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Unconsolidated Joint Venture | 9 Months Ended
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Sep. 30, 2015
Unconsolidated Joint Venture [Member] |
Schedule Of Equity Method Investments [Line Items] |
Unconsolidated Joint Venture | 11. Unconsolidated Joint Venture As of September 30, 2015, we own 100% of the Crowne Plaza Hollywood Beach Resort. However through July 31, 2015 we owned only a 25.0% indirect interest in (i) the entity that owns the Crowne Plaza Hollywood Beach Resort and (ii) the entity that leases the hotel and has engaged Chesapeake Hospitality to operate the hotel under a management contract. Carlyle owned a 75.0% indirect controlling interest in these entities. The joint venture purchased the property on August 8, 2007 and began operations on September 18, 2007. Summarized financial information for this investment through July 31, 2015, which is accounted for under the equity method, is as follows:
|  | December 31, 2014 |
ASSETS |  |  |  |
Investment in hotel property, net |  | $ | 62,823,142 |
Cash and cash equivalents |  |  | 2,153,906 |
Restricted cash |  |  | 874,111 |
Accounts receivable |  |  | 328,755 |
Prepaid expenses, inventory and other assets |  |  | 1,489,479 |
TOTAL ASSETS |  | $ | 67,669,393 |
LIABILITIES |  |  |  |
Mortgage loan, net |  | $ | 57,000,000 |
Accounts payable and other accrued liabilities |  |  | 2,195,613 |
Accounts payable and other accrued liabilities, member |  |  | 146,836 |
Advance deposits |  |  | 398,695 |
TOTAL LIABILITIES |  |  | 59,741,144 |
TOTAL MEMBERS’ EQUITY |  |  | 7,928,249 |
TOTAL LIABILITIES AND MEMBERS’ EQUITY |  | $ | 67,669,393 |
|  | Three Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, 2015 (1) |  |  | September 30, 2014 |  |  | September 30, 2015 (2) |  |  | September 30, 2014 |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rooms department |  | $ | 1,084,157 |  |  | $ | 2,860,460 |  |  | $ | 10,605,942 |  |  | $ | 11,592,712 |
Food and beverage department |  |  | 239,212 |  |  |  | 590,816 |  |  |  | 1,911,950 |  |  |  | 2,194,154 |
Other operating departments |  |  | 137,483 |  |  |  | 366,054 |  |  |  | 880,564 |  |  |  | 1,068,421 |
Total revenue |  |  | 1,460,852 |  |  |  | 3,817,330 |  |  |  | 13,398,456 |  |  |  | 14,855,287 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hotel operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rooms department |  |  | 262,070 |  |  |  | 788,569 |  |  |  | 2,071,436 |  |  |  | 2,471,048 |
Food and beverage department |  |  | 185,976 |  |  |  | 516,777 |  |  |  | 1,442,145 |  |  |  | 1,696,364 |
Other operating departments |  |  | 67,190 |  |  |  | 176,520 |  |  |  | 388,087 |  |  |  | 502,967 |
Indirect |  |  | 648,430 |  |  |  | 1,663,202 |  |  |  | 3,991,773 |  |  |  | 5,270,113 |
Total hotel operating expenses |  |  | 1,163,666 |  |  |  | 3,145,068 |  |  |  | 7,893,441 |  |  |  | 9,940,492 |
Depreciation and amortization |  |  | 148,134 |  |  |  | 619,164 |  |  |  | 1,037,113 |  |  |  | 1,867,706 |
General and administrative |  |  | 36,944 |  |  |  | 63,254 |  |  |  | 1,060,687 |  |  |  | 296,850 |
Total operating expenses |  |  | 1,348,744 |  |  |  | 3,827,486 |  |  |  | 9,991,241 |  |  |  | 12,105,048 |
Operating income |  |  | 112,108 |  |  |  | (10,156 | ) |  |  | 3,407,215 |  |  |  | 2,750,239 |
Interest expense |  |  | (223,218 | ) |  |  | (597,711 | ) |  |  | (1,523,455 | ) |  |  | (1,755,027 | )
Net (loss) income |  | $ | (111,110 | ) |  | $ | (607,867 | ) |  | $ | 1,883,760 |  |  | $ | 995,212 |
| (1) | Represents one month of activity for the unconsolidated joint venture from July 1, 2015 to July 31, 2015.
| (2) | Represents seven months of activity for the unconsolidated joint venture from January 1, 2015 to July 31, 2015.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32787-111569 + Details
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