XML 54 R35.htm IDEA: XBRL DOCUMENT v3.22.4

Investments in Hotel Properties, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Investment in Hotel Properties

Investments in hotel properties, net consisted of the following (in thousands):

						December 31, 2022						December 31, 2021
Land						$	630,489					$	480,530
Buildings and improvements						1,511,949						1,215,810
Furniture, fixtures and equipment						147,019						123,954
Construction in progress						22,890						12,038
Residences						12,746						12,746
Total cost						2,325,093						1,845,078
Accumulated depreciation						(440,492)						(399,481)
Investments in hotel properties, net						$	1,884,601					$	1,445,597

Asset Acquisition

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands):

Land			$	79,711
Buildings and improvements			102,105
Furniture, fixtures and equipment			15,405
Investments in hotel properties			197,221
Restricted cash			1,091
Inventories			1,184
Mortgage loan			(58,601)
			$	140,895
Net other assets (liabilities)			$	(9,966)

The table below summarizes the total revenue and net income (loss) in our consolidated statements of operations for the year ended December 31, 2022:

									Year Ended December 31, 2022
Total revenue									$	61,246
Net income (loss)									7,583

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands):

Land			$	70,248
Buildings and improvements			181,560
Furniture, fixtures and equipment			16,050
Investments in hotel properties			267,858
Inventories			480
			$	268,338
Net other assets (liabilities)			$	(691)

The table below summarizes the total revenue and net income (loss) in our consolidated statements of operations for the year ended December 31, 2022:

									Year Ended December 31, 2022
Total revenue									$	5,194
Net income (loss)									934

X

- Definition

Tabular disclosure of asset acquisition.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 50
-Section 15
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=6911878&loc=d3e8732-128492

+ Details

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

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

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

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