XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.19.3

Investment in Hotel Properties, Net | 9 Months Ended
--- | ---
Sep. 30, 2019
Real Estate [Abstract] |
Investment in Hotel Properties, Net | 4. Investment in Hotel Properties, Net Investment in hotel properties, net as of September 30, 2019 and December 31, 2018 consisted of the following:
|  | September 30, 2019 |  |  | December 31, 2018 |
|  | (unaudited) |  |  |  |  |
Land and land improvements |  | $ | 66,055,121 |  |  | $ | 64,409,730 |
Buildings and improvements |  |  | 437,705,155 |  |  |  | 424,657,327 |
Right of use assets |  |  | 6,576,971 |  |  |  | — |
Furniture, fixtures and equipment |  |  | 56,809,756 |  |  |  | 57,830,987 |
|  |  | 567,147,003 |  |  |  | 546,898,044 |
Less: accumulated depreciation and impairment |  |  | (120,307,423 | ) |  |  | (111,172,230 | )
Investment in Hotel Properties, Net |  | $ | 446,839,580 |  |  | $ | 435,725,814 |
On January 1, 2019, we adopted ASU 842, Leases and applied it prospectively. At adoption, we also elected the practical expedients which permitted us to not reassess our prior conclusions about lease identification, classification, and initial direct costs. Consequently, on January 1, 2019, we recognized right-of-use assets and related liabilities related to our acquired operating ground lease, equipment, parking, office space and land leases, all of which are operating leases. Since most of our leases do not provide an implicit rate, we used incremental borrowing rates, which averaged to 8.0%. All of these leases have terms ranging from less than one year to 50 years and we included the exercise of options to extend when it is reasonably certain we will exercise such option. See Note 6 for additional information about the acquired operating ground lease, parking, office space and land leases. The right-of-use assets and liabilities are amortized to rent expense and depreciation and amortization expense over the term of the underlying lease agreements. As of September 30, 2019, our right-of-use assets, net of approximately $6.6 million, are included in the investment in hotel properties, net or prepaid expenses, inventory and other assets and our related lease liabilities of approximately $4.4 million are presented in accounts payable and accrued expenses in our consolidated balance sheets. The adoption of this standard had minimal impact on our statements of operations.

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

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration