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Document and Entity Information
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6 Months Ended | |
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Jun. 30, 2014
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Aug. 08, 2014
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| Document And Entity Information [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jun. 30, 2014 | |
| Document Fiscal Year Focus | 2014 | |
| Document Fiscal Period Focus | Q2 | |
| Trading Symbol | CLDT | |
| Entity Registrant Name | CHATHAM LODGING TRUST | |
| Entity Central Index Key | 0001476045 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 26,878,072 |
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- Details
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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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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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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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- 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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- 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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- 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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- 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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- 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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- 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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- Definition
Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition
Equity Method Investments, Distribution in Excess of Investment, Liability No definition available.
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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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- 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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- 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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- Details
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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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- 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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- Definition
The carrying amount of deferred costs. 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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- 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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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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- Details
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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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- 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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- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets. No definition available.
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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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- 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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- 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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- 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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- 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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- Details
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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 |
Jun. 30, 2014
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Dec. 31, 2013
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| Statement of Financial Position [Abstract] | ||
| Hotel receivables | $ 59 | $ 30 |
| 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 | 26,877,757 | 26,295,558 |
| Common shares, shares outstanding | 26,877,757 | 26,295,558 |
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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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- Definition
Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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- 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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- 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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- Definition
Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. 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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- Details
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- Definition
Acquisition Related Costs and Other Charges No definition available.
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| X | ||||||||||
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- Definition
Cost reimbursements from unconsolidated real estate entities No definition available.
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- Definition
Direct Costs of Hotels, Advertising and Promotions No definition available.
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| X | ||||||||||
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- Definition
Direct Costs of Hotels, Franchise and Marketing Fees No definition available.
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| X | ||||||||||
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- Definition
Direct Costs of Hotels, General and Administrative No definition available.
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- Definition
Direct Costs of Hotels, Insurance No definition available.
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| X | ||||||||||
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- Definition
Direct Costs of Hotels, Management Fees No definition available.
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- Definition
Direct Costs of Hotels, Repairs and Maintenance No definition available.
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| X | ||||||||||
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- Definition
Direct Costs of Hotels, Utilities No definition available.
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- Definition
Loss from unconsolidated real estate entities. No definition available.
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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
Telephone Expenses No definition available.
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| X | ||||||||||
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- Definition
Aggregate dividends paid 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
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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- 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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- 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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- 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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- Details
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| X | ||||||||||
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- Definition
The cost related to generating revenue from the sale of food (prepared and cooked-to-order foodstuffs, as well as snack items) and beverages (bottled or on-tap alcoholic beverages, as well as nonalcoholic beverages like carbonated drinks, juices, energy/sports drinks, water, coffee, and tea). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenue from sale of food (prepared and cooked-to-order foodstuffs, as well as snack items) and beverages (bottled or on-tap alcoholic beverages, as well as nonalcoholic beverages like carbonated drinks, juices, energy/sports drinks, water, coffee, and tea). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount before accretion (amortization) of purchase discount (premium) of interest income and dividend income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of net income (loss) recognized from investments in real estate partnerships and variable interest entities. No definition available.
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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 consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. 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
Noncontrolling Interest, Decrease from Reallocation No definition available.
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| X | ||||||||||
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- Definition
The number of shares of common stock issued during the reporting period under performance based unit awards. No definition available.
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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
Amount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK). 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
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 consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. 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
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 | ||||||||||
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- 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
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 |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2014
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Jun. 30, 2013
|
|
| Statement of Stockholders' Equity [Abstract] | ||
| Issuance of shares, offering costs | $ 461 | $ 6,746 |
| Common shares, dividend declared per share | $ 0.45 | $ 0.42 |
| LTIP units, distributions per unit | $ 0.45 | $ 0.42 |
| X | ||||||||||
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- Definition
LTIP units, distributions. No definition available.
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| X | ||||||||||
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- Definition
Amount of decrease in additional paid in capital (APIC) resulting from direct costs associated with issuing stock. Includes, but is not limited to, legal and accounting fees and 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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- Details
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| X | ||||||||||
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- Definition
Amortization of deferred franchise fees. 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
Loss on Write Off of Deferred Franchise Fee No definition available.
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| X | ||||||||||
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- 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 | ||||||||||
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- 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. Includes effect from exchange rate changes. 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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. 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 cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. 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 cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. 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 net income (loss) recognized from investments in real estate partnerships and variable interest entities. No definition available.
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| X | ||||||||||
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- Definition
outflow associated with an amount paid in advance to show an intention to complete a mortgage financing. No definition available.
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| X | ||||||||||
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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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| X | ||||||||||
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- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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- Definition
The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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- Definition
The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt. No definition available.
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| X | ||||||||||
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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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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Write-off of amounts previously capitalized as debt issuance cost in an extinguishment of debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Consolidated Statements of Cash Flows (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Jun. 30, 2014
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Jun. 30, 2013
|
|---|---|---|
| Statement of Cash Flows [Abstract] | ||
| Accrued distributions payable | $ 2,260 | $ 1,657 |
| Accrued but unpaid distribution | 89 | 60 |
| Accrued share based compensation | 206 | 169 |
| Accounts payable and accrued expenses | $ 424 | $ 806 |
| X | ||||||||||
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- Definition
Accrued but unpaid distribution. No definition available.
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| X | ||||||||||
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- Definition
Accrued share based compensation No definition available.
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| X | ||||||||||
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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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| 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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- Details
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Organization
|
6 Months Ended |
|---|---|
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Jun. 30, 2014
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | Organization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust (“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. In January 2014, the Company established an At the Market Equity Offering ("ATM Plan") whereby, from time to time, we may publicly offer and sell up to $50 million of our common shares by means of ordinary brokers’ transactions on the New York Stock Exchange, in negotiated transactions or in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, with Cantor Fitzgerald & Co. acting as sales agent. As of June 30, 2014, we had issued 486,820 shares under the ATM Plan at a weighted average price of $22.53. As of June 30, 2014, there was approximately $39.0 million of common shares available for issuance under the ATM Plan. In January 2014, the Company established a dividend reinvestment and stock purchase plan ("DRSPP"). Shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on the Company's common shares. Shareholders may also make optional cash purchases of the Company's common shares subject to certain limitations detailed in the prospectus for the DRSPP. As of June 30, 2014, we had issued 149 shares under the DRSPP at a weighted average price of $22.12. As of June 30, 2014, there was approximately $25.0 million of common shares available for issuance under the DRSPP. The net proceeds from any share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. 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 non-controlling interests on our consolidated balance sheets. As of June 30, 2014, the Company owned 29 hotels with an aggregate of 4,342 rooms located in 15 states and the District of Columbia. The Company also owns a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with NorthStar Realty Finance Corp (“NorthStar”), which owns 47 hotels comprising an aggregate of 6,097 rooms, and owns a 5.0% noncontrolling interest in a joint venture (the "Torrance JV") with Cerberus Capital Management ("Cerberus") that owns the 248-room Residence Inn by Marriott in Torrance, CA. 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 47 of the NewINK JV hotels and its interest in the Torrance JV through the Operating Partnership. All of the NewINK JV hotels and the Torrance JV hotel are leased to TRS Lessees, in which the Company indirectly owns noncontrolling 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 5 years. Lease revenue from each TRS Lessee is eliminated in consolidation. The TRS Lessees have entered into management agreements with third party management companies that provide day-to-day management for the hotels. As of June 30, 2014, Island Hospitality Management Inc. (“IHM”), which is 90% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed 27 of the Company’s wholly owned hotels and Concord Hospitality Enterprises Company managed two of the Company’s wholly owned hotels. As of June 30, 2014, all of the NewINK JV hotels were managed by IHM. The Torrance JV hotel is managed by Marriott International, Inc. ("Marriott"). |
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- Details
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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
|
6 Months Ended |
|---|---|
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Jun. 30, 2014
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|
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors including the timing of the acquisition of hotels. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2013, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
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- Details
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| X | ||||||||||
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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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|
Recently Issued Accounting Standards
|
6 Months Ended |
|---|---|
|
Jun. 30, 2014
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|
| Accounting Policies [Abstract] | |
| Recently Issued Accounting Standards | Recently Issued Accounting Standards In April 2014, the FASB issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results or a business activity classified as held for sale upon acquisition should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and adds new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). Early adoption is permitted for disposals that have not been reported in financial statements previously issued. We adopted this accounting standard update effective January 1, 2014 and do not expect the implementation of the amended guidance to have a material impact on the Company's consolidated financial position of results of operations, but do expect these amendments to impact the Company determination of which future property disposals qualify as discontinued operations as well as requiring additional disclosures about discontinued operations. On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that AUS 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements. |
| X | ||||||||||
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- Definition
Recently issued accounting standards. No definition available.
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| X | ||||||||||
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- Details
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Acquisition of Hotel Properties
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2014
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of Hotel Properties | Acquisition of Hotel Properties Hotel Purchase Price Allocation The allocation of the purchase price for the Silicon Valley hotels (hereinafter the "Silicon Valley Hotels") includes the following hotels (i) Residence Inn Silicon Valley I, (ii) Residence Inn Silicon Valley II, (iii) Residence Inn San Mateo and (iv) Residence Inn Mountain View, based on the fair value on the date of their acquisition was (in thousands):
The Company incurred acquisition costs of $4.8 million and $5.1 million, respectively, during the three and six months ended June 30, 2014 and $1.1 million and $1.2 million, respectively, during the three and six months ended June 30, 2013. The amount of revenue and operating income from the new hotels acquired in 2014 are as follows (in thousands):
Pro Forma Financial Information The following condensed pro forma financial information presents the unaudited results of operations for the three and six months ended June 30, 2014 and 2013 as if the hotels acquired in 2014 and 2013 had taken place on January 1, 2013 and 2012. 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, 2013 and 2012, 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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| X | ||||||||||
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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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| X | ||||||||||
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- Details
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Allowance for Doubtful Accounts
|
6 Months Ended |
|---|---|
|
Jun. 30, 2014
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|
| Receivables [Abstract] | |
| Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts at a level believed to be adequate to absorb estimated probable losses. That estimate is based on past loss experience, current economic and market conditions and other relevant factors. The allowance for doubtful accounts was $59 thousand and $30 thousand as of June 30, 2014 and December 31, 2013, respectively. |
| X | ||||||||||
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- Definition
Allowance for doubtful accounts. No definition available.
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| X | ||||||||||
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- Details
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Investment in Hotel Properties
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2014
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| Investments Schedule [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties as of June 30, 2014 and December 31, 2013 consisted of the following (in thousands):
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| X | ||||||||||
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- Definition
Investment in properties. No definition available.
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| X | ||||||||||
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- Details
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Investment in Unconsolidated Entities
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2014
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Unconsolidated Entities | Investment in Unconsolidated Entities On April 17, 2013, the Company acquired a 5.0% interest for $1.7 million in the Torrance JV. The Torrance JV acquired the 248-room Residence Inn by Marriott in Torrance, CA for $31.0 million. The Company accounts for this investment under the equity method. During the three and six months ended June 30, 2014 and 2013, the Company received cash distributions from the Torrance JV as follows (in thousands):
The Company owned a 10.3% interest in a joint venture (the "Innkeepers JV") with Cerberus Capital Management ("Cerberus"), which owned 51 hotels comprising an aggregate of 6,848 rooms until June 9, 2014. The Company accounted for this investment under the equity method. During the three and six months ended June 30, 2014 and 2013, the Company received cash distributions from the Innkeepers JV as follows (in thousands):
On June 9, 2014, the Company completed the sale of its joint venture with Cerberus, the Innkeepers JV, which owned a 51-hotel, 6,848-room portfolio, to a new joint venture between affiliates of NorthStar and the Company’s operating partnership (the “NewINK JV”) in which NorthStar effectively acquired Cerberus' 89.7% interest in 47 of the 51 hotels from the Innkeepers JV. The remaining four hotels, each of which is a Residence Inn that are located in Silicon Valley, CA, were purchased by the Company (see note 4). The Company owns a 10.3% interest in the NewINK JV, which owns 47 hotels comprising an aggregate of 6,097 rooms. The Company accounts for this investment under the equity method. The remeasurement gain of the Company's interest in the four Silicon Valley Hotels as a result of the step acquisition was approximately $18.8 million and the net gain from the Company's promote interest in the Innkeepers JV was approximately $47.9 million (credited toward the purchase of the Silicon Valley Hotels), resulting in a total gain of $66.7 million from the transaction. The Company's gain resulting from this transaction will be rolled tax deferred between the basis of the Company's investment in the NewINK JV and the Company's basis in the four Silicon Valley Hotels. During the three and six months ended June 30, 2014 and 2013, the Company received no cash distributions from the NewINK JV. The Company’s ownership interests in the NewINK JV is subject to change in the event that either the Company or NorthStar calls for additional capital contributions to the respective JV's for certain non-discretionary requirements, or solely in the case of a capital call by NorthStar necessary for the conduct of business, including contributions to fund costs and expenses related to capital expenditures. The Company manages each of the NewINK JV and the Torrance JV (collectively, the "JV") and will receive a promote interest in each applicable JV if it meets certain return thresholds. NorthStar and Cerberus may also approve certain actions by each respective JV without the Company’s consent, including certain property dispositions conducted at arm’s length, certain actions related to the restructuring of each JV and removal of the Company as managing member in the event the Company fails to fulfill its material obligations under the applicable joint venture agreement. The Company's investment in the Innkeepers JV investment is $0.0 million at June 30, 2014. The Company's investment in the NewINK JV is $2.5 million at June 30, 2014. The Company's investment in the Torrance JV is $0.8 million at June 30, 2014. The following table sets forth the combined components of net income (loss), including the Company’s share, related to the Innkeepers JV and NewINK JV for the three and six months ended June 30, 2014 and 2013 (in thousands):
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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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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2014
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt The Company’s mortgage loans and its senior secured revolving credit facility are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. Mortgage debt consisted of the following (in thousands):
The Company entered into an amendment (the "Amendment") to its amended and restated senior secured revolving credit facility on December 11, 2013. The Amendment extends the maturity date to November 5, 2016 and includes an option to extend the maturity date by an additional year. The senior secured revolving credit facility includes limitations on the extent of allowable distributions to the Company not to exceed the greater of 95% of Adjusted Funds from Operations (as defined in the senior secured revolving credit facility) and the minimum amount of distributions required for the Company to maintain its REIT status. Other key terms are as follows:
At June 30, 2014 and December 31, 2013, the Company had $98.0 million and $50.0 million, respectively, of outstanding borrowings under its senior secured revolving credit facility. At June 30, 2014, the maximum borrowing availability under the senior secured revolving credit facility was $175.0 million. The Company estimates the fair value of its fixed rate debt, which is all of the Company's mortgage loans, 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. The estimated fair value of the Company’s fixed rate debt as of June 30, 2014 and December 31, 2013 was $446.4 million and $220.0 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 June 30, 2014 and December 31, 2013 was $98.0 million and $50.0 million, respectively. As of June 30, 2014, the Company was in compliance with all of its financial covenants. At June 30, 2014, the Company’s consolidated fixed charge coverage ratio was 2.87. Future scheduled principal payments of debt obligations as of June 30, 2014, for each of the next five calendar years and thereafter are 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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Jun. 30, 2014
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The Company’s TRSs are subject to federal and state income taxes. The Company’s TRSs are structured under two TRS holding companies, which are referred to as TRS 1 and TRS 2, that are treated separately for income tax purposes. The components of income tax expense for the following periods are as follows (in thousands):
At June 30, 2014, TRS 1 had a gross deferred tax asset associated with future tax deductions of $3.2 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 $0.0 million as of June 30, 2014. |
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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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Jun. 30, 2014
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends Declared and Paid | Dividends Declared and Paid The Company declared total common share dividends of $0.24 per share and distributions on long-term incentive plan (“LTIP”) units of $0.24 per unit for the three months ended June 30, 2014 and $0.45 per share and distributions on LTIP units of $0.45 per unit for the six months ended June 30, 2014. The dividends and distributions were as follows:
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- Definition
Dividends declared and paid. No definition available.
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Earnings Per Share
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Jun. 30, 2014
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share The two class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. Unvested restricted shares and unvested LTIP units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. The following is a reconciliation of the amounts used in calculating basic and diluted net 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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Jun. 30, 2014
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Incentive Plan | 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. The plan was amended and restated as of May 17, 2013 to increase the maximum number of shares available under the plan to 3,000,000 shares. Share awards under this plan generally vest over three 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 performance based 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 2014 and 2013, the Company issued 16,542 and 22,536 common shares, respectively, to its independent trustees as compensation for services performed in 2013 and 2012. 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. The Company would have distributed 9,137 common shares for services performed in 2014 had this liability classified award been satisfied as of June 30, 2014. As of June 30, 2014, there were 2,296,458 common shares available for issuance under the Equity Incentive Plan. Restricted Share Awards A summary of the shares granted to executive officers pursuant to the Equity Incentive Plan as of June 30, 2014 are:
Time-based shares will vest over a three-year period. 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 through the vesting date. 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 granted in 2012, 2013 and 2014, compensation expense is based on a valuation of $10.20, $10.93 and $13.17, respectively, 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 non-vested time-based 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 of Trustees are met and the recipient remains employed by the Company on the vesting date. A summary of the Company’s restricted share awards for the six months ended June 30, 2014 and year ended December 31, 2013 is as follows:
As of June 30, 2014 and December 31, 2013, there were $2.1 million and $1.2 million, respectively, of unrecognized compensation costs related to restricted share awards. As of June 30, 2014, these costs were expected to be recognized over a weighted–average period of approximately 2.1 years. For the three months ended June 30, 2014 and 2013, the Company recognized approximately $0.3 million and $0.2 million, respectively and for the six months ended June 30, 2014 and 2013, the Company recognized approximately $0.6 million and $0.5 million, respectively of expense related to the restricted share awards. This expense is included in general and administrative expenses in the accompanying consolidated statements of operations. Long-Term Incentive Plan Units The Company recorded $0.2 million and $0.2 million in compensation expense related to the LTIP units for the three months ended June 30, 2014 and 2013, respectively and $0.4 million and $0.4 million in compensation expense related to the LTIP units for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014 and December 31, 2013, there was $0.6 million and $1.0 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 0.9 years, which represents the weighted average remaining vesting period of the LTIP units. Upon the closing of the Company's equity offering on September 30, 2013, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 26,250 LTIP units of one of the officers of the Company achieved full parity with the common Operating Partnership units with respect to liquidating distributions and all other purposes. Three-fifths of these units have vested as of June 30, 2014. As of June 4, 2014, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 231,525 LTIP units of the other two officers of the Company achieved full parity with the common Operating Partnership units with respect to liquidating distributions and all other purposes. Four-fifths of these units have vested June 30, 2014. Accordingly, these LTIP units will be allocated their pro-rata share of the Company's net income. |
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| X | ||||||||||
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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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Jun. 30, 2014
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | 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 $7,500 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 is an air rights lease and garage lease that each expire on December 1, 2104. The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund for the cost of capital repairs. 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 garages leases as of June 30, 2014, for the remainder of 2014 and for each of the next four calendar years and thereafter (in thousands):
Management Agreements The management agreements with Concord have an initial ten-year term that 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 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. Terms of the Company's management agreements are:
Management fees totaled approximately $1.4 million and $0.9 million, respectively, for the three months ended June 30, 2014 and 2013, respectively and approximately $2.5 million and $1.6 million, respectively, for the six months ended June 30, 2014 and 2013. Franchise Agreements Terms of the Company's Franchise agreements are:
Franchise fees totaled approximately $3.6 million and $2.2 million, respectively, for the three months ended June 30, 2014 and 2013, respectively and approximately $6.4 million and $4.1 million, respectively, for the six months ended June 30, 2014 and 2013. |
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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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6 Months Ended |
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Jun. 30, 2014
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| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions Mr. Fisher owns 90% of IHM. As of June 30, 2014, the Company had hotel management agreements with IHM to manage 27 of its hotels. As of June 30, 2014, all 47 hotels owned by the NewINK JV are managed by IHM. Hotel management, revenue management and accounting fees paid to IHM for the Chatham properties for the three months ended June 30, 2014 and 2013 were $1.3 million and $0.7 million, respectively and for the six months ended June 30, 2014 and 2013 were $2.3 million and $1.4 million, respectively. At June 30, 2014 and December 31, 2013, the amounts due to IHM were $0.8 million and $0.5 million, respectively. Cost reimbursements from unconsolidated real estate entities revenue represent reimbursements of costs incurred on behalf of the Innkeepers JV and NewINK JV. These costs relate primarily to corporate payroll costs at the JVs 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 JVs are recorded based upon the occurrence of a reimbursed activity. |
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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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Subsequent Events
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6 Months Ended |
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Jun. 30, 2014
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| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On July 2, 2014, the Company obtained debt secured by a first mortgage on the Savannah Hotel of $30.0 million. The loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 60 months. The interest rate on the loan is 4.62%. |
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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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Summary of Significant Accounting Policies (Policies)
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6 Months Ended |
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Jun. 30, 2014
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| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors including the timing of the acquisition of hotels. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2013, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. |
| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
| Recently Issued Accounting Standards | In April 2014, the FASB issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results or a business activity classified as held for sale upon acquisition should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and adds new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). Early adoption is permitted for disposals that have not been reported in financial statements previously issued. We adopted this accounting standard update effective January 1, 2014 and do not expect the implementation of the amended guidance to have a material impact on the Company's consolidated financial position of results of operations, but do expect these amendments to impact the Company determination of which future property disposals qualify as discontinued operations as well as requiring additional disclosures about discontinued operations. On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that AUS 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements |
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Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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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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Acquisition of Hotel Properties (Tables)
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Jun. 30, 2014
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchase Price Allocation | The allocation of the purchase price for the Silicon Valley hotels (hereinafter the "Silicon Valley Hotels") includes the following hotels (i) Residence Inn Silicon Valley I, (ii) Residence Inn Silicon Valley II, (iii) Residence Inn San Mateo and (iv) Residence Inn Mountain View, based on the fair value on the date of their acquisition was (in thousands):
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| Pro Forma Financial Information | The amount of revenue and operating income from the new hotels acquired in 2014 are as follows (in thousands):
The following condensed pro forma financial information presents the unaudited results of operations for the three and six months ended June 30, 2014 and 2013 as if the hotels acquired in 2014 and 2013 had taken place on January 1, 2013 and 2012. 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, 2013 and 2012, 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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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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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Investment in Hotel Properties (Tables)
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Jun. 30, 2014
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| Investments Schedule [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Hotel Properties | Investment in hotel properties as of June 30, 2014 and December 31, 2013 consisted of the following (in thousands):
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Investment in properties. No definition available.
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Investment in Unconsolidated Entities (Tables)
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Jun. 30, 2014
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| Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Income From Joint Venture Table | The following table sets forth the combined components of net income (loss), including the Company’s share, related to the Innkeepers JV and NewINK JV for the three and six months ended June 30, 2014 and 2013 (in thousands):
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Torrance Joint Venture
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| Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Additional Cash Flow Information Table | During the three and six months ended June 30, 2014 and 2013, the Company received cash distributions from the Torrance JV as follows (in thousands):
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Innkeepers Joint Venture
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| Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Additional Cash Flow Information Table | During the three and six months ended June 30, 2014 and 2013, the Company received cash distributions from the Innkeepers JV as follows (in thousands):
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Additional Cash Flow Information No definition available.
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Income from joint venture. No definition available.
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Debt (Tables)
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|
Jun. 30, 2014
|
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Mortgage Debt | Mortgage debt consisted of the following (in thousands):
|
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| Summary of Amendment to Senior Secured Revolving Credit Facility | Other key terms are as follows:
|
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| Future Scheduled Principal Payments of Debt Obligations | Future scheduled principal payments of debt obligations as of June 30, 2014, for each of the next five calendar years and thereafter are as follows (in thousands):
|
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| X | ||||||||||
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- Details
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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
|
| 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)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2014
|
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Income Tax Expense | The components of income tax expense for the following periods are as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
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- Details
|
| 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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|
Dividends Declared and Paid (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2014
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends Declared and Paid | The dividends and distributions were as follows:
|
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| X | ||||||||||
|
- Definition
Schedule Of Dividends No definition available.
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| X | ||||||||||
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- Details
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|
Earnings Per Share (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2014
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share | The following is a reconciliation of the amounts used in calculating basic and diluted net loss per share (in thousands, except share and per share data):
|
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Equity Incentive Plan (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2014
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Restricted Share Awards | A summary of the Company’s restricted share awards for the six months ended June 30, 2014 and year ended December 31, 2013 is as follows:
A summary of the shares granted to executive officers pursuant to the Equity Incentive Plan as of June 30, 2014 are:
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| X | ||||||||||
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- Details
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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)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2014
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 garages leases as of June 30, 2014, for the remainder of 2014 and for each of the next four calendar years and thereafter (in thousands):
|
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| Schedule of Management Agreement Terms | Terms of the Company's management agreements are:
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| Schedule of Franchise Agreement Terms | Terms of the Company's Franchise agreements are:
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| X | ||||||||||
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- Definition
Schedule of Franchise Agreement Terms [Table Text Block] No definition available.
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| X | ||||||||||
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- Definition
Schedule of Management Agreement Terms [Table Text Block] No definition available.
|
| X | ||||||||||
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- Details
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| X | ||||||||||
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- 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
|
|
Organization - Additional Information (Details) (USD $)
|
6 Months Ended | 1 Months Ended | 6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
state
Hotel
Room
|
Jun. 30, 2014
Indirectly Owned Interest In Joint Venture Hotels
Hotel
|
Jun. 30, 2014
Cerberus Capital Management
Innkeepers Joint Venture
|
Jun. 08, 2014
Cerberus Capital Management
Innkeepers Joint Venture
|
Jun. 30, 2014
Cerberus Capital Management
Minority Interest In Joint Venture Rooms
Hotel
Room
|
Jun. 30, 2014
Cerberus Capital Management
Torrance Joint Venture
Room
|
Apr. 17, 2013
Cerberus Capital Management
Torrance Joint Venture
Room
|
Jun. 30, 2014
Island Hospitality Management Inc.
Hotel
|
Jun. 30, 2014
Concord Hospitality Enterprises
Hotel
|
Jan. 31, 2014
ATM Plan [Member]
|
Jun. 30, 2014
ATM Plan [Member]
|
Jun. 30, 2014
DRSP Plan [Member]
|
|
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||
| Stock purchase plan, authorized amount | $ 50,000,000 | |||||||||||
| Shares issued | 486,820 | 149 | ||||||||||
| Stock purchase plan, average price per share | $ 22.53 | $ 22.12 | ||||||||||
| Stock purchase plan, remaining authorized repurchase amount | $ 39,000,000 | $ 25,000,000 | ||||||||||
| Percentage of common units of limited partnership owned | 100.00% | |||||||||||
| Number of hotels in ownership by Company | 29 | 47 | ||||||||||
| Aggregate number of rooms in hotels | 4,342 | 6,097 | 248 | 248 | ||||||||
| Number of states in which hotels are owned | 15 | |||||||||||
| Indirect ownership in the leased, hotels | 10.30% | 10.30% | 5.00% | 5.00% | ||||||||
| 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 | 47 | 27 | 2 | |||||||||
| X | ||||||||||
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- Definition
Aggregate number of rooms in hotels. No definition available.
|
| X | ||||||||||
|
- Definition
Indirect ownership in the leased hotels. No definition available.
|
| X | ||||||||||
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- Definition
The initial term of each of the Taxable Real Estate Investment Trust Subsidiaries leases. 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 | ||||||||||
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- Definition
Number of States In Which Hotels Are Owned No definition available.
|
| X | ||||||||||
|
- Definition
The ownership percentage in related party by the company's chairman. No definition available.
|
| X | ||||||||||
|
- Definition
Stock Purchase Plan, Authorized Amount No definition available.
|
| X | ||||||||||
|
- Definition
Stock Purchase Plan, Average Price Per Share No definition available.
|
| X | ||||||||||
|
- Definition
Stock Purchase Plan, Remaining Authorized Repurchase Amount No definition available.
|
| X | ||||||||||
|
- Definition
Percentage investment held by the managing member or general partner of the limited liability company (LLC) or limited partnership (LP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Acquisition of Hotel Properties - Allocation of Purchase Price to Hotels Based on Fair Value (Details) (USD $)
In Thousands, unless otherwise specified |
0 Months Ended | 3 Months Ended | 6 Months Ended | |
|---|---|---|---|---|
|
Jun. 09, 2014
|
Jun. 30, 2014
|
Jun. 30, 2014
|
Jun. 09, 2014
Room
|
|
| Business Acquisition [Line Items] | ||||
| Revenue | $ 3,075 | $ 3,075 | ||
| Operating Income | 2,113 | 2,113 | ||
|
Silicon Valley Acquisition
|
||||
| Business Acquisition [Line Items] | ||||
| Acquisition date | Jun. 09, 2014 | |||
| Number of Rooms | 751 | |||
| Land | 149,385 | |||
| Building and improvements | 156,902 | |||
| Furniture, fixtures and equipment | 17,565 | |||
| Cash | 25 | |||
| Accounts receivable | 959 | |||
| Prepaid expenses and other assets | 289 | |||
| Net assets acquired | 325,125 | |||
| Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV | (59,813) | |||
| Net assets acquired, net of cash and Fair Value of interest in the Silicon Valley Hotels and New INK JV | 265,287 | |||
| Revenue | 3,075 | 3,075 | ||
| Operating Income | $ 2,113 | $ 2,113 |
| X | ||||||||||
|
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Excluding Cash and Equivalents, Net No definition available.
|
| X | ||||||||||
|
- Definition
Number Of Rooms Acquired No definition available.
|
| 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 | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents the fair value of the noncontrolling interest in the acquiree at the acquisition date. 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
|
| X | ||||||||||
|
- Definition
Amount of facility held for productive use including, but not limited to, office, production, storage and distribution facilities, acquired at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions, acquired at the acquisition date. 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer, acquired at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount due from customers or clients for goods or services, including trade receivables, that have been delivered or sold in the normal course of business, and amounts due from others, including related parties expected to be converted to cash, sold or exchanged within one year or the normal operating cycle, if longer, acquired at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of tangible personal property used to produce goods and services, including, but is not limited to, tools, dies and molds, computer and office equipment, acquired at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of real estate acquired, at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount recognized as of the acquisition date for the identifiable assets acquired in excess of (less than) the aggregate liabilities assumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Acquisition of Hotel Properties - Additional Information (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Jun. 30, 2014
|
Jun. 30, 2013
|
|
| Business Combinations [Abstract] | ||||
| Acquisition costs incurred | $ 4.8 | $ 1.1 | $ 5.1 | $ 1.2 |
| 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 | ||||||||||
|
- Details
|
|
Acquisition of Hotel Properties - Proforma Financial Information (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Jun. 30, 2014
|
Jun. 30, 2013
|
|
| Pro forma income per share: | ||||
| Weighted average number of common shares - basic (in shares) | 26,437,878 | 18,147,108 | 26,355,237 | 17,682,199 |
| Weighted average number of common shares - diluted (in shares) | 26,734,919 | 18,383,626 | 26,637,261 | 17,897,255 |
|
Recent Acquisitions
|
||||
| Business Acquisition, Pro Forma Information [Line Items] | ||||
| Pro forma total revenue | $ 56,383 | $ 51,034 | $ 103,511 | $ 94,462 |
| Pro forma net income | $ 3,404 | $ 65,465 | $ (799) | $ 67,601 |
| Pro forma income per share: | ||||
| Basic (in dollars per share) | $ 0.13 | $ 2.44 | $ (0.03) | $ 2.52 |
| Diluted (in dollars per share) | $ 0.13 | $ 2.42 | $ (0.03) | $ 2.50 |
| Weighted average number of common shares - basic (in shares) | 26,877,757 | 26,877,757 | 26,877,757 | 26,877,757 |
| Weighted average number of common shares - diluted (in shares) | 27,174,798 | 27,114,275 | 26,877,757 | 27,092,813 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The pro forma basic net income per share for a 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 diluted net income per share for a 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 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
|
| 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 | ||||||||||
|
- 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
|
|
Allowance for Doubtful Accounts - Additional Information (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2014
|
Dec. 31, 2013
|
|---|---|---|
| Receivables [Abstract] | ||
| Hotel receivables | $ 59 | $ 30 |
| 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
|
| X | ||||||||||
|
- Details
|
|
Investment in Hotel Properties (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2014
|
Dec. 31, 2013
|
|---|---|---|
| Investments Schedule [Abstract] | ||
| Land and improvements | $ 244,236 | $ 94,847 |
| Building and improvements | 720,061 | 559,713 |
| Furniture, fixtures and equipment | 56,179 | 36,628 |
| Renovations in progress | 6,392 | 4,006 |
| Investment in hotel properties, at cost | 1,026,868 | 695,194 |
| Less accumulated depreciation | (55,914) | (42,317) |
| Investment in hotel properties, net | $ 970,954 | $ 652,877 |
| 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
Amount before accumulated depletion of real estate held for productive use, excluding 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 (Details) (USD $)
|
0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
Room
|
Jun. 09, 2014
Hotel
|
Jun. 09, 2014
NewINK Joint Venture
|
Jun. 09, 2014
NewINK Joint Venture
Hotel
|
Jun. 09, 2014
NewINK Joint Venture
Silicon Valley Acquisition
Hotel
|
Jun. 08, 2014
Inkeepers Joint Venture
Hotel
|
Jun. 30, 2014
Torrance Joint Venture
|
Jun. 30, 2013
Torrance Joint Venture
|
Jun. 30, 2014
Torrance Joint Venture
|
Jun. 30, 2013
Torrance Joint Venture
|
Jun. 30, 2014
Torrance Joint Venture
Cerberus Capital Management
Room
|
Apr. 17, 2013
Torrance Joint Venture
Cerberus Capital Management
Room
|
Apr. 17, 2013
Torrance Joint Venture
Cerberus Capital Management
|
Jun. 30, 2014
Innkeepers Joint Venture
|
Jun. 30, 2013
Innkeepers Joint Venture
|
Jun. 30, 2014
Innkeepers Joint Venture
|
Jun. 30, 2013
Innkeepers Joint Venture
|
Jun. 30, 2014
Innkeepers Joint Venture
Cerberus Capital Management
|
Jun. 08, 2014
Innkeepers Joint Venture
Cerberus Capital Management
Hotel
Room
|
Jun. 30, 2014
NewINK Joint Venture
|
Jun. 30, 2013
NewINK Joint Venture
|
Jun. 30, 2014
NewINK Joint Venture
|
Jun. 30, 2013
NewINK Joint Venture
|
Jun. 30, 2014
NewINK Joint Venture
NorthStar Realty Finance Corp
Room
Hotel
|
|
| Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||
| Indirect ownership in the leased, hotels | 5.00% | 5.00% | 10.30% | 10.30% | 10.30% | |||||||||||||||||||
| Investment in joint venture | $ 800,000 | $ 800,000 | $ 1,700,000 | $ 31,000,000 | $ 0 | $ 0 | $ 2,500,000 | $ 2,500,000 | ||||||||||||||||
| Aggregate number of rooms in hotels | 4,342 | 248 | 248 | |||||||||||||||||||||
| Number of hotels in joint venture real estate portfolio | 47 | 51 | 51 | 47 | ||||||||||||||||||||
| Gain (loss) on remeasurement of joint venture | 18,800,000 | |||||||||||||||||||||||
| Gain (loss) on sale of joint venture | 47,900,000 | |||||||||||||||||||||||
| Gain (loss) on sale of joint venture after remeasurement | 66,700,000 | |||||||||||||||||||||||
| Purchase of hotels, number of hotels | 4 | 4 | ||||||||||||||||||||||
| Number of hotel rooms in joint venture real estate portfolio | 6,848 | 6,097 | ||||||||||||||||||||||
| Joint venture, percentage ownership by third party | 89.70% | |||||||||||||||||||||||
| Cash generated from other activities and excess cash | $ 0 | $ 908,000 | $ 38,000 | $ 908,000 | $ 0 | $ 0 | $ 411,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||
| X | ||||||||||
|
- Definition
Aggregate number of rooms in hotels. No definition available.
|
| X | ||||||||||
|
- Definition
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee After Remeasurement No definition available.
|
| X | ||||||||||
|
- Definition
Indirect ownership in the leased hotels. No definition available.
|
| X | ||||||||||
|
- Definition
Joint Venture, Gain (Loss) On Remeasurement Of Joint Venture No definition available.
|
| X | ||||||||||
|
- Definition
Joint Venture, Number of Hotel Rooms in Joint Venture Real Estate Portfolio No definition available.
|
| X | ||||||||||
|
- Definition
Joint Venture, Number of Hotels in Joint Venture Real Estate Portfolio No definition available.
|
| X | ||||||||||
|
- Definition
Joint Venture, Percentage Ownership By Third Party No definition available.
|
| X | ||||||||||
|
- Definition
Net Cash Provided by (Used in) Other Activities and Excess Cash No definition available.
|
| X | ||||||||||
|
- Definition
Real Estate Investment, Purchase Of Hotels, Number Of Hotels No definition available.
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) on sale or disposal of equity in securities of subsidiaries or equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Investment in Unconsolidated Entities - Cash Received and Distributions from Joint Venture (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Jun. 30, 2014
|
Jun. 30, 2013
|
|
| Net change in cash and cash equivalents | $ 7,714 | $ 14,194 | ||
|
Torrance Joint Venture
|
||||
| Cash generated from other activities and excess cash | 0 | 908 | 38 | 908 |
| Net change in cash and cash equivalents | 908 | 38 | 908 | |
|
Innkeepers Joint Venture
|
||||
| Cash generated from other activities and excess cash | 0 | 0 | 411 | 0 |
| Net change in cash and cash equivalents | $ 0 | $ 0 | $ 411 | $ 0 |
| X | ||||||||||
|
- Definition
Net Cash Provided by (Used in) Other Activities and Excess Cash No definition available.
|
| 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. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Jun. 30, 2014
|
Jun. 30, 2013
|
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Total hotel operating expenses | $ 42,076 | $ 25,730 | $ 76,446 | $ 48,727 |
| Operating income | 5,001 | 5,016 | 7,496 | 7,798 |
| Net income (loss) | 65,206 | 2,176 | 63,474 | 557 |
|
Total Minority Interest Joint Ventures
|
||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Revenue | 72,857 | 70,914 | 136,570 | 132,207 |
| Total hotel operating expenses | 39,359 | 38,531 | 76,358 | 75,361 |
| Operating income | 33,498 | 32,383 | 60,212 | 56,846 |
| Net income (loss) from continuing operations | (19,843) | 1,443 | (23,177) | (4,552) |
| Gain (loss) on sale of hotels | 0 | (2,517) | (5) | (2,659) |
| Net income (loss) | (19,843) | (1,074) | (23,182) | (7,211) |
| Total income (loss) from unconsolidated real estate entities attributable to Chatham | $ (2,039) | $ (110) | $ (2,382) | $ (741) |
| X | ||||||||||
|
- Definition
The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. 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
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 of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Debt - Components of Mortgage Debt (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
Dec. 31, 2013
|
|||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Carrying Value | $ 898,765 | |||||||||
| Mortgage debt | 542,535 | 272,063 | ||||||||
|
Senior Secured Revolving Credit Facility
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 2.66% | [1] | ||||||||
| Maturity Date | Nov. 05, 2016 | [1] | ||||||||
| Carrying Value | 235,426 | [1] | ||||||||
| Mortgage debt | 98,000 | [1] | 50,000 | [1] | ||||||
|
SpringHill Suites by Marriott Washington, PA
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 5.84% | |||||||||
| Maturity Date | Apr. 01, 2015 | |||||||||
| Carrying Value | 11,719 | |||||||||
| Mortgage debt | 4,849 | 4,937 | ||||||||
|
Courtyard by Marriott Altoona, PA
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 5.96% | |||||||||
| Maturity Date | Apr. 01, 2016 | |||||||||
| Carrying Value | 10,744 | |||||||||
| Mortgage debt | 6,276 | 6,378 | ||||||||
|
Residence Inn by Marriott New Rochelle, NY
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 5.75% | |||||||||
| Maturity Date | Sep. 01, 2021 | |||||||||
| Carrying Value | 21,265 | |||||||||
| Mortgage debt | 14,993 | 15,150 | ||||||||
|
Residence Inn by Marriott San Diego, CA
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 4.66% | |||||||||
| Maturity Date | Feb. 06, 2023 | |||||||||
| Carrying Value | 47,631 | |||||||||
| Mortgage debt | 30,305 | 30,546 | ||||||||
|
Homewood Suites by Hilton San Antonio, TX
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 4.59% | |||||||||
| Maturity Date | Feb. 06, 2023 | |||||||||
| Carrying Value | 29,883 | |||||||||
| Mortgage debt | 17,314 | 17,454 | ||||||||
|
Residence Inn by Marriott Vienna, VA
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 4.49% | |||||||||
| Maturity Date | Feb. 06, 2023 | |||||||||
| Carrying Value | 33,473 | |||||||||
| Mortgage debt | 23,730 | 23,925 | ||||||||
|
Courtyard by Marriott Houston, TX
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 4.19% | |||||||||
| Maturity Date | May 06, 2023 | |||||||||
| Carrying Value | 33,028 | |||||||||
| Mortgage debt | 19,644 | 19,812 | ||||||||
|
Hyatt Place Pittsburgh, PA
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 4.65% | |||||||||
| Maturity Date | Jul. 06, 2023 | |||||||||
| Carrying Value | 38,809 | |||||||||
| Mortgage debt | 23,844 | 24,028 | ||||||||
|
Residence Inn by Marriott Bellevue, WA
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 4.97% | |||||||||
| Maturity Date | Dec. 06, 2023 | |||||||||
| Carrying Value | 70,144 | |||||||||
| Mortgage debt | 47,580 | 47,580 | ||||||||
|
Residence Inn by Marriott Garden Grove, CA
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 4.79% | [2] | ||||||||
| Maturity Date | Apr. 06, 2024 | [2] | ||||||||
| Carrying Value | 43,713 | [2] | ||||||||
| Mortgage debt | 34,000 | [2] | 32,253 | [2] | ||||||
|
Residence Inn by Marriott Silicon Valley I, Sunnyvale, CA
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 4.64% | [3] | ||||||||
| Maturity Date | Jul. 06, 2024 | [3] | ||||||||
| Carrying Value | 92,533 | [3] | ||||||||
| Mortgage debt | 64,800 | [3] | 0 | [3] | ||||||
|
Residence Inn by Marriott Silicon Valley II, Sunnyvale, CA
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 4.64% | [3] | ||||||||
| Maturity Date | Jul. 06, 2024 | [3] | ||||||||
| Carrying Value | 101,644 | [3] | ||||||||
| Mortgage debt | 70,700 | [3] | 0 | [3] | ||||||
|
Residence Inn by Marriott San Mateo, CA
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 4.64% | [3] | ||||||||
| Maturity Date | Jul. 06, 2024 | [3] | ||||||||
| Carrying Value | 72,489 | [3] | ||||||||
| Mortgage debt | 48,600 | [3] | 0 | [3] | ||||||
|
Residence Inn by Marriott Mountain View, CA
|
||||||||||
| Participating Mortgage Loans [Line Items] | ||||||||||
| Interest Rate | 4.64% | [3] | ||||||||
| Maturity Date | Jul. 06, 2024 | [3] | ||||||||
| Carrying Value | 56,264 | [3] | ||||||||
| Mortgage debt | $ 37,900 | [3] | $ 0 | [3] | ||||||
|
||||||||||
| X | ||||||||||
|
- Definition
The effective interest rate at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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 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 - Components of Mortgage Debt (Parenthetical) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Jun. 30, 2014
Senior Secured Revolving Credit Facility
Property
|
Jun. 30, 2014
Senior Secured Revolving Credit Facility
LIBOR
|
Mar. 21, 2014
Residence Inn by Marriott Garden Grove, CA
|
Jun. 09, 2014
Silicon Valley I, Silicon Valley II, San Mateo and Mountain View Loans
|
Jun. 09, 2014
Silicon Valley I, Silicon Valley II, San Mateo and Mountain View Loans
mortgage
|
|
| Participating Mortgage Loans [Line Items] | |||||||||
| Number of properties in borrowing base securing borrowing under credit facility | 13 | ||||||||
| Basis spread on variable rate | 2.50% | ||||||||
| Loan term | 10 years | 10 years | |||||||
| Loans amortization payment term | 30 years | 30 years | |||||||
| Interest only term | 12 months | 60 months | |||||||
| Loss on early extinguishment of debt | $ 0 | $ 0 | $ 184 | $ 933 | $ 200 | ||||
| Number of loans | 4 | ||||||||
| X | ||||||||||
|
- Definition
Debt Instrument, Interest Only Term No definition available.
|
| X | ||||||||||
|
- Definition
Debt Instrument, Number of Loans No definition available.
|
| X | ||||||||||
|
- Definition
Loan Amortization Period No definition available.
|
| X | ||||||||||
|
- Definition
Number of properties in borrowing base securing borrowing under credit facility No definition available.
|
| X | ||||||||||
|
- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
|
- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Details) (USD $)
|
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2014
|
Dec. 11, 2013
|
|
| Debt Disclosure [Abstract] | ||
| Distribution limit, percentage of adjusted funds | 95.00% | |
| Facility amount | $ 175,000,000 | |
| 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 | |
| Minimum fixed charge coverage ratio | 1.5 |
| X | ||||||||||
|
- Definition
Interest rate applicable margin. No definition available.
|
| X | ||||||||||
|
- Definition
Line of Credit Facility, Distribution Limit, Percentage of Adjusted Funds 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
|
|
Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Parenthetical) (Details) (USD $)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2014
|
|
| Senior Secured Notes [Line Items] | |
| Additional credit facility | $ 50,000,000 |
|
Minimum
|
|
| Senior Secured Notes [Line Items] | |
| Line of credit, interest spread basis points | 2.00% |
| Line of credit facility commitment fee, basis points | 0.25% |
|
Maximum
|
|
| Senior Secured Notes [Line Items] | |
| Line of credit, interest spread basis points | 3.00% |
| Line of credit facility commitment fee, basis points | 0.35% |
| X | ||||||||||
|
- Definition
Amounts which can be increased to the credit facility, subject to lender approval. No definition available.
|
| X | ||||||||||
|
- Definition
Line Of Credit Facility Basis Spread On Variable Rate No definition available.
|
| X | ||||||||||
|
- Definition
Line of Credit Facility, Commitment Fee Basis Points No definition available.
|
| X | ||||||||||
|
- Details
|
|
Debt - Additional Information (Details) (USD $)
|
Jun. 30, 2014
|
Dec. 31, 2013
|
|---|---|---|
| Debt Instrument [Line Items] | ||
| Outstanding borrowings under credit facility | $ 98,000,000 | $ 50,000,000 |
| Maximum borrowing availability under revolving credit facility | 175,000,000 | |
| Consolidated fixed charge coverage ratio | 2.87 | |
|
Fixed Rate Debt
|
||
| Debt Instrument [Line Items] | ||
| Estimated fair value of debt | 446,400,000 | 220,000,000 |
|
Variable rate debt
|
||
| Debt Instrument [Line Items] | ||
| Estimated fair value of debt | 98,000,000 | 50,000,000 |
|
Senior Secured Revolving Credit Facility
|
||
| Debt Instrument [Line Items] | ||
| Outstanding borrowings under credit facility | 98,000,000 | 50,000,000 |
| Maximum borrowing availability under revolving credit facility | $ 175,000,000.0 |
| X | ||||||||||
|
- Definition
Fixed Charge Coverage Ratio No definition available.
|
| X | ||||||||||
|
- Definition
Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable. 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
|
|
Debt - Future Scheduled Principal Payments of Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2014
|
Dec. 31, 2013
|
|---|---|---|
| Debt Disclosure [Abstract] | ||
| 2014 (remaining six months) | $ 1,317 | |
| 2015 | 8,313 | |
| 2016 | 107,533 | |
| 2017 | 3,802 | |
| 2018 | 3,980 | |
| Thereafter | 417,590 | |
| Total | $ 542,535 | $ 272,063 |
| 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 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
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the remainder of the fiscal year following the latest fiscal year ended. No definition available.
|
| 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
|
|
Income Taxes - Components of Income Tax Expense (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Jun. 30, 2014
|
Jun. 30, 2013
|
|
| Income Tax Disclosure [Abstract] | ||||
| Federal | $ 28 | $ 35 | $ 30 | $ 35 |
| State | 10 | 10 | 11 | 10 |
| Tax expense | $ 38 | $ 45 | $ 41 | $ 45 |
| X | ||||||||||
|
- Definition
Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes - Additional Information (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
|---|---|
|
Jun. 30, 2014
|
|
|
Trs Lessee One
|
|
| Income Taxes [Line Items] | |
| Gross deferred tax asset associated with future tax deductions | $ 3.2 |
| 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 |
| 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
|
|
Dividends Declared and Paid - Additional Information (Details) (USD $)
|
0 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
May 31, 2014
|
Apr. 30, 2014
|
Mar. 31, 2014
|
Feb. 28, 2014
|
Jan. 31, 2014
|
Jun. 30, 2014
|
Mar. 31, 2014
|
Jun. 30, 2014
|
Jun. 30, 2013
|
|
| Equity [Abstract] | ||||||||||
| Common shares, dividend declared per share | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.24 | $ 0.21 | $ 0.45 | $ 0.42 |
| Long-term incentive plan (LTIP) units, distributions per unit | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.24 | $ 0.21 | $ 0.45 | $ 0.42 |
| X | ||||||||||
|
- Definition
LTIP units, distributions. 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 | ||||||||||
|
- Details
|
|
Dividends Declared and Paid - Dividend Information (Details) (USD $)
|
0 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
May 31, 2014
|
Apr. 30, 2014
|
Mar. 31, 2014
|
Feb. 28, 2014
|
Jan. 31, 2014
|
Jun. 30, 2014
|
Mar. 31, 2014
|
Jun. 30, 2014
|
Jun. 30, 2013
|
|
| Equity [Abstract] | ||||||||||
| Record Date | Jun. 30, 2014 | May 30, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | ||||
| Payment Date | Jul. 25, 2014 | Jun. 27, 2014 | May 30, 2014 | Apr. 25, 2014 | Mar. 28, 2014 | Feb. 28, 2014 | ||||
| Common share distribution amount | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.24 | $ 0.21 | $ 0.45 | $ 0.42 |
| LTIP unit distribution amount | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.24 | $ 0.21 | $ 0.45 | $ 0.42 |
| X | ||||||||||
|
- Definition
LTIP units, distributions. 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.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Dividends paid on unvested restricted shares. No definition available.
|
| X | ||||||||||
|
- Details
|
| 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 (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
1 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Jan. 31, 2014
Independent Trustees
|
Jan. 31, 2013
Independent Trustees
|
Jun. 30, 2014
Independent Trustees
|
Jun. 30, 2014
Equity Incentive Plan
|
May 17, 2013
Equity Incentive Plan
|
Jun. 30, 2014
2010 Equity Incentive Plan
|
Jun. 30, 2014
Restricted Stock
|
Jun. 30, 2013
Restricted Stock
|
Jun. 30, 2014
Restricted Stock
|
Jun. 30, 2013
Restricted Stock
|
Dec. 31, 2013
Restricted Stock
|
Jun. 30, 2014
Long Term Incentive Plan Units
|
Jun. 30, 2013
Long Term Incentive Plan Units
|
Jun. 30, 2014
Long Term Incentive Plan Units
|
Jun. 30, 2013
Long Term Incentive Plan Units
|
Sep. 30, 2013
Long Term Incentive Plan Units
Officer
Awarded September 30, 2013
|
Jun. 30, 2014
Long Term Incentive Plan Units
Officer
Awarded September 30, 2013
|
Jun. 04, 2014
Long Term Incentive Plan Units
Officer
Awarded June 4, 2014
|
Jun. 30, 2014
Long Term Incentive Plan Units
Officer
Awarded June 4, 2014
|
Jun. 04, 2014
Long Term Incentive Plan Units
Officer
Awarded June 4, 2014
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
| Number of shares authorized | 3,000,000 | ||||||||||||||||||||||
| Vesting period for share awards under equity | 3 years | 3 years | |||||||||||||||||||||
| Common share issued as compensation for services performed | 16,542 | 22,536 | 9,137 | ||||||||||||||||||||
| 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 | 2,296,458 | ||||||||||||||||||||||
| Compensation expense valuation of performance-based shares | $ 13.17 | $ 10.93 | $ 10.20 | ||||||||||||||||||||
| Unrecognized compensation costs | $ 2.1 | $ 2.1 | $ 1.2 | ||||||||||||||||||||
| Weighted - average period for recognition of unrecognized compensation costs | 2 years 1 month 24 days | 0 years 10 months 8 days | |||||||||||||||||||||
| Compensation expense, recognized | 0.3 | 0.2 | 0.6 | 0.5 | 0.2 | 0.2 | 0.4 | 0.4 | |||||||||||||||
| Total unrecognized compensation cost related to LTIP Units. | $ 0.6 | $ 1.0 | |||||||||||||||||||||
| Number of awards achieving full parity | 26,250 | 231,525 | |||||||||||||||||||||
| Number of recipients | 1 | 2 | |||||||||||||||||||||
| Awards vested to date, percentage | 60.00% | 80000.00% | |||||||||||||||||||||
| 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
Share-based Compensation Arrangement by Share-based Payment Award, Awards Vested To Date, Percentage 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
Share-based Compensation Arrangement by Share-based Payment Award, Number of Awards Achieving Full Parity To Date No definition available.
|
| X | ||||||||||
|
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Number of Recipients 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
Unrecognized cost of unvested share-based compensation awards. 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 | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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
The weighted average of per share prices paid for shares purchased on the open market for issuance to employees under the plan. 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
|
|
Equity Incentive Plan - Restricted Share Awards Granted and Vested (Details)
|
0 Months Ended | 28 Months Ended | 0 Months Ended | 28 Months Ended | 0 Months Ended | 17 Months Ended | 0 Months Ended | 13 Months Ended | 0 Months Ended | 5 Months Ended | 0 Months Ended | 5 Months Ended |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 23, 2012
Awarded February 23, 2012
Time-based Restricted Stock Awards
|
Jun. 30, 2014
Awarded February 23, 2012
Time-based Restricted Stock Awards
|
Feb. 23, 2012
Awarded February 23, 2012
Performance-based Restricted Stock Awards
|
Jun. 30, 2014
Awarded February 23, 2012
Performance-based Restricted Stock Awards
|
Jan. 29, 2013
Awarded January 29, 2013
Time-based Restricted Stock Awards
|
Jun. 30, 2014
Awarded January 29, 2013
Time-based Restricted Stock Awards
|
May 17, 2013
Awarded May 17, 2013
Performance-based Restricted Stock Awards
|
Jun. 30, 2014
Awarded May 17, 2013
Performance-based Restricted Stock Awards
|
Jan. 31, 2014
Awarded January 31, 2014
Time-based Restricted Stock Awards
|
Jun. 30, 2014
Awarded January 31, 2014
Time-based Restricted Stock Awards
|
Jan. 31, 2014
Awarded January 31, 2014
Performance-based Restricted Stock Awards
|
Jun. 30, 2014
Awarded January 31, 2014
Performance-based Restricted Stock Awards
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
| Total Shares Granted | 61,376 | 53,191 | 40,829 | 40,829 | 48,213 | 38,805 | ||||||
| Vested | 40,918 | 35,462 | 13,611 | 13,611 | 0 | 0 |
| 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- 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 | ||||||||||
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- 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 | ||||||||||
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- 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
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- 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 | ||||||||||
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- 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 | ||||||||||
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- Definition
Agreement Renew Successive Period Termination Notice No definition available.
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| X | ||||||||||
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- Definition
Amount of rent expense under condition one. No definition available.
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| X | ||||||||||
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- Definition
Amount of rent expense under condition two. No definition available.
|
| X | ||||||||||
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- Definition
Initial terms of management agreements. No definition available.
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| X | ||||||||||
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- Definition
Management Agreement Initial Term Expiry Date No definition available.
|
| X | ||||||||||
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- Definition
Management fees recorded within hotel other operating expenses. No definition available.
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| X | ||||||||||
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- Definition
Maximum additional terms up to which ground lease can be extended. No definition available.
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| X | ||||||||||
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- Definition
Minimum percentage of annual rent increase. No definition available.
|
| X | ||||||||||
|
- Definition
Number of parking spaces occupied by hotel. No definition available.
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| X | ||||||||||
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- Definition
Number of Renewal Periods No definition available.
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| X | ||||||||||
|
- Definition
Percentage of occupancy under condition one. No definition available.
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| X | ||||||||||
|
- Definition
Percentage of occupancy under condition two. 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.
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| X | ||||||||||
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- Definition
Renewal Periods of Management Agreements No definition available.
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
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- Definition
The amount of initial franchise fees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Date which lease or group of leases is set to expire, in CCYY-MM-DD format. No definition available.
|
|
Commitments and Contingencies - Minimum Future Obligation Payments Required Under Ground Leases (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2014
|
|---|---|
| Minimum future obligation payments required under ground leases | |
| 2014 (remaining six months) | $ 104 |
| 2015 | 210 |
| 2016 | 212 |
| 2017 | 214 |
| 2018 | 217 |
| Thereafter | 11,228 |
| Total | $ 12,185 |
| 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
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| X | ||||||||||
|
- Details
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| X | ||||||||||
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- 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
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the remainder of the fiscal year following the latest fiscal year ended for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum Percentage Of Hotels Fiscal Year Gross Revenues Paid For Aggregate Yearly Management Fee No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of base management fees. No definition available.
|
| X | ||||||||||
|
- Definition
Professional Fees, Accounting, Payable Per Month No definition available.
|
| X | ||||||||||
|
- Definition
Professional Fees, Revenue Management, Payable Per Month No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Franchise Agreement Expiration Year No definition available.
|
| X | ||||||||||
|
- Definition
Marketing Fees As Percentage Of Gross Revenue Required To Pay No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of Royalty fee based on hotels gross room revenue No definition available.
|
| X | ||||||||||
|
- Details
|
|
Related Party Transactions - Additional Information (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2014
Hotel
|
Jun. 30, 2013
|
Jun. 30, 2014
Hotel
|
Jun. 30, 2013
|
Dec. 31, 2013
|
|
| Related Party Transaction [Line Items] | |||||
| Number of hotels in ownership by Company | 29 | 29 | |||
| Management and accounting fees paid by the company | $ 1.3 | $ 0.7 | $ 2.3 | $ 1.4 | |
| Amounts due to related party | $ 0.8 | $ 0.8 | $ 0.5 | ||
|
Minority Interest In Joint Venture with Cerberus
|
|||||
| Related Party Transaction [Line Items] | |||||
| Number of hotels in ownership by Company | 47 | 47 | |||
|
Island Hospitality Management Inc.
|
|||||
| Related Party Transaction [Line Items] | |||||
| Ownership percentage in related party owned by the company's chairman | 90.00% | 90.00% | |||
| Number of hotels managed by related party | 27 | 27 | |||
| 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
|
|
Subsequent Events Subsequent Events (Details) (Subsequent Event, Savannah Hotel, USD $)
|
0 Months Ended | |
|---|---|---|
|
Jul. 02, 2014
|
Jul. 02, 2014
|
|
|
Subsequent Event | Savannah Hotel
|
||
| Subsequent Event [Line Items] | ||
| Face amount | $ 30,000,000.0 | |
| Loan term | 10 years | |
| Loans amortization payment term | 30 years | |
| Interest only term | 60 months | |
| Debt interest rate | 4.62% |
| X | ||||||||||
|
- Definition
Debt Instrument, Interest Only Term No definition available.
|
| X | ||||||||||
|
- Definition
Loan Amortization Period No definition available.
|
| X | ||||||||||
|
- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
|
- Details
|