Investment in Unconsolidated Entities

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

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 and the Company owned a 10.3% 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 year ended December 31, 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 90.0% interest in the Inland JV. During the year ended December 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 in September 2021. The sale did not generate a gain or loss. 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 and $0, respectively, at December 31, 2021. The following tables set forth the total assets, liabilities, equity, and components of net loss, including the Company's share, related to all JVs for the years ended December 31, 2021, 2020 and 2019 (in thousands):


Balance Sheet
	December 31, 2021		December 31, 2020		December 31, 2019
Assets
Investment in hotel properties, net	$	—	$	1,604,501	$	2,221,718
Other assets	—		79,136		104,560
Total Assets	$	—	$	1,683,637	$	2,326,278

Liabilities
Mortgages and notes payable, net	$	—	$	1,622,305	$	1,612,217
Other liabilities	—		80,423		34,948
Total Liabilities	—		1,702,728		1,647,165

Equity
Chatham Lodging Trust	—		(1,835)		69,008
Joint Venture Partner	—		(17,256)		610,105
Total Equity	—		(19,091)		679,113
Total Liabilities and Equity	$	—	$	1,683,637	$	2,326,278


	For the year ended
	December 31,
	2021		2020		2019
Revenue	$	24,690	$	246,694	$	496,485
Total hotel operating expenses	24,106		216,846		329,879
Impairment loss	—		578,217		41,132
Hotel operating income	$	584	$	29,848	$	166,606
Net loss from continuing operations	$	(13,109)	$	(701,880)	$	(76,869)
Loss on sale of hotels	$	—	$	(15)	$	(2,129)
Net loss	$	(13,109)	$	(701,895)	$	(78,998)

Loss allocable to the Company	$	(1,347)	$	(8,420)	$	(8,044)
Basis difference adjustment	$	116	$	996	$	1,596
Total loss from unconsolidated real estate entities attributable to the Company	$	(1,231)	$	(7,424)	$	(6,448)