XML 33 R23.htm IDEA: XBRL DOCUMENT

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to March 18, 2021, Mr. Fisher owned 52.5% of IHM. During the six months ended June 30, 2021, Mr. Fisher acquired the remaining 47.5% ownership interest and as of June 30, 2021, Mr. Fisher owns 100% of IHM. As of June 30, 2021, the Company had hotel management agreements with IHM to manage all 39 of its wholly owned hotels. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the three months ended June 30, 2021 and 2020 were $1.8 million and $0.8 million, respectively, and for the six months ended June 30, 2021 and 2020 were $3.0 million and $2.9 million, respectively. At June 30, 2021 and December 31, 2020, the amounts due to IHM were $0.5 million and $0.3 million, respectively. The Company also provided services to an entity Castleblack Owner Holding, LLC ("Castleblack"), which sold on March 24, 2021 as part of the larger CLNY transaction, was 97.5% owned by affiliates of CLNY and 2.5% owned by Mr. Fisher. During the six months ended June 30, 2021 and 2020 the Company received $23 thousand and $49 thousand, respectively, for these services. Cost reimbursements from unconsolidated real estate entities revenue represent reimbursements of costs incurred on behalf of the NewINK JV, Inland JV, Castleblack and IHM. These costs relate primarily to corporate payroll costs at the NewINK JV, Inland JV and Castleblack where the Company is the employer and office expenses shared with these entities and IHM. As the Company records cost reimbursements based upon costs incurred with no added markup, the revenue and related expense has no impact on the Company’s operating income or net income. Cost reimbursements are recorded based upon the occurrence of a reimbursed activity. Various shared office expenses and rent are paid by the Company and allocated to the NewINK JV, the Inland JV, Castleblack and IHM based on the amount of square footage occupied by each entity.