2017 Q1 Form 10-Q Financial Statement

#000123258217000032 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $353.7M $367.8M
YoY Change -3.82% 46.97%
Cost Of Revenue $244.9M $251.6M
YoY Change -2.66% 52.02%
Gross Profit $108.8M $116.1M
YoY Change -6.29% 36.91%
Gross Profit Margin 30.76% 31.57%
Selling, General & Admin $15.80M $12.60M
YoY Change 25.4% -12.5%
% of Gross Profit 14.52% 10.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $64.70M $62.16M
YoY Change 4.08% 64.17%
% of Gross Profit 59.47% 53.54%
Operating Expenses $80.60M $74.80M
YoY Change 7.75% 43.3%
Operating Profit $28.18M $41.40M
YoY Change -31.94% 28.96%
Interest Expense -$57.80M -$52.50M
YoY Change 10.1% 17.45%
% of Operating Profit -205.12% -126.8%
Other Income/Expense, Net -$3.120M -$252.0K
YoY Change 1138.1% -105.82%
Pretax Income -$32.78M -$11.51M
YoY Change 184.82% -103.13%
Income Tax -$846.0K $629.0K
% Of Pretax Income
Net Earnings -$25.41M -$9.989M
YoY Change 154.41% -103.11%
Net Earnings / Revenue -7.18% -2.72%
Basic Earnings Per Share -$0.39 -$0.20
Diluted Earnings Per Share -$0.39 -$0.20
COMMON SHARES
Basic Shares Outstanding 94.84M shares 94.14M shares
Diluted Shares Outstanding 94.84M shares 94.14M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $306.7M $226.9M
YoY Change 35.17% -36.21%
Cash & Equivalents $306.7M $226.9M
Short-Term Investments
Other Short-Term Assets $24.70M $22.70M
YoY Change 8.81% -0.44%
Inventory $4.494M $4.785M
Prepaid Expenses
Receivables $82.30M $75.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $418.2M $329.4M
YoY Change 26.96% -30.87%
LONG-TERM ASSETS
Property, Plant & Equipment $4.153B $4.394B
YoY Change -5.48% 11.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.724M $60.98M
YoY Change -87.33% 3.41%
Other Assets $168.1M $165.8M
YoY Change 1.39% -7.68%
Total Long-Term Assets $4.404B $4.659B
YoY Change -5.46% 8.53%
TOTAL ASSETS
Total Short-Term Assets $418.2M $329.4M
Total Long-Term Assets $4.404B $4.659B
Total Assets $4.823B $4.988B
YoY Change -3.32% 4.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.40M $13.60M
YoY Change 35.29% 28.3%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $183.2M $39.40M
YoY Change 364.97% 1.55%
LONG-TERM LIABILITIES
Long-Term Debt $3.720B $3.879B
YoY Change -4.1% 14.51%
Other Long-Term Liabilities $33.70M $33.40M
YoY Change 0.9% -28.94%
Total Long-Term Liabilities $3.754B $3.913B
YoY Change -4.06% 13.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $183.2M $39.40M
Total Long-Term Liabilities $3.754B $3.913B
Total Liabilities $3.955B $4.093B
YoY Change -3.35% 13.51%
SHAREHOLDERS EQUITY
Retained Earnings -$1.010B -$828.5M
YoY Change 21.86% 18.9%
Common Stock $970.0K $957.0K
YoY Change 1.36% -23.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $755.2M $769.7M
YoY Change
Total Liabilities & Shareholders Equity $4.823B $4.988B
YoY Change -3.32% 4.59%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$25.41M -$9.989M
YoY Change 154.41% -103.11%
Depreciation, Depletion And Amortization $64.70M $62.16M
YoY Change 4.08% 64.17%
Cash From Operating Activities $39.54M $49.98M
YoY Change -20.89% 64.82%
INVESTING ACTIVITIES
Capital Expenditures -$56.80M -$40.70M
YoY Change 39.56% -87.14%
Acquisitions $0.00 $0.00
YoY Change -100.0%
Other Investing Activities $65.20M $500.0K
YoY Change 12940.0%
Cash From Investing Activities $8.388M -$40.14M
YoY Change -120.9% -84.51%
FINANCING ACTIVITIES
Cash Dividend Paid $24.22M $22.68M
YoY Change 6.8% 3.6%
Common Stock Issuance & Retirement, Net $1.000K
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$68.47M $10.42M
YoY Change -756.97% -97.18%
NET CHANGE
Cash From Operating Activities $39.54M $49.98M
Cash From Investing Activities $8.388M -$40.14M
Cash From Financing Activities -$68.47M $10.42M
Net Change In Cash -$20.54M $20.27M
YoY Change -201.36% -85.59%
FREE CASH FLOW
Cash From Operating Activities $39.54M $49.98M
Capital Expenditures -$56.80M -$40.70M
Free Cash Flow $96.34M $90.68M
YoY Change 6.24% -73.85%

Facts In Submission

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1001000 USD
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0 USD
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CY2017Q1 us-gaap Increase Decrease In Due To Related Parties
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CY2016Q1 us-gaap Increase Decrease In Other Operating Liabilities
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2116000 USD
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660000 USD
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2016Q1 us-gaap Interest Expense Debt
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63000 USD
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208000 USD
CY2016Q4 us-gaap Investments Fair Value Disclosure
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53185000 USD
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50382000 USD
CY2016Q4 us-gaap Land
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Land
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CY2016Q4 us-gaap Liabilities And Stockholders Equity
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CY2016Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
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37047000 USD
CY2017Q1 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
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0 USD
CY2016Q4 us-gaap Long Term Debt
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3723559000 USD
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3720040000 USD
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0 USD
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-3346000 USD
CY2016Q1 us-gaap Marketable Securities Unrealized Gain Loss
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0 USD
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-3346000 USD
CY2016Q4 us-gaap Minority Interest
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756000 USD
CY2017Q1 us-gaap Minority Interest
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725000 USD
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12469000 USD
CY2017Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
0 USD
CY2016Q4 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.15
CY2017Q1 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.15
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10422000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-68469000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-40141000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
49984000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
39540000 USD
CY2016Q1 us-gaap Net Income Loss
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-9989000 USD
CY2017Q1 us-gaap Net Income Loss
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-25413000 USD
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-38000 USD
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-31000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18479000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-36369000 USD
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable
-38000 USD
CY2017Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable
-31000 USD
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
-2112000 USD
CY2017Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
-6493000 USD
CY2017Q1 us-gaap Number Of Operating Segments
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1 segment
CY2017Q1 us-gaap Number Of Units In Real Estate Property
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25553 room
CY2016Q1 us-gaap Occupancy Costs
OccupancyCosts
63102000 USD
CY2017Q1 us-gaap Occupancy Costs
OccupancyCosts
59873000 USD
CY2016Q1 us-gaap Occupancy Revenue
OccupancyRevenue
290615000 USD
CY2017Q1 us-gaap Occupancy Revenue
OccupancyRevenue
276705000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
41403000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
28262000 USD
CY2016Q4 us-gaap Other Assets
OtherAssets
11718000 USD
CY2017Q1 us-gaap Other Assets
OtherAssets
13627000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2016Q1 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
113137000 USD
CY2017Q1 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
111733000 USD
CY2016Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
13709000 USD
CY2017Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
13766000 USD
CY2016Q4 us-gaap Other Liabilities
OtherLiabilities
16548000 USD
CY2017Q1 us-gaap Other Liabilities
OtherLiabilities
17439000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-252000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3120000 USD
CY2016Q1 us-gaap Other Sales Revenue Net
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393000 USD
CY2017Q1 us-gaap Other Sales Revenue Net
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388000 USD
CY2016Q1 us-gaap Owned Property Management Costs
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13695000 USD
CY2017Q1 us-gaap Owned Property Management Costs
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12826000 USD
CY2016Q1 us-gaap Payments For Capital Improvements
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40688000 USD
CY2017Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
56765000 USD
CY2016Q1 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
73000 USD
CY2017Q1 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
280000 USD
CY2016Q1 us-gaap Payments For Fees
PaymentsForFees
30000 USD
CY2017Q1 us-gaap Payments For Fees
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75000 USD
CY2016Q1 us-gaap Payments For Purchase Of Securities Operating Activities
PaymentsForPurchaseOfSecuritiesOperatingActivities
0 USD
CY2017Q1 us-gaap Payments For Purchase Of Securities Operating Activities
PaymentsForPurchaseOfSecuritiesOperatingActivities
543000 USD
CY2016Q1 us-gaap Payments Of Debt Issuance Costs
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764000 USD
CY2017Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
623000 USD
CY2016Q1 us-gaap Payments Of Dividends
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22676000 USD
CY2017Q1 us-gaap Payments Of Dividends
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24219000 USD
CY2016Q1 us-gaap Payments To Acquire Equity Method Investments
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2000000 USD
CY2017Q1 us-gaap Payments To Acquire Equity Method Investments
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650000 USD
CY2016Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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8490000 USD
CY2017Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
10956000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2016Q4 us-gaap Prepaid Expense Current And Noncurrent
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17578000 USD
CY2017Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
24668000 USD
CY2016Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
60000 USD
CY2017Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
0 USD
CY2016Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
33000 USD
CY2017Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
190000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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37500000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
61000 USD
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
88000 USD
CY2016Q1 us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
-1000 USD
CY2017Q1 us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
6000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
2484000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
17325000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-12139000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
-31937000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5054564000 USD
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5069611000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4160563000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4152741000 USD
CY2016Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
11558000 USD
CY2017Q1 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
11612000 USD
CY2016Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
183000 USD
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
183000 USD
CY2016Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
0 USD
CY2017Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
114000 USD
CY2017Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
111273000 USD
CY2016Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
3625000 USD
CY2017Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
43441000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
153680000 USD
CY2016Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
162146000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
144014000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
165262000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-974015000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1009656000 USD
CY2016Q1 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
367379000 USD
CY2017Q1 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
353321000 USD
CY2016Q1 us-gaap Revenues
Revenues
367772000 USD
CY2017Q1 us-gaap Revenues
Revenues
353709000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
984000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
428000 USD
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
53185000 USD
CY2017Q1 us-gaap Short Term Investments
ShortTermInvestments
50382000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
161000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0 USD
CY2017Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2017Q1 us-gaap Stock Repurchased And Retired During Period Value
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1275000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
791621000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
755211000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
792377000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
755936000 USD
CY2016Q1 us-gaap Trading Gains Losses
TradingGainsLosses
176000 USD
CY2017Q1 us-gaap Trading Gains Losses
TradingGainsLosses
-323000 USD
CY2016Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
6918000 USD
CY2017Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1418000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94136000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94136000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94840000 shares
CY2016Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2017Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
54000 USD
CY2017Q1 us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Revenue Recognition</font><font style="font-family:inherit;font-size:10pt;">&#8212;Hotel revenues, including room, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, are recognized when services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;"></font></div></div>
CY2017Q1 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">&#8212;The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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