0001476045-22-000067 | 10-Q | XBRL Viewer

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Nov. 08, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-34693
Entity Registrant Name	CHATHAM LODGING TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1200777
Entity Address, Address Line One	222 Lakeview Avenue, Suite 200
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	561
Local Phone Number	802-4477
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,807,514
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0001476045
Current Fiscal Year End Date	--12-31
Common Shares
Document Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.01 par value
Trading Symbol	CLDT
Security Exchange Name	NYSE
Series A Preferred Shares
Document Information [Line Items]
Title of 12(b) Security	6.625% Series A Cumulative Redeemable Preferred Shares
Trading Symbol	CLDT-PA
Security Exchange Name	NYSE

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Investment in hotel properties, net	$ 1,275,723	$ 1,282,870
Investment in hotel properties under development	0	67,554
Cash and cash equivalents	19,915	19,188
Restricted cash	14,283	10,681
Right of use asset, net	19,472	19,985
Hotel receivables (net of allowance for doubtful accounts of $280 and $382, respectively)	15,227	3,003
Deferred costs, net	3,709	4,627
Prepaid expenses and other assets	6,379	2,791
Total assets	1,354,708	1,410,699
Liabilities and Equity:
Mortgage debt, net	432,787	439,282
Revolving credit facility	0	70,000
Construction loan	39,331	35,007
Accounts payable and accrued expenses	34,289	27,718
Lease liability, net	22,262	22,696
Distributions payable	1,656	1,803
Total liabilities	530,325	596,506
Commitments and contingencies (Note 15)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 4,800,000 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	48	48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,807,154 and 48,768,890 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	488	487
Additional paid-in capital	1,047,002	1,048,070
Accumulated deficit	(245,231)	(251,103)
Total shareholders’ equity	802,307	797,502
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	22,076	16,691
Total equity	824,383	814,193
Total liabilities and equity	$ 1,354,708	$ 1,410,699

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts related to receivables	$ 280	$ 382
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	4,800,000
Preferred shares, shares outstanding (in shares)	4,800,000	4,800,000
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)	48,807,154	48,768,890
Common shares, shares outstanding (in shares)	48,807,154	48,768,890

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total revenue	$ 87,885,000	$ 64,295,000	$ 224,531,000	$ 146,653,000
Total hotel operating expenses	43,686,000	35,377,000	118,712,000	85,743,000
Depreciation and amortization	14,658,000	13,668,000	44,971,000	40,355,000
Property taxes, ground rent and insurance	5,669,000	6,114,000	16,559,000	17,947,000
General and administrative	4,592,000	4,147,000	12,998,000	11,993,000
Other charges	304,000	256,000	704,000	633,000
Reimbursable costs from unconsolidated entities	313,000	286,000	997,000	1,400,000
Total operating expenses	69,222,000	59,848,000	194,941,000	158,071,000
Operating income (loss) before gain (loss) on sale of hotel properties	18,663,000	4,447,000	29,590,000	(11,418,000)
Gain (loss) on sale of hotel properties	109,000	(7,000)	2,129,000	(21,000)
Operating income (loss)	18,772,000	4,440,000	31,719,000	(11,439,000)
Interest and other income	8,000	0	10,000	103,000
Interest expense, including amortization of deferred fees	(6,404,000)	(5,823,000)	(19,729,000)	(18,649,000)
Loss from unconsolidated real estate entities	0	0	0	(1,231,000)
Gain on sale of investment in unconsolidated real estate entities	0	0	0	23,817,000
Income (loss) before income tax expense	12,376,000	(1,383,000)	12,000,000	(7,399,000)
Income tax expense	0	0	0	0
Net income (loss)	12,376,000	(1,383,000)	12,000,000	(7,399,000)
Net (income) loss attributable to noncontrolling interests	(248,000)	64,000	(166,000)	178,000
Net income (loss) attributable to common shareholders	12,128,000	(1,319,000)	11,834,000	(7,221,000)
Preferred dividends	(1,987,000)	(1,988,000)	(5,962,000)	(1,988,000)
Net income (loss) attributable to common shareholders	$ 10,141,000	$ (3,307,000)	$ 5,872,000	$ (9,209,000)
Income (loss) per common share - basic:
Net (loss) income attributable to common shareholders (in dollars per share)	$ 0.21	$ (0.07)	$ 0.12	$ (0.19)
Income (loss) per common share - diluted:
Net (loss) income attributable to common shareholders (in dollars per share)	$ 0.21	$ (0.07)	$ 0.12	$ (0.19)
Weighted average number of common shares outstanding:
Basic (in shares)	48,798,528	48,755,561	48,793,839	48,211,612
Diluted (in shares)	49,072,895	48,755,561	49,023,835	48,211,612
Distributions declared per common share (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Room
Total revenue	$ 81,970,000	$ 59,305,000	$ 207,896,000	$ 135,210,000
Total hotel operating expenses	14,892,000	11,884,000	40,966,000	28,537,000
Food and beverage
Total revenue	1,816,000	1,025,000	5,199,000	2,145,000
Total hotel operating expenses	1,435,000	717,000	3,911,000	1,493,000
Other
Total revenue	3,786,000	3,679,000	10,439,000	7,898,000
Reimbursable costs from unconsolidated entities
Total revenue	313,000	286,000	997,000	1,400,000
Telephone
Total hotel operating expenses	346,000	366,000	1,106,000	1,114,000
Other hotel operating
Total hotel operating expenses	883,000	743,000	2,494,000	1,652,000
General and administrative
Total hotel operating expenses	6,880,000	6,082,000	19,035,000	14,950,000
Franchise and marketing fees
Total hotel operating expenses	7,107,000	5,294,000	18,073,000	11,983,000
Advertising and promotions
Total hotel operating expenses	1,499,000	1,078,000	3,918,000	2,670,000
Utilities
Total hotel operating expenses	3,419,000	3,059,000	9,091,000	7,698,000
Repairs and maintenance
Total hotel operating expenses	3,600,000	3,253,000	10,392,000	8,433,000
Management fees
Total hotel operating expenses	2,987,000	2,185,000	7,631,000	5,141,000
Insurance
Total hotel operating expenses	$ 638,000	$ 716,000	$ 2,095,000	$ 2,072,000

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, 2020							0		46,973,473
Beginning 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, net of offering costs (in shares)								4,800,000		1,744,140
Issuance of shares, net of offering costs		$ 115,957	$ 23,775		$ 115,957	$ 23,775		$ 48		$ 17		$ 115,909	$ 23,758
Issuance of shares pursuant to Equity Incentive Plan (in shares)									50,203
Issuance of shares pursuant to Equity Incentive Plan	450			450							450
Amortization of share based compensation	3,233			27							27				3,206
Forfeited distributions declared on LTIP units	40														40
Dividends accrued on preferred shares	(1,988)			(1,988)										(1,988)
Reallocation of noncontrolling interest	0			1,915							1,915				(1,915)
Net income (loss)	(7,399)			(7,221)										(7,221)	(178)
Ending Balance (in shares) at Sep. 30, 2021							4,800,000		48,767,816
Ending Balance at Sep. 30, 2021	826,528			810,667			$ 48		$ 487		1,048,059			(237,927)	15,861
Beginning Balance (in shares) at Jun. 30, 2021							4,800,000		48,756,555
Beginning Balance at Jun. 30, 2021	829,059			814,221			$ 48		$ 487		1,048,306			(234,620)	14,838
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)										1,261
Issuance of shares, net of offering costs		$ (263)	3		$ (263)	3						$ (263)	3
Issuance of shares pursuant to Equity Incentive Plan (in shares)									10,000
Issuance of shares pursuant to Equity Incentive Plan	0
Amortization of share based compensation	1,100			13							13				1,087
Dividends accrued on preferred shares	(1,988)			(1,988)										(1,988)
Net income (loss)	(1,383)			(1,319)										(1,319)	(64)
Ending Balance (in shares) at Sep. 30, 2021							4,800,000		48,767,816
Ending Balance at Sep. 30, 2021	826,528			810,667			$ 48		$ 487		1,048,059			(237,927)	15,861
Beginning Balance (in shares) at Dec. 31, 2021							4,800,000		48,768,890
Beginning Balance at Dec. 31, 2021	814,193			797,502			$ 48		$ 487		1,048,070			(251,103)	16,691
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)										3,592
Issuance of shares, net of offering costs			(62)			(62)							(62)
Issuance of shares pursuant to Equity Incentive Plan (in shares)									34,672
Issuance of shares pursuant to Equity Incentive Plan	487			487					$ 1		486
Amortization of share based compensation	3,727			29							29				3,698
Dividends accrued on preferred shares	(5,962)			(5,962)										(5,962)
Reallocation of noncontrolling interest	0			(1,521)							(1,521)				1,521
Net income (loss)	12,000			11,834										11,834	166
Ending Balance (in shares) at Sep. 30, 2022							4,800,000		48,807,154
Ending Balance at Sep. 30, 2022	824,383			802,307			$ 48		$ 488		1,047,002			(245,231)	22,076
Beginning Balance (in shares) at Jun. 30, 2022							4,800,000		48,806,107
Beginning Balance at Jun. 30, 2022	812,698			792,144			$ 48		$ 488		1,046,980			(255,372)	20,554
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)										1,047
Issuance of shares, net of offering costs			$ 12			$ 12							$ 12
Amortization of share based compensation	1,284			10							10				1,274
Dividends accrued on preferred shares	(1,987)			(1,987)										(1,987)
Net income (loss)	12,376			12,128										12,128	248
Ending Balance (in shares) at Sep. 30, 2022							4,800,000		48,807,154
Ending Balance at Sep. 30, 2022	$ 824,383			$ 802,307			$ 48		$ 488		$ 1,047,002			$ (245,231)	$ 22,076

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Preferred Shares
Issuance of shares, offering costs		$ 263		$ 4,043
Common Shares
Issuance of shares, offering costs	$ 0	$ 12	$ 107	$ 822

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 12,000	$ (7,399)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	44,797	40,172
Amortization of deferred franchise fees	187	183
Amortization of deferred financing fees included in interest expense	1,096	1,444
(Gain) loss on sale of hotel properties	(2,129)	21
Gain on sale of investment in unconsolidated real estate entities	0	(23,817)
Share based compensation	4,132	3,585
Loss from unconsolidated real estate entities	0	1,231
Changes in assets and liabilities:
Right of use asset	512	490
Hotel receivables	(12,240)	(1,547)
Deferred costs	(175)	(327)
Prepaid expenses and other assets	(3,702)	(2,872)
Accounts payable and accrued expenses	6,482	7,649
Lease liability	(434)	(397)
Net cash provided by operating activities	50,526	18,416
Cash flows from investing activities:
Improvements and additions to hotel properties	(12,385)	(5,224)
Acquisition of hotel properties	(31,048)	(71,335)
Investment in hotel properties under development	(3,995)	(20,517)
Proceeds from sale of hotel properties, net	79,569	0
Proceeds from sale of unconsolidated real estate entity	0	2,800
Receipt of deferred key money	400	0
Net cash provided by (used in) investing activities	32,541	(94,276)
Cash flows from financing activities:
Borrowings on revolving credit facility	40,000	90,000
Repayments on revolving credit facility	(110,000)	(155,300)
Borrowings on construction loan	4,324	18,958
Payments on mortgage debt	(6,697)	(18,992)
Payment of financing costs	(194)	(144)
Proceeds from issuance of common shares	45	24,598
Proceeds from issuance of preferred shares	0	120,000
Distributions-common shares/units	(147)	(282)
Distributions-preferred shares	(5,962)	0
Net cash (used in) provided by financing activities	(78,738)	73,973
Net change in cash, cash equivalents and restricted cash	4,329	(1,887)
Cash, cash equivalents and restricted cash, beginning of period	29,869	31,453
Cash, cash equivalents and restricted cash, end of period	34,198	29,566
Supplemental disclosure of cash flow information:
Cash paid for interest	19,169	19,507
Capitalized interest	330	2,508
Cash paid for income taxes	695	322
Common Shares
Cash flows from financing activities:
Payment of offering costs on common/preferred shares	(107)	(822)
Preferred Shares
Cash flows from financing activities:
Payment of offering costs on common/preferred shares	$ 0	$ (4,043)

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Accrued distributions payable	$ 1,656	$ 2,134
Accrued share based compensation	405	353
Accounts payable and accrued expenses	$ 1,113	$ 2,271

Organization	9 Months Ended
Organization	Sep. 30, 2022
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 invests 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 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 September 30, 2022, the Company owned 39 hotels with an aggregate of 5,914 rooms located in 16 states and the District of Columbia. 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 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 with an aggregate of 5,948 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 the 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 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 a third-party management company that provides day-to-day management for the hotels. As of September 30, 2022, Island Hospitality Management LLC (“IHM”), which is 100% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed all of the Company’s hotels.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim 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”) applicable to interim financial information. These unaudited 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. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition or sale of hotels. 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. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2021, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. 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. Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of September 30, 2022, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements; however, the Company will continue to evaluate the impact that ASU 2020-04 may have on its consolidated financial statements and related disclosures.

Acquisition of Hotel Properties	9 Months Ended
Acquisition of Hotel Properties	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties On March 8, 2022, the Company acquired the Hilton Garden Inn Destin Miramar Beach ("HGI Destin") hotel property in Miramar Beach, FL for $31.0 million. The Company allocated the purchase price of the hotel based on the estimated fair values of the assets on the date of acquisition. Property acquisition costs of $48 thousand were capitalized in 2022. On August 3, 2021, the Company acquired both the Residence Inn Austin Northwest/The Domain Area ("RI Austin") hotel property in Austin, TX for $37.0 million and the TownePlace Suites Austin Northwest/The Domain Area ("TPS Austin") hotel property in Austin, TX for $34.3 million. The Company allocated the purchase price of each hotel based on the estimated fair values of the assets on the date of acquisition. Property acquisition costs of $0.1 million were capitalized in 2021.

Disposition of Hotel Properties	9 Months Ended
Disposition of Hotel Properties	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Hotel Properties	Disposition of Hotel Properties On May 6, 2022, the Company sold the Hilton Garden Inn Boston-Burlington ("HGI Burlington") hotel property in Burlington, MA for $23.2 million and recognized a gain on sale of the hotel property of $0.5 million. Proceeds from the sale were used to repay amounts outstanding on the Company's revolving credit facility. On May 13, 2022, the Company sold a portfolio of three hotels, the Homewood Suites Dallas-Market Center ("HWS Dallas") hotel property in Dallas, TX, the Courtyard Houston West University ("CY Houston West U") hotel property in Houston, TX, and the Residence Inn Houston West University ("RI Houston West U") hotel property in Houston, TX, for $57.0 million, and recognized a gain on sale of the hotel properties of $1.6 million. Proceeds from the sale 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.

Allowance for Doubtful Accounts	9 Months Ended
Allowance for Doubtful Accounts	Sep. 30, 2022
Receivables [Abstract]
Allowance for Doubtful Accounts	Allowance for Doubtful AccountsThe Company maintains an allowance for doubtful accounts at a level believed to be adequate to absorb estimated probable losses. That estimate is based on past loss experience, current economic and market conditions and other relevant factors. The allowance for doubtful accounts was $0.3 million and $0.4 million as of September 30, 2022 and December 31, 2021, respectively.

Investment in Hotel Properties

9 Months Ended

Sep. 30, 2022

Investments, All Other Investments [Abstract]

Investment in Hotel Properties

Investment in hotel properties,net

Investment in hotel properties, net as of September 30, 2022 and December 31, 2021 consisted of the following (in thousands):


	September 30, 2022		December 31, 2021
Land and improvements	$	289,583	$	291,768
Building and improvements	1,266,013		1,258,845
Furniture, fixtures and equipment	97,829		91,110
Renovations in progress	10,437		7,869
	1,663,862		1,649,592
Less: accumulated depreciation	(388,139)		(366,722)
Investment in hotel properties, net	$	1,275,723	$	1,282,870

Investment in hotel properties under development

On January 24, 2022, the Company opened the newly developed Home2 Suites by Hilton Woodland Hills Los Angeles ("Home2 Woodland Hills"). We incurred $71.6 million of costs to develop the hotel, which included $6.6 million of land acquisition costs and $65.0 million of other development costs.

Investment in Unconsolidated Entities

9 Months Ended

Sep. 30, 2022

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 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 nine months ended September 30, 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% interest in the Inland JV. Chatham sold its interest in the Inland JV for $0 in September 2021. The Company accounted for this investment under the equity method.

The following table sets forth the combined components of net loss, including the Company’s share, related to the NewINK JV and the Inland JV for the three and nine months ended September 30, 2022 and 2021 (in thousands):


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Revenue	$	—	$	—	$	—	$	24,690
Total hotel operating expenses	—		—		—		24,106
Hotel operating income	$	—	$	—	$	—	$	584

Loss from continuing operations	$	—	$	—	$	—	$	(13,109)

Net loss	$	—	$	—	$	—	$	(13,109)

Loss allocable to the Company	$	—	$	—	$	—	$	(1,347)
Basis difference adjustment	—		—		—		116
Total loss from unconsolidated real estate entities attributable to the Company	$	—	$	—	$	—	$	(1,231)

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

The Company’s mortgage loans are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgage loans are non-recourse except for instances of fraud or misapplication of funds. Mortgage and revolving credit facility debt consisted of the following (dollars in thousands):


Collateral	Interest Rate		Maturity Date	September 30, 2022 Property Carrying Value		Balance Outstanding on Loan as of
						September 30, 2022		December 31, 2021
Revolving Credit Facility (1)	3.43	%	March 8, 2023	$	—	$	—	$	70,000


Construction loan (2)	8.65	%	August 4, 2024	67,483		39,331		35,007


Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	27,769		14,505		14,808
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	29,078		19,824		20,243
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	28,700		16,320		16,673
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	32,026		20,113		20,515
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	60,009		41,378		42,089
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	38,306		30,352		30,839
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	68,835		61,561		62,374
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	76,575		67,166		68,054
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	57,672		46,170		46,781
Residence Inn by Marriott Mountain View, CA	4.64	%	July 6, 2024	43,019		36,005		36,481
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	31,746		28,495		28,873
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	36,419		19,660		20,024
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	11,619		14,884		15,114

Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	14,697		16,796		17,058

Total debt before unamortized debt issue costs				$	623,953	$	472,560	$	544,933
Unamortized mortgage debt issue costs						(442)		(644)
Total debt outstanding						$	472,118	$	544,289

1.The interest rate for the $250.0 million revolving credit facility is variable and based on LIBOR plus a spread of 1.5% to 2.25% based on leverage based pricing grid. At September 30, 2022 and December 31, 2021, the Company had $0 and $70.0 million, respectively, of outstanding borrowings under the 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 to March 8, 2024, if exercised.

2.On August 4, 2020, a subsidiary of Chatham entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a $40.0 million loan to fund the remaining construction costs of the Home2 Woodland Hills hotel development. The loan has an initial term of 4 years and there are two six-month extension options. The interest rate on the loan is LIBOR, subject to a 0.25% floor, plus a spread of 7.5%.

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 September 30, 2022 and December 31, 2021 was $414.2 million and $443.4 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 similar maturity and is classified within level 3 of the fair value hierarchy. As of September 30, 2022, the Company’s variable rate debt consisted of its revolving credit facility and construction loan. The estimated fair value of the Company’s variable rate debt as of September 30, 2022 and December 31, 2021 was $39.3 million and $105.0 million, respectively.

Our credit facility contains financial covenants that require us to maintain secured leverage and total leverage below certain levels and maintain fixed charge coverage above certain levels. On October 26, 2021, the Company executed an amendment to its credit facility which extended a waiver of financial covenants until June 30, 2022. The Company exited its credit facility covenant waiver period as of the end of the second quarter of 2022 and is in compliance with the covenants in the credit facility agreement.

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 September 30, 2022, the debt service coverage ratios or debt yields for four of our mortgage loans were below the minimum thresholds such that the cash trap provision of each respective loan could be enforced. As of September 30, 2022, three 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 September 30, 2022, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2022 (remaining three months)	$	2,552
2023	117,919
2024	336,142
2025	15,947
2026	—
Thereafter	—
Total debt before unamortized debt issue costs	$	472,560
Unamortized mortgage debt issue costs	(442)
Total debt outstanding	$	472,118

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 Home2 Woodland Hills 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 statement of operations. As of September 30, 2022, the fair value of the interest rate caps were $0.7 million.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s TRS is subject to federal and state income taxes. Income tax expense was zero for the three and nine months ended September 30, 2022 and 2021. 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 deferred tax assets. The Company's TRS is expecting continued taxable losses in 2022. As of September 30, 2022, the TRS continues to recognize a full valuation allowance equal to 100% of the net deferred tax assets due to the uncertainty of the TRS's ability to utilize these net deferred tax assets. Management will continue to monitor the need for a valuation allowance. On August 16, 2022, the United States enacted the Inflation Reduction Act of 2022, which contains tax-related provisions, including a 15% book-income alternative minimum tax on large corporations with financial accounting profits over $1 billion effective for tax years beginning on or after January 1, 2023, a 1% excise tax on stock repurchases, and the extension and expansion of renewable energy incentives and tax credit programs. The Company is monitoring for potential impacts, but this new law is not expected to have a significant impact on Chatham.

- 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
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+ Details

Dividends Declared and Paid

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Dividends Declared and Paid

Common Dividends

The Company suspended common dividends beginning after the payment of the March 27, 2020 dividend due to a decline in operating performance caused by the COVID-19 pandemic. There were no common share dividends declared during the three and nine months ended September 30, 2022.

Preferred Dividends

During the three and nine months ended September 30, 2022, the Company declared dividends of $0.41406 and $1.24218, respectively, per share of 6.625% Series A Cumulative Redeemable Preferred Shares. The preferred share dividends paid were as follows:

Record Date

Payment Date

Dividend per Preferred Share

March

3/31/2022

4/18/2022

0.41406

June

6/30/2022

7/15/2022

0.41406

September

9/30/2022

10/17/2022

0.41406

Total 2022

1.24218

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2022
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 September 30, 2022, 48,807,154 common shares were outstanding. In January 2021, we established an "at-the-market" equity offering program (the "ATM Program") whereby, from time to time, we could publicly offer and sell our common shares having an aggregate offering price of up to $100.0 million by means of ordinary brokers transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions deemed to be “at-the-market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. 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 act as sales agents under the ATM Program. The Company did not issue any shares under the ATM Program during the three and nine months ended September 30, 2022. As of September 30, 2022, there was approximately $77.5 million in common shares available for issuance under the ATM Program. In December 2017, we established a $50.0 million dividend reinvestment and stock purchase plan. We filed a new $50.0 million shelf registration statement for the dividend reinvestment and stock purchase plan (the "DRSPP") on December 22, 2020 to replace the prior plan. Under the DRSPP, shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on 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 DRSPP. During the three months ended September 30, 2022, the Company issued 1,047 common shares under the DRSPP at a weighted average price of $11.81, which generated $12 thousand of proceeds. During the nine months ended September 30, 2022, the Company issued 3,592 common shares under the DRSPP at a weighted average price of $12.62, which generated $45 thousand of proceeds. As of September 30, 2022, there was approximately $47.9 million in common shares available for issuance under the DRSPP. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $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 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 common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE American 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 Series A Preferred Shares have the right to convert some or all of their shares into a number of 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 September 30, 2022, 4,800,000 Series A Preferred Shares were issued and outstanding. During the three months ended September 30, 2022, the Company accrued preferred share dividends of $2.0 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 per common share at the time of redemption or for 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 September 30, 2022, there were 1,214,759 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.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2022

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, have been excluded from the denominator of the diluted earnings per common 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 common share in the future would not be included in the computation of diluted loss per common share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. For the three months ended September 30, 2022 and 2021, the Company excluded zero and 210,296, respectively, of unvested shares and units as their effect would have been anti-dilutive. For the nine months ended September 30, 2022 and 2021, the Company excluded zero and 181,380, respectively, of unvested shares and units as their effect would have been anti-dilutive.

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


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Numerator:
Net income (loss) attributable to common shareholders	$	10,141	$	(3,307)	$	5,872	$	(9,209)
Dividends paid on unvested shares and units	—		—		—		—

Net income (loss) attributable to common shareholders	$	10,141	$	(3,307)	$	5,872	$	(9,209)
Denominator:
Weighted average number of common shares - basic	48,798,528		48,755,561		48,793,839		48,211,612

Unvested shares and units	274,367		—		229,996		—
Weighted average number of common shares - diluted	49,072,895		48,755,561		49,023,835		48,211,612
Basic income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average basic common share	$	0.21	$	(0.07)	$	0.12	$	(0.19)
Diluted income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average diluted common share	$	0.21	$	(0.07)	$	0.12	$	(0.19)

Equity Incentive Plan

9 Months Ended

Sep. 30, 2022

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 on May 24, 2022 to increase the maximum number of shares available under the plan by 1,600,000 shares and extend the term of the plan to March 22, 2032. Share awards under this plan generally vest over three to five years, though compensation for the Company’s independent trustees includes share grants 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. In January 2022 and 2021, the Company issued 34,672 and 40,203 common shares, respectively, to its independent trustees as compensation for services performed in 2021 and 2020, respectively. As of September 30, 2022, there were 1,765,149 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 nine months ended September 30, 2022 and the year ended December 31, 2021 is as follows:


	For the nine months ended			For the year ended
	September 30, 2022			December 31, 2021
	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	10,000	$	11.47	1,667	$	17.40
Granted	—	—		10,000	11.47
Vested	(3,334)	11.47		(1,667)	17.40
Forfeited	—	—		—	—
Non-vested at end of the period	6,666	$	11.47	10,000	$	11.47

As of September 30, 2022 and December 31, 2021, there were $71 thousand and $100 thousand, respectively, of unrecognized compensation costs related to restricted share awards. As of September 30, 2022, these costs were expected to be recognized over a weighted-average period of approximately 1.9 years. For the three months ended September 30, 2022 and 2021, the Company recognized approximately $10 thousand and $13 thousand, respectively, and for the nine months ended September 30, 2022 and 2021, the Company recognized approximately $29 thousand and $27 thousand, respectively, of expense related to the restricted share awards.

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 nine months ended September 30, 2022 and the year ended December 31, 2021 is as follows:


	For the nine months ended			For the year ended
	September 30, 2022			December 31, 2021
	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	764,178	$	15.00	669,609	$	15.73
Granted	380,004	16.08		330,945	14.55
Vested	(238,657)	16.61		(219,451)	16.39
Forfeited	—	—		(16,925)	17.02
Non-vested at end of the period	905,525	$	15.03	764,178	$	15.00

Time-Based LTIP Awards

On March 1, 2022, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 152,004 time-based LTIP unit awards (the “2022 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 2022 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, 2022, the Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 228,000 performance-based LTIP unit awards (the "2022 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 $18.58 per 2022 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 2022 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, 2022 and ending on February 28, 2025. The 2022 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 200% of target value as follows:


	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	55th	100%
Maximum	80th	200%

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 a 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 LTIP units included discounts for illiquidity, expectations for future dividends, risk free interest rates, stock price volatility, and economic environment and market conditions.

The grant date fair values 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
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%
2022 Time-Based LTIP Unit Awards	3/1/2022	152,004	$12.33	80%	—%	1.01%
2022 Performance-Based LTIP Unit Awards	3/1/2022	228,000	$18.58	66%	3.5%	1.44%

The Company recorded $1.3 million and $1.1 million in compensation expense related to the LTIP units for the three months ended September 30, 2022 and 2021, respectively, and $3.7 million and $3.2 million in compensation expense related to the LTIP units for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, there was $7.8 million and $5.4 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 2.0 years, which represents the weighted average remaining vesting period of the LTIP units.

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

The Residence Inn Gaslamp hotel property is subject to a ground lease with an expiration date 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 five years. The hotel is subject to annual supplemental rent payments 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 property is subject to an air rights lease and garage lease that each expire 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 for the cost of capital repairs. Aggregate rent for 2022 is approximately $31,000 per quarter.

The Hilton Garden Inn Marina del Rey hotel property is subject to a ground lease with an expiration date 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 5 years each. The Company shares the space with a related party and is reimbursed for the pro-rata share of rentable space occupied by the related party.

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 September 30, 2022. These 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 is a schedule of the minimum future payments required under the ground, air rights, garage leases and office lease as of September 30, 2022, for each of the next five calendar years and thereafter (in thousands):


Total Future Lease Payments	Amount
2022 (remaining three months)	$	523
2023	2,093
2024	2,115
2025	2,186
2026	1,894
Thereafter	64,825
Total lease payments	$	73,636
Less: Imputed interest	(51,374)
Present value of lease liabilities	$	22,262

The Company incurred $0.9 million of fixed lease payments and $0.6 million of variable lease payments for the nine months ended September 30, 2022, which are included in property taxes, ground rent and insurance in our consolidated statement of operations.

The following table includes information regarding the right of use assets and lease liabilities of the Company as of September 30, 2022 (in thousands):


	Right of Use Asset		Lease Liability
Balance as of January 1, 2022	$	19,985	$	22,696
Amortization	(513)		(434)

Balance as of September 30, 2022	$	19,472	$	22,262


Lease Term and Discount Rate			September 30, 2022

Weighted-average remaining lease term (years)			40.59
Weighted-average discount rate			6.62%

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 was originally 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 all Plaintiffs have entered into a settlement agreement of all matters and the case is awaiting dismissal. For the nine months ended September 30, 2022, we have incurred $145 thousand of legal costs related to this matter. 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 its 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. Management fees totaled approximately $3.0 million and $2.2 million for the three months ended September 30, 2022 and 2021, respectively, and $7.6 million and $5.1 million for the nine months ended September 30, 2022 and 2021, respectively. Franchise Agreements The fees associated with the franchise agreements are calculated as a specified percentage of the hotel's gross room revenue. Franchise and marketing fees totaled approximately $7.1 million and $5.3 million for the three months ended September 30, 2022 and 2021, respectively, and $18.1 million and $12.0 million for the nine months ended September 30, 2022 and 2021, respectively. The initial term of the agreements range from 10 to 30 years with the weighted average expiration being December 2034.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to March 18, 2021, Mr. Fisher owned 52.5% of IHM. During the nine months ended September 30, 2021, Mr. Fisher acquired the remaining 47.5% ownership interest and as of September 30, 2022, Mr. Fisher owns 100% of IHM. As of September 30, 2022, the Company had hotel management agreements with IHM to manage all 39 of its hotels. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the three months ended September 30, 2022 and 2021 were $3.0 million and $2.2 million, respectively, and for the nine months ended September 30, 2022 and 2021 were $7.6 million and $5.1 million, respectively. At September 30, 2022 and December 31, 2021, the amounts due to IHM were $1.2 million and $0.3 million, respectively. Cost reimbursements from unconsolidated entities revenue represent reimbursements of costs incurred on behalf of the NewINK JV, Inland JV, and IHM. These costs relate primarily to corporate payroll costs at the NewINK JV and 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.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 28th, 2022, Chatham entered into a $215.0 million unsecured revolving credit facility and a $90.0 million unsecured delayed-draw term loan facility that replaced the Company’s previous $250.0 million revolving credit facility that was scheduled to mature on March 8, 2023. The revolving credit facility has an initial maturity of October 28, 2026 and provides two six-month extension options and the delayed-draw term loan facility has an initial maturity of October 28, 2025 and provides two one-year extension options. Pricing on the new facilities is based on one-month term secured overnight financing rate ("SOFR") plus a spread of 1.5% to 2.25% for the revolving credit facility and a spread of 1.45% to 2.2% for the delayed draw term loan facility based on the Company's leverage and a credit spread adjustment of 0.1%.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim 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”) applicable to interim financial information. These unaudited 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. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition or sale of hotels. 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. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2021, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
Use of Estimates	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.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of September 30, 2022, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements; however, the Company will continue to evaluate the impact that ASU 2020-04 may have on its consolidated financial statements and related disclosures.

Investment in Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2022

Investments, All Other Investments [Abstract]

Investment in Hotel Properties

Investment in hotel properties, net as of September 30, 2022 and December 31, 2021 consisted of the following (in thousands):


	September 30, 2022		December 31, 2021
Land and improvements	$	289,583	$	291,768
Building and improvements	1,266,013		1,258,845
Furniture, fixtures and equipment	97,829		91,110
Renovations in progress	10,437		7,869
	1,663,862		1,649,592
Less: accumulated depreciation	(388,139)		(366,722)
Investment in hotel properties, net	$	1,275,723	$	1,282,870

Investment in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Income from Joint Venture


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Revenue	$	—	$	—	$	—	$	24,690
Total hotel operating expenses	—		—		—		24,106
Hotel operating income	$	—	$	—	$	—	$	584

Loss from continuing operations	$	—	$	—	$	—	$	(13,109)

Net loss	$	—	$	—	$	—	$	(13,109)

Loss allocable to the Company	$	—	$	—	$	—	$	(1,347)
Basis difference adjustment	—		—		—		116
Total loss from unconsolidated real estate entities attributable to the Company	$	—	$	—	$	—	$	(1,231)

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Components of Mortgage and Revolving Credit Facility Debt

Mortgage and revolving credit facility debt consisted of the following (dollars in thousands):


Collateral	Interest Rate		Maturity Date	September 30, 2022 Property Carrying Value		Balance Outstanding on Loan as of
						September 30, 2022		December 31, 2021
Revolving Credit Facility (1)	3.43	%	March 8, 2023	$	—	$	—	$	70,000


Construction loan (2)	8.65	%	August 4, 2024	67,483		39,331		35,007


Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	27,769		14,505		14,808
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	29,078		19,824		20,243
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	28,700		16,320		16,673
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	32,026		20,113		20,515
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	60,009		41,378		42,089
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	38,306		30,352		30,839
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	68,835		61,561		62,374
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	76,575		67,166		68,054
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	57,672		46,170		46,781
Residence Inn by Marriott Mountain View, CA	4.64	%	July 6, 2024	43,019		36,005		36,481
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	31,746		28,495		28,873
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	36,419		19,660		20,024
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	11,619		14,884		15,114

Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	14,697		16,796		17,058

Total debt before unamortized debt issue costs				$	623,953	$	472,560	$	544,933
Unamortized mortgage debt issue costs						(442)		(644)
Total debt outstanding						$	472,118	$	544,289

Future Scheduled Principal Payments of Debt Obligations

Future scheduled principal payments of debt obligations as of September 30, 2022, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2022 (remaining three months)	$	2,552
2023	117,919
2024	336,142
2025	15,947
2026	—
Thereafter	—
Total debt before unamortized debt issue costs	$	472,560
Unamortized mortgage debt issue costs	(442)
Total debt outstanding	$	472,118

Dividends Declared and Paid (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Dividends Declared and Paid

The preferred share dividends paid were as follows:

Record Date

Payment Date

Dividend per Preferred Share

March

3/31/2022

4/18/2022

0.41406

June

6/30/2022

7/15/2022

0.41406

September

9/30/2022

10/17/2022

0.41406

Total 2022

1.24218

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

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 common share (in thousands, except share and per share data):


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Numerator:
Net income (loss) attributable to common shareholders	$	10,141	$	(3,307)	$	5,872	$	(9,209)
Dividends paid on unvested shares and units	—		—		—		—

Net income (loss) attributable to common shareholders	$	10,141	$	(3,307)	$	5,872	$	(9,209)
Denominator:
Weighted average number of common shares - basic	48,798,528		48,755,561		48,793,839		48,211,612

Unvested shares and units	274,367		—		229,996		—
Weighted average number of common shares - diluted	49,072,895		48,755,561		49,023,835		48,211,612
Basic income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average basic common share	$	0.21	$	(0.07)	$	0.12	$	(0.19)
Diluted income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average diluted common share	$	0.21	$	(0.07)	$	0.12	$	(0.19)

Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Share Awards

A summary of the Company’s restricted share awards for the nine months ended September 30, 2022 and the year ended December 31, 2021 is as follows:


	For the nine months ended			For the year ended
	September 30, 2022			December 31, 2021
	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	10,000	$	11.47	1,667	$	17.40
Granted	—	—		10,000	11.47
Vested	(3,334)	11.47		(1,667)	17.40
Forfeited	—	—		—	—
Non-vested at end of the period	6,666	$	11.47	10,000	$	11.47

Schedule of Long Term Incentive Unit Awards

A summary of the Company's LTIP unit awards for the nine months ended September 30, 2022 and the year ended December 31, 2021 is as follows:


	For the nine months ended			For the year ended
	September 30, 2022			December 31, 2021
	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	764,178	$	15.00	669,609	$	15.73
Granted	380,004	16.08		330,945	14.55
Vested	(238,657)	16.61		(219,451)	16.39
Forfeited	—	—		(16,925)	17.02
Non-vested at end of the period	905,525	$	15.03	764,178	$	15.00

Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards

The 2022 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 200% of target value as follows:


	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	55th	100%
Maximum	80th	200%

Schedule of Share-based Payment Award, Valuation Assumptions

The grant date fair values 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
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%
2022 Time-Based LTIP Unit Awards	3/1/2022	152,004	$12.33	80%	—%	1.01%
2022 Performance-Based LTIP Unit Awards	3/1/2022	228,000	$18.58	66%	3.5%	1.44%

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity


Total Future Lease Payments	Amount
2022 (remaining three months)	$	523
2023	2,093
2024	2,115
2025	2,186
2026	1,894
Thereafter	64,825
Total lease payments	$	73,636
Less: Imputed interest	(51,374)
Present value of lease liabilities	$	22,262

Schedule of Right of Use Asset and Liability

The following table includes information regarding the right of use assets and lease liabilities of the Company as of September 30, 2022 (in thousands):


	Right of Use Asset		Lease Liability
Balance as of January 1, 2022	$	19,985	$	22,696
Amortization	(513)		(434)

Balance as of September 30, 2022	$	19,472	$	22,262

Lease, Cost


Lease Term and Discount Rate			September 30, 2022

Weighted-average remaining lease term (years)			40.59
Weighted-average discount rate			6.62%

Organization (Details) $ in Millions	1 Months Ended	9 Months Ended
Organization (Details) $ in Millions	Mar. 31, 2021 USD ($)	Sep. 30, 2022 hotel room state	Sep. 22, 2021 hotel room	Mar. 17, 2021 hotel room
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels \| room		5,914
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]
Number of hotels managed by related party		39
Ownership percentage in related party owned by the company's chairman		100.00%		52.50%
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels \| room			6,402	5,948
Number of hotels acquired			48
Inland Joint Venture \| Minority Interest In Joint Venture Rooms
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party				46
Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Percentage of common units of limited partnership owned		100.00%
Colony Capital, Inc. \| Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership percentage by parent			10.00%	10.30%
Proceeds from sale of interest in affiliate \| $	$ 2.8

Acquisition of Hotel Properties - Narrative (Details) - USD ($) $ in Thousands			9 Months Ended
	Mar. 08, 2022	Aug. 03, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Property acquisition costs capitalized			$ 48	$ 100
Hilton Garden Inn Destin Miramar Beach ("HGI Destin")
Business Acquisition [Line Items]
Consideration transferred	$ 31,000
Residence Inn Austin Northwest/The Domain Area ("RI Austin")
Business Acquisition [Line Items]
Consideration transferred		$ 37,000
TownePlace Suites Austin Northwest/The Domain Area ("TPS Austin")
Business Acquisition [Line Items]
Consideration transferred		$ 34,300

Disposition of Hotel Properties (Details) $ in Thousands			3 Months Ended		9 Months Ended
Disposition of Hotel Properties (Details) $ in Thousands	May 13, 2022 USD ($) hotel	May 06, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of property			$ 109	$ (7)	$ 2,129	$ (21)
Number of hotels sold \| hotel	3
Disposal group, disposed of by sale, not discontinued operations \| Hilton Garden Inn Boston-Burlington
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition		$ 23,200
Gain on sale of property		$ 500
Disposal group, disposed of by sale, not discontinued operations \| Homewood Suites Dallas-Market Center, Courtyard Houston West University, and Residence Inn Houston West University
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition	$ 57,000
Gain on sale of property	$ 1,600

Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Allowance for doubtful accounts related to receivables	$ 280	$ 382

Investment in Hotel Properties - Schedule of Investments in Hotel Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Land and improvements	$ 289,583	$ 291,768
Building and improvements	1,266,013	1,258,845
Furniture, fixtures and equipment	97,829	91,110
Renovations in progress	10,437	7,869
Investment in hotel properties, at cost	1,663,862	1,649,592
Less: accumulated depreciation	(388,139)	(366,722)
Investment in hotel properties, net	$ 1,275,723	$ 1,282,870

Investment in Hotel Properties - Narrative (Details) - California $ in Millions	Jan. 24, 2022 USD ($)
Schedule of Investments [Line Items]
Cost incurred	$ 71.6
Land
Schedule of Investments [Line Items]
Cost incurred	6.6
Other Development Costs
Schedule of Investments [Line Items]
Cost incurred	$ 65.0

Investment in Unconsolidated Entities - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Nov. 17, 2014	Jun. 09, 2014
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of unconsolidated real estate entity					$ 0	$ 2,800
Gain on sale of investment in unconsolidated real estate entities			$ 0	$ 0	0	$ 23,817
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Joint venture, percentage ownership by third party								89.70%
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels								10.30%
Gain on sale of investment in unconsolidated real estate entities					$ 23,800
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels							10.00%
Joint venture, percentage ownership by third party							90.00%
Proceeds from sale of equity method investments	$ 0
Inland Joint Venture \| Colony Capital, Inc.
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of unconsolidated real estate entity		$ 2,800

Investment in Unconsolidated Entities - Components of Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Revenue	$ 87,885	$ 64,295	$ 224,531	$ 146,653
Operating income (loss)	18,772	4,440	31,719	(11,439)
Net income (loss) attributable to common shareholders	12,128	(1,319)	11,834	(7,221)
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue	0	0	0	24,690
Total hotel operating expenses	0	0	0	24,106
Operating income (loss)	0	0	0	584
Loss from continuing operations	0	0	0	(13,109)
Net income (loss) attributable to common shareholders	0	0	0	(13,109)
Loss allocable to the Company	0	0	0	(1,347)
Basis difference adjustment	0	0	0	116
Total loss from unconsolidated real estate entities attributable to the Company	$ 0	$ 0	$ 0	$ (1,231)

Debt - Components of Mortgage Debt (Details)			9 Months Ended
Debt - Components of Mortgage Debt (Details)	Oct. 26, 2021 USD ($) extension_option	Aug. 04, 2020 USD ($) extension_option	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 26, 2018 USD ($)
Participating Mortgage Loans [Line Items]
Property Carrying Value			$ 623,953,000
Total debt before unamortized debt issue costs			472,560,000	$ 544,933,000
Unamortized mortgage debt issue costs			(442,000)	(644,000)
Total debt outstanding			472,118,000	544,289,000
Amount refinanced			$ 0	70,000,000
Construction loan \| Warner Center
Participating Mortgage Loans [Line Items]
Number of extension options \| extension_option		2
Period of extension options		6 months
Debt amount		$ 40,000,000
Term of debt		4 years
LIBOR \| Construction loan
Participating Mortgage Loans [Line Items]
Basis spread on variable rate			3.50%
LIBOR \| Construction loan \| Warner Center
Participating Mortgage Loans [Line Items]
Basis spread on variable rate		7.50%
Floor Rate \| Construction loan \| Warner Center
Participating Mortgage Loans [Line Items]
Basis spread on variable rate		0.25%
Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate			3.43%
Property Carrying Value			$ 0
Total debt before unamortized debt issue costs			0	70,000,000
Amount refinanced			$ 0	70,000,000
Number of extension options \| extension_option	2
Revolving Credit Facility \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Total debt before unamortized debt issue costs	$ 227,500,000
Maximum borrowing availability under revolving credit facility	$ 250,000,000				$ 250,000,000
Period of extension options	6 months
Revolving Credit Facility \| LIBOR \| Minimum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility \| LIBOR \| Maximum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	2.25%
Construction loan
Participating Mortgage Loans [Line Items]
Interest Rate			8.65%
Property Carrying Value			$ 67,483,000
Total debt before unamortized debt issue costs			$ 39,331,000	35,007,000
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate			4.59%
Property Carrying Value			$ 27,769,000
Total debt before unamortized debt issue costs			$ 14,505,000	14,808,000
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate			4.49%
Property Carrying Value			$ 29,078,000
Total debt before unamortized debt issue costs			$ 19,824,000	20,243,000
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate			4.19%
Property Carrying Value			$ 28,700,000
Total debt before unamortized debt issue costs			$ 16,320,000	16,673,000
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate			4.65%
Property Carrying Value			$ 32,026,000
Total debt before unamortized debt issue costs			$ 20,113,000	20,515,000
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate			4.97%
Property Carrying Value			$ 60,009,000
Total debt before unamortized debt issue costs			$ 41,378,000	42,089,000
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate			4.79%
Property Carrying Value			$ 38,306,000
Total debt before unamortized debt issue costs			$ 30,352,000	30,839,000
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate			4.64%
Property Carrying Value			$ 68,835,000
Total debt before unamortized debt issue costs			$ 61,561,000	62,374,000
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate			4.64%
Property Carrying Value			$ 76,575,000
Total debt before unamortized debt issue costs			$ 67,166,000	68,054,000
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate			4.64%
Property Carrying Value			$ 57,672,000
Total debt before unamortized debt issue costs			$ 46,170,000	46,781,000
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate			4.64%
Property Carrying Value			$ 43,019,000
Total debt before unamortized debt issue costs			$ 36,005,000	36,481,000
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate			4.62%
Property Carrying Value			$ 31,746,000
Total debt before unamortized debt issue costs			$ 28,495,000	28,873,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate			4.68%
Property Carrying Value			$ 36,419,000
Total debt before unamortized debt issue costs			$ 19,660,000	20,024,000
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate			4.32%
Property Carrying Value			$ 11,619,000
Total debt before unamortized debt issue costs			$ 14,884,000	15,114,000
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate			4.25%
Property Carrying Value			$ 14,697,000
Total debt before unamortized debt issue costs			$ 16,796,000	$ 17,058,000

Debt - Additional Information (Details) $ in Millions	9 Months Ended
Debt - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($) mortgage_loan mortgage_debt_lender	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Number of mortgage loans below minimum debt ratio threshold \| mortgage_loan	4
Number of mortgage debt lenders enforcing cash trap provisions \| mortgage_debt_lender	3
Fair value of interest rate caps	$ 0.7
LIBOR \| Construction loan
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt	$ 414.2	$ 443.4
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt	$ 39.3	$ 105.0

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022 (remaining three months)	$ 2,552
2023	117,919
2024	336,142
2025	15,947
2026	0
Thereafter	0
Total debt before unamortized debt issue costs	472,560	$ 544,933
Unamortized mortgage debt issue costs	(442)	(644)
Total debt outstanding	$ 472,118	$ 544,289

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Contingency [Line Items]
Tax expense	$ 0	$ 0	$ 0	$ 0
TRS
Income Tax Contingency [Line Items]
Percentage of voting interests of gross deferred tax asset			100.00%

- Definition

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

+ References + Details

Dividends Declared and Paid (Details) - $ / shares					3 Months Ended		9 Months Ended
Dividends Declared and Paid (Details) - $ / shares	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions declared per common share (in dollars per share)					$ 0	$ 0	$ 0	$ 0
Preferred stock, dividends per share, declared (in dollars per share)	$ 0.41406	$ 0.41406	$ 0.41406				1.24218
Series A Preferred Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, dividends per share, declared (in dollars per share)					$ 0.41406		$ 1.24218
Preferred stock distribution rate				6.625%	6.625%		6.625%

Shareholders' Equity (Details)			1 Months Ended	3 Months Ended		9 Months Ended
Shareholders' Equity (Details)	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 22, 2020 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2022 USD ($) vote $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) vote $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 $ / shares shares
Class of Stock [Line Items]
Common shares, shares authorized (in shares) \| shares				500,000,000		500,000,000		500,000,000
Common shares, par value (in dollars per share) \| $ / shares				$ 0.01		$ 0.01		$ 0.01
Number of votes per common share \| vote				1		1
Common shares, shares outstanding (in shares) \| shares				48,807,154		48,807,154		48,768,890
Proceeds from issuance of common shares						$ 45,000	$ 24,598,000
Preferred shares, shares authorized (in shares) \| shares				100,000,000		100,000,000		100,000,000
Preferred shares, par value (in dollars per share) \| $ / shares				$ 0.01		$ 0.01		$ 0.01
Preferred shares, shares issued (in shares) \| shares				4,800,000		4,800,000		4,800,000
Proceeds from issuance of preferred shares						$ 0	120,000,000
Preferred shares, shares outstanding (in shares) \| shares				4,800,000		4,800,000		4,800,000
Preferred dividends				$ 1,987,000	$ 1,988,000	$ 5,962,000	$ 1,988,000
Stock redemption, exchange ratio						1
Vested operating partnership units held by current and former employees (in shares) \| shares				1,214,759,000		1,214,759,000
ATM Plan
Class of Stock [Line Items]
Stock purchase plan, authorized amount			$ 100,000,000
Stock purchase plan, remaining authorized repurchase amount				$ 77,500,000		$ 77,500,000
DRSPP Plan
Class of Stock [Line Items]
Stock purchase plan, authorized amount			$ 50,000,000
Stock purchase plan, remaining authorized repurchase amount				$ 47,900,000		$ 47,900,000
Registration statement filed, amount		$ 50,000,000
Shares issued (in shares) \| shares				1,047		3,592
Stock purchase plan, average price per share (in dollars per share) \| $ / shares				$ 11.81		$ 12.62
Proceeds from issuance of common shares				$ 12,000		$ 45,000
Series A Preferred Shares
Class of Stock [Line Items]
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.01
Preferred shares, shares issued (in shares) \| shares	4,800,000
Preferred stock distribution rate	6.625%			6.625%		6.625%
Proceeds from issuance of preferred shares	$ 115,900,000
Liquidation preference per share (in dollars per share) \| $ / shares	$ 25.00
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 (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	210,296	0	181,380
Numerator:
Net income (loss) attributable to common shareholders	$ 10,141	$ (3,307)	$ 5,872	$ (9,209)
Dividends paid on unvested shares and units	0	0	0	0
Net income (loss) attributable to common shareholders	$ 10,141	$ (3,307)	$ 5,872	$ (9,209)
Denominator:
Weighted average number of common shares - basic (in shares)	48,798,528	48,755,561	48,793,839	48,211,612
Unvested shares and units (in shares)	274,367	0	229,996	0
Weighted average number of common shares - diluted (in shares)	49,072,895	48,755,561	49,023,835	48,211,612
Basic income (loss) per common share:
Net (loss) income attributable to common shareholders per weighted average basic common share (in dollars per share)	$ 0.21	$ (0.07)	$ 0.12	$ (0.19)
Diluted income (loss) per common share:
Net (loss) income attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ 0.21	$ (0.07)	$ 0.12	$ (0.19)

Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Thousands							1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 01, 2022 $ / shares shares	Mar. 01, 2021 shares	Mar. 01, 2020 shares	Mar. 01, 2019 shares	Mar. 01, 2018 shares	Mar. 01, 2017 shares	Jan. 31, 2022 shares	Jan. 31, 2021 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	May 24, 2022 shares
Independent Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common share issued as compensation for services performed (in shares)							34,672	40,203
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)														1,600,000
Common shares available for issuance (in shares)									1,765,149		1,765,149
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
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs \| $									$ 71		$ 71		$ 100
Weighted-average period for recognition of unrecognized compensation costs											1 year 10 months 24 days
Compensation expense, recognized \| $									10	$ 13	$ 29	$ 27
Granted (in shares)											0		10,000
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											2 years
Compensation expense, recognized \| $									1,300	$ 1,100	$ 3,700	$ 3,200
Exchange ratio											1
Granted (in shares)											380,004		330,945
Total unrecognized compensation cost related to LTIP Units \| $									$ 7,800		$ 7,800		$ 5,400
Time-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	152,004	132,381	130,206	88,746	97,968	89,574
Time-Based LTIP Unit Awards \| Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	152,004
Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	228,000	198,564	195,301	133,107	146,949	134,348
Performance-Based LTIP Unit Awards \| Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	228,000
Grants in period, intrinsic value, amount per share (in dollars per share) \| $ / shares	$ 18.58
Performance-Based LTIP Unit Awards \| Awarded March 1, 2021 \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of units paid out	50.00%
Performance-Based LTIP Unit Awards \| Awarded March 1, 2021 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of units paid out	200.00%

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Number of Shares
Nonvested at beginning of the period (in shares)	10,000	1,667
Granted (in shares)	0	10,000
Vested (in shares)	(3,334)	(1,667)
Forfeited (in shares)	0	0
Nonvested at end of the period (in shares)	6,666	10,000
Weighted - Average Grant Date Fair Value
Nonvested at beginning of the period (in dollars per share)	$ 11.47	$ 17.40
Granted (in dollars per share)	0	11.47
Vested (in dollars per share)	11.47	17.40
Forfeited (in dollars per share)	0	0
Nonvested at end of the period (in dollars per share)	$ 11.47	$ 11.47

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Number of Shares
Nonvested at beginning of the period (in shares)	764,178	669,609
Granted (in shares)	380,004	330,945
Vested (in shares)	(238,657)	(219,451)
Forfeited (in shares)	0	(16,925)
Nonvested at end of the period (in shares)	905,525	764,178
Weighted - Average Grant Date Fair Value
Nonvested at beginning of the period (in dollars per share)	$ 15.00	$ 15.73
Granted (in dollars per share)	16.08	14.55
Vested (in dollars per share)	16.61	16.39
Forfeited (in dollars per share)	0	17.02
Nonvested at end of the period (in dollars per share)	$ 15.03	$ 15.00

Equity Incentive Plan - Schedule of Performance-Based Long-Term Incentive Plan Payout Awards (Details)	Mar. 01, 2022
Relative TSR Hurdles (Percentile)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)	25.00%
Target (in percentage)	55.00%
Maximum (in percentage)	80.00%
Payout Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)	50.00%
Target (in percentage)	100.00%
Maximum (in percentage)	200.00%

Equity Incentive Plan - Valuation Assumptions (Details) - $ / shares	Mar. 01, 2022	Mar. 01, 2021	Mar. 01, 2020	Mar. 01, 2019	Mar. 01, 2018	Mar. 01, 2017
Time-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted (in shares)	152,004	132,381	130,206	88,746	97,968	89,574
Estimate Value Per Unit (in dollars per share)	$ 12.33	$ 12.52	$ 13.05	$ 18.45	$ 16.83	$ 18.53
Volatility, percentage	80.00%	78.00%	20.00%	21.00%	26.00%	24.00%
Dividend Yield, percentage	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Risk Free Interest Rate, percentage	1.01%	0.08%	1.06%	2.57%	2.07%	0.92%
Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted (in shares)	228,000	198,564	195,301	133,107	146,949	134,348
Estimate Value Per Unit (in dollars per share)	$ 18.58	$ 15.91	$ 13.66	$ 18.91	$ 17.02	$ 19.65
Volatility, percentage	66.00%	64.00%	20.00%	21.00%	26.00%	25.00%
Dividend Yield, percentage	3.50%	3.40%	8.10%	6.20%	6.20%	5.80%
Risk Free Interest Rate, percentage	1.44%	0.30%	0.90%	2.55%	2.37%	1.47%

Leases - Narrative (Details)	9 Months Ended
Leases - Narrative (Details)	Sep. 30, 2022 USD ($) term parking_space
Lessee, Lease, Description [Line Items]
Fixed lease payments	$ 900,000
Variable lease, payment	$ 600,000
Ground Leases \| Residence Inn San Diego Gaslamp
Lessee, Lease, Description [Line Items]
Number of additional terms \| term	3
Periods in each additional renewal term	10 years
Operating leases, monthly payment	$ 44,400
Operating lease, periodic increase, percentage	10.00%
Periodic increase in monthly payment	5 years
Operating lease, annual supplemental rent, percentage of gross revenues (equal to)	5.00%
Operating lease, annual supplemental rent subtraction, base rent multiplier	12
Ground Leases \| Hilton Garden Inn Marina del Rey, CA
Lessee, Lease, Description [Line Items]
Operating leases, monthly payment	$ 47,500
Air Rights Lease And Garage Lease \| Residence Inn by Marriott New Rochelle, NY
Lessee, Lease, Description [Line Items]
Number of parking spaces occupied by hotel \| parking_space	128
Quarterly rent	$ 31,000
Office Lease
Lessee, Lease, Description [Line Items]
Periods in each additional renewal term	5 years
Operating leases, term of contract	11 years
Operating leases, abatement term of contract	12 months
Maximum additional terms up to which ground lease can be extended (up to) \| term	2
Minimum \| Ground Leases \| Hilton Garden Inn Marina del Rey, CA
Lessee, Lease, Description [Line Items]
Operating lease, periodic increase, percentage	5.00%
Maximum \| Ground Leases \| Hilton Garden Inn Marina del Rey, CA
Lessee, Lease, Description [Line Items]
Operating lease, periodic increase, percentage	25.00%

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remaining three months)	$ 523
2023	2,093
2024	2,115
2025	2,186
2026	1,894
Thereafter	64,825
Total lease payments	73,636
Less: Imputed interest	(51,374)
Present value of lease liabilities	$ 22,262	$ 22,696

Leases - Schedule of Right of Use Asset and Lease Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Right of Use Asset
Beginning balance	$ 19,985
Amortization	(513)
Ending balance	19,472
Lease Liability
Beginning balance	22,696
Amortization	(434)
Ending balance	$ 22,262

Leases - Lease Cost (Details)	Sep. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	40 years 7 months 2 days
Weighted-average discount rate	6.62%

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		9 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)
Other Commitments [Line Items]
Management fees recorded within hotel other operating expenses	$ 3,000	$ 2,200	$ 7,600	$ 5,100
Total hotel operating expenses	43,686	35,377	118,712	85,743
San Diego Housing Commission et al. v. Neil et al.
Other Commitments [Line Items]
Legal costs			145
Franchise and marketing fees
Other Commitments [Line Items]
Total hotel operating expenses	$ 7,107	$ 5,294	$ 18,073	$ 11,983
Minimum
Other Commitments [Line Items]
Weighted average expiration period			10 years
Maximum
Other Commitments [Line Items]
Weighted average expiration period			30 years
Hotel Management Agreement \| Island Hospitality Management Inc.
Other Commitments [Line Items]
Initial terms of management agreements			5 years
Number of renewal periods of management agreements \| hotel			2
Renewal periods of management agreements			5 years
Notice period for successive renewal of agreement (no later than)			90 days
Minimum notice period for termination of management agreement			6 months
Management fee			10.00%
Incentive management fee, percentage			1.00%

Related Party Transactions (Details) $ in Millions	3 Months Ended		9 Months Ended
Related Party Transactions (Details) $ in Millions	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Mar. 17, 2021
Related Party Transaction [Line Items]
Management fees recorded within hotel other operating expenses	$ 3.0	$ 2.2	$ 7.6	$ 5.1
Amounts due to related party	$ 1.2		$ 1.2		$ 0.3
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	100.00%		100.00%			52.50%
Percentage of voting interests acquired			47.50%
Number of hotels managed by related party \| hotel	39		39

- 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 https://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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126734703&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126897435&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 https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

Subsequent Events (Details)	Oct. 28, 2022 USD ($) hotel extension_option	Oct. 26, 2021 USD ($) extension_option	Oct. 26, 2018 USD ($)
Revolving Credit Facility
Subsequent Event [Line Items]
Number of extension options \| extension_option		2
Revolving Credit Facility \| Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing availability under revolving credit facility		$ 250,000,000	$ 250,000,000
Period of extension options		6 months
Revolving Credit Facility \| Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing availability under revolving credit facility	$ 215,000,000
Number of extension options \| extension_option	2
Period of extension options	6 months
Revolving Credit Facility \| Revolving Credit Facility \| Subsequent Event \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Term of debt	1 month
Revolving Credit Facility \| Revolving Credit Facility \| Subsequent Event \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Subsequent Event [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility \| Revolving Credit Facility \| Subsequent Event \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Subsequent Event [Line Items]
Basis spread on variable rate	2.25%
Term Loan \| Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing availability under revolving credit facility	$ 90,000,000
Number of extension options \| hotel	2
Period of extension options	1 year
Term Loan \| Revolving Credit Facility \| Subsequent Event \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Subsequent Event [Line Items]
Basis spread on variable rate	1.45%
Term Loan \| Revolving Credit Facility \| Subsequent Event \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Subsequent Event [Line Items]
Basis spread on variable rate	2.20%
Term Loan \| Revolving Credit Facility \| Subsequent Event \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate Adjustment
Subsequent Event [Line Items]
Basis spread on variable rate	0.10%