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Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Total revenue $ 64,295,000 $ 34,969,000 $ 146,653,000 $ 115,351,000
Total hotel operating expenses 35,377,000 21,869,000 85,743,000 73,948,000
Depreciation and amortization 13,668,000 13,620,000 40,355,000 40,349,000
Impairment loss on investment in unconsolidated real estate entities 0 0 0 15,282,000
Property taxes, ground rent and insurance 6,114,000 6,171,000 17,947,000 18,161,000
General and administrative 4,147,000 2,958,000 11,993,000 8,210,000
Other charges 256,000 (199,000) 633,000 2,785,000
Reimbursable costs from unconsolidated entities 286,000 795,000 1,400,000 3,169,000
Total operating expenses 59,848,000 45,214,000 158,071,000 161,904,000
Operating income (loss) before (loss) gain on sale of hotel property 4,447,000 (10,245,000) (11,418,000) (46,553,000)
(Loss) gain on sale of hotel property (7,000) 0 (21,000) 3,000
Operating income (loss) 4,440,000 (10,245,000) (11,439,000) (46,550,000)
Interest and other income 0 25,000 103,000 145,000
Interest expense, including amortization of deferred fees (5,823,000) (7,245,000) (18,649,000) (21,112,000)
Loss from unconsolidated real estate entities 0 (847,000) (1,231,000) (6,099,000)
Gain on sale of investment in unconsolidated real estate entities 0 0 23,817,000 0
Loss before income tax expense (1,383,000) (18,312,000) (7,399,000) (73,616,000)
Income tax expense 0 0 0 0
Net loss (1,383,000) (18,312,000) (7,399,000) (73,616,000)
Net loss attributable to noncontrolling interests 64,000 255,000 178,000 949,000
Net loss attributable to common shareholders (1,319,000) (18,057,000) (7,221,000) (72,667,000)
Preferred dividends (1,988,000) 0 (1,988,000) 0
Net loss attributable to common shareholders $ (3,307,000) $ (18,057,000) $ (9,209,000) $ (72,667,000)
Loss per Common Share - Basic:        
Net loss attributable to common shareholders (in dollars per share) $ (0.07) $ (0.38) $ (0.19) $ (1.55)
Loss per Common Share - Diluted:        
Net loss attributable to common shareholders (in dollars per share) $ (0.07) $ (0.38) $ (0.19) $ (1.55)
Weighted average number of common shares outstanding:        
Basic (in shares) 48,755,561 46,965,526 48,211,612 46,958,143
Diluted (in shares) 48,755,561 46,965,526 48,211,612 46,958,143
Distributions declared per common share (in dollars per share) $ 0 $ 0 $ 0 $ 0.22
Room        
Total revenue $ 59,305,000 $ 32,307,000 $ 135,210,000 $ 104,205,000
Total hotel operating expenses 11,884,000 6,903,000 28,537,000 24,814,000
Food and beverage        
Total revenue 1,025,000 237,000 2,145,000 2,417,000
Total hotel operating expenses 717,000 184,000 1,493,000 2,202,000
Other        
Total revenue 3,679,000 1,630,000 7,898,000 5,560,000
Reimbursable costs from unconsolidated entities        
Total revenue 286,000 795,000 1,400,000 3,169,000
Telephone        
Total hotel operating expenses 366,000 344,000 1,114,000 1,073,000
Other hotel operating        
Total hotel operating expenses 743,000 312,000 1,652,000 1,303,000
General and administrative        
Total hotel operating expenses 6,082,000 3,907,000 14,950,000 12,543,000
Franchise and marketing fees        
Total hotel operating expenses 5,294,000 2,876,000 11,983,000 9,232,000
Advertising and promotions        
Total hotel operating expenses 1,078,000 848,000 2,670,000 3,212,000
Utilities        
Total hotel operating expenses 3,059,000 2,592,000 7,698,000 6,971,000
Repairs and maintenance        
Total hotel operating expenses 3,253,000 2,250,000 8,433,000 7,352,000
Management fees        
Total hotel operating expenses 2,185,000 1,292,000 5,141,000 4,164,000
Insurance        
Total hotel operating expenses $ 716,000 $ 361,000 $ 2,072,000 $ 1,082,000