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Document and Entity Information (USD $)
In Billions, except Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
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Dec. 31, 2012
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Mar. 01, 2013
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Jun. 15, 2012
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| Document and Entity Information [Abstract] | |||
| Entity Registrant Name | DiamondRock Hospitality Co | ||
| Entity Central Index Key | 0001298946 | ||
| Document Type | 10-K | ||
| Document Period End Date | Dec. 31, 2012 | ||
| Amendment Flag | false | ||
| Document Fiscal Year Focus | 2012 | ||
| Document Fiscal Period Focus | FY | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Public Float | $ 1.7 | ||
| Entity Common Stock, Shares Outstanding | 195,419,755 |
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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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- 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 "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- 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
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- 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
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition
Due from managers. No definition available.
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- Definition
Due to managers. No definition available.
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- Definition
Mortgage debt of assets held for sale No definition available.
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- Definition
Total other liabilities. No definition available.
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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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- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for assets of a disposal group, including a component of the entity (discontinued operation), to be sold or that has been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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
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
For an unclassified balance sheet, the carrying amount (net of accumulated amortization) as of the balance sheet date of capitalized costs associated with the issuance of debt instruments (for example, legal, accounting, underwriting, printing, and registration costs) that will be charged against earnings over the life of the debt instruments to which such costs pertain. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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 of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Liability (such as a mortgage) related to a disposal group that is held for sale and anticipated to be sold in less than one year. The liability is expected to be discharged as part of the plan of sale for the asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a 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. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. 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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- Definition
Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents a liability associated with the acquisition of an off-market lease when the terms of the lease are unfavorable to the market terms for the lease at the date of acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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
Sum of the carrying amount for an unclassified balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs and the carrying amount as of the balance sheet date of assets not otherwise specified in the taxonomy. Also includes assets not individually reported in the financial statements, or not separately disclosed in notes. No definition available.
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- Definition
Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. 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
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
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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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Consolidated Balance Sheets (Parenthetical) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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|---|---|---|
| Stockholders' Equity: | ||
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 400,000,000 | 400,000,000 |
| Common stock, shares issued | 195,145,707 | 167,502,359 |
| Common stock, shares outstanding | 195,145,707 | 167,502,359 |
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- 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 nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- 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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- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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|
| Revenues: | |||
| Rooms | $ 526,113 | $ 431,219 | $ 348,732 |
| Food and beverage | 180,387 | 159,744 | 148,453 |
| Other | 43,147 | 31,213 | 26,710 |
| Total revenues | 749,647 | 622,176 | 523,895 |
| Operating Expenses: | |||
| Rooms | 140,029 | 115,786 | 93,245 |
| Food and beverage | 128,938 | 114,029 | 105,685 |
| Management fees | 24,915 | 21,631 | 18,670 |
| Other hotel expenses | 261,947 | 221,471 | 188,300 |
| Depreciation and amortization | 100,152 | 85,376 | 74,590 |
| Impairment losses | 30,844 | 0 | 0 |
| Hotel acquisition costs | 10,591 | 2,521 | 1,436 |
| Corporate expenses | 21,095 | 21,247 | 16,384 |
| Total operating expenses | 718,511 | 582,061 | 498,310 |
| Operating income | 31,136 | 40,115 | 25,585 |
| Interest income | (307) | (614) | (783) |
| Interest expense | 53,771 | 45,406 | 35,425 |
| Gain on early extinguishment of debt | (144) | 0 | 0 |
| Total other expenses | 53,320 | 44,792 | 34,642 |
| Loss from continuing operations before income taxes | (22,184) | (4,677) | (9,057) |
| Income tax benefit (expense) | 6,158 | (3,322) | (1,742) |
| Loss from continuing operations | (16,026) | (7,999) | (10,799) |
| (Loss) income from discontinued operations, net of income taxes | (566) | 321 | 1,627 |
| Net loss | $ (16,592) | $ (7,678) | $ (9,172) |
| Loss per share: | |||
| Continuing operations | $ (0.09) | $ (0.05) | $ (0.07) |
| Discontinued operations (in dollars per share) | $ 0.00 | $ 0.00 | $ 0.01 |
| Basic and diluted loss per share (in dollars per share) | $ (0.09) | $ (0.05) | $ (0.06) |
| Weighted-average number of common shares outstanding: | |||
| Basic (in shares) | 180,826,124 | 166,667,459 | 144,463,587 |
| Diluted (in shares) | 180,826,124 | 166,667,459 | 144,463,587 |
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- Definition
Depreciation and Amortization from Continuing Operations No definition available.
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- Definition
The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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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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| X | ||||||||||
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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
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
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares. No definition available.
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| X | ||||||||||
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- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of income (loss) derived from discontinued operations during the period, net of related tax effect, per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares. No definition available.
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to pretax Income or Loss from continuing operations; income tax expense or benefit may include interest and penalties on tax uncertainties based on the entity's accounting policy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Costs incurred and are directly related to generating occupancy revenues. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenue derived from the provision of short term lodging; it does not apply to lease or rental income. Includes hotel rooms, cruise revenue, and other revenue related to lodgings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
Other costs incurred and are directly related to hotel operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Other revenue generated from managing and operating hotels, not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate costs related to management of owned properties during the reporting period. 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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- 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
Issuance of common stock in private placement for portfolio acquisition, shares No definition available.
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| X | ||||||||||
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- Definition
Issuance of common stock in private placement for portfolio acquisition, value No definition available.
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| X | ||||||||||
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- Definition
Equity impact of common stock cash dividends declared by an entity during the period. This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares of common and preferred stock issued as dividends during the period. Excludes stock splits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| 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
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| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Definition
Value of stock (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 stock value of such awards forfeited. Stock 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
|
|
Consolidated Statements of Stockholders' Equity (Parentheticals) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Statement of Stockholders' Equity [Abstract] | |||
| Dividends per common share (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.33 |
| Expenses in sale of common stock secondary offerings | $ 809 | $ 262 | $ 413 |
| X | ||||||||||
|
- 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 | ||||||||||
|
- 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 | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Buyer Assumption Of Mortgage Debt On Sale Of Hotels No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Income Tax Expense (Benefit) from Discontinuing Operations and Continuing Operations No definition available.
|
| X | ||||||||||
|
- Definition
Impairment Charges Included In Continuing And Discontinued Operations No definition available.
|
| X | ||||||||||
|
- Definition
Increase (Decrease) In Due To From Hotel Managers No definition available.
|
| X | ||||||||||
|
- Definition
Non-cash ground rent. No definition available.
|
| X | ||||||||||
|
- Definition
Non-cash reversal of penalty interest. No definition available.
|
| X | ||||||||||
|
- Definition
Receipt of Deferred Key Money No definition available.
|
| X | ||||||||||
|
- Details
|
| 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
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- Definition
Amount of the required periodic payments applied to principal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The expense recognized in the current period that allocates the cost of nonproduction tangible assets over their useful lives. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- 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 | ||||||||||
|
- 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
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| 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 | ||||||||||
|
- 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 | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the amount of deposits given by the reporting entity to a seller which shows that the prospective buyer is serious about purchasing a property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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 | ||||||||||
|
- 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 | ||||||||||
|
- 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 operating activities. This may include cash restricted for regulatory purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The fair value of loans assumed in noncash investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
|
| 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
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| X | ||||||||||
|
- Definition
The charge against earnings in the period representing the allocation of deferred costs to periods expected to benefit from such costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow for derivative instruments during the period, which are classified as financing activities, excluding those designated as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The amount of cash paid for the settlement of litigation or for other legal issues during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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 | ||||||||||
|
- Definition
Cash outflow in the form of ordinary dividends to common shareholders, generally out of earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow associated with principal collections from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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 | ||||||||||
|
- 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 maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow from other borrowing not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of previously reported deferred or unearned revenue that was recognized as revenue during the period. For cash flows, this element primarily pertains to amortization of deferred credits on long-term arrangements. As a noncash item, it is deducted from net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow to pay off an obligation from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow for the payment of other borrowing not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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 | ||||||||||
|
- Definition
The fair value of stock issued in noncash financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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|
Organization
|
12 Months Ended |
|---|---|
|
Dec. 31, 2012
|
|
| Organization [Abstract] | |
| Organization | Organization DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that currently owns a portfolio of premium hotels and resorts. We also hold the senior note on a mortgage loan secured by an additional hotel and have the right to acquire, upon completion, a hotel under development. Our hotels are concentrated in key gateway cities and in destination resort locations and most are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”), Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”), or Hilton Worldwide (“Hilton”)). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels. As of December 31, 2012, we owned 27 hotels with 11,590 rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Fort Worth, Texas; Los Angeles, California (2); Minneapolis, Minnesota; New York, New York (4); Oak Brook, Illinois; Orlando, Florida; Salt Lake City, Utah; San Diego, California; San Francisco, California; Sonoma, California; Washington D.C. (2); St. Thomas, U.S. Virgin Islands; and Vail, Colorado. We also own a senior mortgage loan secured by a 443-room hotel located in Chicago, Illinois and have the right to acquire, upon completion, a 282-room hotel under development in New York City. We conduct our business through a traditional umbrella partnership REIT, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of the operating partnership and currently owns, either directly or indirectly, all of the limited partnership units of the operating partnership. |
| X | ||||||||||
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- Details
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| X | ||||||||||
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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
|
|
Summary of Significant Accounting Policies
|
12 Months Ended |
|---|---|
|
Dec. 31, 2012
|
|
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the FASB ASC 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs Property and Equipment Investments in hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are recorded at fair value upon acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the loss, together with the related operating results, as discontinued operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. Goodwill Goodwill represents the excess of our cost to acquire a business over the net amounts assigned to assets acquired and liabilities assumed. Goodwill is not amortized, but is evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Our goodwill is classified within other assets in the accompanying consolidated balance sheets. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Note Receivable We initially record acquired notes receivable at cost. Notes receivable are evaluated for collectability and if collectability of the original amounts due is in doubt, the value is adjusted for impairment. Our impairment analysis considers the anticipated cash receipts as well as the underlying value of the collateral. If collectability is in doubt, the note is placed in non-accrual status. No interest is recorded on such notes until the timing and amounts of cash receipts can be reasonably estimated. We record cash payments received on non-accrual notes receivable as a reduction in basis. We continually assess the current facts and circumstances to determine whether we can reasonably estimate cash flows. If we can reasonably estimate the timing and amount of cash flows to be collected, then income recognition becomes possible. Revenue Recognition Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, golf sales, food and beverage sales, and other hotel department revenues, such as telephone and gift shop sales. Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local, and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly-owned subsidiary of Bloodstone TRS, Inc., our existing taxable REIT subsidiary, or TRS, except for the Frenchman’s Reef & Morning Star Marriott Beach Resort, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS. We had no accruals for tax uncertainties as of December 31, 2012 and 2011. Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable lease assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Earnings (Loss) Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period. Stock-based Compensation We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Comprehensive Income (Loss) We do not have any items of comprehensive income (loss) other than net income (loss). If we do incur any additional items of comprehensive income (loss), such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures held by our hotel managers and cash held in escrow pursuant to lender requirements. Deferred Financing Costs Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations. Hotel Working Capital The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions due to owner and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. Key Money Key money received in conjunction with entering into hotel management agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to base management fees on the accompanying consolidated statements of operations. Straight-Line Rental Income and Expense We record rental income and expense on leases that provide for minimum rental payments that increase in pre-established amounts over the remaining term of the lease on a straight-line basis. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our note receivable and cash and cash equivalents. We perform periodic evaluations of the underlying hotel property securing the note receivable. See further discussion in Note 5. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. |
| X | ||||||||||
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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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|
Property and Equipment
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | Property and Equipment Property and equipment as of December 31, 2012 and 2011 consists of the following (in thousands):
As of December 31, 2012 and 2011 we had accrued capital expenditures of $3.0 million and $1.9 million, respectively. During the year ended December 31, 2012, we recorded an impairment loss of $30.4 million related to the Oak Brook Hills Marriott Resort. We evaluated the recoverability of the hotel's carrying value given deteriorating operating forecasts. Based on our estimated undiscounted net cash flow, we concluded that the previous carrying value of the hotel was not recoverable. We estimated the fair value of the hotel using a discounted cash flow analysis and comparable sales information. In our analysis, we estimated the future net cash flows from the hotel based on historical operations and our projected future operating results. The expected useful life and holding period was based on the age of the property and our current plan for the property as well as experience with similar properties. The capitalization rate was estimated using rates from recent comparable market transactions, and the discount rate was estimated using a risk adjusted rate of return. The fair value measurement of the property is a Level 3 measurement under the fair value hierarchy (see Note 2). The impairment loss includes the impairment related to the hotel's favorable ground lease asset. See Note 4 for further discussion. |
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The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Favorable Lease Assets
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Dec. 31, 2012
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Favorable Lease Assets | In connection with the acquisition of certain hotels, we have recognized intangible assets for favorable ground leases and tenant leases. Our favorable lease assets, net of accumulated amortization, as of December 31, 2012 and 2011 consist of the following (in thousands):
The favorable lease assets are recorded at the acquisition date and are generally amortized using the straight-line method over the remaining non-cancelable term of the lease agreement. Amortization expense was $1.0 million for the year ended December 31, 2012, $0.9 million for the year ended December 31, 2011 and $0.8 million for the year ended December 31, 2010. We own a favorable lease asset related to the right to acquire a leasehold interest in a parcel of land adjacent to the Westin Boston Waterfront Hotel for the development of a 320 to 350 room hotel (the “lease right”). The option expires in 2016. We do not amortize the lease right but review the asset for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. An impairment loss of $0.5 million was recorded during the year ended December 31, 2012 due to lower comparable market rents in the City of Boston. No impairment loss was recorded in 2011. We evaluated the Oak Brook Hills Marriott Resort's favorable ground lease asset for recoverability of the carrying value during the year ended December 31, 2012. We concluded that the fair value of the ground lease was $5.6 million resulting in an impairment loss of $1.4 million for the year ended December 31, 2012. The impairment of the favorable ground lease asset is included in the impairment losses on the consolidated statements of operations. The new carrying value of the favorable ground lease asset will be amortized over the remaining non-cancelable term of the ground lease. The fair value of both the lease right and favorable ground lease asset are Level 3 measurements under the fair value hierarchy (see Note 2) and are derived from a discounted cash flow model using the favorable difference between the estimated participating rents or actual rents in accordance with the lease terms and the estimated market rents. For the lease right, the discount rate was estimated using a risk adjusted rate of return, the estimated participating rents were estimated based on a hypothetical hotel comparable to our Westin Boston Waterfront Hotel, and market rents were based on comparable long-term ground leases in the City of Boston. For the Oak Brook Hills Marriott Resort's favorable ground lease asset, the discount rate was estimated using a risk adjusted rate of return and market rents were based on comparable golf course leases across the United States. |
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The entire disclosure for all or part of the information related to intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note Receivable
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Dec. 31, 2012
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| Accounts and Notes Receivable, Net [Abstract] | |
| Note Receivable | On May 24, 2010, we acquired the $69.0 million senior mortgage loan secured by the 443-room Allerton Hotel in Chicago, Illinois for approximately $60.6 million. The Allerton loan matured in January 2010 and was in default for the period from our acquisition to December 31, 2012. The Allerton loan accrued at an interest rate of LIBOR plus 692 basis points, which includes 5 percentage points of default interest. As of December 31, 2012, the Allerton loan had a principal balance of $69.0 million and unrecorded accrued interest (including default interest) of approximately $7.1 million. Foreclosure proceedings were initially filed in April 2010 and the borrower filed for bankruptcy in May 2011. Recognition of interest income on the Allerton loan is dependent upon having a reasonable expectation about the timing and amount of cash payments expected to be collected from the borrower. Due to the uncertainty surrounding the timing and amount of cash payments expected, we placed the Allerton loan on non-accrual status. As of December 31, 2012, we have received default interest payments from the borrower of approximately $6.8 million, of which $1.0 million was received during the year ended December 31, 2012. These payments have been recorded as a reduction of our basis in the Allerton loan. We evaluate the potential impairment of the carrying value of the Allerton loan based on the underlying value of the hotel and as of December 31, 2012, there was no impairment. On January 18, 2013, we closed on a settlement of the bankruptcy and related litigation involving the Allerton loan. Refer to Note 15 for further discussion. As a result of the settlement, we received a $5.0 million cash principal payment and entered into a $66.0 million mortgage loan with a four-year term (plus an additional one-year extension option), bearing annual interest at a fixed rate of 5.5%. The $66.0 million loan is classified as a restructuring of the original loan. Therefore, our carrying basis of the previous note receivable remains the carrying basis of our new note receivable. The discount resulting from the difference between our carrying basis and the $66.0 million face value of the new loan will be recorded as interest income on a level yield basis over the anticipated term of the loan, which includes the one-year extension option. |
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The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Capital Stock
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12 Months Ended |
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Dec. 31, 2012
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| Equity [Abstract] | |
| Capital Stock | Common Shares During 2012, we amended our corporate charter to increase the number of shares of common stock, par value $0.01 per share, from 200 million shares to 400 million shares. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors. Follow-On Public Offerings. On July 11, 2012, we completed a follow-on public offering of our common stock. We sold 20,000,000 shares of our common stock for net proceeds to us, after deduction of offering costs, of approximately $199.8 million. The net proceeds from the offering were used to purchase a portfolio of four hotels (the “Portfolio Acquisition”) from affiliates of Blackstone Real Estate Partners VI (the “Sellers”). See Note 11 for further discussion. On January 31, 2011, we completed a follow-on public offering of our common stock. We sold 12,418,662 shares of our common stock, including the underwriter’s option to purchase 1,418,662 additional shares, at a public offering price of $12.15 per share. The net proceeds to us, after deduction of offering costs, were approximately $149.6 million. Private Placement. On July 12, 2012, in connection with the closing of the Portfolio Acquisition, we issued to an affiliate of the Sellers (the “Holder”) 7,211,538 shares of our common stock which is equal to $75 million divided by the closing sale price of our common stock on the New York Stock Exchange, or NYSE, on July 9, 2012. The Holder and the Company entered into a Registration Rights and Lock-Up Agreement which, among other things, subjected these shares to a 150-day lock-up period and required the Company to use its best efforts to file a re-sale “shelf” registration statement registering the Holder's resale of the shares after the lock-up period ends. Preferred Shares We are authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of December 31, 2012 and 2011, there were no shares of preferred stock outstanding. Operating Partnership Units Holders of operating partnership units have certain redemption rights, which enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option for shares of our common stock on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the limited partners or our stockholders. As of December 31, 2012 and 2011, there were no operating partnership units held by unaffiliated third parties. |
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Capital Stock. No definition available.
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Stock Incentive Plans
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Dec. 31, 2012
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Incentive Plans | We are authorized to issue up to 8,000,000 shares of our common stock under our 2004 Stock Option and Incentive Plan, as amended (the “Incentive Plan”), of which we have issued or committed to issue 3,228,333 shares as of December 31, 2012. In addition to these shares, additional shares of common stock could be issued in connection with the market stock unit awards as further described below and the stock appreciation rights issued in 2008. On May 3, 2012, we issued (i) 12,104 shares of common stock and (ii) 18,156 deferred stock units to our board of directors having an aggregate value of $325,000, based on the closing price for our common stock on such day. Restricted Stock Awards Restricted stock awards issued to our officers and employees generally vest over a 3-year period from the date of the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying consolidated statements of operations. A summary of our restricted stock awards from January 1, 2010 to December 31, 2012 is as follows:
The remaining share awards are expected to vest as follows: 338,723 during 2013, 217,552 during 2014 and 119,836 during 2015. As of December 31, 2012, the unrecognized compensation cost related to restricted stock awards was $4.0 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 21 months. For the years ended December 31, 2012, 2011, and 2010 we recorded $3.3 million, $3.6 million and $3.2 million, respectively, of compensation expense related to restricted stock awards. Market Stock Units We have awarded our executive officers market stock units (“MSUs”). MSUs are restricted stock units that vest 3 years from the date of grant. Each executive officer is granted a target number of MSUs (the “Target Award”). The actual number of shares of common stock issued to each executive officer at the vesting date is equal to the Target Award plus an additional number of shares of common stock to reflect dividends that would have been paid during the Performance Period on the Target Award multiplied by the percentage of total stockholder return over the Performance Period. The total stockholder return is based on the 30-trading day average closing price of our common stock calculated on the vesting date plus dividends paid and the 30-trading day average closing price of our common stock on the date of grant. There will be no payout of shares of our common stock if the total stockholder return percentage on the vesting date is less than 50% of the target return. The maximum payout to an executive officer under an MSU award is equal to 150% of the Target Award. The fair values of the MSU awards are determined using a Monte Carlo simulation. A summary of our MSU awards from January 1, 2010 to December 31, 2012 is as follows:
As of December 31, 2012, the unrecognized compensation cost related to the MSUs was $1.1 million and is expected to be recognized on a straight-line basis over a weighted average period of 21 months. For the years ended December 31, 2012, 2011 and 2010 we recorded $0.9 million, $0.6 million and $0.2 million, respectively, of compensation expense related to market stock units. |
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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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Earnings (Loss) Per Share
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Dec. 31, 2012
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) Per Share | Basic earnings (loss) per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is calculated by dividing net income (loss) available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities. The following is a reconciliation of the calculation of basic and diluted loss per share (in thousands, except share and per-share data):
We did not include the following shares in our calculation of diluted loss per share as they would be anti-dilutive:
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The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt
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Dec. 31, 2012
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| Debt | Debt The following table sets forth information regarding the Company’s debt as of December 31, 2012:
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The aggregate debt maturities as of December 31, 2012 are as follows (in thousands):
Mortgage Debt We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2012, 12 of our 27 hotel properties were secured by mortgage debt. Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios that trigger “cash trap” provisions as well as restrictions on incurring additional debt without lender consent. At December 31, 2012, we were in compliance with the financial covenants of our mortgage debt. On March 9, 2012, we closed on a limited recourse $170.4 million loan secured by a mortgage on the Lexington Hotel New York. The loan has a term of three years and bears interest at a floating rate of one-month LIBOR plus 300 basis points. The loan may be extended for two additional one-year terms subject to the satisfaction of certain terms and conditions and the payment of an extension fee. The financing also includes $25 million of corporate recourse, which will be eliminated when the hotel achieves a specified debt yield test, the planned capital renovation plan is completed and the branding requirements for the hotel are met. We were required to deposit $4 million into an escrow account upon termination of the Radisson franchise agreement and the escrow will be released upon completion of the renovation. In connection with the loan, we entered into a three-year interest rate cap agreement, which caps one-month LIBOR at 125 basis points. The cost of the interest rate cap was $0.9 million and is included in prepaid and other assets on the accompanying consolidated balance sheet. Each reporting period the carrying value is adjusted to fair market value, with the accompanying charge or credit to interest expense. As of December 31, 2012, the fair market value of the interest rate cap was $0.1 million (see Note 16). On March 23, 2012, in connection with the sale of a three-hotel portfolio, the buyer assumed $97 million of mortgage debt secured by the Renaissance Waverly and $83 million of mortgage debt secured by the Renaissance Austin. On December 20, 2012, we closed on a $74 million loan secured by a mortgage on the Westin Washington D.C. City Center. The loan has a 10-year term, bears interest at an annual fixed interest rate of 3.99% and amortizes on a 25-year schedule. Senior Unsecured Credit Facility On November 20, 2012, we amended and restated our $200.0 million unsecured credit facility, which now expires in January 2017. The maturity date of the facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain other customary conditions. We also have the right to increase the amount of the facility up to $400 million with lender approval. Interest is paid on the periodic advances under the facility at varying rates, based upon LIBOR, plus an agreed upon additional margin amount. The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows:
In addition to the interest payable on amounts outstanding under the facility, we are required to pay an amount equal to 0.35% of the unused portion of the facility if the unused portion of the facility is greater than 50% or 0.25% if the unused portion of the facility is less than or equal to 50%. The facility contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:
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The facility requires us to maintain a specific pool of unencumbered borrowing base properties. The unencumbered borrowing base assets must include a minimum of 5 properties with an unencumbered borrowing base value, as defined in the credit agreement, of not less than $250 million. As of December 31, 2012, we had $20.0 million in borrowings outstanding under the facility and the Company's ratio of net indebtedness to EBITDA was 4.8x. Accordingly, interest on our borrowings under the facility will continue to be based on LIBOR plus 190 basis points for the next fiscal quarter. We incurred interest and unused credit facility fees on the facility of $2.7 million, $2.9 million and $0.7 million for the years ended December 31, 2012, 2011 and 2010, respectively. Subsequent to December 31, 2012, we drew an additional $15 million under the facility. |
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Discontinued Operations
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Dec. 31, 2012
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations | On March 23, 2012, we sold a three-hotel portfolio for a contractual sales price of $262.5 million to an unaffiliated third party. The portfolio consisted of the Griffin Gate Marriott Resort and Spa, the Renaissance Waverly, and the Renaissance Austin. We received net cash proceeds of approximately $92 million from the sale and the buyer assumed $97 million of mortgage debt secured by the Renaissance Waverly and $83 million of mortgage debt secured by the Renaissance Austin. We recorded a gain on the sale of the portfolio of approximately $9.5 million. The operating results, as well as the gain on sale, are reported in discontinued operations for all periods presented on the accompanying consolidated statements of operations. The hotels are classified as held for sale in the consolidated balance sheet as of December 31, 2011. On October 3, 2012, we sold the Atlanta Westin North at Perimeter to an unaffiliated third party for a contractual price of $39.6 million. We recorded a loss on sale of the hotel of approximately $0.1 million. Prior to the sale, we recorded an impairment loss on the hotel of approximately $14.7 million. The operating results, as well as the impairment loss and gain on sale recorded during the year ended December 31, 2012, are reported in discontinued operations for all periods presented on the accompanying consolidated statements of operations. There are no assets held for sale and liabilities of assets held for sale at December 31, 2012. The significant components of assets held for sale and liabilities of assets held for sale at December 31, 2011 consist of the following (in thousands):
The following is a summary of the results of income (loss) from discontinued operations for the years ended December 31, 2012, 2011 and 2010 (in thousands):
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- Definition
The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisitions
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| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | Acquisitions 2012 Acquisitions On July 12, 2012, we acquired a portfolio of four hotels for a contractual purchase price of $495 million from affiliates of Blackstone Real Estate Partners VI (the "Sellers"). The portfolio consists of the Hilton Boston Downtown, Westin Washington D.C. City Center, Westin San Diego and Hilton Burlington. We funded the acquisition with a combination of approximately $120 million in borrowings under our senior unsecured credit facility, $100 million of corporate cash, net proceeds from a secondary public offering of our common stock and the issuance of 7,211,538 shares of common stock to an affiliate of the Sellers in a private placement. We recorded the acquisition at fair value using an independent valuation analysis, with the purchase price allocation to property and equipment, hotel working capital, favorable management contract assets and the Company's common stock. On November 9, 2012, we acquired the Hotel Rex, a 94-room full-service boutique hotel located in the Union Square district of San Francisco, California, for a purchase price of approximately $29.5 million. We funded the acquisition with borrowings under our credit facility. 2011 Acquisitions On January 18, 2011, we entered into a purchase and sale agreement to acquire, upon completion, a hotel property under development on West 42nd Street in Times Square, New York City. Upon completion by the third-party developer, the hotel is expected to contain approximately 282 guest rooms and the contractual purchase price is approximately $128 million, or approximately $450,000 per guest room. The purchase and sale agreement is for a fixed-price and we are not assuming any construction risk (including not assuming the risk of construction cost overruns). We currently expect the hotel to open in 2014. Upon entering into the purchase and sale agreement, we deposited $20.0 million with a third-party escrow agent. During the year ended December 31, 2012, we made $1.9 million of additional deposits. Upon the completion of certain construction milestones, we will be required to make an additional deposit of $5.0 million. All deposits are interest bearing. We will forfeit our deposits if we do not close on the acquisition of the hotel upon substantial completion of construction, unless the seller fails to meet certain conditions, including substantial completion of the hotel within a specified time frame and construction of the hotel within the contractual scope. On May 19, 2011, we acquired the 196-room JW Marriott Denver at Cherry Creek located in Denver, Colorado for approximately $74 million. We funded the acquisition with corporate cash of $30.3 million and the assumption of a $42.4 million mortgage loan with a fair value of approximately $43.9 million. We reviewed the terms of the mortgage loan in conjunction with the hotel purchase accounting and concluded the interest rate of the loan to be above current market. Accordingly, we recorded a $1.5 million debt premium that will be amortized into interest expense over the remaining life of the loan. The hotel is operated by Sage Hospitality. On June 1, 2011, we acquired the 712-room Lexington Hotel New York located in New York City for approximately $337 million. The acquisition was funded with corporate cash and a $115.0 million draw on our senior unsecured credit facility. The hotel is operated by Highgate Hotels. Upon acquisition, we assumed the existing franchise agreement with Radisson Hotels International, Inc. On March 23, 2012, we executed a franchise agreement with Marriott to affiliate the Lexington Hotel New York with Marriott’s Autograph Collection upon the completion of a comprehensive capital improvement plan. Separately, we exercised our termination option under the hotel's existing franchise agreement with Radisson, for which we paid a $750,000 termination fee. The Radisson franchise agreement was terminated on September 15, 2012 and the hotel is operating as an independent hotel until the capital improvement plan is completed in 2013. The majority of the hotel's food and beverage outlets are leased to third party tenants. We reviewed the terms of the tenant leases in conjunction with the hotel purchase accounting and concluded that the terms of three of the leases are more favorable to us than a current market tenant lease. Accordingly, we recorded a $1.6 million favorable lease asset that will be amortized over the remaining term of each lease. We concluded that the terms of two of the leases have terms that are unfavorable to us compared to a current market tenant lease and have recorded an unfavorable contract liability of $0.2 million that will be amortized over the remaining term of each lease. On July 22, 2011, we acquired the 177-room Courtyard Denver Downtown located in Denver, Colorado for approximately $46 million. The acquisition was funded with corporate cash, a $15 million draw on our senior unsecured credit facility, and the assumption of a $27.2 million mortgage loan, which we repaid in full on February 7, 2012. The hotel is operated by Sage Hospitality. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands):
The acquired properties are included in our results of operations based on their date of acquisition. The following unaudited pro forma results of operations (in thousands, except per share data) reflect these transactions as if each had occurred on January 1, 2011. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.
For the years ended December 31, 2012 and 2011, our consolidated statements of operations include $127 million and $52 million of revenues, respectively, and $13 million and $11 million of net income, respectively, related to the operations of the hotels acquired in 2012 and 2011. |
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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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| Dividends [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends | Dividends The following table sets forth the dividends on common shares for the years ended December 31, 2012 and 2011.
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Dividends. No definition available.
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Income Taxes
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Dec. 31, 2012
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries are subject to federal, state, local and/or foreign income taxes. Our provision (benefit) for income taxes consists of the following (in thousands):
A reconciliation of the statutory federal tax provision to our income tax (benefit) provision is as follows (in thousands):
We are required to pay franchise taxes in certain jurisdictions. We recorded approximately $0.4 million, $0.3 million and $0.2 million of franchise taxes during the years ended December 31, 2012, 2011 and 2010, respectively, which are classified as corporate expenses in the accompanying consolidated statements of operations. Deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are paid. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. Deferred tax assets are included in prepaid and other assets and deferred tax liabilities are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. The total deferred tax assets and liabilities are as follows (in thousands):
We believe that we will have sufficient future taxable income, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies to realize existing deferred tax assets. Deferred tax assets of $10.7 million are expected to be recovered against reversing existing taxable temporary differences. The remaining deferred tax assets of $28.7 million are dependent upon future taxable earnings of the TRS. The Frenchman's Reef & Morning Star Marriott Beach Resort is owned by a subsidiary that has elected to be treated as a TRS, and is subject to U.S. Virgin Islands (USVI) income taxes. We were party to a tax agreement with the USVI that reduced the income tax rate to approximately 7%. This agreement expires in February 2015. If the agreement is not extended, the TRS will be subject to an income tax rate of 37.4%. |
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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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Relationship with Managers
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| Relationships with Managers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Relationships With Managers | Relationships with Managers We are party to hotel management agreements for our 27 hotels owned as of December 31, 2012. The following table sets forth the agreement date, initial term and number of renewal terms under the respective hotel management agreements for each of our owned hotels at December 31, 2012. Generally, the term of the hotel management agreements renew automatically for a negotiated number of consecutive periods upon the expiration of the initial term unless the property manager gives notice to us of its election not to renew the hotel management agreement.
Under our hotel management agreements, the hotel manager receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. The base management fee is generally payable as a percentage of gross hotel revenues for each fiscal year. The incentive management fee is generally based on hotel operating profits, but the fee only applies to that portion of hotel operating profits above a negotiated return on our invested capital, which we refer to as the owner's priority. We refer to this excess of operating profits over the owner's priority as “available cash flow.” The following table sets forth the base management fee, incentive management fee and FF&E reserve contribution, generally due and payable each fiscal year, for each of our properties:
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(9) The base management fee will increase to 1.5% of gross revenues beginning on July 12, 2014. Total management fees are capped at 2.5% of gross revenues.
The following is a summary of management fees from continuing operations for the years ended December 31, 2012, 2011 and 2010 (in thousands):
Five of our hotels earned incentive management fees for the year ended December 31, 2012. Three of our hotels earned incentive management fees for the year ended December 31, 2011. Two hotel earned incentive management fees for the year ended December 31, 2010. Key Money Marriott has contributed to us certain amounts in exchange for the right to manage hotels we have acquired and in connection with the completion of certain brand enhancing capital projects. We refer to these amounts as “key money.” Previously, Marriott provided us with key money of approximately $22 million in the aggregate in connection with the acquisitions of six of our hotels and in exchange for the renovation of certain hotels. During 2011, Marriott provided us with $5.3 million of key money in connection with our renovation and repositioning project at the Frenchman's Reef and Morning Star Marriott Beach Resort. Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized against management fees on the accompanying consolidated statements of operations. We amortized $1.0 million of key money during the year ended December 31, 2012, $0.7 million during the year ended December 31, 2011, and $0.6 million during the year ended December 31, 2010. During 2011, we amended the management agreement for the Conrad Chicago to include a performance guarantee for the remaining term of the agreement, which ends in 2015. During the year ended December 31, 2011, we received $0.7 million in performance guarantee payments. We recorded the 2011 performance guarantee payments as key money due to the certainty of receipt at the time we entered into the amended management agreement. During the year ended December 31, 2012, we received $0.8 million in performance guarantee payments. We recorded the 2012 performance guarantee payments as key money due to the certainty of receipt at the time we entered into the amended management agreement. Franchise Agreements The following table sets forth the terms of the hotel franchise agreements for our nine franchised hotels:
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We recorded $8.4 million, $5.7 million and $2.6 million of franchise fees during the fiscal years ended December 31, 2012, 2011, and 2010, respectively, which are included in other hotel expenses on the accompanying consolidated statement of operations. Performance Termination Provisions Our management agreements provide us with termination rights upon a manager's failure to meet certain financial performance criteria. Our termination rights may, in certain cases, be waived in exchange for consideration from the manager, such as a cure payment. The Oak Brook Hills Marriott Resort, Orlando Airport Marriott, and the Hilton Garden Inn Chelsea/New York City each failed its performance test at the end of 2012. We are currently evaluating whether we will exercise our termination rights with respect to any of these hotels. In July 2012, we amended the management agreement for the Orlando Airport Marriott, which reduces the annual base management fee paid to Marriott, as manager, for each of fiscal years 2012 and 2013 from 3% to 2% of gross revenues should the hotel's annual debt service amount exceed hotel operating profit with respect to each such fiscal year. Should we exercise our termination rights based on the hotel failing the performance test in 2012 and 2013, we would be required to repay the manager the 1% unpaid base management fees, if any, resulting from such fiscal years. |
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Relationships with managers. No definition available.
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Commitments and Contingencies
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Litigation We are involved in routine litigation arising out of the ordinary course of business, all of which is expected to be covered by insurance and is not expected to have a material adverse impact on our financial condition or results of operations. Except as described below, we are not involved in any material litigation nor, to our knowledge, is any material litigation pending or threatened against us. Allerton Loan We hold the senior mortgage loan secured by the Allerton Hotel, located in downtown Chicago, Illinois. In May 2011, the borrower under the loan filed for bankruptcy protection in the Northern District of Illinois under chapter 11 of Title 11 of the U.S. Code, 11 U.S.C. §§ 101 et seq., as amended. On October 29, 2012, the United States Bankruptcy Court for the Northern District of Illinois (Eastern Division) confirmed an amended plan of reorganization (the "Plan"). Pursuant to the Plan, a claim filed by the Company in New York State court against affiliates of the borrower was dismissed and all other claims between the parties related to this matter were also dismissed with prejudice. Further, pursuant to the Plan, on January 18, 2013, the borrower paid the Company $5.0 million as a paydown of the outstanding principal under the mortgage loan and entered into an amended and restated loan agreement with the Company providing for a $66.0 million loan. The loan has a term of four years, with a one-year extension option, and bears interest at a fixed rate of 5.5%. Los Angeles Airport Marriott Litigation During 2011, we accrued $1.7 million for our contribution to the settlement of litigation involving the Los Angeles Airport Marriott. The settlement was recorded as a corporate expense during the year ended December 31, 2011. The Company and certain other defendants reached a settlement of the matter, which involved claims by certain employees at the Los Angeles Airport Marriott. During 2012, we paid our contribution of the settlement into escrow. The Superior Court of California, Los Angeles County, granted final approval to the settlement on January 7, 2013, and, if no appeals are filed, the effective date will be March 13, 2013. Ground Leases Five of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel:
In addition, the golf course that is part of the Oak Brook Hills Marriott Resort is subject to a ground lease covering approximately 110 acres. The ground lease runs through 2045 including renewal options. Finally, a portion of the parking garage relating to the Renaissance Worthington is subject to three ground leases that cover, contiguously with each other, approximately 1/4 of the land on which the parking garage is constructed. Each of the ground leases has a term that runs through July 2067, inclusive of the three 15-year renewal options. These ground leases generally require us to make rental payments (including a percentage of gross receipts as percentage rent with respect to the Courtyard Manhattan/Fifth Avenue ground lease) and payments for all, or in the case of the ground lease covering the Salt Lake City Marriott Downtown extension, our tenant's share of, charges, costs, expenses, assessments and liabilities, including real property taxes and utilities. Furthermore, these ground leases generally require us to obtain and maintain insurance covering the subject property. Ground rent expense from continuing operations was $14.6 million, $14.2 million and $11.7 million for the years ended December 31, 2012, 2011 and 2010, respectively. Cash paid for ground rent from continuing operations was $8.2 million, $7.3 million and $4.6 million for the years ended December 31, 2012, 2011 and 2010, respectively. Future minimum annual rental commitments under all non-cancelable operating leases as of December 31, 2012 are as follows (in thousands):
Hotel under Development On January 18, 2011, we entered into a purchase and sale agreement to acquire, upon completion, a hotel property under development on West 42nd Street in Times Square, New York City. Upon completion by the third-party developer, the hotel is expected to contain approximately 282 guest rooms and the contractual purchase price is approximately $128 million, or approximately $450,000 per guest room. The purchase and sale agreement is for a fixed-price and we are not assuming any construction risk (including not assuming the risk of construction cost overruns). We currently expect the hotel to open in mid 2014. Upon entering into the purchase and sale agreement, we deposited $20.0 million with a third-party escrow agent. During the year ended December 31, 2012, we made $1.9 million of additional deposits. Upon the completion of certain construction milestones, we will be required to make an additional deposit of $5.0 million. All deposits are interest bearing. We will forfeit our deposits if we do not close on the acquisition of the hotel upon substantial completion of construction, unless the seller fails to meet certain conditions, including substantial completion of the hotel within a specified time frame and construction of the hotel within the contractual scope. |
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value of Financial Instruments
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Dec. 31, 2012
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of certain financial assets and liabilities and other financial instruments as of December 31, 2012 and 2011, in thousands, are as follows:
The fair value of our mortgage debt is a Level 2 measurement under the fair value hierarchy (see Note 2). We estimate the fair value of our mortgage debt by discounting the future cash flows of each instrument at estimated market rates. The fair value of our interest rate cap is a Level 2 measurement under the fair value hierarchy. We estimate the fair value of the interest rate cap using the LIBOR yield curve and implied market volatility as inputs and adjusted for the counterparty's credit risk. We concluded the inputs for the credit risk valuation adjustment are Level 3 inputs; however these inputs are not significant to the fair value measurement in its entirety. The fair value of our note receivable is a Level 2 measurement under the fair value hierarchy. We estimate the fair value of our note receivable by discounting the future cash flows related to the note at estimated market rates. The underlying collateral of the note receivable has a fair value greater than the carrying value of the note receivable. The carrying value of our other financial instruments approximate fair value due to the short-term nature of these financial instruments. |
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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Information
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Dec. 31, 2012
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information We aggregate our operating segments using the criteria established by GAAP, including the similarities of our product offering, types of customers and method of providing service. The following table sets forth revenues from continuing operations and investment in hotel assets owned as of December 31, 2012 represented by the following geographical areas as of and for the years ended December 31, 2012, 2011 and 2010:
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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Quarterly Operating Results (Unaudited)
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| Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Operating Results (Unaudited) | Quarterly Operating Results (Unaudited)
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The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Real Estate and Accumulated Depreciation
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Dec. 31, 2012
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| Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate and Accumulated Depreciation | DiamondRock Hospitality Company Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2012 (in thousands)
Notes: A) The change in total cost of properties for the fiscal years ended December 31, 2012, 2011 and 2010 is as follows:
B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2012, 2011 and 2010 is as follows:
C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $2,674,881 as of December 31, 2012. |
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The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies (Policies)
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12 Months Ended |
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Dec. 31, 2012
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| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the FASB ASC 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. |
| Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
| Risks and Uncertainties | Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. |
| Fair Value of Financial Instruments | Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs |
| Property and Equipment | Property and Equipment Investments in hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are recorded at fair value upon acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the loss, together with the related operating results, as discontinued operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. |
| Goodwill | Goodwill Goodwill represents the excess of our cost to acquire a business over the net amounts assigned to assets acquired and liabilities assumed. Goodwill is not amortized, but is evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Our goodwill is classified within other assets in the accompanying consolidated balance sheets. |
| Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
| Note Receivable | Note Receivable We initially record acquired notes receivable at cost. Notes receivable are evaluated for collectability and if collectability of the original amounts due is in doubt, the value is adjusted for impairment. Our impairment analysis considers the anticipated cash receipts as well as the underlying value of the collateral. If collectability is in doubt, the note is placed in non-accrual status. No interest is recorded on such notes until the timing and amounts of cash receipts can be reasonably estimated. We record cash payments received on non-accrual notes receivable as a reduction in basis. We continually assess the current facts and circumstances to determine whether we can reasonably estimate cash flows. If we can reasonably estimate the timing and amount of cash flows to be collected, then income recognition becomes possible. |
| Revenue Recognition | Revenue Recognition Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, golf sales, food and beverage sales, and other hotel department revenues, such as telephone and gift shop sales. |
| Income Taxes | Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local, and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly-owned subsidiary of Bloodstone TRS, Inc., our existing taxable REIT subsidiary, or TRS, except for the Frenchman’s Reef & Morning Star Marriott Beach Resort, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS. |
| Intangible Assets and Liabilities | Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable lease assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. |
| Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period. |
| Stock-based Compensation | Stock-based Compensation We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. |
| Comprehensive Income (Loss) | Comprehensive Income (Loss) We do not have any items of comprehensive income (loss) other than net income (loss). If we do incur any additional items of comprehensive income (loss), such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations. |
| Restricted Cash | Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures held by our hotel managers and cash held in escrow pursuant to lender requirements. |
| Deferred Financing Costs | Deferred Financing Costs Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations. |
| Hotel Working Capital | Hotel Working Capital The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions due to owner and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. |
| Key Money | Key Money Key money received in conjunction with entering into hotel management agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to base management fees on the accompanying consolidated statements of operations. |
| Straight-Line Rental Income and Expense | Straight-Line Rental Income and Expense We record rental income and expense on leases that provide for minimum rental payments that increase in pre-established amounts over the remaining term of the lease on a straight-line basis. |
| Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our note receivable and cash and cash equivalents. We perform periodic evaluations of the underlying hotel property securing the note receivable. See further discussion in Note 5. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. |
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Basis of presentation policy. No definition available.
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Concentration of Credit Risk Policy [Policy Text Block] No definition available.
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Hotel Working Capital [Policy Text Block] No definition available.
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Key Money [Policy Text Block] No definition available.
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Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for comprehensive income. No definition available.
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Disclosure of accounting policy for deferral and amortization of significant deferred charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for determining the fair value of financial instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for goodwill. This accounting policy also may address how an entity assesses and measures impairment of goodwill, how reporting units are determined, how goodwill is allocated to such units, and how the fair values of the reporting units are determined. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for intangible assets. This accounting policy may address both intangible assets subject to amortization and those that are not. The following also may be disclosed: (1) a description of intangible assets (2) the estimated useful lives of those assets (3) the amortization method used (4) how the entity assesses and measures impairment of such assets (5) how future cash flows are estimated (6) how the fair values of such asset are determined. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for leasing arrangements (both lessor and lessee). This disclosure may address (1) lease classification (that is, operating versus capital), (2) how the term of a lease is determined (for example, the circumstances in which a renewal option is considered part of the lease term), (3) how rental revenue or expense is recognized for a lease that contains rent escalations, (4) an entity's accounting treatment for deferred rent, including that which arises from lease incentives, rent abatements, rent holidays, or tenant allowances (5) an entity's accounting treatment for contingent rental payments and (6) an entity's policy for reviewing, at least annually, the residual values of sales-type and direct-finance leases. The disclosure also may indicate how the entity accounts for its capital leases, leveraged leases or sale-leaseback transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for property, plant and equipment which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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Property and Equipment (Tables)
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Dec. 31, 2012
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment |
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Favorable Lease Assets (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Dec. 31, 2012
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets by Major Class | Our favorable lease assets, net of accumulated amortization, as of December 31, 2012 and 2011 consist of the following (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 assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock Incentive Plans (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Restricted Stock Awards | A summary of our restricted stock awards from January 1, 2010 to December 31, 2012 is as follows:
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| Summary of Stock Appreciation Rights and Dividend Equivalent Rights | A summary of our MSU awards from January 1, 2010 to December 31, 2012 is as follows:
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- Definition
Schedule of Share Based Compensation Restricted Stock Activity No definition available.
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings (Loss) Per Share (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of earnings per share, basic and diluted | The following is a reconciliation of the calculation of basic and diluted loss per share (in thousands, except share and per-share data):
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| Reconciliation of the calculation of basic and diluted earnings (loss) per share | We did not include the following shares in our calculation of diluted loss per share as they would be anti-dilutive:
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations. No definition available.
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Debt (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of long term debt | The following table sets forth information regarding the Company’s debt as of December 31, 2012:
_____________
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| Schedule of maturities of long-term debt | The aggregate debt maturities as of December 31, 2012 are as follows (in thousands):
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| Summary of leverage and applicable margin | The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows:
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| Summary of the most restrictive covenants for senior unsecured credit facility | The facility contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:
_____________________________
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| X | ||||||||||
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- Definition
Line Of Credit Facility Covenant Compliance [Table Text Block] No definition available.
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| X | ||||||||||
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- Definition
Line Of Credit Facility Leverage And Applicable Margin [Table Text Block] No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- 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
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Discontinued Operations (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of significant components of assets held for sale and liabilities of assets held for sale | The significant components of assets held for sale and liabilities of assets held for sale at December 31, 2011 consist of the following (in thousands):
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| Summary of results of income (loss) from discontinued operations | The following is a summary of the results of income (loss) from discontinued operations for the years ended December 31, 2012, 2011 and 2010 (in thousands):
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| X | ||||||||||
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- Definition
Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). 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
Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisitions (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Acquired Assets and Liabilities | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands):
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| Pro Forma Operating Information | The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.
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| X | ||||||||||
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- Definition
Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Dividends (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Dividends [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Dividends Payable | The following table sets forth the dividends on common shares for the years ended December 31, 2012 and 2011.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of all or some of the information related to dividends declared, but not paid, as of the financial reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Income Tax Expense (Benefit) | Our provision (benefit) for income taxes consists of the following (in thousands):
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| Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal tax provision to our income tax (benefit) provision is as follows (in thousands):
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| Schedule of Deferred Tax Assets and Liabilities | The total deferred tax assets and liabilities 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 the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Relationship with Managers (Tables)
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Dec. 31, 2012
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| Relationships with Managers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Sets Forth the Agreement Date, Initial Term and Number of Renewal Terms Under the Respective Hotel Management Agreements for Each of Our Owned Hotels | The following table sets forth the agreement date, initial term and number of renewal terms under the respective hotel management agreements for each of our owned hotels at December 31, 2012. Generally, the term of the hotel management agreements renew automatically for a negotiated number of consecutive periods upon the expiration of the initial term unless the property manager gives notice to us of its election not to renew the hotel management agreement.
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| Schedule of Base Management Fee, Incentive Management Fee and FF&E Reserve Contribution | The following table sets forth the base management fee, incentive management fee and FF&E reserve contribution, generally due and payable each fiscal year, for each of our properties:
______________
(9) The base management fee will increase to 1.5% of gross revenues beginning on July 12, 2014. Total management fees are capped at 2.5% of gross revenues.
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| Summary of Management Fees from Continuing Operations | The following is a summary of management fees from continuing operations for the years ended December 31, 2012, 2011 and 2010 (in thousands):
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| Schedule of the Terms of the Hotel Franchise Agreements | The following table sets forth the terms of the hotel franchise agreements for our nine franchised hotels:
___________
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- Details
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- Definition
Schedule of base management fee, incentive management fee and Furniture Fixtures and Equipment reserve contribution [Table Text Block] No definition available.
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- Definition
Schedule of the Terms of the hotel franchise agreements [Table Text Block] No definition available.
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- Definition
Schedule sets forth the agreement date, initial term and number of renewal terms under the respective hotel management agreements for each of our owned hotels [Table Text Block] No definition available.
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| X | ||||||||||
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- Definition
Summary of Management Fees from Continuing Operations [Table Text Block] No definition available.
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Commitments and Contingencies (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
| Schedule of Future Minimum Rental Commitments under Non-cancelable Operating Leases | Future minimum annual rental commitments under all non-cancelable operating leases as of December 31, 2012 are as follows (in thousands):
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value of Financial Instruments (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value of certain financial assets and liabilities and other financial instruments | The fair value of certain financial assets and liabilities and other financial instruments as of December 31, 2012 and 2011, in thousands, are as follows:
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| X | ||||||||||
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- Definition
Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Segment Information (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | The following table sets forth revenues from continuing operations and investment in hotel assets owned as of December 31, 2012 represented by the following geographical areas as of and for the years ended December 31, 2012, 2011 and 2010:
______________
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| X | ||||||||||
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- Definition
Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Quarterly Operating Results (Unaudited) (Tables)
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Dec. 31, 2012
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| Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Quarterly Financial Information |
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Organization (Details)
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Dec. 31, 2012
rooms
hotels
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May 24, 2010
rooms
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Jan. 18, 2011
Maximum [Member]
Times Square 42nd St [Member]
rooms
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|---|---|---|---|
| Real Estate Properties [Line Items] | |||
| Number of hotels (in hotels) | 27 | ||
| Number of rooms in hotels, resorts and senior loan secured facility (in rooms) | 11,590 | ||
| Number of rooms in hotels that secures senior loan that we own (in rooms) | 443 | 443 | |
| Number of Rooms in hotel under development (in rooms) | 282 |
| X | ||||||||||
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- Definition
Number of hotel properties No definition available.
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| X | ||||||||||
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- Definition
Number of rooms in hotels and resorts owned No definition available.
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| X | ||||||||||
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- Definition
Number of Rooms in hotel that secures a senior loan we own. No definition available.
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| X | ||||||||||
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- Definition
Number Of Rooms In Hotel Under Development No definition available.
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| X | ||||||||||
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- Details
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Summary of Significant Accounting Policies (Details)
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12 Months Ended |
|---|---|
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Dec. 31, 2012
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Buildings, Land Improvements, and Building Improvements [Member]
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| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life, minimum (in years) | 40 years |
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Minimum [Member] | Buildings, Land Improvements, and Building Improvements [Member]
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| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life, minimum (in years) | 15 years |
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Minimum [Member] | Furniture, Fixtures and Equipment [Member]
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| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life, minimum (in years) | 1 year |
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Maximum [Member] | Furniture, Fixtures and Equipment [Member]
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| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life, minimum (in years) | 10 years |
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
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Property and Equipment (Details) (USD $)
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12 Months Ended | ||
|---|---|---|---|
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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| Property and Equipment | |||
| Property and equipment, at cost | $ 3,131,175,000 | $ 2,667,682,000 | |
| Less: accumulated depreciation | (519,721,000) | (433,178,000) | |
| Property and equipment, net | 2,611,454,000 | 2,234,504,000 | |
| Other accrued liabilities | 3,000,000 | 1,900,000 | |
| Impairment losses | 30,844,000 | 0 | 0 |
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Land [Member]
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| Property and Equipment | |||
| Property and equipment, at cost | 402,198,000 | 321,892,000 | |
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Land improvements [Member]
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| Property and Equipment | |||
| Property and equipment, at cost | 7,994,000 | 7,994,000 | |
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Buildings [Member]
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| Property and Equipment | |||
| Property and equipment, at cost | 2,360,648,000 | 2,001,762,000 | |
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Furniture, fixtures, and equipment [Member]
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| Property and Equipment | |||
| Property and equipment, at cost | 340,462,000 | 333,305,000 | |
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CIP and corporate office equipment [Member]
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| Property and Equipment | |||
| Property and equipment, at cost | 19,873,000 | 2,729,000 | |
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Oak Brook Hills Marriot Resort [Member]
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| Property and Equipment | |||
| Impairment losses | $ 30,400,000 | ||
| X | ||||||||||
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- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. 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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- Details
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| X | ||||||||||
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- Definition
Finite-LivedIntangible Assets After Impairment Date, Net No definition available.
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| X | ||||||||||
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- Definition
Number of Room Hotel For Development For Which Favorable Lease Assets Are Owned No definition available.
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| X | ||||||||||
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an intangible asset (excluding goodwill) to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount of assets (excluding financial assets) that lack physical substance, excluding goodwill, having a projected indefinite period of benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Blended interest rate on senior mortgage loan. No definition available.
|
| X | ||||||||||
|
- Definition
Loans Receivable Non Performing Non Accrual of Interest No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loan Receivable Interest Rate Margin Above Libor No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Extension Option Term No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Loan Term No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of Rooms in hotel that secures a senior loan we own. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of principal collected on mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the contractual principal due at the origination of the mortgage loan (face amount). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The stated interest rate on the mortgage loan receivable or the weighted average interest rate on a group of loans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of principal due on loans that have been delinquent, which may exclude loans having interest delinquent for three months or less, as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The charge against earnings resulting from the write down of long lived assets other than goodwill due to the difference between the carrying value and lower fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the purchase of receivables arising from the mortgage note on real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest received on loans and other debt instruments during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Common stock offering price. No definition available.
|
| X | ||||||||||
|
- Definition
Lock up agreement period No definition available.
|
| X | ||||||||||
|
- Definition
Operating Partnership Units Option To Redeem For Common Stock Ratio No definition available.
|
| X | ||||||||||
|
- Definition
Underwriters overallotment of shares. No definition available.
|
| X | ||||||||||
|
- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Definition
The number of units or equivalent units outstanding for all classes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum Possible Payout to Executive Officer as a Percentage of the Target Award No definition available.
|
| X | ||||||||||
|
- Definition
Number Of Trading Days Of Average Closing Price Of Common Stock On Grant Date Used To Calculate Total Stockholder Return No definition available.
|
| X | ||||||||||
|
- Definition
Number of Trading Days of Average Closing Price of Common Stock on Vesting Date used to Calculate Total Shareholder Return No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Additional Shares From Dividends Number. No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Additional Shares From Dividend Weighted Average Grant Date Fair Value. No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Issued or Committed to Issue No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement by Share Based Payment Award Restricted Stock Awards Expected to Vest One Year from Balance Sheet No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement by Share Based Payment Award Restricted Stock Awards Expected to Vest Three Years from Balance Sheet Date No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement by Share Based Payment Award Restricted Stock Awards Expected to Vest Two Years from Balance Sheet Date No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Threshold Percentage Of No Payout If Stockholder Return Is Less Then Target Return 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
The total fair value of shares issued during the period under a deferred compensation arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares issued pursuant to the terms of the deferred compensation plan as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
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
Number of share instruments newly issued under a share-based compensation plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Earnings (Loss) Per Share, Calculation of EPS (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 07, 2012
|
Jun. 15, 2012
|
Mar. 23, 2012
|
Sep. 09, 2011
|
Jun. 17, 2011
|
Mar. 25, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Numerator: | |||||||||||
| Net loss from continuing operations | $ (30,690) | $ 8,483 | $ (10,108) | $ (768) | $ (898) | $ (10,750) | $ 16,289 | $ 4,417 | $ (16,026) | $ (7,999) | $ (10,799) |
| (Loss) income from discontinued operations, net of income taxes | (14,089) | 461 | 12,723 | (247) | 342 | (294) | 339 | 520 | (566) | 321 | 1,627 |
| Net loss | $ (44,779) | $ 8,944 | $ 2,615 | $ (1,015) | $ (556) | $ (11,044) | $ 16,628 | $ 4,937 | $ (16,592) | $ (7,678) | $ (9,172) |
| Weighted-average number of common shares outstanding—basic and diluted | 180,826,124 | 166,667,459 | 144,463,587 | ||||||||
| Basic and diluted (loss) earnings per share: | |||||||||||
| Continuing operations (in dollars per share) | $ (0.16) | $ 0.05 | $ (0.06) | $ (0.01) | $ 0.00 | $ (0.07) | $ 0.09 | $ 0.03 | $ (0.09) | $ (0.05) | $ (0.07) |
| Discontinued operations (in dollars per share) | $ (0.08) | $ 0.00 | $ 0.08 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.01 |
| Basic and diluted (loss) earnings per share (in dollars per share) | $ (0.24) | $ 0.05 | $ 0.02 | $ (0.01) | $ 0.00 | $ (0.07) | $ 0.09 | $ 0.03 | $ (0.09) | $ (0.05) | $ (0.06) |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
|
| X | ||||||||||
|
- Details
|
| 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
The amount of net income (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of income (loss) derived from discontinued operations during the period, net of related tax effect, per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares. No definition available.
|
| 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
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
|
|
Earnings (Loss) Per Share, Anti Dilutive (Details)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 661,683 | 928,793 | 1,406,344 |
|
Shares related to unvested MSUs [Member]
|
|||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 161,266 | 513,657 | 1,034,235 |
|
Unexercised stock appreciation rights [Member]
|
|||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 262,461 | 262,461 | 262,461 |
|
Unvested restricted common stock [Member]
|
|||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 237,956 | 152,675 | 109,648 |
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
(Debt, Schedule of Long Term Debt) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
Courtyard Manhattan / Midtown East [Member]
|
Dec. 31, 2012
Marriott Salt Lake City Downtown [Member]
|
Dec. 31, 2012
Courtyard Manhattan / Fifth Avenue [Member]
|
Dec. 31, 2012
Renaissance Worthington [Member]
|
Dec. 31, 2012
Frenchman's Reef & Morning Star Marriott Beach [Member]
|
Dec. 31, 2012
Marriott Los Angeles Airport [Member]
|
Dec. 31, 2012
Orlando Airport Marriott [Member]
|
Dec. 31, 2012
Chicago Marriott Downtown Magnificent Mile [Member]
|
Dec. 31, 2012
Hilton Minneapolis [Member]
|
Dec. 31, 2012
JW Marriot Denver at Cherry Creek [Member]
|
Dec. 31, 2012
Lexington Hotel New York [Member]
|
Dec. 20, 2012
Westin Washington, D.C. City Center [Member]
|
Dec. 31, 2012
Westin Washington, D.C. City Center [Member]
|
Dec. 31, 2012
Senior unsecured credit facility [Member]
|
|||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||||
| Long Term Debt Components Mortgage Loan | $ 968,731 | $ 41,933 | $ 28,640 | $ 50,173 | $ 54,700 | $ 58,690 | $ 82,600 | $ 57,583 | $ 211,477 | $ 96,901 | $ 40,761 | $ 170,368 | [1] | $ 74,000 | [1] | |||||||||||
| Debt Instrument, Interest Rate, Stated Percentage (as a percent) | 8.81% | 5.50% | 6.48% | 5.40% | 5.44% | 5.30% | 5.68% | 5.975% | 5.464% | 6.47% | 3.99% | 3.99% | ||||||||||||||
| Debt premium | 905 | [2] | ||||||||||||||||||||||||
| Senior unsecured credit facility | 20,000 | 100,000 | 20,000 | [3] | ||||||||||||||||||||||
| Long-term Debt | $ 988,731 | $ 1,042,933 | ||||||||||||||||||||||||
| Debt Instrument, Description of Variable Rate Basis | LIBOR + 3.00% (3.214% at December 31, 2012) | [1] | ||||||||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 3.00% | [1] | 1.90% | [3] | ||||||||||||||||||||||
| Debt Instrument, Interest Rate During Period | 3.214% | [1] | ||||||||||||||||||||||||
| Line of Credit Facility, Interest Rate Description | LIBOR + 1.90% (2.150% at December 31, 2012) | [3] | ||||||||||||||||||||||||
| Line of Credit Facility, Interest Rate at Period End | 2.15% | [3] | ||||||||||||||||||||||||
| Weighted - Average Interest Rate | 5.31% | |||||||||||||||||||||||||
| Mortgage Loan Amortization Term | 30 years | 20 years | 30 years | 30 years | 30 years | 30 years | 30 years | 25 years | 25 years | 25 years | 25 years | |||||||||||||||
|
||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Carrying amount of mortgage loans as of the balance-sheet date, including the current portion, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company. No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loan Amortization Term No definition available.
|
| X | ||||||||||
|
- Definition
The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Definition
The average effective interest rate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of debt premium that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a 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. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective interest rate at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Description of the interest rate for the amounts borrowed under the credit facility, including the terms and the method for determining the interest rate (for example, fixed or variable, LIBOR plus a percentage, increasing rate, timing of interest rate resets, remarketing provisions). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Definition
Reflects the calculation as of the balance sheet date of the average interest rate weighted by the amount of long-term debt outstanding by type or by instrument at that time. No definition available.
|
|
Debt (Schedule of Maturies of Long Term Debt) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
|---|---|
| Debt Disclosure [Abstract] | |
| 2013 | $ 13,263 |
| 2014 | 55,271 |
| 2015 | 436,418 |
| 2016 | 309,334 |
| 2017 | 24,672 |
| Thereafter | 149,773 |
| Long Term Debt Maturities Repayments of Principal Total | $ 988,731 |
| X | ||||||||||
|
- Definition
Long Term Debt Maturities Repayments of Principal Total No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing after the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Line of credit facility applicable margin rate. No definition available.
|
| X | ||||||||||
|
- Definition
Percent Of Unused Portion Line Of Credit Facility Trigerring Commitment Fee Percentage No definition available.
|
| X | ||||||||||
|
- Definition
Ratio Of Net Indebtedness to Ebitda No definition available.
|
| X | ||||||||||
|
- Definition
The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. No definition available.
|
|
(Debt, Schedule of Debt Covenants) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
||||||||||
|
Line Of Credit Facility Covenant Actual Results [Member]
|
||||||||||
| Line of Credit Facility [Line Items] | ||||||||||
| Line Of Credit Facility Maximum Leverage Ratio Covenant | 0.420 | [1] | ||||||||
| Line Of Credit Facility Minimum Fixed Charge Coverage Ratio Covenant | 2.47x | [2] | ||||||||
| Line Of Credit Facility Minimum Tangible Net Worth | $ 2,216 | [3] | ||||||||
| Secured Recourse Indebtedness Ratio | 37.00% | [4] | ||||||||
|
Debt Instrument, Secured Recourse Indebtedness Ratio After December 31st, 2013 [Member]
|
||||||||||
| Line of Credit Facility [Line Items] | ||||||||||
| Secured Recourse Indebtedness Ratio | 45.00% | [4] | ||||||||
|
Line Of Credit Facility Covenant [Member]
|
||||||||||
| Line of Credit Facility [Line Items] | ||||||||||
| Line Of Credit Facility Maximum Leverage Ratio Covenant | 0.60 | [1] | ||||||||
| Line Of Credit Facility Minimum Fixed Charge Coverage Ratio Covenant | 1.50x | [2] | ||||||||
| Line Of Credit Facility Minimum Tangible Net Worth | $ 1,857 | [3] | ||||||||
| Secured Recourse Indebtedness Ratio | 50.00% | [4] | ||||||||
|
||||||||||
| X | ||||||||||
|
- Definition
Debt Instrument, Secured Recourse Indebtedness Ratio No definition available.
|
| X | ||||||||||
|
- Definition
Line of credit facility maximum leverage ratio No definition available.
|
| X | ||||||||||
|
- Definition
Line Of Credit Facility Minimum Fixed Charge Coverage Ratio No definition available.
|
| X | ||||||||||
|
- Definition
Line Of Credit Facility Minimum Tangible Net Worth No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Debt Instrument, Amount of Corporate Recourse No definition available.
|
| X | ||||||||||
|
- Definition
Debt Instrument, Secured Mortgage Debt assumed by buyer No definition available.
|
| X | ||||||||||
|
- Definition
Debt Instrument, Term Loan, extension length No definition available.
|
| X | ||||||||||
|
- Definition
Debt Instrument, Term Loan, number of extensions subject to the satisfaction of certain terms and conditions and the payment of an extension fee No definition available.
|
| X | ||||||||||
|
- Definition
Debt Instrument, Term Loan, Years No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Derivative Interest Rate Cap Agreement Term No definition available.
|
| X | ||||||||||
|
- Definition
Line Of Credit Facility Covenant Minimum Number Of Unencumbered Borrowing Base Properties No definition available.
|
| X | ||||||||||
|
- Definition
Line of Credit Facility Minimum Unencumbered Borrowing Base Value No definition available.
|
| X | ||||||||||
|
- Definition
Line Of Credit Facility Covenant Percent of Net Proceeds From Future Equity Issuances No definition available.
|
| X | ||||||||||
|
- Definition
Line of credit facility interest and commitment fee amount. No definition available.
|
| X | ||||||||||
|
- Definition
Line Of Credit Facility Leverage Ratio No definition available.
|
| X | ||||||||||
|
- Definition
Number of hotel properties No definition available.
|
| X | ||||||||||
|
- Definition
Number of hotel properties secured by mortgage debt. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage points added to the reference rate to compute the variable rate on the interest rate derivative. No definition available.
|
| X | ||||||||||
|
- Definition
The designation of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. This element excludes replacement reserves which are an escrow separately provided for within the US GAAP taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value as of the balance sheet date of interest rate derivative assets, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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
Amount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Increase for additional borrowings on the credit facility during the period. 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
|
| X | ||||||||||
|
- Definition
Amount of the contractual principal due at the origination of the mortgage loan (face amount). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for derivative instruments during the period, which are classified as financing activities, excluding those designated as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Discontinued Operations (Details) (USD $)
|
0 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 23, 2012
|
Sep. 07, 2012
|
Jun. 15, 2012
|
Mar. 23, 2012
|
Sep. 09, 2011
|
Jun. 17, 2011
|
Mar. 25, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2012
Griffin Gate Marriott Resort and Spa, the Renaissance Waverly, and the Renaissance Austin [Member]
|
Mar. 23, 2012
Griffin Gate Marriott Resort and Spa, the Renaissance Waverly, and the Renaissance Austin [Member]
hotels
|
Dec. 31, 2012
Atlanta Westin North at Perimeter [Member]
|
Oct. 03, 2012
Atlanta Westin North at Perimeter [Member]
|
Sep. 07, 2012
Atlanta Westin North at Perimeter [Member]
|
Mar. 23, 2012
Waverly Renaissance [Member]
|
Mar. 23, 2012
Austin Renaissance [Member]
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
| Number Of Hotel Portfolio Properties Sold (in hotels) | 3 | ||||||||||||||||||
| Contractual purchase price to sell hotels | $ 262,500,000 | $ 262,500,000 | $ 39,600,000 | ||||||||||||||||
| Net proceeds from sale of properties | 92,000,000 | 131,073,000 | 0 | 0 | |||||||||||||||
| Debt Instrument, Secured Mortgage Debt assumed by buyer | 97,000,000 | 83,000,000 | |||||||||||||||||
| Gain on sale of portfolio | 9,479,000 | 0 | 0 | 100,000 | |||||||||||||||
| Long Lived Assets Held-for-sale, Impairment Charge | 14,700,000 | ||||||||||||||||||
| Property and equipment | 311,819,000 | 311,819,000 | |||||||||||||||||
| Less: accumulated depreciation | (61,994,000) | (61,994,000) | |||||||||||||||||
| Property and equipment, net | 249,825,000 | 249,825,000 | |||||||||||||||||
| Restricted cash | 6,607,000 | 6,607,000 | |||||||||||||||||
| Due from hotel managers | 6,661,000 | 6,661,000 | |||||||||||||||||
| Prepaid and other assets | 48,000 | 48,000 | |||||||||||||||||
| Deferred financing costs, net | 258,000 | 258,000 | |||||||||||||||||
| Total assets held for sale | 0 | 263,399,000 | 0 | 263,399,000 | |||||||||||||||
| Mortgage debt of assets held for sale | 0 | 180,000,000 | 0 | 180,000,000 | |||||||||||||||
| Due to hotel managers | 3,101,000 | 3,101,000 | |||||||||||||||||
| Accounts payable and accrued liabilities | 704,000 | 704,000 | |||||||||||||||||
| Total liabilities of assets held for sale | 183,805,000 | 183,805,000 | |||||||||||||||||
| Hotel revenues | 32,895,000 | 97,472,000 | 100,477,000 | ||||||||||||||||
| Hotel operating expenses | (24,496,000) | (73,911,000) | (73,991,000) | ||||||||||||||||
| Operating income | 8,399,000 | 23,561,000 | 26,486,000 | ||||||||||||||||
| Depreciation and amortization | (1,346,000) | (13,849,000) | (13,874,000) | ||||||||||||||||
| Interest income | 1,000 | 12,000 | 14,000 | ||||||||||||||||
| Interest expense | (2,297,000) | (10,101,000) | (10,099,000) | ||||||||||||||||
| Impairment charge | (14,690,000) | 0 | 0 | ||||||||||||||||
| Gain on sale of hotel properties, net | 9,479,000 | 0 | 0 | 9,500,000 | |||||||||||||||
| Income tax (expense) benefit | (112,000) | 698,000 | (900,000) | ||||||||||||||||
| Income (loss) from discontinued operations | $ (14,089,000) | $ 461,000 | $ 12,723,000 | $ (247,000) | $ 342,000 | $ (294,000) | $ 339,000 | $ 520,000 | $ (566,000) | $ 321,000 | $ 1,627,000 | ||||||||
| Basic and diluted (loss) income from discontinued operations per share | $ (0.08) | $ 0.00 | $ 0.08 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.01 | ||||||||
| X | ||||||||||
|
- Definition
Assets Held for Sale, Contractual Purchase Price No definition available.
|
| X | ||||||||||
|
- Definition
Debt Instrument, Secured Mortgage Debt assumed by buyer No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Accounts payable and accrued liabilities No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, accumulated depreciation No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Deferred financing costs, net No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Depreciation and amortization No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Due from hotel managers No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Due to hotel managers No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Impairment charge No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Interest income No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Prepaid and other assets No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Property and equipment, gross No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Restricted Cash No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage debt of assets held for sale No definition available.
|
| X | ||||||||||
|
- Definition
Number Of Hotel Portfolio Properties Sold No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for assets of a disposal group, including a component of the entity (discontinued operation), to be sold or that has been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of gain (loss), before tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of interest expense allocated to disposal group, including a discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of operating expenses attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of operating income or loss attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying value (net of accumulated depreciation and any write-downs) of tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of sales or other form of revenues attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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 a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of income (loss) derived from discontinued operations during the period, net of related tax effect, per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The obligations arising from the sale, disposal, or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The loss recognized for any initial write-down from carrying value to fair value less cost to sell for a classified as held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Acquisitions, Allocation of Fair Fair Value (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
Hilton Boston [Member]
|
Dec. 31, 2012
Westin Washington, D.C. City Center [Member]
|
Dec. 31, 2012
Westin San Diego [Member]
|
Dec. 31, 2012
Hilton Burlington [Member]
|
Dec. 31, 2012
Hotel Rex [Member]
|
Nov. 09, 2012
Hotel Rex [Member]
|
Dec. 31, 2012
JW Marriot Denver at Cherry Creek [Member]
|
May 19, 2011
JW Marriot Denver at Cherry Creek [Member]
|
Dec. 31, 2012
Radisson Lexington [Member]
|
Dec. 31, 2012
Courtyard Denver Downtown [Member]
|
Jul. 22, 2011
Courtyard Denver Downtown [Member]
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Schedule of Acquired Assets and Liabilities | |||||||||||
| Land | $ 23,262 | $ 24,579 | $ 22,902 | $ 9,197 | $ 7,856 | $ 9,200 | $ 92,000 | $ 9,400 | |||
| Building | 128,628 | 122,229 | 95,617 | 40,644 | 21,085 | 63,183 | 229,372 | 36,183 | |||
| Furniture, fixtures and equipment | 3,675 | 3,499 | 2,734 | 3,469 | 601 | 1,600 | 13,400 | 750 | |||
| Total fixed assets | 155,565 | 150,307 | 121,253 | 53,310 | 29,542 | 73,983 | 334,772 | 46,333 | |||
| Net other assets and liabilities | 270 | 207 | 657 | 142 | (21) | 217 | 1,993 | (148) | |||
| Total | $ 155,835 | $ 150,514 | $ 121,910 | $ 53,452 | $ 29,521 | $ 29,500 | $ 74,200 | $ 74,000 | $ 336,765 | $ 46,185 | $ 46,000 |
| X | ||||||||||
|
- Definition
Business Acquisition Purchase Price Allocation Accrued liabilities and other assets, net. No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition Purchase Price Allocation Building No definition available.
|
| X | ||||||||||
|
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of acquisition cost of a business combination allocated to equipment used in the normal course of business, not including equipment that is held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of acquisition cost of a business combination allocated to land included in real estate. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of acquisition cost of a business combination allocated to property, plant and equipment to be used in ongoing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Acquisitions, Pro Forma Information (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Pro Forma Operating Information | ||
| Revenues | $ 802,006 | $ 748,127 |
| (Loss) income from continuing operations | (5,127) | 527 |
| Net (loss) income | $ (5,693) | $ 848 |
| (Loss) earnings per share - Basic and Diluted | $ (0.03) | $ 0.00 |
| X | ||||||||||
|
- Definition
Business Acquisition ProForma Earnings Per Share Basic And Diluted. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The pro forma income from continuing operations before changes in accounting and extraordinary items, net of tax effect, 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 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
|
|
Acquisitions (Details) (USD $)
|
0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 11, 2012
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Jul. 12, 2012
Hilton Boston Downtown, Westin Washington D.C. City Center, Westin San Diego and Hilton Burlington [Member]
hotels
|
Dec. 31, 2012
Hotel Rex [Member]
|
Nov. 09, 2012
Hotel Rex [Member]
rooms
|
Dec. 31, 2012
Times Square 42nd St [Member]
|
Jan. 18, 2011
Times Square 42nd St [Member]
|
Dec. 31, 2012
JW Marriot Denver at Cherry Creek [Member]
|
May 19, 2011
JW Marriot Denver at Cherry Creek [Member]
rooms
|
Dec. 31, 2012
Radisson Lexington [Member]
leases
|
Jun. 02, 2011
Radisson Lexington [Member]
|
Dec. 31, 2012
Courtyard Denver Downtown [Member]
|
Jul. 22, 2011
Courtyard Denver Downtown [Member]
rooms
|
Jan. 18, 2011
Minimum [Member]
Times Square 42nd St [Member]
|
Jan. 18, 2011
Maximum [Member]
Times Square 42nd St [Member]
rooms
|
Dec. 31, 2012
Senior unsecured credit facility [Member]
Radisson Lexington [Member]
|
||||
| Business Acquisition [Line Items] | |||||||||||||||||||||
| Number of hotels acquired (in hotels) | 4 | ||||||||||||||||||||
| Business acquisition, cost of acquired entity, purchase price | $ 495,000,000 | $ 29,521,000 | $ 29,500,000 | $ 74,200,000 | $ 74,000,000 | $ 336,765,000 | $ 46,185,000 | $ 46,000,000 | $ 128,000,000 | ||||||||||||
| Number of Rooms in hotel under development (in rooms) | 282 | ||||||||||||||||||||
| Funding draw on line of credit | 120,000,000 | ||||||||||||||||||||
| Available corporate cash used in purchase | 100,000,000 | ||||||||||||||||||||
| Stock Issued During Period, Shares, New Issues | 20,000,000 | 7,211,538 | |||||||||||||||||||
| Number of rooms acquired | 94 | 196 | 712 | 177 | |||||||||||||||||
| Business acquisition cost of acquisition entity purchase price per room | 450,000 | ||||||||||||||||||||
| Earnest money deposits | 1,900,000 | 20,000,000 | |||||||||||||||||||
| Retainage depost upon additional criteria met | 5,000,000 | ||||||||||||||||||||
| Debt premium | 905,000 | [1] | 1,500,000 | ||||||||||||||||||
| Business Acquisition, Cost of Acquired Entity, Cash Paid | 30,300,000 | 337,000,000 | |||||||||||||||||||
| Noncash or Part Noncash Acquisition, Debt Assumed | 42,400,000 | 27,200,000 | |||||||||||||||||||
| Business Acquisition, Cost of Acquired Entity, Liabilities Incurred | 43,900,000 | ||||||||||||||||||||
| Proceeds from Long-term Lines of Credit | 200,000,000 | 130,000,000 | 0 | 15,000,000 | 115,000,000 | ||||||||||||||||
| Payments for Termination Fee | 750,000 | ||||||||||||||||||||
| Number of Leases in Favorable Position | 3 | ||||||||||||||||||||
| Business Acquisition Purchase Price Allocation Favorable Lease Asset | 1,600,000 | ||||||||||||||||||||
| Number of Leases an Unfavorable Position | 2 | ||||||||||||||||||||
| Business Acquisition, Purchase Price Allocation, Unfavorable Contract Accrual | 200,000 | ||||||||||||||||||||
| Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 127,000,000 | 52,000,000 | |||||||||||||||||||
| Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 13,000,000 | $ 11,000,000 | |||||||||||||||||||
|
|||||||||||||||||||||
| X | ||||||||||
|
- Definition
Business Acquisition, Available Corporate Cash Used In Purchase No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition Cost of Acquisition Entity Purchase Price Per Room No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition, Funding Draw on Line Of Credit No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition Number of Rooms Acquired. No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition Purchase Price Allocation Favorable Lease Asset. No definition available.
|
| X | ||||||||||
|
- Definition
Earnest Deposit Upon Additional Criteria Met No definition available.
|
| X | ||||||||||
|
- Definition
Number of Leases in Favorable Position No definition available.
|
| X | ||||||||||
|
- Definition
Number of Leases an Unfavorable Position No definition available.
|
| X | ||||||||||
|
- Definition
Number Of Rooms In Hotel Under Development No definition available.
|
| X | ||||||||||
|
- Definition
Payments for Termination Fee of Existing Franchise Agreement No definition available.
|
| X | ||||||||||
|
- Definition
Amount of cash paid to acquire the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair Value of the liabilities incurred by the acquirer to former owners of the acquiree, including the fair value of any contingent consideration. If liabilities transferred as consideration remain within the combined entity after the business combination (for example, because the assets or liabilities were transferred to the acquiree rather than to its former owners), and the acquirer therefore retains control of them; in that situation, the acquirer measures those liabilities at their carrying amounts immediately before the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of acquisition cost of a business combination allocated to unfavorable contracts assumed from the acquired entity. 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
The amount of debt premium that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
A deposit made by a purchaser of real estate to evidence good faith. It is customary for a buyer to give the seller earnest money at the time a sales contract is signed. The earnest money generally is credited to the down payment at closing, which is applied at closing as a component of payment against the purchase price. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of businesses acquired by the entity during the period. No definition available.
|
| X | ||||||||||
|
- 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 maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Dividends (Details) (USD $)
|
0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 19, 2012
|
May 29, 2012
|
Apr. 04, 2012
|
Jan. 10, 2012
|
Sep. 20, 2011
|
Jun. 27, 2011
|
Apr. 07, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Jan. 10, 2013
Subsequent Event [Member]
|
|
| Dividends Payable [Line Items] | |||||||||||
| Dividends Payable, Date to be Paid, Day, Month and Year | Sep. 19, 2012 | May 29, 2012 | Apr. 04, 2012 | Jan. 10, 2012 | Sep. 20, 2011 | Jun. 27, 2011 | Apr. 07, 2011 | Jan. 10, 2013 | |||
| Dividends Payable, Date of Record, Day, Month and Year | Sep. 07, 2012 | May 15, 2012 | Mar. 23, 2012 | Dec. 30, 2011 | Sep. 09, 2011 | Jun. 17, 2011 | Mar. 25, 2011 | Dec. 31, 2012 | |||
| Dividends per common share (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.32 | $ 0.32 | $ 0.33 | $ 0.08 |
| 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
|
|
Income Taxes (Narrative) (Details) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Income Tax Contingency [Line Items] | |||
| Amount classified as corportate expenses | $ 21,095,000 | $ 21,247,000 | $ 16,384,000 |
| Deferred tax assets expected to be recovered against reversing taxable temporary differences | 10,700,000 | ||
| Deferred tax assets dependent upon future taxable earnings of TRS | 28,700,000 | ||
| New adjusted tax rate after the reduction (as a percent) | 7.00% | ||
|
Franchise taxes expensed [Member]
|
|||
| Income Tax Contingency [Line Items] | |||
| Amount classified as corportate expenses | $ 400,000 | $ 300,000 | $ 200,000 |
|
Minimum [Member]
|
|||
| Income Tax Contingency [Line Items] | |||
| Distribution of REIT taxable income requirement (as a percent) | 90.00% | ||
|
Frenchman's Reef & Morning Star Marriott Beach [Member] | US Virgin Islands [Member]
|
|||
| Income Tax Contingency [Line Items] | |||
| Percentage of income tax rate if the agreement is not extended (as a percent) | 37.40% | ||
| X | ||||||||||
|
- Definition
Deferred Tax Asset Anticipated Recovery No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Tax Assets Dependent on Subsidiary Future Taxable Earnings No definition available.
|
| X | ||||||||||
|
- Definition
Distribution Of Taxable Income Requirement No definition available.
|
| X | ||||||||||
|
- Definition
Effective Income Tax Rate If Agreement Not Extended No definition available.
|
| X | ||||||||||
|
- Definition
New adjusted tax rate after the reduction No definition available.
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Details
|
|
Income Taxes (Income Tax Expense (Benefit), Continuing Operations) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
| Current - Federal | $ 0 | $ 0 | $ 0 |
| State | 348 | 846 | 279 |
| Foreign | 0 | 0 | 106 |
| Current Income Tax Expense (Benefit) | 348 | 846 | 385 |
| Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
| Deferred - Federal | (4,739) | 3,663 | 140 |
| State | (1,456) | 78 | 152 |
| Foreign | (311) | (1,265) | 1,065 |
| Deferred Income Tax Expense (Benefit) | (6,506) | 2,476 | 1,357 |
| Income tax (benefit) provision from continuing operations | (6,158) | 3,322 | 1,742 |
| Income tax provision (benefit) from discontinued operations | $ 112 | $ (698) | $ 900 |
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of foreign enacted tax law to the foreign taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted state and local tax law to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of total income tax expense for the period comprised of the increase (decrease) during the period in the entity's domestic deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the federally enacted tax law. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of total income tax expense for the period comprised of the increase (decrease) in the entity's net foreign deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of applicable enacted tax laws of countries other than the country of domicile. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of total income tax expense for the period comprised of the increase (decrease) in the entity's state and local deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the applicable enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to pretax Income or Loss from continuing operations; income tax expense or benefit may include interest and penalties on tax uncertainties based on the entity's accounting policy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Income Tax Expense (Benefit) [Abstract] | |||
| Statutory federal tax provision (35)% | $ (7,764) | $ (1,637) | $ (3,170) |
| Tax impact of REIT election | 2,986 | 2,727 | 4,661 |
| State income tax (benefit) provision, net of federal tax benefit | (720) | 601 | 280 |
| Foreign income tax (benefit) provision | (694) | 1,550 | (736) |
| Foreign tax rate adjustment | 0 | 0 | 770 |
| Other | 34 | 81 | (63) |
| Income tax (benefit) provision from continuing operations | $ (6,158) | $ 3,322 | $ 1,742 |
| Statutory federal tax provision (as a percent) | 35.00% | 35.00% | 35.00% |
| X | ||||||||||
|
- Definition
Tax impact of Real Estate Investment Trust election No definition available.
|
| X | ||||||||||
|
- Definition
The domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate is the regular tax rate if there are alternative tax systems. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to pretax Income or Loss from continuing operations; income tax expense or benefit may include interest and penalties on tax uncertainties based on the entity's accounting policy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference, between total income tax expense or benefit as reported in the Income Statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations, that is attributable to total foreign income tax expense or benefit. The foreign income tax expense or benefit difference represents the income tax expense or benefit at applicable domestic statutory income tax rates applied to foreign earnings or loss for the period versus the foreign income tax expense or benefit calculated by applying the appropriate foreign tax rates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of other amounts reflected in the reconciliation of the statutory tax provision (benefit) to the actual tax provision (benefit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference, between total income tax expense or benefit as reported in the Income Statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations, that is attributable to state and local income tax expense or benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference between total income tax expense or benefit as reported in the Income Statement and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations attributable to foreign tax credits generated or utilized under enacted tax laws during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Total Deferred Tax Assets and Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Deferred income related to key money | $ 9,669 | $ 9,644 |
| Net operating loss carryforwards | 28,654 | 29,803 |
| Alternative minimum tax credit carryforwards | 50 | 43 |
| Other | 1,034 | 533 |
| Deferred tax assets | 39,407 | 40,023 |
| Land basis difference recorded in purchase accounting | (4,260) | (4,260) |
| Depreciation and amortization | (7,098) | (14,080) |
| Deferred tax liabilities | (11,358) | (18,340) |
| Deferred tax asset, net | $ 28,049 | $ 21,683 |
| X | ||||||||||
|
- Definition
Land basis difference recorded in purchase accounting No definition available.
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from deferred income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible alternative minimum tax credit carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences net of deferred tax asset attributable to deductible temporary differences and carryforwards after valuation allowances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences from property, plant, and equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Relationship with Managers (Details)
|
1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 31, 2012
|
Jun. 30, 2012
|
Dec. 31, 2012
Number_of_renewal_terms
|
||||||||||||||||||||||||||||||
|
Atlanta Alpharetta Marriott [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 30 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 2 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 25.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.00% | [1] | ||||||||||||||||||||||||||||||
|
Bethesda Marriott Suites [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 21 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 2 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 50.00% | [2],[3] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.00% | [1],[4] | ||||||||||||||||||||||||||||||
|
Boston Westin Waterfront [Member] | Starwood [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 20 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 4 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 2.50% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 20.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 4.00% | [1] | ||||||||||||||||||||||||||||||
|
Chicago Marriott Downtown [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 32 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 2 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 20.00% | [2],[5] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.00% | [1] | ||||||||||||||||||||||||||||||
|
Conrad Chicago [Member] | Hilton [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 2 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1],[6] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 15.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 4.00% | [1] | ||||||||||||||||||||||||||||||
|
Courtyard Denver Downtown [Member] | Sage Hospitality [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 1 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 2.00% | [1],[7] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 10.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 4.00% | [1] | ||||||||||||||||||||||||||||||
| Franchise fee agreement term (in years) | 16 years | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 5.50% | |||||||||||||||||||||||||||||||
|
Courtyard Manhattan / Fifth Avenue [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 30 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 0 | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 0 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 5.50% | [1],[8] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 25.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 4.00% | [1] | ||||||||||||||||||||||||||||||
|
Courtyard Manhattan / Midtown East [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 30 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 2 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 5.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 25.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 4.00% | [1] | ||||||||||||||||||||||||||||||
|
Frenchman's Reef & Morning Star Marriott Beach [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 30 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 2 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 15.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.50% | [1] | ||||||||||||||||||||||||||||||
|
Hilton Boston [Member] | Davidson Hotels and Resorts [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 7 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 2 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 2.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 10.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 4.00% | [1] | ||||||||||||||||||||||||||||||
|
Hilton Boston [Member] | Hilton [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Franchise fee agreement term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 5.00% | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | |||||||||||||||||||||||||||||||
| Program fee as a percentage of gross room revenue (as a perent) | 4.00% | |||||||||||||||||||||||||||||||
|
Hilton Burlington [Member] | Interstate Hotels and Resorts [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 0 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 0 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 1.00% | [1],[9] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 10.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 0.00% | [1] | ||||||||||||||||||||||||||||||
|
Hilton Burlington [Member] | Hilton [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Franchise fee agreement term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 5.00% | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | |||||||||||||||||||||||||||||||
| Program fee as a percentage of gross room revenue (as a perent) | 4.00% | |||||||||||||||||||||||||||||||
|
Hilton Garden Inn Chelsea/ New York City [Member] | Alliance Hospitality Management [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 0 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 0 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 2.50% | [1],[10] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 10.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 0.00% | [1] | ||||||||||||||||||||||||||||||
| Franchise fee agreement term (in years) | 17 years | |||||||||||||||||||||||||||||||
| Royalty fee as a percentage of gross room revenue (as a perent) | 5.00% | |||||||||||||||||||||||||||||||
| Program fee as a percentage of gross room revenue (as a perent) | 4.00% | |||||||||||||||||||||||||||||||
|
Hilton Minneapolis [Member] | Hilton [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 20 years 9 months | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 0 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 0 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 15.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 4.00% | [1] | ||||||||||||||||||||||||||||||
|
Hotel Rex [Member] | Joie de Vivre Hotels [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 0 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 0 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 10.00% | [2] | ||||||||||||||||||||||||||||||
|
JW Marriot Denver at Cherry Creek [Member] | Sage Hospitality [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 1 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 2.25% | [1],[11] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 10.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 4.00% | [1] | ||||||||||||||||||||||||||||||
| Franchise fee agreement term (in years) | 15 years | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 6.00% | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | |||||||||||||||||||||||||||||||
|
Lexington [Member] | Highgate Hotels [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 1 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 20.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 4.00% | [1] | ||||||||||||||||||||||||||||||
| Franchise fee agreement term (in years) | 20 years | [12] | ||||||||||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 3.00% | [13] | ||||||||||||||||||||||||||||||
|
Los Angeles Airport Marriott [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 40 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 2 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 25.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.00% | [1] | ||||||||||||||||||||||||||||||
|
Oak Brook Hills Marriott Resort [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 30 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 0 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 0 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 30.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.50% | [1] | ||||||||||||||||||||||||||||||
|
Orlando Airport Marriott [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 30 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 0 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 0 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 2.00% | 3.00% | 2.00% | [1],[14] | ||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 25.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.00% | [1] | ||||||||||||||||||||||||||||||
|
Renaissance Charleston [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 21 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 2 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.50% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 20.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.00% | [1] | ||||||||||||||||||||||||||||||
|
Renaissance Worthington [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 30 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 2 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 25.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.00% | [1] | ||||||||||||||||||||||||||||||
|
Salt Lake City Marriott Downtown [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 30 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 15 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 3 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 20.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.00% | [1] | ||||||||||||||||||||||||||||||
|
The Lodge at Sonoma, a Renaissance Resort and Spa [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 20 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 10 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 1 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 20.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.00% | [1] | ||||||||||||||||||||||||||||||
|
Torrance Marriott South Bay [Member] | Marriott [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 40 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 0 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 0 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 20.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 5.00% | [1] | ||||||||||||||||||||||||||||||
|
Vail Marriott Mountain Resort & Spa [Member] | Vail Resorts [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 15 years 6 months | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 0 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 0 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 20.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 4.00% | [1] | ||||||||||||||||||||||||||||||
| Franchise fee agreement term (in years) | 16 years | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 6.00% | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | |||||||||||||||||||||||||||||||
|
Westin San Diego [Member] | Interstate Hotels and Resorts [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 0 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 0 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 1.00% | [1],[9] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 10.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 0.00% | [1] | ||||||||||||||||||||||||||||||
| Franchise fee agreement term (in years) | 20 years | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 7.00% | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | |||||||||||||||||||||||||||||||
|
Westin Washington, D.C. City Center [Member] | Interstate Hotels and Resorts [Member]
|
||||||||||||||||||||||||||||||||
| Relationships with Managers [Line Items] | ||||||||||||||||||||||||||||||||
| Initial Term (in years) | 5 years | |||||||||||||||||||||||||||||||
| Renewal Term (in years) | 0 years | |||||||||||||||||||||||||||||||
| Number of renewal Terms (in years) | 0 | |||||||||||||||||||||||||||||||
| Base Management Fee (as a percent) | 1.00% | [1],[9] | ||||||||||||||||||||||||||||||
| Incentive Management Fee (as a percent) | 10.00% | [2] | ||||||||||||||||||||||||||||||
| FF&E Reserve Contribution (as a percent) | 4.00% | [1] | ||||||||||||||||||||||||||||||
| Franchise fee agreement term (in years) | 20 years | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 7.00% | |||||||||||||||||||||||||||||||
| Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | |||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Franchise Fee Agreement Term No definition available.
|
| X | ||||||||||
|
- Definition
Franchise Fee as Percentage of Food and Beverage Revenue No definition available.
|
| X | ||||||||||
|
- Definition
Franchise Fee as Percentage of Gross Rooms Revenue No definition available.
|
| X | ||||||||||
|
- Definition
Furniture Fixtures and Equipment Reserve Contributions as a Percentage of Gross Revenue No definition available.
|
| X | ||||||||||
|
- Definition
Incentive Management Fee Percentage Of Operating Profit No definition available.
|
| X | ||||||||||
|
- Definition
Management Agreement Renewal Term No definition available.
|
| X | ||||||||||
|
- Definition
Management Agreement Term No definition available.
|
| X | ||||||||||
|
- Definition
Management Agreement Term, Number of renewal Terms No definition available.
|
| X | ||||||||||
|
- Definition
Program Fee as a Percentage of Gross Room Revenue No definition available.
|
| X | ||||||||||
|
- Definition
Base Management Fee Percentage Of Gross Revenue No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Royalty Fee as a Percentage of Gross Room Revenue No definition available.
|
|
Relationship with Managers (Parenthetical) (Details) (USD $)
|
1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 31, 2012
|
Jun. 30, 2012
|
Dec. 31, 2012
|
||||||||||||||||||||
|
Bethesda Marriott Suites [Member] | Marriott [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| FF&E reserve contributions as a percentage of gross revenue, contribution percentage reduced (as a perent) | 1.00% | |||||||||||||||||||||
| Operating profits exceeds owner's priority | $ 3,800,000 | |||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||
|
Chicago Marriott Downtown [Member] | Marriott [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Operating profits exceeds owner's priority | 0 | |||||||||||||||||||||
| Calculated as net operating income before incentive management fees (as a perent) | 20.00% | |||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||
|
Conrad Chicago [Member] | Hilton [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Performance Guarantee based on operating profits | 8,300,000 | |||||||||||||||||||||
| Base management fee reduction (as a percent) | 0.00% | |||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1],[2] | ||||||||||||||||||||
|
Radisson Lexington [Member] | Highgate Hotels [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 3.00% | [3] | ||||||||||||||||||||
| Base Management Fee (as a percent) | 3.00% | [1] | ||||||||||||||||||||
|
Radisson Lexington [Member] | Highgate Hotels [Member] | Increase after First Anniversary of the Opening Date [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 4.00% | |||||||||||||||||||||
|
Radisson Lexington [Member] | Highgate Hotels [Member] | Increase after Second Anniversary of the Opening Date [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 5.00% | |||||||||||||||||||||
|
Courtyard Denver Downtown [Member] | Sage Hospitality [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 5.50% | |||||||||||||||||||||
| Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 7% of invested capital (as a perent) | 2.50% | |||||||||||||||||||||
| Base management fee of 2.5% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent) | 7.00% | |||||||||||||||||||||
| Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 8% of invested capital (as a perent) | 3.00% | |||||||||||||||||||||
| Base management fee of 3% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent) | 8.00% | |||||||||||||||||||||
| Base Management Fee (as a percent) | 2.00% | [1],[4] | ||||||||||||||||||||
|
Courtyard Manhattan / Fifth Avenue [Member] | Marriott [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Base Management Fee (as a percent) | 5.50% | [1],[5] | ||||||||||||||||||||
| Base management fee percentage of gross revenue if exceeds operating profit expectations (as a perent) | 6.00% | |||||||||||||||||||||
| Base management fee percentage of gross revenue if operating profis equal or exceed, minimum (as a perent) | $ 5,000,000 | |||||||||||||||||||||
|
Courtyard Manhattan / Fifth Avenue [Member] | Marriott [Member] | From 2015 to thereafter [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Base Management Fee (as a percent) | 6.00% | |||||||||||||||||||||
|
Hilton Burlington [Member] | Hilton [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 5.00% | |||||||||||||||||||||
|
Hilton Burlington [Member] | Interstate Hotels and Resorts [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Base Management Fee (as a percent) | 1.00% | [1],[6] | ||||||||||||||||||||
| Property Management Fee Percent Fee Of Gross Revenue, Capped Percentage | 2.50% | |||||||||||||||||||||
|
Hilton Burlington [Member] | Interstate Hotels and Resorts [Member] | Increase beginning July 12, 2014 [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Base Management Fee (as a percent) | 1.50% | |||||||||||||||||||||
|
Hilton Garden Inn Chelsea/ New York City [Member] | Alliance Hospitality Management [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Base Management Fee (as a percent) | 2.50% | [1],[7] | ||||||||||||||||||||
|
Hilton Garden Inn Chelsea/ New York City [Member] | Alliance Hospitality Management [Member] | Increase in September 2013 [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Base Management Fee (as a percent) | 2.75% | |||||||||||||||||||||
|
JW Marriot Denver at Cherry Creek [Member] | Sage Hospitality [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Franchise fee as percentage of gross rooms revenue (as a percent) | 6.00% | |||||||||||||||||||||
| Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 7% of invested capital (as a perent) | 2.75% | |||||||||||||||||||||
| Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 8% of invested capital (as a perent) | 3.25% | |||||||||||||||||||||
| Base Management Fee (as a percent) | 2.25% | [1],[8] | ||||||||||||||||||||
| Base management fee of 2.75% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent) | 7.00% | |||||||||||||||||||||
| Base management fee of 3.25% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent) | 8.00% | |||||||||||||||||||||
|
Orlando Airport Marriott [Member] | Marriott [Member]
|
||||||||||||||||||||||
| Real Estate Properties [Line Items] | ||||||||||||||||||||||
| Base Management Fee (as a percent) | 2.00% | 3.00% | 2.00% | [1],[9] | ||||||||||||||||||
| Percentage of certain capital expenditures used in calculating incentive management fee (as a percent) | 1.00% | |||||||||||||||||||||
|
||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Amoutn of Owner's Priority No definition available.
|
| X | ||||||||||
|
- Definition
Base Management Fee Of Six Percent Of Gross Revenue If Operating Profis Equal or Exceed, Minimum No definition available.
|
| X | ||||||||||
|
- Definition
Base Management Fee of Three Percentage Of Gross Revenue if Hotel Achieves Operating Results In Excess our Invested Capital No definition available.
|
| X | ||||||||||
|
- Definition
Base Management Fee of Three Point Two Five Percentage Of Gross Revenue if Hotel Achieves Operating Results In Exceeds our Invested Capital No definition available.
|
| X | ||||||||||
|
- Definition
Base Management Fee of Two Point Five Percentage Of Gross Revenue if Hotel Achieves Operating Results In Excess our Invested Capital No definition available.
|
| X | ||||||||||
|
- Definition
Base Management Fee of Two Point Seven Five Percentage Of Gross Revenue if Hotel Achieves Operating Results In Exceeds our Invested Capital No definition available.
|
| X | ||||||||||
|
- Definition
Base Management Fee Percentage Of Gross Revenue If Exceeds Operating Profit Expectations No definition available.
|
| X | ||||||||||
|
- Definition
Base Management Fee Percentage Of Gross Revenue if Hotel Achieves Operating Results In Excess Eight Percent of Invested Capital No definition available.
|
| X | ||||||||||
|
- Definition
Base Management Fee Percentage Of Gross Revenue if Hotel Achieves Operating Results In Excess Seven Percent of Invested Capital No definition available.
|
| X | ||||||||||
|
- Definition
Base management fee reduction, percentage No definition available.
|
| X | ||||||||||
|
- Definition
Franchise Fee as Percentage of Gross Rooms Revenue No definition available.
|
| X | ||||||||||
|
- Definition
Furniture Fixtures and Equipment Reserve Contributions as a Percentage of Gross Revenue, Contribution Percentage Reduced No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of Certain Capital Expenditures Used In Calculating Incentive Management Fee No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of Net Operating Income Before Incentive Management Fees No definition available.
|
| X | ||||||||||
|
- Definition
Performance Guarantee based on operating profits No definition available.
|
| X | ||||||||||
|
- Definition
Base Management Fee Percentage Of Gross Revenue No definition available.
|
| X | ||||||||||
|
- Definition
Property Management Fee Percent Fee Of Gross Revenue, Capped Percentage No definition available.
|
| X | ||||||||||
|
- Details
|
|
Relationship with Managers (Narrative) (Details) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
hotels
|
Dec. 31, 2011
hotels
|
Dec. 31, 2010
hotels
|
|
| Real Estate Properties [Line Items] | |||
| Base management fees expense | $ 19,365,000 | $ 16,405,000 | $ 13,920,000 |
| Incentive management fees expense | 5,550,000 | 5,226,000 | 4,750,000 |
| Management fees | 24,915,000 | 21,631,000 | 18,670,000 |
| Number of hotels that earned incentive management fees | 5 | 3 | 2 |
| Deferred income related to key money, net | 24,362,000 | 24,593,000 | |
| Number of hotels (in hotels) | 27 | ||
| Franchise fees expense | 8,400,000 | 5,700,000 | 2,600,000 |
|
Key Money [Member]
|
|||
| Real Estate Properties [Line Items] | |||
| Amortization | 1,000,000 | 700,000 | 600,000 |
|
Key Money [Member] | Marriott [Member]
|
|||
| Real Estate Properties [Line Items] | |||
| Deferred income related to key money, net | 22,000,000 | ||
| Number of hotels (in hotels) | 6 | ||
|
Key Money [Member] | Marriott [Member] | Frenchman's Reef & Morning Star Marriott Beach [Member]
|
|||
| Real Estate Properties [Line Items] | |||
| Deferred income related to key money, net | 5,300,000 | ||
|
Performance Guarantee Payments Arrangement [Member] | Hilton [Member] | Conrad Chicago [Member]
|
|||
| Real Estate Properties [Line Items] | |||
| Deferred income related to key money, net | $ 800,000 | $ 700,000 | |
| X | ||||||||||
|
- Definition
Base Management Fees expense No definition available.
|
| X | ||||||||||
|
- Definition
Franchise fees expense No definition available.
|
| X | ||||||||||
|
- Definition
Incentive management fees expense No definition available.
|
| X | ||||||||||
|
- Definition
Number of hotel properties No definition available.
|
| X | ||||||||||
|
- Definition
Number of Hotels, Earned Incentive Management Fees No definition available.
|
| X | ||||||||||
|
- Definition
Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of previously reported deferred or unearned revenue that was recognized as revenue during the period. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate costs related to management of owned properties during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Commitments and Contingencies (Litigation) (Details) (USD $)
|
0 Months Ended | |
|---|---|---|
|
Dec. 31, 2011
|
Jan. 18, 2013
Subsequent Event [Member]
New Allerton Loans [Member]
|
|
| Loss Contingencies [Line Items] | ||
| Mortgage Loans on Real Estate, Collections of Principal | $ 5,000,000 | |
| Mortgage Loans on Real Estate, Face Amount of Mortgages | 66,000,000 | |
| Mortgage Loans on Real Estate, Loan Term | 4 years | |
| Mortgage Loans on Real Estate, Extension Option Term | 1 year | |
| Percentage points of default blended interest rate basis points | 5.50% | |
| Settlement liabilities, current | $ 1,700,000 |
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Extension Option Term No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Loan Term No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of principal collected on mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the contractual principal due at the origination of the mortgage loan (face amount). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The stated interest rate on the mortgage loan receivable or the weighted average interest rate on a group of loans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amounts payable for money transfers, money orders, and consumer payment service arrangements. Settlement liabilities include amounts payable to intermediaries for global payment transfers. No definition available.
|
|
Commitments and Contingencies (Ground Leases) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
hotels
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2012
Bethesda Marriott Suites [Member]
Number_of_renewal_terms
|
Dec. 31, 2012
Courtyard Manhattan / Fifth Avenue [Member]
Number_of_renewal_terms
|
Dec. 31, 2009
Marriott Salt Lake City Downtown [Member]
|
Dec. 31, 2012
Marriott Salt Lake City Downtown [Member]
Ground_leases
|
Dec. 31, 2012
Boston Westin Waterfront [Member]
Number_of_renewal_terms
|
Dec. 31, 2012
Hilton Minneapolis [Member]
Number_of_renewal_terms
|
Dec. 31, 2012
Oak Brook Hills Marriot Resort [Member]
acre
|
Dec. 31, 2012
Renaissance Worthington [Member]
Ground_leases
Number_of_renewal_terms
|
|
| Real Estate Properties [Line Items] | |||||||||||
| Number of properties subject to ground leases (in hotels) | 5 | 2 | |||||||||
| Number of renewal periods (in ones) | 0 | 1 | 0 | 0 | 3 | ||||||
| Interest in land under hotel (as a percent of ownership) | 21.00% | ||||||||||
| Cost to purchase interest in land under hotel | $ 0.9 | ||||||||||
| Ground leases (in acres) | 110 | ||||||||||
| Ground leases renewal option (in years) | 49 years | 15 years | |||||||||
| Parking garages subject to ground leases | 3 | ||||||||||
| Percentage of land on which the parking garage is constructed | 25.00% | ||||||||||
| Ground rent expense | 14.6 | 14.2 | 11.7 | ||||||||
| Cash paid for ground rent | $ 8.2 | $ 7.3 | $ 4.6 | ||||||||
| X | ||||||||||
|
- Definition
ground leases acres No definition available.
|
| X | ||||||||||
|
- Definition
Ground Leases Renewal Option Years No definition available.
|
| X | ||||||||||
|
- Definition
Interest in land under hotel No definition available.
|
| X | ||||||||||
|
- Definition
Number of ground leases No definition available.
|
| X | ||||||||||
|
- Definition
Number of Properties Subject to Ground Leases, Number of renewal periods No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of land on which the parking garage is constructed No definition available.
|
| X | ||||||||||
|
- Definition
Rental expense incurred for leased assets including furniture and equipment which has not been recognized in costs and expenses applicable to sales and revenues; for example, cost of goods sold or other operating costs and expenses. No definition available.
|
| X | ||||||||||
|
- Definition
Number of separate real estate development properties located on land subject to ground leases. No definition available.
|
| X | ||||||||||
|
- Definition
Cash payments to lessor's for use of assets under operating leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the acquisition of real estate intended to generate income for the owner; excludes land acquired for use by the owner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Commitments and Contingencies (Schedule Of Future Minimum Rental Commitments under Non-cancelable Operating Leases) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| 2013 | $ 9,912 |
| 2014 | 10,139 |
| 2015 | 10,129 |
| 2016 | 10,430 |
| 2017 | 10,792 |
| Thereafter | 627,034 |
| Future minimum annual rental commitments under non-cancelable operating leases, due | $ 678,436 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the next fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the forth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the third fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing after the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Commitments and Contingencies (Hotel Under Development) (Details) (Times Square 42nd St [Member], USD $)
|
Dec. 31, 2012
|
Jan. 18, 2011
|
|---|---|---|
| Long-term Purchase Commitment [Line Items] | ||
| Earnest money deposits | $ 1,900,000 | $ 20,000,000 |
| Retainage depost upon additional criteria met | 5,000,000 | |
|
Maximum [Member]
|
||
| Long-term Purchase Commitment [Line Items] | ||
| Number of Rooms in hotel under development (in rooms) | 282 | |
| Business acquisition cost of acquisition entity purchase price per room | 450,000 | |
|
Minimum [Member]
|
||
| Long-term Purchase Commitment [Line Items] | ||
| Business acquisition, cost of acquired entity, purchase price | $ 128,000,000 |
| X | ||||||||||
|
- Definition
Business Acquisition Cost of Acquisition Entity Purchase Price Per Room No definition available.
|
| X | ||||||||||
|
- Definition
Earnest Deposit Upon Additional Criteria Met No definition available.
|
| X | ||||||||||
|
- Definition
Number Of Rooms In Hotel Under Development No definition available.
|
| X | ||||||||||
|
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
A deposit made by a purchaser of real estate to evidence good faith. It is customary for a buyer to give the seller earnest money at the time a sales contract is signed. The earnest money generally is credited to the down payment at closing, which is applied at closing as a component of payment against the purchase price. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
|
Carrying Amount [Member]
|
||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Note receivable | $ 53,792 | $ 54,788 |
| Debt | 988,731 | 1,042,933 |
| Interest rate cap | 71 | 0 |
|
Fair Value [Member]
|
||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Note receivable | 57,000 | 55,000 |
| Debt | 1,035,450 | 1,060,830 |
| Interest rate cap | $ 71 | $ 0 |
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Derivative instrument obligations meeting the definition of a liability which the Company is a party to as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money at a future date(s). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 07, 2012
|
Jun. 15, 2012
|
Mar. 23, 2012
|
Sep. 09, 2011
|
Jun. 17, 2011
|
Mar. 25, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||
| Revenues | $ 183,873 | $ 180,950 | $ 118,423 | $ 156,837 | $ 145,946 | $ 101,252 | $ 266,401 | $ 218,141 | $ 749,647 | $ 622,176 | $ 523,895 | |||||||
| Investments | 2,991,167 | [1] | 2,451,788 | [1] | 2,991,167 | [1] | 2,451,788 | [1] | 1,959,733 | [1] | ||||||||
|
Chicago [Member]
|
||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||
| Revenues | 144,260 | 136,287 | 129,584 | |||||||||||||||
| Investments | 536,651 | [1] | 532,098 | [1] | 536,651 | [1] | 532,098 | [1] | 532,098 | [1] | ||||||||
|
Los Angeles [Member]
|
||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||
| Revenues | 79,487 | 74,819 | 70,129 | |||||||||||||||
| Investments | 201,253 | [1] | 200,195 | [1] | 201,253 | [1] | 200,195 | [1] | 198,766 | [1] | ||||||||
|
Boston [Member]
|
||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||
| Revenues | 84,512 | 66,564 | 63,395 | |||||||||||||||
| Investments | 507,820 | [1] | 349,447 | [1] | 507,820 | [1] | 349,447 | [1] | 349,447 | [1] | ||||||||
|
US Virgin Islands [Member]
|
||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||
| Revenues | 55,753 | 34,367 | 48,893 | |||||||||||||||
| Investments | 133,230 | [1] | 126,907 | [1] | 133,230 | [1] | 126,907 | [1] | 93,635 | [1] | ||||||||
|
New York [Member]
|
||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||
| Revenues | 112,279 | 88,586 | 44,345 | |||||||||||||||
| Investments | 532,873 | [1] | 524,308 | [1] | 532,873 | [1] | 524,308 | [1] | 188,451 | [1] | ||||||||
|
Minneapolis [Member]
|
||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||
| Revenues | 49,075 | 50,769 | 27,130 | |||||||||||||||
| Investments | 155,703 | [1] | 155,703 | [1] | 155,703 | [1] | 155,703 | [1] | 155,703 | [1] | ||||||||
|
Denver [Member]
|
||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||
| Revenues | 29,469 | 17,152 | 0 | |||||||||||||||
| Investments | 120,369 | [1] | 120,316 | [1] | 120,369 | [1] | 120,316 | [1] | 0 | [1] | ||||||||
|
Other [Member]
|
||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||
| Revenues | 194,812 | 153,632 | 140,419 | |||||||||||||||
| Investments | $ 803,268 | [1] | $ 442,814 | [1] | $ 803,268 | [1] | $ 442,814 | [1] | $ 441,633 | [1] | ||||||||
|
||||||||||||||||||
| X | ||||||||||
|
- Definition
Real Estate Investment Assets No definition available.
|
| X | ||||||||||
|
- Definition
Amount, net of promotional allowances, of revenue from managing and operating hotels, including, but not limited to, revenue from occupancy, casino, food and beverage, and retail. Excludes operating lease income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Quarterly Operating Results (Unaudited) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 07, 2012
|
Jun. 15, 2012
|
Mar. 23, 2012
|
Sep. 09, 2011
|
Jun. 17, 2011
|
Mar. 25, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Quarterly Financial Data [Abstract] | |||||||||||
| Total revenue | $ 183,873 | $ 180,950 | $ 118,423 | $ 156,837 | $ 145,946 | $ 101,252 | $ 266,401 | $ 218,141 | $ 749,647 | $ 622,176 | $ 523,895 |
| Total operating expenses | 202,807 | 158,371 | 123,087 | 144,109 | 133,936 | 107,226 | 234,246 | 196,790 | 718,511 | 582,061 | 498,310 |
| Operating (loss) income | (18,934) | 22,579 | (4,664) | 12,728 | 12,010 | (5,974) | 32,155 | 21,351 | 31,136 | 40,115 | 25,585 |
| (Loss) income from continuing operations | (30,690) | 8,483 | (10,108) | (768) | (898) | (10,750) | 16,289 | 4,417 | (16,026) | (7,999) | (10,799) |
| (Loss) income from discontinued operations | (14,089) | 461 | 12,723 | (247) | 342 | (294) | 339 | 520 | (566) | 321 | 1,627 |
| Net (loss) income | $ (44,779) | $ 8,944 | $ 2,615 | $ (1,015) | $ (556) | $ (11,044) | $ 16,628 | $ 4,937 | $ (16,592) | $ (7,678) | $ (9,172) |
| Basic and diluted (loss) earnings per share: | |||||||||||
| Continuing operations (in dollars per share) | $ (0.16) | $ 0.05 | $ (0.06) | $ (0.01) | $ 0.00 | $ (0.07) | $ 0.09 | $ 0.03 | $ (0.09) | $ (0.05) | $ (0.07) |
| Discontinued operations (in dollars per share) | $ (0.08) | $ 0.00 | $ 0.08 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.01 |
| Basic and diluted (loss) earnings per share (in dollars per share) | $ (0.24) | $ 0.05 | $ 0.02 | $ (0.01) | $ 0.00 | $ (0.07) | $ 0.09 | $ 0.03 | $ (0.09) | $ (0.05) | $ (0.06) |
| X | ||||||||||
|
- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
|
| X | ||||||||||
|
- Details
|
| 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
The amount of net income (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of income (loss) derived from discontinued operations during the period, net of related tax effect, per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares. No definition available.
|
| 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
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount, net of promotional allowances, of revenue from managing and operating hotels, including, but not limited to, revenue from occupancy, casino, food and beverage, and retail. Excludes operating lease income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Real Estate and Accumulated Depreciation (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | $ (967,826) | ||
| Initial Cost - Land | 401,343 | ||
| Initial Cost - Buildings and Improvements | 2,281,140 | ||
| Costs Capitalized Subsequent to Acquisition | 88,357 | ||
| Gross Amount at End of Year - Land | 402,198 | ||
| Gross Amount at End of Year - Buildings and Improvements | 2,368,642 | ||
| Gross Amount at End of Year - Total | 2,770,840 | ||
| Accumulated Depreciation | (276,832) | ||
| Net Book Value | 2,494,008 | ||
| Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
| Balance | 2,623,341 | 2,152,921 | 1,900,260 |
| Additions: | |||
| Acquisitions | 495,999 | 439,338 | 234,309 |
| Capital expenditures | 12,756 | 31,082 | 12,631 |
| Adjustments to purchase accounting | 5,721 | ||
| Deductions: | |||
| Dispositions and other | (333,545) | ||
| Impairment of Real Estate | (27,711) | ||
| Balance | 2,770,840 | 2,623,341 | 2,152,921 |
| Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
| Balance | 262,259 | 208,741 | 162,640 |
| Real Estate Accumulated Depreciation, Depreciation Expense | 90,893 | 53,518 | 46,101 |
| Dispositions and other | (76,320) | ||
| Balance | 276,832 | 262,259 | 208,741 |
| Aggregate cost of properties for Federal income tax purposes | 2,674,881 | ||
|
Atlanta Alpharetta Marriott [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 3,623 | ||
| Initial Cost - Buildings and Improvements | 33,503 | ||
| Costs Capitalized Subsequent to Acquisition | 748 | ||
| Gross Amount at End of Year - Land | 3,623 | ||
| Gross Amount at End of Year - Buildings and Improvements | 34,251 | ||
| Gross Amount at End of Year - Total | 37,874 | ||
| Accumulated Depreciation | (6,435) | ||
| Net Book Value | 31,439 | ||
| Depreciation Life (in years) | 40 years | ||
|
Bethesda Marriott Suites [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 0 | ||
| Initial Cost - Buildings and Improvements | 45,656 | ||
| Costs Capitalized Subsequent to Acquisition | 1,672 | ||
| Gross Amount at End of Year - Land | 0 | ||
| Gross Amount at End of Year - Buildings and Improvements | 47,328 | ||
| Gross Amount at End of Year - Total | 47,328 | ||
| Accumulated Depreciation | (9,443) | ||
| Net Book Value | 37,885 | ||
| Depreciation Life (in years) | 40 years | ||
|
Boston Westin Waterfront [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 0 | ||
| Initial Cost - Buildings and Improvements | 273,696 | ||
| Costs Capitalized Subsequent to Acquisition | 16,526 | ||
| Gross Amount at End of Year - Land | 0 | ||
| Gross Amount at End of Year - Buildings and Improvements | 290,222 | ||
| Gross Amount at End of Year - Total | 290,222 | ||
| Accumulated Depreciation | (42,865) | ||
| Net Book Value | 247,357 | ||
| Depreciation Life (in years) | 40 years | ||
|
Chicago Marriott Downtown [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (211,477) | ||
| Initial Cost - Land | 36,900 | ||
| Initial Cost - Buildings and Improvements | 347,921 | ||
| Costs Capitalized Subsequent to Acquisition | 18,573 | ||
| Gross Amount at End of Year - Land | 36,900 | ||
| Gross Amount at End of Year - Buildings and Improvements | 366,494 | ||
| Gross Amount at End of Year - Total | 403,394 | ||
| Accumulated Depreciation | (61,160) | ||
| Net Book Value | 342,234 | ||
| Depreciation Life (in years) | 40 years | ||
|
Conrad Chicago [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 31,650 | ||
| Initial Cost - Buildings and Improvements | 76,961 | ||
| Costs Capitalized Subsequent to Acquisition | 3,413 | ||
| Gross Amount at End of Year - Land | 31,650 | ||
| Gross Amount at End of Year - Buildings and Improvements | 80,374 | ||
| Gross Amount at End of Year - Total | 112,024 | ||
| Accumulated Depreciation | (12,000) | ||
| Net Book Value | 100,024 | ||
| Depreciation Life (in years) | 40 years | ||
|
Courtyard Denver [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 9,400 | ||
| Initial Cost - Buildings and Improvements | 36,180 | ||
| Costs Capitalized Subsequent to Acquisition | 228 | ||
| Gross Amount at End of Year - Land | 9,400 | ||
| Gross Amount at End of Year - Buildings and Improvements | 36,408 | ||
| Gross Amount at End of Year - Total | 45,808 | ||
| Accumulated Depreciation | (1,329) | ||
| Net Book Value | 44,479 | ||
| Depreciation Life (in years) | 40 years | ||
|
Courtyard Manhattan / Fifth Avenue [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (50,173) | ||
| Initial Cost - Land | 0 | ||
| Initial Cost - Buildings and Improvements | 34,685 | ||
| Costs Capitalized Subsequent to Acquisition | 2,441 | ||
| Gross Amount at End of Year - Land | 0 | ||
| Gross Amount at End of Year - Buildings and Improvements | 37,126 | ||
| Gross Amount at End of Year - Total | 37,126 | ||
| Accumulated Depreciation | (7,417) | ||
| Net Book Value | 29,709 | ||
| Depreciation Life (in years) | 40 years | ||
|
Courtyard Manhattan / Midtown East [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (41,933) | ||
| Initial Cost - Land | 16,500 | ||
| Initial Cost - Buildings and Improvements | 54,812 | ||
| Costs Capitalized Subsequent to Acquisition | 2,012 | ||
| Gross Amount at End of Year - Land | 16,500 | ||
| Gross Amount at End of Year - Buildings and Improvements | 56,824 | ||
| Gross Amount at End of Year - Total | 73,324 | ||
| Accumulated Depreciation | (11,351) | ||
| Net Book Value | 61,973 | ||
| Depreciation Life (in years) | 40 years | ||
|
Frenchman's Reef & Morning Star Marriott Beach [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (58,690) | ||
| Initial Cost - Land | 17,713 | ||
| Initial Cost - Buildings and Improvements | 50,697 | ||
| Costs Capitalized Subsequent to Acquisition | 40,206 | ||
| Gross Amount at End of Year - Land | 17,713 | ||
| Gross Amount at End of Year - Buildings and Improvements | 90,903 | ||
| Gross Amount at End of Year - Total | 108,616 | ||
| Accumulated Depreciation | (11,193) | ||
| Net Book Value | 97,423 | ||
| Depreciation Life (in years) | 40 years | ||
|
Hilton Boston [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 23,262 | ||
| Initial Cost - Buildings and Improvements | 128,628 | ||
| Costs Capitalized Subsequent to Acquisition | 959 | ||
| Gross Amount at End of Year - Land | 23,262 | ||
| Gross Amount at End of Year - Buildings and Improvements | 129,587 | ||
| Gross Amount at End of Year - Total | 152,849 | ||
| Accumulated Depreciation | (1,491) | ||
| Net Book Value | 151,358 | ||
| Depreciation Life (in years) | 40 years | ||
|
Hilton Burlington [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 9,197 | ||
| Initial Cost - Buildings and Improvements | 40,644 | ||
| Costs Capitalized Subsequent to Acquisition | 99 | ||
| Gross Amount at End of Year - Land | 9,197 | ||
| Gross Amount at End of Year - Buildings and Improvements | 40,743 | ||
| Gross Amount at End of Year - Total | 49,940 | ||
| Accumulated Depreciation | (479) | ||
| Net Book Value | 49,461 | ||
| Depreciation Life (in years) | 40 years | ||
|
Hilton Garden Inn Chelsea/ New York City [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 14,800 | ||
| Initial Cost - Buildings and Improvements | 51,458 | ||
| Costs Capitalized Subsequent to Acquisition | 373 | ||
| Gross Amount at End of Year - Land | 14,800 | ||
| Gross Amount at End of Year - Buildings and Improvements | 51,831 | ||
| Gross Amount at End of Year - Total | 66,631 | ||
| Accumulated Depreciation | (2,987) | ||
| Net Book Value | 63,644 | ||
| Depreciation Life (in years) | 40 years | ||
|
Hilton Minneapolis [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (96,901) | ||
| Initial Cost - Land | 0 | ||
| Initial Cost - Buildings and Improvements | 129,640 | ||
| Costs Capitalized Subsequent to Acquisition | 449 | ||
| Gross Amount at End of Year - Land | 0 | ||
| Gross Amount at End of Year - Buildings and Improvements | 130,089 | ||
| Gross Amount at End of Year - Total | 130,089 | ||
| Accumulated Depreciation | (8,253) | ||
| Net Book Value | 121,836 | ||
| Depreciation Life (in years) | 40 years | ||
|
Hotel Rex [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 7,856 | ||
| Initial Cost - Buildings and Improvements | 21,085 | ||
| Costs Capitalized Subsequent to Acquisition | 0 | ||
| Gross Amount at End of Year - Land | 7,856 | ||
| Gross Amount at End of Year - Buildings and Improvements | 21,085 | ||
| Gross Amount at End of Year - Total | 28,941 | ||
| Accumulated Depreciation | (71) | ||
| Net Book Value | 28,870 | ||
| Depreciation Life (in years) | 40 years | ||
|
JW Marriot Denver at Cherry Creek [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (40,761) | ||
| Initial Cost - Land | 9,200 | ||
| Initial Cost - Buildings and Improvements | 63,183 | ||
| Costs Capitalized Subsequent to Acquisition | 17 | ||
| Gross Amount at End of Year - Land | 9,200 | ||
| Gross Amount at End of Year - Buildings and Improvements | 63,200 | ||
| Gross Amount at End of Year - Total | 72,400 | ||
| Accumulated Depreciation | (2,552) | ||
| Net Book Value | 69,848 | ||
| Depreciation Life (in years) | 40 years | ||
|
Lexington [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (170,368) | ||
| Initial Cost - Land | 92,000 | ||
| Initial Cost - Buildings and Improvements | 229,368 | ||
| Costs Capitalized Subsequent to Acquisition | 495 | ||
| Gross Amount at End of Year - Land | 92,000 | ||
| Gross Amount at End of Year - Buildings and Improvements | 229,863 | ||
| Gross Amount at End of Year - Total | 321,863 | ||
| Accumulated Depreciation | (9,051) | ||
| Net Book Value | 312,812 | ||
| Depreciation Life (in years) | 40 years | ||
|
Los Angeles Airport Marriott [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (82,600) | ||
| Initial Cost - Land | 24,100 | ||
| Initial Cost - Buildings and Improvements | 83,077 | ||
| Costs Capitalized Subsequent to Acquisition | 6,912 | ||
| Gross Amount at End of Year - Land | 24,100 | ||
| Gross Amount at End of Year - Buildings and Improvements | 89,989 | ||
| Gross Amount at End of Year - Total | 114,089 | ||
| Accumulated Depreciation | (16,792) | ||
| Net Book Value | 97,297 | ||
| Depreciation Life (in years) | 40 years | ||
|
Oak Brook Hills Marriott Resort [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 9,500 | ||
| Initial Cost - Buildings and Improvements | 39,128 | ||
| Costs Capitalized Subsequent to Acquisition | (23,397) | ||
| Gross Amount at End of Year - Land | 9,500 | ||
| Gross Amount at End of Year - Buildings and Improvements | 15,731 | ||
| Gross Amount at End of Year - Total | 25,231 | ||
| Accumulated Depreciation | (7,884) | ||
| Net Book Value | 17,347 | ||
| Depreciation Life (in years) | 40 years | ||
|
Orlando Airport Marriott [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (57,583) | ||
| Initial Cost - Land | 9,769 | ||
| Initial Cost - Buildings and Improvements | 57,803 | ||
| Costs Capitalized Subsequent to Acquisition | 3,658 | ||
| Gross Amount at End of Year - Land | 9,769 | ||
| Gross Amount at End of Year - Buildings and Improvements | 61,461 | ||
| Gross Amount at End of Year - Total | 71,230 | ||
| Accumulated Depreciation | (10,737) | ||
| Net Book Value | 60,493 | ||
| Depreciation Life (in years) | 40 years | ||
|
Renaissance Charleston [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 5,900 | ||
| Initial Cost - Buildings and Improvements | 32,511 | ||
| Costs Capitalized Subsequent to Acquisition | 23 | ||
| Gross Amount at End of Year - Land | 5,900 | ||
| Gross Amount at End of Year - Buildings and Improvements | 32,534 | ||
| Gross Amount at End of Year - Total | 38,434 | ||
| Accumulated Depreciation | (1,939) | ||
| Net Book Value | 36,495 | ||
| Depreciation Life (in years) | 40 years | ||
|
Renaissance Worthington [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (54,700) | ||
| Initial Cost - Land | 15,500 | ||
| Initial Cost - Buildings and Improvements | 63,428 | ||
| Costs Capitalized Subsequent to Acquisition | 1,246 | ||
| Gross Amount at End of Year - Land | 15,500 | ||
| Gross Amount at End of Year - Buildings and Improvements | 64,674 | ||
| Gross Amount at End of Year - Total | 80,174 | ||
| Accumulated Depreciation | (12,084) | ||
| Net Book Value | 68,090 | ||
| Depreciation Life (in years) | 40 years | ||
|
Salt Lake City Marriott Downtown [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (28,640) | ||
| Initial Cost - Land | 0 | ||
| Initial Cost - Buildings and Improvements | 45,815 | ||
| Costs Capitalized Subsequent to Acquisition | 3,806 | ||
| Gross Amount at End of Year - Land | 855 | ||
| Gross Amount at End of Year - Buildings and Improvements | 48,766 | ||
| Gross Amount at End of Year - Total | 49,621 | ||
| Accumulated Depreciation | (9,513) | ||
| Net Book Value | 40,108 | ||
| Depreciation Life (in years) | 40 years | ||
|
The Lodge at Sonoma, a Renaissance Resort and Spa [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 3,951 | ||
| Initial Cost - Buildings and Improvements | 22,720 | ||
| Costs Capitalized Subsequent to Acquisition | 565 | ||
| Gross Amount at End of Year - Land | 3,951 | ||
| Gross Amount at End of Year - Buildings and Improvements | 23,285 | ||
| Gross Amount at End of Year - Total | 27,236 | ||
| Accumulated Depreciation | (6,636) | ||
| Net Book Value | 20,600 | ||
| Depreciation Life (in years) | 40 years | ||
|
Torrance Marriott South Bay [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 7,241 | ||
| Initial Cost - Buildings and Improvements | 48,232 | ||
| Costs Capitalized Subsequent to Acquisition | 5,517 | ||
| Gross Amount at End of Year - Land | 7,241 | ||
| Gross Amount at End of Year - Buildings and Improvements | 53,749 | ||
| Gross Amount at End of Year - Total | 60,990 | ||
| Accumulated Depreciation | (10,526) | ||
| Net Book Value | 50,464 | ||
| Depreciation Life (in years) | 40 years | ||
|
Westin San Diego [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 22,902 | ||
| Initial Cost - Buildings and Improvements | 95,617 | ||
| Costs Capitalized Subsequent to Acquisition | 0 | ||
| Gross Amount at End of Year - Land | 22,902 | ||
| Gross Amount at End of Year - Buildings and Improvements | 95,617 | ||
| Gross Amount at End of Year - Total | 118,519 | ||
| Accumulated Depreciation | (1,104) | ||
| Net Book Value | 117,415 | ||
| Depreciation Life (in years) | 40 years | ||
|
Westin Washington, D.C. City Center [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | (74,000) | ||
| Initial Cost - Land | 24,579 | ||
| Initial Cost - Buildings and Improvements | 122,229 | ||
| Costs Capitalized Subsequent to Acquisition | 0 | ||
| Gross Amount at End of Year - Land | 24,579 | ||
| Gross Amount at End of Year - Buildings and Improvements | 122,229 | ||
| Gross Amount at End of Year - Total | 146,808 | ||
| Accumulated Depreciation | (1,412) | ||
| Net Book Value | 145,396 | ||
| Depreciation Life (in years) | 40 years | ||
|
Vail Marriott Mountain Resort & Spa [Member]
|
|||
| Real Estate and Accumulated Depreciation [Line Items] | |||
| Encumbrances | 0 | ||
| Initial Cost - Land | 5,800 | ||
| Initial Cost - Buildings and Improvements | 52,463 | ||
| Costs Capitalized Subsequent to Acquisition | 1,816 | ||
| Gross Amount at End of Year - Land | 5,800 | ||
| Gross Amount at End of Year - Buildings and Improvements | 54,279 | ||
| Gross Amount at End of Year - Total | 60,079 | ||
| Accumulated Depreciation | (10,128) | ||
| Net Book Value | $ 49,951 | ||
| Depreciation Life (in years) | 40 years | ||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Real Estate Adjustments to purchase accounting No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount as of the balance sheet date of accumulated depreciation pertaining to real estate properties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of depreciation expense for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decreases or increases in accumulated depreciation for the period other than deductions attributed to real estate sold or written-off. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of accumulated depreciation for the property as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of a lien or mortgage outstanding as of the balance sheet date on a specific property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount at which buildings and improvements are carried at the end of the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount at which land is carried at the end of the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount at which land and buildings and improvements are carried at the end of the period for each property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of carrying costs of properties that were capitalized after acquisition (for example, real estate taxes and insurance) excluding the initial purchase price and improvements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Initial cost to the Entity for buildings and improvements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Initial cost to the Entity for land. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
Estimated economic life on which depreciation was computed, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of the cost basis of a real estate investment for federal income tax purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Gross amount of real estate as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of improvements made to real estate investments during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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
Amount of real estate investments acquired other than through foreclosure during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total other decrease (increase) in the carrying amount of real estate investments during the period other than cost of real estate sold. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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