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Document and Entity Information (USD $)
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12 Months Ended | ||
|---|---|---|---|
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Dec. 31, 2012
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Mar. 06, 2013
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Jun. 29, 2012
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| Document Information [Line Items] | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Dec. 31, 2012 | ||
| Document Fiscal Year Focus | 2012 | ||
| Document Fiscal Period Focus | FY | ||
| Trading Symbol | CLDT | ||
| Entity Registrant Name | CHATHAM LODGING TRUST | ||
| Entity Central Index Key | 0001476045 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Current Reporting Status | No | ||
| Entity Voluntary Filers | No | ||
| Entity Filer Category | Accelerated Filer | ||
| Entity Common Stock, Shares Outstanding | 17,582,680 | ||
| Entity Public Float | $ 198,619,191.96 |
| X | ||||||||||
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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| X | ||||||||||
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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| X | ||||||||||
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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| X | ||||||||||
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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| X | ||||||||||
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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| X | ||||||||||
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- Definition
Trading symbol of an instrument as listed on an exchange. No definition available.
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| X | ||||||||||
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- Definition
Line of credit facility. No definition available.
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date, net of allowance for doubtful accounts, of account and note receivables due from other than related parties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amount of deferred costs. No definition available.
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Carrying amount of the equity interests owned by noncontrolling partners in an operating partnership included in the entity's consolidated financial statements. No definition available.
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amount for an unclassified balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs and the carrying amount as of the balance sheet date of assets not otherwise specified in the taxonomy. Also includes assets not individually reported in the financial statements, or not separately disclosed in notes. No definition available.
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| X | ||||||||||
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- Definition
Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amount of investments in unconsolidated real estate and other joint ventures not separately presented. This includes direct and indirect investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Hotel receivables, allowance for doubtful accounts | $ 28 | $ 17 |
| Preferred shares, par value | $ 0.01 | $ 0.01 |
| Preferred shares, shares authorized | 100,000,000 | 100,000,000 |
| Preferred shares, shares issued | ||
| Common shares, par value | $ 0.01 | $ 0.01 |
| Common shares, shares authorized | 500,000,000 | 500,000,000 |
| Common shares, shares issued | 13,909,822 | 13,820,854 |
| Common shares, shares outstanding | 13,908,907 | 13,819,939 |
| X | ||||||||||
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- Definition
The valuation allowance as of the balance sheet date to reduce the gross amount of receivables to estimated net realizable value, which would be presented in parentheses on the face of the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Cost reimbursements from unconsolidated real estate entities No definition available.
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| X | ||||||||||
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- Definition
Loss from unconsolidated real estate entities. No definition available.
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| X | ||||||||||
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- Definition
Reimbursed costs from unconsolidated real estate entities. No definition available.
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| X | ||||||||||
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- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate direct costs incurred in operating leased, owned and other hotels. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Income derived from investments in debt and equity securities and on cash and cash equivalents. Interest income represents earnings which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Dividend income represents a distribution of earnings to shareholders by investee companies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Costs incurred and are directly related to generating occupancy revenues. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenue derived from the provision of short term lodging; it does not apply to lease or rental income. Includes hotel rooms, cruise revenue, and other revenue related to lodgings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
Other costs incurred and are directly related to hotel operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Other revenue generated from managing and operating hotels, not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total of real estate taxes and insurance expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount, net of promotional allowances, of revenue from managing and operating hotels, including, but not limited to, revenue from occupancy, casino, food and beverage, and retail. Excludes operating lease income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for common shareholders during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares issued during the period to an employee benefit plan, such as a defined contribution or defined benefit plan. No definition available.
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| X | ||||||||||
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- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares related to Restricted Stock Award forfeited during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Value of shares issued during the period to an employee benefit plan, such as a defined contribution or defined benefit plan. No definition available.
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| X | ||||||||||
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- Definition
Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value of stock related to Restricted Stock Awards forfeited during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Consolidated Statements of Equity (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Issuance of shares, offering costs | $ 4,153 | $ 13,752 | |
| Common shares, dividend declared per share | $ 0.775 | $ 0.700 | $ 0.35 |
| LTIP units, distributions per unit | $ 0.775 | $ 0.70 | $ 0.35 |
| X | ||||||||||
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- Definition
LTIP units, distributions. No definition available.
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| X | ||||||||||
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- Definition
Direct costs (e.g., legal and accounting fees) associated with issuing stock that is deducted from additional paid in capital. Also includes any direct costs associated with stock issues under a shelf registration. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amortization of deferred franchise fees. No definition available.
|
| X | ||||||||||
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- Definition
Loss from unconsolidated real estate entities. No definition available.
|
| X | ||||||||||
|
- Definition
Prepaid expenses and other assets No definition available.
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| X | ||||||||||
|
- Details
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| X | ||||||||||
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- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period of the sum of amounts due within one year (or one business cycle) from customers for the credit sale of goods and services; and from note holders for outstanding loans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the value of expenditures made during the current reporting period for benefits that will be received over a period of years. Deferred charges differ from prepaid expenses in that they usually extend over a long period of time and may or may not be regularly recurring costs of operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cash outflow in the form of ordinary dividends to common shareholders, generally out of earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of or advances to an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, and joint venture or equity method investment) or the acquisition of an additional interest in a subsidiary (controlled entity). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for acquisition of or capital improvements of property, plant and equipment, used to produce goods or deliver services, and not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to pay off an obligation from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Consolidated Statements of Cash Flows (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||||
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2012
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Jan. 06, 2012
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Jan. 11, 2011
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| Shares issued pursuant to equity incentive plan | 27,592 | 12,104 | |||
| Accrued distributions payable | $ 2,464 | $ 2,875 | |||
| Accrued but unpaid distribution | 41 | ||||
| Accrued share based compensation | 300 | 210 | 300 | ||
| Accounts payable and accrued expenses | 528 | 869 | |||
| Mortgages assumed on acquisition | $ 134,160 | $ 12,434 | |||
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- Definition
Accrued but unpaid distribution. No definition available.
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- Definition
Accrued share based compensation No definition available.
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- Definition
Mortgages Assumed On Purchases Of Hotels. No definition available.
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- Definition
Shares issued pursuant to equity incentive plan No definition available.
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- Definition
Sum of the carrying values as of the balance sheet date of liabilities incurred and payable to vendors for goods and services received, and other costs not separately disclosed in the balance sheet that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. No definition available.
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- Definition
Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Organization
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12 Months Ended |
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Dec. 31, 2012
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| Organization | 1. Organization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust (“REIT”) on October 26, 2009. The Company is internally-managed and was organized to invest primarily in premium-branded upscale extended-stay and select-service hotels. The Company completed its initial public offering (the “IPO”) on April 21, 2010. The IPO resulted in the sale of 8,625,000 common shares at $20.00 per share, generating $172.5 million in gross proceeds. Net proceeds, after underwriters’ discounts and commissions and other offering costs, were approximately $158.7 million. Concurrently with the closing of the IPO, in a separate private placement pursuant to Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), the Company sold 500,000 of its common shares to Jeffrey H. Fisher, the Company’s Chairman, President and Chief Executive Officer, at the public offering price of $20.00 per share, for proceeds of $10.0 million. On February 8, 2011, the Company completed a follow-on common share offering generating gross proceeds of $73.6 million and net proceeds of approximately $69.4 million, adding equity capital to the Company’s balance sheet. Using these funds as well as borrowing capacity on its secured revolving credit facility, on July 14, 2011, the Company acquired five hotels for an aggregate purchase price of $195 million, including the assumption of five individual mortgage loans secured by the hotels totaling $134.2 million. Additionally, the Company invested $37.0 million for an approximate 10.3% interest in the JV with Cerberus Capital Management (“Cerberus”) that acquired 64 hotels from Innkeepers USA Trust (“Innkeepers”) on October 27, 2011. The Company accounts for this investment under the equity method. The Company had no operations prior to the consummation of the IPO. Following the closing of the IPO, the Company contributed the net proceeds from the IPO and the concurrent private placement, as well as the proceeds of the February 2011 offering, to Chatham Lodging, L.P. (the “Operating Partnership”) in exchange for partnership interests in the Operating Partnership. Substantially all of the Company’s assets are held by, and all of the Company’s operations are conducted through, the Operating Partnership. Chatham Lodging Trust is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership. Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership, which are presented as noncontrolling interests on our consolidated balance sheets. As of December 31, 2012, the Company owned 19 hotels with an aggregate of 2,536 rooms located in 11 states and the District of Columbia and held a minority interest in the JV, which owns 55 hotels comprising an aggregate of 7,282 rooms. To qualify as a REIT, the Company cannot operate the hotels. Therefore, the Operating Partnership and its subsidiaries lease our wholly owned hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by one of the Company’s taxable REIT subsidiary (“TRS”) holding companies. The Company indirectly owns its interest in 51 of the 55 JV hotels through the Operating Partnership, and owns its interest in the remaining 4 JV hotels through one of its TRS holding companies. All of the JV hotels are leased to TRS Lessees in which the Company indirectly owns a 10.3% minority interests through one of its TRS holding companies. Each hotel is leased to a TRS Lessee under a percentage lease that provides for rental payments equal to the greater of (i) a fixed base rent amount or (ii) a percentage rent based on hotel room revenue. The initial term of each of the TRS leases is five years. Lease revenue from each TRS Lessee is eliminated in consolidation. The TRS Lessees have entered into management agreements with third party management companies that provide day-to-day management for the hotels. Island Hospitality Management Inc. (“IHM”), which is 90% owned by Mr. Fisher, manages 17 of the Company’s wholly owned hotels and Concord Hospitality Enterprises Company manages two of the Company’s wholly owned hotels. All but one of the JV hotels are managed by IHM. One JV hotel is managed by Dimension Development Company. |
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- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements, in the opinion of management, include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable and debt. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for debt, the fair value of which is separately disclosed in Note 7. Investment in Hotel Properties The Company allocates the purchase prices of hotel properties acquired through a business combination based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. Hotel property acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees, are expensed in the period incurred. The Company’s investment in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 15 years for building improvements and two to seven years for furniture, fixtures and equipment. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations. The Company will periodically review its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property’s estimated fair market value is recorded and an impairment loss recognized. As of December 31, 2012 and 2011, there were no hotel properties impaired. The Company will consider a hotel property as held for sale when a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant financing contingencies exist which could cause the transaction not to be completed in a timely manner and the sale is expected to occur within one year. If these criteria are met, depreciation and amortization of the hotel property will cease and an impairment loss if any will be recognized if the fair value of the hotel property, less the costs to sell, is lower than the carrying amount of the hotel property. The Company will classify the loss, together with the related operating results, as discontinued operations in the consolidated statements of operations and classify the assets and related liabilities as held for sale in the consolidated balance sheets if we no longer have significant continuing involvement. As of December 31, 2012, the Company had no hotel properties held for sale. Investment in Unconsolidated Real Estate Entities If it is determined that the Company do not have a controlling interest in a joint venture, either through its financial interest in a VIE or in a voting interest entity, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, limited to the extent of its investment in, advances to and commitments for the investee. Investment in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from the joint ventures pursuant to the joint venture agreements. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits.
Restricted Cash Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves required pursuant to the Company’s loans or hotel management agreements. Included in restricted cash on the accompanying consolidated balance sheet at December 31, 2012 are $2.9 million of renovation, property tax and insurance escrows and at December 31, 2011 are $5.3 million of renovation, property tax and insurance escrows. Certain of the hotel mortgage loan agreements require the Company to fund up to 5% of gross hotel revenues on a monthly basis for furnishings, fixtures and equipment and general repair maintenance reserves (“Replacement Reserve”), property tax and/or insurance reserves into an escrow account held by the lender. Hotel Receivables Hotel receivables consist of amounts owed by guests staying at the Company’s hotels at year end and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable receivable losses. At December 31, 2012 and 2011, respectively, the allowance for doubtful accounts was $28 thousand and $17 thousand. Deferred Costs Deferred costs consist of franchise agreement fees for the Company’s hotels, loan costs related to the Company’s senior secured revolving credit facility and mortgage loans and costs related to the Company’s share offering. Deferred costs consisted of the following at December 31, 2012 and 2011 (in thousands):
Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. Loan costs are recorded at cost and amortized over a straight-line basis, which approximates the effective interest rate method, over the term of the loan. Offering costs of $0.1 million and $0.4 million, classified as “Other” in 2011 and 2012 respectively, will be recorded as a reduction in additional paid-in capital as shares are sold. For the years ended December 31, 2012, 2011 and 2010, amortization expense related to franchise fees of $75 thousand, $62 thousand and $27 thousand , respectively, is included in depreciation and amortization. Amortization expense related to loan costs of $1.8 million, $1.6 million and $0.3 million for the years ended December 31, 2012, 2011 and 2010, respectively, is included in interest expense in the consolidated statements of operations. Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory. Revenue Recognition Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. Share-Based Compensation The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statement of operations. The Company pays dividends on vested and nonvested restricted shares, except for performance based shares, for which dividends on unvested shares are not paid until those shares are vested. Earnings Per Share A two class method is used to determine earnings per share. Basic earnings per share (“EPS”) is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and long-term incentive plan units are entitled to receive dividends, if declared. The rights to dividends declared are non-forfeitable, and therefore, the unvested restricted shares and long-term incentive plan units qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to the unvested restricted shares is based on the proportion of the weighted average unvested restricted shares outstanding to the total of the basic weighted average common shares outstanding and the weighted average unvested restricted shares outstanding. Basic EPS is then computed by dividing income less earnings allocable to unvested restricted shares by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities. Because the Company reported a net loss for the period, no allocation was made to the unvested restricted shares or the long-term incentive plan units. Income Taxes The Company is currently subject to corporate federal and state income taxes. Prior to April 21, 2010, the Company had no operating results subject to taxation. The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to shareholders. However, the Company has been organized and operates in such a manner as to qualify for treatment as a REIT. The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiaries (each, a “TRS”) which, in turn are wholly owned by the Operating Partnership. Additionally, the Company owns its interest in 51 of the 55 JV hotels through the Operating Partnership and owns its interest in the remaining 4 JV hotels through one of its TRSs. Each TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. As of December 31, 2012, the Company is no longer subject to U.S federal income tax examinations for years before 2010 and with few exceptions to state examinations before 2010. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provisions for income taxes is required in the Company’s consolidated financial statements as of December 31, 2012. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. Organizational and Offering Costs The Company expenses organizational costs as incurred. Offering costs, which include selling commissions, are recorded as a reduction in additional paid-in capital in shareholders’ equity as shares are sold. Costs related to the Company’s potential share offerings are included in deferred costs at December 31, 2012 and December 31, 2011, respectively, and will be recorded as a reduction in additional paid-in capital as shares are sold. Segment Information We evaluate all of our hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers. Accordingly, we do not report segment information. Recently Issued Accounting Standards In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (“ASU 2011-04”). ASU 2011-04 created a uniform framework for applying fair value measurement principles for companies around the world and clarified existing guidance in U.S. GAAP. ASU 2011-04 is effective for the first reporting annual period beginning after December 15, 2011. The Company adopted this standard and it did not have any material effect on the consolidated financial statements. In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220), Presentation of Comprehensive income. This update is intended to increase the prominence of other comprehensive income in the financial statements by requiring public companies to present comprehensive income either as a single statement detailing the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income or using a two statement approach including both a statement of income and a statement of comprehensive income. The option to present other comprehensive income in the statement of changes in equity has been eliminated. The amendments in this update are effective for public companies for fiscal years, and interim periods beginning after December 15, 2011. Currently, the Company has no items of other comprehensive income in any periods presented. |
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- Definition
The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisition of Hotel Properties
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Dec. 31, 2012
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| Acquisition of Hotel Properties | 3. Acquisition of Hotel Properties Acquisition of Hotel Properties On December 27, 2012, the Company acquired the Hampton Inn Portland Downtown, Portland, ME (the “Portland Hotel”) for a purchase price of $28.0 million, plus customary pro-rated amounts and closing costs. The Company funded the acquisition with available cash and borrowings under the Company’s secured revolving credit facility. The Company incurred acquisition costs of $0.2 million and $7.7 million, respectively, during the years ended December 31, 2012 and 2011. Hotel Purchase Price Allocation The following are the allocations of the purchase price of the acquisitions in 2012 and 2011, based on the fair value on the date of acquisition (in thousands):
The amount of revenue and operating income of the 5 Sisters included in the consolidated income statement for the years ended December 31, 2012 and 2011 are $36.9 million and $17.6 million, respectively, for 2012 and $16.2 million and $7.6 million, respectively, for 2011.
Pro Forma Financial Information (unaudited) The following condensed unaudited pro forma financial information presents the results of operations as if the hotels acquired in 2010 and 2011 had taken place on January 1, 2010. Since the acquisition of the Portland hotel was not significant, the pro forma numbers presented below do not include the operating results of the Portland hotel prior to the acquisition date. The unaudited pro forma results below exclude acquisition costs of $3.2 million incurred during the year ended December 31, 2011. The pro forma net loss for the year ended December 31, 2010 was adjusted to include these costs. The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what actual results of operations would have been had the acquisitions taken place on January 1, 2010, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data).
As a result of the properties being treated as acquired as of January1, 2010, the Company assumed approximately 13,819,939 shares were issued as of January 1, 2010 to fund the acquisition of the properties. Consequently, the weighted average shares outstanding was adjusted to reflect this amount of shares being issued on January 1, 2010 instead of the actual dates on which the shares were issued, and such shares were treated as outstanding as of the beginning of the periods presented. |
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- Definition
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Allowance for Doubtful Accounts
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12 Months Ended |
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Dec. 31, 2012
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| Allowance for Doubtful Accounts | 4. Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts at a level believed to be adequate to absorb estimated losses. That estimate is based on past loss experience, current economic and market conditions and other relevant factors. The allowance for doubtful accounts was $28 thousand and $17 thousand as of December 31, 2012 and 2011 respectively. |
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- Definition
Allowance for doubtful accounts. No definition available.
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Investment in Hotel Properties
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Dec. 31, 2012
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| Investment in Hotel Properties | 5. Investment in Hotel Properties Investment in hotel properties as of December 31, 2012 and 2011 consisted of the following (in thousands):
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- Definition
Investment in properties. No definition available.
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Investment in Unconsolidated Entities
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Dec. 31, 2012
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| Investment in Unconsolidated Entities | 6. Investment in Unconsolidated Entities On October 27, 2011, the Company acquired a 10.3% interest in the JV with Cerberus. The JV initially acquired 64 properties for a total purchase price of approximately $1.02 billion, including assumption of approximately $675 million of mortgage debt secured by 45 of the hotels with an interest rate of 6.71% and maturing in 2017. The Company’s original investment of $37 million in the JV was funded through borrowings under the Company’s secured revolving credit facility. The Company accounts for this investment under the equity method. During the years ended, December 31, 2012 and 2011, the Company received cash distributions from the JV related to the following (in thousands):
The Company’s ownership interest in the JV is subject to change in the event that either the Company or Cerberus calls for additional capital contributions to the JV necessary for the conduct of business, including contributions to fund costs and expenses related to capital expenditures. The Company manages the JV and will receive a promote interest if the JV meets certain return thresholds. Cerberus may also approve certain actions by the JV without the Company’s consent, including certain property dispositions conducted at arm’s length, certain actions related to the restructuring of the JV and removal of the Company as managing member in the event the Company fails to fulfill its material obligations under the joint venture agreement. In the Company’s 2011 Annual Report on Form 10-K, the Company disclosed the balance sheet and statement of operations of the Innkeepers acquisition based on the preliminary purchase price allocation. Subsequent to the issuance of the Company’s 2011 Annual Report on Form 10-K and within the one year measurement period, new information was obtained about facts and circumstances that existed as of the acquisition date. As such, the purchase price allocation of the Innkeepers acquisition was retroactively adjusted to include the effect of this measurement period adjustment. This measurement period adjustment did not have a material impact on the Company’s financial statements as of December 31, 2011 and for the year then ended. The retroactively adjusted purchase price allocation and Innkeepers balance sheet and statement of operations as of December 31, 2011 and for the period from October 27, 2011 to December 31, 2011 are included in Part IV Item 15 Section 4 Separate Financial Statements of Subsidiaries Not Consolidated in this Form 10-K. |
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- Definition
The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt
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Dec. 31, 2012
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| Debt | 7. Debt The Company’s mortgage loans and its senior secured revolving credit facility are collateralized by a first-mortgage lien on the underlying properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. The Company’s debt consisted of the following (in thousands):
In May 2011, the Company amended its $85 million senior secured revolving credit facility. The amendment increases the allowable consolidated leverage ratio to 60 percent through 2012, reducing to 55 percent in 2013; and decreased the consolidated fixed charge coverage ratio from 2.3x to 1.7x through March 2012, increasing to 1.75x through December 2012 and 2.0x in 2013. Subject to certain conditions, including lender approval, the credit facility has an accordion feature that provides the Company with the ability to increase the aggregate principal amount of the facility. The Company further amended is senior secured revolving credit facility on November 5, 2012. Costs associated with this amendment were approximately $1.2 million. The November 2012 amendment extends the maturity date to November 5, 2015 and includes an option to extend the maturity date by an additional year. Certain other terms have been amended as noted below.
At December 31, 2012 and December 31, 2011, the Company had $79.5 million and $67.5 million, respectively, of outstanding borrowings under its secured revolving credit facility. Ten properties in the borrowing base secure borrowings under the credit facility at December 31, 2012. At December 31, 2012, the maximum borrowing availability under the revolving credit facility was $95.0 million. On February 5, 2013, we borrowed an additional $34.5 million under our senior secured revolving credit facility. The funds were used for the acquisition of the Courtyard by Marriott Medical Center on February 5, 2013. The Company estimates the fair value of its fixed rate debt using an income approach valuation method by discounting the future cash flows of each instrument at estimated market rates. 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. Level 3 typically consists of mortgages because of the significance of the collateral value to the value of the loan. The estimated fair value of the Company’s fixed rate debt as of December 31, 2012 and December 31, 2011 was $168.2 million and $159.4 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. The Company’s only variable rate debt is under its senior secured revolving credit facility. The estimated fair value of the Company’s variable rate debt as of December 31, 2012 and December 31, 2011 was $79.5 million and $67.5 million, respectively. At December 31, 2012, the Company’s consolidated fixed charge coverage ratio was 2.03. As of December 31, 2012, the Company was in compliance with all of its financial covenants. Future scheduled principal payments of debt obligations as of December 31, 2012, for each of the next five calendar years and thereafter as follows (in thousands):
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- Definition
The entire disclosure for long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Dec. 31, 2012
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| Income Taxes | 8. Income Taxes The Company’s TRSs are subject to federal and state income taxes (TRS 1 and TRS 2, respectively). The components of income tax expense for the following periods are as follows (in thousands):
The difference between total income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company’s TRSs before taxes were as follows (in thousands):
At December 31, 2012, TRS 1 had a gross deferred tax asset associated with future tax deductions of $0.2 million. TRS 1 has continued to record a full valuation allowance equal to 100% of the gross deferred tax asset due to the uncertainty of realizing the benefit of its deferred assets due to the cumulative taxable losses incurred by TRS 1 since its inception. TRS 2 has a gross deferred tax asset of $0.1 million as of December 31, 2012 and no valuation allowance has been recorded in connection with the gross deferred tax assets of TRS 2 for December 31, 2012 and 21011. Accordingly, the net deferred tax asset of the Company solely relates to the deferred tax assets generated by TRS 2 during the years ended December 31, 2012 and 2011. The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2012 and 2011 are as follows (in thousands):
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Dividends Declared and Paid
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Dec. 31, 2012
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| Dividends Declared and Paid | 9. Dividends Declared and Paid Dividend information for 2012 and 2011 is as follows:
For the years ended December 31, 2012 and 2011, approximately 52.9% and 5.7% of the distributions paid to stockholders were considered taxable income and approximately 47.1% and 94.3% were considered a return of capital for federal income tax purposes, respectively. |
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- Definition
Dividends declared and paid. No definition available.
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Shareholders' Equity
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12 Months Ended |
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Dec. 31, 2012
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| Shareholders' Equity | 10. Shareholders’ Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest (“common shares”), $.01 par value per share. 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 its Board of Trustees. The Company completed a public offering of 4,600,000 common shares at a $16.00 price per share generating $73.6 million in gross proceeds on February 8, 2011. Net proceeds were approximately $69.4 million after underwriters’ discounts and commissions and other offering costs paid to third parties. As of December 31, 2012, 13,908,907 common shares were outstanding. During the year ended December 31, 2011, the Company withheld 915 common shares of beneficial interest that had vested to an executive in accordance with the Equity Incentive Plan, the shares were withheld at a value of $16.43 per share to meet the minimum statutory tax withholding requirements of the executive which were directly remitted by the Company to the appropriate taxing jurisdiction. The price per share is determined by using the closing price of the common shares the day before they are withheld. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares, $.01 par value per share. No preferred shares were outstanding at December 31, 2012. Operating Partnership Units Holders of common units in the Operating Partnership, if and when issued, will have certain redemption rights, which will enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or for the Company’s common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of limited partners or shareholders. As of December 31, 2012 and 2011, there were no Operating Partnership common units held by unaffiliated third parties. At December 31, 2012 and 2011, an aggregate of 257,775 LTIP Units, a special class of operating partnership units, were held by executive officers. The LTIP Units receive per unit distributions equal to the per share distribution paid on common shares. |
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- Definition
The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Share
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Dec. 31, 2012
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| Earnings Per Share | 11. Earnings Per Share The two class method is used to determine earnings per share because unvested restricted shares and unvested long-term incentive plan units are considered to be participating shares. The following is a reconciliation of the amounts used in calculating basic and diluted net income (loss) per share (in thousands, except share and per share data):
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- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Equity Incentive Plan
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Dec. 31, 2012
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| Equity Incentive Plan | 12. Equity Incentive Plan The Company maintains its Equity Incentive Plan to attract and retain independent trustees, executive officers and other key employees and service providers. The plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under this plan generally vest over three to five years, though compensation for the Company’s independent trustees includes shares granted that vest immediately. The Company pays dividends on unvested shares and units, except for performance based shares, for which dividends on unvested shares are not paid until those shares are vested. Certain awards may provide for accelerated vesting if there is a change in control. In January 2012 and 2011, the Company issued 27,592 and 12,104 common shares, respectively, to its independent trustees as compensation for services performed in 2011 and 2010. The quantity of shares was calculated based on the average of the closing prices for the Company’s common shares on the New York Stock Exchange for the last ten trading days preceding the reporting date. On January 15, 2013, the Company distributed 22,536 common shares to its independent trustees for services performed in 2012. As of December 31, 2012, there were 69,571 common shares available for issuance under the 2010 Equity Incentive Plan.
Restricted Share Awards On February 23, 2012, the Company granted 114,567 restricted common shares to the Company’s executive officers pursuant to the Equity Incentive Plan, consisting of time-based awards of 61,376 shares that will vest over a three-year period and 53,191 shares granted as performance-based equity. The performance-based shares will be issued and vest over a three-year period only if and to the extent that long-term performance criteria established by the Board of Trustees are met and the recipient remains employed by the Company on the vesting date. The Company met its criteria for 2012, therefore, on January 15, 2013; the Company issued 17,731 shares to its executive officers. Included in the 61,376 grant of time-based share awards are 8,184 share grants made to certain employees not subject to employment agreements. The Company measures compensation expense for time-based vesting restricted share awards based upon the fair market value of its common shares at the date of grant. For the performance-based shares, compensation expense is based on a valuation of $10.20 per performance share granted, which takes into account that some or all of the awards may not vest if long-term performance criteria are not met during the vesting period. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statements of operations. The Company pays dividends on nonvested restricted shares. Dividends for performance-based shares are accrued and paid annually only if and to the extent that long-term performance criteria established by the Board are met and the recipient remains employed by the Company. A summary of the Company’s restricted share awards for the years ended December 31, 2012, 2011 and 2010 is as follows:
As of December 31, 2012 and 2011, respectively, there were $1.1 million and $0.7 million of unrecognized compensation costs related to restricted share awards. As of December 31, 2012, these costs were expected to be recognized over a weighted–average period of approximately 1.1 years. For the years ended December 31, 2012, 2011 and 2010, respectively, the Company recognized approximately $0.9 million, $0.5 million and $0.4 million in expense related to the restricted share awards. This expense is included in general and administrative expenses in the accompanying consolidated statement of operations. During 2012 and 2011, 25,519 and 25,521 shares vested, respectively. Long-Term Incentive Plan Units 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 availability for other equity awards on a one-for-one basis. The Company does not receive a tax deduction for the value of any LTIP Units granted to employees. LTIP Units, whether vested or not, receive the same per unit profit distributions as other outstanding units of the Operating Partnership, which profit distribution will generally equal per share dividends on the Company’s common shares. Initially, LTIP Units have a capital account balance of zero, and do not have full parity with common Operating Partnership units with respect to liquidating distributions. The Operating Partnership will revalue its assets upon the occurrence of certain specified events and any increase in valuation will be allocated first to the holders of LTIP Units to equalize the capital accounts of such holders with the capital accounts of the Operating Partnership unit holders. If such parity is reached, vested LTIP Units may be converted by the holder, at any time, into an equal number of common units of limited partnership interest in the Operating Partnership (“OP Units”), which may be redeemed, at the option of the holder, for cash or at the Company’s option an equivalent number of the Company’s common shares. On April 21, 2010, the Company’s Operating Partnership granted 246,960 LTIP Units to the Company’s executive officers pursuant to the Equity Incentive Plan, all of which are accounted for in accordance with FASB Codification Topic (“ASC”) 718, “Stock Compensation”. On September 9, 2010, the Company’s Operating Partnership granted 26,250 LTIP units to the Company’s then new Chief Financial Officer and 15,435 LTIP units granted to the Company’s former Chief Financial Officer were forfeited. These LTIP Units vest ratably over a five-year period beginning on the date of grant. The LTIP Units’ fair value was determined by using a discounted value 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 OP Units and thus have an economic value of zero to the grantee. Additional factors considered in reaching the assumptions of uncertainty included discounts for illiquidity; expectations for future dividends; limited or no operating history as of the date of the grant; significant dependency on the efforts and services of our executive officers and other key members of management to implement the Company’s business plan; available acquisition opportunities; and economic environment and conditions. The Company used an expected stabilized dividend yield of 5.0% and a risk free interest rate of 2.33% based on a five-year U.S. Treasury yield. The Company recorded $0.8 million, $0.8 million and $0.5 million in compensation expense related to the LTIP Units for the years ended December 31, 2012, 2011 and 2010, respectively. As of December 31, 2012, there was $1.8 million of total unrecognized compensation cost related to LTIP Units. This cost is expected to be recognized over 2.3 years, which represents the weighted average remaining vesting period of the LTIP Units. As of December 31, 2012, none of the LTIP Units had reached parity. |
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- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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Dec. 31, 2012
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| Commitments and Contingencies | 13. Commitments and Contingencies Litigation The nature of the operations of the hotels exposes the hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company or its properties. Hotel Ground Rent The Altoona hotel is subject to a ground lease with an expiration date of April 30, 2029 with an extension option of up to 12 additional terms of five years each. Monthly payments are determined by the quarterly average room occupancy of the hotel. Rent is equal to approximately $7,000 per month when monthly occupancy is less than 85% and can increase up to approximately $20,000 per month if occupancy is 100%, with minimum rent increased on an annual basis by two and one-half percent (2.5%). At the New Rochelle Residence Inn, there are 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 fund for the cost of capital repairs.
Future minimum rental payments under the terms of all non-cancellable operating ground leases under which the Company is the lessee are expensed on a straight-line basis regardless of when payments are due. The following is a schedule of the minimum future obligation payments required under the ground, air rights and garage leases as of December 31, 2012, for each of the next five calendar years and thereafter (in thousands):
Management Agreements The management agreements with Concord, the manager of the Altoona, Pennsylvania Courtyard and the Washington, Pennsylvania SpringHill Suites, provide for base management fees equal to 4% of the managed hotel’s gross room revenue. The initial ten-year term of each management agreement expires on February 28, 2017 and will renew automatically for successive one-year terms unless terminated by the TRS lessee or the manager by written notice to the other party no later than 90 days prior to the then current term’s expiration date. The management agreements may be terminated for cause, including the failure of the managed hotel operating performance to meet specified levels. If the Company were to terminate the management agreements during the first nine years of the term other than for breach or default by the manager, the Company would be responsible for paying termination fees to the manager. The Company assumed the existing hotel management agreements in place at six of its hotels — the Boston-Billerica Homewood Suites, Minneapolis-Bloomington Homewood Suites, Nashville-Brentwood Homewood Suites, Dallas Homewood Suites, Hartford-Farmington Homewood Suites and Orlando-Maitland Homewood Suites — all of which were managed by Promus Hotels, Inc., a subsidiary of Hilton Hotels Worldwide (“Hilton”). Each of these management agreements was terminated and new management agreements were entered into with IHM, which is 90% owned by Mr. Fisher during 2012. All of the remaining hotels are managed by IHM, which is 90% owned by Mr. Fisher. The management agreements with IHM have an initial term of five years and may be renewed for two five-year periods at IHM’s option by written notice to us no later than 90 days prior to the then current term’s expiration date. 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. Management agreements with IHM provide for a base management fee of 3% of the managed hotel’s gross revenues for the Hampton Inn Houston, TX, Residence Inn Holtsville, NY, Residence Inn White Plains, NY, Residence Inn New Rochelle, NY, Homewood Suites Carlsbad, CA and Hampton Inn Portland, ME and a 2.5% of the managed hotel’s gross revenues for the Residence Inn Garden Grove, CA, Residence Inn San Diego, CA, Homewood Suites San Antonio, TX, Doubletree Suites Washington, DC and Residence Inn Tysons Corner, VA and 2% for the six hotels transitioned to IHM from Hilton. Management agreements with IHM also provide for accounting fees of $1,000 per month per hotel, revenue management fees up to $550 per month and, if certain financial thresholds are met or exceeded, an incentive management fee equal to 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. Incentive management fees paid by the Company to IHM for the years ended December 31, 2012, 2011 and 2010, respectively, were $16 thousand, $0 thousand and $0 thousand.
Management fees are recorded within hotel other operating expenses on the consolidated statements of operations and totaled approximately $2.6 million and $2.0 million, respectively, for the years ended December 31, 2012 and 2011, respectively. Franchise Agreements One of the Company’s TRS Lessees has entered into hotel franchise agreements with Promus Hotels, Inc., a subsidiary of Hilton, for eight Homewood Suites by Hilton® hotels. Each of the hotel franchise agreements has an initial term ranging from 15-18 years. These Hilton hotel franchise agreements provide for a franchise royalty fee up to 6% of the hotel’s gross room revenue and a program fee equal to 4% of the hotel’s gross room revenue. The Hilton franchise agreements provide that the franchisor may terminate the franchise agreement in the event that the applicable franchisee fails to cure an event of default, or in certain circumstances such as the franchisee’s bankruptcy or insolvency, are terminable by Hilton at will. One of the Company’s TRS Lessees has entered into franchise agreements with Marriott International, Inc., (“Marriott”), relating to our Residence Inn properties in Holtsville, New York, New Rochelle, New York, White Plains, New York, Garden Grove, CA, San Diego, CA and Vienna, VA, its Courtyard property in Altoona, Pennsylvania and our SpringHill Suites property in Washington, Pennsylvania. These franchise agreements have initial terms ranging from 15 to 20 years and will expire between 2025 and 2031. None of the agreements have a renewal option. The Marriott franchise agreements provide for franchise fees ranging from 5.0% to 5.5% of the hotel’s gross room sales and marketing fees ranging from 2.0% to 2.5% of the hotel’s gross room sales. The Marriott franchise agreements are terminable by Marriott in the event that the applicable franchisee fails to cure an event of default or, in certain circumstances such as the franchisee’s bankruptcy or insolvency, are terminable by Marriott at will. The Marriott franchise agreements provide that, in the event of a proposed transfer of the hotel, its TRS Lessee’s interest in the agreement or more than a specified amount of the TRS Lessee to a competitor of Marriott, Marriott has the right to purchase or lease the hotel under terms consistent with those contained in the respective offer and may terminate if our TRS Lessee elects to proceed with such a transfer. One of the Company’s TRS Lessees has entered into franchise agreements with Hampton Inns Franchise LLC, (“Hampton Inns”), relating to the Hampton Inn & Suites® Houston-Medical Center and Hampton Inn® Portland Downtown The franchise agreement for the Houston-Medical Center hotel has an initial term of approximately 10 years and expires on July 31, 2020. The franchise agreement for the Portland hotel has an initial term of approximately 20 years and expires on February 29, 2032.The Hampton Inns franchise agreement provides for a monthly program fee equal to 4% of the hotel’s gross rooms revenue and a monthly royalty fees ranging from 5% to 6% of the hotel’s gross rooms revenue. None of the agreements have a renewal option. Hampton Inns may terminate the franchise agreement in the event that the franchisee fails to cure an event of default or, in certain circumstances such as the franchisee’s bankruptcy or insolvency, Hampton Inns may terminate the agreement at will. One of the Company’s TRS lessees has entered into a franchise agreement with Doubletree Franchise LLC (“Doubletree”), relating to the Doubletree Guest Suites by Hilton in Washington, DC. The new hotel franchise agreement has an initial term of 10 years and will expire on July 31, 2021. The franchise agreement is non-renewable. The Doubletree hotel franchise agreement provides for a franchise royalty fee equal to 5% of the hotel’s gross room revenue and a program fee equal to 4% of the hotel’s gross room revenue. The Doubletree franchise agreement generally has no termination rights unless the franchisee fails to cure an event of default in accordance with the franchise agreements. The Doubletree franchise agreement was terminated on January 31, 2013 and is expected to be re-branded as a Residence Inn by Marriott in May 2013. Franchise fees are recorded within hotel other operating expenses on the consolidated statements of operations and totaled approximately $7.5 million and $5.6 million, respectively, for the years ended December 31, 2012 and 2011, respectively. |
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- Definition
The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Related Party Transactions
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12 Months Ended |
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Dec. 31, 2012
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| Related Party Transactions | 14. Related Party Transactions Mr. Fisher owns 90% of IHM. The Company has hotel management agreements with IHM to manage 17 of its hotels as of December 31, 2012. During 2012, the Company terminated the management agreements of six hotels previously operated by Hilton and entered into new management agreements with IHM under generally the same fee structure as the Hilton agreements and terms consistent with the other IHM agreements. Of the 55 hotels owned by the JV, 54 are managed by IHM. Management and accounting fees paid by the Company to IHM for the years ended December 31, 2012 and 2011 were $2.3 million and $1.3 million, respectively. At December 31, 2012 and December 31, 2011, the amounts due to IHM were $0.4 and $0.3 million, respectively. Cost reimbursements from unconsolidated real estate entities revenue represents reimbursements of costs incurred on behalf of the JV. These costs relate primarily to payroll costs at the JV where the Company is the employer. 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 from the JV are recorded based upon the occurrence of a reimbursed activity. Mr. Fisher entered into a participation agreement with Cerberus by which Mr. Fisher acquired a less than 1% non-voting interest in the Cerberus percentage ownership of the JV. |
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- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Quarterly Operating Results (unaudited)
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Dec. 31, 2012
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| Quarterly Operating Results (unaudited) | 15. Quarterly Operating Results (unaudited)
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- Definition
The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events
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12 Months Ended |
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Dec. 31, 2012
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| Subsequent Events | 16. Subsequent Events On January 10, 2013, the Hampton Inn – Portland, Maine hotel was added to the secured revolving credit facility borrowing base. On January 14, 2013, the Company completed a follow-on common share offering that resulted in the sale of 3,500,000 common shares at $14.70 per share, generating gross proceeds of $51.5 million. Net proceeds, after underwriters’ discounts and commissions and other offering costs, were approximately $49.1 million. The funds were used to pay down $47.5 million of debt on its secured revolving credit facility. On January 18, 2013, the Company refinanced the mortgage loans for the Residence Inn Tysons Corner and the Homewood Suites San Antonio hotel. The Residence Inn Tysons Corner loan amount is $24.2 million at an interest rate of 4.49%. The Homewood Suites San Antonio hotel loan amount is $17.7 million at an interest rate of 4.59%. Both loans have a 10 year term and a 30 year amortization payment schedule. There were no prepayment penalties incurred with these transactions. Costs to complete these transactions were $0.3 million. On January 31, 2013, the Company paid off the mortgage loan for the Doubletree Suites Washington, DC for approximately $19.7 million. There was no prepayment penalty or significant costs incurred with this transaction. On January 31, 2013, the underwriters’ option to purchase additional shares associated with the January 14, 2013 offering were exercised for 92,677 shares at $14.70 per common share, generating gross proceeds of $1.4 million. Net proceeds, after underwriters’ discounts and commissions and other offering costs, were approximately $1.3 million. On February 1, 2013, the Company refinanced the mortgage loan for the Residence Inn Mission Valley in San Diego, CA. The loan amount is $30.9 million at an interest rate of 4.66%. The loan has a 10 year term and a 30 year amortization payment schedule. There was no prepayment penalty or significant costs incurred with this transaction. On February 5, 2013, the Company acquired the Courtyard by Marriott Houston Medical Center hotel for approximately $34.8 million, plus customary pro-rated amounts and closing costs. The purchase was paid from available cash and an additional borrowing under the secured revolving credit facility on February 5, 2013. The hotel will be managed by IHM. |
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
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Dec. 31, 2012
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| SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | CHATHAM LODGING TRUST SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2012 (in thousands)
(1) This property is pledged as collateral to borrowings made under the revolving credit facility obtained on October 12, 2010, which had outstanding borrowings of $79,500 as of December 31, 2012. Notes: (a) The change in total cost of real estate assets for the year ended is as follows:
(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $426,074 as of December 31, 2012. |
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- Definition
The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies (Policies)
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Dec. 31, 2012
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| Basis of Presentation | Basis of Presentation The accompanying financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements, in the opinion of management, include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. |
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| 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 and disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
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| Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable and debt. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for debt, the fair value of which is separately disclosed in Note 7. |
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| Investment in Hotel Properties | Investment in Hotel Properties The Company allocates the purchase prices of hotel properties acquired through a business combination based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. Hotel property acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees, are expensed in the period incurred. The Company’s investment in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 15 years for building improvements and two to seven years for furniture, fixtures and equipment. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations. The Company will periodically review its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property’s estimated fair market value is recorded and an impairment loss recognized. As of December 31, 2012 and 2011, there were no hotel properties impaired. The Company will consider a hotel property as held for sale when a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant financing contingencies exist which could cause the transaction not to be completed in a timely manner and the sale is expected to occur within one year. If these criteria are met, depreciation and amortization of the hotel property will cease and an impairment loss if any will be recognized if the fair value of the hotel property, less the costs to sell, is lower than the carrying amount of the hotel property. The Company will classify the loss, together with the related operating results, as discontinued operations in the consolidated statements of operations and classify the assets and related liabilities as held for sale in the consolidated balance sheets if we no longer have significant continuing involvement. As of December 31, 2012, the Company had no hotel properties held for sale. |
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| Investment in Unconsolidated Real Estate Entities | Investment in Unconsolidated Real Estate Entities If it is determined that the Company do not have a controlling interest in a joint venture, either through its financial interest in a VIE or in a voting interest entity, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, limited to the extent of its investment in, advances to and commitments for the investee. Investment in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from the joint ventures pursuant to the joint venture agreements. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. |
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits. |
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| Restricted Cash | Restricted Cash Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves required pursuant to the Company’s loans or hotel management agreements. Included in restricted cash on the accompanying consolidated balance sheet at December 31, 2012 are $2.9 million of renovation, property tax and insurance escrows and at December 31, 2011 are $5.3 million of renovation, property tax and insurance escrows. Certain of the hotel mortgage loan agreements require the Company to fund up to 5% of gross hotel revenues on a monthly basis for furnishings, fixtures and equipment and general repair maintenance reserves (“Replacement Reserve”), property tax and/or insurance reserves into an escrow account held by the lender. |
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| Hotel Receivables | Hotel Receivables Hotel receivables consist of amounts owed by guests staying at the Company’s hotels at year end and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable receivable losses. At December 31, 2012 and 2011, respectively, the allowance for doubtful accounts was $28 thousand and $17 thousand. |
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| Deferred Costs | Deferred Costs Deferred costs consist of franchise agreement fees for the Company’s hotels, loan costs related to the Company’s senior secured revolving credit facility and mortgage loans and costs related to the Company’s share offering. Deferred costs consisted of the following at December 31, 2012 and 2011 (in thousands):
Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. Loan costs are recorded at cost and amortized over a straight-line basis, which approximates the effective interest rate method, over the term of the loan. Offering costs of $0.1 million and $0.4 million, classified as “Other” in 2011 and 2012 respectively, will be recorded as a reduction in additional paid-in capital as shares are sold. For the years ended December 31, 2012, 2011 and 2010, amortization expense related to franchise fees of $75 thousand, $62 thousand and $27 thousand , respectively, is included in depreciation and amortization. Amortization expense related to loan costs of $1.8 million, $1.6 million and $0.3 million for the years ended December 31, 2012, 2011 and 2010, respectively, is included in interest expense in the consolidated statements of operations. |
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| Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory. |
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| Revenue Recognition | Revenue Recognition Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. |
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| Share-Based Compensation | Share-Based Compensation The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statement of operations. The Company pays dividends on vested and nonvested restricted shares, except for performance based shares, for which dividends on unvested shares are not paid until those shares are vested. |
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| Earnings Per Share | Earnings Per Share A two class method is used to determine earnings per share. Basic earnings per share (“EPS”) is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and long-term incentive plan units are entitled to receive dividends, if declared. The rights to dividends declared are non-forfeitable, and therefore, the unvested restricted shares and long-term incentive plan units qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to the unvested restricted shares is based on the proportion of the weighted average unvested restricted shares outstanding to the total of the basic weighted average common shares outstanding and the weighted average unvested restricted shares outstanding. Basic EPS is then computed by dividing income less earnings allocable to unvested restricted shares by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities. Because the Company reported a net loss for the period, no allocation was made to the unvested restricted shares or the long-term incentive plan units. |
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| Income Taxes | Income Taxes The Company is currently subject to corporate federal and state income taxes. Prior to April 21, 2010, the Company had no operating results subject to taxation. The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to shareholders. However, the Company has been organized and operates in such a manner as to qualify for treatment as a REIT. The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiaries (each, a “TRS”) which, in turn are wholly owned by the Operating Partnership. Additionally, the Company owns its interest in 51 of the 55 JV hotels through the Operating Partnership and owns its interest in the remaining 4 JV hotels through one of its TRSs. Each TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. As of December 31, 2012, the Company is no longer subject to U.S federal income tax examinations for years before 2010 and with few exceptions to state examinations before 2010. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provisions for income taxes is required in the Company’s consolidated financial statements as of December 31, 2012. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. |
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| Organizational and Offering Costs | Organizational and Offering Costs The Company expenses organizational costs as incurred. Offering costs, which include selling commissions, are recorded as a reduction in additional paid-in capital in shareholders’ equity as shares are sold. Costs related to the Company’s potential share offerings are included in deferred costs at December 31, 2012 and December 31, 2011, respectively, and will be recorded as a reduction in additional paid-in capital as shares are sold. |
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| Segment Information | Segment Information We evaluate all of our hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers. Accordingly, we do not report segment information. |
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| Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (“ASU 2011-04”). ASU 2011-04 created a uniform framework for applying fair value measurement principles for companies around the world and clarified existing guidance in U.S. GAAP. ASU 2011-04 is effective for the first reporting annual period beginning after December 15, 2011. The Company adopted this standard and it did not have any material effect on the consolidated financial statements. In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220), Presentation of Comprehensive income. This update is intended to increase the prominence of other comprehensive income in the financial statements by requiring public companies to present comprehensive income either as a single statement detailing the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income or using a two statement approach including both a statement of income and a statement of comprehensive income. The option to present other comprehensive income in the statement of changes in equity has been eliminated. The amendments in this update are effective for public companies for fiscal years, and interim periods beginning after December 15, 2011. Currently, the Company has no items of other comprehensive income in any periods presented. |
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Organization, Offering, and Related Costs No definition available.
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Prepaid Expenses and Other, Policy No definition available.
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The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. No definition available.
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- Definition
Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for deferral and amortization of significant deferred charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for determining the fair value of financial instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of the adoption of new accounting pronouncements that may impact the entity's financial reporting. No definition available.
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for segment reporting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Summary of Significant Accounting Policies (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Dec. 31, 2012
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| Components of Deferred Costs | Deferred costs consisted of the following at December 31, 2012 and 2011 (in thousands):
|
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| X | ||||||||||
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- Definition
Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Acquisition of Hotel Properties (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Dec. 31, 2012
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|
Portland Hotel
|
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| Purchase Price Allocation | The following are the allocations of the purchase price of the acquisitions in 2012 and 2011, based on the fair value on the date of acquisition (in thousands):
|
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| Pro Forma Financial Information | The following condensed unaudited pro forma financial information presents the results of operations as if the hotels acquired in 2010 and 2011 had taken place on January 1, 2010. Since the acquisition of the Portland hotel was not significant, the pro forma numbers presented below do not include the operating results of the Portland hotel prior to the acquisition date. The unaudited pro forma results below exclude acquisition costs of $3.2 million incurred during the year ended December 31, 2011. The pro forma net loss for the year ended December 31, 2010 was adjusted to include these costs. The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what actual results of operations would have been had the acquisitions taken place on January 1, 2010, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data).
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|
Five Sisters
|
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| Purchase Price Allocation |
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| X | ||||||||||
|
- Definition
Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investment in Hotel Properties (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Dec. 31, 2012
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| Investment in Hotel Properties | Investment in hotel properties as of December 31, 2012 and 2011 consisted of the following (in thousands):
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| X | ||||||||||
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- Definition
Investment in properties. No definition available.
|
|
Investment in Unconsolidated Entities (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Cash Received and Distributions from Joint Venture | During the years ended, December 31, 2012 and 2011, the Company received cash distributions from the JV related to the following (in thousands):
|
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| X | ||||||||||
|
- Definition
Additional Cash Flow Information Table No definition available.
|
|
Debt (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Dec. 31, 2012
|
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| Components of Mortgage Debt | The Company’s debt consisted of the following (in thousands):
|
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| Summary of Amendment to Senior Secured Revolving Credit Facility | The Company further amended is senior secured revolving credit facility on November 5, 2012. Costs associated with this amendment were approximately $1.2 million. The November 2012 amendment extends the maturity date to November 5, 2015 and includes an option to extend the maturity date by an additional year. Certain other terms have been amended as noted below.
|
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| Future Scheduled Principal Payments of Debt Obligations | Future scheduled principal payments of debt obligations as of December 31, 2012, for each of the next five calendar years and thereafter as follows (in thousands):
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| X | ||||||||||
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- Definition
Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the terms and amounts of participation in loan arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Dec. 31, 2012
|
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| Components of Income Tax Expense | The components of income tax expense for the following periods are as follows (in thousands):
|
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| Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate | The difference between total income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company’s TRSs before taxes were as follows (in thousands):
|
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| Tax Effect of Each Type of Temporary Difference and Carry Forward that Gives Rise to Deferred Tax Asset | The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2012 and 2011 are as follows (in thousands):
|
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| X | ||||||||||
|
- Definition
Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Dividends Declared and Paid (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
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| Dividend Information | Dividend information for 2012 and 2011 is as follows:
|
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| X | ||||||||||
|
- Definition
Schedule Of Dividends Table No definition available.
|
|
Earnings Per Share (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Dec. 31, 2012
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| 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 (loss) per share (in thousands, except share and per share data):
|
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| X | ||||||||||
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- Definition
Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from continuing operations, including the effect that has been given to preferred dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Equity Incentive Plan (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Summary of Restricted Share Awards | A summary of the Company’s restricted share awards for the years ended December 31, 2012, 2011 and 2010 is as follows:
|
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| X | ||||||||||
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- Definition
Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. No definition available.
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Commitments and Contingencies (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Dec. 31, 2012
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| Minimum Future Obligation Payments Required Under Ground Leases | The following is a schedule of the minimum future obligation payments required under the ground, air rights and garage leases as of December 31, 2012, for each of the next five calendar years and thereafter (in thousands):
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| X | ||||||||||
|
- Definition
Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Quarterly Operating Results (unaudited) (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Quarterly Operating Results | Quarterly Operating Results (unaudited)
|
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| X | ||||||||||
|
- Definition
Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Organization - Additional Information (Detail) (USD $)
|
1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 14, 2011
Hotel
|
Dec. 31, 2012
Hotel
Room
|
Dec. 31, 2011
|
Oct. 27, 2011
Joint Venture with Cerberus Capital Management
Hotel
|
Dec. 31, 2012
Minority Interest In Joint Venture with Cerberus
Hotel
|
Dec. 31, 2012
Minority Interest In Joint Venture Rooms
Room
|
Dec. 31, 2012
Indirectly Owned Interest In Joint Venture Hotels
Hotel
|
Dec. 31, 2012
Trs Holding Hotels
Hotel
|
Apr. 21, 2010
IPO
|
Apr. 21, 2010
Private Placement
|
Feb. 08, 2011
Public Offering
|
Dec. 31, 2012
Island Hospitality Management Inc.
Hotel
|
Dec. 31, 2012
Island Hospitality Management Inc.
Minority Interest In Joint Venture with Cerberus
Hotel
|
Dec. 31, 2012
Concord Hospitality Enterprises
Hotel
|
Dec. 31, 2012
Dimension Development Company
Hotel
|
|
| Subsidiary, Sale of Stock [Line Items] | |||||||||||||||
| Common stock, issued through public offer | 13,909,822 | 13,820,854 | 8,625,000 | 500,000 | |||||||||||
| Common stock, par value through initial public offer | $ 0.01 | $ 0.01 | $ 20.00 | $ 20.00 | |||||||||||
| Gross value, common stock | $ 137,000 | $ 137,000 | $ 172,500,000 | $ 73,600,000 | |||||||||||
| Net proceeds after underwriters discounts and commissions and other offering costs | 158,700,000 | 10,000,000 | 69,400,000 | ||||||||||||
| Number of hotels acquired | 5 | ||||||||||||||
| Purchase price of acquisition | 195,000,000 | 1,020,000,000 | |||||||||||||
| Mortgage debt secured by number of hotels | 5 | 45 | |||||||||||||
| Mortgage debt assumption, including in purchase price | 134,200,000 | 675,000,000 | |||||||||||||
| Company's investment in joint venture | $ 37,000,000 | $ 37,000,000 | |||||||||||||
| Percentage of interest in joint venture | 10.30% | ||||||||||||||
| Joint Venture owned properties | 64 | ||||||||||||||
| Percentage of common units of limited partnership owned | 100.00% | ||||||||||||||
| Number of hotels in ownership by company | 19 | 55 | 51 | 4 | |||||||||||
| Aggregate number of rooms in hotels | 2,536 | 7,282 | |||||||||||||
| Initial term of each TRS lease | 5 years | ||||||||||||||
| Ownership percentage in related party owned by the company's chairman | 90.00% | ||||||||||||||
| Number of hotels managed by related party | 17 | 54 | 2 | 1 | |||||||||||
| Indirect ownership in the leased, hotels | 10.30% | ||||||||||||||
| X | ||||||||||
|
- Definition
Aggregate number of rooms in hotels. No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition Purchase Price Allocation Mortgage Debt Assumed No definition available.
|
| X | ||||||||||
|
- Definition
Common stock value net. No definition available.
|
| X | ||||||||||
|
- Definition
Indirect ownership in the leased hotels. No definition available.
|
| X | ||||||||||
|
- Definition
The initial term of each of the TRS leases. No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage debt secured by number of hotels. No definition available.
|
| X | ||||||||||
|
- Definition
Number of Hotels Acquired No definition available.
|
| X | ||||||||||
|
- Definition
Number of hotels in ownership by company. No definition available.
|
| X | ||||||||||
|
- Definition
The number of hotels that are managed by a related party. No definition available.
|
| X | ||||||||||
|
- Definition
The number of hotels won in a bankruptcy court action. No definition available.
|
| X | ||||||||||
|
- Definition
The ownership percentage in related party by the company's chairman. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of interest in joint venture. No definition available.
|
| X | ||||||||||
|
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of units or percentage investment held by the managing member or general partner of the LLC or LP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of or advances to an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, and joint venture or equity method investment) or the acquisition of an additional interest in a subsidiary (controlled entity). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amortization of deferred franchise fees. No definition available.
|
| X | ||||||||||
|
- Definition
Number of hotels in ownership by company. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Reit Taxable Income Distributed To Stockholders No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Revenue No definition available.
|
| X | ||||||||||
|
- Definition
Tax Holiday Period No definition available.
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Specific incremental costs directly attributable to a proposed or actual offering of securities which are deferred at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
| X | ||||||||||
|
- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Components of Deferred Costs (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
| Loan costs | $ 8,462 | $ 7,010 |
| Franchise fees | 1,273 | 1,198 |
| Other | 467 | 116 |
| Deferred Costs Gross, Total | 10,202 | 8,324 |
| Less accumulated amortization | (3,890) | (1,974) |
| Deferred costs, net | $ 6,312 | $ 6,350 |
| X | ||||||||||
|
- Definition
Accumulated Amortization, Deferred Costs No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Deferred Costs Gross No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Loan Costs No definition available.
|
| X | ||||||||||
|
- Definition
Initial Franchise Fee Costs No definition available.
|
| X | ||||||||||
|
- Definition
The carrying amount of deferred costs. No definition available.
|
| X | ||||||||||
|
- Definition
Gross amount of other deferred costs capitalized at the end of the reporting period. Does not include deferred finance costs or deferred acquisition costs of insurance companies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Acquisition of Hotel Properties - Additional Information (Detail) (USD $)
|
1 Months Ended | 12 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
|
Jan. 01, 2010
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Jul. 14, 2011
|
Dec. 27, 2012
Portland Hotel
|
Dec. 31, 2012
Five Sisters
|
Dec. 31, 2011
Five Sisters
|
|
| Business Acquisition [Line Items] | ||||||||
| Business acquisition cost of acquired entity, purchase price | $ 195,000,000 | $ 28,000,000 | ||||||
| Acquisition costs incurred | 236,000 | 7,706,000 | 3,189,000 | |||||
| Revenue | 36,900,000 | 16,200,000 | ||||||
| Operating income | 17,600,000 | 7,600,000 | ||||||
| Unaudited proforma excluding acquisition costs | $ 3,200,000 | |||||||
| Shares issued | 13,819,939 | |||||||
| X | ||||||||||
|
- Definition
Acquisition Related Expenses Excluded From Pro Forma Net Loss No definition available.
|
| X | ||||||||||
|
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of equity interests issued or issuable to acquire entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the amount of earnings or loss of the acquiree since the acquisition date included in the consolidated income statement for the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the amount of revenue of the acquiree since the acquisition date included in the consolidated income statement for the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Allocation of Purchase Price to Hotels Based on Fair Value (Detail) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2012
Portland Hotel
|
Dec. 31, 2011
Five Sisters
|
|
| Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
| Acquisition date | Dec. 27, 2012 | Jul. 14, 2011 |
| Land | $ 4,315 | $ 35,231 |
| Building and improvements | 22,664 | 150,764 |
| Furniture, fixtures and equipment | 1,021 | 7,399 |
| Cash | 1 | 26 |
| Restricted cash | 1,460 | |
| Accounts receivable, net | 9 | 144 |
| Deferred costs, net | 1,639 | |
| Prepaid expenses and other assets | 8 | 134 |
| Debt | (134,160) | |
| Accounts payable and accrued expenses | (19) | (630) |
| Net assets acquired | 27,999 | 62,007 |
| Net assets acquired, net of cash | $ 27,998 | $ 61,981 |
| X | ||||||||||
|
- Definition
Business Acquisition Purchase Price Allocation Accounts Payable And Accrued Expenses No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisiton Purchase Price Allocation Accounts Receivable No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition Purchase Price Allocation Debt Amount No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition Purchase Price Allocation Deferred Acquisition Costs No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition Purchase Price Allocation Furniture Fixtures And Equipment No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition Purchase Price Allocation Restricted Cash No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition, Purchase Price Allocation, Total Purchase Price - Net of Cash Acquired No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Date when the acquirer obtains control of the acquiree, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total purchase price of the acquired entity. This includes cash paid to equity interest holders of the acquired entity, fair value of debt and equity securities issued to equity holders of the acquired entity, and transaction costs paid to third parties to consummate the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of acquisition cost of a business combination allocated to buildings included in real estate. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of cash and cash equivalents acquired in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of acquisition cost of a business combination allocated to prepaid expenses and other current assets. Does not include amounts allocated to cash and cash equivalents, marketable securities, receivables, inventory, and assets not to be used. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of acquisition cost of a business combination allocated to land included in real estate. No definition available.
|
|
Proforma Financial Information (Detail) (Portland Hotel, USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
|
Portland Hotel
|
|||
| Business Acquisition, Pro Forma Information [Line Items] | |||
| Pro forma total revenue | $ 100,464 | $ 91,305 | $ 83,122 |
| Pro forma net loss | $ (1,450) | $ (9,290) | $ (9,079) |
| Pro forma loss per share: | |||
| Basic and diluted | $ (0.10) | $ (0.67) | $ (0.66) |
| Weighted average Common Shares Outstanding Basic and diluted | 13,819,939 | 13,819,939 | 13,819,939 |
| X | ||||||||||
|
- Definition
Business acquisition pro forma earnings per share basic and diluted. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Pro forma weighted average common shares outstanding basic diluted. No definition available.
|
| X | ||||||||||
|
- Definition
The pro forma net Income or Loss for the period as if the business combination or combinations had been completed at the beginning of a period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The pro forma revenue for a period as if the business combination or combinations had been completed at the beginning of the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Allowance for Doubtful Accounts - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Hotel receivables, allowance for doubtful accounts | $ 28 | $ 17 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The valuation allowance as of the balance sheet date to reduce the gross amount of receivables to estimated net realizable value, which would be presented in parentheses on the face of the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investment in Hotel Properties (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Investment In Hotel Properties [Line Items] | ||
| Land and improvements | $ 63,428 | $ 60,064 |
| Building and improvements | 360,301 | 332,399 |
| Furniture, fixtures and equipment | 21,381 | 17,469 |
| Renovations in progress | 5,145 | 3,897 |
| Investment in hotel properties, at cost | 450,255 | 413,829 |
| Less accumulated depreciation | (24,181) | (11,014) |
| Investment in hotel properties, net | $ 426,074 | $ 402,815 |
| X | ||||||||||
|
- Definition
Furniture fixtures and equipment. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The current amount of expenditures for a real estate project that has not yet been completed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate of the carrying amounts as of the balance sheet date of investments in building and building improvements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cumulative amount of depreciation for real estate property held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investment in Unconsolidated Entities - Additional Information (Detail) (USD $)
|
12 Months Ended | 1 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
|
Dec. 31, 2011
|
Jul. 14, 2011
Hotel
|
Oct. 27, 2011
Joint Venture with Cerberus Capital Management
Hotel
|
Dec. 31, 2012
Joint Venture with Cerberus Capital Management
|
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Percentage of interest in joint venture | 10.30% | |||
| Joint Venture owned properties | 64 | |||
| Purchase price of acquisition | $ 195,000,000 | $ 1,020,000,000 | ||
| Joint venture, date of acquisition | Oct. 27, 2011 | |||
| Mortgage debt assumption, including in purchase price | 134,200,000 | 675,000,000 | ||
| Mortgage debt secured by number of hotels | 5 | 45 | ||
| Weighted average interest rate on mortgage debt | 6.71% | |||
| Maturity date of mortgage debt | 2017 | |||
| Company's investment in joint venture | $ 37,000,000 | $ 37,000,000 |
| X | ||||||||||
|
- Definition
Business Acquisition Purchase Price Allocation Mortgage Debt Assumed No definition available.
|
| X | ||||||||||
|
- Definition
Maturity date of mortgage debt. No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage debt secured by number of hotels. No definition available.
|
| X | ||||||||||
|
- Definition
The number of hotels won in a bankruptcy court action. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of interest in joint venture. No definition available.
|
| X | ||||||||||
|
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date when the acquirer obtains control of the acquiree, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reflects the calculation as of the balance sheet date of the average interest rate weighted by the amount of debt outstanding by type or by instrument at that time. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of or advances to an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, and joint venture or equity method investment) or the acquisition of an additional interest in a subsidiary (controlled entity). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Cash Received and Distributions from Joint Venture (Detail) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Cash from operations | $ 14,885 | $ 8,946 | $ 5,274 |
| Cash from asset sales | (13,036) | (112,523) | (201,511) |
| Cash from financing activities | (2,033) | 103,489 | 200,981 |
| Net change in cash and cash equivalents | (184) | (88) | 4,744 |
|
Joint Ventures
|
|||
| Cash from operations | 4,368 | ||
| Cash from asset sales | 5,076 | ||
| Cash from financing activities | 11,759 | ||
| Net change in cash and cash equivalents | $ 21,203 | ||
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Components of Mortgage Debt (Detail) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Participating Mortgage Loans [Line Items] | ||
| Carrying Value | $ 392,939 | |
| Mortgage debt | 239,246 | 228,940 |
|
Senior Secured Revolving Credit Facility
|
||
| Participating Mortgage Loans [Line Items] | ||
| Interest Rate | 2.97% | |
| Maturity Date | Nov. 05, 2015 | |
| Carrying Value | 164,819 | |
| Mortgage debt | 79,500 | 67,500 |
|
Courtyard by Marriott Altoona, PA
|
||
| Participating Mortgage Loans [Line Items] | ||
| Interest Rate | 5.96% | |
| Maturity Date | Apr. 01, 2016 | |
| Carrying Value | 11,195 | |
| Mortgage debt | 6,572 | 6,753 |
|
SpringHill Suites by Marriott Washington, PA
|
||
| Participating Mortgage Loans [Line Items] | ||
| Interest Rate | 5.84% | |
| Maturity Date | Apr. 01, 2015 | |
| Carrying Value | 12,273 | |
| Mortgage debt | 5,104 | 5,260 |
|
Residence Inn by Marriott New Rochelle, NY
|
||
| Participating Mortgage Loans [Line Items] | ||
| Interest Rate | 5.75% | |
| Maturity Date | Sep. 01, 2021 | |
| Carrying Value | 20,351 | |
| Mortgage debt | 15,450 | 15,731 |
|
Residence Inn by Marriott Garden Grove, CA
|
||
| Participating Mortgage Loans [Line Items] | ||
| Interest Rate | 5.98% | |
| Maturity Date | Nov. 01, 2016 | |
| Carrying Value | 41,437 | |
| Mortgage debt | 32,417 | 32,417 |
|
Residence Inn by Marriott San Diego, CA
|
||
| Participating Mortgage Loans [Line Items] | ||
| Interest Rate | 5.98% | |
| Maturity Date | Nov. 01, 2016 | |
| Carrying Value | 49,373 | |
| Mortgage debt | 39,557 | 39,986 |
|
Homewood Suites by Hilton San Antonio, TX
|
||
| Participating Mortgage Loans [Line Items] | ||
| Interest Rate | 6.03% | |
| Maturity Date | Oct. 01, 2016 | |
| Carrying Value | 30,745 | |
| Mortgage debt | 18,184 | 18,380 |
|
Doubletree Suites by Hilton Washington, DC
|
||
| Participating Mortgage Loans [Line Items] | ||
| Interest Rate | 6.03% | |
| Maturity Date | Oct. 01, 2016 | |
| Carrying Value | 28,002 | |
| Mortgage debt | 19,752 | 19,960 |
|
Residence Inn by Marriott Vienna, VA
|
||
| Participating Mortgage Loans [Line Items] | ||
| Interest Rate | 6.03% | |
| Maturity Date | Oct. 01, 2016 | |
| Carrying Value | 34,744 | |
| Mortgage debt | $ 22,710 | $ 22,953 |
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The interest rate applicable to the portion of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a set, unchanging rate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount of the outstanding balance due under the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Debt - Additional Information (Detail) (USD $)
|
12 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2012
Fixed Rate Debt
|
Dec. 31, 2011
Fixed Rate Debt
|
Dec. 31, 2012
Variable rate debt
|
Dec. 31, 2011
Variable rate debt
|
Dec. 31, 2012
Senior Secured Revolving Credit Facility
Property
|
Dec. 31, 2011
Senior Secured Revolving Credit Facility
|
May 31, 2011
Senior Secured Revolving Credit Facility
|
Feb. 05, 2013
Senior Secured Revolving Credit Facility
Subsequent Event
|
|
| Debt Instrument [Line Items] | |||||||||
| Maximum borrowing availability under revolving credit facility | $ 95,000,000 | $ 85,000,000 | |||||||
| Increase to the allowable consolidated leverage ratio | Consolidated leverage ratio to 60 percent through 2012 | ||||||||
| Reduction to the allowable consolidated leverage ratio | Consolidated leverage ratio to reducing to 55 percent in 2013 | ||||||||
| Decrease to the consolidated fixed charge coverage ratio | Consolidated fixed charge coverage ratio from 2.3x to 1.7x through March 2012 | ||||||||
| Increase to the consolidated fixed charge coverage ratio | Consolidated fixed charge coverage ratio increasing to 1.75x through December 2012 and 2.0x in 2013 | ||||||||
| Amendment completed date | Nov. 05, 2012 | ||||||||
| Amendment maturity date | 2015-11 | ||||||||
| Option to extend the maturity date | 1 year | ||||||||
| Costs associated with this amendment | 1,200,000 | ||||||||
| Outstanding borrowings under credit facility | 79,500 | 79,500,000 | 67,500,000 | ||||||
| Number of properties in borrowing base securing borrowing under credit facility | 10 | ||||||||
| Additional borrowing under senior secured revolving credit facility | 34,500,000 | ||||||||
| Estimated fair value of debt | $ 168,200,000 | $ 159,400,000 | $ 79,500,000 | $ 67,500,000 | |||||
| Consolidated fixed charge coverage ratio | 2.03 |
| X | ||||||||||
|
- Definition
Amendment completed date. No definition available.
|
| X | ||||||||||
|
- Definition
Amendment maturity date. No definition available.
|
| X | ||||||||||
|
- Definition
Payments to third party to amend certain provisions of a debt agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Decrease to the consolidated fixed charge coverage ratio. No definition available.
|
| X | ||||||||||
|
- Definition
Fixed Charge Coverage Ratio No definition available.
|
| X | ||||||||||
|
- Definition
Increase to the allowable consolidated leverage ratio. No definition available.
|
| X | ||||||||||
|
- Definition
Increase to the consolidated fixed charge coverage ratio. No definition available.
|
| X | ||||||||||
|
- Definition
Line Of Credit Borrowed For Business Acquisition No definition available.
|
| X | ||||||||||
|
- Definition
Number of properties in borrowing base securing borrowing under credit facility No definition available.
|
| X | ||||||||||
|
- Definition
Option to extend the maturity date. No definition available.
|
| X | ||||||||||
|
- Definition
Reduction to the allowable consolidated leverage ratio. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Summary of Amendment to Senior Secured Revolving Credit Facility (Detail) (USD $)
In Millions, unless otherwise specified |
1 Months Ended |
|---|---|
|
Nov. 05, 2012
|
|
|
Original Terms
|
|
| Senior Secured Notes [Line Items] | |
| Facility amount | $ 85.0 |
| Accordion feature | Additional $25 million |
| LIBOR floor | 1.25% |
| Interest rate applicable margin | 325-425 basis points, based on leverage ratio |
| Unused fee | 50 basis points |
|
Original Terms | Minimum
|
|
| Senior Secured Notes [Line Items] | |
| Minimum fixed charge coverage ratio | 1.75% |
|
Original Terms | Maximum
|
|
| Senior Secured Notes [Line Items] | |
| Minimum fixed charge coverage ratio | 2.00% |
|
Amended Terms
|
|
| Senior Secured Notes [Line Items] | |
| Facility amount | $ 95.0 |
| Accordion feature | Additional $20 million |
| Interest rate applicable margin | 200-300 basis points, based on leverage ratio |
| Unused fee | 25 basis points if less than 50% unused, 35 basis points if more than 50% unused |
|
Amended Terms | Minimum
|
|
| Senior Secured Notes [Line Items] | |
| Minimum fixed charge coverage ratio | 1.50% |
| X | ||||||||||
|
- Definition
Amounts which can be increased to the credit facility, subject to lender approval. No definition available.
|
| X | ||||||||||
|
- Definition
Interest rate applicable margin. No definition available.
|
| X | ||||||||||
|
- Definition
Libor floor. No definition available.
|
| X | ||||||||||
|
- Definition
Minimum fixed charge coverage ratio. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Description of the fees for amounts available, but unused under the credit facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Future Scheduled Principal Payments of Debt Obligations (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Debt Obligations [Line Items] | ||
| 2013 | $ 1,981 | |
| 2014 | 2,106 | |
| 2015 | 86,286 | |
| 2016 | 134,733 | |
| 2017 | 378 | |
| Thereafter | 13,762 | |
| Debt obligations, Total | $ 239,246 | $ 228,940 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing after the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Components of Income Tax Expense (Detail) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Income Tax Expenses [Line Items] | |||
| Federal | $ 55 | $ 73 | $ 13 |
| State | 19 | 21 | 4 |
| Current tax expense | 74 | 94 | 17 |
| Federal | 1 | (21) | |
| State | (4) | ||
| Deferred tax expense | 1 | (25) | |
| Total tax expense | $ 75 | $ 69 | $ 17 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted state and local tax law to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of total income tax expense for the period comprised of the increase (decrease) during the period in the entity's domestic deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the federally enacted tax law. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of total income tax expense for the period comprised of the increase (decrease) in the entity's state and local deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the applicable enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Detail) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Income Taxes [Line Items] | |||
| Book income (loss) before income taxes | $ 159 | $ 143 | $ (238) |
| Statutory rate of 34% applied to pre-tax income | 54 | 48 | 13 |
| Effect of state and local income taxes, net of federal tax benefit | 20 | 7 | 4 |
| Other items | 1 | 14 | |
| Total expense | $ 75 | $ 69 | $ 17 |
| Effective tax rate | 47.17% | 48.25% | (7.14%) |
| X | ||||||||||
|
- Definition
Income Loss Before Income Tax No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to pretax Income or Loss from continuing operations; income tax expense or benefit may include interest and penalties on tax uncertainties based on the entity's accounting policy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference, between total income tax expense or benefit as reported in the Income Statement for the year/accounting period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations, that is attributable to all other items not otherwise listed in the existing taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference, between total income tax expense or benefit as reported in the Income Statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations, that is attributable to state and local income tax expense or benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Parenthetical) (Detail)
|
12 Months Ended |
|---|---|
|
Dec. 31, 2012
|
|
| Income Taxes [Line Items] | |
| Statutory rate | 34.00% |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate is the regular tax rate if there are alternative tax systems. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
|---|---|
|
Dec. 31, 2012
|
|
|
Trs Lessee One
|
|
| Income Taxes [Line Items] | |
| Gross deferred tax asset associated with future tax deductions | $ 0.2 |
| Recorded valuation allowance equal to gross deferred tax asset | 100.00% |
|
Trs Lessee Two
|
|
| Income Taxes [Line Items] | |
| Gross deferred tax asset associated with future tax deductions | $ 0.1 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Recorded valuation allowance equal to gross deferred tax asset. No definition available.
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Tax Effect of Each Type of Temporary Difference and Carry Forward that Gives Rise to Deferred Tax Asset (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Current: | ||
| Allowance for doubtful accounts | $ 5 | $ 6 |
| Net operating loss carryforwards | 35 | |
| Other | 229 | 192 |
| Valuation allowance | (245) | (148) |
| Deferred tax asset current | 24 | 50 |
| Non-current | ||
| Total book/tax difference fixed assets | (25) | |
| Net deferred tax asset | $ 24 | $ 25 |
| X | ||||||||||
|
- Definition
Deferred Tax Assets Fixed Asset Basis Difference No definition available.
|
| X | ||||||||||
|
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from the allowance for doubtful accounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Dividend Information (Detail) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Dividends [Line Items] | |||
| Common share distribution amount | $ 0.775 | $ 0.700 | $ 0.35 |
| Ordinary income | $ 0.410 | $ 0.04 | |
| Return of capital | $ 0.365 | $ 0.660 | |
|
First Quarter
|
|||
| Dividends [Line Items] | |||
| Record Date | Mar. 30, 2011 | Mar. 31, 2011 | |
| Payment Date | Apr. 27, 2012 | Apr. 15, 2011 | |
| Common share distribution amount | $ 0.175 | $ 0.175 | |
| Ordinary income | $ 0.092 | $ 0.01 | |
| Return of capital | $ 0.083 | $ 0.165 | |
|
Second Quarter
|
|||
| Dividends [Line Items] | |||
| Record Date | Jun. 29, 2012 | Jun. 30, 2011 | |
| Payment Date | Jul. 27, 2012 | Jul. 15, 2011 | |
| Common share distribution amount | $ 0.200 | $ 0.175 | |
| Ordinary income | $ 0.106 | $ 0.01 | |
| Return of capital | $ 0.094 | $ 0.165 | |
|
Third Quarter
|
|||
| Dividends [Line Items] | |||
| Record Date | Sep. 28, 2012 | Sep. 30, 2011 | |
| Payment Date | Oct. 26, 2012 | Oct. 14, 2011 | |
| Common share distribution amount | $ 0.200 | $ 0.175 | |
| Ordinary income | $ 0.106 | $ 0.01 | |
| Return of capital | $ 0.094 | $ 0.165 | |
|
Fourth Quarter
|
|||
| Dividends [Line Items] | |||
| Record Date | Dec. 31, 2012 | Dec. 30, 2011 | |
| Payment Date | Jan. 25, 2013 | Jan. 27, 2012 | |
| Common share distribution amount | $ 0.200 | $ 0.175 | |
| Ordinary income | $ 0.106 | $ 0.01 | |
| Return of capital | $ 0.094 | $ 0.165 | |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Ordinary Income, Dividends, Per Share No definition available.
|
| X | ||||||||||
|
- Definition
Return of Capital, Dividends, Per Share No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date the declared dividend will be paid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format. No definition available.
|
|
Dividends Declared and Paid - Additional Information (Detail)
|
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Common Dividends Declared Per Share [Line Items] | ||
| Percentage of distribution considered taxable income | 52.90% | 5.70% |
| Percentage of distribution considered return of capital | 47.10% | 94.30% |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Ordinary Income, Dividends, Percentage No definition available.
|
| X | ||||||||||
|
- Definition
Return of Capital Dividends Percentage No definition available.
|
| X | ||||||||||
|
- Definition
Operating Partnership Units, Outstanding No definition available.
|
| X | ||||||||||
|
- Definition
Proceeds from Issuance Initial Public Offering, Net No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Withheld For Taxes No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Withheld For Taxes Weighted Average Grant Date Fair Value No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount per share assigned to the consideration received for shares issued. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from entity's first offering of stock to the public. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||
| Numerator: | ||||||||||||||||
| Net loss | $ (1,450) | $ (9,105) | $ (1,217) | |||||||||||||
| Dividends paid on unvested shares | (272) | (41) | ||||||||||||||
| Net loss attributable to common shareholders | $ (2,374) | $ 1,498 | $ 1,157 | $ (1,731) | $ (6,195) | $ (955) | $ (1,936) | $ (19) | $ (1,722) | $ (9,146) | $ (1,217) | |||||
| Denominator: | ||||||||||||||||
| Weighted average number of common shares - basic | 13,822,021 | 13,819,371 | 13,810,190 | 13,794,986 | 13,768,910 | 13,766,297 | 13,757,449 | 11,800,771 | 13,811,691 | 13,280,149 | 6,377,333 | |||||
| Effect of dilutive securities: Unvested shares | [1] | [1] | [1] | |||||||||||||
| Weighted average number of common shares - diluted | 13,908,907 | 13,908,907 | 13,908,907 | 13,794,986 | 13,768,910 | 13,766,297 | 13,757,449 | 11,800,771 | 13,811,691 | 13,280,149 | 6,377,333 | |||||
| Basic Earnings per Common Share: | ||||||||||||||||
| Net loss attributable to common shareholders per weighted average common share | $ (0.12) | $ (0.69) | $ (0.20) | |||||||||||||
| Diluted Earnings per Common Share: | ||||||||||||||||
| Net loss attributable to common shareholders per weighted average common share | $ (0.12) | $ (0.69) | $ (0.20) | |||||||||||||
|
||||||||||||||||
| X | ||||||||||
|
- Definition
Dividends paid on unvested restricted shares. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Equity Incentive Plan - Additional Information (Detail) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2012
Equity Incentive Plan
Minimum
|
Dec. 31, 2012
Equity Incentive Plan
Maximum
|
Dec. 31, 2012
2010 Equity Incentive Plan
|
Dec. 31, 2012
Restricted Stock
|
Dec. 31, 2011
Restricted Stock
|
Dec. 31, 2010
Restricted Stock
|
Feb. 23, 2012
Restricted Stock
|
Sep. 09, 2010
Long Term Incentive Plan Units
|
Dec. 31, 2012
Long Term Incentive Plan Units
Investment
|
Dec. 31, 2011
Long Term Incentive Plan Units
|
Dec. 31, 2010
Long Term Incentive Plan Units
|
Apr. 21, 2010
Long Term Incentive Plan Units
Executive Officer
|
Sep. 09, 2010
Long Term Incentive Plan Units
Chief Financial Officer
|
Sep. 09, 2010
Long Term Incentive Plan Units
Former Chief Financial Officer
|
Jan. 31, 2012
Independent Trustees
|
Jan. 31, 2011
Independent Trustees
|
Jan. 15, 2013
Subsequent Event
Restricted Stock
|
Jan. 15, 2013
Subsequent Event
Independent Trustees
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
| Vesting period for share awards under equity | 3 years | 5 years | 5 years | ||||||||||||||||
| Common share issued as compensation for services performed | 27,592 | 12,104 | 22,536 | ||||||||||||||||
| Number of trading days preceding the reporting date for which average of closing price of common shares is taken | 10 days | ||||||||||||||||||
| Common shares available for issuance | 69,571 | ||||||||||||||||||
| Restricted common Shares granted to executive officers pursuant to the Equity Incentive Plan | 114,567 | ||||||||||||||||||
| Time-based awards | 61,376 | ||||||||||||||||||
| Performance-based equity, Restricted Share Awards | 53,191 | ||||||||||||||||||
| Grant of time-based awards not subject to employment agreements | 8,184 | ||||||||||||||||||
| Shares issued to executive officers | 17,731 | ||||||||||||||||||
| Compensation expense valuation of performance-based shares | $ 10.20 | ||||||||||||||||||
| Unrecognized compensation costs | $ 1.1 | $ 0.7 | |||||||||||||||||
| Weighted - average period for recognition of unrecognized compensation costs | 1 year 1 month 6 days | 2 years 3 months 18 days | |||||||||||||||||
| Compensation Expense, Recognized | 0.9 | 0.5 | 0.4 | 0.8 | 0.8 | 0.5 | |||||||||||||
| Number of Shares, Vested | 25,519 | 25,521 | 7,200 | ||||||||||||||||
| Number of Shares, Granted | 114,567 | 246,960 | 26,250 | ||||||||||||||||
| Number of Shares, Forfeited | 3,250 | 15,435 | |||||||||||||||||
| Expected stabilized dividend yield | 5.00% | ||||||||||||||||||
| Risk free interest rate | 2.33% | ||||||||||||||||||
| Number of years of Treasury yield considered | 5 years | ||||||||||||||||||
| Total unrecognized compensation cost related to LTIP Units. | $ 1.8 | ||||||||||||||||||
| LTIP units which has reached parity | 0 | ||||||||||||||||||
| X | ||||||||||
|
- Definition
Compensation expense for performance shares granted. No definition available.
|
| X | ||||||||||
|
- Definition
Grant of time-based awards not subject to employment agreements. No definition available.
|
| X | ||||||||||
|
- Definition
Number of trading days preceding the reporting date for which average of closing price of common shares is taken. No definition available.
|
| X | ||||||||||
|
- Definition
Performance-based equity, Equity Incentive Plan. No definition available.
|
| X | ||||||||||
|
- Definition
Period Of Treasury Rate No definition available.
|
| X | ||||||||||
|
- Definition
Restricted common shares granted pursuant to Equity Investment Plan. No definition available.
|
| X | ||||||||||
|
- Definition
Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
|
- Definition
Number of Units at parity No definition available.
|
| X | ||||||||||
|
- Definition
Unrecognized compensation cost related to long term incentive plan units. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the number of shares into which fully vested and expected to vest stock options outstanding can be converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Summary of Restricted Share Awards (Detail) (Restricted Stock, USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
|
Restricted Stock
|
|||
| Summary of company's restricted share awards | |||
| Number of Shares, Nonvested at beginning of the period | 51,029 | 76,550 | 87,000 |
| Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period | $ 19.04 | $ 19.04 | $ 19.02 |
| Number of Shares, Granted | 114,567 | ||
| Weighted - Average Grant Date Fair Value, Granted | $ 11.28 | ||
| Number of Shares, Vested | (25,519) | (25,521) | (7,200) |
| Weighted - Average Grant Date Fair Value, Vested | $ 19.04 | $ 19.04 | $ 18.86 |
| Number of Shares, Forfeited | (3,250) | ||
| Weighted - Average Grant Date Fair Value, Forfeited | $ 18.86 | ||
| Number of Shares, Nonvested at end of the period | 140,077 | 51,029 | 76,550 |
| Weighted - Average Grant Date Fair Value, Nonvested at end of the period | $ 12.70 | $ 19.04 | $ 19.04 |
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Agreement Expiration Date No definition available.
|
| X | ||||||||||
|
- Definition
Agreement Expiration Period No definition available.
|
| X | ||||||||||
|
- Definition
Agreement Renew Successive Period Termination Notice No definition available.
|
| X | ||||||||||
|
- Definition
Amount of rent expense under condition one. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of rent expense under condition two. No definition available.
|
| X | ||||||||||
|
- Definition
Initial terms of franchise agreements. No definition available.
|
| X | ||||||||||
|
- Definition
Initial terms of management agreements. No definition available.
|
| X | ||||||||||
|
- Definition
Management Agreement Initial Term Expiry Date No definition available.
|
| X | ||||||||||
|
- Definition
Management And Incentive Fees No definition available.
|
| X | ||||||||||
|
- Definition
Management fees recorded within hotel other operating expenses. No definition available.
|
| X | ||||||||||
|
- Definition
Marketing Fees As Percentage Of Gross Revenue Required To Pay No definition available.
|
| X | ||||||||||
|
- Definition
Maximum additional terms up to which ground lease can be extended. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum Percentage Of Hotels Fiscal Year Gross Revenues Paid For Aggregate Yearly Management Fee No definition available.
|
| X | ||||||||||
|
- Definition
Minimum percentage of annual rent increase. No definition available.
|
| X | ||||||||||
|
- Definition
Number of Hotels No definition available.
|
| X | ||||||||||
|
- Definition
Number of parking spaces occupied by hotel. No definition available.
|
| X | ||||||||||
|
- Definition
The ownership percentage in related party by the company's chairman. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of base management fees. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of incentive fee provision. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Management And Service Fees To Room Revenues No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of occupancy under condition one. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of occupancy under condition two. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of program fee based on hotel's gross room revenue No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of Royalty fee based on hotels gross room revenue No definition available.
|
| X | ||||||||||
|
- Definition
Periods in each additional term. No definition available.
|
| X | ||||||||||
|
- Definition
Period To Terminate Agreement With Prior Written Notice No definition available.
|
| X | ||||||||||
|
- Definition
Professional Fees Payable Per Month No definition available.
|
| X | ||||||||||
|
- Definition
Termination Date Of Agreement No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of initial franchise fees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date which lease or group of leases is set to expire, in CCYY-MM-DD format. No definition available.
|
|
Minimum Future Obligation Payments Required Under Ground Leases (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
|---|---|
| Minimum future obligation payments required under ground leases | |
| 2013 | $ 205 |
| 2014 | 207 |
| 2015 | 210 |
| 2016 | 212 |
| 2017 | 214 |
| Thereafter | 11,445 |
| Total | $ 12,493 |
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the next fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the forth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the third fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing after the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Related Party Transactions - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2012
Hotel
|
Dec. 31, 2011
|
|
| Related Party Transaction [Line Items] | ||
| Number of hotels in ownership by company | 19 | |
| Management and accounting fees paid by the company | $ 2.3 | $ 1.3 |
| Amounts due to related party | $ 0.4 | $ 0.3 |
|
Island Hospitality Management Inc.
|
||
| Related Party Transaction [Line Items] | ||
| Ownership percentage in related party owned by the company's chairman | 90.00% | |
| Number of hotels managed by related party | 17 | |
|
Cerberus Capital Management | Maximum
|
||
| Related Party Transaction [Line Items] | ||
| Ownership percentage in related party owned by the company's chairman | 1.00% | |
|
Minority Interest In Joint Venture with Cerberus
|
||
| Related Party Transaction [Line Items] | ||
| Number of hotels in ownership by company | 55 | |
|
Minority Interest In Joint Venture with Cerberus | Island Hospitality Management Inc.
|
||
| Related Party Transaction [Line Items] | ||
| Number of hotels managed by related party | 54 | |
| X | ||||||||||
|
- Definition
Number of hotels in ownership by company. No definition available.
|
| X | ||||||||||
|
- Definition
The number of hotels that are managed by a related party. No definition available.
|
| X | ||||||||||
|
- Definition
The ownership percentage in related party by the company's chairman. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of obligations due all related parties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of transactions with related party during the financial reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Quarterly Operating Results (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||||||||
| Quarterly Financial Information [Line Items] | |||||||||||||||||||||
| Total revenue | $ 16,850 | $ 27,002 | $ 26,359 | $ 22,827 | $ 22,129 | $ 23,578 | $ 14,902 | $ 12,487 | $ 100,464 | $ 73,096 | $ 25,470 | ||||||||||
| Total operating expenses | 21,917 | 21,774 | 21,943 | 20,180 | 23,650 | 21,390 | 16,190 | 11,737 | 85,814 | 72,967 | 25,931 | ||||||||||
| Operating income (loss) | 2,359 | 5,228 | 4,416 | 2,647 | (1,521) | 2,188 | (1,288) | 750 | 14,650 | 129 | (461) | ||||||||||
| Net income (loss) attributable to common shareholders | $ (2,374) | $ 1,498 | $ 1,157 | $ (1,731) | $ (6,195) | $ (955) | $ (1,936) | $ (19) | $ (1,722) | $ (9,146) | $ (1,217) | ||||||||||
| Income (loss) per common share, basic and diluted | $ (0.18) | [1] | $ 0.10 | [1] | $ 0.08 | [1] | $ (0.13) | [1] | $ (0.45) | [1] | $ (0.07) | [1] | $ (0.14) | [1] | $ 0.00 | [1] | |||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||
| Basic | 13,822,021 | 13,819,371 | 13,810,190 | 13,794,986 | 13,768,910 | 13,766,297 | 13,757,449 | 11,800,771 | 13,811,691 | 13,280,149 | 6,377,333 | ||||||||||
| Diluted | 13,908,907 | 13,908,907 | 13,908,907 | 13,794,986 | 13,768,910 | 13,766,297 | 13,757,449 | 11,800,771 | 13,811,691 | 13,280,149 | 6,377,333 | ||||||||||
|
|||||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
| X | ||||||||||
|
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
|
- Definition
Amount, net of promotional allowances, of revenue from managing and operating hotels, including, but not limited to, revenue from occupancy, casino, food and beverage, and retail. Excludes operating lease income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Subsequent Events - Additional Information (Detail) (USD $)
|
1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 08, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Jul. 14, 2011
|
Jan. 31, 2013
Subsequent Event
Doubletree Suites by Hilton Washington, DC
|
Feb. 05, 2013
Subsequent Event
Courtyard By Marriott Houston Medical Center Hotel
|
Jan. 31, 2013
Subsequent Event
Issuance of Equity
|
Jan. 14, 2013
Subsequent Event
Issuance of Equity
|
Jan. 14, 2013
Subsequent Event
Repayment of Debt
|
Jan. 18, 2013
Subsequent Event
Refinancing of Debt
|
Jan. 18, 2013
Subsequent Event
Refinancing of Debt
Residence Inn Tysons Corner
|
Jan. 18, 2013
Subsequent Event
Refinancing of Debt
Residence Inn Homewood Suites San Antonio Hotel
|
Feb. 01, 2013
Subsequent Event
Refinancing of Debt
Residence Inn Mission Valley San Diego Ca
|
|
| Subsequent Event [Line Items] | |||||||||||||
| Common stock shares issued, initial public offering | 4,600,000 | 92,677 | 3,500,000 | ||||||||||
| Common stock price per share, public offering | $ 16.00 | $ 14.70 | $ 14.70 | ||||||||||
| Proceeds from issuance of common, public offering | $ 73,600,000 | $ 1,400,000 | $ 51,500,000 | ||||||||||
| Proceeds from issuance of common net, public offering | 69,400,000 | 1,300,000 | 49,100,000 | ||||||||||
| Repayment of secured revolving credit facility | 26,500,000 | 97,800,000 | 47,500,000 | ||||||||||
| Loan amount | 24,200,000 | 17,700,000 | 30,900,000 | ||||||||||
| Loan interest rate | 4.49% | 4.59% | 4.66% | ||||||||||
| Loan term | 10 years | 10 years | |||||||||||
| Loan amortization period | 30 years | 30 years | |||||||||||
| Cost of loan transaction | 300,000 | ||||||||||||
| Payment of mortgage loan | 19,700,000 | ||||||||||||
| Business acquisition, Purchase price | $ 195,000,000 | $ 34,800,000 | |||||||||||
| X | ||||||||||
|
- Definition
Debt Instrument Amortization Period No definition available.
|
| X | ||||||||||
|
- Definition
Debt Instrument Maturity Period No definition available.
|
| X | ||||||||||
|
- Definition
Proceeds from Issuance Initial Public Offering, Net No definition available.
|
| X | ||||||||||
|
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of debt issuance costs (for example, but not limited to, legal, accounting, broker, and regulatory fees). No definition available.
|
| X | ||||||||||
|
- Definition
Amount per share assigned to the consideration received for shares issued. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from entity's first offering of stock to the public. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow to pay off an obligation from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Real Estate and Accumulated Depreciation, Construction Year No definition available.
|
| X | ||||||||||
|
- Definition
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements No definition available.
|
| X | ||||||||||
|
- Definition
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Land No definition available.
|
| X | ||||||||||
|
- Definition
Real Estate and Accumulated Depreciation, Year of Acquisition No definition available.
|
| X | ||||||||||
|
- Definition
The amount of accumulated depreciation for the property as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of a lien or mortgage outstanding as of the balance sheet date on a specific property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount at which buildings and improvements are carried at the end of the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount at which land is carried at the end of the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount at which land and buildings and improvements are carried at the end of the period for each property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This description includes the geographical location and the type of property (unimproved land, parking garage, shopping center, garden apartment, retail outlet, multi-tenant commercial), and may include the name of the property (such as ABC Shopping Center). An amount not exceeding five percent of the total carrying amount of all real estate investments may be described as miscellaneous investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Initial cost to the Entity for buildings and improvements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Initial cost to the Entity for land. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Estimated economic life on which depreciation was computed, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Schedule III-Real Estate And Accumulated Depreciation (Parenthetical) (Detail) (USD $)
|
Dec. 31, 2012
|
|---|---|
| Real Estate and Accumulated Depreciation [Line Items] | |
| Outstanding borrowing under the revolving credit facility | $ 79,500 |
| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Change in Total Cost of Real Estate Assets (Detail) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Real Estate Properties [Line Items] | |||
| Balance at the beginning of the year | $ 392,463 | $ 200,974 | |
| Acquisitions | 26,979 | 185,995 | 200,967 |
| Dispositions during the year | (951) | ||
| Capital expenditures and transfers from construction-in-progress | 5,238 | 5,494 | 7 |
| Investment in Real Estate | $ 423,729 | $ 392,463 | $ 200,974 |
| X | ||||||||||
|
- Definition
The carrying amount of real estate sold during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount of real estate as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of real estate investments acquired other than through foreclosure during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of increase to real estate investments during the period other than acquisitions and improvements made to real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Change in Accumulated Depreciation and Amortization of Real Estate Assets (Detail) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Real Estate Properties [Line Items] | |||
| Balance at the beginning of the year | $ 8,394 | $ 1,901 | |
| Depreciation and amortization | 9,004 | 6,493 | 1,901 |
| Balance at the end of the year | $ 17,398 | $ 8,394 | $ 1,901 |
| X | ||||||||||
|
- Definition
The amount as of the balance sheet date of accumulated depreciation pertaining to real estate properties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total Increase or Decrease in accumulated depreciation on real estate investments for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Aggregate Cost of Properties for Federal Income Tax Purposes - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
|---|---|
| Real Estate Properties [Line Items] | |
| Aggregate cost of properties for federal income tax purposes | $ 426,074 |
| X | ||||||||||
|
- Definition
The amount of the cost basis of a real estate investment for federal income tax purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|