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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of components of the income tax provision from continuing operations

The components of the income tax provision are as follows (in thousands):

			For the Years Ended December 31,
			2020						2019						2018
Current:
Federal			$	—					$	—					$	—
State			(484)						(3,067)						(2,209)
Deferred:
Federal			(45,438)						3,987						(4,867)
State			(6,048)						2,831						(1,717)
Income tax (expense) benefit			$	(51,970)					$	3,751					$	(8,793)

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible

The provision for income taxes is different from the amount of income tax (expense) benefit that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands):

			For the Years Ended December 31,
			2020						2019						2018
Expected U.S. federal tax benefit (expense) at statutory rate			$	90,143					$	(26,382)					$	(41,864)
Tax impact of REIT election			(85,140)						24,129						35,058
Expected tax benefit (expense) at TRS			5,003						(2,253)						(6,806)
Change in valuation allowance			(59,321)						(297)						542
State income tax benefit (expense), net of federal benefit			1,174						(2,367)						(1,463)
Reassessment of acquired NOLs			—						9,973						—
Impact of rate changes			349						332						(51)
Other permanent items			(22)						(117)						(566)
Impact of provision to return/deferred adjustments			847						(1,520)						(449)
Income tax (expense) benefit			$	(51,970)					$	3,751					$	(8,793)

Schedule of deferred tax assets (liabilities)

Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands):

			December 31, 2020						December 31, 2019
Deferred tax liabilities:
Partnership basis			$	(2,453)					$	(977)
Prepaid expenses			(1,157)						(1,496)
Deferred tax liabilities			$	(3,610)					$	(2,473)
Deferred tax assets:
Property and equipment			$	2,619					$	1,786
Incentive and vacation accrual			2,339						3,878
Deferred revenue - key money			966						994
Allowance for doubtful accounts			76						65
Other			202						421
Net operating loss carryforwards			71,831						57,109
Federal historic tax credit			824						824
Wyndham guarantee			5,384						10,192
Valuation allowance			(80,670)						(21,349)
Deferred tax assets			$	3,571					$	53,920

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
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