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Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events

On July 23, 2019, the Company purchased the remaining 60% ownership interest of four hotel joint ventures that own and operate Cambria Hotels for approximately $168.7 million, net of cash acquired and closing costs, and sold its 40% ownership interest of one hotel joint venture for approximately $8.9 million, net of closing costs. The transaction was funded with cash and borrowings under the Company's revolving credit facility. Prior to the transaction, the five joint ventures, which each owned one Cambria Hotel, represented balances in investments in unconsolidated entities of $40.0 million at June 30, 2019. Following the transaction, the Company will consolidate the operations of the four acquired joint ventures that were previously accounted for as equity investments. Based on the Company's preliminary analysis, the purchase of the remaining 60% ownership interests will be accounted for as asset acquisitions, as the value is concentrated in the acquired land and buildings. The Company is currently evaluating the purchase price accounting of these transactions.