XML 25 R12.htm IDEA: XBRL DOCUMENT
v3.21.1

Investments in Hotel Properties, net | 3 Months Ended
--- | ---
Mar. 31, 2021
Property, Plant and Equipment [Abstract] |
Investments in Hotel Properties, net | Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands):
|  | March 31, 2021 |  | December 31, 2020
Land |  | $ | 455,298 |  |  | $ | 455,298 |
Buildings and improvements |  | 1,190,169 |  |  | 1,190,437 |
Furniture, fixtures and equipment |  | 127,896 |  |  | 127,692 |
Construction in progress |  | 9,390 |  |  | 11,422 |
Total cost |  | 1,782,753 |  |  | 1,784,849 |
Accumulated depreciation |  | (376,243) |  |  | (360,259) |
Investments in hotel properties, net |  | $ | 1,406,510 |  |  | $ | 1,424,590 |
Impairment Charges and Insurance Recoveries For the three months ended March 31, 2021, we recognized a $481,000 gain associated with proceeds received from an insurance claim. For the three months ended March 31, 2020, the Company received proceeds of $2.0 million from our insurance carriers for property damage and business interruption from Hurricane Irma. There were no proceeds for the three months ended March 31, 2021 as the claim was fully settled in September 2020. During the three months ended March 31, 2021 and 2020, no impairment charges were recorded. In September 2020, the Company reached a final settlement with its insurance carriers related to Hurricane Irma. Upon settlement, the Company recorded a gain of $10.1 million as the proceeds received exceeded the carrying value of the hotel property at the time of the loss.

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration