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Investment in Unconsolidated Joint Ventures | 12 Months Ended
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Dec. 31, 2021
Investment in Unconsolidated Joint Ventures [Abstract] |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures As of December 31, 2021, the Company owned a 50% interest in a joint venture that owned one hotel property. As of 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 did not exercise its right to extend the term of the ground lease. As a result, the joint venture recorded a held for use impairment charge during the year ended December 31, 2020, of which the Company's share of $6.5 million was included in equity in loss of unconsolidated entities in the accompanying consolidated statements of operations and comprehensive (loss) income. The ground lease terminated on October 31, 2021 and the hotel property reverted to the ground lessor at that time. During the year ended December 31, 2019, the Company sold two hotels located in Myrtle Beach, South Carolina. In addition, the joint ventures that were associated with these two hotels sold their assets. The Company had owned 50% interests in these joint ventures. The Company recorded a loss of $2.1 million as a result of the joint ventures' sale of their assets, which is included in equity in loss of unconsolidated entities in the accompanying consolidated statements of operations. Refer to Note 5, Sale of Hotel Properties, for more information regarding the sale of the hotels. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in 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 December 31, 2021 and 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):
| December 31, 2021 |  | December 31, 2020
Equity basis of the joint venture investments | $ | (6,341) |  |  | $ | (6,687) |
Cost of the joint venture investments in excess of the joint venture book value | 12,863 |  |  | 13,485 |
Investment in unconsolidated joint ventures | $ | 6,522 |  |  | $ | 6,798 |
The following table summarizes the components of the Company's equity in loss from unconsolidated joint ventures (in thousands):
| For the year ended December 31,
| 2021 |  | 2020 |  | 2019
Operating income (loss) | $ | 145 |  |  | $ | (913) |  |  | $ | 1,667 |
Depreciation of cost in excess of book value | (622) |  |  | (995) |  |  | (1,265) |
Impairment loss | — |  |  | (6,546) |  |  | — |
Loss on sale | — |  |  | — |  |  | (2,075) |
Equity in loss from unconsolidated joint ventures | $ | (477) |  |  | $ | (8,454) |  |  | $ | (1,673) |

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- Definition Investment in Unconsolidated Joint Ventures [Abstract] + References No definition available. + Details
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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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