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Subsequent Events | 3 Months Ended
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Mar. 31, 2018
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On April 4, 2018, the Company acquired a 100% interest in the 266-room Ritz-Carlton Sarasota in Sarasota, Florida for $171.0 million and a 22 acre plot of vacant land for $9.7 million. As a result of the recent date of the transaction, it is impractical to provide the pro forma results of operations that include the impact of the Ritz-Carlton Sarasota. Concurrent with the completion of the acquisition, the Company completed the financing of a $100 million mortgage loan. This mortgage loan provides for a floating interest rate of LIBOR + 2.65%. The mortgage loan is interest only until July 1, 2021 and then amortizes 1% annually for the remaining term. The stated maturity is April 2023. On May 8, 2018, the Company announced that it has signed a definitive agreement to sell the 293-room Renaissance Tampa hotel in Tampa, Florida for $68.0 million. The transaction is expected to close during the second quarter of 2018. As of March 31, 2018, the carrying value of the hotel property was $54.3 million.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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