Two times the U.S. national average RevPAR was $91 for the year ended December 31, 2020. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. Disciplined Capital Allocation Strategy. We own the Hilton La Jolla Torrey Pines and the Capital Hilton in a joint venture. In early 2017, the hotel began an extensive custom designed guest room renovation. Additionally the restaurant was renovated and repositioned as an upscale tapas bar. The hotel is approximately 10 miles from the Philadelphia International Airport. The hotel opened in 2002 and is comprised of 415 guest rooms, including 63 suites. Outdoor amenities include a rooftop pool and a vegetable garden. See "Certain Agreements—Premier Master Project Management Agreement." There is no specific limitation on the amount of such reimbursements. Ashford LLC is a subsidiary of Ashford Inc. and advises us and Ashford Trust. Termination Upon Event of Default. Early Termination for Casualty. The performance period is measured with respect to any two consecutive fiscal years. The material terms of the Accor management agreement are summarized as follows:Term. Amounts Payable under the Master Hotel Management Agreement. In 2013, we entered into a mutual exclusivity agreement with Remington Lodging. The initial term of the hotel management MEA is 10 years from November 19, 2013. Excluded Investment Opportunities. We will have 30 days to agree to the terms of the sale. One hotel property, located in the U.S. Virgin Islands, is owned by our USVI TRS.Term. All indemnification amounts must be paid within 10 days of a determination of liability. In such event, we would seek to negotiate new forbearance agreements. As a result, the material weakness still exists as of December 31, 2020. We intend to acquire additional hotel properties in the future. For more information, see "Item 3. Exchange rate fluctuations could adversely affect our financial results. The hotel industry is seasonal in nature. We do not have the ability to affect the outcome of these negotiations. In addition, changes in labor laws may negatively impact us. We may experience uninsured or underinsured losses. Both the subsidiary and the REIT must jointly elect to treat the subsidiary as a TRS. As a result, we may be required to liquidate otherwise attractive investments.
