XML 32 R23.htm IDEA: XBRL DOCUMENT v3.22.1
Related Party Transactions
3 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Prior to March 18, 2021, Mr. Fisher owned 52.5% of IHM. During the three months ended March 31, 2021, Mr. Fisher acquired the remaining 47.5% ownership interest and as of March 31, 2022, Mr. Fisher owns 100% of IHM. As of March 31, 2022, the Company had hotel management agreements with IHM to manage all 43 of its hotels. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the three months ended March 31, 2022 and 2021 were $1.9 million and $1.2 million, respectively. At March 31, 2022 and December 31, 2021, the amounts due to IHM were $0.6 million and $0.3 million, respectively.
Cost reimbursements from unconsolidated entities revenue represent reimbursements of costs incurred on behalf of the NewINK JV, Inland JV, and IHM. These costs relate primarily to corporate payroll costs at the NewINK JV and Inland JV where the Company is the employer and office expenses shared with these entities and IHM. Various shared office expenses and rent are paid by the Company and allocated to IHM based on the amount of square footage occupied by each entity. As the Company records cost reimbursements based upon costs incurred with no added markup, the revenue and related expense has no impact on the Company’s operating income or net income. Cost reimbursements are recorded based upon the occurrence of a reimbursed activity.