Investment in Unconsolidated Entities

9 Months Ended

Sep. 30, 2019

Investment in Unconsolidated Entities [Abstract]

Investment in Unconsolidated Entities

Investment in Unconsolidated Joint Ventures

As of September 30, 2019 and December 31, 2018, the Company owned 50% interests in joint ventures that owned two hotel properties. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in income from unconsolidated joint ventures related to the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the assets and liabilities of the joint ventures. As of September 30, 2019 and December 31, 2018, the unconsolidated entities' debt consisted entirely of non-recourse mortgage debt.

The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands):

	September 30, 2019			December 31, 2018
Equity basis of the joint venture investments	$	(4,097	)	$	(4,810	)
Cost of the joint venture investments in excess of the joint venture book value	19,687			20,526
Investment in unconsolidated joint ventures	$	15,590		$	15,716

The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands):

	For the three months ended September 30,						For the nine months ended September 30,
	2019			2018			2019			2018
Unconsolidated joint ventures net income attributable to the Company	$	310		$	498		$	1,404		$	1,784
Depreciation of cost in excess of book value	(280		)	(280		)	(839		)	(839		)
Equity in income from unconsolidated joint ventures	$	30		$	218		$	565		$	945