Relationships with Managers and Franchisors (Tables)

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Schedule of Terms of Hotel Franchise Agreements

We terminated the existing management agreements with Marriott and entered into new franchise agreements with Marriott for the following hotel properties:

Hotel	Franchise Effective Date	Franchise Expiration Date	Franchise Fees
Atlanta Marriott Alpharetta	September 9, 2020	September 9, 2040 (1)	6% of gross room sales and 3% of gross food and beverage sales (2)
Salt Lake City Marriott Downtown at City Creek	September 3, 2020	September 3, 2040 (1)	6% of gross room sales and 3% of gross food and beverage sales (2)
The Lodge at Sonoma Renaissance Resort & Spa	September 1, 2020	December 31, 2035	5% of gross room sales (2)
Renaissance Charleston Historic District Hotel	September 23, 2020	December 31, 2031	5% of gross room sales (3)
Courtyard New York Manhattan/Fifth Avenue	October 1, 2020	December 28, 2035	6% of gross room sales

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(1)The franchise agreement may be extended at Marriott's option for one 10-year term.

(2)The franchise agreement limits total franchise fees prior to December 31, 2020 to 3% of gross revenues.

(3)The franchise agreement limits total franchise fees prior to December 31, 2020 to 3.5% of gross revenues.