XML 26 R15.htm IDEA: XBRL DOCUMENT v3.21.2

Investment in Unconsolidated Entities

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

 On June 9, 2014, the Company acquired a 10.3% interest in the NewINK JV, a joint venture between affiliates of NorthStar Realty Finance Corp. ("NorthStar") and the Operating Partnership. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owned a 89.7% interest in the NewINK JV. Chatham sold its interest in the NewINK JV in March 2021 for $2.8 million which resulted in Chatham recording a gain on sale of investment in unconsolidated real estate entities of $23.8 million during the nine months ended September 30, 2021. The Company accounted for this investment under the equity method.

On November 17, 2014, the Company acquired a 10.0% interest in the Inland JV, a joint venture between affiliates of NorthStar and the Operating Partnership. NorthStar merged with Colony on January 10, 2017 to form a new company, CLNY, which owned a 90% interest in the Inland JV. During the three months ended March 31, 2020, the Company determined that an other than temporary decline in the value of its equity investment in the Inland JV had occurred and recorded an impairment of $15.3 million which brought the Company's basis in the Inland JV to zero. Chatham sold its interest in the Inland JV for $0 in September 2021. The Company accounted for this investment under the equity method.

The Company's recorded investments in the NewINK JV and the Inland JV were $0.0 million and $0.0 million, respectively, at September 30, 2021. The following table sets forth the combined components of net loss, including the Company’s share, related to all JVs for the three and nine months ended September 30, 2021 and 2020 (in thousands):

			For the three months ended												For the nine months ended
			September 30,												September 30,
			2021						2020						2021						2020
Revenue			$	—					$	63,509					$	24,690					$	192,276
Total hotel operating expenses			—						53,636						24,106						165,588
Hotel operating income			$	—					$	9,873					$	584					$	26,688
Impairment loss			$	—					$	2,842					$	—					$	578,217
Loss from continuing operations			$	—					$	(26,637)					$	(13,109)					$	(671,644)
Loss on sale of hotels			—						(6)						—						(20)
Net loss			$	—					$	(26,643)					$	(13,109)					$	(671,664)
Loss allocable to the Company			$	—					$	(982)					$	(1,347)					$	(6,960)
Basis difference adjustment			—						135						116						861
Total loss from unconsolidated real estate entities attributable to the Company			$	—					$	(847)					$	(1,231)					$	(6,099)

X

- References

No definition available.

+ Details

Name:	us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration