2021 Q4 Form 10-K Financial Statement

#000149764522000003 Filed on February 23, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $106.9M $110.7M $86.52M
YoY Change 121.57% 111.18% 240.16%
Cost Of Revenue $62.37M $61.26M $50.25M
YoY Change 76.69% 71.61% 109.38%
Gross Profit $44.49M $49.42M $36.27M
YoY Change 244.88% 195.95% 2318.2%
Gross Profit Margin 41.63% 44.65% 41.92%
Selling, General & Admin $19.92M $16.78M $17.50M
YoY Change 17.88% 6.87% 4.14%
% of Gross Profit 44.78% 33.95% 48.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.18M $25.89M $26.58M
YoY Change -4.8% -5.84% -3.33%
% of Gross Profit 58.84% 52.39% 73.29%
Operating Expenses $46.10M $40.04M $44.08M
YoY Change -1.07% -7.32% -0.49%
Operating Profit -$1.611M $5.023M -$11.63M
YoY Change -95.22% -119.11% -72.91%
Interest Expense -$10.80M $10.82M $10.96M
YoY Change 1.9% -0.8% 1.98%
% of Operating Profit 215.35%
Other Income/Expense, Net $1.746M -$8.567M -$8.667M
YoY Change 191.0% -11.0% -12.22%
Pretax Income -$10.51M -$3.544M -$20.29M
YoY Change -76.6% -90.13% -61.56%
Income Tax $398.0K $700.0K $300.0K
% Of Pretax Income
Net Earnings -$11.01M -$4.504M -$18.69M
YoY Change -74.42% -86.96% -62.93%
Net Earnings / Revenue -10.3% -4.07% -21.6%
Basic Earnings Per Share -$0.15 -$0.10 -$0.21
Diluted Earnings Per Share -$0.15 -$0.10 -$0.21
COMMON SHARES
Basic Shares Outstanding 106.5M shares 104.5M shares 104.5M shares
Diluted Shares Outstanding 104.5M shares 104.5M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.49M $59.65M $56.07M
YoY Change 211.52% 52.56% -55.0%
Cash & Equivalents $64.49M $59.65M $56.07M
Short-Term Investments
Other Short-Term Assets $24.50M $7.308M $8.698M
YoY Change 149.96% 9.07% 20.81%
Inventory
Prepaid Expenses
Receivables $14.48M $14.21M $14.78M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $103.5M $81.17M $79.54M
YoY Change 144.58% 39.22% -44.1%
LONG-TERM ASSETS
Property, Plant & Equipment $2.119B $2.105B $2.092B
YoY Change -0.73% -2.27% -3.83%
Goodwill
YoY Change
Intangibles $10.83M
YoY Change -0.8%
Long-Term Investments $0.00 $26.37M $23.71M
YoY Change -100.0% -11.22% -18.81%
Other Assets $37.23M $30.20M $26.72M
YoY Change 61.87% 35.4% 13.23%
Total Long-Term Assets $2.161B $2.167B $2.152B
YoY Change -1.34% -2.24% -3.87%
TOTAL ASSETS
Total Short-Term Assets $103.5M $81.17M $79.54M
Total Long-Term Assets $2.161B $2.167B $2.152B
Total Assets $2.265B $2.248B $2.231B
YoY Change 1.43% -1.18% -6.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.462M $4.330M $3.042M
YoY Change 65.26% 20.28% 12.67%
Accrued Expenses $83.45M $87.82M $84.18M
YoY Change -0.06% -3.6% -3.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $87.91M $92.15M $87.22M
YoY Change -2.43% -6.55% -7.02%
LONG-TERM LIABILITIES
Long-Term Debt $1.070B $1.057B $1.079B
YoY Change -1.93% -2.18% -6.67%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.070B $1.057B $1.079B
YoY Change -1.93% -2.18% -6.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $87.91M $92.15M $87.22M
Total Long-Term Liabilities $1.070B $1.057B $1.079B
Total Liabilities $1.158B $1.149B $1.166B
YoY Change -1.97% -2.54% -6.69%
SHAREHOLDERS EQUITY
Retained Earnings -$262.6M -$247.4M -$236.4M
YoY Change 46.72% 87.04% 151.51%
Common Stock $1.063M $1.064M $1.064M
YoY Change 0.57% 0.66% 0.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $948.1M $954.3M $936.6M
YoY Change
Total Liabilities & Shareholders Equity $2.265B $2.248B $2.231B
YoY Change 1.43% -1.18% -6.28%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income -$11.01M -$4.504M -$18.69M
YoY Change -74.42% -86.96% -62.93%
Depreciation, Depletion And Amortization $26.18M $25.89M $26.58M
YoY Change -4.8% -5.84% -3.33%
Cash From Operating Activities $15.76M $35.46M $18.03M
YoY Change -176.14% -6009.83% -164.16%
INVESTING ACTIVITIES
Capital Expenditures -$25.87M -$33.17M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $3.502M -$6.168M -$6.342M
YoY Change -206.12% -3.62% -23.59%
Cash From Investing Activities -$22.36M -$39.34M -$6.342M
YoY Change 577.7% 514.66% -23.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.38M 10.88M 19.09M
YoY Change 191.67% -113.65% -3.6%
NET CHANGE
Cash From Operating Activities 15.76M 35.46M 18.03M
Cash From Investing Activities -22.36M -39.34M -6.342M
Cash From Financing Activities 18.38M 10.88M 19.09M
Net Change In Cash 11.77M 6.999M 30.78M
YoY Change -166.51% -108.07% -285.4%
FREE CASH FLOW
Cash From Operating Activities $15.76M $35.46M $18.03M
Capital Expenditures -$25.87M -$33.17M
Free Cash Flow $41.63M $68.63M
YoY Change -301.1% -11538.17%

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CY2021 us-gaap Nature Of Operations
NatureOfOperations
DESCRIPTION OF BUSINESS<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">General</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Summit Hotel Properties, Inc. (the “Company”) is a self-managed hotel investment company that was organized on June 30, 2010 as a Maryland corporation. The Company holds both general and limited partnership interests in Summit Hotel OP, LP (the “Operating Partnership”), a Delaware limited partnership also organized on June 30, 2010. Unless the context otherwise requires, “we”, “us”, and “our” refer to the Company and its consolidated subsidiaries.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We focus on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. At December 31, 2021, our portfolio consisted of 74 hotels with a total of 11,518 guestrooms located in 23 states. At December 31, 2021, we own 100% of the outstanding equity interests in 61 of 74 of our hotels. We own a 51% controlling interest in 13 hotels through a joint venture. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2021, 90% of our guestrooms were located in the top 50 metropolitan statistical areas (“MSAs”), 96% were located within the top 100 MSAs and all of our hotel guestrooms operated under premium franchise brands owned by Marriott® International, Inc. (“Marriott”), Hilton® Worldwide (“Hilton”), Hyatt® Hotels Corporation (“Hyatt”) and InterContinental® Hotels Group (“IHG”). </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2022, we significantly expanded the size of our portfolio with the acquisition of 26 hotel properties, containing an aggregate of 3,533 guestrooms, and two parking structures, containing 1,002 spaces for an aggregate purchase price of $766.0 million from NewcrestImage (the "NCI Transaction"). As part of the same portfolio purchase, we expect to complete the purchase of one additional hotel, the 176-guestroom Canopy by Hilton New Orleans (the “Canopy New Orleans”) upon completion of its construction, which is expected to occur during the first quarter of 2022, for a purchase price of $56.0 million. The portfolio acquisition was completed through our joint venture. For additional information, see our Current Report on Form 8-K filed on January 14, 2022.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of February 11, 2022, including the NCI Transaction, our portfolio consisted of 100 hotels with a total of 15,051 guestrooms located in 24 states. We own our hotels fee simple, except for five hotels which are subject to ground leases. As of February 11, 2022, we own 100% of the outstanding equity interests in 61 of 100 of our hotels. We own a 51% controlling interest in 39 hotels through a joint venture. As of February 11, 2022, 86% of our guestrooms were located in the top 50 MSAs and 91% were located within the top 100 MSAs.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. To qualify as a REIT, we cannot operate or manage our hotels. Accordingly, all of our hotels are leased to our taxable REIT subsidiaries (“TRS Lessees”). </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Risks and Uncertainties</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks and uncertainties as a result of the effects of the pandemic caused by the novel coronavirus, designated as COVID-19 (“COVID-19”) and its variants (the "Pandemic"), for at least the near future. The Pandemic has had a significant negative effect on the U.S. and global economies, including a rapid and sharp decline in all forms of travel, both domestic and international, and a significant decline in hotel demand. These conditions resulted in a substantial decline in our revenues, profitability and cash flows from operations beginning in March 2020.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2021, we experienced improvement in our business driven primarily by leisure travel and to a lesser extent modest improvement in other demand segments. The improvement was the result of a significant increase in the administration of vaccines globally as well as the easing of government restrictions and guidance in most jurisdictions. A recovery in business travel and group business has been slower to date. We anticipate that continued improvement in operating trends will be dependent on continued growth in leisure travel and a recovery of business travel. More broadly, a return to normalized levels of operations is dependent upon the dissipation of concerns related to the Pandemic, continued easing of government restrictions and guidance, restoration of consumer confidence, and a recovery in corporate and overall travel-related demand.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Beginning in March 2020, the Company took several actions to reduce costs and manage liquidity to mitigate the effects of the Pandemic on the Company. We continue to engage in certain steps to reduce costs and manage liquidity while taking appropriate actions to maintain guest safety and satisfaction. </span></div>It is currently extremely difficult to predict the length of time it will take for us to return to pre-pandemic operational and financial performance. Despite the uncertainty, based on the actions we have taken, we believe we have sufficient cash and access to liquidity to meet our obligations for at least the next twelve months and beyond, and to continue to pursue selective growth opportunities.
CY2021Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
23 State
CY2021Q4 inn Percentage Of Guestrooms Located In Top50 Metropolitan Statistical Areas
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0.90
CY2021Q4 inn Percentage Of Guestrooms Located In Top100 Metropolitan Statistical Areas
PercentageOfGuestroomsLocatedInTop100MetropolitanStatisticalAreas
0.96
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2020 us-gaap Depreciation
Depreciation
109200000 USD
CY2019 us-gaap Depreciation
Depreciation
99000000 USD
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
200000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
400000 USD
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
400000 USD
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
600000 USD
CY2019 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
500000 USD
CY2021 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Notes Receivables</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We selectively provide mezzanine financing to developers, where we also have the opportunity to acquire the hotel at or after the completion of the development project, and we also may provide seller financing in connection with a hotel disposition under limited circumstances. We classify notes receivable as held-to-maturity and carry the notes receivable at cost less the unamortized discount, if any. On January 1, 2020, we adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost </span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We routinely evaluate our notes receivable and interest receivables for collectability.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Probable losses on notes receivable are recognized in a valuation account that is deducted from the amortized cost basis of the notes receivable and recorded as Provision for credit losses in our Consolidated Statements of Operations. When we place notes receivable on nonaccrual status, we suspend the recognition of interest income until cash interest payments are received.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Generally, we return notes receivable to accrual status when all delinquent interest becomes current and collectability of interest is reasonably assured. We do not measure an allowance for credit losses for accrued interest receivable.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accrued interest receivable is written-off to bad debt expense when collection is not reasonably assured.</span>
CY2021Q4 inn Asset Acquisition Debt Assumed
AssetAcquisitionDebtAssumed
13300000 USD
CY2021Q4 inn Asset Acquisition Land
AssetAcquisitionLand
3673000 USD
CY2021Q4 inn Asset Acquisition Hotel Buildings And Improvements
AssetAcquisitionHotelBuildingsAndImprovements
52226000 USD
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div>Our Consolidated Financial Statements are prepared in conformity with GAAP, which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions that affect reported amounts and related disclosures in our Consolidated Financial Statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could materially differ from our expectations, which could materially affect our consolidated financial position and results of operations. In particular, a number of estimates have been and will continue to be affected by the ongoing Pandemic.
CY2021Q4 inn Real Estate Investment Property At Cost Excluding Undeveloped Land
RealEstateInvestmentPropertyAtCostExcludingUndevelopedLand
2675053000 USD
CY2020Q4 inn Real Estate Investment Property At Cost Excluding Undeveloped Land
RealEstateInvestmentPropertyAtCostExcludingUndevelopedLand
2596582000 USD
CY2021Q4 inn Real Estate Investment Property Excluding Undeveloped Land Accumulated Depreciation
RealEstateInvestmentPropertyExcludingUndevelopedLandAccumulatedDepreciation
583080000 USD
CY2020Q4 inn Real Estate Investment Property Excluding Undeveloped Land Accumulated Depreciation
RealEstateInvestmentPropertyExcludingUndevelopedLandAccumulatedDepreciation
490636000 USD
CY2021Q4 inn Real Estate Investment Property Net Excluding Undeveloped Land
RealEstateInvestmentPropertyNetExcludingUndevelopedLand
2091973000 USD
CY2020Q4 inn Real Estate Investment Property Net Excluding Undeveloped Land
RealEstateInvestmentPropertyNetExcludingUndevelopedLand
2105946000 USD
CY2021Q4 inn Asset Acquisition Deferred Financing Costs
AssetAcquisitionDeferredFinancingCosts
200000 USD
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
10834000 USD
CY2020Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
11231000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
0 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
310000 USD
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10834000 USD
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10921000 USD
CY2021Q4 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
230 Room
CY2021 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
58500000 USD
CY2021 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
58500000 USD
CY2021Q4 inn Asset Acquisition Net Working Capital Assets
AssetAcquisitionNetWorkingCapitalAssets
200000 USD
CY2021Q4 inn Asset Acquisition Capitalized Transaction Costs
AssetAcquisitionCapitalizedTransactionCosts
400000 USD
CY2021Q4 inn Asset Acquisition Restricted Cash Reserves
AssetAcquisitionRestrictedCashReserves
5100000 USD
CY2021Q4 inn Asset Acquisition Furniture Fixtures And Equipment
AssetAcquisitionFurnitureFixturesAndEquipment
2946000 USD
CY2021Q4 inn Asset Acquisition Restricted Cash Reserves
AssetAcquisitionRestrictedCashReserves
5118000 USD
CY2021Q4 inn Asset Acquisition Other Assets
AssetAcquisitionOtherAssets
405000 USD
CY2021Q4 inn Asset Acquisition Total Assets Acquired
AssetAcquisitionTotalAssetsAcquired
64368000 USD
CY2021Q4 inn Asset Acquisition Debt Assumed
AssetAcquisitionDebtAssumed
13267000 USD
CY2021Q4 inn Asset Acquisition Deferred Financing Costs
AssetAcquisitionDeferredFinancingCosts
236000 USD
CY2021Q4 inn Asset Acquisition Other Liabilities
AssetAcquisitionOtherLiabilities
214000 USD
CY2021Q4 inn Asset Acquisition Assets Acquired And Liabilities Assumed Net
AssetAcquisitionAssetsAcquiredAndLiabilitiesAssumedNet
51123000 USD
CY2021 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
58500000 USD
CY2021Q4 inn Asset Acquisition Net Working Capital Assets
AssetAcquisitionNetWorkingCapitalAssets
200000 USD
CY2021Q4 inn Asset Acquisition Capitalized Transaction Costs
AssetAcquisitionCapitalizedTransactionCosts
400000 USD
CY2021Q4 inn Asset Acquisition Restricted Cash Reserves
AssetAcquisitionRestrictedCashReserves
5100000 USD
CY2021Q4 inn Asset Acquisition Debt Assumed
AssetAcquisitionDebtAssumed
13300000 USD
CY2021Q4 inn Asset Acquisition Deferred Financing Costs
AssetAcquisitionDeferredFinancingCosts
200000 USD
CY2021Q2 inn Consideration For Hotel Property Portfolio Activity
ConsiderationForHotelPropertyPortfolioActivity
172000000 USD
CY2021Q2 inn Adjustment To Additional Paid In Capital Contribution By Non Controlling Interest In Joint Venture
AdjustmentToAdditionalPaidInCapitalContributionByNonControllingInterestInJointVenture
16400000 USD
CY2021 inn Investment In Hotel Properties Transfer Taxes
InvestmentInHotelPropertiesTransferTaxes
1800000 USD
CY2021 inn Investment In Hotel Properties Legal Costs
InvestmentInHotelPropertiesLegalCosts
300000 USD
CY2021 inn Investment In Hotel Properties Transfer Taxes
InvestmentInHotelPropertiesTransferTaxes
1800000 USD
CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
4400000 USD
CY2020 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1800000 USD
CY2021Q4 us-gaap Asset Impairment Charges
AssetImpairmentCharges
4400000 USD
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
32459000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
18177000 USD
CY2020Q2 inn Restricted Cash Released
RestrictedCashReleased
1600000 USD
CY2020Q2 inn Restricted Cash Numberof Hotels Cash Released For
RestrictedCashNumberofHotelsCashReleasedFor
7 hotel
CY2020Q2 inn Restricted Cash Released To Be Repaidin10 Equal Installments
RestrictedCashReleasedToBeRepaidin10EqualInstallments
8900000 USD
CY2020Q2 inn Restricted Cash Released Number Of Equal Monthly Installments Replenished
RestrictedCashReleasedNumberOfEqualMonthlyInstallmentsReplenished
10 installment
CY2020Q2 inn Restricted Cash Released Monthly Installment Replenished Beginning Date Prior To Next Scheduled Renovation Date
RestrictedCashReleasedMonthlyInstallmentReplenishedBeginningDatePriorToNextScheduledRenovationDate
P12M
CY2020Q2 inn Restricted Cash Released Lump Sum Payment Date Prior To Each Respective Renovation Date
RestrictedCashReleasedLumpSumPaymentDatePriorToEachRespectiveRenovationDate
P60D
CY2020Q2 inn Restricted Cash Released Monthly Installment Replenished Beginning Date Prior To Next Scheduled Renovation Date
RestrictedCashReleasedMonthlyInstallmentReplenishedBeginningDatePriorToNextScheduledRenovationDate
P12M
CY2021Q4 inn Borrowed Reserve No Longer Obligated To Replenish
BorrowedReserveNoLongerObligatedToReplenish
500000 USD
CY2021Q4 inn Deferred Acquisition Costs
DeferredAcquisitionCosts
6763000 USD
CY2020Q4 inn Deferred Acquisition Costs
DeferredAcquisitionCosts
0 USD
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
6713000 USD
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
4123000 USD
CY2021Q4 us-gaap Escrow Deposit
EscrowDeposit
6000000 USD
CY2020Q4 us-gaap Escrow Deposit
EscrowDeposit
0 USD
CY2021Q4 inn Other Prepaid Expense Current And Noncurrent
OtherPrepaidExpenseCurrentAndNoncurrent
3329000 USD
CY2020Q4 inn Other Prepaid Expense Current And Noncurrent
OtherPrepaidExpenseCurrentAndNoncurrent
3018000 USD
CY2021Q4 us-gaap Prepaid Taxes
PrepaidTaxes
1691000 USD
CY2020Q4 us-gaap Prepaid Taxes
PrepaidTaxes
2622000 USD
CY2021Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
24496000 USD
CY2020Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
9763000 USD
CY2021Q4 inn Initial Franchise Fees Gross
InitialFranchiseFeesGross
7034000 USD
CY2020Q4 inn Initial Franchise Fees Gross
InitialFranchiseFeesGross
6795000 USD
CY2021Q4 inn Accumulated Amortization Deferred Costs
AccumulatedAmortizationDeferredCosts
2687000 USD
CY2020Q4 inn Accumulated Amortization Deferred Costs
AccumulatedAmortizationDeferredCosts
2366000 USD
CY2021Q4 inn Deferred Costs Net
DeferredCostsNet
4347000 USD
CY2020Q4 inn Deferred Costs Net
DeferredCostsNet
4429000 USD
CY2021 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
500000 USD
CY2020 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
500000 USD
CY2019 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
400000 USD
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
15723000 USD
CY2021Q4 inn Financing Receivable Purchase Options Related To Real Estate Loans
FinancingReceivablePurchaseOptionsRelatedToRealEstateLoans
2800000 USD
CY2020Q4 inn Financing Receivable Purchase Options Related To Real Estate Loans
FinancingReceivablePurchaseOptionsRelatedToRealEstateLoans
7161000 USD
CY2021Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
950000 USD
CY2020Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
1013000 USD
CY2021Q4 inn Gross Deferred Tax Asset Noncurrent
GrossDeferredTaxAssetNoncurrent
49000 USD
CY2020Q4 inn Gross Deferred Tax Asset Noncurrent
GrossDeferredTaxAssetNoncurrent
2000 USD
CY2021Q4 us-gaap Other Assets
OtherAssets
3799000 USD
CY2020Q4 us-gaap Other Assets
OtherAssets
8176000 USD
CY2021Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
17448000 USD
CY2020Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
17713000 USD
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
30850000 USD
CY2021Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
13679000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
6632000 USD
CY2021Q4 inn Other Accrued Expenses At Hotels
OtherAccruedExpensesAtHotels
11880000 USD
CY2020Q4 inn Other Accrued Expenses At Hotels
OtherAccruedExpensesAtHotels
5922000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
4794000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
2793000 USD
CY2021Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
2695000 USD
CY2020Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
1189000 USD
CY2021Q4 inn Accrued And Other Liabilities
AccruedAndOtherLiabilities
66219000 USD
CY2020Q4 inn Accrued And Other Liabilities
AccruedAndOtherLiabilities
65099000 USD
CY2021Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0335
CY2020Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0343
CY2021Q4 inn Debt Instrument Collateral Number Of Real Estate Properties
DebtInstrumentCollateralNumberOfRealEstateProperties
5 hotel
CY2021Q4 inn Debt Instrument Collateral Number Of Real Estate Properties Available To Be Contributed
DebtInstrumentCollateralNumberOfRealEstatePropertiesAvailableToBeContributed
7 hotel
CY2021Q4 us-gaap Share Price
SharePrice
8.72
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1081315000 USD
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1101478000 USD
CY2021Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
11518000 USD
CY2020Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
6733000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
1069797000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
1094745000 USD
CY2021Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
842858000 USD
CY2021Q4 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.78
CY2020Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
545754000 USD
CY2020Q4 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.50
CY2021Q4 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
238457000 USD
CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
4400000 USD
CY2021Q4 us-gaap Long Term Debt Percentage Bearing Variable Interest Rate
LongTermDebtPercentageBearingVariableInterestRate
0.22
CY2020Q4 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
555724000 USD
CY2020Q4 us-gaap Long Term Debt Percentage Bearing Variable Interest Rate
LongTermDebtPercentageBearingVariableInterestRate
0.50
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1081315000 USD
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1101478000 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
66308000 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
232183000 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
216365000 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
226594000 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
289169000 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
50696000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1081315000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
1845000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
974000 USD
CY2021 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
2200000 USD
CY2020 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
1900000 USD
CY2019 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
2200000 USD
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
3300000 USD
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
3100000 USD
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
3300000 USD
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
3100000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
2800000 USD
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
3000000 USD
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P28Y3M
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
913000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
914000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
925000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
27069000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32640000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
15408000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
17232000 USD
CY2021 us-gaap Maximum Length Of Time Hedged In Interest Rate Cash Flow Hedge1
MaximumLengthOfTimeHedgedInInterestRateCashFlowHedge1
P7Y
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021 inn Common Stock Voting Rights Number
CommonStockVotingRightsNumber
1 Vote
CY2017Q2 inn Sale Of Stock Aggregate Offering Price
SaleOfStockAggregateOfferingPrice
200000000 USD
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
105708787 shares
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
105169515 shares
CY2021 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
36945 shares
CY2020 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
47279 shares
CY2021 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
61996 shares
CY2020 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
212643 shares
CY2021 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
267468 shares
CY2020 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
65345 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
106337724 shares
CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
4400000 USD
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
105708787 shares
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
15864515 shares
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13760920 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
235000 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
235000 shares
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1376000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1500000 USD
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-2236000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
8000000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
7976000 USD
CY2021Q4 inn Employee Service Share Based Compensation Nonvested Awards Compensation Cost Next Twelve Months
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNextTwelveMonths
4190000 USD
CY2021Q4 inn Employee Service Share Based Compensation Nonvested Awards Compensation Cost Year Two
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostYearTwo
3105000 USD
CY2021Q4 inn Employee Service Share Based Compensation Nonvested Awards Compensation Cost Year Three
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostYearThree
659000 USD
CY2021Q4 inn Employee Service Share Based Compensation Nonvested Awards Compensation Cost Year Four
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostYearFour
22000 USD
CY2019 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000 USD
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000 USD
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000 USD
CY2020 inn Effective Income Tax Rate Reconciliation Effect Of Permanent Differences And Other
EffectiveIncomeTaxRateReconciliationEffectOfPermanentDifferencesAndOther
319000 USD
CY2019 inn Effective Income Tax Rate Reconciliation Effect Of Permanent Differences And Other
EffectiveIncomeTaxRateReconciliationEffectOfPermanentDifferencesAndOther
326000 USD
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1036000 USD
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-904000 USD
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
869000 USD
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
456000 USD
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
224000 USD
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
643000 USD
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-19000 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
1548000 USD
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-32000 USD
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