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Investment in Unconsolidated Joint Ventures (Notes) | 6 Months Ended
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Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures As of June 30, 2021 and December 31, 2020, the Company owned 50% interests in joint ventures that owned two hotel properties. During the year ended December 31, 2020, one of the unconsolidated joint ventures determined the property ground lease will terminate on October 31, 2021 and the property will revert to the ground lessor at that time. The Company accounts for the investments in its unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in income (loss) from unconsolidated joint ventures related to the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the assets and liabilities of the joint ventures. As of June 30, 2021 and December 31, 2020, the unconsolidated joint ventures' debt consisted entirely of non-recourse mortgage debt. The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands):
| June 30, 2021 |  | December 31, 2020
Equity basis of the joint venture investments | $ | (6,283) |  |  | $ | (6,687) |
Cost of the joint venture investments in excess of the joint venture book value | 13,174 |  |  | 13,485 |
Investment in unconsolidated joint ventures | $ | 6,891 |  |  | $ | 6,798 |
The following table summarizes the components of the Company's equity in income (loss) from unconsolidated joint ventures (in thousands):
| For the three months ended June 30, |  | For the six months ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating income (loss) | $ | 215 |  |  | $ | (695) |  |  | $ | 73 |  |  | $ | 170 |
Depreciation of cost in excess of book value | (155) |  |  | (280) |  |  | (311) |  |  | (560) |
Equity in income (loss) income from unconsolidated joint ventures | $ | 60 |  |  | $ | (975) |  |  | $ | (238) |  |  | $ | (390) |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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