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Pay vs Performance Disclosure
pure in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
Pay Versus Performance Disclosure
As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and our financial performance for each of the last three completed calendar years. In determining the “compensation actually paid” to our NEOs, we are required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values both previously reported in our Summary Compensation Table, as well as the adjusted values required in this section for the 2020, 2021 and 2022 calendar years. Note that compensation for our NEOs other than our principal executive officer (“PEO”) is reported as an average.
​
Year
​ ​
Summary
Compensation
Table Total for
PEO(1)(2)
​ ​
Compensation
Actually Paid
to PEO(3)
​ ​
Average
Summary
Compensation
Table Total for
non-PEO
NEOs(1)(2)
​ ​
Average
Compensation
Actually Paid to
non-PEO NEOs(3)
​ ​
Value of initial fixed $100
Investment based on:
​ ​
Net
Income
($mm)
​ ​
Comparable
Hotel
EBITDA
($mm)(5)
​
​
Total
Shareholder
Return(4)
​ ​
Peer Group
Total
Shareholder
Return(4)
​
​ 2022 ​ ​ ​ $ 8,354,370 ​ ​ ​ ​ $ 1,305,337 ​ ​ ​ ​ $ 2,711,175 ​ ​ ​ ​ $ 1,162,789 ​ ​ ​ ​ $ 60.86 ​ ​ ​ ​ $ 72.15 ​ ​ ​ ​ $ 42 ​ ​ ​ ​ $ 370 ​ ​
​ 2021 ​ ​ ​ $ 16,300,593 ​ ​ ​ ​ $ 12,578,908 ​ ​ ​ ​ $ 3,921,652 ​ ​ ​ ​ $ 2,958,736 ​ ​ ​ ​ $ 79.15 ​ ​ ​ ​ $ 85.25 ​ ​ ​ ​ $ (311) ​ ​ ​ ​ $ 203 ​ ​
​ 2020 ​ ​ ​ $ 6,993,771 ​ ​ ​ ​ $ 8,012,927 ​ ​ ​ ​ $ 2,396,123 ​ ​ ​ ​ $ 2,476,082 ​ ​ ​ ​ $ 80.19 ​ ​ ​ ​ $ 74.09 ​ ​ ​ ​ $ (409) ​ ​ ​ ​ $ 4 ​ ​
​
(1)
For each fiscal year, our PEO and other NEOs included the individuals indicated in the table below:
​
​ ​ ​ ​
2020
​ ​
2021
​ ​
2022
​
​ PEO ​ ​ Ms. Hale ​ ​ Ms. Hale ​ ​ Ms. Hale ​
​ Other NEO ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​
​ Other NEO ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​
​
Other NEO
​ ​ N/A ​ ​ N/A ​ ​
Mr. Bardenett
​
​
(2)
The values reflected in this column reflect the “Total” compensation set forth in the Summary Compensation Table (“SCT”) on page 62 of this Proxy Statement. See the footnotes to the SCT for further detail regarding the amounts in this column.
​
(3)
Compensation actually paid to our PEO and other NEOs represents the “Total” compensation reported in the SCT for the applicable fiscal year, adjusted as follows:
​
​ ​ ​ ​
2020
​ ​
2021
​ ​
2022
​
​
PEO
​ ​
Avg. Other
NEOs
​ ​
PEO
​ ​
Avg. Other
NEOs
​ ​
PEO
​ ​
Avg. Other
NEOs
​
​ Summary Compensation Table Total(a) ​ ​ ​ $ 6,993,771 ​ ​ ​ ​ $ 2,396,123 ​ ​ ​ ​ $ 16,300,593 ​ ​ ​ ​ $ 3,921,652 ​ ​ ​ ​ $ 8,354,370 ​ ​ ​ ​ $ 2,711,175 ​ ​
​ Deduction for amounts reported in the “Stock
Awards” and “Option Awards” columns in the SCT
for applicable FY 		​ ​ ​ $ (4,782,580) ​ ​ ​ ​ $ (1,314,152) ​ ​ ​ ​ $ (13,904,935) ​ ​ ​ ​ $ (2,782,664) ​ ​ ​ ​ $ (5,801,717) ​ ​ ​ ​ $ (1,499,005) ​ ​
​ Increase in fair value of awards granted during applicable FY that remain unvested as of applicable FY end, determined as of applicable FY end ​ ​ ​ $ 6,383,205 ​ ​ ​ ​ $ 1,753,969 ​ ​ ​ ​ $ 12,109,960 ​ ​ ​ ​ $ 2,418,637 ​ ​ ​ ​ $ 3,856,627 ​ ​ ​ ​ $ 997,491 ​ ​
​ Change in fair value of awards granted during
prior FY that were outstanding and unvested as of
applicable FY end, determined based on change
in fair value from prior FY end to applicable FY
end 		​ ​ ​ $ (447,801) ​ ​ ​ ​ $ (201,186) ​ ​ ​ ​ $ (2,009,371) ​ ​ ​ ​ $ (625,069) ​ ​ ​ ​ $ (5,344,802) ​ ​ ​ ​ $ (1,110,460) ​ ​
​ Change in fair value of awards granted during prior FY that vested during applicable FY, determined based on change in fair value from prior FY end to vesting date ​ ​ ​ $ (190,352) ​ ​ ​ ​ $ (186,479) ​ ​ ​ ​ $ 39,270 ​ ​ ​ ​ $ 14,648 ​ ​ ​ ​ $ 98,371 ​ ​ ​ ​ $ 29,130 ​ ​
​ Increase based on dividends or other earnings paid during applicable FY prior to vesting date ​ ​ ​ $ 56,684 ​ ​ ​ ​ $ 27,807 ​ ​ ​ ​ $ 43,391 ​ ​ ​ ​ $ 11,532 ​ ​ ​ ​ $ 142,488 ​ ​ ​ ​ $ 34,458 ​ ​
​ Total adjustments ​ ​ ​ $ 1,019,156 ​ ​ ​ ​ $ 79,959 ​ ​ ​ ​ $ (3,721,685) ​ ​ ​ ​ $ (962,916) ​ ​ ​ ​ $ (7,049,033) ​ ​ ​ ​ $ (1,548,386) ​ ​
​ Compensation Actually Paid Total ​ ​ ​ $ 8,012,927 ​ ​ ​ ​ $ 2,476,082 ​ ​ ​ ​ $ 12,578,908 ​ ​ ​ ​ $ 2,958,736 ​ ​ ​ ​ $ 1,305,337 ​ ​ ​ ​ $ 1,162,789 ​ ​
​
(a)
Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely time-vested restricted shares awards, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the applicable vesting dates and (ii) for
​
market-based performance share units, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s). For additional information on the assumptions used to calculate the valuation of the awards, see the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended 2022 and prior fiscal years.
(4)
For the relevant fiscal year, represents the cumulative TSR of the Company and of the Dow Jones U.S. Select Real Estate Hotels Index (the “Peer Group TSR”).
​
(5)
Comparable Hotel Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) is a non-GAAP measure. Hotel EBITDA is defined as net income or loss excluding: (1) interest expense; (2) income tax benefit or expense; (3) depreciation and amortization expense; (4) certain items considered outside the normal course of operations; (5) corporate-level expenses; and (6) certain non-cash items to provide a more complete understanding of the operating results over which individual hotels and operators have direct control. Comparable Hotel EBITDA adjusts Hotel EBITDA to include the operating results for all hotels owned as of the last day of the reporting period, which includes operating results derived from information provided by the sellers of the hotels for periods prior to our ownership and excludes the operating results from sold hotels that were not owned as of the last day of the reporting period. The following table provides a reconciliation of GAAP net income (loss) to Comparable Hotel EBITDA for the years ended December 31, 2022, 2021 and 2020 (in thousands):
​
​ ​ ​ ​
For the year ended December 31,
​
​ ​ ​ ​
2022
​ ​
2021
​ ​
2020
​
​ Net income (loss) ​ ​ ​ $ 42,215 ​ ​ ​ ​ $ (311,088) ​ ​ ​ ​ $ (408,802) ​ ​
​ Depreciation and amortization ​ ​ ​ ​ 184,875 ​ ​ ​ ​ ​ 187,778 ​ ​ ​ ​ ​ 194,168 ​ ​
​ Interest expense, net ​ ​ ​ ​ 88,596 ​ ​ ​ ​ ​ 105,370 ​ ​ ​ ​ ​ 95,932 ​ ​
​ Income tax expense ​ ​ ​ ​ 1,518 ​ ​ ​ ​ ​ 1,188 ​ ​ ​ ​ ​ 51,970 ​ ​
​
Adjustments related to unconsolidated joint ventures(a)​
​ ​ ​ ​ 1,519 ​ ​ ​ ​ ​ 1,633 ​ ​ ​ ​ ​ 2,237 ​ ​
​
EBITDA
​ ​ ​ ​ 318,723 ​ ​ ​ ​ ​ (15,119) ​ ​ ​ ​ ​ (64,495) ​ ​
​ (Gain) loss on sale of hotel properties, net ​ ​ ​ ​ (1,017) ​ ​ ​ ​ ​ 2,378 ​ ​ ​ ​ ​ (2,703) ​ ​
​ Impaiment losses ​ ​ ​ ​ — ​ ​ ​ ​ ​ 144,845 ​ ​ ​ ​ ​ — ​ ​
​
Impaiment losses of unconsolidated joint ventures(b)​
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,546 ​ ​
​
EBITDAre
​ ​ ​ ​ 317,706 ​ ​ ​ ​ ​ 132,104 ​ ​ ​ ​ ​ (60,652) ​ ​
​ Transaction costs ​ ​ ​ ​ (345) ​ ​ ​ ​ ​ 94 ​ ​ ​ ​ ​ (158) ​ ​
​ Pre-opening costs ​ ​ ​ ​ 2,258 ​ ​ ​ ​ ​ 144 ​ ​ ​ ​ ​ — ​ ​
​ Loss (gain) on extinguishment of indebtedness, net ​ ​ ​ ​ 39 ​ ​ ​ ​ ​ (893) ​ ​ ​ ​ ​ — ​ ​
​ Amortization of share-based compensation ​ ​ ​ ​ 21,664 ​ ​ ​ ​ ​ 17,054 ​ ​ ​ ​ ​ 12,200 ​ ​
​
Corporate and property-level severance(c)​
​ ​ ​ ​ — ​ ​ ​ ​ ​ 904 ​ ​ ​ ​ ​ 8,653 ​ ​
​ Derivative (gains) losses in accumulated other comprehensive loss (incomed) reclassified to earnings(d) ​ ​ ​ ​ (5,866) ​ ​ ​ ​ ​ 10,658 ​ ​ ​ ​ ​ — ​ ​
​
Other expenses (income)(e)​
​ ​ ​ ​ 1,067 ​ ​ ​ ​ ​ 1,942 ​ ​ ​ ​ ​ (1,125) ​ ​
​
Adjusted EBITDA
​ ​ ​ ​ 336,523 ​ ​ ​ ​ ​ 162,007 ​ ​ ​ ​ ​ (41,082) ​ ​
​
General and administrative(f)​
​ ​ ​ ​ 34,666 ​ ​ ​ ​ ​ 30,472 ​ ​ ​ ​ ​ 28,941 ​ ​
​
Other corporate adjustments(g)​
​ ​ ​ ​ (569) ​ ​ ​ ​ ​ (784) ​ ​ ​ ​ ​ 682 ​ ​
​
Consolidated Hotel EBITDA
​ ​ ​ ​ 370,620 ​ ​ ​ ​ ​ 191,695 ​ ​ ​ ​ ​ (11,459) ​ ​
​
Comparable adjustments-(income) loss from sold hotels
​ ​ ​ ​ (1,186) ​ ​ ​ ​ ​ 7,565 ​ ​ ​ ​ ​ 19,128 ​ ​
​ Comparable adjustments-income (loss) from acquired hotels ​ ​ ​ ​ 558 ​ ​ ​ ​ ​ 3,441 ​ ​ ​ ​ ​ (3,258) ​ ​
​
Comparable Hotel EBITDA
​ ​ ​ $ 369,992 ​ ​ ​ ​ $ 202,701 ​ ​ ​ ​ $ 4,411 ​ ​
Note:
(a)
Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint ventures.
​
(b)
Includes our ownership interest in the impairment loss of one of our unconsolidated joint ventures.
​
(c)
The year ended December 31, 2021 includes severance for associates at hotels operating under collective bargaining agreements. The year ended December 31, 2020 includes $6.7 million related to severance for associates at our New York City hotels operating under collective bargaining agreement.
​
(d)
Reclassification of interest rate swap (gains) losses from accumulated other comprehensive income (loss) to earnings for discontinued interest rate hedges.
​
(e)
Represents expenses and income outside of the normal course of operations including debt modification costs, legal and other costs, and hurricane-related costs that were not reimbursed by insurance. Other income for the year ended December 31, 2020 includes a benefit of $1.8 million due to the reversal of an excess accrued liability related to a labor matter.
​
(f)
Excludes amortization of share-based compensation costs reflected in Adjusted EBITDA.
​
(g)
Other corporate adjustments include property-level adjustments and certain revenues and expenses at corporate entities. These items include interest income, amortization of deferred management fees, key money amortization, ground rent amortization, legal fees, revenues and expenses associated with non-hotel properties, income (loss) from unconsolidated entities, internal lease rent expense, and other items.
   
Company Selected Measure Name Comparable Hotel EBITDA    
Named Executive Officers, Footnote [Text Block]
​ ​ ​ ​
2020
​ ​
2021
​ ​
2022
​
​ PEO ​ ​ Ms. Hale ​ ​ Ms. Hale ​ ​ Ms. Hale ​
​ Other NEO ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​
​ Other NEO ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​
​
Other NEO
​ ​ N/A ​ ​ N/A ​ ​
Mr. Bardenett
​
​
    
Peer Group Issuers, Footnote [Text Block]
(4)
For the relevant fiscal year, represents the cumulative TSR of the Company and of the Dow Jones U.S. Select Real Estate Hotels Index (the “Peer Group TSR”).
   
PEO Total Compensation Amount $ 8,354,370 $ 16,300,593 $ 6,993,771
PEO Actually Paid Compensation Amount $ 1,305,337 12,578,908 8,012,927
Adjustment To PEO Compensation, Footnote [Text Block]
(3)
Compensation actually paid to our PEO and other NEOs represents the “Total” compensation reported in the SCT for the applicable fiscal year, adjusted as follows:
​
​ ​ ​ ​
2020
​ ​
2021
​ ​
2022
​
​
PEO
​ ​
Avg. Other
NEOs
​ ​
PEO
​ ​
Avg. Other
NEOs
​ ​
PEO
​ ​
Avg. Other
NEOs
​
​ Summary Compensation Table Total(a) ​ ​ ​ $ 6,993,771 ​ ​ ​ ​ $ 2,396,123 ​ ​ ​ ​ $ 16,300,593 ​ ​ ​ ​ $ 3,921,652 ​ ​ ​ ​ $ 8,354,370 ​ ​ ​ ​ $ 2,711,175 ​ ​
​ Deduction for amounts reported in the “Stock
Awards” and “Option Awards” columns in the SCT
for applicable FY 		​ ​ ​ $ (4,782,580) ​ ​ ​ ​ $ (1,314,152) ​ ​ ​ ​ $ (13,904,935) ​ ​ ​ ​ $ (2,782,664) ​ ​ ​ ​ $ (5,801,717) ​ ​ ​ ​ $ (1,499,005) ​ ​
​ Increase in fair value of awards granted during applicable FY that remain unvested as of applicable FY end, determined as of applicable FY end ​ ​ ​ $ 6,383,205 ​ ​ ​ ​ $ 1,753,969 ​ ​ ​ ​ $ 12,109,960 ​ ​ ​ ​ $ 2,418,637 ​ ​ ​ ​ $ 3,856,627 ​ ​ ​ ​ $ 997,491 ​ ​
​ Change in fair value of awards granted during
prior FY that were outstanding and unvested as of
applicable FY end, determined based on change
in fair value from prior FY end to applicable FY
end 		​ ​ ​ $ (447,801) ​ ​ ​ ​ $ (201,186) ​ ​ ​ ​ $ (2,009,371) ​ ​ ​ ​ $ (625,069) ​ ​ ​ ​ $ (5,344,802) ​ ​ ​ ​ $ (1,110,460) ​ ​
​ Change in fair value of awards granted during prior FY that vested during applicable FY, determined based on change in fair value from prior FY end to vesting date ​ ​ ​ $ (190,352) ​ ​ ​ ​ $ (186,479) ​ ​ ​ ​ $ 39,270 ​ ​ ​ ​ $ 14,648 ​ ​ ​ ​ $ 98,371 ​ ​ ​ ​ $ 29,130 ​ ​
​ Increase based on dividends or other earnings paid during applicable FY prior to vesting date ​ ​ ​ $ 56,684 ​ ​ ​ ​ $ 27,807 ​ ​ ​ ​ $ 43,391 ​ ​ ​ ​ $ 11,532 ​ ​ ​ ​ $ 142,488 ​ ​ ​ ​ $ 34,458 ​ ​
​ Total adjustments ​ ​ ​ $ 1,019,156 ​ ​ ​ ​ $ 79,959 ​ ​ ​ ​ $ (3,721,685) ​ ​ ​ ​ $ (962,916) ​ ​ ​ ​ $ (7,049,033) ​ ​ ​ ​ $ (1,548,386) ​ ​
​ Compensation Actually Paid Total ​ ​ ​ $ 8,012,927 ​ ​ ​ ​ $ 2,476,082 ​ ​ ​ ​ $ 12,578,908 ​ ​ ​ ​ $ 2,958,736 ​ ​ ​ ​ $ 1,305,337 ​ ​ ​ ​ $ 1,162,789 ​ ​
​
(a)
Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely time-vested restricted shares awards, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the applicable vesting dates and (ii) for
​
market-based performance share units, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s). For additional information on the assumptions used to calculate the valuation of the awards, see the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended 2022 and prior fiscal years.
   
Non-PEO NEO Average Total Compensation Amount $ 2,711,175 3,921,652 2,396,123
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,162,789 2,958,736 2,476,082
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(3)
Compensation actually paid to our PEO and other NEOs represents the “Total” compensation reported in the SCT for the applicable fiscal year, adjusted as follows:
​
​ ​ ​ ​
2020
​ ​
2021
​ ​
2022
​
​
PEO
​ ​
Avg. Other
NEOs
​ ​
PEO
​ ​
Avg. Other
NEOs
​ ​
PEO
​ ​
Avg. Other
NEOs
​
​ Summary Compensation Table Total(a) ​ ​ ​ $ 6,993,771 ​ ​ ​ ​ $ 2,396,123 ​ ​ ​ ​ $ 16,300,593 ​ ​ ​ ​ $ 3,921,652 ​ ​ ​ ​ $ 8,354,370 ​ ​ ​ ​ $ 2,711,175 ​ ​
​ Deduction for amounts reported in the “Stock
Awards” and “Option Awards” columns in the SCT
for applicable FY 		​ ​ ​ $ (4,782,580) ​ ​ ​ ​ $ (1,314,152) ​ ​ ​ ​ $ (13,904,935) ​ ​ ​ ​ $ (2,782,664) ​ ​ ​ ​ $ (5,801,717) ​ ​ ​ ​ $ (1,499,005) ​ ​
​ Increase in fair value of awards granted during applicable FY that remain unvested as of applicable FY end, determined as of applicable FY end ​ ​ ​ $ 6,383,205 ​ ​ ​ ​ $ 1,753,969 ​ ​ ​ ​ $ 12,109,960 ​ ​ ​ ​ $ 2,418,637 ​ ​ ​ ​ $ 3,856,627 ​ ​ ​ ​ $ 997,491 ​ ​
​ Change in fair value of awards granted during
prior FY that were outstanding and unvested as of
applicable FY end, determined based on change
in fair value from prior FY end to applicable FY
end 		​ ​ ​ $ (447,801) ​ ​ ​ ​ $ (201,186) ​ ​ ​ ​ $ (2,009,371) ​ ​ ​ ​ $ (625,069) ​ ​ ​ ​ $ (5,344,802) ​ ​ ​ ​ $ (1,110,460) ​ ​
​ Change in fair value of awards granted during prior FY that vested during applicable FY, determined based on change in fair value from prior FY end to vesting date ​ ​ ​ $ (190,352) ​ ​ ​ ​ $ (186,479) ​ ​ ​ ​ $ 39,270 ​ ​ ​ ​ $ 14,648 ​ ​ ​ ​ $ 98,371 ​ ​ ​ ​ $ 29,130 ​ ​
​ Increase based on dividends or other earnings paid during applicable FY prior to vesting date ​ ​ ​ $ 56,684 ​ ​ ​ ​ $ 27,807 ​ ​ ​ ​ $ 43,391 ​ ​ ​ ​ $ 11,532 ​ ​ ​ ​ $ 142,488 ​ ​ ​ ​ $ 34,458 ​ ​
​ Total adjustments ​ ​ ​ $ 1,019,156 ​ ​ ​ ​ $ 79,959 ​ ​ ​ ​ $ (3,721,685) ​ ​ ​ ​ $ (962,916) ​ ​ ​ ​ $ (7,049,033) ​ ​ ​ ​ $ (1,548,386) ​ ​
​ Compensation Actually Paid Total ​ ​ ​ $ 8,012,927 ​ ​ ​ ​ $ 2,476,082 ​ ​ ​ ​ $ 12,578,908 ​ ​ ​ ​ $ 2,958,736 ​ ​ ​ ​ $ 1,305,337 ​ ​ ​ ​ $ 1,162,789 ​ ​
​
(a)
Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely time-vested restricted shares awards, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the applicable vesting dates and (ii) for
​
market-based performance share units, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s). For additional information on the assumptions used to calculate the valuation of the awards, see the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended 2022 and prior fiscal years.
   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
[MISSING IMAGE: bc_ceotsr-pn.jpg]
[MISSING IMAGE: bc_neotsr-pn.jpg]
   
Compensation Actually Paid vs. Net Income [Text Block]
[MISSING IMAGE: bc_ceoincome-pn.jpg]
[MISSING IMAGE: bc_neoincome-pn.jpg]
   
Compensation Actually Paid vs. Company Selected Measure [Text Block]
[MISSING IMAGE: bc_ceoebitda-pn.jpg]
[MISSING IMAGE: bc_neoebitda-pn.jpg]
   
Tabular List [Table Text Block]
Pay Versus Performance Tabular List
The following performance measures represent the most important financial measures used by us to link compensation actually paid to our PEO and other NEOs for the fiscal year ended December 31, 2022:
•
Comparable Hotel EBITDA;
​
•
Revenue Per Available Room (“RevPAR”); and
​
•
Total Shareholder Return
   
Total Shareholder Return Amount $ 60.86 79.15 80.19
Peer Group Total Shareholder Return Amount 72.15 85.25 74.09
Net Income (Loss) $ 42,000,000 $ (311,000,000) $ (409,000,000)
Company Selected Measure Amount 370 203 4
PEO Name Ms. Hale    
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 42,215,000 $ (311,088,000) $ (408,802,000)
Depreciation, Depletion and Amortization 184,875,000 187,778,000 194,168,000
Interest Income (Expense), Net 88,596,000 105,370,000 95,932,000
Income Tax Expense (Benefit) 1,518,000 1,188,000 51,970,000
Adjustments Related To Equity Method Investments 1,519,000 1,633,000 2,237,000
Earnings Before Interest, Taxes, Depreciation And Amortization 318,723,000 (15,119,000) (64,495,000)
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property (1,017,000) 2,378,000 (2,703,000)
Impairment of Real Estate   144,845,000  
Impairment (Losses) from Equity Method Investments     6,546,000
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate 317,706,000 132,104,000 (60,652,000)
Business Combination, Acquisition Related Costs (345,000) 94,000 (158,000)
Pre-Opening Costs 2,258,000 144,000  
Gain (Loss) on Extinguishment of Debt 39,000 (893,000)  
Share-Based Payment Arrangement, Noncash Expense 21,664,000 17,054,000 12,200,000
Corporate and property-level severance   904,000 8,653,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, before Tax (5,866,000) 10,658,000  
Other Nonoperating Income (Expense) 1,067,000 1,942,000 (1,125,000)
Adjusted Earnings Before Interest, Taxes, Depreciation And Amortization 336,523,000 162,007,000 (41,082,000)
General and Administrative Expense 34,666,000 30,472,000 28,941,000
Other Corporate Adjustments (569,000) (784,000) 682,000
Consolidated Earnings Before Interest, Taxes, Depreciation And Amortization 370,620,000 191,695,000 (11,459,000)
Comparable Adjustments-(Income) Loss from Sold Hotels (1,186,000) 7,565,000 19,128,000
Comparable Adjustments-Income (Loss) from Acquired Hotels 558,000 3,441,000 (3,258,000)
Comparable Earnings Before Interest, Taxes, Depreciation And Amortization $ 369,992,000 202,701,000 4,411,000
Severance for Associates Under Collective Bargaining Agreement     6,700,000
Other Income     1,800,000
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Comparable Hotel EBITDA    
Non-GAAP Measure Description [Text Block]
(5)
Comparable Hotel Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) is a non-GAAP measure. Hotel EBITDA is defined as net income or loss excluding: (1) interest expense; (2) income tax benefit or expense; (3) depreciation and amortization expense; (4) certain items considered outside the normal course of operations; (5) corporate-level expenses; and (6) certain non-cash items to provide a more complete understanding of the operating results over which individual hotels and operators have direct control. Comparable Hotel EBITDA adjusts Hotel EBITDA to include the operating results for all hotels owned as of the last day of the reporting period, which includes operating results derived from information provided by the sellers of the hotels for periods prior to our ownership and excludes the operating results from sold hotels that were not owned as of the last day of the reporting period. The following table provides a reconciliation of GAAP net income (loss) to Comparable Hotel EBITDA for the years ended December 31, 2022, 2021 and 2020 (in thousands):
​
​ ​ ​ ​
For the year ended December 31,
​
​ ​ ​ ​
2022
​ ​
2021
​ ​
2020
​
​ Net income (loss) ​ ​ ​ $ 42,215 ​ ​ ​ ​ $ (311,088) ​ ​ ​ ​ $ (408,802) ​ ​
​ Depreciation and amortization ​ ​ ​ ​ 184,875 ​ ​ ​ ​ ​ 187,778 ​ ​ ​ ​ ​ 194,168 ​ ​
​ Interest expense, net ​ ​ ​ ​ 88,596 ​ ​ ​ ​ ​ 105,370 ​ ​ ​ ​ ​ 95,932 ​ ​
​ Income tax expense ​ ​ ​ ​ 1,518 ​ ​ ​ ​ ​ 1,188 ​ ​ ​ ​ ​ 51,970 ​ ​
​
Adjustments related to unconsolidated joint ventures(a)​
​ ​ ​ ​ 1,519 ​ ​ ​ ​ ​ 1,633 ​ ​ ​ ​ ​ 2,237 ​ ​
​
EBITDA
​ ​ ​ ​ 318,723 ​ ​ ​ ​ ​ (15,119) ​ ​ ​ ​ ​ (64,495) ​ ​
​ (Gain) loss on sale of hotel properties, net ​ ​ ​ ​ (1,017) ​ ​ ​ ​ ​ 2,378 ​ ​ ​ ​ ​ (2,703) ​ ​
​ Impaiment losses ​ ​ ​ ​ — ​ ​ ​ ​ ​ 144,845 ​ ​ ​ ​ ​ — ​ ​
​
Impaiment losses of unconsolidated joint ventures(b)​
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,546 ​ ​
​
EBITDAre
​ ​ ​ ​ 317,706 ​ ​ ​ ​ ​ 132,104 ​ ​ ​ ​ ​ (60,652) ​ ​
​ Transaction costs ​ ​ ​ ​ (345) ​ ​ ​ ​ ​ 94 ​ ​ ​ ​ ​ (158) ​ ​
​ Pre-opening costs ​ ​ ​ ​ 2,258 ​ ​ ​ ​ ​ 144 ​ ​ ​ ​ ​ — ​ ​
​ Loss (gain) on extinguishment of indebtedness, net ​ ​ ​ ​ 39 ​ ​ ​ ​ ​ (893) ​ ​ ​ ​ ​ — ​ ​
​ Amortization of share-based compensation ​ ​ ​ ​ 21,664 ​ ​ ​ ​ ​ 17,054 ​ ​ ​ ​ ​ 12,200 ​ ​
​
Corporate and property-level severance(c)​
​ ​ ​ ​ — ​ ​ ​ ​ ​ 904 ​ ​ ​ ​ ​ 8,653 ​ ​
​ Derivative (gains) losses in accumulated other comprehensive loss (incomed) reclassified to earnings(d) ​ ​ ​ ​ (5,866) ​ ​ ​ ​ ​ 10,658 ​ ​ ​ ​ ​ — ​ ​
​
Other expenses (income)(e)​
​ ​ ​ ​ 1,067 ​ ​ ​ ​ ​ 1,942 ​ ​ ​ ​ ​ (1,125) ​ ​
​
Adjusted EBITDA
​ ​ ​ ​ 336,523 ​ ​ ​ ​ ​ 162,007 ​ ​ ​ ​ ​ (41,082) ​ ​
​
General and administrative(f)​
​ ​ ​ ​ 34,666 ​ ​ ​ ​ ​ 30,472 ​ ​ ​ ​ ​ 28,941 ​ ​
​
Other corporate adjustments(g)​
​ ​ ​ ​ (569) ​ ​ ​ ​ ​ (784) ​ ​ ​ ​ ​ 682 ​ ​
​
Consolidated Hotel EBITDA
​ ​ ​ ​ 370,620 ​ ​ ​ ​ ​ 191,695 ​ ​ ​ ​ ​ (11,459) ​ ​
​
Comparable adjustments-(income) loss from sold hotels
​ ​ ​ ​ (1,186) ​ ​ ​ ​ ​ 7,565 ​ ​ ​ ​ ​ 19,128 ​ ​
​ Comparable adjustments-income (loss) from acquired hotels ​ ​ ​ ​ 558 ​ ​ ​ ​ ​ 3,441 ​ ​ ​ ​ ​ (3,258) ​ ​
​
Comparable Hotel EBITDA
​ ​ ​ $ 369,992 ​ ​ ​ ​ $ 202,701 ​ ​ ​ ​ $ 4,411 ​ ​
Note:
(a)
Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint ventures.
​
(b)
Includes our ownership interest in the impairment loss of one of our unconsolidated joint ventures.
​
(c)
The year ended December 31, 2021 includes severance for associates at hotels operating under collective bargaining agreements. The year ended December 31, 2020 includes $6.7 million related to severance for associates at our New York City hotels operating under collective bargaining agreement.
​
(d)
Reclassification of interest rate swap (gains) losses from accumulated other comprehensive income (loss) to earnings for discontinued interest rate hedges.
​
(e)
Represents expenses and income outside of the normal course of operations including debt modification costs, legal and other costs, and hurricane-related costs that were not reimbursed by insurance. Other income for the year ended December 31, 2020 includes a benefit of $1.8 million due to the reversal of an excess accrued liability related to a labor matter.
​
(f)
Excludes amortization of share-based compensation costs reflected in Adjusted EBITDA.
​
(g)
Other corporate adjustments include property-level adjustments and certain revenues and expenses at corporate entities. These items include interest income, amortization of deferred management fees, key money amortization, ground rent amortization, legal fees, revenues and expenses associated with non-hotel properties, income (loss) from unconsolidated entities, internal lease rent expense, and other items.
   
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Revenue Per Available Room (“RevPAR”)    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Total Shareholder Return    
PEO [Member] | “Stock Awards” and “Option Awards” for applicable FY [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 5,801,717 13,904,935 4,782,580
PEO [Member] | Fair value of awards granted during applicable FY that remain unvested as of applicable FY end, determined as of applicable FY end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 3,856,627 12,109,960 6,383,205
PEO [Member] | Change in fair value of awards granted during prior FY that were outstanding and unvested as of applicable FY end, determined based on change in fair value from prior FY end to applicable FY end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (5,344,802) (2,009,371) (447,801)
PEO [Member] | Change in fair value of awards granted during prior FY that vested during applicable FY, determined based on change in fair value from prior FY end to vesting date [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 98,371 39,270 (190,352)
PEO [Member] | Dividends or other earnings paid during applicable FY prior to vesting date [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 142,488 43,391 56,684
PEO [Member] | Adjustments [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (7,049,033) (3,721,685) 1,019,156
Non-PEO NEO [Member] | “Stock Awards” and “Option Awards” for applicable FY [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 1,499,005 2,782,664 1,314,152
Non-PEO NEO [Member] | Fair value of awards granted during applicable FY that remain unvested as of applicable FY end, determined as of applicable FY end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 997,491 2,418,637 1,753,969
Non-PEO NEO [Member] | Change in fair value of awards granted during prior FY that were outstanding and unvested as of applicable FY end, determined based on change in fair value from prior FY end to applicable FY end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,110,460) (625,069) (201,186)
Non-PEO NEO [Member] | Change in fair value of awards granted during prior FY that vested during applicable FY, determined based on change in fair value from prior FY end to vesting date [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 29,130 14,648 (186,479)
Non-PEO NEO [Member] | Dividends or other earnings paid during applicable FY prior to vesting date [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 34,458 11,532 27,807
Non-PEO NEO [Member] | Adjustments [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (1,548,386) $ (962,916) $ 79,959