XML 35 R40.htm IDEA: XBRL DOCUMENT v3.3.0.814
Hotel Management Agreements and Leases (Details)
1 Months Ended 3 Months Ended 9 Months Ended
Mar. 16, 2015
Jul. 31, 2015
item
Sep. 30, 2015
USD ($)
item
property
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
item
property
Sep. 30, 2014
USD ($)
Apr. 28, 2015
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Jan. 06, 2014
USD ($)
Management Agreements and Leases                    
Number of management agreements or leases | item     14   14          
Percentage increase in minimum returns after funding for renovation of hotels         9.00%          
Net book value     $ 6,045,156,000   $ 6,045,156,000       $ 5,674,160,000  
Guarantee provided to the entity, remaining amount     14,893,000   14,893,000          
Security deposit balance     53,175,000   53,175,000       $ 33,069,000  
Real Estate Aggregate Purchase Price     477,883,000   477,883,000          
Increase (Decrease) Operating Agreements Annual Minimum Returns and Rents         14,365,000          
Purchase price excluding closing cost     $ 477,883,000   477,883,000          
Increase (decrease) in annual minimum returns and rents         $ 14,365,000          
Sonesta agreements                    
Management Agreements and Leases                    
Number of real estate properties leased or managed | property     31   31          
Amount expected to be provided for renovation for acquisitions made         $ 45,000,000          
Real Estate Aggregate Purchase Price             $ 750,000      
Purchase price excluding closing cost             $ 750,000      
Hotels                    
Management Agreements and Leases                    
Number of properties leased to TRSs | property     299   299          
Number of properties leased to third parties | property     3   3          
Amount by which the cash flow available to pay the entity's minimum rent or return was less than the minimum amount     $ 6,560,000 $ 8,782,000 $ 17,395,000 $ 30,963,000        
Reduction of hotel operating expenses     0 42,000 1,295,000 5,052,000        
Shortfalls due to unguaranteed portions of minimum returns     6,560,000 8,740,000 16,100,000 25,911,000        
Amount by which the cash flow available to pay the entity's minimum rent or return was more than the minimum amount     28,969,000 17,329,000 65,973,000 24,408,000        
Increase in guarantee provided to the entity     $ 11,970,000 4,150,000 $ 27,551,000 6,447,000        
Hotels | Marriott No. 1 agreement                    
Management Agreements and Leases                    
Number of real estate properties leased or managed | property     53   53          
Operating agreement annual rent and return         $ 68,277,000          
Realized returns and rents     $ 17,046,000 16,938,000 51,080,000 50,745,000        
Additional returns realized     $ 3,149,000   $ 3,149,000          
Percentage increase in minimum returns after funding for renovation of hotels         10.00%          
Amount funded for renovation         $ 3,005,000          
Amount expected to be provided for renovation         $ 1,000,000          
Hotels | Marriott No. 234 agreement                    
Management Agreements and Leases                    
Number of real estate properties leased or managed | item     68   68          
Operating agreement annual rent and return         $ 106,243,000          
Realized returns and rents     $ 26,553,000 29,232,000 $ 79,586,000 79,368,000        
Guaranty payments threshold as percentage of minimum returns         90.00%          
Guarantee provided to the entity, remaining amount     30,672,000   $ 30,672,000          
Amount funded for renovation         3,500,000          
Security deposit balance     7,389,000   7,389,000          
Aggregate amount of replenished available security deposit     $ 3,658,000   $ 7,389,000          
Hotels | InterContinental agreement                    
Management Agreements and Leases                    
Number of real estate properties leased or managed | item     93   93          
Operating agreement annual rent and return         $ 149,778,000          
Realized returns and rents     $ 37,444,000 34,875,000 109,461,000 104,624,000        
Additional returns realized     2,607,000   5,784,000          
Security deposit balance required to be maintained with the entity in 2015     37,000,000   37,000,000          
Reduction in the minimum security deposit balance required to be maintained with the entity during 2014 and 2015 for every dollar of additional security deposit paid                   $ 2
Additional security deposit paid               $ 2,772,000    
Amount expected to be provided for renovation         34,750,000          
Security deposit balance required to be maintained with the entity               $ 31,456,000    
Security deposit balance     45,675,000   45,675,000          
Aggregate amount of replenished available security deposit     4,992,000   12,709,000          
Hotels | InterContinental agreement | Rosemont, IL                    
Management Agreements and Leases                    
Hotel management agreement fixed minimum return as percentage of investment 8.00%                  
Hotels | Sonesta agreements                    
Management Agreements and Leases                    
Number of hotels acquired | item   9                
Operating agreement annual rent and return         81,433,000          
Realized returns and rents     $ 13,186,000 8,424,000 $ 39,985,000 21,724,000        
Percentage increase in minimum returns after funding for renovation of hotels         8.00%          
Fixed minimum return as a percentage of invested capital         8.00%          
Amount funded for renovation         $ 42,870,000          
Amount expected to be provided for renovation         $ 55,000,000          
Hotels | Wyndham agreement                    
Management Agreements and Leases                    
Number of properties leased to third parties | property     1   1          
Number of real estate properties leased or managed | property     22   22          
Operating agreement annual rent and return         $ 27,843,000          
Realized returns and rents     $ 6,931,000 6,805,000 $ 20,700,000 20,044,000        
Percentage increase in minimum returns after funding for renovation of hotels         8.00%          
Guarantee provided to the entity, remaining amount     5,287,000   $ 5,287,000          
Amount funded for renovation         5,296,000          
Amount expected to be provided for renovation         3,700,000          
Guarantee provided to the entity, maximum     35,656,000   35,656,000          
Annual guarantee provided to the entity, maximum     $ 17,828,000   $ 17,828,000          
Hotels | Hyatt Hotels Corporation                    
Management Agreements and Leases                    
Number of real estate properties leased or managed | item     22   22          
Guarantee provided to the entity, maximum     $ 50,000,000   $ 50,000,000          
Hotels | Carlson                    
Management Agreements and Leases                    
Number of real estate properties leased or managed | item     11   11          
Guarantee provided to the entity, remaining amount     $ 25,580,000   $ 25,580,000          
Guarantee provided to the entity, maximum     $ 40,000,000   $ 40,000,000          
Hotels | Marriott No 5 contract                    
Management Agreements and Leases                    
Number of real estate properties leased or managed | property     1   1          
Realized returns and rents     $ 2,529,000 $ 2,501,000            
Guaranty payments made         $ 1,295,000          
Hotels | Marriott No 5 contract | Marriott No. 234 agreement                    
Management Agreements and Leases                    
Realized returns and rents         $ 7,587,000 $ 7,503,000