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Consolidated Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Total revenue $ 32,114,000 $ 60,209,000
Total hotel operating expenses 21,974,000 36,341,000
Depreciation and amortization 13,334,000 13,061,000
Impairment loss on investment in unconsolidated real estate entities 0 15,282,000
Property taxes, ground rent and insurance 5,879,000 6,099,000
General and administrative 3,530,000 2,765,000
Other charges 55,000 2,768,000
Reimbursable costs from unconsolidated real estate entities 787,000 1,580,000
Total operating expenses 45,559,000 77,896,000
Operating loss before (loss) gain on sale of hotel property (13,445,000) (17,687,000)
(Loss) gain on sale of hotel property (43,000) 1,000
Operating loss (13,488,000) (17,686,000)
Interest and other income 74,000 81,000
Interest expense, including amortization of deferred fees (6,470,000) (6,833,000)
Loss from unconsolidated real estate entities (1,231,000) (3,673,000)
Gain on sale of investment in unconsolidated real estate entities 23,817,000 0
Income (loss) before income tax expense 2,702,000 (28,111,000)
Income tax expense 0 0
Net income (loss) 2,702,000 (28,111,000)
Net income (loss) attributable to noncontrolling interests (46,000) 328,000
Net income (loss) attributable to common shareholders $ 2,656,000 $ (27,783,000)
Income (loss) per Common Share - Basic:    
Net income (loss) attributable to common shareholders (Note 10) (in dollars per share) $ 0.06 $ (0.59)
Income (loss) per Common Share - Diluted:    
Net income (loss) attributable to common shareholders (Note 10) (in dollars per share) $ 0.06 $ (0.59)
Weighted average number of common shares outstanding:    
Basic (in shares) 47,224,972 46,948,533
Diluted (in shares) 47,368,518 46,948,533
Distributions declared per common share (in dollars per share) $ 0 $ 0.22
Room    
Total revenue $ 29,390,000 $ 53,048,000
Total hotel operating expenses 7,166,000 13,394,000
Food and beverage    
Total revenue 363,000 2,063,000
Total hotel operating expenses 284,000 1,889,000
Other    
Total revenue 1,574,000 3,518,000
Reimbursable costs from unconsolidated real estate entities    
Total revenue 787,000 1,580,000
Telephone    
Total hotel operating expenses 400,000 378,000
Other hotel operating    
Total hotel operating expenses 365,000 810,000
General and administrative    
Total hotel operating expenses 3,812,000 5,278,000
Franchise and marketing fees    
Total hotel operating expenses 2,598,000 4,720,000
Advertising and promotions    
Total hotel operating expenses 757,000 1,510,000
Utilities    
Total hotel operating expenses 2,287,000 2,516,000
Repairs and maintenance    
Total hotel operating expenses 2,461,000 3,462,000
Management fees    
Total hotel operating expenses 1,196,000 2,024,000
Insurance    
Total hotel operating expenses $ 648,000 $ 360,000