Marriott (Ground lease for extension)

1/2018 - 12/2056

$14,045 (4)

Westin Boston Seaport District (5) (Base rent)

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 Seaport District (Percentage rent)

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 Cherry Creek

1/2021 - 12/2025

$55,000

1/2026 - 12/2030 (6)

$60,000

Orchards Inn Sedona

7/2018 - 12/2070

$127,856 (7)

Hotel Palomar Phoenix (Base Rent)

4/2022 - 3/2085

$35,459 (8)

Hotel Palomar Phoenix (Government Property Lease Excise Tax) (9)

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)

1/2019 - 12/2066

$67,034 (10)

Cavallo Point (11) (Percentage Rent)

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 (12) (Participation Rent)

Through 12/2066

10.0% of adjusted gross revenue over threshold

Bourbon Orleans Hotel parking sublease

Through 7/2069

$36,000 (13)

Property

Term (1)

Annual Rent

Worthington Renaissance Fort Worth Hotel 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, 2021. 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, 2021.


(4)			Represents rent for the year ended December 31, 2021. Rent increases annually based on the greater of 2% or a Consumer Price Index calculation.

(5)			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.

(6)			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%.


(7)			Represents rent for the year ended December 31, 2021. Rent increases based on a Consumer Price Index calculation annually.

(8)			Represents rent for the year ended March 31, 2022. Rent increases annually each April by 2.5%.

(9)			As lessee of government property, the hotel is subject to a Government Property Lease Excise Tax under Arizona state statute with payments beginning in 2022.

(10)			Base rent 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%. The next base rent reset will be January 2024.

(11)			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.

(12)			Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $42 million plus an annual increase based on a Consumer Price Index calculation beginning January 1, 2020, and every year thereafter through the end of the lease term.

(13)			Represents rent for the year ending December 31, 2022. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027.