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Consolidated Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Total revenue $ 54,885,000 $ 32,114,000
Total hotel operating expenses 33,683,000 21,974,000
Depreciation and amortization 15,036,000 13,334,000
Property taxes, ground rent and insurance 4,958,000 5,879,000
General and administrative 3,942,000 3,530,000
Other charges 250,000 55,000
Reimbursable costs from unconsolidated entities 326,000 787,000
Total operating expenses 58,195,000 45,559,000
Operating loss before loss on sale of hotel property (3,310,000) (13,445,000)
Loss on sale of hotel property 0 (43,000)
Operating income (loss) (3,310,000) (13,488,000)
Interest and other income 0 74,000
Interest expense, including amortization of deferred fees (6,389,000) (6,470,000)
Loss from unconsolidated real estate entities 0 (1,231,000)
Gain on sale of investment in unconsolidated real estate entities 0 23,817,000
(Loss) income before income tax expense (9,699,000) 2,702,000
Income tax expense 0 0
Net (loss) income (9,699,000) 2,702,000
Net loss (income) attributable to noncontrolling interests 253,000 (46,000)
Net (loss) income attributable to common shareholders (9,446,000) 2,656,000
Preferred dividends (1,987,000) 0
Net (loss) income attributable to common shareholders $ (11,433,000) $ 2,656,000
(Loss) Income per Common Share - Basic:    
Net (loss) income attributable to common shareholders (in dollars per share) $ (0.23) $ 0.06
(Loss) Income per Common Share - Diluted:    
Net (loss) income attributable to common shareholders (in dollars per share) $ (0.23) $ 0.06
Weighted average number of common shares outstanding:    
Basic (in shares) 48,787,519 47,224,972
Diluted (in shares) 48,787,519 47,368,518
Distributions declared per common share (in dollars per share) $ 0 $ 0
Room    
Total revenue $ 50,164,000 $ 29,390,000
Total hotel operating expenses 11,594,000 7,166,000
Food and beverage    
Total revenue 1,415,000 363,000
Total hotel operating expenses 1,047,000 284,000
Other    
Total revenue 2,980,000 1,574,000
Reimbursable costs from unconsolidated entities    
Total revenue 326,000 787,000
Telephone    
Total hotel operating expenses 402,000 400,000
Other hotel operating    
Total hotel operating expenses 732,000 365,000
General and administrative    
Total hotel operating expenses 5,350,000 3,812,000
Franchise and marketing fees    
Total hotel operating expenses 4,408,000 2,598,000
Advertising and promotions    
Total hotel operating expenses 1,189,000 757,000
Utilities    
Total hotel operating expenses 2,888,000 2,287,000
Repairs and maintenance    
Total hotel operating expenses 3,445,000 2,461,000
Management fees    
Total hotel operating expenses 1,918,000 1,196,000
Insurance    
Total hotel operating expenses $ 710,000 $ 648,000