0001476045-22-000026 | 10-K | XBRL Viewer

Print Document View Excel Document

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Investment in hotel properties, net	$ 1,282,870	$ 1,265,174
Investment in hotel properties under development	67,554	43,651
Cash and cash equivalents	19,188	21,124
Restricted cash	10,681	10,329
Right of use asset, net	19,985	20,641
Hotel receivables (net of allowance for doubtful accounts of $382 and $248, respectively)	3,003	1,688
Deferred costs, net	4,627	5,384
Prepaid expenses and other assets	2,791	2,266
Total assets	1,410,699	1,370,257
Liabilities and Equity:
Mortgage debt, net	439,282	460,145
Revolving credit facility	70,000	135,300
Construction loan	35,007	13,325
Accounts payable and accrued expenses	27,718	25,374
Distributions and losses in excess of investments of unconsolidated real estate entities	0	19,951
Lease liability, net	22,696	23,233
Distributions payable	1,803	469
Total liabilities	596,506	677,797
Commitments and contingencies (see note 14)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 0 shares issued and outstanding at December 31, 2021 and 2020, respectively	48	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,768,890 and 46,973,473 shares issued and outstanding at December 31, 2021 and 2020, respectively	487	470
Additional paid-in capital	1,048,070	906,000
Accumulated deficit	(251,103)	(228,718)
Total shareholders’ equity	797,502	677,752
Noncontrolling Interests:
Noncontrolling interest in operating partnership	16,691	14,708
Total equity	814,193	692,460
Total liabilities and equity	$ 1,410,699	$ 1,370,257

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Hotel receivables, allowance for doubtful accounts	$ 382	$ 248
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred shares, shares issued (in shares)	4,800,000	0
Preferred shares, shares outstanding (in shares)	4,800,000	0
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	500,000,000	500,000,000
Common shares, shares issued (in shares)	48,768,890	46,973,473
Common shares, shares outstanding (in shares)	48,768,890	46,973,473

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Total revenue	$ 203,975	$ 144,916	$ 328,328
Hotel operating expenses:
Total hotel operating expenses	119,293	95,498	174,251
Depreciation and amortization	54,215	53,871	51,505
Impairment loss	5,640	0	0
Impairment loss on investment in unconsolidated real estate entities	0	15,282	0
Property taxes, ground rent and insurance	23,826	23,040	24,717
General and administrative	15,752	11,564	14,077
Other charges	711	4,385	1,441
Reimbursable costs from unconsolidated entities	1,731	4,045	5,670
Total operating expenses	221,168	207,685	271,661
Operating (loss) income before (loss) gain on sale of hotel property	(17,193)	(62,769)	56,667
(Loss) gain on sale of hotel property	(21)	21,116	(3,282)
Operating (loss) income	(17,214)	(41,653)	53,385
Interest and other income	243	179	190
Interest expense net of amounts capitalized, including amortization of deferred fees	(24,460)	(28,122)	(28,247)
Loss from unconsolidated real estate entities	(1,231)	(7,424)	(6,448)
Gain on sale of investment in unconsolidated real estate entities	23,817	0	0
(Loss) income before income tax expense	(18,845)	(77,020)	18,880
Income tax expense	0	0	0
Net (loss) income	(18,845)	(77,020)	18,880
Net loss (income) attributable to non-controlling interest	435	997	(177)
Net (loss) income attributable to Chatham Lodging Trust	(18,410)	(76,023)	18,703
Preferred dividends	(3,975)	0	0
Net (loss) income attributable to common shareholders	$ (22,385)	$ (76,023)	$ 18,703
(Loss) income per Common Share - Basic:
Net (loss) income attributable to common shareholders (in dollars per share)	$ (0.46)	$ (1.62)	$ 0.39
(Loss) income per Common Share - Diluted:
Net (loss) income attributable to common shareholders (in dollars per share)	$ (0.46)	$ (1.62)	$ 0.39
Weighted average number of common shares outstanding:
Basic (in shares)	48,349,027	46,961,039	46,788,784
Diluted (in shares)	48,349,027	46,961,039	47,023,280
Distributions per common share (in dollars per share)	$ 0	$ 0.22	$ 1.32
Room
Revenue:
Total revenue	$ 187,369	$ 130,564	$ 296,267
Hotel operating expenses:
Total hotel operating expenses	40,396	31,883	65,270
Food and beverage
Revenue:
Total revenue	3,525	2,718	9,824
Hotel operating expenses:
Total hotel operating expenses	2,404	2,456	8,396
Other
Revenue:
Total revenue	11,350	7,589	16,567
Reimbursable costs from unconsolidated entities
Revenue:
Total revenue	1,731	4,045	5,670
Telephone
Hotel operating expenses:
Total hotel operating expenses	1,502	1,451	1,638
Other hotel operating
Hotel operating expenses:
Total hotel operating expenses	2,299	1,629	4,039
General and administrative
Hotel operating expenses:
Total hotel operating expenses	20,424	16,733	25,641
Franchise and marketing fees
Hotel operating expenses:
Total hotel operating expenses	16,560	11,608	25,850
Advertising and promotions
Hotel operating expenses:
Total hotel operating expenses	3,721	3,983	6,043
Utilities
Hotel operating expenses:
Total hotel operating expenses	10,255	9,229	10,867
Repairs and maintenance
Hotel operating expenses:
Total hotel operating expenses	11,784	9,799	14,321
Management fees
Hotel operating expenses:
Total hotel operating expenses	7,156	5,289	10,822
Insurance
Hotel operating expenses:
Total hotel operating expenses	$ 2,792	$ 1,438	$ 1,364

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Total Shareholders’ Equity	Total Shareholders’ Equity Preferred Shares	Total Shareholders’ Equity Common Shares	Preferred Shares	Preferred Shares Preferred Shares	Common Shares	Common Shares Common Shares	Additional Paid - In Capital	Additional Paid - In Capital Preferred Shares	Additional Paid - In Capital Common Shares	Accumulated Deficit	Noncontrolling Interest in Operating Partnership
Beginning Balance (in shares) at Dec. 31, 2018							0		46,537,031
Beginning Balance at Dec. 31, 2018	$ 807,418			$ 797,466			$ 0		$ 465		$ 896,286			$ (99,285)	$ 9,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)									27,870
Issuance of shares pursuant to Equity Incentive Plan	500			500							500
Issuance of shares, net of offering costs (in shares)									363,544
Issuance of shares, net of offering costs	7,091			7,091					$ 4		7,087
Amortization of share based compensation	4,269			63							63				4,206
Dividends declared on common shares	(61,783)			(61,783)										(61,783)
Distributions declared on LTIP units	(1,351)														(1,351)
Reallocation of noncontrolling interest	0			337							337				(337)
Net income (loss)	18,880			18,703										18,703	177
Ending Balance (in shares) at Dec. 31, 2019							0		46,928,445
Ending Balance at Dec. 31, 2019	775,024			762,377			$ 0		$ 469		904,273			(142,365)	12,647
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)									24,516
Issuance of shares pursuant to Equity Incentive Plan	450			450							450
Issuance of shares, net of offering costs (in shares)									20,512
Issuance of shares, net of offering costs	134			134					$ 1		133
Amortization of share based compensation	4,436			30							30				4,406
Dividends declared on common shares	(10,330)			(10,330)										(10,330)
Distributions declared on LTIP units	(234)														(234)
Reallocation of noncontrolling interest	0			1,114							1,114				(1,114)
Net income (loss)	(77,020)			(76,023)										(76,023)	(997)
Ending Balance (in shares) at Dec. 31, 2020							0		46,973,473
Ending Balance at Dec. 31, 2020	692,460			677,752			$ 0		$ 470		906,000			(228,718)	14,708
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)									40,203
Issuance of shares pursuant to Equity Incentive Plan	450			450							450
Issuance of shares, net of offering costs (in shares)								4,800,000		1,745,214
Issuance of shares, net of offering costs		$ 115,937	$ 23,790		$ 115,937	$ 23,790		$ 48		$ 17		$ 115,889	$ 23,773
Amortization of share based compensation	4,336			43							43				4,293
Forfeited distributions on LTIP units	40														40
Dividends accrued on preferred shares	(3,975)			(3,975)										(3,975)
Reallocation of noncontrolling interest	0			1,915							1,915				(1,915)
Net income (loss)	(18,845)			(18,410)										(18,410)	(435)
Issuance of restricted time-based shares (in shares)									10,000
Issuance of restricted time-based shares	0
Ending Balance (in shares) at Dec. 31, 2021							4,800,000		48,768,890
Ending Balance at Dec. 31, 2021	$ 814,193			$ 797,502			$ 48		$ 487		$ 1,048,070			$ (251,103)	$ 16,691

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Issuance of shares, offering costs		$ 49	$ 209
Common shares, dividend declared per share (in dollars per share)		$ 0.22	$ 1.32
LTIP units, distributions per unit (in dollars per share)		$ 0.22	$ 1.32
Preferred Shares
Issuance of shares, offering costs	$ 4,063
Common Shares
Issuance of shares, offering costs	$ 822

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (18,845)	$ (77,020)	$ 18,880
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	53,967	53,627	51,258
Amortization of deferred franchise fees	248	244	247
Amortization of deferred financing fees included in interest expense	1,825	1,275	912
Loss (gain) on sale of hotel property	21	(21,116)	3,282
Gain on sale of unconsolidated real estate entities	(23,817)	0	0
Impairment loss	5,640	0	0
Impairment loss on investment in unconsolidated real estate entities	0	15,282	0
Deferred tax expense	0	29	29
Share based compensation	4,823	4,597	4,719
Accelerated share based compensation for employee severance	0	288	0
Loss from unconsolidated real estate entities	1,231	7,424	6,448
Changes in assets and liabilities:
Right of use asset	656	629	613
Hotel receivables	(1,314)	2,940	(102)
Deferred costs	(327)	(6)	(17)
Prepaid expenses and other assets	(526)	292	(308)
Accounts payable and accrued expenses	5,732	(7,962)	664
Lease liability	(537)	(484)	(391)
Net cash provided by (used in) operating activities	28,777	(19,961)	86,234
Cash flows from investing activities:
Improvements and additions to hotel properties	(9,505)	(14,487)	(35,859)
Investment in hotel properties under development	(23,903)	(23,155)	(12,224)
Acquisition of hotel properties, net of cash acquired	(71,335)	0	(8,171)
Proceeds from sale of hotel properties, net	0	64,448	8,987
Distributions from unconsolidated entities	0	0	2,692
Proceeds from sale of unconsolidated real estates entities	2,800	0	0
Net cash (used in) provided by investing activities	(101,943)	26,806	(44,575)
Cash flows from financing activities:
Borrowings on revolving credit facility	90,000	86,000	74,500
Repayments on revolving credit facility	(155,300)	(40,700)	(66,000)
Borrowings on construction loan	21,682	13,325	0
Payments on mortgage debt	(21,190)	(35,744)	(6,695)
Payments of financing costs	(736)	(2,351)	(48)
Proceeds from issuance of common shares	24,612	182	7,298
Proceeds from issuance of preferred shares	120,000	0	0
Distributions - common shares/units	(282)	(16,237)	(62,660)
Distributions - preferred shares	(2,319)	0	0
Net cash provided by (used in) financing activities	71,582	4,426	(53,814)
Net change in cash, cash equivalents and restricted cash	(1,584)	11,271	(12,155)
Cash, cash equivalents and restricted cash, beginning of period	31,453	20,182	32,337
Cash, cash equivalents and restricted cash, end of period	29,869	31,453	20,182
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	25,931	28,119	25,328
Capitalized interest	3,551	1,473	0
Cash paid for income taxes	387	328	887
Common Shares
Cash flows from financing activities:
Payment of offering costs on common shares	(822)	(49)	(209)
Preferred Shares
Cash flows from financing activities:
Payment of offering costs on common shares	$ (4,063)	$ 0	$ 0

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jan. 18, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accrued distributions payable		$ 1,803	$ 469	$ 6,100
Accrued share based compensation		500	500	500
Accounts payable and accrued expenses		$ 1,000	$ 4,500	$ 3,800
Subsequent Event
Shares issued pursuant to equity incentive plan (in shares)	34,672

Organization	12 Months Ended
Organization	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust on October 26, 2009. The Company is internally-managed and was organized to invest primarily in upscale extended-stay and premium-branded select-service hotels. The Company has elected to be treated as a real estate investment trust for federal income tax purposes ("REIT"). The Company had no operations prior to the consummation of its initial public offering ("IPO") in April 2010. The net proceeds from our share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. The Company is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership ("common units"). Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of December 31, 2021, the Company owned 41 hotels with an aggregate of 6,169 (unaudited) rooms located in 16 states and the District of Columbia (unaudited). Prior to September 23, 2021, the Company held a 10.0% noncontrolling interest in a joint venture (the "Inland JV") with affiliates of Colony Capital, Inc. ("CLNY"), which owned 48 hotels acquired from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,402 (unaudited) rooms. Chatham sold its interest in the Inland JV in September 2021. Prior to March 18, 2021, the Company also held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of CLNY, which owned 46 hotels acquired from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management (“Cerberus”), comprising an aggregate of 5,948 (unaudited) rooms. Chatham sold its interest in the NewINK JV in March 2021 for $2.8 million. To qualify as a REIT, the Company cannot operate its hotels. Therefore, the Operating Partnership and its subsidiaries lease the Company's wholly owned hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by the Company’s taxable REIT subsidiary (“TRS”) holding company. Each hotel is leased to a TRS Lessee under a percentage lease that provides for rental payments equal to the greater of (i) a fixed base rent amount or (ii) a percentage rent based on hotel room revenue. The initial term of each of the TRS leases is 5 years. Lease revenue from each TRS Lessee is eliminated in consolidation. The TRS Lessees have entered into management agreements with third-party management companies that provide day-to-day management for the hotels. As of December 31, 2021, Island Hospitality Management Inc. (“IHM”), which is 100% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed all 41 of the Company’s hotels.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented.

The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Fair Value of Financial Instruments

The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable, mortgage debt and revolving credit facility. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for mortgage debt and the revolving credit facility, the fair value of which is separately disclosed in Note 7.

Investment in Hotel Properties

The Company allocates the purchase prices of hotel properties acquired as asset acquisitions based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence.

The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 5 to 20 years for building improvements and one to ten years for furniture, fixtures and equipment. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations.

Management periodically reviews its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable over management's estimated holding period. This estimated holding period incorporates management’s intent and ability to hold the hotel properties over the estimated holding period. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist and management has identified uncertainty surrounding the recoverability of the hotel property carrying value, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the estimated proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair market value is recorded and an impairment loss recognized. For the year ended December 31, 2021, the Company incurred an impairment loss on one hotel property (See Note 5). For the years ended December 31, 2020 and 2019, there were no impairment losses.

For properties the Company considers held for sale, depreciation and amortization are no longer recorded and the value the properties is recorded at the lower of depreciated cost or fair value, less costs to sell. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company classifies properties as held for sale when all criteria within the Financial Accounting Standards Board's ("FASB") guidance on disposal of long-lived assets are met. As of December 31, 2021 and 2020 the Company had no hotel properties held for sale.

Investment in Unconsolidated Real Estate Entities

If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable interest entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee.

Investments in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership

percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities.

The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and is other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. During the year ended December 31, 2020, the Company recorded an impairment of the entire carrying value of $15.3 million on our investment in the Inland JV related to a decline in operating performance caused by the COVID-19 pandemic (See Note 6).

The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits.

Restricted Cash

Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans. Restricted cash on the accompanying consolidated balance sheets at December 31, 2021 and 2020 is $10.7 million and $10.3 million, respectively.

Hotel Receivables

Hotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses. At December 31, 2021 and 2020, the allowance for doubtful accounts was $0.4 million and $0.2 million, respectively.

Deferred Costs

Deferred costs consist of franchise agreement application fees for the Company’s hotels, costs associated with potential future acquisitions and loan costs related to the Company’s senior unsecured revolving credit facility. Deferred costs consisted of the following at December 31, 2021 and 2020 (in thousands):


	December 31, 2021		December 31, 2020

Loan costs	$	5,174	$	4,455
Franchise fees	4,619		4,311
Other	19		75
	9,812		8,841
Less accumulated amortization	(5,185)		(3,457)
Deferred costs, net	$	4,627	$	5,384

Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. For the years ended December 31, 2021, 2020 and 2019, amortization expense related to franchise fees of $0.2 million, $0.2 million and $0.2 million, respectively, is included in depreciation and amortization in the consolidated statements of operations. Amortization expense related to loan costs of $1.5 million, $0.9 million and $0.5 million for the years ended December 31, 2021, 2020 and 2019, respectively, is included in interest expense in the consolidated statements of operations.

Mortgage Debt, net

Mortgage debt, net consists of mortgage loans on certain hotel properties less the costs associated with acquiring those loans. Mortgage debt consisted of the following at December 31, 2021 and 2020 (in thousands):


	December 31, 2021		December 31, 2020
Mortgage debt	$	439,926	$	461,116
Deferred financing costs	(644)		(971)
Mortgage debt, net	$	439,282	$	460,145

Deferred financing loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. For the years ended December 31, 2021, 2020 and 2019, amortization expense related to mortgage loan costs of $0.3 million, $0.4 million, $0.4 million, respectively, is included in interest expense in the consolidated statement of operations.

Prepaid Expenses and Other Assets

The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory.

Distributions and Losses in Excess of Investments in Unconsolidated Real Estate Entities

At times, certain of the Company’s investments in unconsolidated entities' share of cumulative allocated losses and cash distributions received exceeded its cumulative allocated share of income and equity contributions. Although the Company typically did not make any guarantees of its investments in unconsolidated real estate entities other than certain customary non-recourse carve-out provisions, due to potential penalties along with potential upside from future financial returns, the Company generally intended to make any required capital contributions to maintain its ownership percentage and as such recorded its share of cumulative allocated losses and cash distributions below zero. As a result, the carrying value of certain investments in unconsolidated entities was negative. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Company’s consolidated balance sheets.

Revenue Recognition

Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. Cash received prior to customer arrival is recorded as an advanced deposit from the customer and is recognized as revenue at the time of occupancy.

Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy hotel rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night.

Food and beverage revenues are generated when customers purchase food and beverage at a hotel's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers.

Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided.

Share-Based Compensation

The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statements of operations. The Company pays dividends on vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. Prior to vesting, holders of Class A Performance LTIP Units will not be entitled to vote their Class A Performance LTIP units. In addition, under the terms of the Class A Performance LTIP units, a holder of a Class A Performance LTIP unit will generally (i) be entitled to receive 10% of the distributions made on a common unit of the Operating Partnership during the period prior to vesting of such Class A Performance LTIP unit (the “Pre-Vesting Distributions”), (ii) be entitled, upon the vesting of such Class A Performance LTIP unit, to receive a special one-time “catch-up” distribution equal to the aggregate amount of distributions that were paid on a common unit during the period prior to vesting of such Class A Performance LTIP unit minus the aggregate amount of Pre-Vesting Distributions paid on such Class A Performance LTIP unit, and (iii) be entitled, following the vesting of such Class A Performance LTIP unit, to receive the same amount of distributions paid on a common unit of the Operating Partnership.

Earnings Per Share

A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends or distributions, on unvested share grants and LTIP units, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities.

Income Taxes

The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants the Company relief under certain statutory provisions.

The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiary (a “TRS”) which, in turn is wholly owned by the Operating Partnership. The TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of FASB Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases.

The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements.

As of December 31, 2021, the Company is no longer subject to U.S federal income tax examinations for years before 2018 and with few exceptions to state examinations before 2018. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes is required in the Company's consolidated financial statements as of December 31, 2021. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense.

During the third quarter of 2018, management was notified that the Company's TRS was going to be examined by the Internal Revenue Service for the tax year ended December 31, 2016. During the third quarter of 2021, management was notified that various entities related to the Company are being examined by the State of New Hampshire for the tax years ended December 31, 2019 and 2018. Both examinations remain open. The Company believes it does not need to record a liability related to matters contained in the tax periods open to examination. However, should the Company experience an unfavorable outcome in either of the matters, such outcome could have an impact on its results of operations, financial position and cash flows.

Leases

On January 1, 2019, the Company adopted accounting guidance under Accounting Standards Codification (ASU) 2016-02 (“ASU 2016-02”), Leases, which relates to the accounting for leasing transactions. On February 25, 2016, the FASB issued updated accounting guidance which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new accounting guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase by the lessee. The classification of the lease will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases. The Company adopted the new accounting guidance on January 1, 2019 and applied it based on the optional transition method provided for, which allows entities to recognize a cumulative-effect adjustment to the balance sheet on the adoption date. Upon adoption, the Company applied the package of practical expedients made available under the new accounting guidance and also make an accounting policy election to not recognize right-of-use assets or lease liabilities for leases with terms of 12 months or less. For the ground lease agreements and corporate office lease agreement, all of which are currently accounted for as operating leases, the Company recognized lease liabilities of $25.7 million with corresponding right-of use assets of $23.1 million on our consolidated balance sheet as of January 1, 2019.

Segment Information

Management evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers.

Recently Issued Accounting Standards

In August 2018, the SEC issued SEC Final Rule 33-10532, Disclosure Update and Simplification. The amendments simplify or eliminate duplicative, overlapping, or outdated disclosure requirements. The amendments also add certain disclosure requirements, such as requiring entities to disclose the current and comparative quarter and year-to-date changes in shareholders' equity for interim periods. The amended rules are effective for reports filed on or after November 5, 2018. However, the SEC issued Compliance & Disclosure Interpretation 105.09 that allows entities to defer the adoption of the new disclosure requirement relating to changes in shareholders' equity for interim periods until the Form 10-Q for the quarterly period that begins after November 5, 2018. The Company adopted the new disclosure requirement relating to changes in shareholders' equity for interim periods on January 1, 2019. Based on the Company's assessment, the adoption of the new disclosures did not have a material impact on the Company's consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The guidance modifies the disclosure requirements for fair value measurements by removing or modifying some of the disclosures, while also adding new disclosures. The guidance is effective for annual reporting periods beginning after December 15, 2019, and the interim periods within those annual periods, with early adoption permitted. The Company has adopted this new standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Acquisition of Hotel Properties	12 Months Ended
Acquisition of Hotel Properties	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties On August 3, 2021, the Company acquired both the Residence Inn Austin Northwest/The Domain Area ("RI Austin") hotel in Austin, TX for $37.0 million and the TownePlace Suites Austin Northwest/The Domain Area ("TPS Austin") hotel in Austin, TX for $34.3 million. The Company allocated the purchase price of each hotel acquired based on the estimated fair values of the assets on the date of acquisition. The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach uses inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach uses inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets. Property acquisition costs of $0.1 million were capitalized in 2021. On July 2, 2019, the Company purchased a parcel of land in Silicon Valley, California for $8.1 million.

Disposition of Hotel Properties	12 Months Ended
Disposition of Hotel Properties	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Hotel Properties	Disposition of Hotel Properties On November 24, 2020, the Company sold the Residence Inn Mission Valley hotel in San Diego, CA for $67.0 million and recognized a gain on the sale of the hotel property of $21.1 million. The balance of the mortgage loan of $26.7 million was repaid with proceeds from the sale. Additional proceeds were used to repay amounts outstanding on the Company's revolving credit facility. On May 7, 2019, the Company sold the Courtyard by Marriott hotel in Altoona, PA for $4.6 million and recognized a loss on the sale of the hotel property of $4.4 million. On May 15, 2019, the Company sold the SpringHill Suites by Marriott hotel in Washington, PA for $5.1 million and recognized a gain on the sale of the hotel property of $1.1 million. Proceeds from the sales were used to repay amounts outstanding on the Company's revolving credit facility. The sales did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results and did not qualify to be reported as discontinued operations.

Investment in Hotel Properties

12 Months Ended

Dec. 31, 2021

Schedule of Investments [Abstract]

Investment in Hotel Properties

Investment in hotel properties, net

Investment in hotel properties, net as of December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
Land and improvements	$	291,768	$	287,049
Building and improvements	1,258,845		1,195,276
Furniture, fixtures and equipment	91,110		84,381
Renovations in progress	7,869		11,225
	1,649,592		1,577,931
Less: accumulated depreciation	(366,722)		(312,757)
Investment in hotel properties, net	$	1,282,870	$	1,265,174

During the year ended December 31, 2021, the Company entered into a purchase and sale agreement to sell a hotel property with a net book value of $28.3 million. The Company recorded an impairment loss of $5.6 million to write down the hotel property to fair value. The sale of the hotel property may close during the first quarter of 2022. This hotel is not presented as held for sale at this point given uncertainties around whether the sale will ultimately close.

Investment in hotel properties under development

We are developing a Home2 Suites by Hilton hotel in the Warner Center submarket of Los Angeles, CA on a parcel of land owned by us. We have incurred $67.6 million of costs to date, which includes $6.6 million of land acquisition costs and $61.0 million of other development costs. We expect the total development costs for construction of the hotel to be approximately $70.0 million, which includes the cost of the land. This hotel opened on January 24, 2022.

Investment in Unconsolidated Entities

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Entities

On June 9, 2014, the Company acquired a 10.3% interest in the NewINK JV, a joint venture between affiliates of NorthStar Realty Finance Corp. ("NorthStar") and the operating partnership. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owned a 89.7% interest and the Company owned a 10.3% interest in the NewINK JV. Chatham sold its interest in the NewINK JV in March 2021 for $2.8 million which resulted in Chatham recording a gain on sale of investment in unconsolidated real estate entities of $23.8 million during the year ended December 31, 2021. The Company accounted for this investment under the equity method.

On November 17, 2014, the Company acquired a 10.0% interest in the Inland JV, a joint venture between affiliates of NorthStar and the Operating Partnership. NorthStar merged with Colony on January 10, 2017 to form a new company, CLNY, which owned a 90.0% interest in the Inland JV. During the year ended December 31, 2020, the Company determined that an other than temporary decline in the value of its equity investment in the Inland JV had occurred and recorded an impairment of $15.3 million which brought the Company's basis in the Inland JV to zero. Chatham sold its interest in the Inland JV in September 2021. The sale did not generate a gain or loss. The Company accounted for this investment under the equity method.

The Company's recorded investments in the NewInk JV and the Inland JV were $0 and $0, respectively, at December 31, 2021. The following tables set forth the total assets, liabilities, equity, and components of net loss, including the Company's share, related to all JVs for the years ended December 31, 2021, 2020 and 2019 (in thousands):


Balance Sheet
	December 31, 2021		December 31, 2020		December 31, 2019
Assets
Investment in hotel properties, net	$	—	$	1,604,501	$	2,221,718
Other assets	—		79,136		104,560
Total Assets	$	—	$	1,683,637	$	2,326,278

Liabilities
Mortgages and notes payable, net	$	—	$	1,622,305	$	1,612,217
Other liabilities	—		80,423		34,948
Total Liabilities	—		1,702,728		1,647,165

Equity
Chatham Lodging Trust	—		(1,835)		69,008
Joint Venture Partner	—		(17,256)		610,105
Total Equity	—		(19,091)		679,113
Total Liabilities and Equity	$	—	$	1,683,637	$	2,326,278


	For the year ended
	December 31,
	2021		2020		2019
Revenue	$	24,690	$	246,694	$	496,485
Total hotel operating expenses	24,106		216,846		329,879
Impairment loss	—		578,217		41,132
Hotel operating income	$	584	$	29,848	$	166,606
Net loss from continuing operations	$	(13,109)	$	(701,880)	$	(76,869)
Loss on sale of hotels	$	—	$	(15)	$	(2,129)
Net loss	$	(13,109)	$	(701,895)	$	(78,998)

Loss allocable to the Company	$	(1,347)	$	(8,420)	$	(8,044)
Basis difference adjustment	$	116	$	996	$	1,596
Total loss from unconsolidated real estate entities attributable to the Company	$	(1,231)	$	(7,424)	$	(6,448)

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

The Company's mortgage loans are collateralized by first-mortgage liens on certain of the Company's properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. The Company's credit facility is secured by pledges of its equity interests in certain properties. Debt consisted of the following (in thousands):


Loan/Collateral	Interest Rate		Maturity Date	12/31/21 Property Carrying Value		Balance Outstanding as of
						December 31, 2021		December 31, 2020
Revolving Credit Facility (1)	3.43	%	March 8, 2023	$	697,911	$	70,000	$	135,300
Construction loan (2)	7.75	%	August 4, 2024	67,554		35,007		13,325
Residence Inn by Marriott New Rochelle, NY	5.75	%	September 1, 2021	—		—		12,602
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	27,634		14,808		15,195
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	29,931		20,243		20,780
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	29,258		16,673		17,126
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	32,697		20,515		21,031
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	60,851		42,089		42,998
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	39,712		30,839		31,463
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	71,675		62,374		63,418
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	79,649		68,054		69,192
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	59,812		46,781		47,564
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	45,254		36,481		37,092
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	32,481		28,873		29,358
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	37,217		20,024		20,490
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	12,214		15,114		15,411
Hampton Inn & Suites Houston Medical Cntr., TX	4.25	%	January 6, 2025	15,100		17,058		17,396
Total debt before unamortized debt issue costs				$	1,338,950	$	544,933	$	609,741
Unamortized mortgage debt issue costs						(644)		(971)
Total debt outstanding						$	544,289	$	608,770

1.The interest rate for the revolving credit facility is variable and based on LIBOR (subject to a 0.5% floor) plus a spread of 2.50% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. At December 31, 2021 and 2020, the Company had $70.0 million and $135.3 million, respectively, of outstanding borrowings under its $250.0 million revolving credit facility. Credit facility lenders representing $227.5 million of

commitments have provided two six-month extension options that would extend the final maturity of these commitments to March 8, 2024, if exercised. The Company can exercise the extension options as long as there is no default.

2.On August 4, 2020, a subsidiary of the Company entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a loan with a total commitment of up to $40 million to fund the remaining construction costs of the Warner Center hotel development. The loan has an initial term of 4 years and there are two six-month extension options. The rate on the loan is LIBOR, subject to a 0.25% floor, plus a spread of 7.5%.

At December 31, 2021 and 2020, the Company had $70.0 million and $135.3 million, respectively, of outstanding borrowings under its revolving credit facility. At December 31, 2021, the maximum borrowing availability under the revolving credit facility was $250.0 million.

The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates. All of the Company's mortgage loans are fixed-rate. Rates take into consideration general market conditions, quality and estimated value of collateral and maturity of debt with similar credit terms and are classified within level 3 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of December 31, 2021 and 2020 was $443.4 million and $462.6 million, respectively.

The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with a similar maturity and that is classified within level 3 of the fair value hierarchy. As of December 31, 2021, the Company’s variable rate debt consists of its revolving credit facility and its construction loan. The estimated fair value of the Company’s variable rate debt as of December 31, 2021 and 2020 was $105.0 million and $148.6 million, respectively.

On October 26, 2021, Chatham executed an amendment to its credit facility which extended a waiver of financial covenants until June 30, 2022, provided for the immediate exercise of an option to extend the maturity of the entire $250 million credit facility through March 8, 2023, and added two six-month options to further extend the maturity of the credit facility through March 8, 2024 from lenders representing $227.5 million of commitments. In conjunction with the amendment, Chatham provided credit facility lenders with equity pledges on three unencumbered hotels. The spread on the credit facility did not change as a result of the amendment. The amendment places limits on the Company’s ability to incur debt, pay dividends, and make capital expenditures during the covenant waiver period. During the covenant waiver period interest will be calculated as LIBOR (subject to a 0.5% floor) plus a spread of 2.50% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. As of December 31, 2021, the Company was in compliance with all of its modified financial covenants.

Our mortgage debt agreements contain “cash trap” provisions that are triggered when the hotel’s operating results

fall below a certain debt service coverage ratio or debt yield. When these provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of our lenders until a specified debt service coverage ratio or debt yield is reached. Such provisions do not allow the lender the right to accelerate repayment of the underlying debt. As of December 31, 2021, the debt service coverage ratios or debt yields for eight of our mortgage loans were below the minimum thresholds such that the cash trap provision of each respective loan could be enforced. As of December 31, 2021, none of our mortgage debt lenders have enforced cash trap provisions. We do not expect that such cash traps will affect our ability to satisfy our short-term liquidity requirements.

Future scheduled principal payments of debt obligations as of December 31, 2021, for each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2022	$	9,249
2023	187,919
2024	331,818
2025	15,947
2026	—
Thereafter	—
Total debt before unamortized debt issue costs	$	544,933
Unamortized mortgage debt issue costs	(644)
Total debt outstanding	$	544,289

Accounting for Derivative Instruments

The Company has entered into interest rate cap agreements to hedge against interest rate fluctuations related to the construction loan for the Warner Center hotel. The Company records its derivative instruments on the balance sheet at their estimated fair values. Changes in the fair value of the derivatives are recorded each period in current earnings or in other comprehensive income, depending on whether a derivative is designated as part of a hedging relationship and, if it is, depending on the type of hedging relationship. The Company's interest rate caps are not designated as a hedge but to eliminate the incremental cost to the Company if the one-month LIBOR were to exceed 3.5%. Accordingly, the interest rate caps are recorded on the balance sheet under prepaid expenses and other assets at the estimated fair value and realized and unrealized changes in the fair value are reported in the consolidated statements of operations. As of December 31, 2021, the fair value of the interest rate caps were $61 thousand.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The components of income tax expense for the following periods are as follows (in thousands):


	For the year ended
	December 31,
		2021		2020		2019
Current:
Federal		$	—	$	(29)	$	(29)
State		—		—		—
Current tax expense (benefit)		$	—	$	(29)	$	(29)

Deferred:
Federal		—		29		29
State		—		—		—
Deferred tax expense (benefit)		—		29		29
Total income tax expense (benefit)		$	—	$	—	$	—

The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company's TRS before taxes were as follows (dollars in thousands):


	For the year ended
	December 31,
	2021			2020			2019
Book loss before income taxes of the TRS	$	(24,391)		$	(4,838)		$	(8,167)

Statutory rate of 21% for 2018 and after	$	(5,122)		$	(1,016)		$	(1,715)
Effect of state and local income taxes, net of federal tax benefit	(1,049)			(253)			(347)


Permanent adjustments	8			4			8
Change in valuation allowance	5,977			1,445			2,100
Valuation allowance release	—			—			—
Other	186			(180)			(46)
Total income tax (benefit) expense	$	—		$	—		$	—

Effective tax rate	—		%	—		%	—		%

At December 31, 2021 and 2020, the Company had valuation allowances against certain deferred tax assets totaling $13.0 million and $7.1 million, respectively. The increase in valuation allowance was primarily from the increase in the net operating losses incurred during the year. The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2021 and 2020 are as follows (in thousands):


	For the year ended
	December 31,
	2021		2020
Gross deferred tax assets:
Allowance for doubtful accounts	$	99	$	133
Accrued compensation	521		547
Net operating loss	12,427		6,541

Gross deferred tax assets	$	13,047	$	7,221
Less: Valuation Allowance	$	(13,047)	$	(7,070)
Total deferred tax assets net of valuation allowance	$	—	$	151
Gross deferred tax liabilities:
Total book/tax difference in partnership	$	—	$	(151)
Gross deferred tax liabilities:	$	—	$	(151)
Net, deferred tax assets:	$	—	$	—

As of each reporting date, the Company's management considers new evidence, both positive and negative, that could impact management's view with regard to future realization of net deferred tax assets. The Company's TRS is expecting continued taxable losses in 2021. As of December 31, 2021, the TRS continues to recognize a full valuation allowance equal to 100% of the net deferred tax assets. Management will continue to monitor the need for a valuation allowance.

The TRS has income tax NOL carryforwards for Federal and various states of approximately $48.0 million and $48.0 million, respectively. The loss carryforwards begin to expire starting in 2038 for Federal purposes and in 2031 and thereafter for state purposes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Dividends Declared and Paid

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Dividends Declared and Paid

Common Dividends

The Company suspended common share dividends beginning after the payment of the March 27, 2020 dividend due to a decline in operating performance caused by the COVID-19 pandemic. During the year ended December 31, 2020, the Company declared total common share dividends of $0.22 per share and distributions on LTIP units of $0.22 per unit. There were no common share dividends declared during the year ended December 31, 2021. The dividends and distributions and their tax characterization were as follows:


	Record Date	Payment Date	Common share distribution amount		LTIP unit distribution amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
January	1/31/2020	2/28/2020	$	0.11	$	0.11	$	—	$	0.1100	$	—
February	2/28/2020	3/27/2020	0.11		0.11		—		0.1100		—


















Total 2020			$	0.22	$	0.22	$	—	$	0.2200	$	—

Preferred Dividends

During the year ended December 31, 2021, the Company declared total dividends of $0.89713 per share of 6.625% Series A Cumulative Redeemable Preferred Shares. The preferred dividends and their tax characterization were as follows:


	Record Date	Payment Date	Dividend Per Preferred Share		Taxable Ordinary Income		Return of Capital		Section 199A Dividends


September	9/30/2021	10/15/2021	$	0.48307	$	0.48307	$	—	$	0.48307
December	12/31/2021	1/18/2022	$	0.41406	$	0.41406	$	—	$	0.41406

Total 2021			$	0.89713	$	0.89713	$	—	$	0.89713

For the year ended December 31, 2021, 100.0% of the distributions paid to stockholders were considered ordinary income. For the year ended December 31, 2020, 100.0% of the distributions paid to stockholders were considered return of capital.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $0.01 par value per share ("common shares"). Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees. As of December 31, 2021, 48,768,890 common shares were outstanding. In December 2017, we established a $50 million dividend reinvestment and stock purchase plan (the "Prior DRSPP"). We filed a new $50 million shelf registration statement for the dividend reinvestment and stock purchase plan (the "Current DRSPP" and together with the Prior DRSPP, the "DRSPPs") on December 22, 2020 to replace the prior program. Under the DRSPPs, shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on the Company's common shares. Shareholders may also make optional cash purchases of the Company's common shares subject to certain limitations detailed in the prospectuses for the DRSPPs. During the year ended December 31, 2021, we issued 149,686 shares under the Current DRSPP at a weighted average price of $13.77, which generated $2.1 million of proceeds. As of December 31, 2021, there were common shares having a maximum aggregate sales price of approximately $47.9 million available for issuance under the Current DRSPP. In December 2017, we established an "at-the-market" equity offering program (the "Prior ATM Plan") whereby, from time to time, we may publicly offer and sell our common shares having an aggregate offering price up to $100 million by means of ordinary brokers transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions that are deemed to be "at-the-market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended. We filed a $100 million registration statement for a new ATM program (the "ATM Plan") on January 5, 2021 to replace the prior program. At the same time, the Company entered into a sales agreement with Cantor Fitzgerald & Co., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., BTIG, LLC, Citigroup Global Markets Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities as sales agents. In accordance with the terms of the sales agreement, the Company may from time to time offer, and sell shares of its common stock having an aggregate offering price of up to $100 million. During the year ended December 31, 2021, we issued 1,595,528 shares under the ATM Plan at a weighted average price of $14.13 per share, which generated $22.5 million of gross proceeds. As of December 31, 2021, there were common shares having a maximum aggregate sales price of approximately $77.5 million available for issuance under the ATM Plan. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares, $0.01 par value per share, in one or more series. On June 30, 2021, the Company issued 4,800,000 6.625% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the “Series A Preferred Shares”), and received net proceeds of approximately $115.9 million. The Series A Preferred Shares rank senior to the Company’s common shares with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Series A Preferred Shares do not have any maturity date and are not subject to mandatory redemptions or sinking fund requirements. The distribution rate is 6.625% per annum of the $25.00 liquidation preference, which is equivalent to $1.65625 per annum per Series A Preferred Share. Distributions on the Series A Preferred Shares are payable quarterly in arrears with the first distribution on the Series A Preferred Shares paid on October 15, 2021. The Company may not redeem the Series A Preferred Shares before June 30, 2026 except in limited circumstances to preserve the Company's status as a REIT for federal income tax purposes and upon the occurrence of a change of control. On and after June 30, 2026, the Company may, at its option, redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the Company’s common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Series A Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Series A Preferred Shares upon a change of control, the holders of the Series A Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on defined formulas subject to share caps. The share cap on each Series A Preferred Share is 3.701 common shares. As of December 31, 2021, 4,800,000 preferred shares were issued and outstanding. During the year ended December 31, 2021, the Company accrued preferred share dividends of $4.0 million. Operating Partnership Units Holders of common units in the Operating Partnership, if and when issued, will have certain redemption rights, which will enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or for the Company’s common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of limited partners or shareholders. As of December 31, 2021, there were 976,102 vested Operating Partnership LTIP units held by current and former employees.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

The two class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. The LTIP units held by the non-controlling interest holders, which may be converted to common shares of beneficial interest, have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data):


	For the year ended
	December 31,
	2021		2020		2019
Numerator:
Net (loss) income attributable to common shareholders	$	(22,385)	$	(76,023)	$	18,703
Dividends paid on unvested shares and units	—		(50)		(297)

Net (loss) income attributable to common shareholders	$	(22,385)	$	(76,073)	$	18,406
Denominator:
Weighted average number of common shares - basic	48,349,027		46,961,039		46,788,784
Effect of dilutive securities:
Unvested shares	—		—		234,496
Weighted average number of common shares - diluted	48,349,027		46,961,039		47,023,280
Basic (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average basic common share	$	(0.46)	$	(1.62)	$	0.39
Diluted (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average diluted common share	$	(0.46)	$	(1.62)	$	0.39

Equity Incentive Plan

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Equity Incentive Plan

The Company maintains its Equity Incentive Plan to attract and retain independent trustees, executive officers and other key employees. The plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units, and other equity-based awards. The plan was amended and restated as of May 17, 2013 to increase the maximum number of shares available under the plan to 3,000,000 shares. Share awards under this plan generally vest over three to five years, though compensation for the Company’s independent trustees includes shares granted that vest immediately. The Company pays dividends on unvested shares and units, except for performance-based shares and outperformance based units, for which dividends on unvested performance-based shares and units are accrued and not paid until those shares or units vest. Certain awards may provide for accelerated vesting if there is a change in control. As of December 31, 2021, there were 579,825 common shares available for issuance under the Equity Incentive Plan.

Restricted Share Awards

From time to time, the Company may award restricted shares under the Equity Incentive Plan as compensation to officers, employees and non-employee trustees. The Company recognizes compensation expense for the restricted shares on a straight-line basis over the vesting period based on the fair market value of the shares on the date of issuance.

A summary of the Company’s restricted share awards for the years ended December 31, 2021, 2020 and 2019 is as follows:


	December 31, 2021			December 31, 2020			December 31, 2019
	Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	1,667	$	17.40	5,001	$	18.33	8,334	$	18.52
Granted	10,000	11.47		—	—		—	—
Vested	(1,667)	17.40		(3,334)	18.80		(3,333)	18.80

Unvested at end of the period	10,000	$	11.47	1,667	$	17.40	5,001	$	18.33

As of December 31, 2021 and 2020, there were $99.7 thousand and $28.5 thousand, respectively, of unrecognized compensation costs related to restricted share awards. As of December 31, 2021, these costs were expected to be recognized over a weighted–average period of approximately 2.6 years. For the years ended December 31, 2021, 2020 and 2019, the Company recognized approximately $43.5 thousand, $30.0 thousand and $62.7 thousand, respectively, of expense related to the restricted share awards. This expense is included in general and administrative expenses in the accompanying consolidated statements of operations.

Long-Term Incentive Plan Awards

LTIP units are a special class of partnership interests in the Operating Partnership which may be issued to eligible participants for the performance of services to or for the benefit of the Company. Under the Equity Incentive Plan, each LTIP unit issued is deemed equivalent to an award of one common share thereby reducing the number of shares available for other equity awards on a one-for-one basis.

A summary of the Company's LTIP unit awards for the years ended years ended December 31, 2021, 2020 and 2019 is as follows:


	December 31, 2021			December 31, 2020			December 31, 2019
	Number of Units	Weighted - Average Grant Date Fair Value		Number of Units	Weighted - Average Grant Date Fair Value		Number of Units	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	669,609	$	15.73	598,320	$	18.30	476,398	$	17.73
Granted	330,945	14.55		325,507	13.42		221,853	18.73
Vested	(219,451)	16.39		(254,218)	18.82		(99,931)	16.55
Forfeited	(16,925)	17.02		—	—		—	—
Non-vested at end of period	764,178	$	15.00	669,609	$	15.73	598,320	$	18.30

Time-Based LTIP Awards

On March 1, 2021, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 132,381 time-based awards (the “2021 Time-Based LTIP Unit Award”). The grants were made pursuant to award agreements that provide for time-based vesting (the "LTIP Unit Time-Based Vesting Agreement").

Time-Based LTIP Unit Awards will vest ratably provided that the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company). Prior to vesting, a holder is entitled to receive distributions on the LTIP Units that comprise the 2021 Time-Based LTIP Unit Awards and the prior year LTIP unit Awards set forth in the table above.

Performance-Based LTIP Awards

On March 1, 2021, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, also granted 198,564 performance-based awards (the "2021 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that have market based vesting conditions. The Performance-Based LTIP Unit Awards are comprised of Class A Performance LTIP units that will vest only if and to the extent that (i) the Company achieves certain long-term market based TSR criteria established by the Compensation Committee and (ii) the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company. Compensation expense is based on an estimated value of $15.91 per 2021 Performance-Based LTIP Unit Award, which takes into account that some or all of the awards may not vest if long-term market based TSR criteria are not met during the vesting period.

The 2021 Performance-Based LTIP Unit Awards may be earned based on the Company's relative TSR performance for the three-year period beginning on March 1, 2021 and ending on February 29, 2024. The 2021 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows:


	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	50th	100%
Maximum	75th	150%

Payouts at performance levels in between the hurdles will be calculated by straight-line interpolation.

The Company estimated the aggregate compensation cost to be recognized over the service period determined as of the grant date under ASC 718, excluding the effect of estimated forfeitures, using the Monte Carlo Approach. In determining the discounted value of the LTIP units, the Company considered the inherent uncertainty that the LTIP units would never reach parity with the other common units of the Operating Partnership and thus have an economic value of zero to the grantee. Additional factors considered in estimating the value of the LTIP units included discounts for illiquidity; expectations for future dividends; risk free interest rates; stock volatility; and economic environment and market conditions.

The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows:


	Grant Date	Number of Units Granted	Estimated Value per Unit	Volatility	Dividend Yield	Risk-Free Interest Rate
2016 Time-Based LTIP Unit Awards	1/28/2016	72,966	$16.69	28%	—%	0.79%
2016 Performance-Based LTIP Unit Awards	1/28/2016	39,285	$11.09	30%	5.8%	1.13%
2017 Time-Based LTIP Unit Awards	3/1/2017	89,574	$18.53	24%	—%	0.92%
2017 Performance-Based LTIP Unit Awards	3/1/2017	134,348	$19.65	25%	5.8%	1.47%
2018 Time-Based LTIP Unit Awards	3/1/2018	97,968	$16.83	26%	—%	2.07%
2018 Performance-Based LTIP Unit Awards	3/1/2018	146,949	$17.02	26%	6.2%	2.37%
2019 Time-Based LTIP Unit Awards	3/1/2019	88,746	$18.45	21%	—%	2.57%
2019 Performance-Based LTIP Unit Awards	3/1/2019	133,107	$18.91	21%	6.2%	2.55%
2020 Time-Based LTIP Unit Awards	3/1/2020	130,206	$13.05	20%	—%	1.06%
2020 Performance-Based LTIP Unit Awards	3/1/2020	195,301	$13.66	20%	8.1%	0.90%
2021 Time-Based LTIP Unit Awards	3/1/2021	132,381	$12.52	78%	—%	0.08%
2021 Performance-Based LTIP Unit Awards	3/1/2021	198,564	$15.91	64%	3.4%	0.30%

The Company recorded $4.3 million, $4.4 million and $4.2 million in compensation expense related to the LTIP units for years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, there was $5.4 million and $4.9 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 1.8 years, which represents the weighted average remaining vesting period of the LTIP units.

Board of Trustee Share Compensation

For 2021, 2020 and 2019, each independent trustee was compensated $0.1 million for their services. Each trustee may elect to receive up to 100% of their compensation in the form of shares, but must receive at least 58% in the form of shares. In January 2021, 2020 and 2019, the Company issued 40,203, 24,516 and 27,870 common shares, respectively, to its independent trustees as compensation for services performed in 2020, 2019 and 2018, respectively. The quantity of shares was calculated based on the average of the closing price for the Company’s common shares on the NYSE for the last ten trading days preceding the reporting date. On January 18, 2022, the Company distributed 34,672 common shares to its independent trustees for services performed in 2021.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

The Residence Inn San Diego Gaslamp hotel is subject to a ground lease with an expiration of January 31, 2065 with an extension option by the Company of up to three additional terms of ten years each. Monthly payments are currently approximately $44,400 per month and increase 10% every 5 years. The hotel is subject to supplemental rent payments annually calculated as 5% of gross revenues during the applicable lease year, minus 12 times the monthly base rent scheduled for the lease year.

The Residence Inn New Rochelle hotel is subject to an air rights lease and garage lease that each expires on December 1, 2104. The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund the cost of capital repairs. Aggregate rent for 2021 under these leases amounted to approximately $30,000 per quarter.

The Hilton Garden Inn Marina del Rey hotel is subject to a ground lease with an expiration of December 31, 2067. Minimum monthly payments are currently approximately $47,500 per month and a percentage rent payment less the minimum rent is due in arrears equal to 5% to 25% of gross income based on the type of income.

The Company entered into a corporate office lease in September 2015. The lease is for a term of 11 years and includes a 12-month rent abatement period and certain tenant improvement allowances. The Company has a renewal option of up to two successive terms of five years each. The Company shares the space with related parties and is reimbursed for the pro-rata share of rentable space occupied by the related parties.

The Company is the lessee under ground, air rights, garage and office lease agreements for certain of its properties, all of which qualify as operating leases as of December 31, 2021. The leases typically provide multi-year renewal options to extend term as lessee at the Company's option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised.

In calculating the Company's lease obligations under the various leases, the Company uses discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment.

The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of December 31, 2021, for each of the next five calendar years and thereafter (in thousands):


Total Future Lease Payments
	Amount
2022	$	2,072
2023	2,093
2024	2,115
2025	2,186
2026	1,894
Thereafter	64,825
Total lease payments	$	75,185
Less: Imputed interest	(52,489)
Present value of lease liabilities	$	22,696

The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of December 31, 2020, for each of the next five calendar years and thereafter (in thousands):


Total Future Lease Payments
	Amount
2021	$	2,051
2022	2,071
2023	2,093
2024	2,115
2025	2,186
Thereafter	66,720
Total lease payments	$	77,236
Less: Imputed interest	(54,003)
Present value of lease liabilities	$	23,233

For the year ended December 31, 2021, the Company made $1.2 million of fixed lease payments and $0.0 million of variable lease payments related to hotel ground leases, which are included in property taxes, ground rent and insurance in our consolidated statement of operations. For the year ended December 31, 2021, the Company made $0.8 million of fixed lease payments related to its corporate office lease, which are included in general and administrative expense in our consolidated statement of operations.

The following tables include information regarding the right of use assets and lease liabilities of the Company as of December 31, 2021:


	Right of Use Asset		Lease Liability
Balance as of January 1, 2021	$	20,641	$	23,233
Amortization	(656)		(537)

Balance as of December 31, 2021	$	19,985	$	22,696


Lease Term and Discount Rate			December 31, 2021

Weighted-average remaining lease term (years)			40.55
Weighted-average discount rate			6.60%

Commitment and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

The Company is subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of its hotels, its managers and other Company matters. While it is not possible to ascertain the ultimate outcome of such matters, the Company believes that the aggregate identifiable amount of such liabilities, if any, will not have a material adverse impact on its financial condition or results of operations.

Chatham RIMV LLC (a wholly owned subsidiary of the Company) is a defendant in a lawsuit brought by the City of San Diego and other related entities, San Diego Housing Commission et al. v. Neil et al. (Superior Court of California, County of San Diego, Case No. 37-2021-00033006-CU-BC-CTL) filed in connection with the sale of the Residence Inn Mission Valley to the City of San Diego. The City of San Diego is seeking a return of monies spent on the acquisition as well as a declaration that the purchase agreement executed in connection with the acquisition is void. At the time of this filing, the City of San Diego and the other Plaintiffs have made no allegations of wrongdoing by Chatham RIMV LLC or any other Company entity. We believe this lawsuit is without merit and we are defending our case vigorously. As of December 31, 2021, we have accrued $40 thousand related to legal costs incurred to date. At this time we believe potential future costs related to this lawsuit are not probable and estimable.

Management Agreements

The management agreements with IHM have an initial term of five years and automatically renew for two five-year periods unless IHM provides written notice to us no later than 90 days prior to the then current term's expiration date of their intent not to renew. The IHM management agreements provide for early termination at the Company’s option upon sale of any IHM-managed hotel for no termination fee, with six months advance notice. The IHM management agreements may be terminated for cause, including the failure of the managed hotel to meet specified performance levels. Base management fees are calculated as a percentage of the hotel's gross room revenue. If certain financial thresholds are met or exceeded, an incentive management fee is calculated as 10% of the hotel's net operating income less fixed costs, base management fees and a specified return threshold. The incentive management fee is capped at 1% of gross hotel revenues for the applicable calculation.

As of December 31, 2021, terms of the Company's management agreements are (dollars are not in thousands):


Property	Management Company	Base Management Fee		Monthly Accounting Fee	Monthly Revenue Management Fee	Incentive Management Fee Cap
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Minneapolis-Mall of America	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Nashville-Brentwood	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Dallas-Market Center	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Hartford-Farmington	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Orlando-Maitland	IHM	3.0	%	$1,200	$1,000	1.0	%
Hampton Inn & Suites Houston-Medical Center	IHM	3.0	%	$1,000	$1,000	1.0	%
Residence Inn Long Island Holtsville	IHM	3.0	%	$1,000	$1,000	1.0	%
Residence Inn White Plains	IHM	3.0	%	$1,000	$750	1.0	%
Residence Inn New Rochelle	IHM	3.0	%	$1,000	$750	1.0	%
Residence Inn Garden Grove	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton San Antonio River Walk	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Washington DC	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Tysons Corner	IHM	3.0	%	$1,200	$1,000	1.0	%
Hampton Inn Portland Downtown	IHM	3.0	%	$1,000	$550	1.0	%
Courtyard Houston	IHM	3.0	%	$1,000	$550	1.0	%
Hyatt Place Pittsburgh North Shore	IHM	3.0	%	$1,500	$1,000	1.0	%
Hampton Inn Exeter	IHM	3.0	%	$1,200	$1,000	1.0	%
Hilton Garden Inn Denver Tech	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Bellevue	IHM	3.0	%	$1,200	$1,000	1.0	%
Springhill Suites Savannah	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Silicon Valley I	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Silicon Valley II	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn San Mateo	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Mountain View	IHM	3.0	%	$1,200	$1,000	1.0	%
Hyatt Place Cherry Creek	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Addison	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard West University Houston	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn West University Houston	IHM	3.0	%	$1,200	$1,000	1.0	%
Hilton Garden Inn Burlington	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn San Diego Gaslamp	IHM	3.0	%	$1,500	$1,000	1.0	%
Hilton Garden Inn Marina del Rey	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Dedham	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Il Lugano	IHM	3.0	%	$1,500	$1,000	1.0	%
Hilton Garden Inn Portsmouth	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Summerville	IHM	3.0	%	$1,500	$1,000	1.0	%
Embassy Suites Springfield	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Summerville	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Dallas	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Austin Northwest/The Domain Area	IHM	3.0	%	$1,500	$1,000	1.0	%
TownePlace Suites Austin Northwest/The Domain Area	IHM	3.0	%	$1,500	$1,000	1.0	%

Management fees totaled approximately $7.2 million, $5.3 million and $10.8 million, respectively, for the years ended December 31, 2021, 2020 and 2019. Incentive management fees paid to IHM for the years ended years ended December 31, 2021, 2020 and 2019 were $0.0 million, $0.0 million and $0.1 million, respectively.

Franchise Agreements

The fees associated with the franchise agreements are calculated as a specified percentage of the hotel's gross room revenue. Terms of the Company's franchise agreements are as of December 31, 2021:


Property	Franchise/Royalty Fee		Marketing/Program Fee		Expiration
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Minneapolis-Mall of America	4.0	%	4.0	%	2025
Homewood Suites by Hilton Nashville-Brentwood	4.0	%	4.0	%	2025
Homewood Suites by Hilton Dallas-Market Center	4.0	%	4.0	%	2025
Homewood Suites by Hilton Hartford-Farmington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Orlando-Maitland	4.0	%	4.0	%	2025
Hampton Inn & Suites Houston-Medical Center	6.0	%	4.0	%	2035
Residence Inn Long Island Holtsville	5.5	%	2.5	%	2025
Residence Inn White Plains	5.5	%	2.5	%	2030
Residence Inn New Rochelle	5.5	%	2.5	%	2030
Residence Inn Garden Grove	5.0	%	2.5	%	2031
Homewood Suites by Hilton San Antonio River Walk	4.0	%	4.0	%	2026
Residence Inn Washington DC	5.5	%	2.5	%	2033
Residence Inn Tysons Corner	5.0	%	2.5	%	2031
Hampton Inn Portland Downtown	6.0	%	4.0	%	2032
Courtyard Houston	5.5	%	2.0	%	2030
Hyatt Place Pittsburgh North Shore	5.0	%	3.5	%	2030
Hampton Inn Exeter	6.0	%	4.0	%	2031
Hilton Garden Inn Denver Tech	5.5	%	4.3	%	2028
Residence Inn Bellevue	5.5	%	2.5	%	2033
Springhill Suites Savannah	5.0	%	2.5	%	2033
Residence Inn Silicon Valley I	5.5	%	2.5	%	2029
Residence Inn Silicon Valley II	5.5	%	2.5	%	2029
Residence Inn San Mateo	5.5	%	2.5	%	2029
Residence Inn Mountain View	5.5	%	2.5	%	2029
Hyatt Place Cherry Creek	5.0	%	3.5	%	2034
Courtyard Addison	5.5	%	2.0	%	2029
Courtyard West University Houston	5.5	%	2.0	%	2029
Residence Inn West University Houston	6.0	%	2.5	%	2024
Hilton Garden Inn Burlington	5.5	%	4.3	%	2029
Residence Inn San Diego Gaslamp	6.0	%	2.5	%	2035
Hilton Garden Inn Marina del Rey	5.5	%	4.3	%	2030
Residence Inn Dedham	6.0	%	2.5	%	2030
Residence Inn Il Lugano	6.0	%	2.5	%	2045
Hilton Garden Inn Portsmouth	5.5	%	4.0	%	2037
Courtyard Summerville	6.0	%	2.5	%	2037
Embassy Suites Springfield	5.5	%	4.0	%	2037
Residence Inn Summerville	6.0	%	2.5	%	2038
Courtyard Dallas	4.0% to 6.0%		2.0	%	2038
Residence Inn Austin Northwest/The Domain Area	5.5% to 6.0%		2.5	%	2036
TownePlace Suites Austin Northwest/The Domain Area	3.0% to 5.5%		2.0	%	2041

Franchise and marketing/program fees totaled approximately $16.6 million, $11.6 million and $25.9 million, respectively, for the years ended December 31, 2021, 2020 and 2019.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to March 18, 2021, Mr. Fisher owned 52.5% of IHM. During the year ended December 31, 2021, Mr. Fisher acquired the remaining 47.5% ownership interest and as of December 31, 2021, Mr. Fisher owns 100% of IHM. As of December 31, 2021, the Company had hotel management agreements with IHM to manage all 41 of its hotels. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the years ended December 31, 2021, 2020 and 2019 were $7.2 million, $5.3 million and $10.8 million, respectively. At December 31, 2021 and 2020, the amounts due to IHM were $0.3 million and $0.3 million, respectively. Incentive management fees paid to IHM by the Company for the years ended December 31, 2021, 2020 and 2019 were $0.0 million, $0.0 million and $0.1 million, respectively. Cost reimbursements from unconsolidated entities revenue represent reimbursements of costs incurred on behalf of the NewINK JV, the Inland JV and IHM. These costs relate primarily to corporate payroll costs at the NewINK JV and the Inland JV where the Company was the employer and office expenses shared with these entities and IHM. Various shared office expenses and rent are paid by the Company and allocated to IHM based on the amount of square footage occupied by each entity. As the Company records cost reimbursements based upon costs incurred with no added markup, the revenue and related expense has no impact on the Company’s operating income or net income. Cost reimbursements are recorded based upon the occurrence of a reimbursed activity.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2021

(in thousands)


			Initial Cost								Gross Amount at End of Year
Description	Year of Acquisition	Encumbrances	Land		Buildings & Improvements		Cost Cap. Sub. To Acq. Land		Cost Cap. Sub. To Acq. Bldg & Improvements		Land		Buildings & Improvements		Total		Bldg & Improvements		Accumulated Depreciation		Year of Original Construction	Depreciation Life

Homewood Suites Orlando - Maitland, FL	2010	—	$	1,800	$	7,200	$	34	$	5,212	$	1,834	$	12,412	$	14,246	$	12,412	$	4,736	2000	(1)
Homewood Suites Boston - Billerica, MA	2010	15,114	1,470		10,555		48		3,993		1,518		14,548		16,066		14,548		4,545		1999	(1)
Homewood Suites Minneapolis - Mall of America, Bloomington, MN	2010	—	3,500		13,960		19		4,277		3,519		18,237		21,756		18,237		6,109		1998	(1)
Homewood Suites Nashville - Brentwood, TN	2010	—	1,525		9,300		12		3,802		1,537		13,102		14,639		13,102		4,459		1998	(1)
Homewood Suites Dallas - Market Center, Dallas, TX	2010	—	2,500		7,583		30		4,518		2,530		12,101		14,631		12,101		3,959		1998	(1)
Homewood Suites Hartford - Farmington, CT	2010	—	1,325		9,375		92		3,662		1,417		13,037		14,454		13,037		4,060		1999	(1)
Hampton Inn & Suites Houston - Houston, TX	2010	17,058	3,200		12,709		60		3,147		3,260		15,856		19,116		15,856		4,473		1997	(1)
Residence Inn Holtsville - Holtsville, NY	2010	—	2,200		18,765		—		1,321		2,200		20,086		22,286		20,086		6,124		2004	(1)
Residence Inn White Plains - White Plains, NY	2010	—	2,200		17,677		—		9,585		2,200		27,262		29,462		27,262		8,834		1982	(1)
Residence Inn New Rochelle - New Rochelle, NY	2010	—	—		20,281		9		6,934		9		27,215		27,224		27,215		7,779		2000	(1)
Residence Inn Garden Grove - Garden Grove, CA	2011	30,839	7,109		35,484		57		5,518		7,166		41,002		48,168		41,002		10,869		2003	(1)
Homewood Suites San Antonio - San Antonio, TX	2011	14,808	5,999		24,764		6		5,602		6,005		30,366		36,371		30,366		8,957		1996	(1)
Residence Inn Washington DC - Washington, DC	2011	—	6,083		22,063		28		6,477		6,111		28,540		34,651		28,540		8,836		1974	(1)
Residence Inn Tyson's Corner - Vienna, VA	2011	20,243	5,752		28,917		—		2,752		5,752		31,669		37,421		31,669		8,215		2001	(1)
Hampton Inn Portland Downtown - Portland, ME	2012	—	4,315		22,664		—		369		4,315		23,033		27,348		23,033		5,235		2011	(1)
Courtyard Houston - Houston, TX	2013	16,673	5,600		27,350		—		2,947		5,600		30,297		35,897		30,297		6,935		2010	(1)
Hyatt Place Pittsburgh - Pittsburgh, PA	2013	20,515	3,000		35,576		5		1,506		3,005		37,082		40,087		37,082		8,037		2011	(1)
Hampton Inn & Suites Exeter - Exeter, NH	2013	—	1,900		12,350		4		189		1,904		12,539		14,443		12,539		2,675		2010	(1)
Hilton Garden Inn Denver Tech - Denver, CO	2013	—	4,100		23,100		5		675		4,105		23,775		27,880		23,775		5,153		1999	(1)
Residence Inn Bellevue - Bellevue, WA	2013	42,089	13,800		56,957		—		2,444		13,800		59,401		73,201		59,401		12,596		2008	(1)
SpringHill Suites Savannah - Savannah, GA	2013	28,873	2,400		36,050		1		1,703		2,401		37,753		40,154		37,753		8,056		2009	(1)
Residence Inn Silicon Valley I - Sunnyvale, CA	2014	62,374	42,652		45,846		—		6,016		42,652		51,862		94,514		51,862		24,462		1983	(1)
Residence Inn Silicon Valley II - Sunnyvale, CA	2014	68,054	46,474		50,380		—		7,428		46,474		57,808		104,282		57,808		26,790		1985	(1)
Residence Inn San Mateo - San Mateo, CA	2014	46,781	38,420		31,352		—		5448		38,420		36,800		75,220		36,800		16,780		1985	(1)
Residence Inn Mt. View - Mountain View, CA	2014	36,481	22,019		31,813		—		10,244		22,019		42,057		64,076		42,057		19,466		1985	(1)
Hyatt Place Cherry Creek - Cherry Creek, CO	2014	—	3,700		26,300		—		1,868		3,700		28,168		31,868		28,168		5,452		1987	(1)
Courtyard Addison - Dallas, TX	2014	—	2,413		21,554		—		2,645		2,413		24,199		26,612		24,199		4,791		2000	(1)

- continued -


			Initial Cost								Gross Amount at End of Year
Description	Year of Acquisition	Encumbrances	Land		Buildings & Improvements		Cost Cap. Sub. To Acq. Land		Cost Cap. Sub. To Acq. Bldg & Improvements		Land		Buildings & Improvements		Total		Bldg & Improvements		Accumulated Depreciation		Year of Original Construction	Depreciation Life

Courtyard West University - Houston, TX	2014	—	2,012		17,916		—		1451		2,012		19,367		21,379		19,367		3,542		2004	(1)
Residence Inn West University - Houston, TX	2014	—	3,640		25,631		—		1,688		3,640		27,319		30,959		27,319		5,270		2004	(1)
Hilton Garden Inn Burlington - Burlington, MA	2014	—	4,918		27,193		—		(3,850)		4,918		23,343		28,261		23,343		5,685		1975	(1)
Residence Inn Gaslamp - San Diego, CA	2015	—	—		89,040		10		2,134		10		91,174		91,184		91,174		15,987		2009	(1)
Hilton Garden Inn - Marina del Rey, CA	2015	20,024	—		43,210		—		917		—		44,127		44,127		44,127		7,078		2013	(1)
Residence Inn - Dedham, MA	2015	—	4,230		17,304		—		2,159		4,230		19,463		23,693		19,463		3,209		1998	(1)
Residence Inn - Ft. Lauderdale, FL	2015	—	9,200		24,048		14		1,987		9,214		26,035		35,249		26,035		4,241		2008	(1)
Warner Center - Woodland Hills, CA	2017	35,007	6,500		—		99		—		6,599		—		6,599		—		—
Hilton Garden Inn - Portsmouth, NH	2017	—	3,600		37,630		—		610		3,600		38,240		41,840		38,240		4,107		2006	(1)
Courtyard - Summerville, SC	2017	—	2,500		16,923		7		220		2,507		17,143		19,650		17,143		1772		2014	(1)
Embassy Suites - Springfield, VA	2017	—	7,700		58,807		—		416		7,700		59,223		66,923		59,223		6,029		2013	(1)
Residence Inn - Summerville, SC	2018	—	2,300		17,060		—		256		2,300		17,316		19,616		17,316		1,478		2018	(1)
Courtyard Dallas Downtown - Dallas, TX	2018	—	2,900		42,760		—		140		2,900		42,900		45,800		42,900		3,300		2018	(1)
Silicon Valley III - Sunnyvale, CA	2018	—	8,171		—		—		—		8,171		—		8,171		—		—
Residence Inn Austin Northwest/The Domain Area - Austin, TX	2021	—	2,400		33,346		—		84		2,400		33,430		35,830		33,430		346		2016	(1)
TownePlace Suites Austin Northwest/The Domain Area - Austin, TX	2021	—	2,300		29,347		—		59		2,300		29,406		31,706		29,406		304		2021	(1)

Grand Total(s)			$	297,827	$	1,140,140	$	540	$	118,553	$	298,367	$	1,258,693	$	1,557,060	$	1,258,693	$	300,731

(1) Depreciation is computed based upon the following estimated useful lives:

Years

Building

Land improvements

Building improvements

5-20

- continued -


Notes:

(a) The change in total cost of real estate assets for the year ended is as follows:
	2021		2020		2019		2018		2017		2016		2015
Balance at the beginning of the year	$	1,488,830	$	1,520,189	$	1,510,864	$	1,431,374	$	1,320,273	$	1,306,192	1,105,504
Acquisitions	67,393		—		8,171		65,020		133,660		—		187,032
Dispositions during the year	—		(52,770)		(17,889)		—		(33,053)		—		—
Capital expenditures and transfers from construction-in-progress	837		21,411		19,043		14,470		10,494		14,081		13,656
Investment in Real Estate	$	1,557,060	$	1,488,830	$	1,520,189	$	1,510,864	$	1,431,374	$	1,320,273	$	1,306,192


(b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows:
	2021		2020		2019		2018		2017		2016		2015
Balance at the beginning of the year	$	257,344	$	224,339	$	187,780	$	148,071	$	116,866	$	83,245	50,910
Depreciation and amortization	43,387		42,145		41,908		39,709		36,401		33,621		32,335
Dispositions during the year	—		(9,140)		(5,349)		—		(5,196)		—		—
Balance at the end of the year	$	300,731	$	257,344	$	224,339	$	187,780	$	148,071	$	116,866	$	83,245

(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,557,212 as of December 31, 2021.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation.

Use of Estimates

Fair Value of Financial Instruments

Investment in Hotel Properties

Investment in Unconsolidated Real Estate Entities

Cash and Cash Equivalents

Restricted Cash

Restricted Cash Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans.

Hotel Receivables

Hotel ReceivablesHotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses.

Deferred Costs


	December 31, 2021		December 31, 2020

Loan costs	$	5,174	$	4,455
Franchise fees	4,619		4,311
Other	19		75
	9,812		8,841
Less accumulated amortization	(5,185)		(3,457)
Deferred costs, net	$	4,627	$	5,384

Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements.

Mortgage Debt, net

Mortgage Debt, netMortgage debt, net consists of mortgage loans on certain hotel properties less the costs associated with acquiring those loans.

Prepaid Expenses And Other Assets

Prepaid Expenses and Other Assets

The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory.

Distributions and Losses in Excess of Investments in Unconsolidated Real Estate Entities

Distributions and Losses in Excess of Investments in Unconsolidated Real Estate EntitiesAt times, certain of the Company’s investments in unconsolidated entities' share of cumulative allocated losses and cash distributions received exceeded its cumulative allocated share of income and equity contributions. Although the Company typically did not make any guarantees of its investments in unconsolidated real estate entities other than certain customary non-recourse carve-out provisions, due to potential penalties along with potential upside from future financial returns, the Company generally intended to make any required capital contributions to maintain its ownership percentage and as such recorded its share of cumulative allocated losses and cash distributions below zero. As a result, the carrying value of certain investments in unconsolidated entities was negative. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Company’s consolidated balance sheets.

Revenue Recognition

Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided.

Share-Based Compensation

Earnings Per Share

Earnings Per Share A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends or distributions, on unvested share grants and LTIP units, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities.

Income Taxes

Leases

LeasesOn January 1, 2019, the Company adopted accounting guidance under Accounting Standards Codification (ASU) 2016-02 (“ASU 2016-02”), Leases, which relates to the accounting for leasing transactions. On February 25, 2016, the FASB issued updated accounting guidance which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new accounting guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase by the lessee. The classification of the lease will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases. The Company adopted the new accounting guidance on January 1, 2019 and applied it based on the optional transition method provided for, which allows entities to recognize a cumulative-effect adjustment to the balance sheet on the adoption date. Upon adoption, the Company applied the package of practical expedients made available under the new accounting guidance and also make an accounting policy election to not recognize right-of-use assets or lease liabilities for leases with terms of 12 months or less.

Segment Information

Segment InformationManagement evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers.

Recently Issued Accounting Standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Components of Deferred Costs

Deferred costs consisted of the following at December 31, 2021 and 2020 (in thousands):


	December 31, 2021		December 31, 2020

Loan costs	$	5,174	$	4,455
Franchise fees	4,619		4,311
Other	19		75
	9,812		8,841
Less accumulated amortization	(5,185)		(3,457)
Deferred costs, net	$	4,627	$	5,384

Schedule of Mortgage Loans

Mortgage debt consisted of the following at December 31, 2021 and 2020 (in thousands):


	December 31, 2021		December 31, 2020
Mortgage debt	$	439,926	$	461,116
Deferred financing costs	(644)		(971)
Mortgage debt, net	$	439,282	$	460,145

Investment in Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Investments [Abstract]

Investment in Hotel Properties

Investment in hotel properties, net as of December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
Land and improvements	$	291,768	$	287,049
Building and improvements	1,258,845		1,195,276
Furniture, fixtures and equipment	91,110		84,381
Renovations in progress	7,869		11,225
	1,649,592		1,577,931
Less: accumulated depreciation	(366,722)		(312,757)
Investment in hotel properties, net	$	1,282,870	$	1,265,174

Investment in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Components of Assets, Liabilities, and Equity Related to Joint Venture


Balance Sheet
	December 31, 2021		December 31, 2020		December 31, 2019
Assets
Investment in hotel properties, net	$	—	$	1,604,501	$	2,221,718
Other assets	—		79,136		104,560
Total Assets	$	—	$	1,683,637	$	2,326,278

Liabilities
Mortgages and notes payable, net	$	—	$	1,622,305	$	1,612,217
Other liabilities	—		80,423		34,948
Total Liabilities	—		1,702,728		1,647,165

Equity
Chatham Lodging Trust	—		(1,835)		69,008
Joint Venture Partner	—		(17,256)		610,105
Total Equity	—		(19,091)		679,113
Total Liabilities and Equity	$	—	$	1,683,637	$	2,326,278

Components of Net Loss, Including Share, Related to Joint Venture


	For the year ended
	December 31,
	2021		2020		2019
Revenue	$	24,690	$	246,694	$	496,485
Total hotel operating expenses	24,106		216,846		329,879
Impairment loss	—		578,217		41,132
Hotel operating income	$	584	$	29,848	$	166,606
Net loss from continuing operations	$	(13,109)	$	(701,880)	$	(76,869)
Loss on sale of hotels	$	—	$	(15)	$	(2,129)
Net loss	$	(13,109)	$	(701,895)	$	(78,998)

Loss allocable to the Company	$	(1,347)	$	(8,420)	$	(8,044)
Basis difference adjustment	$	116	$	996	$	1,596
Total loss from unconsolidated real estate entities attributable to the Company	$	(1,231)	$	(7,424)	$	(6,448)

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Components of Mortgage Debt

Debt consisted of the following (in thousands):


Loan/Collateral	Interest Rate		Maturity Date	12/31/21 Property Carrying Value		Balance Outstanding as of
						December 31, 2021		December 31, 2020
Revolving Credit Facility (1)	3.43	%	March 8, 2023	$	697,911	$	70,000	$	135,300
Construction loan (2)	7.75	%	August 4, 2024	67,554		35,007		13,325
Residence Inn by Marriott New Rochelle, NY	5.75	%	September 1, 2021	—		—		12,602
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	27,634		14,808		15,195
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	29,931		20,243		20,780
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	29,258		16,673		17,126
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	32,697		20,515		21,031
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	60,851		42,089		42,998
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	39,712		30,839		31,463
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	71,675		62,374		63,418
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	79,649		68,054		69,192
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	59,812		46,781		47,564
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	45,254		36,481		37,092
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	32,481		28,873		29,358
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	37,217		20,024		20,490
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	12,214		15,114		15,411
Hampton Inn & Suites Houston Medical Cntr., TX	4.25	%	January 6, 2025	15,100		17,058		17,396
Total debt before unamortized debt issue costs				$	1,338,950	$	544,933	$	609,741
Unamortized mortgage debt issue costs						(644)		(971)
Total debt outstanding						$	544,289	$	608,770

Future Scheduled Principal Payments of Debt Obligations

Future scheduled principal payments of debt obligations as of December 31, 2021, for each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2022	$	9,249
2023	187,919
2024	331,818
2025	15,947
2026	—
Thereafter	—
Total debt before unamortized debt issue costs	$	544,933
Unamortized mortgage debt issue costs	(644)
Total debt outstanding	$	544,289

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense for the following periods are as follows (in thousands):


	For the year ended
	December 31,
		2021		2020		2019
Current:
Federal		$	—	$	(29)	$	(29)
State		—		—		—
Current tax expense (benefit)		$	—	$	(29)	$	(29)

Deferred:
Federal		—		29		29
State		—		—		—
Deferred tax expense (benefit)		—		29		29
Total income tax expense (benefit)		$	—	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation


	For the year ended
	December 31,
	2021			2020			2019
Book loss before income taxes of the TRS	$	(24,391)		$	(4,838)		$	(8,167)

Statutory rate of 21% for 2018 and after	$	(5,122)		$	(1,016)		$	(1,715)
Effect of state and local income taxes, net of federal tax benefit	(1,049)			(253)			(347)


Permanent adjustments	8			4			8
Change in valuation allowance	5,977			1,445			2,100
Valuation allowance release	—			—			—
Other	186			(180)			(46)
Total income tax (benefit) expense	$	—		$	—		$	—

Effective tax rate	—		%	—		%	—		%

Schedule of Deferred Tax Assets and Liabilities

The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2021 and 2020 are as follows (in thousands):


	For the year ended
	December 31,
	2021		2020
Gross deferred tax assets:
Allowance for doubtful accounts	$	99	$	133
Accrued compensation	521		547
Net operating loss	12,427		6,541

Gross deferred tax assets	$	13,047	$	7,221
Less: Valuation Allowance	$	(13,047)	$	(7,070)
Total deferred tax assets net of valuation allowance	$	—	$	151
Gross deferred tax liabilities:
Total book/tax difference in partnership	$	—	$	(151)
Gross deferred tax liabilities:	$	—	$	(151)
Net, deferred tax assets:	$	—	$	—

Dividends Declared and Paid (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Dividends Declared and Paid

The dividends and distributions and their tax characterization were as follows:


	Record Date	Payment Date	Common share distribution amount		LTIP unit distribution amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
January	1/31/2020	2/28/2020	$	0.11	$	0.11	$	—	$	0.1100	$	—
February	2/28/2020	3/27/2020	0.11		0.11		—		0.1100		—


















Total 2020			$	0.22	$	0.22	$	—	$	0.2200	$	—

The preferred dividends and their tax characterization were as follows:


	Record Date	Payment Date	Dividend Per Preferred Share		Taxable Ordinary Income		Return of Capital		Section 199A Dividends


September	9/30/2021	10/15/2021	$	0.48307	$	0.48307	$	—	$	0.48307
December	12/31/2021	1/18/2022	$	0.41406	$	0.41406	$	—	$	0.41406

Total 2021			$	0.89713	$	0.89713	$	—	$	0.89713

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share

The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data):


	For the year ended
	December 31,
	2021		2020		2019
Numerator:
Net (loss) income attributable to common shareholders	$	(22,385)	$	(76,023)	$	18,703
Dividends paid on unvested shares and units	—		(50)		(297)

Net (loss) income attributable to common shareholders	$	(22,385)	$	(76,073)	$	18,406
Denominator:
Weighted average number of common shares - basic	48,349,027		46,961,039		46,788,784
Effect of dilutive securities:
Unvested shares	—		—		234,496
Weighted average number of common shares - diluted	48,349,027		46,961,039		47,023,280
Basic (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average basic common share	$	(0.46)	$	(1.62)	$	0.39
Diluted (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average diluted common share	$	(0.46)	$	(1.62)	$	0.39

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Restricted Share Awards

A summary of the Company’s restricted share awards for the years ended December 31, 2021, 2020 and 2019 is as follows:


	December 31, 2021			December 31, 2020			December 31, 2019
	Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	1,667	$	17.40	5,001	$	18.33	8,334	$	18.52
Granted	10,000	11.47		—	—		—	—
Vested	(1,667)	17.40		(3,334)	18.80		(3,333)	18.80

Unvested at end of the period	10,000	$	11.47	1,667	$	17.40	5,001	$	18.33

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

A summary of the Company's LTIP unit awards for the years ended years ended December 31, 2021, 2020 and 2019 is as follows:


	December 31, 2021			December 31, 2020			December 31, 2019
	Number of Units	Weighted - Average Grant Date Fair Value		Number of Units	Weighted - Average Grant Date Fair Value		Number of Units	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	669,609	$	15.73	598,320	$	18.30	476,398	$	17.73
Granted	330,945	14.55		325,507	13.42		221,853	18.73
Vested	(219,451)	16.39		(254,218)	18.82		(99,931)	16.55
Forfeited	(16,925)	17.02		—	—		—	—
Non-vested at end of period	764,178	$	15.00	669,609	$	15.73	598,320	$	18.30

Schedule of Share-based Payment Award, Performance-Based Long-Term Incentive Plan Payout Unit Awards

The 2021 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows:


	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	50th	100%
Maximum	75th	150%

Schedule of Share-based Payment Award, Valuation Assumptions

The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows:


	Grant Date	Number of Units Granted	Estimated Value per Unit	Volatility	Dividend Yield	Risk-Free Interest Rate
2016 Time-Based LTIP Unit Awards	1/28/2016	72,966	$16.69	28%	—%	0.79%
2016 Performance-Based LTIP Unit Awards	1/28/2016	39,285	$11.09	30%	5.8%	1.13%
2017 Time-Based LTIP Unit Awards	3/1/2017	89,574	$18.53	24%	—%	0.92%
2017 Performance-Based LTIP Unit Awards	3/1/2017	134,348	$19.65	25%	5.8%	1.47%
2018 Time-Based LTIP Unit Awards	3/1/2018	97,968	$16.83	26%	—%	2.07%
2018 Performance-Based LTIP Unit Awards	3/1/2018	146,949	$17.02	26%	6.2%	2.37%
2019 Time-Based LTIP Unit Awards	3/1/2019	88,746	$18.45	21%	—%	2.57%
2019 Performance-Based LTIP Unit Awards	3/1/2019	133,107	$18.91	21%	6.2%	2.55%
2020 Time-Based LTIP Unit Awards	3/1/2020	130,206	$13.05	20%	—%	1.06%
2020 Performance-Based LTIP Unit Awards	3/1/2020	195,301	$13.66	20%	8.1%	0.90%
2021 Time-Based LTIP Unit Awards	3/1/2021	132,381	$12.52	78%	—%	0.08%
2021 Performance-Based LTIP Unit Awards	3/1/2021	198,564	$15.91	64%	3.4%	0.30%

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Operating Lease Maturity


Total Future Lease Payments
	Amount
2022	$	2,072
2023	2,093
2024	2,115
2025	2,186
2026	1,894
Thereafter	64,825
Total lease payments	$	75,185
Less: Imputed interest	(52,489)
Present value of lease liabilities	$	22,696

Schedule of Lessee Operating Lease Liability Maturity, Ground, Air Rights, Garage and Office Leases


Total Future Lease Payments
	Amount
2021	$	2,051
2022	2,071
2023	2,093
2024	2,115
2025	2,186
Thereafter	66,720
Total lease payments	$	77,236
Less: Imputed interest	(54,003)
Present value of lease liabilities	$	23,233

Schedule of Right of Use Asset and Liability

The following tables include information regarding the right of use assets and lease liabilities of the Company as of December 31, 2021:


	Right of Use Asset		Lease Liability
Balance as of January 1, 2021	$	20,641	$	23,233
Amortization	(656)		(537)

Balance as of December 31, 2021	$	19,985	$	22,696

Schedule of Lease Cost


Lease Term and Discount Rate			December 31, 2021

Weighted-average remaining lease term (years)			40.55
Weighted-average discount rate			6.60%

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Management Agreement Terms

As of December 31, 2021, terms of the Company's management agreements are (dollars are not in thousands):


Property	Management Company	Base Management Fee		Monthly Accounting Fee	Monthly Revenue Management Fee	Incentive Management Fee Cap
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Minneapolis-Mall of America	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Nashville-Brentwood	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Dallas-Market Center	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Hartford-Farmington	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Orlando-Maitland	IHM	3.0	%	$1,200	$1,000	1.0	%
Hampton Inn & Suites Houston-Medical Center	IHM	3.0	%	$1,000	$1,000	1.0	%
Residence Inn Long Island Holtsville	IHM	3.0	%	$1,000	$1,000	1.0	%
Residence Inn White Plains	IHM	3.0	%	$1,000	$750	1.0	%
Residence Inn New Rochelle	IHM	3.0	%	$1,000	$750	1.0	%
Residence Inn Garden Grove	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton San Antonio River Walk	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Washington DC	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Tysons Corner	IHM	3.0	%	$1,200	$1,000	1.0	%
Hampton Inn Portland Downtown	IHM	3.0	%	$1,000	$550	1.0	%
Courtyard Houston	IHM	3.0	%	$1,000	$550	1.0	%
Hyatt Place Pittsburgh North Shore	IHM	3.0	%	$1,500	$1,000	1.0	%
Hampton Inn Exeter	IHM	3.0	%	$1,200	$1,000	1.0	%
Hilton Garden Inn Denver Tech	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Bellevue	IHM	3.0	%	$1,200	$1,000	1.0	%
Springhill Suites Savannah	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Silicon Valley I	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Silicon Valley II	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn San Mateo	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Mountain View	IHM	3.0	%	$1,200	$1,000	1.0	%
Hyatt Place Cherry Creek	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Addison	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard West University Houston	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn West University Houston	IHM	3.0	%	$1,200	$1,000	1.0	%
Hilton Garden Inn Burlington	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn San Diego Gaslamp	IHM	3.0	%	$1,500	$1,000	1.0	%
Hilton Garden Inn Marina del Rey	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Dedham	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Il Lugano	IHM	3.0	%	$1,500	$1,000	1.0	%
Hilton Garden Inn Portsmouth	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Summerville	IHM	3.0	%	$1,500	$1,000	1.0	%
Embassy Suites Springfield	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Summerville	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Dallas	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Austin Northwest/The Domain Area	IHM	3.0	%	$1,500	$1,000	1.0	%
TownePlace Suites Austin Northwest/The Domain Area	IHM	3.0	%	$1,500	$1,000	1.0	%

Schedule of Franchise Agreement Terms

Terms of the Company's franchise agreements are as of December 31, 2021:


Property	Franchise/Royalty Fee		Marketing/Program Fee		Expiration
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Minneapolis-Mall of America	4.0	%	4.0	%	2025
Homewood Suites by Hilton Nashville-Brentwood	4.0	%	4.0	%	2025
Homewood Suites by Hilton Dallas-Market Center	4.0	%	4.0	%	2025
Homewood Suites by Hilton Hartford-Farmington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Orlando-Maitland	4.0	%	4.0	%	2025
Hampton Inn & Suites Houston-Medical Center	6.0	%	4.0	%	2035
Residence Inn Long Island Holtsville	5.5	%	2.5	%	2025
Residence Inn White Plains	5.5	%	2.5	%	2030
Residence Inn New Rochelle	5.5	%	2.5	%	2030
Residence Inn Garden Grove	5.0	%	2.5	%	2031
Homewood Suites by Hilton San Antonio River Walk	4.0	%	4.0	%	2026
Residence Inn Washington DC	5.5	%	2.5	%	2033
Residence Inn Tysons Corner	5.0	%	2.5	%	2031
Hampton Inn Portland Downtown	6.0	%	4.0	%	2032
Courtyard Houston	5.5	%	2.0	%	2030
Hyatt Place Pittsburgh North Shore	5.0	%	3.5	%	2030
Hampton Inn Exeter	6.0	%	4.0	%	2031
Hilton Garden Inn Denver Tech	5.5	%	4.3	%	2028
Residence Inn Bellevue	5.5	%	2.5	%	2033
Springhill Suites Savannah	5.0	%	2.5	%	2033
Residence Inn Silicon Valley I	5.5	%	2.5	%	2029
Residence Inn Silicon Valley II	5.5	%	2.5	%	2029
Residence Inn San Mateo	5.5	%	2.5	%	2029
Residence Inn Mountain View	5.5	%	2.5	%	2029
Hyatt Place Cherry Creek	5.0	%	3.5	%	2034
Courtyard Addison	5.5	%	2.0	%	2029
Courtyard West University Houston	5.5	%	2.0	%	2029
Residence Inn West University Houston	6.0	%	2.5	%	2024
Hilton Garden Inn Burlington	5.5	%	4.3	%	2029
Residence Inn San Diego Gaslamp	6.0	%	2.5	%	2035
Hilton Garden Inn Marina del Rey	5.5	%	4.3	%	2030
Residence Inn Dedham	6.0	%	2.5	%	2030
Residence Inn Il Lugano	6.0	%	2.5	%	2045
Hilton Garden Inn Portsmouth	5.5	%	4.0	%	2037
Courtyard Summerville	6.0	%	2.5	%	2037
Embassy Suites Springfield	5.5	%	4.0	%	2037
Residence Inn Summerville	6.0	%	2.5	%	2038
Courtyard Dallas	4.0% to 6.0%		2.0	%	2038
Residence Inn Austin Northwest/The Domain Area	5.5% to 6.0%		2.5	%	2036
TownePlace Suites Austin Northwest/The Domain Area	3.0% to 5.5%		2.0	%	2041

Organization - Additional Information (Details) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($)	Dec. 31, 2021 hotel Room state	Mar. 17, 2021	Nov. 07, 2019 hotel	Nov. 17, 2014	Jun. 09, 2014
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company \| hotel		41
Aggregate number of rooms in hotels \| Room		6,169
Number of states in which hotels are owned \| state		16
Initial term of each TRS lease		5 years
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage in related party owned by the company's chairman		100.00%
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company \| hotel		48
Aggregate number of rooms in hotels \| Room		6,402
Indirect ownership in the leased, hotels					10.00%
NewINK Joint Venture
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company \| hotel				46
Indirect ownership in the leased, hotels						10.30%
Innkeepers Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels \| Room		5,948
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage in related party owned by the company's chairman			52.50%
Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Percentage of common units of limited partnership owned (as a percentage)		100.00%
Colony Capital, Inc. \| Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Proceeds from sale of interest in affiliate \| $	$ 2.8

Summary of Significant Accounting Policies - Investment in Hotel Properties (Details)	12 Months Ended
	Dec. 31, 2021 hotel	Dec. 31, 2020 USD ($) hotel	Dec. 31, 2019 USD ($)
Property, Plant and Equipment [Line Items]
Goodwill impairment loss \| $		$ 0	$ 0
Number of hotel properties held for sale \| hotel	0	0
Building
Property, Plant and Equipment [Line Items]
Useful life	40 years
Land Improvements
Property, Plant and Equipment [Line Items]
Useful life	20 years
Building Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Building Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Furniture, fixtures, and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Furniture, fixtures, and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years

Summary of Significant Accounting Policies - Investment in Unconsolidated Real Estate Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Impairment loss on investment in unconsolidated real estate entities	$ 0	$ 15,282	$ 0
Inland Joint Venture
Related Party Transaction [Line Items]
Impairment loss on investment in unconsolidated real estate entities		$ 15,300

Summary of Significant Accounting Policies - Restricted Cash and Hotel Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 10,681	$ 10,329
Hotel receivables, allowance for doubtful accounts	382	248
Renovation, Property Tax And Insurance Escrows
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 10,700	$ 10,300

Summary of Significant Accounting Policies - Deferred Costs and Mortgage Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Deferred Costs [Line Items]
Loan costs	$ 5,174	$ 4,455
Franchise fees	4,619	4,311
Other	19	75
Deferred costs, gross	9,812	8,841
Less accumulated amortization	(5,185)	(3,457)
Deferred costs, net	4,627	5,384
Amortization of deferred franchise fees	248	244	$ 247
Amortization of deferred financing fees included in interest expense	1,825	1,275	912
Franchise
Schedule of Deferred Costs [Line Items]
Amortization of deferred franchise fees	200	200	200
Loans
Schedule of Deferred Costs [Line Items]
Amortization of deferred financing fees included in interest expense	1,500	900	500
Mortgages
Schedule of Deferred Costs [Line Items]
Amortization of deferred financing fees included in interest expense	$ 300	$ 400	$ 400

Summary of Significant Accounting Policies - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Mortgage debt	$ 439,926	$ 461,116
Deferred financing costs	(644)	(971)
Mortgage debt, net	$ 439,282	$ 460,145

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2019
Income Tax Holiday [Line Items]
Percentage of REIT taxable income distributed to its shareholders (at least)	90.00%
Tax holiday period for REIT taxable income	4 years
Lease liability, net	$ 22,696	$ 23,233
Right of use asset, net	$ 19,985	$ 20,641
Accounting Standards Update 2016-02
Income Tax Holiday [Line Items]
Lease liability, net			$ 25,700
Right of use asset, net			$ 23,100
Class A Performance LTIP Units
Income Tax Holiday [Line Items]
Distribution entitlement (in percentage)	10.00%

Acquisition of Hotel Properties - Additional Information (Details) - USD ($) $ in Millions			12 Months Ended
	Aug. 03, 2021	Jul. 02, 2019	Dec. 31, 2021
Business Acquisition [Line Items]
Property acquisition costs capitalized			$ 0.1
Residence Inn Austin Northwest/The Domain Area ("RI Austin")
Business Acquisition [Line Items]
Consideration transferred	$ 37.0
TownePlace Suites Austin Northwest/The Domain Area ("TPS Austin")
Business Acquisition [Line Items]
Consideration transferred	$ 34.3
Silicon Valley, California
Business Acquisition [Line Items]
Consideration transferred		$ 8.1

Disposition of Hotel Properties - Additional Information (Details) - USD ($) $ in Thousands				12 Months Ended
	Nov. 24, 2020	May 15, 2019	May 07, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) gain on sale of hotel property				$ (21)	$ 21,116	$ (3,282)
Residence Inn Mission Valley \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition of property	$ 67,000
(Loss) gain on sale of hotel property	21,100
Mortgage loan secured by hotel	$ 26,700
Courtyard Altoona \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition of property			$ 4,600
(Loss) gain on sale of hotel property			$ (4,400)
Springhill Suites By Marriott \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition of property		$ 5,100
(Loss) gain on sale of hotel property		$ 1,100

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Land and improvements	$ 291,768	$ 287,049
Building and improvements	1,258,845	1,195,276
Furniture, fixtures and equipment	91,110	84,381
Renovations in progress	7,869	11,225
Investment in hotel properties, at cost	1,649,592	1,577,931
Less: accumulated depreciation	(366,722)	(312,757)
Investment in hotel properties, net	1,282,870	$ 1,265,174
Net book value of hotel property	28,300
Impairment loss	5,600
Estimated total development costs	70,000
California
Schedule of Investments [Line Items]
Costs of development incurred to date	67,600
California \| Land
Schedule of Investments [Line Items]
Costs of development incurred to date	6,600
California \| Other Development Costs
Schedule of Investments [Line Items]
Costs of development incurred to date	$ 61,000

Investment in Unconsolidated Entities - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 17, 2014	Jun. 09, 2014
Schedule of Equity Method Investments [Line Items]
Impairment loss on investment in unconsolidated real estate entities		$ 0	$ 15,282,000	$ 0
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels						10.30%
Percentage ownership by third party (in percentage)						89.70%
Gains on sale of investment in unconsolidated real estate entities		23,800,000
Investment in joint venture		0
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels					10.00%
Percentage ownership by third party (in percentage)					90.00%
Impairment loss on investment in unconsolidated real estate entities			$ 15,300,000
Investment in joint venture		$ 0
Inland Joint Venture \| Colony Capital, Inc.
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of interest in affiliate	$ 2,800,000

Investment in Unconsolidated Entities - Components of Assets, Liabilities, and Equity Related to Joint Venture (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Investment in hotel properties, net	$ 1,282,870	$ 1,265,174
Total assets	1,410,699	1,370,257
Liabilities
Total liabilities	596,506	677,797
Equity
Chatham Lodging Trust	797,502	677,752
Total equity	814,193	692,460	$ 775,024	$ 807,418
Total liabilities and equity	1,410,699	1,370,257
Total Minority Interest Joint Ventures \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Investment in hotel properties, net	0	1,604,501	2,221,718
Other assets	0	79,136	104,560
Total assets	0	1,683,637	2,326,278
Liabilities
Mortgages and notes payable, net	0	1,622,305	1,612,217
Other liabilities	0	80,423	34,948
Total liabilities	0	1,702,728	1,647,165
Equity
Chatham Lodging Trust	0	(1,835)	69,008
Joint Venture Partner	0	(17,256)	610,105
Total equity	0	(19,091)	679,113
Total liabilities and equity	$ 0	$ 1,683,637	$ 2,326,278

Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Revenue	$ 203,975	$ 144,916	$ 328,328
Impairment loss	5,640	0	0
Operating (loss) income	(17,214)	(41,653)	53,385
Net (loss) income attributable to Chatham Lodging Trust	(18,410)	(76,023)	18,703
Total loss from unconsolidated real estate entities attributable to the Company	23,817	0	0
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue	24,690	246,694	496,485
Total hotel operating expenses	24,106	216,846	329,879
Impairment loss	0	578,217	41,132
Operating (loss) income	584	29,848	166,606
Net loss from continuing operations	(13,109)	(701,880)	(76,869)
Loss on sale of hotels	0	(15)	(2,129)
Net (loss) income attributable to Chatham Lodging Trust	(13,109)	(701,895)	(78,998)
Loss allocable to the Company	(1,347)	(8,420)	(8,044)
Basis difference adjustment	116	996	1,596
Total loss from unconsolidated real estate entities attributable to the Company	$ (1,231)	$ (7,424)	$ (6,448)

Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Participating Mortgage Loans [Line Items]
Carrying Value	$ 1,338,950
Balance Outstanding	544,933	$ 609,741
Unamortized mortgage debt issue costs	(644)	(971)
Total debt outstanding	$ 544,289	608,770
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate	3.43%
Carrying Value	$ 697,911
Balance Outstanding	$ 70,000	135,300
Construction Loan
Participating Mortgage Loans [Line Items]
Interest Rate	7.75%
Carrying Value	$ 67,554
Balance Outstanding	$ 35,007	13,325
Residence Inn by Marriott New Rochelle, NY
Participating Mortgage Loans [Line Items]
Interest Rate	5.75%
Carrying Value	$ 0
Balance Outstanding	$ 0	12,602
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.59%
Carrying Value	$ 27,634
Balance Outstanding	$ 14,808	15,195
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate	4.49%
Carrying Value	$ 29,931
Balance Outstanding	$ 20,243	20,780
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.19%
Carrying Value	$ 29,258
Balance Outstanding	$ 16,673	17,126
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate	4.65%
Carrying Value	$ 32,697
Balance Outstanding	$ 20,515	21,031
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate	4.97%
Carrying Value	$ 60,851
Balance Outstanding	$ 42,089	42,998
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.79%
Carrying Value	$ 39,712
Balance Outstanding	$ 30,839	31,463
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 71,675
Balance Outstanding	$ 62,374	63,418
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 79,649
Balance Outstanding	$ 68,054	69,192
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 59,812
Balance Outstanding	$ 46,781	47,564
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 45,254
Balance Outstanding	$ 36,481	37,092
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate	4.62%
Carrying Value	$ 32,481
Balance Outstanding	$ 28,873	29,358
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.68%
Carrying Value	$ 37,217
Balance Outstanding	$ 20,024	20,490
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Carrying Value	$ 12,214
Balance Outstanding	$ 15,114	15,411
Hampton Inn & Suites Houston Medical Cntr., TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.25%
Carrying Value	$ 15,100
Balance Outstanding	$ 17,058	$ 17,396

Debt - Components of Mortgage Debt (Footnotes) (Details)	Oct. 26, 2021 USD ($) hotel	Aug. 04, 2020 USD ($) hotel	May 06, 2020	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Participating Mortgage Loans [Line Items]
Outstanding borrowing under the revolving credit facility				$ 70,000,000	$ 135,300,000
Construction Debt \| Warner Center
Participating Mortgage Loans [Line Items]
Number of extension options \| hotel		2
Period of extension options		6 months
Debt instrument, face amount		$ 40,000,000
Debt instrument, term		4 years
LIBOR \| Construction Debt \| Warner Center
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate		7.50%
Base Rate \| Construction Debt \| Warner Center
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate		0.25%
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Floor interest rate	0.50%
Borrowing capacity (up to)	$ 200,000,000
Outstanding borrowing under the revolving credit facility				$ 70,000,000	$ 135,300,000
Senior Unsecured Revolving Credit Facility \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Borrowing capacity (up to)	$ 250,000,000
Senior Unsecured Revolving Credit Facility \| LIBOR \| Minimum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Senior Unsecured Revolving Credit Facility \| LIBOR \| Maximum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate	3.00%		3.00%
Senior Unsecured Revolving Credit Facility With Extension Options
Participating Mortgage Loans [Line Items]
Borrowing capacity (up to)	$ 227,500,000
Number of extension options \| hotel	2
Period of extension options			6 months

Debt - Additional Information (Details)			12 Months Ended
Debt - Additional Information (Details)	Oct. 26, 2021 USD ($) hotel	May 06, 2020	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Outstanding borrowing under the revolving credit facility			$ 70,000,000	$ 135,300,000
Interest Rate Cap
Debt Instrument [Line Items]
Fair value of derivative			$ 61,000
LIBOR \| Interest Rate Cap
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			3.50%
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt			$ 443,400,000	462,600,000
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowing under the revolving credit facility			70,000,000	135,300,000
Maximum borrowing availability under revolving credit facility	$ 200,000,000
Estimated fair value of debt			$ 105,000,000	$ 148,600,000
Floor interest rate	0.50%
Senior Secured Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing availability under revolving credit facility	$ 250,000,000
Senior Secured Revolving Credit Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Senior Secured Revolving Credit Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.00%	3.00%
Senior Unsecured Revolving Credit Facility With Extension Options
Debt Instrument [Line Items]
Maximum borrowing availability under revolving credit facility	$ 227,500,000
Number of extension options \| hotel	2
Period of extension options		6 months
Number of hotels acquired \| hotel	3

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 9,249
2023	187,919
2024	331,818
2025	15,947
2026	0
Thereafter	0
Total debt before unamortized debt issue costs	544,933	$ 609,741
Unamortized mortgage debt issue costs	(644)	(971)
Total debt outstanding	$ 544,289	$ 608,770

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 0	$ (29)	$ (29)
State	0	0	0
Current tax expense (benefit)	0	(29)	(29)
Deferred:
Federal	0	29	29
State	0	0	0
Deferred tax expense (benefit)	0	29	29
Total income tax expense (benefit)	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Detail) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Book loss before income taxes of the TRS	$ (24,391)	$ (4,838)	$ (8,167)
Statutory rate applied to pre-tax income	(5,122)	(1,016)	(1,715)
Effect of state and local income taxes, net of federal tax benefit	(1,049)	(253)	(347)
Permanent adjustments	8	4	8
Change in valuation allowance	5,977	1,445	2,100
Valuation allowance release	0	0	0
Other	186	(180)	(46)
Total income tax expense (benefit)	$ 0	$ 0	$ 0
Effective tax rate	0.00%	0.00%	0.00%

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Valuation allowance	$ 13,047	$ 7,070
NOL carryforwards, federal	48,000
NOL carryforwards, state and local	$ 48,000

Income Taxes - Tax Effect of Each Type of Temporary Difference and Carry Forward that Gives Rise to Deferred Tax Asset (Detail) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Gross deferred tax assets:
Allowance for doubtful accounts	$ 99	$ 133
Accrued compensation	521	547
Net operating loss	12,427	6,541
Gross deferred tax assets	13,047	7,221
Less: Valuation Allowance	$ (13,047)	(7,070)
Total deferred tax assets net of valuation allowance		151
Gross deferred tax liabilities:
Total book/tax difference in partnership		(151)
Gross deferred tax liabilities:		$ (151)

Dividends Declared and Paid - Additional Information (Details) - $ / shares		1 Months Ended		12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Total common share dividends declared (in dollars per shares)					$ 0.22
Regular Long-term incentive plan (LTIP) units, distributions per unit (in dollars per share)					$ 0.22
Percentage of distribution considered capital gain				100.00%
Percentage of distribution considered taxable income					100.00%
Series A Preferred Shares
Class of Stock [Line Items]
Preferred shares, dividend rate, percentage	6.625%			6.625%
Preferred Shares
Class of Stock [Line Items]
Ordinary Income (in dollars per share)		$ 0.41406	$ 0.48307	$ 0.89713

Dividends Declared and Paid - Dividend Information (Details) - $ / shares	1 Months Ended				12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Feb. 28, 2020	Jan. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common Share Distribution Amount (in dollars per share)			$ 0.11	$ 0.11		$ 0.22
Preferred Share Distribution Amount (in dollars per share)	$ 0.41406	$ 0.48307			$ 0.89713
Common Shares
Class of Stock [Line Items]
LTIP Unit Distribution Amount (in dollars per share)			0.11	0.11		0.22
Ordinary Income (in dollars per share)			0	0		0
Return of Capital (in dollars per share)			0.1100	0.1100		0.2200
Section 199A Dividends (in dollars per share)			$ 0	$ 0		$ 0
Preferred Shares
Class of Stock [Line Items]
Ordinary Income (in dollars per share)	0.41406	0.48307			0.89713
Return of Capital (in dollars per share)	0	0			0
Section 199A Dividends (in dollars per share)	$ 0.41406	$ 0.48307			$ 0.89713

Shareholders' Equity (Details)			12 Months Ended
Shareholders' Equity (Details)	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 28, 2017 USD ($)	Dec. 31, 2021 USD ($) vote $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)
Stockholders Equity Note Disclosure [Line Items]
Common shares, shares authorized (up to) (in shares) \| shares			500,000,000	500,000,000
Common shares, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Number of votes per common share \| vote			1
Common shares, shares outstanding (in shares) \| shares			48,768,890	46,973,473
Proceeds from issuance of common shares			$ 24,612,000	$ 182,000	$ 7,298,000
Preferred shares, shares authorized (up to) (in shares) \| shares			100,000,000	100,000,000
Preferred shares, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Preferred shares, shares issued (in shares) \| shares	4,800,000		4,800,000	0
Preferred shares, shares outstanding (in shares) \| shares	4,800,000		4,800,000	0
Proceeds from issuance of preferred shares			$ 120,000,000	$ 0	0
Preferred dividends			$ 3,975,000	$ 0	$ 0
Stock redemption, exchange ratio			1
Vested operating partnership common units held by unaffiliated third parties (in shares) \| shares			976,102
DRSP Plan
Stockholders Equity Note Disclosure [Line Items]
Stock purchase plan, authorized amount		$ 50,000,000
Remaining authorized repurchase amount			$ 47,900,000
New DRSPP
Stockholders Equity Note Disclosure [Line Items]
Additional common shares issued (in shares) \| shares			149,686
Weighted average price per share (in dollars per share) \| $ / shares			$ 13.77
Proceeds from issuance of common shares			$ 2,100,000
ATM Plan
Stockholders Equity Note Disclosure [Line Items]
Common shares, shares outstanding (in shares) \| shares			1,595,528
Stock purchase plan, authorized amount		$ 100,000,000
Weighted average price per share (in dollars per share) \| $ / shares			$ 14.13
Proceeds from issuance of common shares			$ 22,500,000
Remaining authorized repurchase amount			$ 77,500,000
Series A Preferred Shares
Stockholders Equity Note Disclosure [Line Items]
Preferred shares, dividend rate, percentage	6.625%		6.625%
Proceeds from issuance of preferred shares	$ 115,900,000
Liquidation preference per share (in dollars per share) \| $ / shares	$ 25
Liquidation preference per share, per annum (in dollars per share) \| $ / shares	$ 1.65625
Change of control, redemption option, period following change of control	120 days
Share cap (in shares) \| shares	3.701

Earnings Per Share - Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net (loss) income attributable to common shareholders	$ (22,385)	$ (76,023)	$ 18,703
Dividends paid on unvested shares and units	0	(50)	(297)
Net (loss) income attributable to common shareholders	$ (22,385)	$ (76,073)	$ 18,406
Denominator:
Weighted average number of common shares - basic (in shares)	48,349,027	46,961,039	46,788,784
Effect of dilutive securities:
Unvested shares (in shares)			234,496
Weighted average number of common shares - diluted (In shares)	48,349,027	46,961,039	47,023,280
Basic (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average basic common share (in dollars per share)	$ (0.46)	$ (1.62)	$ 0.39
Diluted (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ (0.46)	$ (1.62)	$ 0.39

Equity Incentive Plan - Additional Information (Details)				1 Months Ended			12 Months Ended
	Jan. 18, 2022 shares	Mar. 01, 2021 $ / shares shares	May 17, 2013 shares	Jan. 31, 2021 shares	Jan. 31, 2020 shares	Jan. 31, 2019 shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares
Independent Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trustee fees \| $							$ 100,000	$ 100,000	$ 100,000
Common shares issued as compensation for services performed (in shares)				40,203	24,516	27,870
Independent Trustees \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares issued as compensation for services performed (in shares)	34,672
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage)							58.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage)							100.00%
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			3,000,000
Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity			3 years
Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity			5 years
2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for issuance (in shares)							579,825
Number of trading days preceding the reporting date for which average of closing price of common shares is taken							10 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs \| $							$ 99,700	28,500
Weighted - average period for recognition of unrecognized compensation costs							2 years 7 months 6 days
Compensation expense recognized \| $							$ 43,500	$ 30,000	$ 62,700
Shares granted (in shares)							10,000	0	0
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted - average period for recognition of unrecognized compensation costs							1 year 9 months 18 days
Compensation expense recognized \| $							$ 4,300,000	$ 4,400,000	$ 4,200,000
Exchange ratio							1
Shares granted (in shares)							330,945	325,507	221,853
Total unrecognized compensation cost related to LTIP Units \| $							$ 5,400,000	$ 4,900,000
2021 Time-Based LTIP Unit Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		132,381
2021 Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		198,564
Grants in period, intrinsic value, amount (in dollars per share) \| $ / shares		$ 15.91
2021 Performance-Based LTIP Unit Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target value to be paid out							50.00%
2021 Performance-Based LTIP Unit Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target value to be paid out							150.00%

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Number of Shares, Nonvested at beginning of the period (in shares)	1,667	5,001	8,334
Number of Shares, Granted (in shares)	10,000	0	0
Number of Shares, Vested (in shares)	(1,667)	(3,334)	(3,333)
Number of Shares, Nonvested at end of the period (in shares)	10,000	1,667	5,001
Weighted - Average Grant Date Fair Value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 17.40	$ 18.33	$ 18.52
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	11.47	0	0
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	17.40	18.80	18.80
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 11.47	$ 17.40	$ 18.33

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Nonvested at beginning of the period (in shares)	669,609	598,320	476,398
Number of Shares, Granted (in shares)	330,945	325,507	221,853
Number of Shares, Vested (in shares)	(219,451)	(254,218)	(99,931)
Number of shares forfeited (in shares)	(16,925)	0	0
Number of Shares, Nonvested at end of the period (in shares)	764,178	669,609	598,320
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 15.73	$ 18.30	$ 17.73
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	14.55	13.42	18.73
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	16.39	18.82	16.55
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)	17.02	0	0
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 15.00	$ 15.73	$ 18.30

Equity Incentive Plan - Schedule of Payout Awards (Details)	Mar. 01, 2021
Relative TSR Hurdles (Percentile)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold	25.00%
Target	50.00%
Maximum	75.00%
Payout Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold	50.00%
Target	100.00%
Maximum	150.00%

Equity Incentive Plan - Valuation Assumptions (Details) - $ / shares						1 Months Ended
	Mar. 01, 2021	Mar. 01, 2019	Mar. 01, 2018	Mar. 01, 2017	Jan. 28, 2016	Mar. 31, 2020
Long Term Incentive Plan Units, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted (in shares)	132,381	88,746	97,968	89,574	72,966	130,206
Estimated value per unit (in dollars per share)	$ 12.52	$ 18.45	$ 16.83	$ 18.53	$ 16.69	$ 13.05
Volatility	78.00%	21.00%	26.00%	24.00%	28.00%	20.00%
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Risk-Free Interest Rate	0.08%	2.57%	2.07%	0.92%	0.79%	1.06%
Long Term Incentive Plan Units, Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted (in shares)	198,564	133,107	146,949	134,348	39,285	195,301
Estimated value per unit (in dollars per share)	$ 15.91	$ 18.91	$ 17.02	$ 19.65	$ 11.09	$ 13.66
Volatility	64.00%	21.00%	26.00%	25.00%	30.00%	20.00%
Dividend Yield	3.40%	6.20%	6.20%	5.80%	5.80%	8.10%
Risk-Free Interest Rate	0.30%	2.55%	2.37%	1.47%	1.13%	0.90%

Leases - Narrative (Details)	1 Months Ended	12 Months Ended
Leases - Narrative (Details)	Sep. 30, 2015 term	Dec. 31, 2021 USD ($) term parkingSpace
Other Leases \| Residence Inn San Diego Gaslamp
Lessee, Lease, Description [Line Items]
Maximum additional terms up to which ground lease can be extended (up to) \| term		3
Periods in each additional renewal term		10 years
Operating leases, monthly payment		$ 44,400
Operating lease, periodic increase, (in percentage)		10.00%
Operating lease, periodic increase, term		5 years
Annual supplemental rent, percentage of gross revenues		5.00%
Annual supplemental rent subtraction, base rent multiplier		12
Other Leases \| Hilton Garden Inn Marina del Rey
Lessee, Lease, Description [Line Items]
Operating leases, monthly payment		$ 47,500
Other Leases \| Hilton Garden Inn Marina del Rey \| Minimum
Lessee, Lease, Description [Line Items]
Annual supplemental rent, percentage of gross revenues		5.00%
Other Leases \| Hilton Garden Inn Marina del Rey \| Maximum
Lessee, Lease, Description [Line Items]
Annual supplemental rent, percentage of gross revenues		25.00%
Air Rights Lease And Garage Lease
Lessee, Lease, Description [Line Items]
Number of parking spaces occupied by hotel \| parkingSpace		128
Aggregate rent under operating leases		$ 30,000
Office Lease
Lessee, Lease, Description [Line Items]
Maximum additional terms up to which ground lease can be extended (up to) \| term	2
Periods in each additional renewal term	5 years
Term of contract	11 years
Abatement term of contract	12 months
Fixed lease payments		800,000
Hotel Ground Lease
Lessee, Lease, Description [Line Items]
Fixed lease payments		1,200,000
Variable lease payments		$ 0

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 2,072
2023	2,093
2024	2,115
2025	2,186
2026	1,894
Thereafter	64,825
Total lease payments	75,185
Less: Imputed interest	(52,489)
Present value of lease liabilities	$ 22,696	$ 23,233

Leases - Schedule of Lessee Operating Lease Liability Maturity, Ground, Air Rights, Garage and Office Leases (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 2,051
2022	2,071
2023	2,093
2024	2,115
2025	2,186
Thereafter	66,720
Total lease payments	77,236
Less: Imputed interest	(54,003)
Present value of lease liabilities	$ 23,233

Leases - Schedule of Right of Use Asset and Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Right of Use Asset
Beginning balance	$ 20,641
Amortization	(656)	$ (629)	$ (613)
Ending balance	19,985	20,641
Lease Liability
Beginning balance	23,233
Disposal	(537)	(484)	$ (391)
Ending balance	$ 22,696	$ 23,233

Leases - Lease Cost (Details)	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term (years)	40 years 6 months 18 days
Weighted-average discount rate	6.60%

Commitment and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) renewal_period	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Other Commitments [Line Items]
Management fees recorded within hotel other operating expenses	$ 7,200	$ 5,300	$ 10,800
Franchise and marketing fees	16,600	11,600	25,900
Ruffy, et al, v. Island Hospitality Management, LLC, et al. \| Accounts Payable and Accrued Liabilities
Other Commitments [Line Items]
Estimate of possible loss	40
Island Hospitality Management Inc.
Other Commitments [Line Items]
Management fees recorded within hotel other operating expenses	$ 0	$ 0	$ 100
Hotel Management Agreement \| Island Hospitality Management Inc.
Other Commitments [Line Items]
Initial terms of management agreements	5 years
Number of renewal periods \| renewal_period	2
Renewal periods of management agreements	5 years
Agreement renewal successive period termination notice (no later than)	90 days
Minimum notice period for termination of management agreement	6 months
Property management fee (in percentage)	10.00%
Incentive Management Fee Cap	1.00%

Commitment and Contingencies - Terms of Management Agreements (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Minneapolis-Mall of America
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Nashville-Brentwood
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Dallas-Market Center
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Hartford-Farmington
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Orlando-Maitland
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hampton Inn & Suites Houston-Medical Center
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Long Island Holtsville
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn White Plains
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 750
Incentive Management Fee Cap	1.00%
Residence Inn New Rochelle
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 750
Incentive Management Fee Cap	1.00%
Residence Inn Garden Grove
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton San Antonio River Walk
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Washington DC
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Tysons Corner
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hampton Inn Portland Downtown
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Courtyard Houston
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Hyatt Place Pittsburgh North Shore
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hampton Inn Exeter
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Denver Tech
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Bellevue
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Springhill Suites Savannah
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Silicon Valley I
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Silicon Valley II
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn San Mateo
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Mountain View
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hyatt Place Cherry Creek
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard Addison
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard West University Houston
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn West University Houston
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Burlington
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn San Diego Gaslamp
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Marina del Rey
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Dedham
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Il Lugano
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Portsmouth
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard Summerville
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Embassy Suites Springfield
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Summerville
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard Dallas
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Austin Northwest/The Domain Area
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
TownePlace Suites Austin Northwest/The Domain Area
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%

Commitment and Contingencies - Terms of Franchise Agreements (Details)	12 Months Ended
	Dec. 31, 2021
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Minneapolis-Mall of America
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Nashville-Brentwood
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Dallas-Market Center
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Hartford-Farmington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Orlando-Maitland
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Hampton Inn & Suites Houston-Medical Center
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	4.00%
Residence Inn Long Island Holtsville
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn White Plains
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn New Rochelle
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Garden Grove
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Homewood Suites by Hilton San Antonio River Walk
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Residence Inn Washington DC
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Tysons Corner
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Hampton Inn Portland Downtown
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	4.00%
Courtyard Houston
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Hyatt Place Pittsburgh North Shore
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	3.50%
Hampton Inn Exeter
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	4.00%
Hilton Garden Inn Denver Tech
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.30%
Residence Inn Bellevue
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Springhill Suites Savannah
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Residence Inn Silicon Valley I
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Silicon Valley II
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn San Mateo
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Mountain View
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Hyatt Place Cherry Creek
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	3.50%
Courtyard Addison
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Courtyard West University Houston
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Residence Inn West University Houston
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Hilton Garden Inn Burlington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.30%
Residence Inn San Diego Gaslamp
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Hilton Garden Inn Marina del Rey
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.30%
Residence Inn Dedham
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Residence Inn Il Lugano
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Hilton Garden Inn Portsmouth
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.00%
Courtyard Summerville
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Embassy Suites Springfield
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.00%
Residence Inn Summerville
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Courtyard Dallas
Real Estate Properties [Line Items]
Marketing/Program Fee	2.00%
Courtyard Dallas \| Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Courtyard Dallas \| Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Residence Inn Austin Northwest/The Domain Area
Real Estate Properties [Line Items]
Marketing/Program Fee	2.50%
Residence Inn Austin Northwest/The Domain Area \| Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Residence Inn Austin Northwest/The Domain Area \| Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
TownePlace Suites Austin Northwest/The Domain Area
Real Estate Properties [Line Items]
Marketing/Program Fee	2.00%
TownePlace Suites Austin Northwest/The Domain Area \| Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	3.00%
TownePlace Suites Austin Northwest/The Domain Area \| Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%

Related Party Transactions - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) hotel	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 17, 2021
Related Party Transaction [Line Items]
Number of hotels in ownership by Company \| hotel	41
Management and accounting fees paid by the company	$ 7.2	$ 5.3	$ 10.8
Amounts due to related party	0.3	0.3
Management fees recorded within hotel other operating expenses	7.2	5.3	10.8
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman				52.50%
Management fees recorded within hotel other operating expenses	$ 0.0	0.0	0.1
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	100.00%
Additional ownership interest acquired	47.50%
Management fees recorded within hotel other operating expenses	$ 0.0	$ 0.0	$ 0.1

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3),(4))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Depreciable Lives (Details)	12 Months Ended
	Dec. 31, 2021
Building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Land Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	20 years
Minimum \| Building Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	5 years
Maximum \| Building Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	20 years

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Total Cost of Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the beginning of the year	$ 1,488,830	$ 1,520,189	$ 1,510,864	$ 1,431,374	$ 1,320,273	$ 1,306,192	$ 1,105,504
Acquisitions	67,393	0	8,171	65,020	133,660	0	187,032
Dispositions during the year	0	(52,770)	(17,889)	0	(33,053)	0	0
Capital expenditures and transfers from construction-in-progress	837	21,411	19,043	14,470	10,494	14,081	13,656
Investment in Real Estate	$ 1,557,060	$ 1,488,830	$ 1,520,189	$ 1,510,864	$ 1,431,374	$ 1,320,273	$ 1,306,192

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Accumulated Depreciation and Amortization of Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the beginning of the year	$ 257,344	$ 224,339	$ 187,780	$ 148,071	$ 116,866	$ 83,245	$ 50,910
Depreciation and amortization	43,387	42,145	41,908	39,709	36,401	33,621	32,335
Dispositions during the year	0	(9,140)	(5,349)	0	(5,196)	0	0
Balance at the end of the year	$ 300,731	$ 257,344	$ 224,339	$ 187,780	$ 148,071	$ 116,866	$ 83,245

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Aggregate Cost of Properties for Federal Income Tax Purposes - Additional Information (Details)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of properties for federal income tax purposes	$ 1,557,212,000