SUMMIT HOTEL PROPERTIES, INC., 10-K filed on 2/29/2024
Annual Report
v3.24.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 09, 2024
Jun. 30, 2023
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-35074    
Entity Registrant Name SUMMIT HOTEL PROPERTIES, INC.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 27-2962512    
Entity Address, Address Line One 13215 Bee Cave Parkway, Suite B-300    
Entity Address, City or Town Austin    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 78738    
City Area Code 512    
Local Phone Number 538-2300    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 682,825,287
Entity Common Stock, Shares Outstanding   107,593,373  
Documents Incorporated by Reference Portions of the registrant’s Definitive Proxy Statement on Schedule 14A for its 2024 annual meeting of stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year pursuant to Regulation 14A, are incorporated herein by reference into Part III, Items 10, 11, 12, 13 and 14.    
Entity Central Index Key 0001497645    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol INN    
Security Exchange Name NYSE    
6.25% Series E Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security 6.25% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share    
Trading Symbol INN-PE    
Security Exchange Name NYSE    
5.875% Series F Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security 5.875% Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share    
Trading Symbol INN-PF    
Security Exchange Name NYSE    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Firm ID 42
Auditor Location Austin, Texas
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Investments in lodging property, net $ 2,729,049 $ 2,841,856
Investment in hotel properties under development 1,451 0
Assets held for sale, net 73,740 29,166
Cash and cash equivalents 37,837 51,255
Restricted cash 9,931 10,553
Right-of-use assets, net 34,814 35,023
Trade receivables, net 21,348 21,015
Prepaid expenses and other 8,865 8,378
Deferred charges, net 6,659 7,074
Other assets 15,554 17,950
Total assets 2,939,248 3,022,270
Liabilities:    
Debt, net of debt issuance costs 1,430,668 1,451,796
Lease liabilities, net 25,842 25,484
Accounts payable 4,827 5,517
Accrued expenses and other 81,215 81,304
Total liabilities 1,542,552 1,564,101
Commitments and contingencies (Note 12)
Redeemable non-controlling interests 50,219 50,219
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:    
Common stock, $0.01 par value per share, 500,000,000 shares authorized, 107,593,373 and 106,901,576 shares issued and outstanding at December 31, 2023 and 2022 respectively 1,076 1,069
Additional paid-in capital 1,238,896 1,232,302
Accumulated other comprehensive income 10,967 14,538
Accumulated deficit and distributions in excess of retained earnings (339,848) (288,200)
Total stockholders’ equity 911,195 959,813
Non-controlling interests 435,282 448,137
Total equity 1,346,477 1,407,950
Total liabilities, redeemable non-controlling interests and equity 2,939,248 3,022,270
6.25% Series E Preferred Stock    
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:    
Preferred stock 64 64
5.875% Series F Preferred Stock    
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:    
Preferred stock $ 40 $ 40
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 107,593,373 106,901,576
Common stock, shares outstanding (in shares) 107,593,373 106,901,576
6.25% Series E Preferred Stock    
Preferred stock, dividend rate 6.25% 6.25%
Preferred stock, shares issued (in shares) 6,400,000 6,400,000
Preferred stock, shares outstanding (in shares) 6,400,000 6,400,000
Preferred stock, aggregate liquidation preference $ 160,861,000 $ 160,861,000
5.875% Series F Preferred Stock    
Preferred stock, dividend rate 5.875% 5.875%
Preferred stock, shares issued (in shares) 4,000,000 4,000,000
Preferred stock, shares outstanding (in shares) 4,000,000 4,000,000
Preferred stock, aggregate liquidation preference $ 100,506,000 $ 100,506,000
v3.24.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Total revenues $ 736,127 $ 675,695 $ 361,926
Expenses:      
Property taxes, insurance and other 55,167 49,921 41,350
Depreciation and amortization 150,924 150,160 105,955
Corporate general and administrative 32,530 30,765 29,428
Transaction costs 13 749 3,849
Loss on write-down of assets 16,661 10,420 4,361
Recoveries of credit losses (1,230) (1,100) (2,632)
Total expenses 677,003 628,228 395,432
(Loss) gain on disposal of assets, net (337) 20,315 240
Operating income (loss) 58,787 67,782 (33,266)
Other income (expense):      
Interest expense (86,798) (65,581) (43,368)
Interest income 1,688 1,544 6,855
Other income, net 1,005 1,083 2,668
Total other expense, net (84,105) (62,954) (33,845)
(Loss) income from continuing operations before income taxes (25,318) 4,828 (67,111)
Income tax expense (Note 15) (2,798) (3,611) (1,473)
Net (loss) income (28,116) 1,217 (68,584)
Less - Loss attributable to non-controlling interests 18,627 249 3,011
Net (loss) income attributable to Summit Hotel Properties, Inc. before preferred dividends and distributions (9,489) 1,466 (65,573)
Less - Distributions to and accretion of redeemable non-controlling interests (2,626) (2,520) 0
Less - Preferred dividends (15,875) (15,875) (15,431)
Premium on redemption of preferred stock 0 0 (2,710)
Net loss attributable to common stockholders, basic (27,990) (16,929) (83,714)
Net loss attributable to common stockholders, diluted $ (27,990) $ (16,929) $ (83,714)
Loss per share:      
Basic (in usd per shares) $ (0.27) $ (0.16) $ (0.80)
Diluted (in usd per shares) $ (0.27) $ (0.16) $ (0.80)
Weighted average common shares outstanding - basic (in shares) 105,548 105,142 104,471
Weighted average common shares outstanding - diluted (in shares) 105,548 105,142 104,471
Dividends per common share (in dollars per share) $ 0.22 $ 0.08 $ 0
Room      
Revenues:      
Total revenues $ 656,063 $ 609,370 $ 334,338
Expenses:      
Cost of goods and services sold 148,005 136,999 74,781
Food and beverage      
Revenues:      
Total revenues 41,513 32,117 7,299
Expenses:      
Cost of goods and services sold 31,580 24,897 4,856
Other      
Revenues:      
Total revenues 38,551 34,208 20,289
Expenses:      
Cost of goods and services sold 224,901 207,975 123,626
Management fees      
Expenses:      
Cost of goods and services sold $ 18,452 $ 17,442 $ 9,858
v3.24.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net (loss) income $ (28,116) $ 1,217 $ (68,584)
Other comprehensive income (loss), net of tax:      
Changes in fair value of derivative financial instruments (2,884) 32,564 15,127
Comprehensive (loss) income (31,000) 33,781 (53,457)
Comprehensive loss (income) attributable to non-controlling interests 17,940 (2,138) 2,990
Comprehensive (loss) income attributable to Summit Hotel Properties, Inc. (13,060) 31,643 (50,467)
Distributions to and accretion on redeemable non-controlling interests (2,626) (2,520) 0
Preferred dividends and distributions (15,875) (15,875) (15,431)
Premium on redemption of preferred stock 0 0 (2,710)
Comprehensive (loss) income attributable to common stockholders $ (31,561) $ 13,248 $ (68,608)
v3.24.0.1
Consolidated Statements of Changes in Equity and Redeemable Non-controlling Interests - USD ($)
$ in Thousands
Total
Stockholders’ Equity
Shares of Preferred Stock
Common Stock
Common Stock
Common Stock
Additional Paid-In Capital
Accumulated Comprehensive Income /(Loss)
Accumulated Deficit and Distributions
Non-Controlling Interests
Beginning balance at Dec. 31, 2020 $ 0                
Ending balance at Dec. 31, 2021 0                
Preferred shares outstanding, beginning balance (in shares) at Dec. 31, 2020     9,400,000            
Balance at beginning of year at Dec. 31, 2020 1,052,063 $ 988,742 $ 94 $ 1,057   $ 1,197,320 $ (30,716) $ (179,013) $ 63,321
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2020       105,708,787          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net proceeds from sale of preferred stock (in shares)     4,000,000            
Net proceeds from sale of preferred stock 96,617 96,617 $ 40     96,577      
Redemption of preferred stock (in shares)     (3,000,000)            
Redemption of preferred shares (75,000) (75,000) $ (30)     (72,260)   (2,710)  
Purchases of capped call options (21,131) (21,131)       (21,131)      
Contributions by non-controlling interest in joint venture 115,546 16,444       16,444     99,102
Common stock redemption of common units (in shares)       36,945          
Common stock redemption of common units 0 239       268 (29)   (239)
Common dividends and distributions 88 88           88  
Preferred dividends and distributions (15,521) (15,431)           (15,431) (90)
Equity-based compensation (in shares)       859,460          
Equity-based compensation 10,681 10,666   $ 9   10,657     15
Shares of common stock acquired for employee withholding requirements (in shares)       (267,468)          
Shares of common stock acquired for employee withholding requirements (2,694) (2,694)   $ (3)   (2,691)      
Other comprehensive income 15,127 15,106         15,106   21
Net (loss) income (68,584) (65,573)           (65,573) (3,011)
Preferred shares outstanding, ending balance (in shares) at Dec. 31, 2021     10,400,000            
Balance at end of year at Dec. 31, 2021 $ 1,107,192 948,073 $ 104 $ 1,063   1,225,184 (15,639) (262,639) 159,119
Common shares outstanding, ending balance (in shares) at Dec. 31, 2021 106,337,724     106,337,724          
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties $ 50,000                
Adjustment of redeemable non-controlling interests to redemption value 2,520                
Preferred dividends and distributions (2,301)                
Ending balance at Dec. 31, 2022 50,219                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Adjustment of redeemable non-controlling interests to redemption value (2,520) (2,520)           (2,520)  
Net proceeds from sale of preferred stock 157,513               157,513
Sale of non-controlling interests in joint venture 674               674
Contributions by non-controlling interest in joint venture $ 211,877 1,219       1,219     210,658
Common stock redemption of common units (in shares) 12,664       12,664        
Common stock redemption of common units $ 0 127   $ 1   126     (127)
Common dividends and distributions (9,911) (8,632)           (8,632) (1,279)
Preferred dividends and distributions (16,040) (15,875)           (15,875) (165)
Joint venture partner distributions (80,353)               (80,353)
Equity-based compensation (in shares)         811,988        
Equity-based compensation $ 8,446 8,446     $ 8 8,438      
Shares of common stock acquired for employee withholding requirements (in shares) (260,800)       (260,800)        
Shares of common stock acquired for employee withholding requirements $ (2,456) (2,456)     $ (3) (2,453)      
Other (253) (212)       (212)     (41)
Other comprehensive income 32,564 30,177         30,177   2,387
Net (loss) income 1,217 1,466           1,466 (249)
Preferred shares outstanding, ending balance (in shares) at Dec. 31, 2022     10,400,000            
Balance at end of year at Dec. 31, 2022 $ 1,407,950 959,813 $ 104 $ 1,069   1,232,302 14,538 (288,200) 448,137
Common shares outstanding, ending balance (in shares) at Dec. 31, 2022 106,901,576     106,901,576          
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Adjustment of redeemable non-controlling interests to redemption value $ 2,626                
Preferred dividends and distributions (2,626)                
Ending balance at Dec. 31, 2023 50,219                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Adjustment of redeemable non-controlling interests to redemption value (2,626) (2,626)           (2,626)  
Sale of non-controlling interests in joint venture 1,353               1,353
Redemption of preferred shares (412) (37)           (37) (375)
Contributions by non-controlling interest in joint venture $ 20,792               20,792
Common stock redemption of common units (in shares) 28,179       28,179        
Common stock redemption of common units $ 0 272       272     (272)
Common dividends and distributions (27,128) (23,616)           (23,616) (3,512)
Preferred dividends and distributions (16,205) (15,875)           (15,875) (330)
Joint venture partner distributions (12,426)               (12,426)
Equity-based compensation (in shares)         847,647        
Equity-based compensation $ 7,742 7,742     $ 8 7,734      
Shares of common stock acquired for employee withholding requirements (in shares) (184,029)       (184,029)        
Shares of common stock acquired for employee withholding requirements $ (1,388) (1,388)     $ (1) (1,387)      
Other (175) (30)       (25)   (5) (145)
Other comprehensive income (2,884) (3,571)         (3,571)   687
Net (loss) income (28,116) (9,489)           (9,489) (18,627)
Preferred shares outstanding, ending balance (in shares) at Dec. 31, 2023     10,400,000            
Balance at end of year at Dec. 31, 2023 $ 1,346,477 $ 911,195 $ 104 $ 1,076   $ 1,238,896 $ 10,967 $ (339,848) $ 435,282
Common shares outstanding, ending balance (in shares) at Dec. 31, 2023 107,593,373     107,593,373          
v3.24.0.1
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
OPERATING ACTIVITIES:      
Net (loss) income $ (28,116) $ 1,217 $ (68,584)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depreciation and amortization 150,924 150,160 105,955
Amortization of debt issuance costs 5,910 5,708 4,353
Loss on write-down of assets 16,661 10,420 4,361
Recoveries of credit losses (1,230) (1,100) (2,632)
Equity-based compensation 7,742 8,446 10,681
Deferred tax asset, net 84 (59) (19)
(Gain) loss on disposal of assets, net 337 (20,315) (240)
Non-cash interest income (531) (113) (1,042)
Debt transaction costs 395 1,528 220
Other 793 232 412
Changes in operating assets and liabilities:      
Trade receivables, net (334) (7,257) (2,701)
Prepaid expenses and other (636) 1,845 (1,362)
Accounts payable (380) (438) 1,854
Accrued expenses and other 2,022 19,341 14,795
NET CASH PROVIDED BY OPERATING ACTIVITIES 153,641 169,615 66,051
INVESTING ACTIVITIES:      
Acquisitions of real estate property (44,614) (286,731) (59,036)
Improvements to lodging properties (89,580) (76,469) (20,356)
Investment in hotel properties under development (826) 0 0
Proceeds from asset dispositions, net 35,176 73,758 0
Funding of real estate loans and related expenses (4,576) (2,167) (10,045)
Proceeds from principal payments on real estate loans 1,462 1,096 25,800
Escrow deposits and deferred acquisition costs 1,000 0 (10,607)
NET CASH USED IN INVESTING ACTIVITIES (101,958) (290,513) (74,244)
FINANCING ACTIVITIES:      
Proceeds from borrowings on revolving line of credit 75,000 531,500 516,767
Repayments of line of credit borrowings (90,000) (25,000) (185,000)
Principal payments on debt (2,284) (506,898) (351,932)
Proceeds from the sale of non-controlling interests 1,353 674 0
Proceeds from equity offerings, net of issuance costs 0 0 96,617
Redemption of preferred stock (413) 0 (75,000)
Purchases of capped call options 0 0 (21,131)
Common dividends paid (26,945) (10,048) 0
Preferred dividends and distributions paid (18,829) (18,341) (15,521)
Proceeds from contributions by non-controlling interests in joint venture 20,592 204,125 115,546
Distributions to joint venture partner (12,426) (80,353) 0
Financing fees, debt transactions costs and other issuance costs (10,383) (7,441) (11,411)
Repurchase of common stock for tax withholding requirements (1,388) (2,456) (2,694)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (65,723) 85,762 66,241
Net change in cash, cash equivalents and restricted cash (14,040) (35,136) 58,048
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of period 61,808 96,944 38,896
End of period 47,768 61,808 96,944
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEET TO THE AMOUNTS SHOWN IN THE STATEMENT OF CASH FLOWS ABOVE:      
Cash and cash equivalents 37,837 51,255 64,485
Restricted cash 9,931 10,553 32,459
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH $ 47,768 $ 61,808 $ 96,944
v3.24.0.1
DESCRIPTION OF BUSINESS
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS DESCRIPTION OF BUSINESS
General
 
Summit Hotel Properties, Inc. (the “Company”) is a self-managed lodging property 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.
 
We focus on owning lodging properties with efficient operating models that generate strong margins and investment returns. At December 31, 2023, our portfolio consisted of 100 lodging properties with a total of 14,912 guestrooms located in 24 states. At December 31, 2023, we own 100% of the outstanding equity interests in 56 of 100 of our lodging properties. We own a 51% controlling interest in 41 hotels through a joint venture with USFI G-Peak Pte. Ltd. ("GIC"), a private limited company incorporated in the Republic of Singapore (the "GIC Joint Venture"), and two 90% equity interests in separate joint ventures (the "Brickell Joint Venture" and the "Onera Joint Venture"). The Brickell Joint Venture owns two lodging properties, and the Onera Joint Venture owns one lodging property.

As of December 31, 2023, 86% of our guestrooms were located in the top 50 metropolitan statistical areas (“MSAs”), 90% were located within the top 100 MSAs and over 99% of our guestrooms operated under premium franchise brands owned by Marriott® International, Inc. (“Marriott”), Hilton® Worldwide (“Hilton”), Hyatt® Hotels Corporation (“Hyatt”), and InterContinental® Hotels Group (“IHG”). 
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 lodging properties. Accordingly, all of our lodging properties are leased to our taxable REIT subsidiaries (“TRS Lessees” or "TRSs").
v3.24.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
 
Basis of Presentation
 
We prepare our Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates.

The accompanying Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities, if any, for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements.

We evaluate joint venture partnerships to determine if they should be consolidated based on whether the partners exercise joint control. For a joint venture where we exercise primary control and we also own a majority of the equity interests, we consolidate the joint venture partnership. We have consolidated the accounts of all of our joint ventures in our Consolidated Financial Statements.
 
Segment Disclosure
 
Accounting Standards Codification (“ASC”) No. 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable operating segment for activities related to investing in real estate; thus, all required financial segment information is included in the Consolidated Financial Statements. An operating segment is defined as the component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in order to allocate resources and assess performance. Our investments in real estate are geographically diversified and the chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the individual lodging property level. However, because each of our lodging properties have similar economic characteristics, facilities, and services, the lodging properties have been aggregated into a single operating segment.
 
Acquisitions of Lodging Property

We analyze the acquisition of a lodging property to determine if it qualifies as the purchase of a business or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, the asset or asset group is not considered a business and we would record the transaction as an asset acquisition, which includes the capitalization of acquisition costs. For an asset acquisition, we allocate the purchase price paid to the assets acquired and the liabilities assumed in the transaction based on their relative fair values. For a business combination, we would record the assets and liabilities acquired at their respective estimated fair values. When we acquire a lodging property, we use all available information to make these fair value determinations, including discounted cash flow analyses and market comparable data. In addition, we make significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, including estimated useful lives and judgements related to certain market assumptions. We also engage independent valuation specialists to assist in the fair value determinations of the assets acquired and the liabilities assumed. The determination of fair value is subjective and is based on assumptions and estimates that could differ materially from actual results in future periods.

Investments in Lodging Property, net
 
The Company allocates the purchase price of acquired lodging properties based on the relative fair values of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Intangible assets may include certain value associated with the on-going operations of the lodging business being acquired as part of the property acquisition. Acquired intangible assets that derive their values from real property, or an interest in real property, are inseparable from that real property or interest in real property, do not produce or contribute to the production of income other than consideration for the use or occupancy of space, and are recorded as a component of the related real estate asset in our Consolidated Financial Statements. We allocate the purchase price of acquired lodging properties to land, building and furniture, fixtures and equipment based on independent third-party appraisals.

Our lodging properties and related assets are recorded at cost, less accumulated depreciation. We capitalize development costs and the costs of significant additions and improvements that materially upgrade, increase the value or extend the useful life of the property. These costs may include development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred.
 
We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:
 
Classification Estimated Useful Lives
Buildings and improvements
6 to 40 years
Furniture, fixtures and equipment
2 to 15 years
 
We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense. 

When depreciable property and equipment is retired or disposed, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations. 

On a limited basis, we provide financing to developers of lodging properties for development projects. We evaluate these arrangements to determine if we participate in residual profits of the lodging property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the real property, we reflect the loan in Investments in lodging property, net in our Consolidated Balance Sheets.
We monitor events and changes in circumstances for indicators that the carrying value of a lodging property or undeveloped land may be impaired. Additionally, we perform at least annual reviews to monitor the factors that could trigger an impairment. Factors that we consider for an impairment analysis include, among others: i) significant underperformance relative to historical or anticipated operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for lodging properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, v) changes in values of comparable land or lodging property sales, vi) significant negative industry or economic trends, and fair value less costs to sell of lodging properties held for sale relative to the contractual selling price. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the carrying amount of the asset is recoverable. If the carrying amount of the asset is not recoverable, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to its estimated net fair value.
 
Intangible Assets
 
We amortize intangible assets with determined finite useful lives using the straight-line method. We do not amortize intangible assets with indefinite useful lives, but we evaluate these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
 
Assets Held for Sale
 
We periodically review our lodging properties and our undeveloped land based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit to identify properties that we believe are either non-strategic or no longer complement our business. Based on our review, we periodically market properties for sale that no longer meet our investment criteria. We also periodically receive unsolicited external inquiries that result in the sale of lodging properties.

We classify assets as Assets held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets classified as Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value less estimated selling costs. We record a write-down on our Consolidated Statement of Operations when the carrying amounts of assets held for sale exceed their fair values less estimated selling costs.

Variable Interest Entities

We consolidate variable interest entities (each a “VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider other relevant factors including each entity’s capital structure, contractual rights to earnings or obligations for losses, subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. 

Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a qualified intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Consolidated Balance Sheets and Consolidated Statements of Operations as a consolidated VIE until legal title is transferred to us upon completion of the 1031 Exchange. 
 
Cash and Cash Equivalents
 
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions.

Restricted Cash
 
Restricted cash generally consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves.

Trade Receivables and Credit Policies
 
We grant credit to qualified customers, generally without collateral, in the form of trade accounts receivable. Trade receivables result from the rental of guestrooms and the sales of food, beverage, and banquet services and are payable under normal trade terms. Trade receivables also include credit and debit card transactions that are in the process of being settled. Trade receivables are stated at the amount billed to the customer and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.1 million at both December 31, 2023 and 2022. Bad debt expense was $0.4 million, $0.3 million and $0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.
 
Leases

In accordance with Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), we record the financial liability and right-of-use assets that are inherent to leasing an asset on our Consolidated Balance Sheets for all leases with a term of greater than 12 months regardless of their classification.

Several of our lodging properties lease retail or restaurant space to third-party tenants. The majority of our third-party tenants requested rent deferrals to ease the negative financial effects of the COVID-19 pandemic (the "Pandemic") on their businesses. We have primarily negotiated rent deferrals with these tenants that defer rent for a specified number of months and require repayment of the deferred rent over a negotiated period of time. We have adopted a policy that the deferrals are not a change in the provisions of the lease. As such, we are accounting for the concessions using the rights and obligations of the existing leases and recognize short-term lease receivables in the period that the cash payment is owed.

Notes Receivables

We selectively provide mezzanine financing to developers, where we also have the opportunity to acquire the lodging property at or after the completion of the development project, and we also may provide seller financing in connection with a lodging property 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. The allowance for credit losses is a valuation account that is deducted from the amortized cost 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. 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 non-accrual status, we suspend the recognition of interest income until cash interest payments are received. 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. Accrued interest receivable is written-off to bad debt expense when collection is not reasonably assured.

Deferred Charges, net
 
Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method.
Deferred Financing Fees

Debt issuance costs are generally capitalized based on the debt transaction and presented as a direct deduction from the carrying value of the debt liability on the Consolidated Balance Sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method.
 
Non-controlling Interests
 
Non-controlling interests represent the portion of equity in a consolidated entity held by owners other than the consolidating parent. Non-controlling interests are reported in the Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations. 

Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and third-party ownership of our consolidated joint ventures.

Redeemable Non-controlling Interests

Redeemable non-controlling interests represent redeemable preferred units issued by our Operating Partnership ("Redeemable Preferred Units") in connection with the NCI Transaction (see "Note 3 - Investments in Lodging Property, net" for additional information). The Redeemable Preferred Units are presented as temporary equity related to our Operating Partnership on our Consolidated Balance Sheets under the caption of "Redeemable Non-controlling Interests ("see "Note 9 - Equity" for further information). We record Redeemable non-controlling interests at fair value on the issuance date of the securities. When the carrying value (the acquisition date fair value adjusted for the non-controlling interest’s share of net income (loss) and dividends) is less than the redemption value, we adjust the redeemable non-controlling interest to equal the redemption value with changes recognized as an adjustment to Accumulated deficit and distributions in excess of retained earnings. Any such adjustment, when necessary, is recorded as of the applicable Consolidated Balance Sheet date.

Revenue Recognition
 
Revenues from the operation of our lodging properties are recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales, and other lodging property revenues and are presented on a disaggregated basis on our Consolidated Statements of Operations.

Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy lodging rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night.

Food and beverage revenues are generated when customers purchase food and beverage at a lodging property's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers.

Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services such as parking at certain lodging properties are provided by third parties and we assess whether we are the principal or agent in such arrangements. If we are determined to be the agent, revenue is recognized based upon the commission paid to us by the third-party for the services rendered to our customers. If we are determined to be the principal, revenues are recognized based upon the gross contract price of the service provided. Certain of our lodging properties have retail spaces, restaurants or other spaces that we lease to third parties. Lease revenues are recognized on a straight line basis over the respective lease terms and are included in Other income on our Consolidated Statements of Operations.

Cash received prior to customer arrival is recorded as an advance deposit from the customer and is recognized as revenue at the time of occupancy.
Sales and Other Taxes
 
We have operations in states and municipalities that impose sales or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted.
 
Equity-Based Compensation
 
Our 2011 Equity Incentive Plan, which was amended and restated effective May 13, 2021 (as amended, the “Equity Plan”), provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other stock-based awards. We account for time-based and performance-based stock awards using the grant date fair value of those equity awards. We have elected to account for forfeitures as they occur. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC No. 718, Compensation — Stock Compensation. We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to forfeitures or modification of previously granted awards.

Restricted stock awards are generally granted by our board of directors (the "Board") on or about the same date annually based on the 10-day volume-weighted average price of our common stock. As such, no adjustment is required for material nonpublic information that may exist at the time of restricted stock grants.

Derivative Financial Instruments and Hedging
 
All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include interest rate swaps, caps and collars. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. The change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts in Other comprehensive income will be reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings.

We have adopted ASC No. 848, Rate Reference Reform, at December 31, 2022. Under ASC No. 848 we have elected to not reassess a previous accounting determination related to our derivative financial instruments. We have also made elections to not de-designate the hedging relationships with the change in critical terms. Finally, we made elections to not de-designate the hedging relationships due to changes in hedged instruments, hedged items or future forecasted hedged transactions.

Income Taxes
 
We have elected to be taxed as a REIT under sections 856 through 859 of the IRC. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, subject to certain adjustments and excluding any net capital gain. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRS Lessees at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we qualify for certain relief provisions.

Substantially all of our assets are held by, and all of our operations are conducted through, our Operating Partnership or our subsidiary REITs. Partnerships are not subject to U.S. federal income taxes as revenues and expenses pass through to and are taxed on the owners. Generally, the states and cities where partnerships operate follow the U.S. federal income tax treatment. However, there are a limited number of local and state jurisdictions that tax the taxable income of the Operating Partnership.  Accordingly, we provide for income taxes in these jurisdictions for the Operating Partnership.

Taxable income related to our TRSs are subject to federal, state and local income taxes at applicable tax rates. Our consolidated income tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership.
Where required, we account for federal and state income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for: i) the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and the respective carrying amounts for tax purposes, and ii) operating losses and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

We consider all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. At December 31, 2023, the Company continues to be in a three-year cumulative loss. As such, the realizability of our deferred tax assets at December 31, 2023 is not reasonably assured. Therefore, we have recorded a valuation allowance against substantially all of our deferred tax assets at December 31, 2023.

We perform a review of any uncertain tax positions and if necessary, will record expected future tax consequences of uncertain tax positions in the financial statements.

Fair Value Measurement
 
Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
 
Level 1: Observable inputs such as quoted prices in active markets.
Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets.
Level 3: Unobservable inputs in which there is little or no market information, which require a reporting entity to develop its own assumptions.
 
Assets and liabilities measured at fair value on a recurring basis are based on one or more of the following valuation techniques:
 
Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
Cost approach: Amount required to replace the service capacity of an asset (replacement cost).
Income approach: Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models).
 
Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.
 
We have elected a measurement alternative for equity investments, such as our purchase option, that do not have readily determinable fair values. Under the alternative, our purchase option is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer, if any.

Assets measured at fair value on a nonrecurring basis consist of lodging properties classified as Assets Held For Sale that are recorded at the lower of historical cost or fair value, which is the selling price less estimated costs to sell (Level 2).
Earnings Per Share

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. We apply the two-class method of computing earnings (loss) per share, which requires the calculation of separate earnings (loss) per share amounts for participating securities. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Any anti-dilutive securities are excluded from the basic per-share calculation. Diluted EPS is computed by dividing net income (loss) available to common stockholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.

Basic and diluted loss per share for the years ended December 31, 2023, 2022 and 2021 are calculated as Net loss attributable to common stockholders for each respective period divided by weighted average common shares outstanding for each respective period as all other securities are antidilutive. Potentially dilutive shares include unvested restricted share grants, unvested performance share grants, common shares issuable upon conversion of convertible debt and common shares issuable upon conversion of Common Units of our Operating Partnership.

Use of Estimates
 
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.

New Accounting Standards
 
In October 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-06, Disclosure Improvements, codification amendments in response to the U.S. Securities and Exchange Commission's ("SEC") Disclosure Update and Simplification Initiative that was issued in August 2018. ASU 2023-06 will modify the disclosure or presentation requirements related to various subtopics, with clarifications to or technical corrections of the current requirements. The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. ASU 2023-06 applies to all reporting entities within the scope of the amended subtopics. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The adoption of ASU 2023-06 will not have a material effect on our Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). ASU 2023-07 which will improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Although we operate only a single segment, ASU 2023-07 will require us to adhere to all disclosure requirements of the pronouncement which includes among other things, disclosures related to our chief operating decision maker. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-07 will not have a material effect on our Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). ASU 2023-09 provides for changes to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 also improves the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with SEC Regulation S-X 210.4-08(h), Rules of General Application—General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The adoption of ASU 2023-09 will not have a material effect on our Consolidated Financial Statements.
Reclassifications
 
A portfolio of two lodging properties with an aggregate carrying amount of approximately $49.9 million that were classified as Assets Held for Sale at December 31, 2022 have been reclassified to Investments in Lodging Property, net during the year ended December 31, 2023 as the proposed sale of the properties was terminated during the year then ended.
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INVESTMENTS IN LODGING PROPERTY, NET
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
INVESTMENTS IN LODGING PROPERTY, NET INVESTMENTS IN LODGING PROPERTY, NET
 
Investments in Lodging Property, net
 
Investments in lodging property, net at December 31, 2023 and 2022 include (in thousands):

 
 20232022
Land$373,039 $373,106 
Lodging buildings and improvements2,786,223 2,815,993 
Intangible assets39,954 39,954 
Construction in progress41,324 64,159 
Furniture, fixtures and equipment268,631 252,842 
Real estate development loan (1)
4,176 — 
 3,513,347 3,546,054 
Less - accumulated depreciation and amortization(784,298)(704,198)
 $2,729,049 $2,841,856 

(1)    In January 2023, we entered into an agreement with affiliates of Onera Opportunity Fund I, LP to provide a mezzanine financing loan to fund up to $4.6 million for the development of a property. The mezzanine loan was classified as Investments in Lodging Property, net in our Consolidated Balance Sheet at December 31, 2023. See "Note 4 - Investment in Real Estate Loans" for further information.

Depreciation expense was $150.3 million, $149.5 million, and $105.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Lodging Property Acquisitions
 
Residence Inn by Marriott - Scottsdale, AZ

In June 2023, the GIC Joint Venture acquired the Residence Inn by Marriott located in Scottsdale, AZ containing 120 guestrooms for a purchase price of approximately $29.0 million. GIC made a capital contribution of $13.7 million, or 49% of the cash paid at closing, to the GIC Joint Venture, and the Operating Partnership made a capital contribution of $14.3 million, or 51% of the cash paid at closing to the GIC Joint Venture, along with $1.0 million of earnest money that was paid from available cash of the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on our revolving line of credit.

Nordic Lodge - Steamboat Springs, CO

In June 2023, the GIC Joint Venture acquired the Nordic Lodge located in Steamboat Springs, CO containing 47 guestrooms for a purchase price of approximately $13.7 million. GIC made a capital contribution of $6.7 million, or 49% of the purchase price, to the GIC Joint Venture and the Operating Partnership made a capital contribution of $7.0 million, or 51% of the purchase price, to the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on our revolving line of credit.
NCI Transaction

In January and March 2022, the Operating Partnership and the GIC Joint Venture closed on a transaction with NewcrestImage Holdings, LLC, a Delaware limited liability company, and NewcrestImage Holdings II, LLC, a Delaware limited liability company (together, “NewcrestImage”), to purchase from NewcrestImage a portfolio of 27 lodging properties, containing an aggregate of 3,709 guestrooms, and two parking structures, containing 1,002 spaces and various financial incentives for an aggregate purchase price of $822.0 million (the "NCI Transaction"), paid in the form of 15,864,674 Common Units (deemed value of $10.0853 per unit), 2,000,000 preferred units of limited partnership of the Operating Partnership newly designated as 5.25% Series Z Cumulative Perpetual Preferred Units (Liquidation Preference $25 Per Unit) (the “Series Z Preferred Units”), cash draws totaling $410.0 million from a term loan entered into by subsidiaries of the GIC Joint Venture, the assumption by a subsidiary of the GIC Joint Venture of approximately $6.5 million in Property Assessed Clean Energy ("PACE") loan debt, $5.9 million of cash contributed to escrow in the prior year by GIC, as a limited partner in the GIC Joint Venture, and approximately $185.2 million cash contributed by GIC at closing. GIC also contributed to the GIC Joint Venture an additional $18.5 million in cash for estimated pre-acquisition costs related to the NCI Transaction, a portion of which was distributed to the Operating Partnership as reimbursement for transaction costs paid by the Operating Partnership.

We valued the Common Units and Series Z Preferred Units at fair market value on the closing dates of the NCI Transaction, which resulted in us recording the issued Common Units and Series Z Preferred Units at $157.5 million and $50.0 million, respectively. The Common Units were recorded at the closing prices of our Common Stock on the closing dates since the Common Units are redeemable for shares of our Common Stock on a 1:1 basis. We estimated the fair value of the Series Z Preferred Units based on the features and stated dividend coupon of the Series Z Preferred Units relative to similar securities with more readily determinable market values. We recorded the Series Z Preferred Units at their redemption value of $50.0 million, which approximates fair value on the closing dates.

Our GIC Joint Venture assumed $335.2 million of debt in connection with the NCI Transaction and immediately repaid $328.7 million of the assumed debt on the closing date using proceeds from borrowings on the GIC Joint Venture Term Loan (as described below). We recorded debt assumed in connection with the NCI Transaction at its face amount, which approximated fair market value on the closing date.

Our Joint Venture recorded the NCI Transaction as an asset acquisition and allocated the aggregate purchase price paid for the NCI Transaction to the net assets acquired based on their relative fair values. In determining relative fair values, we made significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, and judgements related to certain market assumptions. Incentives and other intangibles include tax incentives totaling approximately $19.8 million associated with certain of the acquired properties in the NCI Transaction and are being amortized over a weighted average amortization period of approximately 9.1 years, which is the period in which we expect to meet the requirements to receive payment of the tax incentives. Other intangible assets totaling approximately $3.9 million are related to key money associated with certain of the lodging properties acquired in the NCI Transaction and are being amortized over a weighted average amortization period of approximately 19.7 years, which is the remaining key money contract period with the franchisor.

Brickell Transaction

In June 2022, we formed the Brickell Joint Venture (see "Note 10 - Non-controlling Interests and Redeemable Non-controlling Interests") to facilitate the exercise of our initial purchase option to acquire a 90% equity interest (the "Initial Purchase Option") in the AC Hotel by Marriott and Element Miami Brickell Hotel in Miami, FL (together the "AC/Element Hotel"). The exercise price of the Initial Purchase Option was $89.0 million and was primarily funded with the conversion of the mezzanine loan of $29.9 million to equity, $7.9 million in cash and the assumption of debt.

Onera Transaction

In October 2022, we formed the Onera Joint Venture (see "Note 10 - Non-controlling Interests and Redeemable Non-controlling Interests") to facilitate the acquisition of a 90% equity interest in the Onera Opportunity Fund I LP ("Onera") for $5.2 million in cash, plus additional contingent consideration of $1.8 million paid in September 2023. The Onera Joint Venture has a 100% fee simple interest in real property and improvements consisting of an 11-unit glamping property and a 6.4-acre parcel of land.
Lodging property acquisitions during the years ended December 31, 2023 and 2022 were as follows (dollar amounts in thousands):

Date AcquiredFranchise/BrandLocationGuestroomsPurchase
Price
2023 Acquisitions:
June 1, 2023Residence Inn by MarriottScottsdale, AZ120$29,000 
June 23, 2023Nordic LodgeSteamboat Springs, CO4713,700 
Total acquisitions 2023167$42,700 
2022 Acquisitions:
January 13, 2022
Portfolio of properties - twenty-six lodging properties and two parking garages (1)
Various3,533$766,000 
March 23, 2022
Canopy Hotel by Hilton (1)
New Orleans, LA17656,000 
June 10, 2022
AC/Element Hotel (2)
Miami, FL26480,100 
October 26, 2022
Onera (3)
Fredericksburg, TX
117,000 
Total acquisitions 20223,984 $909,100

(1)       In January 2022, we acquired a portfolio of twenty-six hotels and two parking garages for an aggregate purchase price of 766.0 million. The hotels acquired included 21 hotels and two parking garages in Texas, two hotels in Louisiana, and three hotels in Oklahoma under the following brands: Marriott (13), Hilton (7), Hyatt (4), and IHG (2). In March 2022, we acquired the Canopy New Orleans upon completion of its construction for a purchase price of $56.0 million.

(2)    We acquired a 90% equity interest in the AC/Element Hotel for $80.1 million based on the exercise price of the Initial Purchase Option of $89.0 million. The transaction included the assumption of $47.0 million of debt resulting in a net consideration payment requirement of $42.0 million. We paid 90% of the required net consideration with the conversion of our $29.9 million mezzanine loan into equity and a cash payment of $7.9 million. The carrying amount of our Initial Purchase Option of $2.8 million is also included in the total amount allocated to the assets acquired. The Brickell Joint Venture partner’s non-controlling interest of $6.9 million represents 10% of the fair value of the net assets on the transaction date, determined by a third-party valuation expert based on discounted forecasted future cash flows of the net assets acquired. We also incurred $0.6 million of transaction costs. The result is a total amount allocated to the assets acquired of $95.1 million plus an intangible asset totaling $2.0 million related to the assumption of the franchises for the hotel properties and a related key money liability.

(3)       In October 2022, we completed the acquisition of a 90% equity interest in Onera Joint Venture which owns an 11-unit glamping property for $5.2 million based on aggregate purchase price of $5.8 million. We paid for our 90% in cash, plus $0.5 million of transaction costs. Additionally, the transaction includes additional contingent consideration (based on performance of the property for the 12-month period ending July 31, 2023) that was paid in September 2023 of $1.8 million. The Onera Joint Venture has a 100% fee simple interest in real property and improvements consisting of 11 lodging units and a 6.4-acre parcel of undeveloped land.


The allocation of the aggregate purchase prices and contingent consideration to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands):
20232022
Land$12,645 $68,426 
Lodging buildings and improvements30,721 756,551 
Furniture, fixtures and equipment1,448 82,730 
Incentives and other intangibles— 25,642 
Other assets— 5,318 
Total assets acquired (1) (2)
44,814 938,667 
Less debt assumed— (382,205)
Less lease liabilities assumed— (5,441)
Less other liabilities— (5,892)
Net assets acquired$44,814 $545,129 

(1)       Total assets acquired during the year ended December 31, 2023 is based on an aggregate purchase price of $42.7 million plus transaction costs of $0.1 million and $1.8 million related to contingent consideration paid to the seller in September 2023. See "Note 10 - Non-controlling Interests and Redeemable Non-controlling Interests" for details related to the Onera Joint Venture.

(2)       Total assets acquired during the year ended December 31, 2022 is based on an aggregate purchase price of $909.1 million adjusted for the following items:
•NCI Transaction: interest swap breakage fees and debt defeasance costs of $3.5 million, a reduction to the value of the Common Units issued on the closing date of $2.5 million, plus transaction costs of $3.0 million, and intangible assets totaling $9.1 million acquired outside of escrow, and
•Brickell Transaction: Brickell Joint Venture partner’s non-controlling interest of $6.9 million; Brickell Joint Venture partner’s non-controlling interest share of the debt assumed as part of the transaction of $4.7 million, the assumption of intangible assets totaling $2.0 million, the carrying amount of our Initial Purchase Option of $2.9 million, and transactions costs of $0.6 million.
•Onera Transaction: Onera Joint Venture partner's non-controlling interest of $0.8 million and $0.5 million of transaction costs.
All lodging property purchases completed during the years ended December 31, 2023 and 2022 were deemed to be the acquisition of assets. Therefore, acquisition costs related to these transactions have been capitalized as part of the recorded amounts of the acquired net assets.

Lodging Property Sales

Portfolio of Four Lodging Properties

In May 2023, we completed the sale of four lodging properties (the "Sale Portfolio") for an aggregate gross selling price of $28.1 million as follows:

Franchise/BrandLocationGuestrooms
Hilton Garden InnMinneapolis (Eden Prairie), MN97
Holiday Inn Express & SuitesMinneapolis (Minnetonka), MN93
Hyatt PlaceChicago (Hoffman Estates), IL126
Hyatt PlaceChicago (Lombard/Oak Brook), IL151
467

At December 31, 2022, we classified the Sale Portfolio as Assets Held for Sale and recorded a write-down of $2.9 million to reduce the carrying amount of the net assets to the selling price less estimated costs to sell. As such, the net selling proceeds approximated the net carrying amount of the Sale Portfolio at closing.

Hyatt Place - Baltimore (Owings Mills), MD

In December 2023, we completed the sale of the 123-guestroom Hyatt Place in Baltimore, MD for a gross selling price of $8.3 million. The net selling price less costs to sell approximated the net book value of the hotel property on the sale date resulting in a nominal gain that was recorded in the fourth quarter of 2023.

Hilton Garden Inn San Francisco Airport North - San Francisco, CA

In May 2022, the GIC Joint Venture completed the sale of a 169-guestroom Hilton Garden Inn San Francisco Airport North in San Francisco, CA for a gross selling price of $75.0 million. The sale of this property resulted in a net gain of $20.5 million to the GIC Joint Venture during the year ended December 31, 2022.

Hyatt Place - Dallas (Plano), TX

During the fourth quarter of 2023, we entered into a purchase and sale agreement with a third-party to sell the 127-guestroom Hyatt Place Dallas (Plano), TX for $10.3 million. We reclassified the property in Assets Held for sale, net at December 31, 2023 and recorded a write-down of $4.0 million in the fourth quarter of 2023 for the excess of the net carrying amount of the portfolio of properties over the net selling price less estimated costs to sell. We completed the sale of the property on February 15, 2024 under the terms described above.
Intangible Assets

Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands):
December 31,
Weighted Average Amortization Period (in Years)20232022
Indefinite-lived Intangible assets:
Air rightsN/A$10,754 $10,754 
OtherN/A80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives(1)
9.219,750 19,750 
Key money(1)
17.89,370 9,370 
29,120 29,120 
Total intangible assets39,954 39,954 
    Less - accumulated amortization(9,251)(5,110)
Intangible assets, net$30,703 $34,844 

(1)    Finite-lived intangible assets were primarily acquired in the NCI Transaction.

We recorded amortization expense related to intangible assets of approximately $4.1 million and $4.0 million for the years ended December 31, 2023 and 2022, respectively. There was no amortization expense related to intangible assets for the for the year ended December 31, 2021.

Future amortization expense related to intangible assets is as follows (in thousands):

For the Year Ended
December 31,		Amount
2024$4,126 
20251,564 
20261,564 
20271,511 
20281,016 
Thereafter10,088 
$19,869 
Assets Held for Sale

Assets held for sale, net at December 31, 2023 include a parcel of undeveloped land in Flagstaff, AZ and certain properties that are under contract for sale and expected to close during the first half of 2024 as follows (in thousands):

December 31,
20232022
Under Contract for Sale:
Portfolio of four lodging properties$— $27,516 
Hyatt Place - Dallas (Plano), TX
9,940 — 
One individual lodging property and a portfolio of two lodging properties
54,146 — 
Parcel of undeveloped land - San Antonio, TX1,225 1,225 
65,311 28,741 
Marketed for Sale:
One individual lodging property
8,004 — 
Parcel of undeveloped land - Flagstaff, AZ425 425 
$73,740 $29,166 

During the first quarter of 2024, we entered into two separate purchase and sale agreements with two unrelated third-parties to sell one individual lodging property and a portfolio of two lodging properties with an aggregate 529-guestrooms for an aggregate selling price of $84.0 million. We reclassified all three of the properties to Assets Held for sale, net at December 31, 2023 and recorded a write-down of $1.4 million in the fourth quarter of 2023 for the excess of the net carrying amount of one of the lodging properties over its net selling price less estimated costs to sell. We expect to complete the transactions during the first half of 2024.

At December 31, 2023, we have a lodging property with 101-guestrooms being marketed for sale. We have reclassified the property to Assets Held for Sale, net at December 31, 2023 and recorded a write-down of $11.3 million in the fourth quarter of 2023 for the excess of the net carrying amount of the lodging property over its expected net selling price less estimated costs to sell.

During the first quarter of 2023, we entered into a purchase and sale agreement with a third-party to sell a 5.99-acre parcel of undeveloped land in San Antonio, TX for $1.3 million. We expect to complete the transaction during the second quarter of 2024.

During the year ended December 31, 2022, the Company recorded a Loss on write-down of assets of $2.9 million to reduce the carrying amounts of the Hilton Garden Inn - Eden Prairie, MN, Holiday Inn Express & Suites - Minnetonka, MN, Hyatt Place - Chicago (Hoffman Estates), and Hyatt Place - Chicago (Lombard), IL to their net selling prices less estimated costs to sell. Additionally, during the year ended December 31, 2022, the Company recorded a loss on write-down of assets of $7.2 million to reduce the carrying amounts of two lodging properties to their expected selling prices less estimated costs to sell. The proposed sale of these two lodging properties was terminated during the year ended December 31, 2023.

During the year ended December 31, 2021, the Company recorded a loss on write-down of assets of $4.4 million on its unexercised purchase options related to real estate development loans. See "Note 11 – Fair Value Measurement" for further information.
v3.24.0.1
INVESTMENT IN REAL ESTATE LOANS
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
INVESTMENT IN REAL ESTATE LOANS INVESTMENT IN REAL ESTATE LOANS
Real Estate Development Loans

Onera Mezzanine Financing Loan

In January 2023, we entered into an agreement with affiliates of Onera Opportunity Fund I, LP ("Onera") to provide a mezzanine financing loan to fund up to $4.6 million (the "Onera Mezzanine Loan") for the development of a lodging property in Wimberley, TX. The Onera Mezzanine Loan is secured by a second mortgage on the property and is subordinate to the senior lender for the development project. The loan matures 24 months from the closing date of the transaction and may be extended for an additional 12 months at the borrower's option. Additionally, we issued a $3.0 million letter of credit to the senior lender of the project as additional support for Onera's construction loan. We also have an option to purchase 90% of the equity of the entity that owns the development property upon completion of construction or upon the one-year anniversary of such completion at a pre-determined price (the "Onera Purchase Option"). The development is expected to be completed in the second half of 2024. As of December 31, 2023, we have funded our entire $4.6 million commitment under the mezzanine financing loan. The balance of the Onera Mezzanine Loan is recorded net of the unamortized discount related to the carrying amount of the Onera Purchase Option of $0.4 million at December 31, 2023, and is classified as Investments in lodging property, net in our Consolidated Balance Sheets at December 31, 2023.

We recorded the Onera Purchase Option related to the Onera Mezzanine Loan at its estimated fair value of $0.9 million on the transaction date using the Black-Scholes model in Other assets and as a contra-asset to Investments in lodging property, net. The recorded amount of the Onera Purchase Option is being amortized over the term of the Onera Mezzanine Loan using the straight-line method, which approximates the interest method, as non-cash interest income. For the year ended December 31, 2023, we amortized $0.5 million of the carrying amount of the Onera Purchase Option as non-cash interest income.

Our estimate of the fair value of the Onera Purchase Option under the Black-Scholes model requires judgment and estimates primarily related to the volatility of our stock price and expected levels of future dividends on our common stock. Although our estimate contemplates current and expected future conditions, as applicable, it is reasonably possible that actual conditions could materially differ from our expectations.

Brickell Mezzanine Financing Loan

During the year ended December 31, 2019, we executed a mezzanine financing loan to a developer, as amended (the "Brickell Mezzanine Loan"), to fund up to $29.9 million for a mixed-use development project that included the AC/Element Hotel, retail space, and parking.

During the second quarter of 2022, we exercised our option (the “Initial Purchase Option”) to purchase a 90% interest in the AC/Element Hotel, retail space, and parking that was granted in connection with the Brickell Mezzanine Loan, which resulted in payment in full of the Brickell Mezzanine Loan. We also have the right to purchase the remaining interest in the property five years after the completion of construction. The Brickell Mezzanine Loan was classified as Investments in lodging property, net in our Condensed Consolidated Balance Sheets.
Seller-Financing Loans

In June 2018, we sold two hotel properties for an aggregate selling price of $24.9 million. We provided seller financing in two notes totaling $3.6 million on the sale of these properties. During the year ended December 31, 2020, we recorded an allowance for credit losses in an amount equal to the outstanding principal balance of the loans due to a borrower default caused by the negative effects of the Pandemic. During the year ended December 31, 2022, we received $0.6 million from the borrower to repay one of the two loans in full and $0.5 million of principal payments on the remaining loan. As such, we recorded Recoveries of credit losses of $1.1 million during the year ended December 31, 2022. During the year ended December 31, 2023, we received $1.5 million from the borrower to repay approximately $0.3 million of accrued and unpaid interest and the remaining outstanding principal balance of the remaining loan. As a result, we recorded Recoveries of credit losses of $1.2 million during the year ended December 31, 2023 related to the repayment in full of the seller-financing loan.

The seller-financing loan, net was included in Prepaid expenses and other in our Consolidated Balance Sheets at December 31, 2022.

Investment in real estate loans, net at December 31, 2022 was as follows (in thousands):

December 31,
 2022
Real estate loan$1,250 
Allowance for credit losses(1,250)
 $— 
v3.24.0.1
SUPPLEMENTAL BALANCE SHEET INFORMATION
 12 Months Ended
Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]  
SUPPLEMENTAL BALANCE SHEET INFORMATION SUPPLEMENTAL BALANCE SHEET INFORMATION
 
Restricted Cash

Restricted cash was as follows (in thousands):

 
December 31,
 20232022
FF&E reserves$9,583 $10,223 
Property taxes343 316 
Other5 14 
 $9,931 $10,553 

The Company maintains reserve funds for property taxes, insurance, capital expenditures and replacement or refurbishment of furniture, fixtures and equipment at some of our lodging properties in accordance with management, franchise or mortgage loan agreements. These agreements generally require us to reserve cash ranging from 2% to 5% of the revenues of the individual lodging property in restricted cash escrow accounts. Any unused restricted cash balances revert to us upon the termination of the underlying agreement or may be released to us from the restricted cash escrow accounts upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves.
Prepaid Expenses and Other
 
Prepaid expenses and other included the following (in thousands): 

December 31,
 20232022
Deferred acquisition costs
$199 $334 
Prepaid insurance1,945 1,708 
Prepaid taxes1,478 1,639 
Other5,243 4,697 
$8,865 $8,378 

Deferred Charges
 
Deferred charges were as follows (in thousands): 

December 31,
 20232022
Franchise fees
$10,106 $10,079 
Less - accumulated amortization(3,447)(3,005)
$6,659 $7,074 
 
Amortization expense for the years ended December 31, 2023, 2022, and 2021 was $0.6 million, $0.7 million and $0.5 million, respectively.
 
Other Assets

Other assets included the following (in thousands):

December 31,
 20232022
Derivative financial instrument$13,958 $16,841 
Purchase options related to real estate loan931 — 
Deferred tax asset, net20 108 
Other645 1,001 
$15,554 $17,950 

Accrued Expenses and Other
 
Accrued expenses and other included the following (in thousands):

 
December 31,
 20232022
Accrued property, sales and income taxes$26,590 $28,972 
Accrued salaries and benefits13,307 13,029 
Other accrued expenses at lodging properties26,745 25,282 
Accrued interest6,136 4,158 
Other8,437 9,863 
$81,215 $81,304 
v3.24.0.1
DEBT
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
 
At December 31, 2023, our indebtedness was comprised of borrowings under our 2023 Senior Credit Facility (as defined below), the 2018 Term Loan (as defined below), the GIC Joint Venture Credit Facility (as defined below), the GIC Joint Venture Term Loan (as defined below), the PACE Loan (as defined below), the Brickell Mortgage Loan (as defined below), the Convertible Notes (as defined below), and other indebtedness secured by first priority mortgage liens on various lodging properties. The weighted average interest rate, after giving effect to our interest rate derivatives, for all borrowings was 5.31% and 5.04% at December 31, 2023 and 2022, respectively.

$600 Million Senior Credit and Term Loan Facility 

In June 2023, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the loan documentation as a subsidiary guarantor, entered into an amended and restated $600.0 million senior credit facility (the “2023 Senior Credit Facility”) with Bank of America, N.A., as successor administrative agent, and a syndicate of lenders. The 2023 Senior Credit Facility is comprised of a $400.0 million revolver (the "$400 Million Revolver") and a $200.0 million term loan facility (the “$200 Million Term Loan”). The 2023 Senior Credit Facility has an accordion feature which allows the Company to increase the total commitments by an aggregate of up to $300.0 million.

The $400 Million Revolver has a maturity date of June 2027, which may be extended by the Company for up to two consecutive six-month periods, subject to certain conditions and the $200 Term Loan has a maturity date of June 2026, which may be extended by the Company for up to two consecutive 12-month periods, subject to certain conditions. At December 31, 2023, the $200 Million Term Loan was fully funded, and we had no borrowings on our $400 Million Revolver. Borrowings under the 2023 Senior Credit Facility are limited by the value of the Unencumbered Assets.

The 2023 Senior Credit Facility bears interest at the Secured Overnight Financing Rate (“SOFR”). The interest rate on the $400 Million Revolver is based on the higher of (i) a pricing grid ranging from 140 basis points to 240 basis points plus Adjusted Daily SOFR or Adjusted Term SOFR, depending on the Company's leverage ratio (as defined in the loan documents); and (ii) a pricing grid ranging from 40 basis points to 140 basis points over the Base Rate, depending on the Company's leverage ratio (as defined in the credit agreements governing the 2023 Senior Credit Facility).

The interest rate on the $200 Million Term Loan pursuant to the 2023 Senior Credit Facility is based on the higher of (i) a pricing grid ranging from 135 basis points to 235 basis points plus Adjusted Daily SOFR or Adjusted Term SOFR, depending on the Company's leverage ratio (as defined in the loan documents); and (ii) a pricing grid ranging from 35 basis points to 135 basis points over the Base Rate, depending on the Company's leverage ratio (as defined in the loan documents).

Term SOFR will be available for one, three and six-month interest periods. The Base Rate is a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced by Bank of America as its “prime rate,” (c) SOFR published on such day on the Federal Reserve Bank of New York’s website (or any successor source) plus 1.00% and (d) 1.00%. For purposes of the 2023 Senior Credit Facility, SOFR is subject to a floor of zero basis points.

We are also required to pay an unused fee (“Unused Fee”) on the undrawn portion of the $400 Million Revolver. The Unused Fee shall be calculated on a daily basis on the unused amount of the $400 Million Revolver multiplied by (i) 0.25% per annum in the event that Revolver usage is greater than 50%, and (ii) 0.20% per annum in the event that Revolver usage is equal to or less than 50%. The Unused Fee is payable quarterly in arrears and on the final maturity date of the $400 Million Revolver.

The 2023 Senior Credit Facility requires the borrower and certain subsidiaries to pledge to the secured parties all of the equity interests in the entities that own all properties included in the unencumbered asset pool supporting the facility (“Unencumbered Properties”), as well as the equity interests in the TRS Lessees related to such Unencumbered Properties until the borrower meets certain conditions for their release, which conditions were satisfied subsequent to December 31, 2023 and the pledge of such equity interests were released in full. The 2023 Senior Credit Facility also permitted the Company to complete the Convertible Notes Offering (defined below), the Series F preferred shares offering (defined below), close on the NCI Transaction and enter into equity transactions and indebtedness related thereto.
Term Loans

2018 Term Loan

In February 2018, our Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the term loan documentation as a subsidiary guarantor, entered into a new $225.0 million term loan (the “2018 Term Loan”) with KeyBank National Association, as administrative agent, and a syndicate of lenders listed in the loan documentation, which is fully drawn as of December 31, 2023. The 2018 Term Loan has an accordion feature that allows us to increase the total commitments by $150.0 million prior to the maturity date of February 14, 2025, subject to certain conditions.

Amendments to $225 Million 2018 Term Loan

Between May 2020 and July 2022, the Company entered into several amendments to the 2018 Term Loan (collectively, the "2018 Term Loan Amendments"). The amendments to the 2018 Term Loan are substantially the same as the 2023 Senior Credit Facility. There was no modification to the maturity date of the 2018 Term Loan.

We pay interest on advances at varying rates, based upon, at our option, either (i) daily, 1-, 3-, or 6-month SOFR (subject to a floor of 25 basis points), plus a SOFR adjustment equal to 10 basis points and an applicable margin between 135 and 215 basis points, depending upon our leverage ratio (as defined in the loan documents). We are required to pay other fees, including customary arrangement and administrative fees.

Financial and Other Covenants. We are required to comply with various financial and other covenants to draw and maintain borrowings under the 2018 Term Loan. The 2018 Term Loan Amendments provide that certain financial and other covenants under the 2018 Term Loan were waived or adjusted, which waivers and adjustments were the same as the Company's prior senior credit facility. At December 31, 2023, we were in compliance with all financial covenants.

Unencumbered Assets. Borrowings under the 2018 Term Loan are limited by the value of the Unencumbered Assets.

Subsequent to year-end, the Company successfully completed a new $200 million senior unsecured term loan financing (the “2024 Term Loan”) that refinanced and replaced the 2018 Term Loan. The 2024 Term Loan has an initial maturity date of February 2027 and can be extended for two 12-month periods at the Company’s option, subject to certain conditions, for a fully extended maturity date of February 2029.The 2024 Term Loan provides for interest rate pricing ranging from 135 basis points to 235 basis points over the applicable adjusted term SOFR or 35 basis points to 135 basis points over base rate, at the Company's option. Proceeds from the 2024 Term Loan financing and advances on our $400 Million Revolver were used to repay in full the Company’s $225 million 2018 Term Loan that was scheduled to mature in February 2025. In connection with the closing of the 2024 Term Loan, the collateral securing the Company’s 2023 Senior Credit Facility was released. As a result of the 2024 Term Loan financing, the Company has significantly reduced debt maturities until 2026 and has an average length to maturity of approximately 3.6 years. Other terms of the agreement are similar to the Company’s 2023 Senior Credit Facility.

Convertible Senior Notes and Capped Call Options

In January 2021, we entered into an underwriting agreement (the “Convertible Notes Offering”) pursuant to which the Company agreed to offer and sell $287.5 million aggregate principal amount of 1.50% convertible senior notes due 2026 (the “Convertible Notes"). The net proceeds from the Convertible Notes Offering, after deducting underwriting discounts and commissions and offering expenses payable by the Company (including net proceeds from the full exercise by the underwriters of their over-allotment option to purchase additional Convertible Notes), were approximately $280.0 million before consideration of the Capped Call Transactions (as described below). These proceeds were used to pay the cost of the Capped Call Transactions and to partially repay outstanding obligations under the Company's prior senior credit facility and a $62.0 million term loan.
The Convertible Notes bear interest at a rate of 1.50% per year, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021. The Convertible Notes will mature on February 15, 2026 (the “Maturity Date”), unless earlier converted, purchased or redeemed. Prior to August 15, 2025, the Convertible Notes will be convertible only upon certain circumstances and during certain periods. On or after August 15, 2025 and through the Maturity Date, holders may convert any of their Convertible Notes into shares of the Company’s common stock, at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day prior to the Maturity Date, unless the Convertible Notes have been previously purchased or redeemed by the Company. During each of the years ended December 31, 2023, 2022 and 2021, the Company recorded coupon interest expense of $4.3 million, $4.3 million, and $4.2 million, respectively, and amortized $1.5 million during each of the years ended December 31, 2023, 2022, and 2021 of the $7.6 million debt issuance costs related to the Convertible Notes Offering. Including the amortization of the debt issuance costs, the current effective interest rate on the Convertible Notes is approximately 2.02%. The unamortized discount related to the Convertible Notes was $3.2 million and $4.7 million at December 31, 2023 and 2022, respectively.

The initial conversion rate of the Convertible Notes is 83.4028 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of $11.99 per share of common stock based on the 37.5% base conversion premium on the reference price of $8.72 per share. In no event will the conversion rate exceed 114.6788 shares of common stock per $1,000 principal amount of Convertible Notes, subject to certain adjustments defined in the Convertible Notes Offering. Commensurate with the declaration of dividends on our common stock and Common Units during the years ended December 31, 2023 and 2022, the conversion rate of the Convertible Notes was adjusted to 87.0869 shares of common stock per $1,000 principal amount of Convertible Notes at December 31, 2023.

In January 2021, in connection with the pricing of the Convertible Notes and the full exercise by the Underwriters of their option to purchase additional Convertible Notes pursuant to the Underwriting Agreement, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the underwriters or their respective affiliates and another financial institution (the “Capped Call Counterparties”). The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of shares of common stock underlying the Convertible Notes. The Capped Call Transactions are generally expected to reduce the potential dilution to holders of shares of common stock upon conversion of the Convertible Notes or offset the potential cash payments that the Company could be required to make in excess of the principal amount of any converted Convertible Notes upon conversion thereof, with such reduction or offset subject to a cap.

The effective strike price of the Capped Call Transactions is initially $15.26, which represents a premium of 75.0% over the last reported sale price of the common stock on the New York Stock Exchange on January 7, 2021, and is subject to certain adjustments under the terms of the Capped Call transactions. The strike price was $14.61 at December 31, 2023 due to the adjustments related to the dividends paid during the years ended December 31, 2023 and 2022.

MetaBank and Other Mortgage Loans

In June 2017, Summit Meta 2017, LLC (“SM-17”), a subsidiary of our Operating Partnership, entered into a $47.6 million secured, non-recourse loan with MetaBank (the "MetaBank Loan"). The MetaBank Loan provides for a fixed interest rate of 4.44%, amortizes over 25 years, and matures on July 1, 2027. The MetaBank Loan is secured by three hotel properties and is subject to a prepayment penalty if prepaid prior to April 1, 2027. In or around December 2021, MetaBank sold the MetaBank Loan to Bayside MB CRE Loans, LLC (“Bayside”). In October 2022, and on several occasions thereafter, Bayside's legal counsel sent letters to SM-17 alleging various events of default under the MetaBank Loan, primarily related to certain non-monetary covenants. In all cases, SM-17's legal counsel sent written responses to Bayside disputing that any events of default have occurred.

At December 31, 2023 and 2022, we had mortgage loans totaling $123.3 million and $125.6 million, respectively, that are secured primarily by first mortgage liens on eight hotel properties each at December 31, 2023 and 2022.
During 2022, we entered into agreements to fully defease four commercial mortgage-backed securities ("CMBS") mortgage loans totaling $87.3 million, and by placing into trust an amount sufficient to cover future principal and interest payments. The defeasance resulted in the 11 lodging properties that collateralized the CMBS mortgage loans becoming unencumbered. The defeasance was recorded as an extinguishment of the debt since we have been fully released from liability. As part of the transaction, we incurred transaction costs of $0.8 million that were recorded as Transaction Costs in our Statement of Operations for the year ended December 31, 2022. We will no longer be obligated to make future interest payments of approximately $2.4 million between the defeasance dates and the original maturity dates, and $26.8 million of restricted cash reserves were returned to us. We also expensed $0.1 million of unamortized deferred financing costs related to the defeased CMBS mortgage loans as Transaction Costs during the year ended December 31, 2022.

GIC Joint Venture Credit Facility

In October 2019, Summit JV MR 1, LLC (the “Borrower”), as borrower, and Summit Hospitality JV, LP (the “Parent” or "GIC Joint Venture"), as parent of the Borrower, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $200.0 million credit facility (the “GIC Joint Venture Credit Facility”) with Bank of America, N.A., as administrative agent and sole initial lender, and BofA Securities, Inc., as sole lead arranger and sole bookrunner. The Operating Partnership and the Company are not borrowers or guarantors of the GIC Joint Venture Credit Facility. The GIC Joint Venture Credit Facility is guaranteed by all of the Borrower’s existing and future subsidiaries, subject to certain exceptions.

The GIC Joint Venture Credit Facility is comprised of a $125.0 million revolving credit facility (the “$125 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”). The GIC Joint Venture Credit Facility has an accordion feature which allows the GIC Joint Venture to increase the total commitments by up to $300.0 million, for aggregate potential borrowings of up to $500.0 million on the GIC Joint Venture Credit Facility. At December 31, 2023, the GIC Joint Venture had $125.0 million outstanding under the $125 Million Revolver. The $125 Million Revolver and the $75 Million Term Loan have an initial maturity date of September 2027 and can be extended for a single 12-month period at the option of the GIC Joint Venture, subject to certain conditions. As such, the $125 Million Revolver and the $75 Million Term Loan have a fully extended maturity date of September 2028.

The interest rate on the $125 Million Revolver is based on the higher of (i) Daily SOFR or Term SOFR (1-month or 3-month), plus a SOFR adjustment of 0.10%, plus a margin of 2.15%, or, (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, and 1-month Term SOFR plus 1.00%, plus a base rate margin of 1.15%.

The interest rate on the $75 Million Term Loan is five basis points less than the interest rate on the $125 Million Revolver referenced above.

In addition, on a quarterly basis, the GIC Joint Venture will be required to pay a fee on the unused portion of the GIC Joint Venture Credit Facility equal to the unused amount multiplied by an annual rate of 0.25% of the average unused amount of the GIC Joint Venture Credit Facility. The GIC Joint Venture will also be required to pay other fees, including customary arrangement and administrative fees.

The GIC Joint Venture Credit Facility requires the borrower and certain subsidiaries to pledge to the secured parties all of the equity interests in the entities that own the 13 lodging properties included in the borrowing base assets, the related TRS entities that lease each of the borrowing base assets, and all other subsidiaries of the borrower and the subsidiary guarantors, subject to certain exceptions.

Amendments to $200 Million GIC Joint Venture Credit Facility

In June 2020, the Company entered into a Second Amendment to Credit Agreement related to the GIC Joint Venture Credit Facility (the “Second Amendment”). The Second Amendment resulted in waivers or adjustments to certain financial and other covenants under the GIC Joint Venture Credit Facility, which are described in the Current Report on Form 8-K filed by the Company on June 24, 2020.

In April 2021, the Borrower, Parent, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a Third Amendment to Credit Agreement concerning the GIC Joint Venture Credit Facility (the “Third Amendment”).
Under the Third Amendment, certain financial and other covenants under the GIC Joint Venture Credit Facility were waived or adjusted as follows:

• Increase of the Maximum Leverage Ratio through the initial maturity date (as defined in the loan agreements);
• Increase of the Borrowing Base Leverage through the initial maturity date (as defined in the loan agreements);

During the covenant waiver period (which ended during 2022), the applicable margin was increased to 230 basis points and 225 basis points for the $125 Million Revolver and $75 Million Term Loan, respectively.

In February 2023, the Borrower entered into the Fifth Amendment to Credit Agreement to, among other things, convert the reference rate used in interest rate calculations from the London InterBank Offered Rate ("LIBOR") to adjusted term or daily SOFR (using a 10-basis point credit spread adjustment), with Borrower's option to borrow base rate advances, term SOFR advances or daily SOFR advances.

In September 2023, the Company recast the GIC Joint Venture Credit Facility in its entirety (the "GIC Joint Venture Credit Recast"). The GIC Joint Venture Credit Recast extends the maturity of the $125 Million Revolver and the $75 Million Term Loan to an initial maturity date of September 2027, which may be extended for a single 12-month period at the option of the GIC Joint Venture, subject to certain conditions. As such, the GIC Joint Venture Credit Recast has a fully extended maturity date of September 2028.

The GIC Joint Venture Credit Recast requires the borrower and certain subsidiaries to pledge to the secured parties all of the equity interests in the entities that own the 13 properties included in the borrowing base assets, the related TRS entities that lease each of the borrowing base assets, and all other subsidiaries of the borrower and the subsidiary guarantors, subject to certain exceptions.

Borrowing Base Assets. The GIC Joint Venture Credit Facility is secured primarily by a first priority pledge of the Borrower's equity interests in the subsidiaries that hold 13 lodging properties financed by the facility, and the related TRS entities, which wholly own the TRS Lessees that lease each of the borrowing base assets. There are currently 13 lodging properties deemed borrowing base assets.

GIC Joint Venture Term Loan

In connection with the NCI Transaction, in January 2022, Summit JV MR 2, LLC, Summit JV MR 3, LLC and Summit NCI NOLA BR 184, LLC (each of which is a subsidiary of the GIC Joint Venture, and are collectively, the “JV Borrowers”), the GIC Joint Venture, as parent guarantor, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $410.0 million senior secured term loan facility (the “GIC Joint Venture Term Loan”) with Bank of America, N.A., as administrative agent and initial lender, Wells Fargo Bank, National Association, as syndication agent and an initial lender, and BofA Securities, Inc. and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners.

Neither the Operating Partnership nor the Company are borrowers or guarantors of the GIC Joint Venture Term Loan. The GIC Joint Venture Term Loan is guaranteed by the GIC Joint Venture and all of the JV Borrowers’ existing and future subsidiaries, subject to certain exceptions.

The GIC Joint Venture Term Loan provides for a $410.0 million term loan and has an accordion feature which permits an increase in the total commitments by up to $190.0 million, for aggregate potential borrowings of up to $600.0 million. The GIC
Joint Venture Term Loan will mature in January 2026 and can be extended for a single 12-month period at the option of the
GIC Joint Venture, subject to certain conditions. As such, the GIC Joint Venture Term Loan has a fully extended maturity date of January 2027. In February 2023, the GIC Joint Venture entered into an amendment to the GIC Joint Venture Term Loan to amend certain definitions, revise the minimum borrowing base interest coverage ratio and make certain other changes.

As of December 31, 2023, we had $410.0 million outstanding on the GIC Joint Venture Term Loan bearing interest at a floating rate of SOFR plus 2.75%. The interest rate at December 31, 2023 was 8.22%.

Borrowing Base Assets. The GIC Joint Venture Term Loan is secured primarily by a first priority pledge of the JV Borrowers’ equity interests in the subsidiaries that hold a direct or indirect interest in the 27 lodging properties and two parking facilities purchased in the NCI Transaction that constitute borrowing base assets. The GIC Joint Venture Term Loan contains terms, conditions and covenants for typical for similar credit facilities.
PACE Loan

As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The outstanding balance of the PACE loan is $6.1 million at December 31, 2023. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender.


Brickell Mortgage Loan

In June 2022, the Company entered into a joint venture (the "Brickell Joint Venture") with C-F Brickell, LLC, a Delaware limited liability company that was the developer of the AC/Element Hotel ("C-F Brickell"), to facilitate the exercise of the Initial Purchase Option to acquire a 90% equity interest in the Brickell Joint Venture, which owned a 100% interest in the AC/Element Hotel. In June 2022, the Brickell Joint Venture entered into a $47.0 million mortgage loan and non-recourse guaranty with City National Bank of Florida to finance the dual-branded AC/Element Hotel. The City National Bank Loan provides for an interest rate equal to one-month term SOFR plus 300 basis points. Payment terms include an interest-only period through June 30, 2024 and the loan will amortize based on a 25-year schedule from July 1, 2024 through the maturity date of June 30, 2025. The City National Bank Loan is prepayable at any time without penalty.

Financial Guarantee

During the year ended December 31, 2023, we issued a $3.0 million letter of credit to the senior lender of a development project for which we provided the Onera Mezzanine Loan as additional support on behalf of the developer. We recorded the non-contingent portion of financial guarantee as a liability of $0.2 million on the transaction date, which is the premium receivable for the guarantee payable to us by the borrower. The liability is being amortized using the straight-line method into interest income over the term of the letter of credit and is recorded in Accrued expenses and other in our Consolidated Balance Sheet at December 31, 2023.
Currently, payment under the contingent portion of the guarantee is not probable nor reasonably estimable. Therefore, no liability for the contingent portion of the guarantee is recorded at December 31, 2023.
At December 31, 2023 and 2022 our outstanding indebtedness was as follows (dollar amounts in thousands):
LenderReferenceInterest
Rate		Amortization Period
(Years)
Initial Maturity 
Date
Fully Extended Maturity Date
Number of 
Properties
Encumbered
December 31,
20232022
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, NA
$400 Million Revolver
(1)
7.41% Variable
n/a6/21/20276/21/2028n/a$— $15,000 
$200 Million Term Loan
(1)
7.36% Variable
n/a6/21/20266/21/2028n/a200,000 200,000 
Total Senior Credit and Term Loan Facility200,000 215,000 
Term Loans
KeyBank National Association Term Loan
(1) (7)
7.21% Variable
n/a2/14/20252/14/2025n/a225,000 225,000 
Convertible Notes
1.50% Fixed
n/a2/15/20262/15/2026n/a287,500 287,500 
Secured Mortgage Indebtedness
MetaBank(2)
4.44% Fixed
257/1/20277/1/2027342,611 43,917 
Bank of the Cascades (First Interstate Bank)(3)
7.33% Variable
2512/19/202412/19/202417,425 7,691 
Bank of the Cascades (First Interstate Bank)(3)
4.30% Fixed
2512/19/202412/19/20247,425 7,691 
Total Mortgage Loans457,461 59,299 
Total Operating Partnership Debt4769,961 786,799 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
8.35% Variable
256/9/20256/9/2025247,000 47,000 
GIC Joint Venture Credit Facility and Term Loans(4)
Bank of America, N.A.
$125 Million Revolver
7.61% Variable
n/a9/15/20279/15/2028n/a125,000 125,000 
$75 Million Term Loan
7.56% Variable
n/a9/15/20279/15/2028n/a75,000 75,000 
Bank of America, N.A.
8.22% Variable
n/a1/13/20261/13/2027n/a410,000 410,000 
Wells Fargo(5)
4.99% Fixed
306/6/20286/6/2028112,785 13,032 
PACE loan(6)
6.10% Fixed
207/31/20407/31/204016,093 6,293 
Total GIC Joint Venture Credit Facility and Term Loans2628,878 629,325 
Total Joint Venture Debt4675,878 676,325 
Total Debt81,445,839 1,463,124 
Unamortized debt issuance costs(15,171)(11,328)
Debt, net of issuance costs$1,430,668 $1,451,796 

(1)The $600 million 2023 Senior Credit Facility is supported by a borrowing base of 52 unencumbered hotel properties.

(2) In June 2017, we entered into the MetaBank Loan. The MetaBank Loan is secured by the Hampton Inn & Suites in Minneapolis, MN, the Four Points by Sheraton Hotel & Suites in South San Francisco, CA, and the Hyatt Place in Mesa, AZ. The MetaBank Loan is subject to a prepayment penalty if prepaid prior to April 1, 2027. In or around December 2021, MetaBank sold the MetaBank Loan to Bayside MB CRE Loans, LLC (“Bayside”).

(3) In December 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million. As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.3%. Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and cross-defaulted.

(4) The GIC Joint Venture Credit Facilities and Term Loans are secured by a pledge of the equity interests in the subsidiaries that own and operate the borrowing base assets financed by the facility.

(5) In December 2021, we assumed a $13.3 million loan with a fixed rate of 4.99% and a maturity of June 6, 2028. This loan is secured by the Embassy Suites by Hilton in Tucson, AZ. This loan is subject to defeasance if prepaid.
(6) As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender.

(7) In February 2024, we successfully completed the 2024 Term Loan. Proceeds from the 2024 Term Loan financing along with advances on our $400 Million Revolver were used to repay the 2018 Term Loan that was scheduled to mature in February 2025. The 2024 Term Loan provides for a fully extended maturity date of February 2029.

There are currently no defaults under any of the Company's mortgage loan agreements.

Our total fixed-rate and variable-rate debt at December 31, 2023 and 2022, after giving effect to our interest rate derivatives, is as follows (dollar amounts in thousands): 
 2023Percentage2022Percentage
Fixed-rate debt(1)
$956,414 66 %$758,433 52 %
Variable-rate debt489,425 34 %704,691 48 %
 $1,445,839 $1,463,124 

(1) At December 31, 2023, debt related to our wholly-owned properties coupled with our pro rata share of joint venture debt results in a fixed-rate debt ratio of approximately 75% of our total pro rata indebtedness when including the effect of interest rate swaps. See "Note 8 - Derivative Financial Instruments and Hedging."

Contractual principal payments, without consideration of maturity date extension options, but including the refinancing of the 2018 Term Loan subsequent to December 31, 2023, for each of the next five years are as follows (in thousands): 

For the Year Ended
December 31,		Amount
2024$16,926 
202548,485 
2026289,417 
2027449,204 
2028436,937 (1)
Thereafter204,870 
 $1,445,839 

(1)    Debt maturities in 2028 include $25 million related to the refinancing of the 2018 Term Loan that was paid at closing of the 2024 Term Loan in February 2024. Advances on our $400 Million Revolver have a fully extended maturity of June 2028.

Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 

 20232022 
 Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $256,141 $287,500 $247,126 Level 1 - Market approach
Mortgage loans68,915 60,883 70,933 61,447 Level 2 - Market approach
$356,415 $317,024 $358,433 $308,573 
 
At December 31, 2023 and 2022, we had $600.0 million and $400.0 million of debt with variable interest rates that had been converted to fixed interest rates through derivative financial instruments which are carried at fair value. Differences between carrying value and fair value of our fixed-rate debt are primarily due to changes in interest rates. Inherently, fixed-rate debt is subject to fluctuations in fair value as a result of changes in the current market rate of interest on the valuation date.

For additional information on our use of derivatives as interest rate hedges, see "Note 8 – Derivative Financial Instruments and Hedging.”
v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES LEASES
The Company has operating leases related to the land under certain lodging properties, conference centers, parking spaces, automobiles, our corporate office and other miscellaneous office equipment. These leases have remaining terms of 1 year to 74.5 years, some of which include options to extend the leases for additional years. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize rental expense for these leases on a straight-line basis over the lease term.

Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or restrictive covenants that materially affect our business. In addition, we rent or sublease certain owned real estate to third parties. During the years ended December 31, 2023, 2022, and 2021, we recorded gross third-party tenant income of $2.6 million, $2.6 million, and $1.9 million, respectively, which were recorded in Other income, net in the Consolidated Statements of Operations.

Our right-of-use assets and related liabilities include renewal options reasonably certain to be exercised. We base our lease calculations on our estimated incremental borrowing rate. As of December 31, 2023 and 2022 our weighted average incremental borrowing rate was 4.8%.

During the years ended December 31, 2023, 2022, and 2021, the Company's total operating lease cost was $4.6 million, $4.1 million, and $3.3 million, respectively, and the operating cash outflows from operating leases was $4.0 million, $3.7 million, and $3.1 million, respectively. As of December 31, 2023 and 2022, the weighted average operating lease term was 32.2 and 34.0 years, respectively.

Operating lease maturities as of December 31, 2023 are as follows (in thousands):

For the Year Ended
December 31,		Amount
2024$2,264 
20252,285 
20262,239 
20272,282 
20282,124 
Thereafter35,831 
Total lease payments (1)
47,025 
Less interest(21,183)
Total$25,842 

(1) Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances.
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING
 
We are exposed to interest rate risk through our variable-rate debt. We manage this risk primarily by managing the amount, sources, and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage our exposure to known or expected cash payments related to our variable-rate debt. The maximum length of time over which we have hedged our exposure to variable interest rates with our existing derivative financial instruments is approximately seven years.
 
Our objectives in using derivative financial instruments are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Our interest rate swaps are designated as cash flow hedges and involve the receipt of variable-rate payments from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
 
Our agreements with our derivative counterparties contain provisions such that if we default, or can be declared in default, on any of our indebtedness, then we could also be declared in default on our derivative financial instruments.
 
Information about our derivative financial instruments at December 31, 2023 and 2022 is as follows (dollar amounts in thousands): 
Average
Annual
Notional AmountFair Value
Effective
December 31,
December 31,
Contract dateEffective DateExpiration Date
Fixed Rate
2023202220232022
Operating Partnership:
October 2, 2017January 29, 2018January 31, 20231.96 %$— $100,000 $— $208 
October 2, 2017January 29, 2018January 31, 20231.98 %— 100,000 — 210 
June 11, 2018September 28, 2018September 30, 20242.86 %75,000 75,000 1,170 2,219 
June 11, 2018December 31, 2018December 31, 20252.92 %125,000 125,000 2,877 4,211 
July 26, 2022January 31, 2023January 31, 20272.60 %100,000 100,000 3,134 4,366 
July 26, 2022January 31, 2023January 31, 20292.56 %100,000 100,000 4,273 5,627 
Total Operating Partnership400,000 600,000 11,454 16,841 
GIC Joint Venture:
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 — 1,254 — 
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 — 1,250 — 
Total GIC Joint Venture200,000 — 2,504 — 
 Total
$600,000 $600,000 $13,958 $16,841 
 
Our interest rate swaps have been designated as cash flow hedges and are valued using a market approach, which is a Level 2 valuation technique. At December 31, 2023 and 2022, all our interest rate swaps were in an asset position. Derivative assets related to our interest rate swaps are recorded in Other assets, and other and derivative liabilities (when applicable) are included in Accrued expenses and other in our Consolidated Balance Sheets. We are not required to post any collateral related to these agreements and are not in breach of any financial provisions of the agreements.

Changes in the fair value of the hedging instruments are deferred in Other comprehensive income (loss) and are reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings. In 2024, we estimate that an additional $10.1 million will be reclassified from Other comprehensive income and recorded as a decrease to Interest expense.
 
The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands):
 
For the Year Ended December 31,
 202320222021
Gain recognized in Accumulated other comprehensive loss on derivative financial instruments
$8,677 $29,744 $5,631 
Gain (loss) reclassified from Accumulated other comprehensive income to Interest expense
$11,561 $(2,820)$(9,496)
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded$86,798 $65,581 $43,368 

In January 2024, subsidiaries of the GIC Joint Venture that are the borrowers under the GIC Joint Venture Term Loan entered into a $100.0 million interest rate swap to fix one-month term SOFR until January 2026. The interest rate swaps have an effective date of October 1, 2024 and a termination date of January 13, 2026. Pursuant to the interest rate swaps, we will pay a fixed rate of 3.765% and receive the one-month term SOFR floating rate index.
v3.24.0.1
EQUITY
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
EQUITY EQUITY
 
Common Stock
 
The Company is authorized to issue up to 500,000,000 shares of common stock, $0.01 par value per share (the "Common Stock"). Each outstanding share of our Common Stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors and, except as may be provided with respect to any other class or series of stock, the holders of such shares possess the exclusive voting power.
In May 2022, the Company and the Operating Partnership entered into an equity distribution agreement (the “Equity Distribution Agreement”) with a group of underwriters as sales agents for the Company, principals and/or, with certain exceptions, forward sellers (collectively the “Managers”) and certain banks as forward purchasers, providing for the offer and sale of shares of the Company’s Common Stock, having a maximum aggregate offering price of up to $200.0 million through or to the Managers, as the Company’s sales agents or, if applicable, as forward sellers, or directly to the Managers, as principals (the “2022 ATM Program”). To date, we have not sold any shares of our Common Stock under the 2022 ATM Program.

Changes in Common Stock during the years ended December 31, 2023 and 2022 were as follows:

20232022
Beginning shares of Common Stock outstanding106,901,576 106,337,724 
Common Unit redemptions28,179 12,664 
Grants under the Equity Plan875,055 735,371 
Annual grants to independent directors113,141 84,889 
Performance share and other forfeitures(140,549)(8,272)
Shares retained for employee tax withholding requirements(184,029)(260,800)
Ending shares of Common Stock outstanding107,593,373 106,901,576 

At December 31, 2023 and 2022, the Company had reserved 50,774,173 and 51,650,000 shares of Common Stock, respectively, for the issuance of Common Stock (i) upon the exercise of stock options, issuance of time-based restricted stock awards, issuance of performance-based restricted stock awards, grants of director stock awards, or other awards issued pursuant to our Equity Plan, (ii) upon redemption of Common Units, or (iii) under the 2022 ATM Program.
 
Preferred Stock
 
The Company is authorized to issue up to 100,000,000 shares of preferred stock, $0.01 par value per share, of which 89,600,000 is currently undesignated, 6,400,000 shares have been designated as 6.25% Series E Cumulative Redeemable Preferred Stock (the "Series E Preferred Shares") and 4,000,000 shares have been designated as 5.875% Series F Cumulative Redeemable Preferred Stock (the "Series F Preferred Shares").

The Company's preferred shares (collectively, “Preferred Shares”) rank senior to our Common Stock and on parity with each other with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Preferred Shares do not have any maturity date and are not subject to mandatory redemption or sinking fund requirements. The Company may not redeem the Series E Preferred Shares or Series F Preferred Shares prior to November 13, 2022 and August 12, 2026, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or in connection with certain changes in control. After those dates, the Company may, at its option, redeem the applicable Preferred Shares, in whole or from time to time in part, by payment of $25 per share, plus any accumulated, accrued and unpaid distributions up to, but not including, the date of redemption. If the Company does not exercise its rights to redeem the Preferred Shares upon certain changes in control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each Series E preferred share is 3.1686 shares of Common Stock and each Series F preferred share is 5.8275 shares of common stock, all subject to certain adjustments.

The Company pays dividends at an annual rate of $1.5625 for each Series E Preferred Share and $1.46875 for each Series F Preferred Share. Dividend payments are made quarterly in arrears on or about the last day of February, May, August and November of each year.
v3.24.0.1
NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS
Non-controlling Interests in Operating Partnership
 
Pursuant to the limited partnership agreement of our Operating Partnership, the unaffiliated third parties who hold Common Units in our Operating Partnership have the right to cause us to redeem their Common Units in exchange for cash based upon the fair value of an equivalent number of our shares of Common Stock at the time of redemption; however, the Company has the option to redeem with shares of our Common Stock on a one-for-one basis. The number of shares of our Common Stock issuable upon redemption of Common Units may be adjusted upon the occurrence of certain events such as share dividend payments, share subdivisions or combinations. In January 2022 and March 2022, in connection with the NCI Transaction, the Company issued an aggregate of 15,864,674 Common Units as partial consideration for the purchase.
 
At December 31, 2023 and 2022, unaffiliated third parties owned 15,948,628 and 15,976,807, respectively, of Common Units of the Operating Partnership, representing approximately 13% of the Common Units of the Operating Partnership for each period.
 
We classify outstanding Common Units held by unaffiliated third parties as non-controlling interests in the Operating Partnership, a component of equity in the Company’s Consolidated Balance Sheets. The portion of net income allocated to these Common Units is reported on the Company’s Consolidated Statement of Operations as net income attributable to non-controlling interests of the Operating Partnership.

Non-controlling Interests in Joint Ventures

At December 31, 2023, the Company is a partner with a majority controlling equity interest in three consolidated joint ventures as described below.

GIC Joint Venture

In July 2019, the Company entered into the GIC Joint Venture to acquire assets that align with the Company’s current investment strategy and criteria. The Company serves as general partner and asset manager of the GIC Joint Venture and invests 51% of the equity capitalization of the limited partnership, with GIC investing the remaining 49%. The Company earns fees for providing services to the GIC Joint Venture and has the potential to earn incentive fees based on the GIC Joint Venture achieving certain return thresholds. During the year ended December 31, 2023 and 2022, Summit earned $0.1 million and $0.8 million, respectively under incentive fee agreements. There were no such incentive fees earned during the year ended December 31, 2021.

As of December 31, 2023, the GIC Joint Venture owns 41 hotel properties containing 5,581 guestrooms in nine states. The GIC Joint Venture owns the properties through master real estate investment trusts (“Master REIT”) and subsidiary REITs (“Subsidiary REIT”). All of the hotel properties owned by the GIC Joint Venture are leased to taxable REIT subsidiaries of the Subsidiary REITs (“Subsidiary REIT TRSs”). To qualify as a REIT, the Master REIT and each Subsidiary REIT must meet all REIT requirements provided in the IRC. Taxable income related to the Subsidiary REIT TRSs is subject to federal, state and local income taxes at applicable corporate tax rates.

Brickell Joint Venture

In June 2022, the Company entered into the Brickell Joint Venture to facilitate the exercise of the Initial Purchase Option to acquire a 90% equity interest in the AC/Element Hotel. Our joint venture partner, C-F Brickell, owns the remaining 10% equity interest in the Brickell Joint Venture. The Company has an option to purchase the remaining 10% equity interest in the Brickell Joint Venture from C-F Brickell in December 2026 pursuant to the exercise of a second purchase option at its market value on the exercise date. The Company serves as the managing member of the Brickell Joint Venture.

Onera Joint Venture

In October 2022, the Company entered into the Onera Joint Venture, developers of alternative accommodation properties, with the acquisition of a 90% equity interest in the Onera Joint Venture for $5.2 million in cash, plus additional contingent consideration of $1.8 million paid in September 2023. The $1.8 million contingent consideration paid represents our 90% pro rata share of the maximum increase in value of the property of $2.0 million as a result of the property outperforming a pre-established threshold over a 12-month period after the closing of the transaction.
The Onera Joint Venture owns a 100% fee simple interest in real property and improvements located in Fredericksburg, Texas (the "Onera Property") consisting an 11-unit glamping property and a 6.4-acre parcel of land.

Redeemable Non-controlling Interests

In January 2022, in connection with the NCI Transaction, Summit Hotel GP, LLC, a wholly-owned subsidiary of the Company and the sole general partner of the Operating Partnership, on its own behalf as general partner of the Operating Partnership and on behalf of the limited partners of the Operating Partnership, entered into the Tenth Amendment (the “Tenth Amendment”) to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, to provide for the issuance of up to 2,000,000 Series Z Preferred Units. The Series Z Preferred Units rank on a parity with the Operating Partnership’s Series E and Series F Preferred Units and holders will receive quarterly distributions at a rate of 5.25% per year. From issuance until the tenth anniversary of their issuance, the Series Z Preferred Units will be redeemable at the holder’s request at any time, or in connection with a change of control of the Company, for, at the Company’s election, cash or shares of the Company’s 5.25% Series Z Cumulative Perpetual Preferred Stock (which will be designated and authorized following notice of redemption by holder of the Series Z Preferred Units) on a one-for-one basis. After the fifth anniversary of their issuance, the Company may redeem the Series Z Preferred Units for cash at a redemption amount of $25 per unit. For a 90-day period immediately following both the tenth and the eleventh anniversaries of their issuance or in connection with a change of control of the Company, the Series Z Preferred Units will be redeemable at the holder’s request for cash at a redemption amount of $25 per unit. In January 2022 and March 2022, in connection with the NCI Transaction, the Operating Partnership issued an aggregate of 2,000,000 Series Z Preferred Units as partial consideration for the purchase. At December 31, 2023, the redeemable Series Z Preferred Units issued in connection with the NCI Transaction are recorded as temporary equity and reflected as Redeemable non-controlling interests on our Consolidated Balance Sheets.
v3.24.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
 
The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2023 and 2022. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, we classify assets and liabilities based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
 
Disclosures concerning financial instruments measured at fair value are as follows (in thousands):
 
Fair Value Measurement at December 31, 2023 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $13,958 $— $13,958 
Purchase options related to real estate loans (Onera Purchase Option)— — 931 931 
Fair Value Measurement at December 31, 2022 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $16,841 $— $16,841 
 
The Onera Purchase Option does not have a readily determinable fair value. The fair value was estimated using the Black-Scholes model and was based on unobservable inputs for which there is little or no market information available. As such, we were required to develop assumptions to determine the fair value of the Onera Purchase Option as follows (dollar amounts in thousands):
Exercise price$8,206 
First option exercise date (1)
10/1/2024
Expected volatility52.20 %
Risk free rate4.15 %
Expected annualized equity dividend yield— %
(1)The first option exercise date is the date used for estimating the fair value of the purchase option. The Onera Purchase Option is exercisable when the lodging development is fully constructed and open for business and expires one year from the date that it is initially exercisable.

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2023 or 2022.

Nonrecurring Fair Value Measurements

During the year ended December 31, 2023, the Company recorded a loss on write-down of lodging properties classified as Assets Held for Sale of $16.7 million to reduce the carrying amounts of the Hyatt Place - Dallas (Plano), TX and two additional lodging properties that are under contract to sell or being marketed for sale to their expected net selling prices less estimated costs to sell (Level 2 of the fair value hierarchy).

During the year ended December 31, 2022, the Company recorded a loss on write-down of lodging properties classified as Assets Held for Sale of $2.9 million to reduce the carrying amounts of the Hilton Garden Inn - Eden Prairie, MN, Holiday Inn Express & Suites - Minnetonka, MN, the Hyatt Place - Chicago (Hoffman Estates), IL and the Hyatt Place - Chicago (Lombard), IL to their net selling prices less estimated costs to sell (Level 2 of the fair value hierarchy).

During the year ended December 31, 2022, the Company recorded a loss on write-down of lodging properties classified as Assets Held for Sale of $7.2 million to reduce the carrying amounts of two lodging properties to their net selling prices less estimated costs to sell. The proposed sale of these two lodging properties was terminated during the year ended December 31, 2023 and the assets were reclassified out of Assets Held for Sale (Level 2 of the fair value hierarchy).
v3.24.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
 
Franchise Agreements
 
All of our lodging properties (with the exception of the Onera Property and the Nordic Lodge - Steamboat Springs, CO) operate under franchise agreements with major hotel franchisors. The terms of our franchise agreements generally range from 10 to 30 years with various extension provisions. Each franchisor receives franchise fees ranging from 3% to 6% of each hotel property’s room revenues, and some agreements require that we pay marketing fees of up to 4% of room revenue. In addition, some of these franchise agreements require that we deposit into a reserve fund for capital expenditures up to 5% of the lodging property's gross or room revenues, depending on the franchisor, to ensure that we comply with the franchisor's standards and requirements. We also pay fees to our franchisors for services related to reservation and information systems. In 2023, 2022, and 2021, we expensed fees related to our franchise agreements of $52.6 million, $47.9 million, and $25.0 million, respectively.
 
Management Agreements
 
Our lodging properties operate pursuant to management agreements with various professional third-party management companies. The remaining terms of our management agreements range from month-to-month to 14 years and have various extension provisions. Each management company receives a base management fee, generally a percentage of total lodging property revenues. In some cases, there are also monthly fees for certain services, such as accounting, based on the number of guestrooms. Generally, there are also incentive fees based on attaining certain financial thresholds. During the years ended December 31, 2023, 2022, and 2021, we expensed fees related to our lodging property management agreements of $18.5 million, $17.4 million, and $9.9 million, respectively.
 
Litigation
 
We are involved from time to time in litigation arising in the ordinary course of business. We are not currently aware of any actions against us that would have a material effect on our consolidated financial position or results of operations.
v3.24.0.1
EQUITY-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
 
Our currently outstanding equity-based awards were issued under the Equity Plan which provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based awards or incentive awards.
 
Stock options granted may be either incentive stock options or non-qualified stock options. Vesting terms may vary with each grant, and stock option terms are generally five to ten years. We currently have no outstanding stock options. We have outstanding equity-based awards in the form of restricted stock awards. All of our outstanding equity-based awards are classified as equity.

Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan
 
The following table summarizes time-based restricted stock activity under our Equity Plan for 2023 and 2022:

 
 Number of SharesWeighted Average
Grant Date Fair Value
per Share		Aggregate
Current Value
  (in thousands)
Non-vested December 31, 2021605,470 $9.98  
Granted316,643 9.83  
Vested(259,037)10.14  
Forfeited(8,272)10.01 
Non-vested December 31, 2022654,804 9.85  
Granted449,148 7.71  
Vested(238,883)8.04  
Forfeited(3,356)8.20 
Non-vested December 31, 2023861,713 $8.79 $5,791 
 
The awards granted to our non-executive employees prior to 2022 vest over a four-year period based on continuous service (20% on the first, second and third anniversary of the grant date and 40% on the fourth anniversary of the grant date). The awards granted to our non-executive employees in 2022 and thereafter vest over a three-year period based on continuous service (25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date).

The awards granted to our executive officers vest over a three-year period based on continuous service (25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date) or in certain circumstances upon a change in control.

The holders of these awards have the right to vote the related shares of Common Stock and receive all dividends declared and paid whether or not vested. The fair value of time-based restricted stock awards granted is calculated based on the market value of our Common Stock on the date of grant.

During the years ended December 31, 2023, 2022, and 2021, the total fair value of time-based restricted stock awards that vested was $3.6 million, $2.5 million and $5.3 million, respectively. The total fair value of time-based restricted stock awards that vested during the year ended December 31, 2022 includes $0.4 million of time-based restricted stock for which the vesting was accelerated related to the departure of our Executive Vice President and Chief Operating Officer. The total fair value of time-based restricted stock awards that vested during the year ended December 31, 2021 includes $1.5 million of time-based restricted stock for which the vesting was accelerated related to the non-renewal of the employment contract of our Executive Chairman.
Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan

The following table summarizes performance-based restricted stock activity under our Equity Plan:

 
 Number of SharesWeighted Average
Grant Date Fair Value
per Share		Aggregate
Current Value
  (in thousands)
Non-vested December 31, 20211,002,866 $11.92  
Granted418,728 12.26  
Vested(414,620)12.81  
Non-vested December 31, 20221,006,974 11.76  
Granted425,907 10.08  
Vested(239,416)9.38  
Forfeited(137,193)9.38  
Non-vested December 31, 20231,056,272 $11.93 $7,098 

Our performance-based restricted stock awards are market-based awards and are accounted for based on the fair value of our Common Stock on the grant date. The fair value of the performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model. These awards generally vest over a three-year period based on our total shareholder return relative to the total shareholder return of companies within the Dow Jones U.S. Hotels Index (or in the event such index is discontinued, or its methodology significantly changed, a comparable index selected by the Compensation Committee of the Board) at the end of the period or upon a change in control. The awards require continued service during the measurement period and are subject to the other conditions described in the Equity Plan or award document.

The number of shares the executive officers may earn under these awards range from zero shares to twice the number of shares granted based on our percentile ranking within the index at the end of the measurement period. In addition, a portion of the performance-based shares may be earned based on the Company's absolute total shareholder return calculated during the performance period.

The holders of these grants have the right to vote the granted shares of Common Stock and any dividends declared will be accumulated and will be subject to the same vesting conditions as the awards. Further, if additional shares are earned based on our percentile ranking within the index, dividend payments will be issued as if the additional shares had been held throughout the measurement period.
 
The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions:

 
For the Year Ended December 31,
202320222021
Expected dividend yield3.90 %3.52 %— %
Expected stock price volatility67.6 %65.4 %63.7 %
Risk-free interest rate4.66 %1.77 %0.34 %
Monte Carlo iterations100,000 100,000 100,000 
Weighted average estimated fair value of performance-based restricted stock awards$10.08 $12.26 $14.05 
 
The expected dividend yield was calculated based on our annual expected dividend payments at the time of grant. The expected volatility was based on historical price changes of our Common Stock for a period comparable to the performance period. The risk-free interest rates were interpolated from the Federal Reserve Bond Equivalent Yield rates for “on-the-run” U.S. Treasury securities.
 
Director Stock Awards Made Pursuant to Our Equity Plan
 
During the years ended December 31, 2023 and 2022 we granted 113,141 and 84,899 shares of Common Stock, respectively, to our non-employee directors as a part of our director compensation program. These grants were made pursuant to our Equity Plan and were vested upon grant.
 
Equity-Based Compensation Expense
 
Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations was as follows (in thousands):

 
For the Year Ended December 31,
 202320222021
Time-based restricted stock$3,260 $2,860 $4,784 
Performance-based restricted stock3,727 4,784 5,314 
Director stock755 802 583 
 $7,742 $8,446 $10,681 

We recognize equity-based compensation expense ratably over the vesting terms. The amount of expense may be subject to adjustment in future periods due to a change in the forfeiture assumptions.
 
Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $8.9 million at December 31, 2023 as follows (in thousands):

 
 Total202420252026
Time-based restricted stock$4,077 $2,536 $1,334 $207 
Performance-based restricted stock4,831 2,914 1,654 263 
 $8,908 $5,450 $2,988 $470 

The Company's former Executive Vice President and Chief Operating Officer departed the Company in March 2022. The Company recorded $1.3 million of additional stock-based compensation expense during the period related to the modification of certain stock award agreements. This amount was comprised of $0.4 million related to time-based restricted stock awards and $0.9 million related to performance-based restricted stock awards.
In connection with the non-renewal of the employment contract of the former Executive Chairman in December 2021, the Company recorded $2.9 million of additional stock-based compensation expense during the year ended December 31, 2021 related to the modification of certain stock award agreements. This amount was comprised of $1.5 million related to time-based restricted stock awards and $1.4 million related to performance-based restricted stock awards.
v3.24.0.1
BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
BENEFIT PLANS BENEFIT PLANS
 
In August 2011, we initiated a qualified contributory retirement plan (the Summit Hotel Properties, Inc. 401(k) Profit Sharing Plan or the “Plan”) under Section 401(k) of the IRC, which covers all full-time employees who meet certain eligibility requirements. Voluntary contributions may be made to the Plan by employees. The Plan is a Safe Harbor Plan and requires a mandatory employer contribution. The employer contribution for the years ended December 31, 2023 and 2022 was $0.4 million in each year, and $0.3 million for the year ended December 31, 2021.
v3.24.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
 
We have elected to be taxed as a REIT. As a REIT, we are generally not subject to corporate level income taxes on taxable income we distribute to our stockholders. We have met the annual REIT distribution requirement by distribution of at least 90% of our taxable income to our stockholders.

Income related to our TRSs is subject to federal, state and local taxes at applicable corporate tax rates. Our consolidated tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership.
The components of income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):
 202320222021
Current:
Federal$1,151 $1,953 $1,036 
State and local1,563 1,717 456 
Deferred:
Federal84 (59)(19)
Income tax expense$2,798 $3,611 $1,473 
 
Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands):
202320222021
Statutory federal income tax provision$(5,317)$1,014 $(14,093)
Nontaxable income of the REITs4,563 1,124 16,812 
State income taxes, net of federal tax benefit1,158 1,644 891 
Provision to return and deferred adjustment50 81 — 
Effect of permanent differences and other235 246 99 
Deferred assets transferred with REIT stock sale— 730 — 
Change in valuation allowance2,109 (1,228)(2,236)
Income tax provision$2,798 $3,611 $1,473 

The Company evaluates its deferred tax assets each reporting period to determine if it is more-likely-than-not that those assets will be realized. In its evaluation, the Company assesses available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the Company’s existing deferred tax assets. At December 31, 2023, the Company continues to be in a three-year cumulative loss. As such, realizability of the Company's deferred tax assets is not reasonably assured. Therefore, a valuation allowance was recorded against substantially all of our deferred tax assets at December 31, 2023.

At December 31, 2023 and 2022, we had valuation allowances of $13.9 million and $11.8 million, respectively. The $2.1 million increase in valuation allowance relates to increases in deferred tax assets primarily due to a $1.8 million increase related to net operating losses.

Deferred tax assets are included in Other assets and deferred tax liabilities are included in Accrued expenses and other in the accompanying Consolidated Balance Sheets.

Significant components of our TRSs deferred tax assets (liabilities) are as follows (in thousands):

 
December 31,
 20232022
Tax carryforwards$12,098 $10,312 
Accrued expenses1,634 1,421 
Other150 124 
Total13,882 11,857 
Valuation allowance(13,886)(11,777)
     Net deferred tax assets$(4)$80 
Gross deferred tax assets$13,906 $11,883 
Gross deferred tax liabilities(24)(26)
Valuation allowance(13,886)(11,777)
     Net deferred tax (liabilities) assets
$(4)$80 
 
At December 31, 2023, our TRSs had federal net operating losses of $46.2 million which are not subject to expiration and state net operating losses of $37.4 million, which expire beginning in 2025. At December 31, 2023, Summit Hotel Properties Inc. and our Subsidiary REITs had federal net operating loss carryforwards of $50.0 million and $6.3 million, respectively, which are not subject to expiration.
 
In the normal course of business, we are subject to examination by federal, state, and local jurisdictions where applicable. We had no unrecognized tax benefits at December 31, 2023 or in the three-year period then ended. We expect no significant increase or decrease in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2023. We have no material interest or penalties relating to unrecognized tax benefits in the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 or 2021 or in the Consolidated Balance Sheets as of December 31, 2023 or 2022.
 
We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. In general, we are not subject to tax examinations by tax authorities for years before 2018.
Characterization of Distributions (Unaudited)

For income tax purposes, distributions paid consist of ordinary income and capital gains or a combination thereof. For the years ended December 31, 2023, 2022 and 2021 distributions paid per share were characterized as follows:

For the Year Ended December 31,
202320222021
Amount%Amount%Amount%
Common Stock
Ordinary non-qualified dividend income$0.1940 88.19 %$0.0471 58.82 %$— — %
Ordinary qualified dividend income0.0078 3.54 %0.0106 13.26 %— — %
Capital gain distributions— — %0.0223 27.92 %— — %
Return of capital0.0182 8.27 %— — %— — %
Total$0.2200 100.00 %$0.0800 100.00 %$— — %
Preferred Stock - Series D
Ordinary non-qualified dividend income$— — %$— — %$— — %
Capital gain distributions— — %— — %— — %
Return of capital— — %— — %1.2228 100.00 %
Total$— — %$— — %$1.2228 100.00 %
Preferred Stock - Series E
Ordinary non-qualified dividend income$1.3779 88.19 %$0.9191 58.82 %$— — %
Ordinary qualified dividend income0.0553 3.54 %0.2072 13.26 %— — %
Capital gain distributions— — %0.4363 27.92 %— — %
Return of capital0.1293 8.27 %— — %1.5625 100.00 %
Total$1.5625 100.00 %$1.5625 100.00 %$1.5625 100.00 %
Preferred Stock - Series F
Ordinary non-qualified dividend income$1.2952 88.19 %$0.8639 58.82 %$— — %
Ordinary qualified dividend income0.0520 3.54 %0.1947 13.26 %— — %
Capital gain distributions— — %0.4101 27.92 %— — %
Return of capital0.1215 8.27 %— — %0.4406 100.00 %
Total$1.4687 100.00 %$1.4687 100.00 %$0.4406 100.00 %

Ordinary non-qualified dividends are eligible for the 20% deduction provided by Section 199A of the IRC.
v3.24.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
 
We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested time-based restricted stock awards with non-forfeitable dividends and for our Common Stock. Our non-vested time-based restricted stock awards with non-forfeitable rights to dividends are considered securities which participate in undistributed earnings with Common Stock. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested time-based restricted stock awards with non-forfeitable dividends do not have such an obligation so they are not allocated losses.
 
The Common Units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income would also be added to derive net income attributable to common stockholders. For the years ended December 31, 2023, 2022 and 2021, we had unvested performance-based restricted stock awards of 1,056,272 shares, 1,006,974 shares and 1,002,866 shares, respectively, which were excluded from the denominator of the diluted earnings per share as the awards were antidilutive. Our outstanding convertible notes have been excluded from the denominator of the diluted earnings per share calculation as their inclusion would be antidilutive.
 
Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts):
 
For the Year Ended December 31,
 202320222021
Numerator:   
Net (loss) income
$(28,116)$1,217 $(68,584)
Adjusted for:
Preferred dividends(15,875)(15,875)(15,431)
Premium on redemption of preferred stock— — (2,710)
Distributions and accretion of redeemable non-controlling interests(2,626)(2,520)— 
Loss attributable to non-controlling interest in Operating Partnership
3,803 2,570 115 
Loss attributable to non-controlling interests in joint ventures
14,824 (2,321)2,896 
Loss from continuing operations attributable to common stockholders
$(27,990)$(16,929)$(83,714)
Denominator:   
Weighted average common shares outstanding - basic and diluted105,548 105,142 104,471 
Loss per share:   
Basic and diluted$(0.27)$(0.16)$(0.80)
v3.24.0.1
SUPPLEMENTAL CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
 
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves.

Supplemental cash flow information is as follows (in thousands):

For the Year Ended December 31,
202320222021
Cash payments for interest$78,886 $58,409 $37,509 
Accrued acquisition costs and improvements to lodging properties$4,219 $8,233 $3,399 
Cash payments for income taxes, net of refunds$2,674 $3,742 $557 
Accrued and unpaid dividends$185 $40 $— 
Mortgage debt assumed for acquisitions of lodging properties$— $382,205 $13,267 
Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties$— $9,206 $— 
Conversion of a mezzanine loan to complete acquisition of lodging properties$— $29,875 $— 
Conversion of purchase option to complete acquisition of lodging properties$— $2,800 $— 
Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties$200 $7,724 $— 
Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties$— $157,513 $— 
Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties$— $50,000 $— 
v3.24.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
 
We have evaluated significant matters subsequent to our year end date of December 31, 2023 and through the filing date of our Annual Report on Form 10-K on February 28, 2024 as follows:

Equity Transactions

In January 2024, our Board declared cash dividends of $0.390625 per share of Series E Preferred Stock and $0.3671875 per share of Series F Preferred Stock. The Board also declared on behalf of the Operating Partnership, a cash dividend of $0.328125 per share of the Operating Partnership's Series Z Preferred Units. Our Board also declared a quarterly cash dividend of $0.06 per share on our Common Stock and per Common Unit of the Operating Partnership.

These dividends are payable February 29, 2024 to stockholders and unitholders of record on February 15, 2024.

Disposition of Lodging Property

During the fourth quarter of 2023, we entered into a purchase and sale agreement with a third-party to sell the 127-guestroom Hyatt Place Dallas (Plano), TX for $10.3 million. We reclassified the property to Assets Held for sale, net at December 31, 2023 and recorded a write-down of $4.0 million in the fourth quarter of 2023 for the excess of the net carrying amount of the lodging property over the net selling price less estimated costs to sell. We completed the sale of the property on February 15, 2024 under the terms described above.
Debt Refinancing

Subsequent to year-end, the Company successfully completed a new $200 million senior unsecured term loan financing that refinanced and replaced the 2018 Term Loan. The 2024 Term Loan has an initial maturity date of February 2027 and can be extended for two 12-month periods at the Company’s option, subject to certain conditions, for a fully extended maturity date of February 2029. The 2024 Term Loan provides for interest rate pricing ranging from 135 basis points to 235 basis points over the applicable adjusted term SOFR or 35 basis points to 135 basis points over base rate, at the Company's option. Proceeds from the 2024 Term Loan financing and advances on our $400 Million Revolver were used to repay in full the Company’s $225 million 2018 Term Loan that was scheduled to mature in February 2025. In connection with the closing of the 2024 Term Loan, the collateral securing the Company’s 2023 Senior Credit Facility was released. As a result of the 2024 Term Loan financing, the Company has significantly reduced debt maturities until 2026 and has an average length to maturity of approximately 3.6 years. Other terms of the agreement are similar to the Company’s 2023 Senior Credit Facility.

Interest Rate Swaps

In January 2024, subsidiaries of the GIC Joint Venture that are the borrowers under the GIC Joint Venture Term Loan entered into a $100.0 million interest rate swap to fix one-month term SOFR until January 2026. The interest rate swap has an effective date of October 1, 2024 and a termination date of January 13, 2026. Pursuant to the interest rate swap, we will pay a fixed rate of 3.765% and receive the one-month term SOFR floating rate index.
v3.24.0.1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial CostCosts Subsequent
Gross Amount at December 31, 2023
DescriptionMortgage Debt/
Encumbrances		LandBuildings,
Improvements and Furniture, Fixtures and Equipment		Buildings,
Improvements and Furniture, Fixtures and Equipment		LandBuildings,
Improvements and Furniture, Fixtures and Equipment		TotalAccumulated DepreciationDate
Acquired
Aliso Viejo, CA - Homewood Suites$— $5,599 $32,367 $800 $5,599 $33,167 $38,766 $(9,480)2017
Amarillo, TX - Courtyard— 269 18,561 692 269 19,253 19,522 (2,573)2022
Amarillo, TX - Embassy Suites— 657 38,456 829 657 39,285 39,942 (5,273)2022
Arlington, TX - Courtyard— 1,497 15,573 193 1,497 15,766 17,263 (6,064)2012
Arlington, TX - Residence Inn— 1,646 15,440 903 1,646 16,343 17,989 (6,129)2012
Asheville, NC - Hotel Indigo— (3)2,100 34,755 3,056 2,100 37,811 39,911 (11,602)2015
Atlanta, GA - AC Hotel— 5,670 51,922 2,481 5,670 54,403 60,073 (13,884)2017
Atlanta, GA - Courtyard— (2)2,050 27,969 3,426 2,050 31,395 33,445 (11,242)2012
Atlanta, GA - Residence Inn— 3,381 34,820 2,724 3,381 37,544 40,925 (8,868)2016
Austin, TX - Hampton Inn & Suites— — 56,394 6,271 — 62,665 62,665 (17,855)2014
Baltimore, MD - Hampton Inn & Suites— 2,205 16,013 6,178 2,205 22,191 24,396 (6,754)2017
Baltimore, MD - Residence Inn— 1,986 37,016 7,202 1,986 44,218 46,204 (13,648)2017
Boulder, CO - Marriott— 11,115 49,204 13,035 11,115 62,239 73,354 (18,411)2016
Branchburg, NJ - Residence Inn— 2,374 24,411 (10,881)2,374 13,530 15,904 (7,977)2015
Brisbane, CA - DoubleTree— 3,300 39,686 2,160 3,300 41,846 45,146 (19,220)2014
Bryan, TX - Hilton Garden Inn— 713 11,337 5 713 11,342 12,055 (1,634)2022
Camarillo, CA - Hampton Inn & Suites— 2,200 17,366 955 2,200 18,321 20,521 (8,873)2013
Charlotte, NC - Courtyard— — 41,094 2,926 — 44,020 44,020 (11,955)2017
Chicago, IL - Hyatt Place— (3)5,395 68,355 789 5,395 69,144 74,539 (18,819)2016
Cleveland, OH - Residence Inn— 10,075 33,340 3,814 10,075 37,154 47,229 (10,747)2017
Dallas, TX - AC Hotel— 1,330 31,379 396 1,330 31,775 33,105 (3,142)2022
Dallas, TX - Hampton Inn & Suites— 1,834 47,069 693 1,834 47,762 49,596 (4,462)2022
Dallas, TX - Parking Garage— 3,131 9,252 124 3,131 9,376 12,507 (483)2022
Dallas, TX - Residence Inn— 1,372 32,351 545 1,372 32,896 34,268 (3,228)2022
Dallas, TX - SpringHill Suites— 2,447 23,746 4,886 2,447 28,632 31,079 (1,790)2022
Decatur, GA - Courtyard— 4,046 34,151 4,403 4,046 38,554 42,600 (11,994)2015
Eden Prairie, MN - Hilton Garden Inn— 1,800 11,211 (13,011)— — — — 2013
Englewood, CO - Hyatt House— (3)2,700 16,267 1,758 2,700 18,025 20,725 (9,363)2012
Englewood, CO - Hyatt Place— (2)2,000 11,950 4,849 2,000 16,799 18,799 (4,933)2012
Fort Lauderdale, FL - Courtyard— 37,950 47,002 7,251 37,950 54,253 92,203 (13,230)2017
Fort Lauderdale, FL - New Builds— — — 2,906 — 2,906 2,906 — 2017
Fort Worth, TX - Courtyard— 1,920 38,070 10,950 1,920 49,020 50,940 (14,851)2017
Fredericksburg, TX - Onera Escapes— 1,251 5,209 3,607 1,638 8,429 10,067 (448)2022
Frisco, TX - AC Hotel— (3)1,246 38,390 155 1,246 38,545 39,791 (4,259)2022
Frisco, TX - Canopy Hotel— (3)1,109 38,531 91 1,109 38,622 39,731 (3,867)2022
Frisco, TX - Parking Garage— 2,470 6,563 20 2,470 6,583 9,053 (358)2022
Frisco, TX - Residence Inn— 1,246 38,390 108 1,246 38,498 39,744 (4,193)2022
Initial CostCosts Subsequent
Gross Amount at December 31, 2023
DescriptionMortgage Debt/
Encumbrances		LandBuildings,
Improvements and Furniture, Fixtures and Equipment		Buildings,
Improvements and Furniture, Fixtures and Equipment		LandBuildings,
Improvements and Furniture, Fixtures and Equipment		TotalAccumulated DepreciationDate
Acquired
Garden City, NY - Hyatt Place— 4,200 27,775 593 4,282 28,286 32,568 (9,246)2012
Glendale, CO - Staybridge Suites— (1)2,100 10,151 7,568 2,100 17,719 19,819 (4,296)2011
Grapevine, TX - Courtyard— 2,542 34,872 2,092 2,542 36,964 39,506 (5,254)2022
Grapevine, TX - Hilton Garden Inn— 986 33,137 152 986 33,289 34,275 (3,577)2022
Grapevine, TX - Holiday Inn Express & Suites— 1,419 13,810 556 1,419 14,366 15,785 (2,184)2022
Grapevine, TX - Hyatt Place— 1,318 18,740 884 1,318 19,624 20,942 (2,912)2022
Grapevine, TX - TownePlace Suites— 1,686 23,119 286 1,686 23,405 25,091 (3,281)2022
Greenville, SC - Hilton Garden Inn— (1)1,200 14,566 3,291 1,200 17,857 19,057 (8,038)2013
Hillsboro, OR - Residence Inn— (3)4,943 42,541 4,749 4,943 47,290 52,233 (7,949)2019
Hoffman Estates, IL - Hyatt Place— 1,900 8,917 (10,817)— — — — 2013
Houston, TX - AC Hotel— 4,796 52,268 1,338 4,796 53,606 58,402 (5,059)2022
Houston, TX - Hilton Garden Inn— — 41,838 4,859 — 46,697 46,697 (16,688)2014
Houston, TX - Hilton Garden Inn— 2,800 33,777 8,634 2,800 42,411 45,211 (10,822)2014
Hunt Valley, MD - Residence Inn— — 35,436 2,296 1,076 36,656 37,732 (11,020)2015
Indianapolis, IN - Courtyard— 7,788 54,384 (1,075)7,788 53,309 61,097 (17,856)2013
Indianapolis, IN - SpringHill Suites— 4,012 27,910 (200)4,012 27,710 31,722 (9,644)2013
Kansas City, MO - Courtyard— 3,955 20,608 (1,290)3,955 19,318 23,273 (6,038)2017
Land Parcels - Land Parcels— 4,645 — (2,995)1,650 — 1,650 — 0
Lombard, IL - Hyatt Place— 1,550 17,351 (18,901)— — — — 2012
Lone Tree, CO - Hyatt Place— 1,300 11,704 4,916 1,314 16,606 17,920 (4,666)2012
Longview, TX - Hilton Garden Inn— (2)1,284 13,281 1,525 1,284 14,806 16,090 (1,679)2022
Louisville, KY - Fairfield Inn & Suites7,691 (2)3,120 24,231 193 3,120 24,424 27,544 (8,936)2013
Louisville, KY - SpringHill Suites— 4,880 37,361 424 4,880 37,785 42,665 (13,979)2013
Lubbock, TX - Hyatt Place— 896 20,182 735 896 20,917 21,813 (2,709)2022
Mesa, AZ - Hyatt Place— 2,400 19,848 1,934 2,400 21,782 24,182 (6,841)2017
Metairie, LA - Courtyard— 1,860 25,168 8,231 1,860 33,399 35,259 (10,883)2013
Metairie, LA - Residence Inn— (1)1,791 23,386 528 1,791 23,914 25,705 (12,867)2013
Miami, FL - AC Hotel— 8,496 46,839 283 8,496 47,122 55,618 (3,298)2022
Miami, FL - Element— 5,882 32,427 567 5,882 32,994 38,876 (2,324)2022
Miami, FL - Hyatt House— 4,926 40,087 3,013 4,926 43,100 48,026 (16,812)2015
Miami, FL - Sky Lounge— — 1,473 129 — 1,602 1,602 (211)2022
Midland, TX - Homewood Suites— 1,717 22,326 634 1,717 22,960 24,677 (3,058)2022
Milpitas, CA - Hilton Garden Inn— 7,921 46,141 6,963 7,921 53,104 61,025 (8,939)2019
Minneapolis, MN - Hampton Inn & Suites13,032 3,502 35,433 722 3,502 36,155 39,657 (11,996)2015
Minneapolis, MN - Hyatt Place— — 34,026 2,511 — 36,537 36,537 (12,159)2013
Minnetonka, MN - Holiday Inn Express & Suites— 1,000 7,662 (8,662)— — — — 2013
Nashville, TN - Courtyard— 8,792 62,759 8,138 8,792 70,897 79,689 (19,982)2016
Initial CostCosts Subsequent
Gross Amount at December 31, 2023
DescriptionMortgage Debt/
Encumbrances		LandBuildings,
Improvements and Furniture, Fixtures and Equipment		Buildings,
Improvements and Furniture, Fixtures and Equipment		LandBuildings,
Improvements and Furniture, Fixtures and Equipment		TotalAccumulated DepreciationDate
Acquired
Nashville, TN - SpringHill Suites— 777 5,598 1,788 777 7,386 8,163 (2,929)2004
New Haven, CT - Courtyard— 11,990 51,497 7,233 11,990 58,730 70,720 (13,144)2017
New Orleans, LA - Canopy Hotel— 4,262 51,406 344 4,262 51,750 56,012 (4,581)2022
New Orleans, LA - Courtyard— 1,944 25,120 3,875 1,944 28,995 30,939 (15,769)2013
New Orleans, LA - Courtyard— 2,490 34,220 2,149 2,490 36,369 38,859 (17,624)2013
New Orleans, LA - SpringHill Suites— 2,046 33,270 6,302 2,046 39,572 41,618 (19,281)2013
New Orleans, LA - SpringHill Suites— 963 12,763 251 963 13,014 13,977 (1,302)2022
New Orleans, LA - TownePlace Suites6,293 (2)1,366 18,110 215 1,366 18,325 19,691 (1,826)2022
Oklahoma City, OK - AC Hotel— 2,769 29,389 244 2,769 29,633 32,402 (3,929)2022
Oklahoma City, OK - Holiday Inn Express & Suites— 2,542 21,574 545 2,542 22,119 24,661 (2,521)2022
Oklahoma City, OK - Hyatt Place— 2,822 25,311 144 2,822 25,455 28,277 (2,538)2022
Orlando, FL - Hyatt House— 2,800 34,423 614 2,800 35,037 37,837 (12,154)2018
Orlando, FL - Hyatt Place— 3,100 11,343 7,219 3,100 18,562 21,662 (4,933)2013
Orlando, FL - Hyatt Place— 2,716 11,221 6,998 2,716 18,219 20,935 (6,135)2013
Owings Mills, MD - Hyatt Place— 2,100 9,799 (11,899)— — — — 2012
Pittsburgh, PA - Courtyard— 1,652 40,749 6,640 1,652 47,389 49,041 (12,502)2017
Plano, TX - Hyatt Place— 2,363 13,699 (3,752)2,363 9,947 12,310 (2,412)2022
Portland, OR - Hyatt Place— — 14,700 891 — 15,591 15,591 (6,989)2009
Portland, OR - Residence Inn— — 15,629 831 — 16,460 16,460 (7,539)2009
Portland, OR - Residence Inn— 12,813 76,868 10,654 12,813 87,522 100,335 (10,951)2019
Poway, CA - Hampton Inn & Suites— 2,300 14,728 1,521 2,300 16,249 18,549 (6,869)2013
San Francisco, CA - Four Points— 1,200 21,397 4,778 1,200 26,175 27,375 (11,013)2014
San Francisco, CA - Hilton Garden Inn— 12,346 45,730 (58,076)— — — — 2019
San Francisco, CA - Holiday Inn Express & Suites— (2)15,545 49,469 4,707 15,545 54,176 69,721 (24,079)2013
Scottsdale, AZ - Courtyard— 3,225 12,571 3,998 3,225 16,569 19,794 (10,536)2003
Scottsdale, AZ - Hyatt Place— 1,500 10,171 302 1,500 10,473 11,973 (4,772)2012
Scottsdale, AZ - Residence Inn— 7,503 21,545 359 7,503 21,904 29,407 (682)2023
Scottsdale, AZ - SpringHill Suites— 2,195 9,496 1,930 2,195 11,426 13,621 (7,192)2003
Silverthorne, CO - Hampton Inn & Suites— 4,441 21,125 1,149 4,441 22,274 26,715 (3,855)2019
Silverthorne, CO - Parking Garage— (2)2,404 — 2,045 2,404 2,045 4,449 — 2019
Steamboat Springs, CO - Nordic Lodge— (1)4,754 9,001 307 $4,754 9,308 14,062 (256)2023
Steamboat Springs, CO - Residence Inn— (1)1,832 31,214 646 1,832 31,860 33,692 (3,439)2021
Tampa, FL - Hampton Inn & Suites— (1)3,600 20,366 4,729 3,600 25,095 28,695 (10,593)2012
Tucson, AZ - Embassy Suites— 1,841 23,958 5,606 1,841 29,564 31,405 (2,930)2021
Tucson, AZ - Homewood Suites— 2,570 22,802 1,744 2,570 24,546 27,116 (7,531)2017
Tyler, TX - Residence Inn— 1,243 15,323 440 1,243 15,763 17,006 (2,606)2022
Waltham, MA - Hilton Garden Inn10,644 21,713 7,017 10,644 28,730 39,374 (9,337)2017
Initial CostCosts Subsequent
Gross Amount at December 31, 2023
DescriptionMortgage Debt/
Encumbrances		LandBuildings,
Improvements and Furniture, Fixtures and Equipment		Buildings,
Improvements and Furniture, Fixtures and Equipment		LandBuildings,
Improvements and Furniture, Fixtures and Equipment		TotalAccumulated DepreciationDate
Acquired
Watertown, MA - Residence Inn25,083 45,917 527 25,083 46,444 71,527 (10,363)
$407,432 $3,042,359 $137,108 $385,300 $3,201,599 $3,586,899 $(821,924)

(1) Properties cross-collateralize the related loan, refer to "Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt" in the Consolidated Financial Statements.
(2) Properties subject to ground lease, refer to "Part II – Item 8. – Financial Statements and Supplementary Data – Note 7 – Leases" in the Consolidated Financial Statements.
(3) Property value includes an impairment charge, based on the difference between the net realizable value and the carrying value at the time of measurement.
(a)  ASSET BASIS
202320222021
Reconciliation of land, buildings and improvements:
Balance at beginning of period as adjusted$3,548,184 $2,638,549 $2,570,768 
Additions to land, buildings and improvements131,153 989,046 80,496 
Disposition of land, buildings and improvements(75,777)(68,991)(12,715)
Write-down of assets(16,661)(10,420)— 
    Balance at end of period$3,586,899 $3,548,184 $2,638,549 

(b)ACCUMULATED DEPRECIATION
202320222021
Reconciliation of accumulated depreciation:
Balance at beginning of period$716,646 $583,080 $490,326 
Depreciation146,083 145,491 105,462 
Depreciation on assets sold or disposed(40,805)(11,925)(12,708)
    Balance at end of period$821,924 $716,646 $583,080 

(c)The aggregate cost of real estate for Federal income tax purposes was approximately $3,380 million (unaudited).
 
(d)Depreciation for buildings, improvements and furniture, fixtures and equipment is based on useful lives ranging from 2 to 40 years.
 
(e)We have mortgages payable on the properties as noted. Additional mortgage information can be found in "Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt" to the Consolidated Financial Statements.
 
(f)Amounts under the column heading "Costs Subsequent" include (when applicable) parcels of undeveloped land that were sold, and impairment losses related to certain properties.
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
 
We prepare our Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates.

The accompanying Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities, if any, for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements.

We evaluate joint venture partnerships to determine if they should be consolidated based on whether the partners exercise joint control. For a joint venture where we exercise primary control and we also own a majority of the equity interests, we consolidate the joint venture partnership. We have consolidated the accounts of all of our joint ventures in our Consolidated Financial Statements.
Segment Disclosure
Segment Disclosure
 
Accounting Standards Codification (“ASC”) No. 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable operating segment for activities related to investing in real estate; thus, all required financial segment information is included in the Consolidated Financial Statements. An operating segment is defined as the component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in order to allocate resources and assess performance. Our investments in real estate are geographically diversified and the chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the individual lodging property level. However, because each of our lodging properties have similar economic characteristics, facilities, and services, the lodging properties have been aggregated into a single operating segment.
Acquisitions of Lodging Property
Acquisitions of Lodging Property
We analyze the acquisition of a lodging property to determine if it qualifies as the purchase of a business or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, the asset or asset group is not considered a business and we would record the transaction as an asset acquisition, which includes the capitalization of acquisition costs. For an asset acquisition, we allocate the purchase price paid to the assets acquired and the liabilities assumed in the transaction based on their relative fair values. For a business combination, we would record the assets and liabilities acquired at their respective estimated fair values. When we acquire a lodging property, we use all available information to make these fair value determinations, including discounted cash flow analyses and market comparable data. In addition, we make significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, including estimated useful lives and judgements related to certain market assumptions. We also engage independent valuation specialists to assist in the fair value determinations of the assets acquired and the liabilities assumed. The determination of fair value is subjective and is based on assumptions and estimates that could differ materially from actual results in future periods.
Investments in Lodging Property, net
Investments in Lodging Property, net
 
The Company allocates the purchase price of acquired lodging properties based on the relative fair values of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Intangible assets may include certain value associated with the on-going operations of the lodging business being acquired as part of the property acquisition. Acquired intangible assets that derive their values from real property, or an interest in real property, are inseparable from that real property or interest in real property, do not produce or contribute to the production of income other than consideration for the use or occupancy of space, and are recorded as a component of the related real estate asset in our Consolidated Financial Statements. We allocate the purchase price of acquired lodging properties to land, building and furniture, fixtures and equipment based on independent third-party appraisals.

Our lodging properties and related assets are recorded at cost, less accumulated depreciation. We capitalize development costs and the costs of significant additions and improvements that materially upgrade, increase the value or extend the useful life of the property. These costs may include development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred.
 
We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:
 
Classification Estimated Useful Lives
Buildings and improvements
6 to 40 years
Furniture, fixtures and equipment
2 to 15 years
 
We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense. 

When depreciable property and equipment is retired or disposed, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations. 

On a limited basis, we provide financing to developers of lodging properties for development projects. We evaluate these arrangements to determine if we participate in residual profits of the lodging property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the real property, we reflect the loan in Investments in lodging property, net in our Consolidated Balance Sheets.
We monitor events and changes in circumstances for indicators that the carrying value of a lodging property or undeveloped land may be impaired. Additionally, we perform at least annual reviews to monitor the factors that could trigger an impairment. Factors that we consider for an impairment analysis include, among others: i) significant underperformance relative to historical or anticipated operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for lodging properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, v) changes in values of comparable land or lodging property sales, vi) significant negative industry or economic trends, and fair value less costs to sell of lodging properties held for sale relative to the contractual selling price. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the carrying amount of the asset is recoverable. If the carrying amount of the asset is not recoverable, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to its estimated net fair value.
Intangible Assets
Intangible Assets
 
We amortize intangible assets with determined finite useful lives using the straight-line method. We do not amortize intangible assets with indefinite useful lives, but we evaluate these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Assets Held for Sale
Assets Held for Sale
 
We periodically review our lodging properties and our undeveloped land based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit to identify properties that we believe are either non-strategic or no longer complement our business. Based on our review, we periodically market properties for sale that no longer meet our investment criteria. We also periodically receive unsolicited external inquiries that result in the sale of lodging properties.

We classify assets as Assets held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets classified as Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value less estimated selling costs. We record a write-down on our Consolidated Statement of Operations when the carrying amounts of assets held for sale exceed their fair values less estimated selling costs.
Variable Interest Entities
Variable Interest Entities

We consolidate variable interest entities (each a “VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider other relevant factors including each entity’s capital structure, contractual rights to earnings or obligations for losses, subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. 
Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a qualified intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Consolidated Balance Sheets and Consolidated Statements of Operations as a consolidated VIE until legal title is transferred to us upon completion of the 1031 Exchange.
Cash and Cash Equivalents
Cash and Cash Equivalents
 
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions.
Restricted Cash
Restricted Cash
 
Restricted cash generally consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves.
Trade Receivables and Credit Policies
Trade Receivables and Credit Policies
 
We grant credit to qualified customers, generally without collateral, in the form of trade accounts receivable. Trade receivables result from the rental of guestrooms and the sales of food, beverage, and banquet services and are payable under normal trade terms. Trade receivables also include credit and debit card transactions that are in the process of being settled. Trade receivables are stated at the amount billed to the customer and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined on the basis of previous loss experience and current economic conditions.
Leases
Leases

In accordance with Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), we record the financial liability and right-of-use assets that are inherent to leasing an asset on our Consolidated Balance Sheets for all leases with a term of greater than 12 months regardless of their classification.

Several of our lodging properties lease retail or restaurant space to third-party tenants. The majority of our third-party tenants requested rent deferrals to ease the negative financial effects of the COVID-19 pandemic (the "Pandemic") on their businesses. We have primarily negotiated rent deferrals with these tenants that defer rent for a specified number of months and require repayment of the deferred rent over a negotiated period of time. We have adopted a policy that the deferrals are not a change in the provisions of the lease. As such, we are accounting for the concessions using the rights and obligations of the existing leases and recognize short-term lease receivables in the period that the cash payment is owed.
Notes Receivables
Notes Receivables

We selectively provide mezzanine financing to developers, where we also have the opportunity to acquire the lodging property at or after the completion of the development project, and we also may provide seller financing in connection with a lodging property 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. The allowance for credit losses is a valuation account that is deducted from the amortized cost 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. 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 non-accrual status, we suspend the recognition of interest income until cash interest payments are received. 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. Accrued interest receivable is written-off to bad debt expense when collection is not reasonably assured.
Deferred Charges, net
Deferred Charges, net
 
Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method.
Deferred Financing Fees
Deferred Financing Fees
Debt issuance costs are generally capitalized based on the debt transaction and presented as a direct deduction from the carrying value of the debt liability on the Consolidated Balance Sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method.
Non-controlling Interests and Redeemable Non-controlling Interests
Non-controlling Interests
 
Non-controlling interests represent the portion of equity in a consolidated entity held by owners other than the consolidating parent. Non-controlling interests are reported in the Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations. 

Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and third-party ownership of our consolidated joint ventures.

Redeemable Non-controlling Interests

Redeemable non-controlling interests represent redeemable preferred units issued by our Operating Partnership ("Redeemable Preferred Units") in connection with the NCI Transaction (see "Note 3 - Investments in Lodging Property, net" for additional information). The Redeemable Preferred Units are presented as temporary equity related to our Operating Partnership on our Consolidated Balance Sheets under the caption of "Redeemable Non-controlling Interests ("see "Note 9 - Equity" for further information). We record Redeemable non-controlling interests at fair value on the issuance date of the securities. When the carrying value (the acquisition date fair value adjusted for the non-controlling interest’s share of net income (loss) and dividends) is less than the redemption value, we adjust the redeemable non-controlling interest to equal the redemption value with changes recognized as an adjustment to Accumulated deficit and distributions in excess of retained earnings. Any such adjustment, when necessary, is recorded as of the applicable Consolidated Balance Sheet date.
Revenue Recognition, Sales and Other Taxes
Revenue Recognition
 
Revenues from the operation of our lodging properties are recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales, and other lodging property revenues and are presented on a disaggregated basis on our Consolidated Statements of Operations.

Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy lodging rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night.

Food and beverage revenues are generated when customers purchase food and beverage at a lodging property's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers.

Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services such as parking at certain lodging properties are provided by third parties and we assess whether we are the principal or agent in such arrangements. If we are determined to be the agent, revenue is recognized based upon the commission paid to us by the third-party for the services rendered to our customers. If we are determined to be the principal, revenues are recognized based upon the gross contract price of the service provided. Certain of our lodging properties have retail spaces, restaurants or other spaces that we lease to third parties. Lease revenues are recognized on a straight line basis over the respective lease terms and are included in Other income on our Consolidated Statements of Operations.

Cash received prior to customer arrival is recorded as an advance deposit from the customer and is recognized as revenue at the time of occupancy.
Sales and Other Taxes
 
We have operations in states and municipalities that impose sales or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted.
Equity-Based Compensation
Equity-Based Compensation
 
Our 2011 Equity Incentive Plan, which was amended and restated effective May 13, 2021 (as amended, the “Equity Plan”), provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other stock-based awards. We account for time-based and performance-based stock awards using the grant date fair value of those equity awards. We have elected to account for forfeitures as they occur. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC No. 718, Compensation — Stock Compensation. We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to forfeitures or modification of previously granted awards.
Restricted stock awards are generally granted by our board of directors (the "Board") on or about the same date annually based on the 10-day volume-weighted average price of our common stock. As such, no adjustment is required for material nonpublic information that may exist at the time of restricted stock grants.
Derivative Financial Instruments and Hedging
Derivative Financial Instruments and Hedging
 
All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include interest rate swaps, caps and collars. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. The change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts in Other comprehensive income will be reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings.

We have adopted ASC No. 848, Rate Reference Reform, at December 31, 2022. Under ASC No. 848 we have elected to not reassess a previous accounting determination related to our derivative financial instruments. We have also made elections to not de-designate the hedging relationships with the change in critical terms. Finally, we made elections to not de-designate the hedging relationships due to changes in hedged instruments, hedged items or future forecasted hedged transactions.
Income Taxes
Income Taxes
 
We have elected to be taxed as a REIT under sections 856 through 859 of the IRC. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, subject to certain adjustments and excluding any net capital gain. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRS Lessees at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we qualify for certain relief provisions.

Substantially all of our assets are held by, and all of our operations are conducted through, our Operating Partnership or our subsidiary REITs. Partnerships are not subject to U.S. federal income taxes as revenues and expenses pass through to and are taxed on the owners. Generally, the states and cities where partnerships operate follow the U.S. federal income tax treatment. However, there are a limited number of local and state jurisdictions that tax the taxable income of the Operating Partnership.  Accordingly, we provide for income taxes in these jurisdictions for the Operating Partnership.

Taxable income related to our TRSs are subject to federal, state and local income taxes at applicable tax rates. Our consolidated income tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership.
Where required, we account for federal and state income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for: i) the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and the respective carrying amounts for tax purposes, and ii) operating losses and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

We consider all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. At December 31, 2023, the Company continues to be in a three-year cumulative loss. As such, the realizability of our deferred tax assets at December 31, 2023 is not reasonably assured. Therefore, we have recorded a valuation allowance against substantially all of our deferred tax assets at December 31, 2023.

We perform a review of any uncertain tax positions and if necessary, will record expected future tax consequences of uncertain tax positions in the financial statements.
Fair Value Measurement
Fair Value Measurement
 
Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
 
Level 1: Observable inputs such as quoted prices in active markets.
Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets.
Level 3: Unobservable inputs in which there is little or no market information, which require a reporting entity to develop its own assumptions.
 
Assets and liabilities measured at fair value on a recurring basis are based on one or more of the following valuation techniques:
 
Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
Cost approach: Amount required to replace the service capacity of an asset (replacement cost).
Income approach: Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models).
 
Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.
 
We have elected a measurement alternative for equity investments, such as our purchase option, that do not have readily determinable fair values. Under the alternative, our purchase option is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer, if any.

Assets measured at fair value on a nonrecurring basis consist of lodging properties classified as Assets Held For Sale that are recorded at the lower of historical cost or fair value, which is the selling price less estimated costs to sell (Level 2).
Earnings Per Share
Earnings Per Share

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. We apply the two-class method of computing earnings (loss) per share, which requires the calculation of separate earnings (loss) per share amounts for participating securities. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Any anti-dilutive securities are excluded from the basic per-share calculation. Diluted EPS is computed by dividing net income (loss) available to common stockholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.

Basic and diluted loss per share for the years ended December 31, 2023, 2022 and 2021 are calculated as Net loss attributable to common stockholders for each respective period divided by weighted average common shares outstanding for each respective period as all other securities are antidilutive. Potentially dilutive shares include unvested restricted share grants, unvested performance share grants, common shares issuable upon conversion of convertible debt and common shares issuable upon conversion of Common Units of our Operating Partnership.
Use of Estimates
Use of Estimates
 
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.
New Accounting Standards
New Accounting Standards
 
In October 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-06, Disclosure Improvements, codification amendments in response to the U.S. Securities and Exchange Commission's ("SEC") Disclosure Update and Simplification Initiative that was issued in August 2018. ASU 2023-06 will modify the disclosure or presentation requirements related to various subtopics, with clarifications to or technical corrections of the current requirements. The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. ASU 2023-06 applies to all reporting entities within the scope of the amended subtopics. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The adoption of ASU 2023-06 will not have a material effect on our Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). ASU 2023-07 which will improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Although we operate only a single segment, ASU 2023-07 will require us to adhere to all disclosure requirements of the pronouncement which includes among other things, disclosures related to our chief operating decision maker. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-07 will not have a material effect on our Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). ASU 2023-09 provides for changes to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 also improves the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with SEC Regulation S-X 210.4-08(h), Rules of General Application—General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The adoption of ASU 2023-09 will not have a material effect on our Consolidated Financial Statements.
Reclassifications
Reclassifications
 
A portfolio of two lodging properties with an aggregate carrying amount of approximately $49.9 million that were classified as Assets Held for Sale at December 31, 2022 have been reclassified to Investments in Lodging Property, net during the year ended December 31, 2023 as the proposed sale of the properties was terminated during the year then ended.
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Hotel Properties and Related Assets
We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:
 
Classification Estimated Useful Lives
Buildings and improvements
6 to 40 years
Furniture, fixtures and equipment
2 to 15 years
Investments in lodging property, net at December 31, 2023 and 2022 include (in thousands):

 
 20232022
Land$373,039 $373,106 
Lodging buildings and improvements2,786,223 2,815,993 
Intangible assets39,954 39,954 
Construction in progress41,324 64,159 
Furniture, fixtures and equipment268,631 252,842 
Real estate development loan (1)
4,176 — 
 3,513,347 3,546,054 
Less - accumulated depreciation and amortization(784,298)(704,198)
 $2,729,049 $2,841,856 

(1)    In January 2023, we entered into an agreement with affiliates of Onera Opportunity Fund I, LP to provide a mezzanine financing loan to fund up to $4.6 million for the development of a property. The mezzanine loan was classified as Investments in Lodging Property, net in our Consolidated Balance Sheet at December 31, 2023. See "Note 4 - Investment in Real Estate Loans" for further information.
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INVESTMENTS IN LODGING PROPERTY, NET (Tables)
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Schedule of Investments in Lodging Property, net
We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:
 
Classification Estimated Useful Lives
Buildings and improvements
6 to 40 years
Furniture, fixtures and equipment
2 to 15 years
Investments in lodging property, net at December 31, 2023 and 2022 include (in thousands):

 
 20232022
Land$373,039 $373,106 
Lodging buildings and improvements2,786,223 2,815,993 
Intangible assets39,954 39,954 
Construction in progress41,324 64,159 
Furniture, fixtures and equipment268,631 252,842 
Real estate development loan (1)
4,176 — 
 3,513,347 3,546,054 
Less - accumulated depreciation and amortization(784,298)(704,198)
 $2,729,049 $2,841,856 

(1)    In January 2023, we entered into an agreement with affiliates of Onera Opportunity Fund I, LP to provide a mezzanine financing loan to fund up to $4.6 million for the development of a property. The mezzanine loan was classified as Investments in Lodging Property, net in our Consolidated Balance Sheet at December 31, 2023. See "Note 4 - Investment in Real Estate Loans" for further information.
Schedule of Hotel Property Acquisitions
Lodging property acquisitions during the years ended December 31, 2023 and 2022 were as follows (dollar amounts in thousands):

Date AcquiredFranchise/BrandLocationGuestroomsPurchase
Price
2023 Acquisitions:
June 1, 2023Residence Inn by MarriottScottsdale, AZ120$29,000 
June 23, 2023Nordic LodgeSteamboat Springs, CO4713,700 
Total acquisitions 2023167$42,700 
2022 Acquisitions:
January 13, 2022
Portfolio of properties - twenty-six lodging properties and two parking garages (1)
Various3,533$766,000 
March 23, 2022
Canopy Hotel by Hilton (1)
New Orleans, LA17656,000 
June 10, 2022
AC/Element Hotel (2)
Miami, FL26480,100 
October 26, 2022
Onera (3)
Fredericksburg, TX
117,000 
Total acquisitions 20223,984 $909,100

(1)       In January 2022, we acquired a portfolio of twenty-six hotels and two parking garages for an aggregate purchase price of 766.0 million. The hotels acquired included 21 hotels and two parking garages in Texas, two hotels in Louisiana, and three hotels in Oklahoma under the following brands: Marriott (13), Hilton (7), Hyatt (4), and IHG (2). In March 2022, we acquired the Canopy New Orleans upon completion of its construction for a purchase price of $56.0 million.

(2)    We acquired a 90% equity interest in the AC/Element Hotel for $80.1 million based on the exercise price of the Initial Purchase Option of $89.0 million. The transaction included the assumption of $47.0 million of debt resulting in a net consideration payment requirement of $42.0 million. We paid 90% of the required net consideration with the conversion of our $29.9 million mezzanine loan into equity and a cash payment of $7.9 million. The carrying amount of our Initial Purchase Option of $2.8 million is also included in the total amount allocated to the assets acquired. The Brickell Joint Venture partner’s non-controlling interest of $6.9 million represents 10% of the fair value of the net assets on the transaction date, determined by a third-party valuation expert based on discounted forecasted future cash flows of the net assets acquired. We also incurred $0.6 million of transaction costs. The result is a total amount allocated to the assets acquired of $95.1 million plus an intangible asset totaling $2.0 million related to the assumption of the franchises for the hotel properties and a related key money liability.

(3)       In October 2022, we completed the acquisition of a 90% equity interest in Onera Joint Venture which owns an 11-unit glamping property for $5.2 million based on aggregate purchase price of $5.8 million. We paid for our 90% in cash, plus $0.5 million of transaction costs. Additionally, the transaction includes additional contingent consideration (based on performance of the property for the 12-month period ending July 31, 2023) that was paid in September 2023 of $1.8 million. The Onera Joint Venture has a 100% fee simple interest in real property and improvements consisting of 11 lodging units and a 6.4-acre parcel of undeveloped land.


The allocation of the aggregate purchase prices and contingent consideration to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands):
20232022
Land$12,645 $68,426 
Lodging buildings and improvements30,721 756,551 
Furniture, fixtures and equipment1,448 82,730 
Incentives and other intangibles— 25,642 
Other assets— 5,318 
Total assets acquired (1) (2)
44,814 938,667 
Less debt assumed— (382,205)
Less lease liabilities assumed— (5,441)
Less other liabilities— (5,892)
Net assets acquired$44,814 $545,129 

(1)       Total assets acquired during the year ended December 31, 2023 is based on an aggregate purchase price of $42.7 million plus transaction costs of $0.1 million and $1.8 million related to contingent consideration paid to the seller in September 2023. See "Note 10 - Non-controlling Interests and Redeemable Non-controlling Interests" for details related to the Onera Joint Venture.

(2)       Total assets acquired during the year ended December 31, 2022 is based on an aggregate purchase price of $909.1 million adjusted for the following items:
•NCI Transaction: interest swap breakage fees and debt defeasance costs of $3.5 million, a reduction to the value of the Common Units issued on the closing date of $2.5 million, plus transaction costs of $3.0 million, and intangible assets totaling $9.1 million acquired outside of escrow, and
•Brickell Transaction: Brickell Joint Venture partner’s non-controlling interest of $6.9 million; Brickell Joint Venture partner’s non-controlling interest share of the debt assumed as part of the transaction of $4.7 million, the assumption of intangible assets totaling $2.0 million, the carrying amount of our Initial Purchase Option of $2.9 million, and transactions costs of $0.6 million.
•Onera Transaction: Onera Joint Venture partner's non-controlling interest of $0.8 million and $0.5 million of transaction costs.
In May 2023, we completed the sale of four lodging properties (the "Sale Portfolio") for an aggregate gross selling price of $28.1 million as follows:

Franchise/BrandLocationGuestrooms
Hilton Garden InnMinneapolis (Eden Prairie), MN97
Holiday Inn Express & SuitesMinneapolis (Minnetonka), MN93
Hyatt PlaceChicago (Hoffman Estates), IL126
Hyatt PlaceChicago (Lombard/Oak Brook), IL151
467
Schedule of Finite-Lived Intangible Assets
Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands):
December 31,
Weighted Average Amortization Period (in Years)20232022
Indefinite-lived Intangible assets:
Air rightsN/A$10,754 $10,754 
OtherN/A80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives(1)
9.219,750 19,750 
Key money(1)
17.89,370 9,370 
29,120 29,120 
Total intangible assets39,954 39,954 
    Less - accumulated amortization(9,251)(5,110)
Intangible assets, net$30,703 $34,844 

(1)    Finite-lived intangible assets were primarily acquired in the NCI Transaction.
Schedule of Indefinite-lived Intangible Assets
Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands):
December 31,
Weighted Average Amortization Period (in Years)20232022
Indefinite-lived Intangible assets:
Air rightsN/A$10,754 $10,754 
OtherN/A80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives(1)
9.219,750 19,750 
Key money(1)
17.89,370 9,370 
29,120 29,120 
Total intangible assets39,954 39,954 
    Less - accumulated amortization(9,251)(5,110)
Intangible assets, net$30,703 $34,844 

(1)    Finite-lived intangible assets were primarily acquired in the NCI Transaction.
Schedule of Future Amortization Expenses
Future amortization expense related to intangible assets is as follows (in thousands):

For the Year Ended
December 31,		Amount
2024$4,126 
20251,564 
20261,564 
20271,511 
20281,016 
Thereafter10,088 
$19,869 
Schedule of Assets Held for Sale
Assets held for sale, net at December 31, 2023 include a parcel of undeveloped land in Flagstaff, AZ and certain properties that are under contract for sale and expected to close during the first half of 2024 as follows (in thousands):

December 31,
20232022
Under Contract for Sale:
Portfolio of four lodging properties$— $27,516 
Hyatt Place - Dallas (Plano), TX
9,940 — 
One individual lodging property and a portfolio of two lodging properties
54,146 — 
Parcel of undeveloped land - San Antonio, TX1,225 1,225 
65,311 28,741 
Marketed for Sale:
One individual lodging property
8,004 — 
Parcel of undeveloped land - Flagstaff, AZ425 425 
$73,740 $29,166 
v3.24.0.1
INVESTMENT IN REAL ESTATE LOANS (Tables)
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Schedule of Investment in Real Estate Loans
Investment in real estate loans, net at December 31, 2022 was as follows (in thousands):

December 31,
 2022
Real estate loan$1,250 
Allowance for credit losses(1,250)
 $— 
v3.24.0.1
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]  
Schedule of Restricted Cash
Restricted cash was as follows (in thousands):

 
December 31,
 20232022
FF&E reserves$9,583 $10,223 
Property taxes343 316 
Other5 14 
 $9,931 $10,553 
Schedule of Prepaid Expenses and Other
Prepaid expenses and other included the following (in thousands): 

December 31,
 20232022
Deferred acquisition costs
$199 $334 
Prepaid insurance1,945 1,708 
Prepaid taxes1,478 1,639 
Other5,243 4,697 
$8,865 $8,378 
Schedule of Deferred Charges
Deferred charges were as follows (in thousands): 

December 31,
 20232022
Franchise fees
$10,106 $10,079 
Less - accumulated amortization(3,447)(3,005)
$6,659 $7,074 
Schedule of Other Assets
Other assets included the following (in thousands):

December 31,
 20232022
Derivative financial instrument$13,958 $16,841 
Purchase options related to real estate loan931 — 
Deferred tax asset, net20 108 
Other645 1,001 
$15,554 $17,950 
Schedule of Accrued Expenses
Accrued expenses and other included the following (in thousands):

 
December 31,
 20232022
Accrued property, sales and income taxes$26,590 $28,972 
Accrued salaries and benefits13,307 13,029 
Other accrued expenses at lodging properties26,745 25,282 
Accrued interest6,136 4,158 
Other8,437 9,863 
$81,215 $81,304 
v3.24.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
At December 31, 2023 and 2022 our outstanding indebtedness was as follows (dollar amounts in thousands):
LenderReferenceInterest
Rate		Amortization Period
(Years)
Initial Maturity 
Date
Fully Extended Maturity Date
Number of 
Properties
Encumbered
December 31,
20232022
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, NA
$400 Million Revolver
(1)
7.41% Variable
n/a6/21/20276/21/2028n/a$— $15,000 
$200 Million Term Loan
(1)
7.36% Variable
n/a6/21/20266/21/2028n/a200,000 200,000 
Total Senior Credit and Term Loan Facility200,000 215,000 
Term Loans
KeyBank National Association Term Loan
(1) (7)
7.21% Variable
n/a2/14/20252/14/2025n/a225,000 225,000 
Convertible Notes
1.50% Fixed
n/a2/15/20262/15/2026n/a287,500 287,500 
Secured Mortgage Indebtedness
MetaBank(2)
4.44% Fixed
257/1/20277/1/2027342,611 43,917 
Bank of the Cascades (First Interstate Bank)(3)
7.33% Variable
2512/19/202412/19/202417,425 7,691 
Bank of the Cascades (First Interstate Bank)(3)
4.30% Fixed
2512/19/202412/19/20247,425 7,691 
Total Mortgage Loans457,461 59,299 
Total Operating Partnership Debt4769,961 786,799 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
8.35% Variable
256/9/20256/9/2025247,000 47,000 
GIC Joint Venture Credit Facility and Term Loans(4)
Bank of America, N.A.
$125 Million Revolver
7.61% Variable
n/a9/15/20279/15/2028n/a125,000 125,000 
$75 Million Term Loan
7.56% Variable
n/a9/15/20279/15/2028n/a75,000 75,000 
Bank of America, N.A.
8.22% Variable
n/a1/13/20261/13/2027n/a410,000 410,000 
Wells Fargo(5)
4.99% Fixed
306/6/20286/6/2028112,785 13,032 
PACE loan(6)
6.10% Fixed
207/31/20407/31/204016,093 6,293 
Total GIC Joint Venture Credit Facility and Term Loans2628,878 629,325 
Total Joint Venture Debt4675,878 676,325 
Total Debt81,445,839 1,463,124 
Unamortized debt issuance costs(15,171)(11,328)
Debt, net of issuance costs$1,430,668 $1,451,796 

(1)The $600 million 2023 Senior Credit Facility is supported by a borrowing base of 52 unencumbered hotel properties.

(2) In June 2017, we entered into the MetaBank Loan. The MetaBank Loan is secured by the Hampton Inn & Suites in Minneapolis, MN, the Four Points by Sheraton Hotel & Suites in South San Francisco, CA, and the Hyatt Place in Mesa, AZ. The MetaBank Loan is subject to a prepayment penalty if prepaid prior to April 1, 2027. In or around December 2021, MetaBank sold the MetaBank Loan to Bayside MB CRE Loans, LLC (“Bayside”).

(3) In December 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million. As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.3%. Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and cross-defaulted.

(4) The GIC Joint Venture Credit Facilities and Term Loans are secured by a pledge of the equity interests in the subsidiaries that own and operate the borrowing base assets financed by the facility.

(5) In December 2021, we assumed a $13.3 million loan with a fixed rate of 4.99% and a maturity of June 6, 2028. This loan is secured by the Embassy Suites by Hilton in Tucson, AZ. This loan is subject to defeasance if prepaid.
(6) As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender.
(7) In February 2024, we successfully completed the 2024 Term Loan. Proceeds from the 2024 Term Loan financing along with advances on our $400 Million Revolver were used to repay the 2018 Term Loan that was scheduled to mature in February 2025. The 2024 Term Loan provides for a fully extended maturity date of February 2029.
Schedule of Total Fixed-rate and Variable-rate Debt, After Giving Effect to Interest Rate Derivatives
Our total fixed-rate and variable-rate debt at December 31, 2023 and 2022, after giving effect to our interest rate derivatives, is as follows (dollar amounts in thousands): 
 2023Percentage2022Percentage
Fixed-rate debt(1)
$956,414 66 %$758,433 52 %
Variable-rate debt489,425 34 %704,691 48 %
 $1,445,839 $1,463,124 

(1) At December 31, 2023, debt related to our wholly-owned properties coupled with our pro rata share of joint venture debt results in a fixed-rate debt ratio of approximately 75% of our total pro rata indebtedness when including the effect of interest rate swaps. See "Note 8 - Derivative Financial Instruments and Hedging."
Schedule of Principal Payments for Each of the Next Five Years
Contractual principal payments, without consideration of maturity date extension options, but including the refinancing of the 2018 Term Loan subsequent to December 31, 2023, for each of the next five years are as follows (in thousands): 

For the Year Ended
December 31,		Amount
2024$16,926 
202548,485 
2026289,417 
2027449,204 
2028436,937 (1)
Thereafter204,870 
 $1,445,839 

(1)    Debt maturities in 2028 include $25 million related to the refinancing of the 2018 Term Loan that was paid at closing of the 2024 Term Loan in February 2024. Advances on our $400 Million Revolver have a fully extended maturity of June 2028.
Schedule of the Fair Value of Fixed-rate Debt that is not Recorded at Fair Value
Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 

 20232022 
 Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $256,141 $287,500 $247,126 Level 1 - Market approach
Mortgage loans68,915 60,883 70,933 61,447 Level 2 - Market approach
$356,415 $317,024 $358,433 $308,573 
v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Operating Lease Maturity
Operating lease maturities as of December 31, 2023 are as follows (in thousands):

For the Year Ended
December 31,		Amount
2024$2,264 
20252,285 
20262,239 
20272,282 
20282,124 
Thereafter35,831 
Total lease payments (1)
47,025 
Less interest(21,183)
Total$25,842 

(1) Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances.
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments
Information about our derivative financial instruments at December 31, 2023 and 2022 is as follows (dollar amounts in thousands): 
Average
Annual
Notional AmountFair Value
Effective
December 31,
December 31,
Contract dateEffective DateExpiration Date
Fixed Rate
2023202220232022
Operating Partnership:
October 2, 2017January 29, 2018January 31, 20231.96 %$— $100,000 $— $208 
October 2, 2017January 29, 2018January 31, 20231.98 %— 100,000 — 210 
June 11, 2018September 28, 2018September 30, 20242.86 %75,000 75,000 1,170 2,219 
June 11, 2018December 31, 2018December 31, 20252.92 %125,000 125,000 2,877 4,211 
July 26, 2022January 31, 2023January 31, 20272.60 %100,000 100,000 3,134 4,366 
July 26, 2022January 31, 2023January 31, 20292.56 %100,000 100,000 4,273 5,627 
Total Operating Partnership400,000 600,000 11,454 16,841 
GIC Joint Venture:
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 — 1,254 — 
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 — 1,250 — 
Total GIC Joint Venture200,000 — 2,504 — 
 Total
$600,000 $600,000 $13,958 $16,841 
Schedule of Location in Financial Statements of Gain or Loss Recognized on Derivative Financial Instruments Designated as Cash Flow Hedges
The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands):
 
For the Year Ended December 31,
 202320222021
Gain recognized in Accumulated other comprehensive loss on derivative financial instruments
$8,677 $29,744 $5,631 
Gain (loss) reclassified from Accumulated other comprehensive income to Interest expense
$11,561 $(2,820)$(9,496)
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded$86,798 $65,581 $43,368 
v3.24.0.1
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Common Stock Activity
Changes in Common Stock during the years ended December 31, 2023 and 2022 were as follows:

20232022
Beginning shares of Common Stock outstanding106,901,576 106,337,724 
Common Unit redemptions28,179 12,664 
Grants under the Equity Plan875,055 735,371 
Annual grants to independent directors113,141 84,889 
Performance share and other forfeitures(140,549)(8,272)
Shares retained for employee tax withholding requirements(184,029)(260,800)
Ending shares of Common Stock outstanding107,593,373 106,901,576 
v3.24.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Disclosures Concerning Financial Instruments Measured at Fair Value
Disclosures concerning financial instruments measured at fair value are as follows (in thousands):
 
Fair Value Measurement at December 31, 2023 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $13,958 $— $13,958 
Purchase options related to real estate loans (Onera Purchase Option)— — 931 931 
Fair Value Measurement at December 31, 2022 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $16,841 $— $16,841 
Schedule of Unobservable Inputs for Fair Values of Purchase Options As such, we were required to develop assumptions to determine the fair value of the Onera Purchase Option as follows (dollar amounts in thousands):
Exercise price$8,206 
First option exercise date (1)
10/1/2024
Expected volatility52.20 %
Risk free rate4.15 %
Expected annualized equity dividend yield— %
(1)The first option exercise date is the date used for estimating the fair value of the purchase option. The Onera Purchase Option is exercisable when the lodging development is fully constructed and open for business and expires one year from the date that it is initially exercisable.
v3.24.0.1
EQUITY-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Awards
The following table summarizes time-based restricted stock activity under our Equity Plan for 2023 and 2022:

 
 Number of SharesWeighted Average
Grant Date Fair Value
per Share		Aggregate
Current Value
  (in thousands)
Non-vested December 31, 2021605,470 $9.98  
Granted316,643 9.83  
Vested(259,037)10.14  
Forfeited(8,272)10.01 
Non-vested December 31, 2022654,804 9.85  
Granted449,148 7.71  
Vested(238,883)8.04  
Forfeited(3,356)8.20 
Non-vested December 31, 2023861,713 $8.79 $5,791 
The following table summarizes performance-based restricted stock activity under our Equity Plan:

 
 Number of SharesWeighted Average
Grant Date Fair Value
per Share		Aggregate
Current Value
  (in thousands)
Non-vested December 31, 20211,002,866 $11.92  
Granted418,728 12.26  
Vested(414,620)12.81  
Non-vested December 31, 20221,006,974 11.76  
Granted425,907 10.08  
Vested(239,416)9.38  
Forfeited(137,193)9.38  
Non-vested December 31, 20231,056,272 $11.93 $7,098 
Schedule of Assumptions Used Estimate Fair Value of Performance-based Restricted Stock Awards Granted
The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions:

 
For the Year Ended December 31,
202320222021
Expected dividend yield3.90 %3.52 %— %
Expected stock price volatility67.6 %65.4 %63.7 %
Risk-free interest rate4.66 %1.77 %0.34 %
Monte Carlo iterations100,000 100,000 100,000 
Weighted average estimated fair value of performance-based restricted stock awards$10.08 $12.26 $14.05 
Schedule of Equity-based Compensation Expense
Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations was as follows (in thousands):

 
For the Year Ended December 31,
 202320222021
Time-based restricted stock$3,260 $2,860 $4,784 
Performance-based restricted stock3,727 4,784 5,314 
Director stock755 802 583 
 $7,742 $8,446 $10,681 
Schedule of Unrecognized Equity-based Compensation Expense for all Non-vested Awards
Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $8.9 million at December 31, 2023 as follows (in thousands):

 
 Total202420252026
Time-based restricted stock$4,077 $2,536 $1,334 $207 
Performance-based restricted stock4,831 2,914 1,654 263 
 $8,908 $5,450 $2,988 $470 
v3.24.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense and Total Provision (Benefit) for TRS and Operating Partnership
The components of income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):
 202320222021
Current:
Federal$1,151 $1,953 $1,036 
State and local1,563 1,717 456 
Deferred:
Federal84 (59)(19)
Income tax expense$2,798 $3,611 $1,473 
Schedule of Reconciliation of Federal Statutory Rate to Effective Income Tax Rate for TRS
Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands):
202320222021
Statutory federal income tax provision$(5,317)$1,014 $(14,093)
Nontaxable income of the REITs4,563 1,124 16,812 
State income taxes, net of federal tax benefit1,158 1,644 891 
Provision to return and deferred adjustment50 81 — 
Effect of permanent differences and other235 246 99 
Deferred assets transferred with REIT stock sale— 730 — 
Change in valuation allowance2,109 (1,228)(2,236)
Income tax provision$2,798 $3,611 $1,473 
Schedule of Significant Components of Deferred Tax Assets (Liabilities)
Significant components of our TRSs deferred tax assets (liabilities) are as follows (in thousands):

 
December 31,
 20232022
Tax carryforwards$12,098 $10,312 
Accrued expenses1,634 1,421 
Other150 124 
Total13,882 11,857 
Valuation allowance(13,886)(11,777)
     Net deferred tax assets$(4)$80 
Gross deferred tax assets$13,906 $11,883 
Gross deferred tax liabilities(24)(26)
Valuation allowance(13,886)(11,777)
     Net deferred tax (liabilities) assets
$(4)$80 
Schedule of Characterization of Distributions
For income tax purposes, distributions paid consist of ordinary income and capital gains or a combination thereof. For the years ended December 31, 2023, 2022 and 2021 distributions paid per share were characterized as follows:

For the Year Ended December 31,
202320222021
Amount%Amount%Amount%
Common Stock
Ordinary non-qualified dividend income$0.1940 88.19 %$0.0471 58.82 %$— — %
Ordinary qualified dividend income0.0078 3.54 %0.0106 13.26 %— — %
Capital gain distributions— — %0.0223 27.92 %— — %
Return of capital0.0182 8.27 %— — %— — %
Total$0.2200 100.00 %$0.0800 100.00 %$— — %
Preferred Stock - Series D
Ordinary non-qualified dividend income$— — %$— — %$— — %
Capital gain distributions— — %— — %— — %
Return of capital— — %— — %1.2228 100.00 %
Total$— — %$— — %$1.2228 100.00 %
Preferred Stock - Series E
Ordinary non-qualified dividend income$1.3779 88.19 %$0.9191 58.82 %$— — %
Ordinary qualified dividend income0.0553 3.54 %0.2072 13.26 %— — %
Capital gain distributions— — %0.4363 27.92 %— — %
Return of capital0.1293 8.27 %— — %1.5625 100.00 %
Total$1.5625 100.00 %$1.5625 100.00 %$1.5625 100.00 %
Preferred Stock - Series F
Ordinary non-qualified dividend income$1.2952 88.19 %$0.8639 58.82 %$— — %
Ordinary qualified dividend income0.0520 3.54 %0.1947 13.26 %— — %
Capital gain distributions— — %0.4101 27.92 %— — %
Return of capital0.1215 8.27 %— — %0.4406 100.00 %
Total$1.4687 100.00 %$1.4687 100.00 %$0.4406 100.00 %
v3.24.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Components Used to Calculate Basic and Diluted Earnings Per Share
Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts):
 
For the Year Ended December 31,
 202320222021
Numerator:   
Net (loss) income
$(28,116)$1,217 $(68,584)
Adjusted for:
Preferred dividends(15,875)(15,875)(15,431)
Premium on redemption of preferred stock— — (2,710)
Distributions and accretion of redeemable non-controlling interests(2,626)(2,520)— 
Loss attributable to non-controlling interest in Operating Partnership
3,803 2,570 115 
Loss attributable to non-controlling interests in joint ventures
14,824 (2,321)2,896 
Loss from continuing operations attributable to common stockholders
$(27,990)$(16,929)$(83,714)
Denominator:   
Weighted average common shares outstanding - basic and diluted105,548 105,142 104,471 
Loss per share:   
Basic and diluted$(0.27)$(0.16)$(0.80)
v3.24.0.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Supplemental Cash Flow Information
Supplemental cash flow information is as follows (in thousands):

For the Year Ended December 31,
202320222021
Cash payments for interest$78,886 $58,409 $37,509 
Accrued acquisition costs and improvements to lodging properties$4,219 $8,233 $3,399 
Cash payments for income taxes, net of refunds$2,674 $3,742 $557 
Accrued and unpaid dividends$185 $40 $— 
Mortgage debt assumed for acquisitions of lodging properties$— $382,205 $13,267 
Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties$— $9,206 $— 
Conversion of a mezzanine loan to complete acquisition of lodging properties$— $29,875 $— 
Conversion of purchase option to complete acquisition of lodging properties$— $2,800 $— 
Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties$200 $7,724 $— 
Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties$— $157,513 $— 
Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties$— $50,000 $— 
v3.24.0.1
DESCRIPTION OF BUSINESS (Details)
 12 Months Ended
Dec. 31, 2023
room
hotel
state
joint_venture
Dec. 31, 2021
May 19, 2023
hotel
room
Properties      
Guestrooms 123   467
Number of states in which hotel properties are located | state 24    
Percentage of guestrooms located in the top 50 metropolitan statistical areas 86.00%    
Percentage of guestrooms located in the top 100 metropolitan statistical areas 90.00%    
Hotels      
Properties      
Number of hotels | hotel 100   4
Guestrooms 14,912    
Number of joint venture | joint_venture 2    
Hotels | Brickell Joint Venture      
Properties      
Number of hotels | hotel 2    
Hotels | Onera Joint Venture      
Properties      
Number of hotels | hotel 1    
Hotels | Hotel Portfolio Other Than Ones Owned Through Joint Venture | Wholly Owned Properties      
Properties      
Number of hotels 56    
Ownership percentage of equity interests 100.00%    
Hotels | Hotels Owned Through Joint Venture | Partially Owned Properties      
Properties      
Number of hotels 41    
Ownership percentage of equity interests 90.00%    
Hotels | Hotels Owned Through Joint Venture | Partially Owned Properties | GIC Joint Venture      
Properties      
General partner, ownership interest (as percent)   51.00%  
v3.24.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reportable Segment (Details)
 12 Months Ended
Dec. 31, 2023
segment
Segment Disclosure  
Number of reportable segments 1
v3.24.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Hotel Properties and Related Assets (Details)
Dec. 31, 2023
Buildings and improvements | Minimum  
INVESTMENT IN HOTEL PROPERTIES, NET  
Hotel properties, useful lives (in years) 6 years
Buildings and improvements | Maximum  
INVESTMENT IN HOTEL PROPERTIES, NET  
Hotel properties, useful lives (in years) 40 years
Furniture, fixtures and equipment | Minimum  
INVESTMENT IN HOTEL PROPERTIES, NET  
Hotel properties, useful lives (in years) 2 years
Furniture, fixtures and equipment | Maximum  
INVESTMENT IN HOTEL PROPERTIES, NET  
Hotel properties, useful lives (in years) 15 years
v3.24.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Trade Receivables and Credit Policies (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]      
Allowance for doubtful accounts $ 0.1 $ 0.1  
Bad debt expense $ 0.4 $ 0.3 $ 0.4
v3.24.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Income Taxes and Reclassifications (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
hotel
Accounting Policies [Abstract]    
Number of year cumulative loss 3 years  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Investments in lodging property, net $ 2,729,049 $ 2,841,856
Revision of Prior Period, Adjustment    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Guestrooms | hotel   2
Investments in lodging property, net   $ 49,900
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Investments in Lodging Property, net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jan. 31, 2023
Dec. 31, 2019
Investment in Hotel Properties, net          
Investment in hotel properties at cost $ 3,513,347 $ 3,546,054      
Less - accumulated depreciation and amortization (784,298) (704,198)      
Investment in hotel properties, net 2,729,049 2,841,856      
Hotels          
Investment in Hotel Properties, net          
Depreciation and amortization 150,300 149,500 $ 105,500    
Real estate development loan          
Investment in Hotel Properties, net          
Investment in hotel properties at cost 4,176 0      
Mezzanine Loans          
Investment in Hotel Properties, net          
Loans funded amount         $ 29,900
Mezzanine Loans | Affiliated Entity          
Investment in Hotel Properties, net          
Loans funded amount       $ 4,600  
Land          
Investment in Hotel Properties, net          
Investment in hotel properties at cost 373,039 373,106      
Lodging buildings and improvements          
Investment in Hotel Properties, net          
Investment in hotel properties at cost 2,786,223 2,815,993      
Intangible assets          
Investment in Hotel Properties, net          
Investment in hotel properties at cost 39,954 39,954      
Construction in progress          
Investment in Hotel Properties, net          
Investment in hotel properties at cost 41,324 64,159      
Furniture, fixtures and equipment          
Investment in Hotel Properties, net          
Investment in hotel properties at cost $ 268,631 $ 252,842      
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (Residence Inn by Marriott - Scottsdale, AZ) (Details)
$ in Millions
 1 Months Ended
Jun. 30, 2023
USD ($)
room
Dec. 31, 2023
hotel
May 19, 2023
hotel
Scottsdale AZ Joint Venture      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Cash payment $ 13.7    
Cash payment by earnest money $ 1.0    
Purchase price percent 49.00%    
Scottsdale AZ Joint Venture | Operating Partnership Units      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Cash payment $ 14.3    
Purchase price percent 51.00%    
Hotels      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Guestrooms | hotel   100 4
Hotels | Scottsdale AZ Joint Venture | Residency Inn      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Guestrooms | room 120    
Purchase price of acquisition $ 29.0    
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (Nordic Lodge - Steamboat Springs, CO) (Details)
$ in Millions
 1 Months Ended
Jun. 30, 2023
USD ($)
room
Dec. 31, 2023
hotel
May 19, 2023
hotel
Steamboat Springs, CO Joint Venture      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Cash payment $ 6.7    
Purchase price percent 49.00%    
Steamboat Springs, CO Joint Venture | Operating Partnership Units      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Cash payment $ 7.0    
Purchase price percent 51.00%    
Hotels      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Guestrooms | hotel   100 4
Hotels | Steamboat Springs, CO Joint Venture | Residency Inn      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Guestrooms | room 47    
Purchase price of acquisition $ 13.7    
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (NCI Transaction) (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 13, 2022
USD ($)
room
Jan. 31, 2022
USD ($)
hotel
$ / shares
shares
Mar. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
room
property
hotel
Rate
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
May 19, 2023
hotel
room
Mar. 31, 2022
USD ($)
Mar. 31, 2022
room
Mar. 31, 2022
hotel
Mar. 31, 2022
parkingStructure
Mar. 31, 2022
parkingSpace
Mar. 31, 2022
$ / shares
Nov. 02, 2021
hotel
parkingStructure
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Guestrooms | room       123     467              
Redeemable common unit, conversion ratio | Rate       100.00%                    
Debt assumed       $ 0 $ 382,205                  
Repayments of mortgage loan       2,284 506,898 $ 351,932                
Incentives and other intangibles       $ 0 $ 25,642                  
Tax incentives                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Weighted Average Amortization Period (in Years)       9 years 2 months 12 days                    
Joint Venture Term Loan | Secured debt                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Debt instrument, face amount $ 410,000                          
Series Z Preferred Units                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Preferred stock, dividend rate       5.25%                    
Preferred stock, redemption price (in dollars per share) | $ / shares   $ 25                        
NCI Transaction | Joint Venture Term Loan | Secured debt                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Debt instrument, face amount               $ 410,000            
NCI Transaction | Operating Partnership Units                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Redeemable common unit, conversion ratio     1                      
NCI Transaction | Series Z Preferred Units                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Preferred stock, dividend rate     5.25%                      
Preferred stock, redemption price (in dollars per share) | $ / shares                         $ 25  
NCI Transaction | Hotel Portfolio Acquired In January 2022 | GIC                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Cash contribution to acquire interest in joint venture     $ 185,200                      
Expected contribution to joint venture     $ 18,500                      
Hotels                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Guestrooms | hotel       100     4              
Guestrooms | room       14,912                    
Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | Operating Partnership Units | Summit Hotel OP, LP                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Number of shares issued in asset acquisition (in shares) | shares     15,864,674                      
Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | Series Z Preferred Units | Summit Hotel OP, LP                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Number of shares issued in asset acquisition (in shares) | shares   2,000,000                        
Hotels | Hotel Portfolio Acquired In January 2022                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Guestrooms 3,533 26                        
Purchase price of acquisition $ 766,000 $ 766,000                        
Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Tax incentives                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Incentives and other intangibles               19,800            
Weighted Average Amortization Period (in Years)     9 years 1 month 6 days                      
Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Other                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Incentives and other intangibles               3,900            
Weighted Average Amortization Period (in Years)     19 years 8 months 12 days                      
Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Operating Partnership Units | Summit Hotel OP, LP                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Number of shares issued in asset acquisition (in shares) | shares     15,864,674                      
Asset acquisition, share price (in USD per share) | $ / shares     $ 10.0853                      
Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Series Z Preferred Units | Summit Hotel OP, LP                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Number of shares issued in asset acquisition (in shares) | shares     2,000,000                      
Joint Venture with GIC | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Guestrooms | hotel                           27
Guestrooms | parkingStructure                           2
Joint Venture with GIC | Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Guestrooms       13           27        
Guestrooms                 3,709   2 1,002    
Purchase price of acquisition     $ 822,000                      
Debt assumed               335,200            
Repayments of mortgage loan     328,700                      
Joint Venture with GIC | Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Operating Partnership Units                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Totaled amount     157,500                      
Joint Venture with GIC | Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Series Z Preferred Units                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Totaled amount     $ 50,000                      
Redeemable noncontrolling interest, redemption value               50,000            
Joint Venture with GIC | Hotels | NCI Transaction | Hotel Portfolio Acquired In January 2022                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Liabilities assumed in asset acquisition               6,500            
Joint Venture with GIC | Hotels | NCI Transaction | Hotel Portfolio Acquired In January 2022 | GIC                            
Financing Receivable, Allowance for Credit Loss [Line Items]                            
Asset acquisition, consideration transferred, cash contribution to escrow               $ 5,900            
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (Brickell Transaction) (Details) - Mezzanine Loans - USD ($)
$ in Millions
Jun. 10, 2022
Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]    
Initial purchase option, ownership percentage   90.00%
Brickell Joint Venture    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Initial purchase option, ownership percentage 90.00%  
Exercise price of initial purchase option $ 89.0  
Initial purchase option exercise, expected payments received 29.9  
Initial purchase option exercise, cash payment $ 7.9  
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (Onera Transaction) (Details)
$ in Millions
 1 Months Ended
Oct. 26, 2022
a
unit
Oct. 31, 2022
USD ($)
a
unit
Dec. 31, 2023
room
May 19, 2023
room
Financing Receivable, Allowance for Credit Loss [Line Items]        
Guestrooms | room     123 467
Onera Joint Venture        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Cash payments to acquire businesses   $ 5.2    
Joint venture, fee simple interest (as percent) 100.00% 100.00%    
Guestrooms | unit 11      
Area of land acquired (in acre) | a 6.4 6.4    
Onera Joint Venture | Maximum        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Contingent consideration, liability   $ 1.8    
Joint Venture        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Cash payments to acquire businesses   $ 5.2    
Joint venture, fee simple interest (as percent)   100.00%    
Guestrooms | unit   11    
Mezzanine Loans        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Initial purchase option, ownership percentage     90.00%  
Onera Transaction | Mezzanine Loans        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Initial purchase option, ownership percentage   90.00%    
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Hotel Properties Acquisitions (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 23, 2023
USD ($)
room
Jun. 01, 2023
USD ($)
room
Oct. 26, 2022
USD ($)
a
unit
room
Jun. 10, 2022
USD ($)
room
Mar. 23, 2022
USD ($)
room
Jan. 13, 2022
USD ($)
room
Oct. 31, 2022
USD ($)
a
unit
Mar. 31, 2022
USD ($)
Jan. 31, 2022
USD ($)
hotel
parkingStructure
Dec. 31, 2023
USD ($)
room
hotel
Dec. 31, 2022
USD ($)
room
Dec. 31, 2021
USD ($)
May 19, 2023
hotel
room
Business Acquisition [Line Items]                          
Number of parking units | room                   123     467
Transaction costs                   $ 13 $ 749 $ 3,849  
Joint Venture                          
Business Acquisition [Line Items]                          
Number of parking units | unit             11            
Percentage of equity interest in a joint venture (as percent)             90.00%            
Cash payments to acquire businesses             $ 5,200            
Aggregate purchase price             5,800            
Transaction costs             $ 500            
Joint venture, fee simple interest (as percent)             100.00%            
Onera Joint Venture                          
Business Acquisition [Line Items]                          
Number of parking units | unit     11                    
Percentage of equity interest in a joint venture (as percent)             90.00%            
Cash payments to acquire businesses             $ 5,200            
Joint venture, fee simple interest (as percent)     100.00%       100.00%            
Area of land acquired (in acre) | a     6.4       6.4            
Onera Joint Venture | Maximum                          
Business Acquisition [Line Items]                          
Contingent consideration, liability             $ 1,800            
Mezzanine Loans                          
Business Acquisition [Line Items]                          
Initial purchase option, ownership percentage                   90.00%      
Brickell Joint Venture                          
Business Acquisition [Line Items]                          
Initial purchase option       $ 2,800             2,900    
Fair value of net assets on transaction date                   $ 6,900 6,900    
Transaction costs       600             600    
Totaled amount       95,100                  
Intangible assets       $ 2,000             $ 2,000    
Brickell Joint Venture | Mezzanine Loans                          
Business Acquisition [Line Items]                          
Initial purchase option, ownership percentage       90.00%                  
Exercise price for purchase option       $ 80,100                  
Exercise price of initial purchase option       89,000                  
Initial purchase option exercise, assumption of senior debt       47,000                  
Net consideration payment       42,000                  
Initial purchase option exercise, expected payments received       29,900                  
Cash payment       $ 7,900                  
Second purchase option, ownership percentage       0.10                  
Hotels                          
Business Acquisition [Line Items]                          
Guestrooms | hotel                   100     4
Number of parking units | room                   14,912      
Hotels | Brickell Joint Venture                          
Business Acquisition [Line Items]                          
Guestrooms | hotel                   2      
Acquisitions of 2023 | Hotels                          
Business Acquisition [Line Items]                          
Guestrooms | room                   167      
Purchase Price                   $ 42,700      
Residence Inn by Marriott | Hotels                          
Business Acquisition [Line Items]                          
Guestrooms | room   120                      
Purchase Price   $ 29,000                      
Nordic Lodge | Hotels                          
Business Acquisition [Line Items]                          
Guestrooms | room 47                        
Purchase Price $ 13,700                        
Acquisitions of 2022 | Hotels                          
Business Acquisition [Line Items]                          
Guestrooms | room                     3,984    
Purchase Price                     $ 909,100    
Portfolio of properties - twenty-six hotel properties and two parking garages | Hotels                          
Business Acquisition [Line Items]                          
Guestrooms           3,533     26        
Purchase Price           $ 766,000     $ 766,000        
Portfolio of properties - twenty-six hotel properties and two parking garages | Parking Garages                          
Business Acquisition [Line Items]                          
Guestrooms | hotel                 2        
Canopy New Orleans | Hotels                          
Business Acquisition [Line Items]                          
Guestrooms | room         176                
Purchase Price         $ 56,000     $ 56,000          
AC/Element Hotel | Hotels                          
Business Acquisition [Line Items]                          
Guestrooms | room       264                  
Purchase Price       $ 80,100                  
Onera Transaction | Hotels                          
Business Acquisition [Line Items]                          
Guestrooms | room     11                    
Purchase Price     $ 7,000                    
Hotel portfolio acquired in Texas | Hotels                          
Business Acquisition [Line Items]                          
Guestrooms | hotel                 21        
Number of parking units | parkingStructure                 2        
Hotel portfolio acquired in Louisiana | Hotels                          
Business Acquisition [Line Items]                          
Guestrooms | hotel                 2        
Hotel portfolio acquired in Oklahoma | Hotels                          
Business Acquisition [Line Items]                          
Guestrooms | hotel                 3        
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Allocation of Aggregate Purchase Price (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Jun. 10, 2022
Real Estate Properties [Line Items]      
Land $ 12,645 $ 68,426  
Lodging buildings and improvements 30,721 756,551  
Furniture, fixtures and equipment 1,448 82,730  
Incentives and other intangibles 0 25,642  
Other assets 0 5,318  
Total assets acquired 44,814 938,667  
Less debt assumed 0 (382,205)  
Less lease liabilities assumed 0 (5,441)  
Less other liabilities 0 (5,892)  
Net assets acquired 44,814 545,129  
Purchase price 42,700 909,100  
Asset acquisition, transaction costs 100    
Asset acquisition, contingent consideration 1,800    
NCI Transaction      
Real Estate Properties [Line Items]      
Asset acquisition, transaction costs   3,000  
Amount of NCI transactions   3,500  
Reduction value of common units   2,500  
Intangible assets acquired outside of escrow   9,100  
Brickell Joint Venture      
Real Estate Properties [Line Items]      
Fair value of net assets on transaction date $ 6,900 6,900  
Asset acquisition, long-term debt   4,700  
Intangible assets   2,000 $ 2,000
Initial purchase option   2,900 2,800
Transaction costs   600 $ 600
Onera Joint Venture      
Real Estate Properties [Line Items]      
Transaction costs   500  
Non-controlling interests   $ 800  
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Sales (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 15, 2024
USD ($)
room
May 19, 2023
USD ($)
hotel
room
Dec. 31, 2022
USD ($)
hotel
Dec. 31, 2023
USD ($)
room
May 31, 2022
USD ($)
room
Dec. 31, 2023
USD ($)
room
Dec. 31, 2023
USD ($)
room
Dec. 31, 2022
USD ($)
hotel
Dec. 31, 2021
USD ($)
Dec. 31, 2023
hotel
Dec. 31, 2023
tradingday
Financing Receivable, Allowance for Credit Loss [Line Items]                      
Loss on write-down of assets             $ 16,661,000 $ 10,420,000 $ 4,361,000    
Guestrooms | room   467   123   123 123        
(Loss) gain on disposal of assets, net             $ (337,000) 20,315,000 $ 240,000    
Subsequent Events                      
Financing Receivable, Allowance for Credit Loss [Line Items]                      
Guestrooms sold | room 127                    
Sale of real estate property $ 10,300,000                    
Tangible asset impairment charges $ 4,000,000                    
Disposed of by Sale                      
Financing Receivable, Allowance for Credit Loss [Line Items]                      
Loss on write-down of assets             $ 16,700,000 2,900,000      
Hyatt Place | Baltimore, MD | Disposed of by Sale                      
Financing Receivable, Allowance for Credit Loss [Line Items]                      
Proceeds from sale of property       $ 8,300,000              
Hilton Garden Inn San Francisco | San Francisco California | Disposed of by Sale                      
Financing Receivable, Allowance for Credit Loss [Line Items]                      
Guestrooms | room         169            
Proceeds from sale of property         $ 75,000,000            
(Loss) gain on disposal of assets, net               $ 20,500,000      
Hotels                      
Financing Receivable, Allowance for Credit Loss [Line Items]                      
Guestrooms | hotel   4               100  
Guestrooms | room       14,912   14,912 14,912        
Proceeds from sale of property   $ 28,100,000                  
Hotels | Disposed of by Sale                      
Financing Receivable, Allowance for Credit Loss [Line Items]                      
Guestrooms     2         2   2 3
Loss on write-down of assets           $ 11,300,000   $ 7,200,000      
Hotels | Purchase Agreement Portfolio                      
Financing Receivable, Allowance for Credit Loss [Line Items]                      
Loss on write-down of assets     $ 2,900,000                
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Lodging Property Acquisitions (Details)
$ in Millions
May 19, 2023
USD ($)
room
hotel
Dec. 31, 2023
room
hotel
Financing Receivable, Allowance for Credit Loss [Line Items]    
Guestrooms 467 123
Hotels    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Number of hotels | hotel 4 100
Proceeds from sale of property | $ $ 28.1  
Guestrooms   14,912
Hotels | Hilton Garden Inn    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Guestrooms 97  
Hotels | Holiday Inn Express & Suites    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Guestrooms 93  
Hotels | Hyatt Place    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Guestrooms 126  
Hotels | Hyatt Place    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Guestrooms 151  
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Indefinite-lived Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Indefinite-lived Intangible assets: $ 10,834 $ 10,834  
Finite-lived intangible assets: 29,120 29,120  
Total intangible assets 39,954 39,954  
Less - accumulated amortization (9,251) (5,110)  
Intangible assets, net 30,703 34,844  
Amortization of intangible assets $ 4,100 4,000 $ 0
Tax incentives      
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Weighted Average Amortization Period (in Years) 9 years 2 months 12 days    
Finite-lived intangible assets: $ 19,750 19,750  
Key money      
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Weighted Average Amortization Period (in Years) 17 years 9 months 18 days    
Finite-lived intangible assets: $ 9,370 9,370  
Air rights      
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Indefinite-lived Intangible assets: 10,754 10,754  
Other      
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Indefinite-lived Intangible assets: $ 80 $ 80  
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Future Amortization Expenses (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Real Estate [Abstract]  
2024 $ 4,126
2025 1,564
2026 1,564
2027 1,511
2028 1,016
Thereafter 10,088
Finite lived intangible assets $ 19,869
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Assets Held for Sale (Details) - Disposed of by Sale - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Portfolio of four lodging properties    
Business Acquisition [Line Items]    
Net carrying amount $ 0 $ 27,516
Under Contract For Sale    
Business Acquisition [Line Items]    
Net carrying amount 65,311 28,741
Under Contract For Sale | Dallas TX    
Business Acquisition [Line Items]    
Net carrying amount 9,940 0
One individual lodging property and a portfolio of two lodging properties    
Business Acquisition [Line Items]    
Net carrying amount 54,146 0
Undeveloped Land | San Antonio, TX    
Business Acquisition [Line Items]    
Net carrying amount 1,225 1,225
One individual lodging property    
Business Acquisition [Line Items]    
Net carrying amount 8,004 0
Market For Sale    
Business Acquisition [Line Items]    
Net carrying amount 73,740 29,166
Market For Sale | Flagstaff, AZ    
Business Acquisition [Line Items]    
Net carrying amount $ 425 $ 425
v3.24.0.1
INVESTMENTS IN LODGING PROPERTY, NET - Assets Held for Sale Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
hotel
Dec. 31, 2023
USD ($)
hotel
Dec. 31, 2022
USD ($)
hotel
Dec. 31, 2021
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
hotel
Jun. 30, 2024
tradingday
Jun. 30, 2024
a
Dec. 31, 2023
tradingday
May 19, 2023
hotel
Financing Receivable, Allowance for Credit Loss [Line Items]                    
Loss on write-down of assets   $ 16,661 $ 10,420 $ 4,361            
Lodging properties | tradingday                 1  
Disposed of by Sale                    
Financing Receivable, Allowance for Credit Loss [Line Items]                    
Loss on write-down of assets   $ 16,700 $ 2,900              
Purchase and Sale Agreement                    
Financing Receivable, Allowance for Credit Loss [Line Items]                    
Guestrooms | tradingday                 101  
Loss on write-down of assets $ 1,400                  
Forecast | Purchase and Sale Agreement                    
Financing Receivable, Allowance for Credit Loss [Line Items]                    
Guestrooms | tradingday             529      
Consideration for hotel property portfolio activity         $ 84,000          
Forecast | Purchase and Sale Agreement | San Antonio, TX | Undeveloped Land                    
Financing Receivable, Allowance for Credit Loss [Line Items]                    
Consideration for hotel property portfolio activity         $ 1,300          
Sale of land (in acre) | a               5.99    
Hotels                    
Financing Receivable, Allowance for Credit Loss [Line Items]                    
Guestrooms | hotel 100 100               4
Hotels | Disposed of by Sale                    
Financing Receivable, Allowance for Credit Loss [Line Items]                    
Guestrooms 2 2 2           3  
Loss on write-down of assets $ 11,300   $ 7,200              
Hotels | Forecast                    
Financing Receivable, Allowance for Credit Loss [Line Items]                    
Purchase agreements | tradingday             2      
Number of unrelated third-parties purchase agreements | tradingday             2      
Guestrooms           2 1      
v3.24.0.1
INVESTMENT IN REAL ESTATE LOANS - Additional Information (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2018
USD ($)
note
hotel
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
Jan. 31, 2023
USD ($)
Jun. 30, 2022
Dec. 31, 2019
USD ($)
Investment Company, Financial Highlights [Line Items]              
Purchase options related to real estate loan   $ 931 $ 0        
Number of loans received | loan     1        
Number of loans receivable | loan     2        
Recoveries of credit losses   $ 1,230 $ 1,100 $ 2,632      
Holiday Inn and Hilton Garden Inn | Duluth, GA | Disposed of by Sale              
Investment Company, Financial Highlights [Line Items]              
Property sold for an aggregate price | hotel 2            
Aggregate sale price $ 24,900            
Mezzanine Loans              
Investment Company, Financial Highlights [Line Items]              
Loans funded amount             $ 29,900
Initial purchase option, ownership percentage   90.00%          
Loans amount, total   $ 4,600          
Unamortized discount related to convertible notes   400          
Interest in hotel upon completion to purchase           90.00%  
Mezzanine Loans | Affiliated Entity              
Investment Company, Financial Highlights [Line Items]              
Loans funded amount         $ 4,600    
Seller-Financing Loans              
Investment Company, Financial Highlights [Line Items]              
Principal payments     500        
Recoveries of credit losses   1,200 1,100        
Seller-Financing Loans | Holiday Inn and Hilton Garden Inn | Duluth, GA | Disposed of by Sale              
Investment Company, Financial Highlights [Line Items]              
Number of notes receivable | note 2            
Note receivable $ 3,600            
Proceeds from collection of loans receivable   1,500 $ 600        
Proceeds from collection of loans receivable, interest and principal   300          
Construction Loans | Affiliated Entity | Letter of credit              
Investment Company, Financial Highlights [Line Items]              
Letter of credit   $ 3,000          
Onera Mezzanine Loan              
Investment Company, Financial Highlights [Line Items]              
Financing receivable, term (in years)   24 months          
Loan mature term additional at borrower's option   12 months          
Loans receivable term until purchase option available   1 year          
Amortization of discount   $ (500)          
Onera Mezzanine Loan | Other assets              
Investment Company, Financial Highlights [Line Items]              
Purchase options related to real estate loan   $ 900          
Brickell Mezzanine Loan              
Investment Company, Financial Highlights [Line Items]              
Purchase of remaining interest in the property after completion of construction.   5 years          
v3.24.0.1
INVESTMENT IN REAL ESTATE LOANS - Schedule of Investment in Real Estate Loans, Net (Details) - Real Estate Loan
$ in Thousands
Dec. 31, 2022
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Real estate loan $ 1,250
Allowance for credit losses (1,250)
Investment in real estate, net $ 0
v3.24.0.1
SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Restricted Cash (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Restricted cash    
Restricted cash $ 9,931 $ 10,553
Minimum    
Restricted cash    
Restricted cash reserve as percentage of hotel revenues 2.00%  
Maximum    
Restricted cash    
Restricted cash reserve as percentage of hotel revenues 5.00%  
FF&E reserves    
Restricted cash    
Restricted cash $ 9,583 10,223
Property taxes    
Restricted cash    
Restricted cash 343 316
Other    
Restricted cash    
Restricted cash $ 5 $ 14
v3.24.0.1
SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Prepaid Expenses and Other (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Prepaid expenses and other    
Deferred acquisition costs $ 199 $ 334
Prepaid insurance 1,945 1,708
Prepaid taxes 1,478 1,639
Other 5,243 4,697
Prepaid expenses and other $ 8,865 $ 8,378
v3.24.0.1
SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Deferred Charges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred charges      
Franchise fees $ 10,106 $ 10,079  
Less - accumulated amortization (3,447) (3,005)  
Deferred Costs, Net 6,659 7,074  
Amortization expense $ 600 $ 700 $ 500
v3.24.0.1
SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]    
Derivative financial instrument $ 13,958 $ 16,841
Purchase options related to real estate loan 931 0
Deferred tax asset, net 20 108
Other 645 1,001
Total $ 15,554 $ 17,950
v3.24.0.1
SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accrued expenses and other    
Accrued property, sales and income taxes $ 26,590 $ 28,972
Accrued salaries and benefits 13,307 13,029
Other accrued expenses at lodging properties 26,745 25,282
Accrued interest 6,136 4,158
Other 8,437 9,863
Total $ 81,215 $ 81,304
v3.24.0.1
DEBT - Additional Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Weighted average interest rate for all borrowings 5.31% 5.04%
Designated as hedges    
Debt Instrument [Line Items]    
Fair value of derivative interest rate $ 400,000 $ 600,000
Interest Rate Swaps Expiring Between 2023 and 2039 | Designated as hedges    
Debt Instrument [Line Items]    
Fair value of derivative interest rate $ 600,000 $ 400,000
v3.24.0.1
DEBT - $600 Million Senior Credit and Term Loan Facility (Details)
 1 Months Ended 12 Months Ended
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
tradingday
Dec. 06, 2018
USD ($)
Line of Credit | Minimum | Revolving credit facility      
Debt Instrument [Line Items]      
Line of credit facility, commitment fee percentage   0.20%  
Line of credit facility, commitment fee percentage, rate threshold   50.00%  
Line of Credit | Maximum | Revolving credit facility      
Debt Instrument [Line Items]      
Line of credit facility, commitment fee percentage   0.25%  
2018 Senior Credit Facility | Unsecured debt      
Debt Instrument [Line Items]      
Credit facility, maximum borrowing capacity $ 600,000,000 $ 600,000,000 $ 600,000,000
Additional borrowing capacity $ 300,000,000    
Remaining borrowing capacity   $ 400,000,000  
$400 Million Revolver      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate, floor   0.00%  
$400 Million Revolver | SOFR      
Debt Instrument [Line Items]      
Interest Rate   1.00%  
$400 Million Revolver | Federal funds rate      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate   0.50%  
$400 Million Revolver | Interest Rate Floor      
Debt Instrument [Line Items]      
Interest Rate   1.00%  
$400 Million Revolver | Minimum | SOFR      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate 1.40%    
$400 Million Revolver | Minimum | Base Rate      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate 0.40%    
$400 Million Revolver | Maximum | SOFR      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate 2.40%    
$400 Million Revolver | Maximum | Base Rate      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate 1.40%    
$400 Million Revolver | Unsecured debt      
Debt Instrument [Line Items]      
Credit facility, maximum borrowing capacity $ 400,000,000 $ 400,000,000  
Line of credit facility, extension periods | tradingday   2  
Line of credit facility, extension term   6 months  
Remaining borrowing capacity 400,000,000    
Interest Rate   7.41%  
$200 Million Term Loan | Minimum | SOFR      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate   1.35%  
$200 Million Term Loan | Minimum | Base Rate      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate   0.35%  
$200 Million Term Loan | Maximum | SOFR      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate   2.35%  
$200 Million Term Loan | Maximum | Base Rate      
Debt Instrument [Line Items]      
Debt, basis spread on variable rate   1.35%  
$200 Million Term Loan | Unsecured debt      
Debt Instrument [Line Items]      
Debt instrument, face amount $ 200,000,000 $ 200,000,000  
Line of credit facility, extension periods | tradingday   2  
Line of credit facility, extension term   12 months  
Interest Rate   7.36%  
v3.24.0.1
DEBT - Term Loans (Details) - USD ($)
 1 Months Ended
Feb. 15, 2018
Feb. 28, 2024
Jun. 30, 2023
Dec. 31, 2023
Feb. 28, 2018
2018 Term Loan | Unsecured debt          
Debt Instrument [Line Items]          
Debt instrument, face amount $ 225,000,000       $ 225,000,000
Additional borrowing capacity         $ 150,000,000
2018 Term Loan | Unsecured debt | Secured Overnight Financing Rate          
Debt Instrument [Line Items]          
Debt, basis spread on variable rate 0.10%        
2018 Term Loan | Unsecured debt | Minimum | Secured Overnight Financing Rate          
Debt Instrument [Line Items]          
Debt, basis spread on variable rate 0.25%        
Interest Rate 1.35%        
2018 Term Loan | Unsecured debt | Maximum | Secured Overnight Financing Rate          
Debt Instrument [Line Items]          
Interest Rate 2.15%        
2024 Term Loan | Subsequent Events          
Debt Instrument [Line Items]          
Weighted average length to maturity   3 years 7 months 6 days      
2024 Term Loan | Unsecured debt | Subsequent Events          
Debt Instrument [Line Items]          
Debt instrument, face amount   $ 200,000,000      
2024 Term Loan | Unsecured debt | Minimum | Secured Overnight Financing Rate | Subsequent Events          
Debt Instrument [Line Items]          
Debt, basis spread on variable rate   1.35%      
2024 Term Loan | Unsecured debt | Minimum | Base Rate | Subsequent Events          
Debt Instrument [Line Items]          
Debt, basis spread on variable rate   0.35%      
2024 Term Loan | Unsecured debt | Maximum | Secured Overnight Financing Rate | Subsequent Events          
Debt Instrument [Line Items]          
Debt, basis spread on variable rate   2.35%      
2024 Term Loan | Unsecured debt | Maximum | Base Rate | Subsequent Events          
Debt Instrument [Line Items]          
Debt, basis spread on variable rate   1.35%      
$400 Million Revolver | Minimum | Base Rate          
Debt Instrument [Line Items]          
Debt, basis spread on variable rate     0.40%    
$400 Million Revolver | Maximum | Base Rate          
Debt Instrument [Line Items]          
Debt, basis spread on variable rate     1.40%    
$400 Million Revolver | Unsecured debt          
Debt Instrument [Line Items]          
Interest Rate       7.41%  
$400 Million Revolver | Unsecured debt | Subsequent Events          
Debt Instrument [Line Items]          
Line of credit outstanding   $ 400,000,000      
Repayments of lines of credit   $ 225,000,000      
v3.24.0.1
DEBT - Convertible Senior Notes and Capped Call Options (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 07, 2021
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jan. 12, 2021
$ / shares
Debt Instrument [Line Items]          
Repayments of debt   $ 2,284 $ 506,898 $ 351,932  
Amortization of debt issuance costs   $ 5,910 5,708 4,353  
Share price (in dollars per share) | $ / shares   $ 8.72      
1.50% convertible senior notes due 2026 | Convertible notes          
Debt Instrument [Line Items]          
Debt instrument, face amount $ 287,500        
Interest Rate 1.50% 1.50%      
Proceeds from convertible debt $ 280,000        
Interest on convertible debt   $ 4,300 4,300 4,200  
Amortization of debt issuance costs   1,500 1,500 $ 1,500  
Debt issuance costs $ 7,600        
Unamortized discount related to convertible notes   $ (3,200) $ (4,700)    
Debt instrument, effective interest rate   2.02%      
Debt instrument, conversion ratio 0.0834028 0.0870869      
Debt instrument, conversion price (in dollars per share) | $ / shares $ 11.99        
Conversion price, premium percentage 37.50%        
Debt instrument convertible strike price of capped call transactions (in dollars per share) | $ / shares   $ 14.61     $ 15.26
Convertible debt, strike price of capped call transactions, premium percentage         75.00%
1.50% convertible senior notes due 2026 | Convertible notes | Maximum          
Debt Instrument [Line Items]          
Debt instrument, conversion ratio 0.1146788        
$62 Million Term Loan | Unsecured debt          
Debt Instrument [Line Items]          
Repayments of debt $ 62,000        
v3.24.0.1
DEBT - MetaBank and other Mortgage Loans (Details) - Non-recourse loan - MetaBank - Secured debt
 1 Months Ended
Jun. 30, 2017
USD ($)
hotel
Debt Instrument [Line Items]  
Debt instrument, face amount | $ $ 47,600,000
Interest Rate 4.44%
Debt instrument, amortization period after interest only payments period (in years) 25 years
Number of properties that served as collateral for loans | hotel 3
v3.24.0.1
DEBT - Mortgage Loans (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
property
Dec. 31, 2022
USD ($)
property
security
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]      
Debt outstanding $ 1,445,839 $ 1,463,124  
Number of unencumbered properties | property 8 8  
Debt transaction costs $ 395 $ 1,528 $ 220
Restricted cash reserves (14,040) (35,136) $ 58,048
Mortgage loans      
Debt Instrument [Line Items]      
Debt outstanding $ 123,300 $ 125,600  
Number of unencumbered properties | property   11  
Number of security defeased | security   4  
Extinguishment of debt   $ 87,300  
Debt transaction costs   800  
Interest payments eliminated   2,400  
Restricted cash reserves   26,800  
Write off of deferred debt issuance cost   $ 100  
v3.24.0.1
DEBT - GIC Joint Venture Credit Facility (Details)
 1 Months Ended 12 Months Ended
Apr. 29, 2021
Sep. 30, 2023
USD ($)
Feb. 28, 2023
Dec. 31, 2023
USD ($)
property
hotel
Jun. 30, 2023
USD ($)
May 19, 2023
hotel
Dec. 31, 2022
USD ($)
Mar. 31, 2022
hotel
Nov. 02, 2021
hotel
Oct. 31, 2019
USD ($)
Oct. 08, 2019
USD ($)
Debt Instrument [Line Items]                      
Debt outstanding       $ 1,445,839,000     $ 1,463,124,000        
Hotels                      
Debt Instrument [Line Items]                      
Guestrooms | hotel       100   4          
Joint Venture with GIC | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement                      
Debt Instrument [Line Items]                      
Guestrooms | hotel                 27    
Joint Venture with GIC | Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement                      
Debt Instrument [Line Items]                      
Guestrooms       13       27      
Joint Venture Credit Facility | Unsecured debt                      
Debt Instrument [Line Items]                      
Debt outstanding       $ 675,878,000     676,325,000        
Debt, basis spread on variable rate       0.05%              
Joint Venture Credit Facility | Secured debt                      
Debt Instrument [Line Items]                      
Debt instrument, extension period   12 months                  
$125 Million Revolving Credit Facility | SOFR                      
Debt Instrument [Line Items]                      
Debt, basis spread on variable rate       1.00%              
Interest Rate       0.50%              
Debt instrument, effective interest rate       1.15%              
$125 Million Revolving Credit Facility | Unsecured debt | SOFR                      
Debt Instrument [Line Items]                      
Debt, basis spread on variable rate       0.10%              
$125 Million Revolving Credit Facility | Unsecured debt | SOFR | Minimum                      
Debt Instrument [Line Items]                      
Interest Rate       2.15%              
$75 Million Term Loan                      
Debt Instrument [Line Items]                      
Debt instrument, face amount   $ 75,000,000   $ 75,000,000             $ 75,000,000
$75 Million Term Loan | Covenant waiver period                      
Debt Instrument [Line Items]                      
Debt, basis spread on variable rate 2.25%                    
$75 Million Term Loan | Unsecured debt                      
Debt Instrument [Line Items]                      
Debt outstanding       $ 75,000,000     75,000,000        
Interest Rate       7.56%              
$200 Million Term Loan | SOFR | Minimum                      
Debt Instrument [Line Items]                      
Debt, basis spread on variable rate       1.35%              
$200 Million Term Loan | Unsecured debt                      
Debt Instrument [Line Items]                      
Debt instrument, face amount       $ 200,000,000 $ 200,000,000            
Debt outstanding       $ 200,000,000     200,000,000        
Interest Rate       7.36%              
Line of Credit | SOFR                      
Debt Instrument [Line Items]                      
Debt, basis spread on variable rate     0.10%                
Line of Credit | Joint Venture Credit Facility                      
Debt Instrument [Line Items]                      
Credit facility current borrowing capacity                   $ 200,000,000  
Credit facility, maximum borrowing capacity                     500,000,000
Additional borrowing capacity                     300,000,000
Revolving credit facility | $125 Million Revolving Credit Facility                      
Debt Instrument [Line Items]                      
Credit facility, maximum borrowing capacity   $ 125,000,000   $ 125,000,000             $ 125,000,000
Revolving credit facility | $125 Million Revolving Credit Facility | Covenant waiver period                      
Debt Instrument [Line Items]                      
Debt, basis spread on variable rate 2.30%                    
Revolving credit facility | $125 Million Revolving Credit Facility | Unsecured debt                      
Debt Instrument [Line Items]                      
Debt outstanding       $ 125,000,000     $ 125,000,000        
Interest Rate       7.61%              
Revolving credit facility | $75 Million Term Loan                      
Debt Instrument [Line Items]                      
Interest Rate       0.25%              
v3.24.0.1
DEBT - GIC Joint Venture Term Loan (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2023
USD ($)
room
hotel
May 19, 2023
hotel
room
Dec. 31, 2022
USD ($)
Jan. 13, 2022
USD ($)
Nov. 02, 2021
hotel
parkingStructure
Debt Instrument [Line Items]            
Debt outstanding   $ 1,445,839   $ 1,463,124    
Number of guestrooms | room   123 467      
Hotels            
Debt Instrument [Line Items]            
Guestrooms | hotel   100 4      
Number of guestrooms | room   14,912        
Joint Venture with GIC | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement            
Debt Instrument [Line Items]            
Guestrooms | hotel           27
Number of guestrooms | parkingStructure           2
Joint Venture Term Loan | Secured debt            
Debt Instrument [Line Items]            
Debt instrument, face amount         $ 410,000  
Debt, increase of commitments amount         190,000  
Credit facility, maximum borrowing capacity         $ 600,000  
Debt instrument, extension period 12 months          
Joint Venture Term Loan | Secured debt | SOFR            
Debt Instrument [Line Items]            
Debt, basis spread on variable rate   2.75%        
Bank of America, N.A, variable due January 13, 2026 | Unsecured debt            
Debt Instrument [Line Items]            
Debt outstanding   $ 410,000   $ 410,000    
Interest Rate   8.22%        
v3.24.0.1
DEBT - PACE Loan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Mar. 23, 2022
Debt Instrument [Line Items]      
Long-term debt $ 1,430,668 $ 1,451,796  
NCI Transaction | PACE Loan      
Debt Instrument [Line Items]      
Debt instrument, face amount 6,500   $ 6,500
Long-term debt $ 6,100    
Interest Rate 6.10%    
Debt instrument, amortization period 20 years    
v3.24.0.1
DEBT - Brickell Mortgage Loan (Details) - USD ($)
$ in Thousands
 1 Months Ended
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2022
Debt Instrument [Line Items]        
Debt outstanding   $ 1,445,839 $ 1,463,124  
Mortgage loans        
Debt Instrument [Line Items]        
Debt outstanding   $ 123,300 $ 125,600  
Brickell Joint Venture | AC/Element Hotel        
Debt Instrument [Line Items]        
Initial purchase option, ownership percentage       90.00%
Brickell Joint Venture | Brickell Mortgage Loan | Mortgage loans        
Debt Instrument [Line Items]        
Initial purchase option, ownership percentage       90.00%
Debt outstanding       $ 47,000
Debt instrument, amortization period 25 years      
Brickell Joint Venture | Brickell Mortgage Loan | Mortgage loans | AC/Element Hotel        
Debt Instrument [Line Items]        
Initial purchase option, ownership percentage       100.00%
Debt, basis spread on variable rate 3.00%      
v3.24.0.1
DEBT - Financial Guarantee (Details) - Construction Loans - Affiliated Entity - Letter of credit
$ in Millions
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]  
Letter of credit $ 3.0
Financial guarantee as liability $ 0.2
v3.24.0.1
DEBT - Schedule of Outstanding Indebtedness (Details)
 1 Months Ended 12 Months Ended
Dec. 31, 2014
USD ($)
contract
Instrument
Dec. 31, 2023
USD ($)
property
hotel
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Mar. 23, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jan. 07, 2021
USD ($)
Oct. 08, 2019
USD ($)
Dec. 06, 2018
USD ($)
Debt Instrument [Line Items]                    
Number of  Properties Encumbered | property   8                
Debt outstanding   $ 1,445,839,000     $ 1,463,124,000          
Unamortized debt issuance costs   (15,171,000)     (11,328,000)          
Debt, net of issuance costs   1,430,668,000     1,451,796,000          
$125 Million Revolving Credit Facility | Revolving credit facility                    
Debt Instrument [Line Items]                    
Credit facility, maximum borrowing capacity   125,000,000 $ 125,000,000           $ 125,000,000  
$75 Million Term Loan                    
Debt Instrument [Line Items]                    
Debt instrument, face amount   $ 75,000,000 $ 75,000,000           $ 75,000,000  
$75 Million Term Loan | Revolving credit facility                    
Debt Instrument [Line Items]                    
Interest Rate   0.25%                
Term Loans with Wells Fargo due June 6, 2028                    
Debt Instrument [Line Items]                    
Number of  Properties Encumbered | property   1                
PACE Loan                    
Debt Instrument [Line Items]                    
Number of  Properties Encumbered | property   1                
PACE Loan | NCI Transaction                    
Debt Instrument [Line Items]                    
Interest Rate   6.10%                
Debt, net of issuance costs   $ 6,100,000                
Debt instrument, face amount   6,500,000       $ 6,500,000        
Unsecured debt | 2018 Senior Credit Facility                    
Debt Instrument [Line Items]                    
Debt outstanding   200,000,000     215,000,000          
Credit facility, maximum borrowing capacity   $ 600,000,000   $ 600,000,000           $ 600,000,000
Number of unencumbered hotel properties | hotel   52                
Unsecured debt | $400 Million Revolver                    
Debt Instrument [Line Items]                    
Interest Rate   7.41%                
Debt outstanding   $ 0     15,000,000          
Credit facility, maximum borrowing capacity   $ 400,000,000   400,000,000            
Unsecured debt | $200 Million Term Loan                    
Debt Instrument [Line Items]                    
Interest Rate   7.36%                
Debt outstanding   $ 200,000,000     200,000,000          
Debt instrument, face amount   $ 200,000,000   $ 200,000,000            
Unsecured debt | Keybank National Association Term Loan due February 14, 2025                    
Debt Instrument [Line Items]                    
Interest Rate   7.21%                
Debt outstanding   $ 225,000,000     225,000,000          
Unsecured debt | Joint Venture Credit Facility                    
Debt Instrument [Line Items]                    
Number of  Properties Encumbered | property   4                
Debt outstanding   $ 675,878,000     676,325,000          
Debt, basis spread on variable rate   0.05%                
Unsecured debt | $125 Million Revolving Credit Facility | Revolving credit facility                    
Debt Instrument [Line Items]                    
Interest Rate   7.61%                
Debt outstanding   $ 125,000,000     125,000,000          
Unsecured debt | $75 Million Term Loan                    
Debt Instrument [Line Items]                    
Interest Rate   7.56%                
Debt outstanding   $ 75,000,000     75,000,000          
Unsecured debt | Bank of America, N.A, variable due January 13, 2026                    
Debt Instrument [Line Items]                    
Interest Rate   8.22%                
Debt outstanding   $ 410,000,000     410,000,000          
Unsecured debt | Term Loans with Wells Fargo due June 6, 2028                    
Debt Instrument [Line Items]                    
Interest Rate   4.99%         4.99%      
Amortization Period (Years)   30 years                
Debt outstanding   $ 12,785,000     13,032,000   $ 13,300,000      
Unsecured debt | PACE Loan                    
Debt Instrument [Line Items]                    
Interest Rate   6.10%                
Amortization Period (Years)   20 years                
Debt outstanding   $ 6,093,000     6,293,000          
Unsecured debt | GIC Joint Venture Credit Facility and Term Loans                    
Debt Instrument [Line Items]                    
Number of  Properties Encumbered | property   2                
Debt outstanding   $ 628,878,000     629,325,000          
Convertible notes | Convertible senior notes due 2026                    
Debt Instrument [Line Items]                    
Interest Rate   1.50%           1.50%    
Debt outstanding   $ 287,500,000     287,500,000          
Debt instrument, face amount               $ 287,500,000    
Mortgage loans                    
Debt Instrument [Line Items]                    
Debt outstanding   $ 123,300,000     125,600,000          
Mortgage loans | Meta Bank 4.44% Fixed due July 1, 2027                    
Debt Instrument [Line Items]                    
Interest Rate   4.44%                
Amortization Period (Years)   25 years                
Number of  Properties Encumbered | property   3                
Debt outstanding   $ 42,611,000     43,917,000          
Mortgage loans | Bank of Cascades loan(s)                    
Debt Instrument [Line Items]                    
Amortization Period (Years) 25 years                  
Loan increase $ 7,900,000                  
Number of loans | contract 2                  
Number of promissory notes | Instrument 2                  
Mortgage loans | Bank Of Cascades Variable due December 19, 2024, Note A                    
Debt Instrument [Line Items]                    
Interest Rate   7.33%                
Amortization Period (Years)   25 years                
Number of  Properties Encumbered | property   1                
Debt outstanding   $ 7,425,000     7,691,000          
Mortgage loans | Bank Of Cascades Variable due December 19, 2024, Note A | London Interbank Offered Rate (LIBOR)                    
Debt Instrument [Line Items]                    
Debt, basis spread on variable rate 2.00%                  
Mortgage loans | Bank Of Cascades 4.30% Fixed due December 19, 2024, Note B                    
Debt Instrument [Line Items]                    
Interest Rate 4.30% 4.30%                
Amortization Period (Years)   25 years                
Debt outstanding   $ 7,425,000     7,691,000          
Mortgage loans | Secured Mortgage Indebtedness                    
Debt Instrument [Line Items]                    
Number of  Properties Encumbered | property   4                
Debt outstanding   $ 57,461,000     59,299,000          
Mortgage loans | City National Bank of Florida, Variable Due June 9, 2025                    
Debt Instrument [Line Items]                    
Interest Rate   8.35%                
Amortization Period (Years)   25 years                
Number of  Properties Encumbered | property   2                
Debt outstanding   $ 47,000,000     47,000,000          
Loans Payable                    
Debt Instrument [Line Items]                    
Number of  Properties Encumbered | property   4                
Debt outstanding   $ 769,961,000     $ 786,799,000          
v3.24.0.1
DEBT - Schedule of Total Fixed-rate and Variable-rate Debt, After Giving Effect to Interest Rate Derivatives (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Fixed-rate debt $ 956,414 $ 758,433
Fixed-rate debt, percentage 66.00% 52.00%
Variable-rate debt $ 489,425 $ 704,691
Variable-rate debt, percentage 34.00% 48.00%
Debt, gross $ 1,445,839 $ 1,463,124
Wholly Owned Properties And Joint Venture Debt    
Debt Instrument [Line Items]    
Fixed-rate debt, percentage 75.00%  
v3.24.0.1
DEBT - Schedule of Principal Payments for Each of the Next Five Years (Details) - USD ($)
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Principal payments for each of the next five years      
2024 $ 16,926,000    
2025 48,485,000    
2026 289,417,000    
2027 449,204,000    
2028 436,937,000    
Thereafter 204,870,000    
Debt, gross 1,445,839,000   $ 1,463,124,000
$400 Million Revolver | Unsecured debt      
Principal payments for each of the next five years      
Debt, gross 0   15,000,000
Credit facility, maximum borrowing capacity 400,000,000 $ 400,000,000  
Keybank National Association Term Loan due February 14, 2025 | Unsecured debt      
Principal payments for each of the next five years      
2028 25,000,000    
Debt, gross $ 225,000,000   $ 225,000,000
v3.24.0.1
DEBT - Schedule of the Fair Value of Fixed-rate Debt that is not Recorded at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Carrying Value    
Debt    
Debt $ 356,415 $ 358,433
Carrying Value | Level 1 | Convertible notes    
Debt    
Debt 287,500 287,500
Carrying Value | Level 2 | Mortgage loans    
Debt    
Debt 68,915 70,933
Fair Value    
Debt    
Debt 317,024 308,573
Fair Value | Level 1 | Convertible notes    
Debt    
Debt 256,141 247,126
Fair Value | Level 2 | Mortgage loans    
Debt    
Debt $ 60,883 $ 61,447
v3.24.0.1
LEASES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Lessee, Lease, Description [Line Items]      
Tenant income $ 2.6 $ 2.6 $ 1.9
Operating lease weighted average discount rate 4.80% 4.80%  
Operating lease, cost $ 4.6 $ 4.1 3.3
Operating cash outflows from operating leases $ 4.0 $ 3.7 $ 3.1
Operating lease weighted average remaining lease term 32 years 2 months 12 days 34 years  
Minimum      
Lessee, Lease, Description [Line Items]      
Lease remaining term 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Lease remaining term 74 years 6 months    
v3.24.0.1
LEASES - Schedule of Operating Lease Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
2024 $ 2,264  
2025 2,285  
2026 2,239  
2027 2,282  
2028 2,124  
Thereafter 35,831  
Total lease payments 47,025  
Less interest (21,183)  
Total $ 25,842 $ 25,484
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 31, 2024
Jan. 19, 2024
Derivative [Line Items]      
Maximum length of time over which instruments are hedged 7 years    
Interest rate swaps      
Derivative [Line Items]      
Estimated reclassification from other comprehensive income as an decrease to interest expense $ 10.1    
Interest rate swaps | GIC Joint Venture | Subsequent Events      
Derivative [Line Items]      
Fixed interest rate   3.765% 3.765%
Interest rate swaps | GIC Joint Venture | Subsequent Events | SOFR      
Derivative [Line Items]      
Notional amount   $ 100.0 $ 100.0
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Derivative Financial Instruments (Details) - Designated as hedges - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Notional Amount $ 400,000 $ 600,000
Fair Value 11,454 16,841
GIC Joint Venture Credit Facility and Term Loans    
Derivative [Line Items]    
Notional Amount 200,000 0
Fair Value 2,504 0
Interest rate swaps    
Derivative [Line Items]    
Notional Amount 600,000 600,000
Fair Value $ 13,958 16,841
Interest Rate Swap Expiring January 31, 2023 One    
Derivative [Line Items]    
Average Annual Effective Fixed Rate 1.96%  
Notional Amount $ 0 100,000
Fair Value $ 0 208
Interest Rate Swap Expiring January 31, 2023 Two    
Derivative [Line Items]    
Average Annual Effective Fixed Rate 1.98%  
Notional Amount $ 0 100,000
Fair Value $ 0 210
Interest Rate Swap Expiring September 30, 2024    
Derivative [Line Items]    
Average Annual Effective Fixed Rate 2.86%  
Notional Amount $ 75,000 75,000
Fair Value $ 1,170 2,219
Interest Rate Swap Expiring December 31, 2025    
Derivative [Line Items]    
Average Annual Effective Fixed Rate 2.92%  
Notional Amount $ 125,000 125,000
Fair Value $ 2,877 4,211
Interest Rate Swap Expiring January 31, 2027    
Derivative [Line Items]    
Average Annual Effective Fixed Rate 2.60%  
Notional Amount $ 100,000 100,000
Fair Value $ 3,134 4,366
Interest Rate Swap Expiring January 31, 2029    
Derivative [Line Items]    
Average Annual Effective Fixed Rate 2.56%  
Notional Amount $ 100,000 100,000
Fair Value $ 4,273 5,627
Interest Rate Swap Expiring January 13, 2026 One | GIC Joint Venture Credit Facility and Term Loans    
Derivative [Line Items]    
Average Annual Effective Fixed Rate 3.35%  
Notional Amount $ 100,000 0
Fair Value $ 1,254 0
Interest Rate Swap Expiring January 13, 2026 Two | GIC Joint Venture Credit Facility and Term Loans    
Derivative [Line Items]    
Average Annual Effective Fixed Rate 3.35%  
Notional Amount $ 100,000 0
Fair Value $ 1,250 $ 0
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Gain or Loss Recognized on Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative instruments, gain (loss) recognized      
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded $ 86,798 $ 65,581 $ 43,368
Cash flow hedges | Interest rate swaps      
Derivative instruments, gain (loss) recognized      
Gain recognized in Accumulated other comprehensive loss on derivative financial instruments 8,677 29,744 5,631
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded 86,798 65,581 43,368
Cash flow hedges | Interest rate swaps | Interest expense      
Derivative instruments, gain (loss) recognized      
Gain (loss) reclassified from Accumulated other comprehensive income to Interest expense $ 11,561 $ (2,820) $ (9,496)
v3.24.0.1
EQUITY - Additional Information (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
May 31, 2022
USD ($)
Dec. 31, 2023
vote
$ / shares
shares
Dec. 31, 2022
$ / shares
shares
Aug. 12, 2021
shares
Class of Stock [Line Items]        
Common stock, shares authorized (in shares)   500,000,000 500,000,000  
Common stock, par value (in dollars per share) | $ / shares   $ 0.01 $ 0.01  
Number of votes a share of outstanding common stock is entitled | vote   1    
Shares reserved for issuance (in shares)   50,774,173 51,650,000  
Preferred stock, shares authorized (in shares)   100,000,000 100,000,000  
Preferred stock, par value (in dollars per share) | $ / shares   $ 0.01 $ 0.01  
Preferred stock, convertible, conversion price (in dollars per share) | $ / shares   $ 25    
Undesignated preferred stock        
Class of Stock [Line Items]        
Preferred stock, shares authorized (in shares)   89,600,000    
6.25% Series E Preferred Stock        
Class of Stock [Line Items]        
Preferred stock, shares outstanding (in shares)   6,400,000 6,400,000  
Preferred stock, dividend rate   6.25% 6.25%  
Annual dividend rate per share (in dollars per share) | $ / shares   $ 1.5625    
5.875% Series F Preferred Stock        
Class of Stock [Line Items]        
Preferred stock, shares outstanding (in shares)   4,000,000 4,000,000 4,000,000
Preferred stock, dividend rate   5.875% 5.875%  
Annual dividend rate per share (in dollars per share) | $ / shares   $ 1.46875    
Maximum | 6.25% Series E Preferred Stock        
Class of Stock [Line Items]        
Ratio for conversion   3.1686    
Maximum | 5.875% Series F Preferred Stock        
Class of Stock [Line Items]        
Ratio for conversion   5.8275    
Maximum | 2022 ATM Program        
Class of Stock [Line Items]        
Sale of stock aggregate offering price | $ $ 200.0      
v3.24.0.1
EQUITY - Schedule of Common Stock Activity (Details) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]    
Common shares outstanding, beginning balance (in shares) 106,901,576 106,337,724
Common Units redemptions (in shares) 28,179 12,664
Grants under the Equity Plan (in shares) 875,055 735,371
Performance share and other forfeitures (in shares) (140,549) (8,272)
Shares retained for employee tax withholding requirements (in shares) (184,029) (260,800)
Common shares outstanding, ending balance (in shares) 107,593,373 106,901,576
Director stock    
Class of Stock [Line Items]    
Grants under the Equity Plan (in shares) 113,141 84,889
v3.24.0.1
NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Oct. 26, 2022
a
unit
Oct. 31, 2022
USD ($)
a
Jan. 31, 2022
$ / shares
shares
Mar. 31, 2022
shares
Dec. 31, 2023
USD ($)
room
state
hotel
Rate
shares
Dec. 31, 2022
USD ($)
shares
May 19, 2023
hotel
room
Jun. 30, 2022
Class of Stock [Line Items]                
Number of joint ventures entered into         3      
Guestrooms         123   467  
Number of states in which hotel properties are located | state         24      
Redeemable common unit, conversion ratio | Rate         100.00%      
Onera Joint Venture                
Class of Stock [Line Items]                
Guestrooms | unit 11              
Percentage of equity interest in a joint venture (as percent)   90.00%            
Cash payments to acquire businesses | $   $ 5.2            
Acquired property | $   $ 2.0            
Joint venture, fee simple interest (as percent) 100.00% 100.00%            
Area of land acquired (in acre) | a 6.4 6.4            
Onera Joint Venture | Maximum                
Class of Stock [Line Items]                
Contingent consideration, liability | $   $ 1.8            
Summit Hotel Operating Partnership | Non-Controlling Interests                
Class of Stock [Line Items]                
Limited partner, ownership percentage         13.00% 13.00%    
Joint Venture with GIC | Joint Venture with GIC                
Class of Stock [Line Items]                
General partner, ownership interest (as percent)         51.00%      
Incentive fee earned | $         $ 0.1 $ 0.8    
Series Z Preferred Units                
Class of Stock [Line Items]                
Preferred stock, dividend rate         5.25%      
Preferred stock, redemption price (in dollars per share) | $ / shares     $ 25          
Preferred stock, redemption term, period     90 days          
Hotels                
Class of Stock [Line Items]                
Guestrooms | hotel         100   4  
Guestrooms         14,912      
Hotels | Brickell Joint Venture                
Class of Stock [Line Items]                
Guestrooms | hotel         2      
Hotels | Hotels Owned Through Joint Venture | Partially Owned Properties                
Class of Stock [Line Items]                
Guestrooms         41      
AC/Element Hotel | Brickell Joint Venture                
Class of Stock [Line Items]                
Initial purchase option, ownership percentage               90.00%
Summit Hotel OP, LP | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | Operating Partnership Units                
Class of Stock [Line Items]                
Number of shares issued in asset acquisition (in shares) | shares       15,864,674        
Summit Hotel OP, LP | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | Series Z Preferred Units                
Class of Stock [Line Items]                
Number of shares issued in asset acquisition (in shares) | shares     2,000,000          
Temporary equity, shares issued (in shares) | shares         2,000,000      
GIC | Joint Venture with GIC | Joint Venture with GIC                
Class of Stock [Line Items]                
Limited partner, ownership percentage         49.00%      
Joint Venture with GIC | Hotels | Joint Venture with GIC                
Class of Stock [Line Items]                
Guestrooms         5,581      
Number of states in which hotel properties are located | state         9      
Brickell Joint Venture | Brickell Joint Venture                
Class of Stock [Line Items]                
Initial purchase option, ownership percentage               10.00%
Unaffiliated Third Parties | Summit Hotel Operating Partnership                
Class of Stock [Line Items]                
Limited partner capital account units conversion ratio         1      
Number of common units owned (in shares) | shares         15,948,628 15,976,807    
v3.24.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets:    
Purchase options related to real estate loans (Onera Purchase Option) $ 931 $ 0
Recurring basis    
Assets:    
Purchase options related to real estate loans (Onera Purchase Option) 931  
Recurring basis | Interest rate swaps    
Assets:    
Interest rate swaps 13,958 16,841
Recurring basis | Level 1    
Assets:    
Purchase options related to real estate loans (Onera Purchase Option) 0  
Recurring basis | Level 1 | Interest rate swaps    
Assets:    
Interest rate swaps 0 0
Recurring basis | Level 2    
Assets:    
Purchase options related to real estate loans (Onera Purchase Option) 0  
Recurring basis | Level 2 | Interest rate swaps    
Assets:    
Interest rate swaps 13,958 16,841
Recurring basis | Level 3    
Assets:    
Purchase options related to real estate loans (Onera Purchase Option) 931  
Recurring basis | Level 3 | Interest rate swaps    
Assets:    
Interest rate swaps $ 0 $ 0
v3.24.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Unobservable Inputs for Fair Values of Purchase Options (Details) - Recurring basis - Level 3
$ in Thousands
Dec. 31, 2023
USD ($)
Exercise price  
Fair value  
Purchase options, exercise price $ 8,206
Expected volatility  
Fair value  
Purchase options, measurement input 0.5220
Risk free rate  
Fair value  
Purchase options, measurement input 0.0415
Expected annualized equity dividend yield  
Fair value  
Purchase options, measurement input 0
Expected Term  
Fair value  
Purchase option, expiration term 1 year
v3.24.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Additional Information (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
hotel
Dec. 31, 2023
USD ($)
hotel
Dec. 31, 2022
USD ($)
hotel
Dec. 31, 2021
USD ($)
Dec. 31, 2023
tradingday
May 19, 2023
hotel
Fair value            
Loss on write-down of assets   $ 16,661 $ 10,420 $ 4,361    
Hotels            
Fair value            
Guestrooms | hotel 100 100       4
Disposed of by Sale            
Fair value            
Loss on write-down of assets   $ 16,700 2,900      
Disposed of by Sale | Hotels            
Fair value            
Loss on write-down of assets $ 11,300   $ 7,200      
Guestrooms 2 2 2   3  
v3.24.0.1
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Franchise Agreements      
Commitments and contingencies      
Fees related to the agreement $ 52.6 $ 47.9 $ 25.0
Franchise Agreements | Minimum      
Commitments and contingencies      
Management agreement, term 10 years    
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue 3.00%    
Franchise Agreements | Maximum      
Commitments and contingencies      
Management agreement, term 30 years    
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue 6.00%    
Marketing fees payable as a percentage of gross revenue 4.00%    
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures 5.00%    
Management Agreements      
Commitments and contingencies      
Management agreement, term 14 years    
Fees related to the agreement $ 18.5 $ 17.4 $ 9.9
v3.24.0.1
EQUITY-BASED COMPENSATION - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Equity-based compensation      
Number of outstanding shares (in shares) 0    
Grants under the Equity Plan (in shares) 875,055 735,371  
Minimum      
Equity-based compensation      
Stock options term 5 years    
Maximum      
Equity-based compensation      
Stock options term 10 years    
Director stock      
Equity-based compensation      
Grants under the Equity Plan (in shares) 113,141 84,889  
Director stock | Common Stock      
Equity-based compensation      
Grants under the Equity Plan (in shares) 113,141 84,899  
Restricted Stock Awards | Executive officers | Minimum      
Equity-based compensation      
Vesting percentage 0.00%    
Restricted Stock Awards | Executive officers | Maximum      
Equity-based compensation      
Vesting percentage 200.00%    
Restricted Stock Awards | Executive Vice President And Chief Operating Officer      
Equity-based compensation      
Additional stock-based compensation expense $ 1.3    
Restricted Stock Awards | Former Executive Chairman      
Equity-based compensation      
Additional stock-based compensation expense     $ 2.9
Restricted Stock Awards | Time-based restricted stock      
Equity-based compensation      
Total fair value of awards vested $ 3.6 $ 2.5 5.3
Restricted Stock Awards | Time-based restricted stock | Employees | Prior To 2022      
Equity-based compensation      
Vesting period 4 years    
Restricted Stock Awards | Time-based restricted stock | Employees | In 2022 And Thereafter      
Equity-based compensation      
Vesting period 3 years    
Restricted Stock Awards | Time-based restricted stock | Employees | Period one | Prior To 2022      
Equity-based compensation      
Vesting percentage 20.00%    
Restricted Stock Awards | Time-based restricted stock | Employees | Period one | In 2022 And Thereafter      
Equity-based compensation      
Vesting percentage 25.00%    
Restricted Stock Awards | Time-based restricted stock | Employees | Period two | Prior To 2022      
Equity-based compensation      
Vesting percentage 20.00%    
Restricted Stock Awards | Time-based restricted stock | Employees | Period two | In 2022 And Thereafter      
Equity-based compensation      
Vesting percentage 25.00%    
Restricted Stock Awards | Time-based restricted stock | Employees | Period three | Prior To 2022      
Equity-based compensation      
Vesting percentage 20.00%    
Restricted Stock Awards | Time-based restricted stock | Employees | Period three | In 2022 And Thereafter      
Equity-based compensation      
Vesting percentage 50.00%    
Restricted Stock Awards | Time-based restricted stock | Employees | Period four | Prior To 2022      
Equity-based compensation      
Vesting percentage 40.00%    
Restricted Stock Awards | Time-based restricted stock | Executive officers      
Equity-based compensation      
Vesting period 3 years    
Restricted Stock Awards | Time-based restricted stock | Executive officers | Period one      
Equity-based compensation      
Vesting percentage 25.00%    
Restricted Stock Awards | Time-based restricted stock | Executive officers | Period two      
Equity-based compensation      
Vesting percentage 25.00%    
Restricted Stock Awards | Time-based restricted stock | Executive officers | Period three      
Equity-based compensation      
Vesting percentage 50.00%    
Restricted Stock Awards | Time-based restricted stock | Executive Vice President And Chief Operating Officer      
Equity-based compensation      
Additional stock-based compensation expense $ 0.4 $ 0.4  
Restricted Stock Awards | Time-based restricted stock | Former Executive Chairman      
Equity-based compensation      
Additional stock-based compensation expense     1.5
Restricted Stock Awards | Performance-based restricted stock      
Equity-based compensation      
Vesting period 3 years    
Restricted Stock Awards | Performance-based restricted stock | Executive Vice President And Chief Operating Officer      
Equity-based compensation      
Additional stock-based compensation expense $ 0.9    
Restricted Stock Awards | Performance-based restricted stock | Former Executive Chairman      
Equity-based compensation      
Additional stock-based compensation expense     $ 1.4
v3.24.0.1
EQUITY-BASED COMPENSATION - Time-based Restricted Stock Activity (Details) - Restricted Stock Awards - Time-based restricted stock - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of Shares    
Non-vested at the beginning of year (in shares) 654,804 605,470
Granted (in shares) 449,148 316,643
Vested (in shares) (238,883) (259,037)
Forfeited (in shares) (3,356) (8,272)
Non-vested at end of year (in shares) 861,713 654,804
Weighted Average Grant Date Fair Value per Share    
Non-vested at beginning of year (in dollars per share) $ 9.85 $ 9.98
Granted (in dollars per share) 7.71 9.83
Vested (in dollars per share) 8.04 10.14
Forfeited (in dollars per share) 8.20 10.01
Non-vested at end of year (in dollars per share) $ 8.79 $ 9.85
Aggregate Current Value    
Aggregate Current Value $ 5,791  
v3.24.0.1
EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Awards (Details) - Restricted Stock Awards - Performance-based restricted stock - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Number of Shares      
Non-vested at the beginning of year (in shares) 1,006,974 1,002,866  
Granted (in shares) 425,907 418,728  
Vested (in shares) (239,416) (414,620)  
Forfeited (in shares) (137,193)    
Non-vested at end of year (in shares) 1,056,272 1,006,974 1,002,866
Weighted Average Grant Date Fair Value per Share      
Non-vested at beginning of year (in dollars per share) $ 11.76 $ 11.92  
Granted (in dollars per share) 10.08 12.26 $ 14.05
Vested (in dollars per share) 9.38 12.81  
Forfeited (in dollars per share) 9.38    
Non-vested at end of year (in dollars per share) $ 11.93 $ 11.76 $ 11.92
Aggregate Current Value      
Aggregate Current Value $ 7,098    
v3.24.0.1
EQUITY-BASED COMPENSATION - Schedule of Assumptions Used Estimate Fair Value of Performance-based Restricted Stock Awards Granted (Details) - Performance-based restricted stock - Restricted Stock Awards
 12 Months Ended
Dec. 31, 2023
Iteration
$ / shares
Dec. 31, 2022
Iteration
$ / shares
Dec. 31, 2021
Iteration
$ / shares
Equity-based compensation      
Expected dividend yield 3.90% 3.52% 0.00%
Expected stock price volatility 67.60% 65.40% 63.70%
Risk-free interest rate 4.66% 1.77% 0.34%
Monte Carlo iterations | Iteration 100,000 100,000 100,000
Weighted average estimated fair value of performance-based restricted stock awards (in dollars per share) | $ / shares $ 10.08 $ 12.26 $ 14.05
v3.24.0.1
EQUITY-BASED COMPENSATION - Schedule of Equity-Based Compensation Expense (Details) - Corporate general and administrative - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Equity-based compensation expense      
Share based compensation expense $ 7,742 $ 8,446 $ 10,681
Restricted Stock Awards | Time-based restricted stock      
Equity-based compensation expense      
Share based compensation expense 3,260 2,860 4,784
Restricted Stock Awards | Performance-based restricted stock      
Equity-based compensation expense      
Share based compensation expense 3,727 4,784 5,314
Director stock | Director stock      
Equity-based compensation expense      
Share based compensation expense $ 755 $ 802 $ 583
v3.24.0.1
EQUITY-BASED COMPENSATION - Schedule of Unrecognized Equity-based Compensation Expense for all Non-vested Awards (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Equity-based compensation expense  
Total $ 8,908
2024 5,450
2025 2,988
2026 470
Time-based restricted stock | Restricted Stock Awards  
Equity-based compensation expense  
Total 4,077
2024 2,536
2025 1,334
2026 207
Performance-based restricted stock | Restricted Stock Awards  
Equity-based compensation expense  
Total 4,831
2024 2,914
2025 1,654
2026 $ 263
v3.24.0.1
BENEFIT PLANS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Employer contribution expense $ 0.4 $ 0.4 $ 0.3
v3.24.0.1
INCOME TAXES - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income taxes    
Number of year cumulative loss 3 years  
Valuation allowance $ (13,886,000) $ (11,777,000)
Decrease in valuation allowance 2,100,000  
Increase of net operating losses $ 1,800,000  
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] Gain (Loss) on Disposition of Assets  
Unrecognized tax benefits $ 0  
Federal    
Income taxes    
Operating loss carryforwards 50,000,000  
Federal | TRSs    
Income taxes    
Operating loss carryforwards 46,200,000  
Federal | REIT Subsidiaries    
Income taxes    
Operating loss carryforwards 6,300,000  
State | TRSs    
Income taxes    
Operating loss carryforwards $ 37,400,000  
v3.24.0.1
INCOME TAXES - Schedule of Components of Income Tax Expense and Total Provision (Benefit) for TRS and Operating Partnership (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:      
Federal $ 1,151 $ 1,953 $ 1,036
State and local 1,563 1,717 456
Deferred:      
Federal 84 (59) (19)
Income tax expense $ 2,798 $ 3,611 $ 1,473
v3.24.0.1
INCOME TAXES - Schedule of Reconciliation of Federal Statutory Rate to Effective Income Tax Rate for TRS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs      
Statutory federal income tax provision $ (5,317) $ 1,014 $ (14,093)
Nontaxable income of the REITs 4,563 1,124 16,812
State income taxes, net of federal tax benefit 1,158 1,644 891
Provision to return and deferred adjustment 50 81 0
Effect of permanent differences and other 235 246 99
Deferred assets transferred with REIT stock sale 0 730 0
Change in valuation allowance 2,109 (1,228) (2,236)
Income tax expense $ 2,798 $ 3,611 $ 1,473
v3.24.0.1
INCOME TAXES - Schedule of Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Significant components of the Company's deferred tax assets and liabilities    
Tax carryforwards $ 12,098 $ 10,312
Accrued expenses 1,634 1,421
Other 150 124
Total 13,882 11,857
Valuation allowance (13,886) (11,777)
Net deferred tax assets (4) 80
Gross deferred tax assets 13,906 11,883
Gross deferred tax liabilities (24) (26)
Net deferred tax (liabilities) assets $ (4)  
Net deferred tax (liabilities) assets   $ 80
v3.24.0.1
INCOME TAXES - Schedule of Characterization of Distributions (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Common Stock      
Class of Stock [Line Items]      
Ordinary non-qualified dividend income (in dollars per share) $ 0.1940 $ 0.0471 $ 0
Ordinary non-qualified dividend income (in percent) 88.19% 58.82% 0.00%
Ordinary qualified dividend income (in dollars per share) $ 0.0078 $ 0.0106 $ 0
Ordinary qualified dividend income (in percent) 3.54% 13.26% 0.00%
Capital gain distributions (in dollars per share) $ 0 $ 0.0223 $ 0
Capital gain distributions (in percent) 0.00% 27.92% 0.00%
Return of capital (in dollars per share) $ 0.0182 $ 0 $ 0
Return of capital (in percent) 8.27% 0.00% 0.00%
Distribution per share (in dollars per share) $ 0.2200 $ 0.0800 $ 0
Distribution paid (in percent) 100.00% 100.00% 0.00%
Preferred Stock - Series D      
Class of Stock [Line Items]      
Ordinary non-qualified dividend income (in dollars per share) $ 0 $ 0 $ 0
Ordinary non-qualified dividend income (in percent) 0.00% 0.00% 0.00%
Capital gain distributions (in dollars per share) $ 0 $ 0 $ 0
Capital gain distributions (in percent) 0.00% 0.00% 0.00%
Return of capital (in dollars per share) $ 0 $ 0 $ 1.2228
Return of capital (in percent) 0.00% 0.00% 100.00%
Distribution per share (in dollars per share) $ 0 $ 0 $ 1.2228
Distribution paid (in percent) 0.00% 0.00% 100.00%
Preferred Stock - Series E      
Class of Stock [Line Items]      
Ordinary non-qualified dividend income (in dollars per share) $ 1.3779 $ 0.9191 $ 0
Ordinary non-qualified dividend income (in percent) 88.19% 58.82% 0.00%
Ordinary qualified dividend income (in dollars per share) $ 0.0553 $ 0.2072 $ 0
Ordinary qualified dividend income (in percent) 3.54% 13.26% 0.00%
Capital gain distributions (in dollars per share) $ 0 $ 0.4363 $ 0
Capital gain distributions (in percent) 0.00% 27.92% 0.00%
Return of capital (in dollars per share) $ 0.1293 $ 0 $ 1.5625
Return of capital (in percent) 8.27% 0.00% 100.00%
Distribution per share (in dollars per share) $ 1.5625 $ 1.5625 $ 1.5625
Distribution paid (in percent) 100.00% 100.00% 100.00%
Preferred Stock - Series F      
Class of Stock [Line Items]      
Ordinary non-qualified dividend income (in dollars per share) $ 1.2952 $ 0.8639 $ 0
Ordinary non-qualified dividend income (in percent) 88.19% 58.82% 0.00%
Ordinary qualified dividend income (in dollars per share) $ 0.0520 $ 0.1947 $ 0
Ordinary qualified dividend income (in percent) 3.54% 13.26% 0.00%
Capital gain distributions (in dollars per share) $ 0 $ 0.4101 $ 0
Capital gain distributions (in percent) 0.00% 27.92% 0.00%
Return of capital (in dollars per share) $ 0.1215 $ 0 $ 0.4406
Return of capital (in percent) 8.27% 0.00% 100.00%
Distribution per share (in dollars per share) $ 1.4687 $ 1.4687 $ 0.4406
Distribution paid (in percent) 100.00% 100.00% 100.00%
v3.24.0.1
EARNINGS PER SHARE - Anti-Dilutive Stock Options (Details) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Performance-based restricted stock | Restricted Stock Awards      
Anti-dilutive options excluded from computation of diluted earnings per share      
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares) 1,056,272 1,006,974 1,002,866
v3.24.0.1
EARNINGS PER SHARE - Schedule of Components Used to Calculate Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Numerator:      
Net (loss) income $ (28,116) $ 1,217 $ (68,584)
Adjusted for:      
Preferred dividends (15,875) (15,875) (15,431)
Premium on redemption of preferred stock 0 0 (2,710)
Distributions to and accretion on redeemable non-controlling interests (2,626) (2,520) 0
Loss attributable to non-controlling interest in Operating Partnership 3,803 2,570 115
Loss attributable to non-controlling interests in joint ventures 14,824 (2,321) 2,896
Loss from continuing operations attributable to common stockholders (27,990) (16,929) (83,714)
Loss from continuing operations attributable to common stockholders $ (27,990) $ (16,929) $ (83,714)
Denominator:      
Weighted average common shares outstanding, basic (in shares) 105,548 105,142 104,471
Weighted average common shares outstanding - basic and diluted 105,548 105,142 104,471
Loss per share:      
Basic (in usd per shares) $ (0.27) $ (0.16) $ (0.80)
Diluted (in usd per shares) $ (0.27) $ (0.16) $ (0.80)
v3.24.0.1
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Cash payments for interest $ 78,886 $ 58,409 $ 37,509
Accrued acquisition costs and improvements to lodging properties 4,219 8,233 3,399
Cash payments for income taxes, net of refunds 2,674 3,742 557
Accrued and unpaid dividends 185 40 0
Mortgage debt assumed for acquisitions of lodging properties 0 382,205 13,267
Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties 0 9,206 0
Conversion of a mezzanine loan to complete acquisition of lodging properties 0 29,875 0
Conversion of purchase option to complete acquisition of lodging properties 0 2,800 0
Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties 200 7,724 0
Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties 0 157,513 0
Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties $ 0 $ 50,000 $ 0
v3.24.0.1
SUBSEQUENT EVENTS (Details)
$ / shares in Units, $ in Millions
 1 Months Ended
Feb. 15, 2024
USD ($)
room
Feb. 28, 2024
USD ($)
Jan. 31, 2024
USD ($)
$ / shares
Jun. 30, 2023
Jan. 19, 2024
USD ($)
SOFR | $400 Million Revolver | Minimum          
Subsequent events          
Debt, basis spread on variable rate       1.40%  
SOFR | $400 Million Revolver | Maximum          
Subsequent events          
Debt, basis spread on variable rate       2.40%  
Base Rate | $400 Million Revolver | Minimum          
Subsequent events          
Debt, basis spread on variable rate       0.40%  
Base Rate | $400 Million Revolver | Maximum          
Subsequent events          
Debt, basis spread on variable rate       1.40%  
Subsequent Events          
Subsequent events          
Cash dividends declared, common stock (in dollars per share) | $ / shares     $ 0.06    
Guestrooms sold | room 127        
Sale of real estate property | $ $ 10.3        
Tangible asset impairment charges | $ $ 4.0        
Subsequent Events | 2024 Term Loan          
Subsequent events          
Weighted average length to maturity   3 years 7 months 6 days      
Subsequent Events | $400 Million Revolver | Unsecured debt          
Subsequent events          
Line of credit outstanding | $   $ 400.0      
Subsequent Events | Secured Overnight Financing Rate | 2024 Term Loan | Unsecured debt | Minimum          
Subsequent events          
Debt, basis spread on variable rate   1.35%      
Subsequent Events | Secured Overnight Financing Rate | 2024 Term Loan | Unsecured debt | Maximum          
Subsequent events          
Debt, basis spread on variable rate   2.35%      
Subsequent Events | Base Rate | 2024 Term Loan | Unsecured debt | Minimum          
Subsequent events          
Debt, basis spread on variable rate   0.35%      
Subsequent Events | Base Rate | 2024 Term Loan | Unsecured debt | Maximum          
Subsequent events          
Debt, basis spread on variable rate   1.35%      
Interest rate swaps | Subsequent Events | GIC Joint Venture          
Subsequent events          
Fixed interest rate     3.765%   3.765%
Interest rate swaps | Subsequent Events | SOFR | GIC Joint Venture          
Subsequent events          
Notional amount | $     $ 100.0   $ 100.0
Preferred Stock - Series E | Subsequent Events          
Subsequent events          
Cash dividends declared, preferred stock (in dollars per share) | $ / shares     $ 0.390625    
Preferred Stock - Series F | Subsequent Events          
Subsequent events          
Cash dividends declared, preferred stock (in dollars per share) | $ / shares     0.3671875    
Series Z Preferred Units | Subsequent Events          
Subsequent events          
Cash dividends declared, preferred stock (in dollars per share) | $ / shares     $ 0.328125    
v3.24.0.1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Initial Cost        
Land $ 407,432      
Buildings, Improvements and Furniture, Fixtures and Equipment 3,042,359      
Buildings, Improvements and Furniture, Fixtures and Equipment 137,108      
Gross Amount        
Land 385,300      
Buildings, Improvements and Furniture, Fixtures and Equipment 3,201,599      
Total 3,586,899 $ 3,548,184 $ 2,638,549 $ 2,570,768
Accumulated Depreciation (821,924) $ (716,646) $ (583,080) $ (490,326)
Aliso Viejo, CA - Homewood Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 5,599      
Buildings, Improvements and Furniture, Fixtures and Equipment 32,367      
Buildings, Improvements and Furniture, Fixtures and Equipment 800      
Gross Amount        
Land 5,599      
Buildings, Improvements and Furniture, Fixtures and Equipment 33,167      
Total 38,766      
Accumulated Depreciation (9,480)      
Amarillo, TX - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 269      
Buildings, Improvements and Furniture, Fixtures and Equipment 18,561      
Buildings, Improvements and Furniture, Fixtures and Equipment 692      
Gross Amount        
Land 269      
Buildings, Improvements and Furniture, Fixtures and Equipment 19,253      
Total 19,522      
Accumulated Depreciation (2,573)      
Amarillo, TX - Embassy Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 657      
Buildings, Improvements and Furniture, Fixtures and Equipment 38,456      
Buildings, Improvements and Furniture, Fixtures and Equipment 829      
Gross Amount        
Land 657      
Buildings, Improvements and Furniture, Fixtures and Equipment 39,285      
Total 39,942      
Accumulated Depreciation (5,273)      
Arlington, TX - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,497      
Buildings, Improvements and Furniture, Fixtures and Equipment 15,573      
Buildings, Improvements and Furniture, Fixtures and Equipment 193      
Gross Amount        
Land 1,497      
Buildings, Improvements and Furniture, Fixtures and Equipment 15,766      
Total 17,263      
Accumulated Depreciation (6,064)      
Arlington, TX - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,646      
Buildings, Improvements and Furniture, Fixtures and Equipment 15,440      
Buildings, Improvements and Furniture, Fixtures and Equipment 903      
Gross Amount        
Land 1,646      
Buildings, Improvements and Furniture, Fixtures and Equipment 16,343      
Total 17,989      
Accumulated Depreciation (6,129)      
Asheville, NC - Hotel Indigo        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,100      
Buildings, Improvements and Furniture, Fixtures and Equipment 34,755      
Buildings, Improvements and Furniture, Fixtures and Equipment 3,056      
Gross Amount        
Land 2,100      
Buildings, Improvements and Furniture, Fixtures and Equipment 37,811      
Total 39,911      
Accumulated Depreciation (11,602)      
Atlanta, GA - AC Hotel        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 5,670      
Buildings, Improvements and Furniture, Fixtures and Equipment 51,922      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,481      
Gross Amount        
Land 5,670      
Buildings, Improvements and Furniture, Fixtures and Equipment 54,403      
Total 60,073      
Accumulated Depreciation (13,884)      
Atlanta, GA - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,050      
Buildings, Improvements and Furniture, Fixtures and Equipment 27,969      
Buildings, Improvements and Furniture, Fixtures and Equipment 3,426      
Gross Amount        
Land 2,050      
Buildings, Improvements and Furniture, Fixtures and Equipment 31,395      
Total 33,445      
Accumulated Depreciation (11,242)      
Atlanta, GA - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 3,381      
Buildings, Improvements and Furniture, Fixtures and Equipment 34,820      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,724      
Gross Amount        
Land 3,381      
Buildings, Improvements and Furniture, Fixtures and Equipment 37,544      
Total 40,925      
Accumulated Depreciation (8,868)      
Austin, TX - Hampton Inn & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 56,394      
Buildings, Improvements and Furniture, Fixtures and Equipment 6,271      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 62,665      
Total 62,665      
Accumulated Depreciation (17,855)      
Baltimore, MD - Hampton Inn & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,205      
Buildings, Improvements and Furniture, Fixtures and Equipment 16,013      
Buildings, Improvements and Furniture, Fixtures and Equipment 6,178      
Gross Amount        
Land 2,205      
Buildings, Improvements and Furniture, Fixtures and Equipment 22,191      
Total 24,396      
Accumulated Depreciation (6,754)      
Baltimore, MD - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,986      
Buildings, Improvements and Furniture, Fixtures and Equipment 37,016      
Buildings, Improvements and Furniture, Fixtures and Equipment 7,202      
Gross Amount        
Land 1,986      
Buildings, Improvements and Furniture, Fixtures and Equipment 44,218      
Total 46,204      
Accumulated Depreciation (13,648)      
Boulder, CO - Marriott        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 11,115      
Buildings, Improvements and Furniture, Fixtures and Equipment 49,204      
Buildings, Improvements and Furniture, Fixtures and Equipment 13,035      
Gross Amount        
Land 11,115      
Buildings, Improvements and Furniture, Fixtures and Equipment 62,239      
Total 73,354      
Accumulated Depreciation (18,411)      
Branchburg, NJ - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,374      
Buildings, Improvements and Furniture, Fixtures and Equipment 24,411      
Buildings, Improvements and Furniture, Fixtures and Equipment (10,881)      
Gross Amount        
Land 2,374      
Buildings, Improvements and Furniture, Fixtures and Equipment 13,530      
Total 15,904      
Accumulated Depreciation (7,977)      
Brisbane, CA - DoubleTree        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 3,300      
Buildings, Improvements and Furniture, Fixtures and Equipment 39,686      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,160      
Gross Amount        
Land 3,300      
Buildings, Improvements and Furniture, Fixtures and Equipment 41,846      
Total 45,146      
Accumulated Depreciation (19,220)      
Bryan, TX - Hilton Garden Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 713      
Buildings, Improvements and Furniture, Fixtures and Equipment 11,337      
Buildings, Improvements and Furniture, Fixtures and Equipment 5      
Gross Amount        
Land 713      
Buildings, Improvements and Furniture, Fixtures and Equipment 11,342      
Total 12,055      
Accumulated Depreciation (1,634)      
Camarillo, CA - Hampton Inn & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,200      
Buildings, Improvements and Furniture, Fixtures and Equipment 17,366      
Buildings, Improvements and Furniture, Fixtures and Equipment 955      
Gross Amount        
Land 2,200      
Buildings, Improvements and Furniture, Fixtures and Equipment 18,321      
Total 20,521      
Accumulated Depreciation (8,873)      
Charlotte, NC - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 41,094      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,926      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 44,020      
Total 44,020      
Accumulated Depreciation (11,955)      
Chicago, IL - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 5,395      
Buildings, Improvements and Furniture, Fixtures and Equipment 68,355      
Buildings, Improvements and Furniture, Fixtures and Equipment 789      
Gross Amount        
Land 5,395      
Buildings, Improvements and Furniture, Fixtures and Equipment 69,144      
Total 74,539      
Accumulated Depreciation (18,819)      
Cleveland, OH - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 10,075      
Buildings, Improvements and Furniture, Fixtures and Equipment 33,340      
Buildings, Improvements and Furniture, Fixtures and Equipment 3,814      
Gross Amount        
Land 10,075      
Buildings, Improvements and Furniture, Fixtures and Equipment 37,154      
Total 47,229      
Accumulated Depreciation (10,747)      
Dallas, TX - AC Hotel        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,330      
Buildings, Improvements and Furniture, Fixtures and Equipment 31,379      
Buildings, Improvements and Furniture, Fixtures and Equipment 396      
Gross Amount        
Land 1,330      
Buildings, Improvements and Furniture, Fixtures and Equipment 31,775      
Total 33,105      
Accumulated Depreciation (3,142)      
Dallas, TX - Hampton Inn & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,834      
Buildings, Improvements and Furniture, Fixtures and Equipment 47,069      
Buildings, Improvements and Furniture, Fixtures and Equipment 693      
Gross Amount        
Land 1,834      
Buildings, Improvements and Furniture, Fixtures and Equipment 47,762      
Total 49,596      
Accumulated Depreciation (4,462)      
Dallas, TX - Parking Garage        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 3,131      
Buildings, Improvements and Furniture, Fixtures and Equipment 9,252      
Buildings, Improvements and Furniture, Fixtures and Equipment 124      
Gross Amount        
Land 3,131      
Buildings, Improvements and Furniture, Fixtures and Equipment 9,376      
Total 12,507      
Accumulated Depreciation (483)      
Dallas, TX - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,372      
Buildings, Improvements and Furniture, Fixtures and Equipment 32,351      
Buildings, Improvements and Furniture, Fixtures and Equipment 545      
Gross Amount        
Land 1,372      
Buildings, Improvements and Furniture, Fixtures and Equipment 32,896      
Total 34,268      
Accumulated Depreciation (3,228)      
Dallas, TX - SpringHill Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,447      
Buildings, Improvements and Furniture, Fixtures and Equipment 23,746      
Buildings, Improvements and Furniture, Fixtures and Equipment 4,886      
Gross Amount        
Land 2,447      
Buildings, Improvements and Furniture, Fixtures and Equipment 28,632      
Total 31,079      
Accumulated Depreciation (1,790)      
Decatur, GA - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 4,046      
Buildings, Improvements and Furniture, Fixtures and Equipment 34,151      
Buildings, Improvements and Furniture, Fixtures and Equipment 4,403      
Gross Amount        
Land 4,046      
Buildings, Improvements and Furniture, Fixtures and Equipment 38,554      
Total 42,600      
Accumulated Depreciation (11,994)      
Eden Prairie, MN - Hilton Garden Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,800      
Buildings, Improvements and Furniture, Fixtures and Equipment 11,211      
Buildings, Improvements and Furniture, Fixtures and Equipment (13,011)      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 0      
Total 0      
Accumulated Depreciation 0      
Englewood, CO - Hyatt House        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,700      
Buildings, Improvements and Furniture, Fixtures and Equipment 16,267      
Buildings, Improvements and Furniture, Fixtures and Equipment 1,758      
Gross Amount        
Land 2,700      
Buildings, Improvements and Furniture, Fixtures and Equipment 18,025      
Total 20,725      
Accumulated Depreciation (9,363)      
Englewood, CO - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,000      
Buildings, Improvements and Furniture, Fixtures and Equipment 11,950      
Buildings, Improvements and Furniture, Fixtures and Equipment 4,849      
Gross Amount        
Land 2,000      
Buildings, Improvements and Furniture, Fixtures and Equipment 16,799      
Total 18,799      
Accumulated Depreciation (4,933)      
Fort Lauderdale, FL - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 37,950      
Buildings, Improvements and Furniture, Fixtures and Equipment 47,002      
Buildings, Improvements and Furniture, Fixtures and Equipment 7,251      
Gross Amount        
Land 37,950      
Buildings, Improvements and Furniture, Fixtures and Equipment 54,253      
Total 92,203      
Accumulated Depreciation (13,230)      
Fort Lauderdale, FL - New Builds        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,906      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,906      
Total 2,906      
Accumulated Depreciation 0      
Fort Worth, TX - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,920      
Buildings, Improvements and Furniture, Fixtures and Equipment 38,070      
Buildings, Improvements and Furniture, Fixtures and Equipment 10,950      
Gross Amount        
Land 1,920      
Buildings, Improvements and Furniture, Fixtures and Equipment 49,020      
Total 50,940      
Accumulated Depreciation (14,851)      
Fredericksburg, TX - Onera Escapes        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,251      
Buildings, Improvements and Furniture, Fixtures and Equipment 5,209      
Buildings, Improvements and Furniture, Fixtures and Equipment 3,607      
Gross Amount        
Land 1,638      
Buildings, Improvements and Furniture, Fixtures and Equipment 8,429      
Total 10,067      
Accumulated Depreciation (448)      
Frisco, TX - AC Hotel        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,246      
Buildings, Improvements and Furniture, Fixtures and Equipment 38,390      
Buildings, Improvements and Furniture, Fixtures and Equipment 155      
Gross Amount        
Land 1,246      
Buildings, Improvements and Furniture, Fixtures and Equipment 38,545      
Total 39,791      
Accumulated Depreciation (4,259)      
Frisco, TX - Canopy Hotel        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,109      
Buildings, Improvements and Furniture, Fixtures and Equipment 38,531      
Buildings, Improvements and Furniture, Fixtures and Equipment 91      
Gross Amount        
Land 1,109      
Buildings, Improvements and Furniture, Fixtures and Equipment 38,622      
Total 39,731      
Accumulated Depreciation (3,867)      
Frisco, TX - Parking Garage        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,470      
Buildings, Improvements and Furniture, Fixtures and Equipment 6,563      
Buildings, Improvements and Furniture, Fixtures and Equipment 20      
Gross Amount        
Land 2,470      
Buildings, Improvements and Furniture, Fixtures and Equipment 6,583      
Total 9,053      
Accumulated Depreciation (358)      
Frisco, TX - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,246      
Buildings, Improvements and Furniture, Fixtures and Equipment 38,390      
Buildings, Improvements and Furniture, Fixtures and Equipment 108      
Gross Amount        
Land 1,246      
Buildings, Improvements and Furniture, Fixtures and Equipment 38,498      
Total 39,744      
Accumulated Depreciation (4,193)      
Garden City, NY - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 4,200      
Buildings, Improvements and Furniture, Fixtures and Equipment 27,775      
Buildings, Improvements and Furniture, Fixtures and Equipment 593      
Gross Amount        
Land 4,282      
Buildings, Improvements and Furniture, Fixtures and Equipment 28,286      
Total 32,568      
Accumulated Depreciation (9,246)      
Glendale, CO - Staybridge Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,100      
Buildings, Improvements and Furniture, Fixtures and Equipment 10,151      
Buildings, Improvements and Furniture, Fixtures and Equipment 7,568      
Gross Amount        
Land 2,100      
Buildings, Improvements and Furniture, Fixtures and Equipment 17,719      
Total 19,819      
Accumulated Depreciation (4,296)      
Grapevine, TX - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,542      
Buildings, Improvements and Furniture, Fixtures and Equipment 34,872      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,092      
Gross Amount        
Land 2,542      
Buildings, Improvements and Furniture, Fixtures and Equipment 36,964      
Total 39,506      
Accumulated Depreciation (5,254)      
Grapevine, TX - Hilton Garden Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 986      
Buildings, Improvements and Furniture, Fixtures and Equipment 33,137      
Buildings, Improvements and Furniture, Fixtures and Equipment 152      
Gross Amount        
Land 986      
Buildings, Improvements and Furniture, Fixtures and Equipment 33,289      
Total 34,275      
Accumulated Depreciation (3,577)      
Grapevine, TX - Holiday Inn Express & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,419      
Buildings, Improvements and Furniture, Fixtures and Equipment 13,810      
Buildings, Improvements and Furniture, Fixtures and Equipment 556      
Gross Amount        
Land 1,419      
Buildings, Improvements and Furniture, Fixtures and Equipment 14,366      
Total 15,785      
Accumulated Depreciation (2,184)      
Grapevine, TX - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,318      
Buildings, Improvements and Furniture, Fixtures and Equipment 18,740      
Buildings, Improvements and Furniture, Fixtures and Equipment 884      
Gross Amount        
Land 1,318      
Buildings, Improvements and Furniture, Fixtures and Equipment 19,624      
Total 20,942      
Accumulated Depreciation (2,912)      
Grapevine, TX - TownePlace Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,686      
Buildings, Improvements and Furniture, Fixtures and Equipment 23,119      
Buildings, Improvements and Furniture, Fixtures and Equipment 286      
Gross Amount        
Land 1,686      
Buildings, Improvements and Furniture, Fixtures and Equipment 23,405      
Total 25,091      
Accumulated Depreciation (3,281)      
Greenville, SC - Hilton Garden Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,200      
Buildings, Improvements and Furniture, Fixtures and Equipment 14,566      
Buildings, Improvements and Furniture, Fixtures and Equipment 3,291      
Gross Amount        
Land 1,200      
Buildings, Improvements and Furniture, Fixtures and Equipment 17,857      
Total 19,057      
Accumulated Depreciation (8,038)      
Hillsboro, OR - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 4,943      
Buildings, Improvements and Furniture, Fixtures and Equipment 42,541      
Buildings, Improvements and Furniture, Fixtures and Equipment 4,749      
Gross Amount        
Land 4,943      
Buildings, Improvements and Furniture, Fixtures and Equipment 47,290      
Total 52,233      
Accumulated Depreciation (7,949)      
Hoffman Estates, IL - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,900      
Buildings, Improvements and Furniture, Fixtures and Equipment 8,917      
Buildings, Improvements and Furniture, Fixtures and Equipment (10,817)      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 0      
Total 0      
Accumulated Depreciation 0      
Houston, TX - AC Hotel        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 4,796      
Buildings, Improvements and Furniture, Fixtures and Equipment 52,268      
Buildings, Improvements and Furniture, Fixtures and Equipment 1,338      
Gross Amount        
Land 4,796      
Buildings, Improvements and Furniture, Fixtures and Equipment 53,606      
Total 58,402      
Accumulated Depreciation (5,059)      
Houston, TX - Hilton Garden Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 41,838      
Buildings, Improvements and Furniture, Fixtures and Equipment 4,859      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 46,697      
Total 46,697      
Accumulated Depreciation (16,688)      
Houston, TX - Hilton Garden Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,800      
Buildings, Improvements and Furniture, Fixtures and Equipment 33,777      
Buildings, Improvements and Furniture, Fixtures and Equipment 8,634      
Gross Amount        
Land 2,800      
Buildings, Improvements and Furniture, Fixtures and Equipment 42,411      
Total 45,211      
Accumulated Depreciation (10,822)      
Hunt Valley, MD - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 35,436      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,296      
Gross Amount        
Land 1,076      
Buildings, Improvements and Furniture, Fixtures and Equipment 36,656      
Total 37,732      
Accumulated Depreciation (11,020)      
Indianapolis, IN - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 7,788      
Buildings, Improvements and Furniture, Fixtures and Equipment 54,384      
Buildings, Improvements and Furniture, Fixtures and Equipment (1,075)      
Gross Amount        
Land 7,788      
Buildings, Improvements and Furniture, Fixtures and Equipment 53,309      
Total 61,097      
Accumulated Depreciation (17,856)      
Indianapolis, IN - SpringHill Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 4,012      
Buildings, Improvements and Furniture, Fixtures and Equipment 27,910      
Buildings, Improvements and Furniture, Fixtures and Equipment (200)      
Gross Amount        
Land 4,012      
Buildings, Improvements and Furniture, Fixtures and Equipment 27,710      
Total 31,722      
Accumulated Depreciation (9,644)      
Kansas City, MO - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 3,955      
Buildings, Improvements and Furniture, Fixtures and Equipment 20,608      
Buildings, Improvements and Furniture, Fixtures and Equipment (1,290)      
Gross Amount        
Land 3,955      
Buildings, Improvements and Furniture, Fixtures and Equipment 19,318      
Total 23,273      
Accumulated Depreciation (6,038)      
Land Parcels - Land Parcels        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 4,645      
Buildings, Improvements and Furniture, Fixtures and Equipment 0      
Buildings, Improvements and Furniture, Fixtures and Equipment (2,995)      
Gross Amount        
Land 1,650      
Buildings, Improvements and Furniture, Fixtures and Equipment 0      
Total 1,650      
Accumulated Depreciation 0      
Lombard, IL - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,550      
Buildings, Improvements and Furniture, Fixtures and Equipment 17,351      
Buildings, Improvements and Furniture, Fixtures and Equipment (18,901)      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 0      
Total 0      
Accumulated Depreciation 0      
Lone Tree, CO - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,300      
Buildings, Improvements and Furniture, Fixtures and Equipment 11,704      
Buildings, Improvements and Furniture, Fixtures and Equipment 4,916      
Gross Amount        
Land 1,314      
Buildings, Improvements and Furniture, Fixtures and Equipment 16,606      
Total 17,920      
Accumulated Depreciation (4,666)      
Longview, TX - Hilton Garden Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,284      
Buildings, Improvements and Furniture, Fixtures and Equipment 13,281      
Buildings, Improvements and Furniture, Fixtures and Equipment 1,525      
Gross Amount        
Land 1,284      
Buildings, Improvements and Furniture, Fixtures and Equipment 14,806      
Total 16,090      
Accumulated Depreciation (1,679)      
Louisville, KY - Fairfield Inn & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 7,691      
Initial Cost        
Land 3,120      
Buildings, Improvements and Furniture, Fixtures and Equipment 24,231      
Buildings, Improvements and Furniture, Fixtures and Equipment 193      
Gross Amount        
Land 3,120      
Buildings, Improvements and Furniture, Fixtures and Equipment 24,424      
Total 27,544      
Accumulated Depreciation (8,936)      
Louisville, KY - SpringHill Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 4,880      
Buildings, Improvements and Furniture, Fixtures and Equipment 37,361      
Buildings, Improvements and Furniture, Fixtures and Equipment 424      
Gross Amount        
Land 4,880      
Buildings, Improvements and Furniture, Fixtures and Equipment 37,785      
Total 42,665      
Accumulated Depreciation (13,979)      
Lubbock, TX - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 896      
Buildings, Improvements and Furniture, Fixtures and Equipment 20,182      
Buildings, Improvements and Furniture, Fixtures and Equipment 735      
Gross Amount        
Land 896      
Buildings, Improvements and Furniture, Fixtures and Equipment 20,917      
Total 21,813      
Accumulated Depreciation (2,709)      
Mesa, AZ - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,400      
Buildings, Improvements and Furniture, Fixtures and Equipment 19,848      
Buildings, Improvements and Furniture, Fixtures and Equipment 1,934      
Gross Amount        
Land 2,400      
Buildings, Improvements and Furniture, Fixtures and Equipment 21,782      
Total 24,182      
Accumulated Depreciation (6,841)      
Metairie, LA - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,860      
Buildings, Improvements and Furniture, Fixtures and Equipment 25,168      
Buildings, Improvements and Furniture, Fixtures and Equipment 8,231      
Gross Amount        
Land 1,860      
Buildings, Improvements and Furniture, Fixtures and Equipment 33,399      
Total 35,259      
Accumulated Depreciation (10,883)      
Metairie, LA - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,791      
Buildings, Improvements and Furniture, Fixtures and Equipment 23,386      
Buildings, Improvements and Furniture, Fixtures and Equipment 528      
Gross Amount        
Land 1,791      
Buildings, Improvements and Furniture, Fixtures and Equipment 23,914      
Total 25,705      
Accumulated Depreciation (12,867)      
Miami, FL - AC Hotel        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 8,496      
Buildings, Improvements and Furniture, Fixtures and Equipment 46,839      
Buildings, Improvements and Furniture, Fixtures and Equipment 283      
Gross Amount        
Land 8,496      
Buildings, Improvements and Furniture, Fixtures and Equipment 47,122      
Total 55,618      
Accumulated Depreciation (3,298)      
Miami, FL - Element        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 5,882      
Buildings, Improvements and Furniture, Fixtures and Equipment 32,427      
Buildings, Improvements and Furniture, Fixtures and Equipment 567      
Gross Amount        
Land 5,882      
Buildings, Improvements and Furniture, Fixtures and Equipment 32,994      
Total 38,876      
Accumulated Depreciation (2,324)      
Miami, FL - Hyatt House        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 4,926      
Buildings, Improvements and Furniture, Fixtures and Equipment 40,087      
Buildings, Improvements and Furniture, Fixtures and Equipment 3,013      
Gross Amount        
Land 4,926      
Buildings, Improvements and Furniture, Fixtures and Equipment 43,100      
Total 48,026      
Accumulated Depreciation (16,812)      
Miami, FL - Sky Lounge        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 1,473      
Buildings, Improvements and Furniture, Fixtures and Equipment 129      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 1,602      
Total 1,602      
Accumulated Depreciation (211)      
Midland, TX - Homewood Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,717      
Buildings, Improvements and Furniture, Fixtures and Equipment 22,326      
Buildings, Improvements and Furniture, Fixtures and Equipment 634      
Gross Amount        
Land 1,717      
Buildings, Improvements and Furniture, Fixtures and Equipment 22,960      
Total 24,677      
Accumulated Depreciation (3,058)      
Milpitas, CA - Hilton Garden Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 7,921      
Buildings, Improvements and Furniture, Fixtures and Equipment 46,141      
Buildings, Improvements and Furniture, Fixtures and Equipment 6,963      
Gross Amount        
Land 7,921      
Buildings, Improvements and Furniture, Fixtures and Equipment 53,104      
Total 61,025      
Accumulated Depreciation (8,939)      
Minneapolis, MN - Hampton Inn & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 13,032      
Initial Cost        
Land 3,502      
Buildings, Improvements and Furniture, Fixtures and Equipment 35,433      
Buildings, Improvements and Furniture, Fixtures and Equipment 722      
Gross Amount        
Land 3,502      
Buildings, Improvements and Furniture, Fixtures and Equipment 36,155      
Total 39,657      
Accumulated Depreciation (11,996)      
Minneapolis, MN - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 34,026      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,511      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 36,537      
Total 36,537      
Accumulated Depreciation (12,159)      
Minnetonka, MN - Holiday Inn Express & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,000      
Buildings, Improvements and Furniture, Fixtures and Equipment 7,662      
Buildings, Improvements and Furniture, Fixtures and Equipment (8,662)      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 0      
Total 0      
Accumulated Depreciation 0      
Nashville, TN - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 8,792      
Buildings, Improvements and Furniture, Fixtures and Equipment 62,759      
Buildings, Improvements and Furniture, Fixtures and Equipment 8,138      
Gross Amount        
Land 8,792      
Buildings, Improvements and Furniture, Fixtures and Equipment 70,897      
Total 79,689      
Accumulated Depreciation (19,982)      
Nashville, TN - SpringHill Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 777      
Buildings, Improvements and Furniture, Fixtures and Equipment 5,598      
Buildings, Improvements and Furniture, Fixtures and Equipment 1,788      
Gross Amount        
Land 777      
Buildings, Improvements and Furniture, Fixtures and Equipment 7,386      
Total 8,163      
Accumulated Depreciation (2,929)      
New Haven, CT - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 11,990      
Buildings, Improvements and Furniture, Fixtures and Equipment 51,497      
Buildings, Improvements and Furniture, Fixtures and Equipment 7,233      
Gross Amount        
Land 11,990      
Buildings, Improvements and Furniture, Fixtures and Equipment 58,730      
Total 70,720      
Accumulated Depreciation (13,144)      
New Orleans, LA - Canopy Hotel        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 4,262      
Buildings, Improvements and Furniture, Fixtures and Equipment 51,406      
Buildings, Improvements and Furniture, Fixtures and Equipment 344      
Gross Amount        
Land 4,262      
Buildings, Improvements and Furniture, Fixtures and Equipment 51,750      
Total 56,012      
Accumulated Depreciation (4,581)      
New Orleans, LA - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,944      
Buildings, Improvements and Furniture, Fixtures and Equipment 25,120      
Buildings, Improvements and Furniture, Fixtures and Equipment 3,875      
Gross Amount        
Land 1,944      
Buildings, Improvements and Furniture, Fixtures and Equipment 28,995      
Total 30,939      
Accumulated Depreciation (15,769)      
New Orleans, LA - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,490      
Buildings, Improvements and Furniture, Fixtures and Equipment 34,220      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,149      
Gross Amount        
Land 2,490      
Buildings, Improvements and Furniture, Fixtures and Equipment 36,369      
Total 38,859      
Accumulated Depreciation (17,624)      
New Orleans, LA - SpringHill Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,046      
Buildings, Improvements and Furniture, Fixtures and Equipment 33,270      
Buildings, Improvements and Furniture, Fixtures and Equipment 6,302      
Gross Amount        
Land 2,046      
Buildings, Improvements and Furniture, Fixtures and Equipment 39,572      
Total 41,618      
Accumulated Depreciation (19,281)      
New Orleans, LA - SpringHill Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 963      
Buildings, Improvements and Furniture, Fixtures and Equipment 12,763      
Buildings, Improvements and Furniture, Fixtures and Equipment 251      
Gross Amount        
Land 963      
Buildings, Improvements and Furniture, Fixtures and Equipment 13,014      
Total 13,977      
Accumulated Depreciation (1,302)      
New Orleans, LA - TownePlace Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 6,293      
Initial Cost        
Land 1,366      
Buildings, Improvements and Furniture, Fixtures and Equipment 18,110      
Buildings, Improvements and Furniture, Fixtures and Equipment 215      
Gross Amount        
Land 1,366      
Buildings, Improvements and Furniture, Fixtures and Equipment 18,325      
Total 19,691      
Accumulated Depreciation (1,826)      
Oklahoma City, OK - AC Hotel        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,769      
Buildings, Improvements and Furniture, Fixtures and Equipment 29,389      
Buildings, Improvements and Furniture, Fixtures and Equipment 244      
Gross Amount        
Land 2,769      
Buildings, Improvements and Furniture, Fixtures and Equipment 29,633      
Total 32,402      
Accumulated Depreciation (3,929)      
Oklahoma City, OK - Holiday Inn Express & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,542      
Buildings, Improvements and Furniture, Fixtures and Equipment 21,574      
Buildings, Improvements and Furniture, Fixtures and Equipment 545      
Gross Amount        
Land 2,542      
Buildings, Improvements and Furniture, Fixtures and Equipment 22,119      
Total 24,661      
Accumulated Depreciation (2,521)      
Oklahoma City, OK - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,822      
Buildings, Improvements and Furniture, Fixtures and Equipment 25,311      
Buildings, Improvements and Furniture, Fixtures and Equipment 144      
Gross Amount        
Land 2,822      
Buildings, Improvements and Furniture, Fixtures and Equipment 25,455      
Total 28,277      
Accumulated Depreciation (2,538)      
Orlando, FL - Hyatt House        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,800      
Buildings, Improvements and Furniture, Fixtures and Equipment 34,423      
Buildings, Improvements and Furniture, Fixtures and Equipment 614      
Gross Amount        
Land 2,800      
Buildings, Improvements and Furniture, Fixtures and Equipment 35,037      
Total 37,837      
Accumulated Depreciation (12,154)      
Orlando, FL - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 3,100      
Buildings, Improvements and Furniture, Fixtures and Equipment 11,343      
Buildings, Improvements and Furniture, Fixtures and Equipment 7,219      
Gross Amount        
Land 3,100      
Buildings, Improvements and Furniture, Fixtures and Equipment 18,562      
Total 21,662      
Accumulated Depreciation (4,933)      
Orlando, FL - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,716      
Buildings, Improvements and Furniture, Fixtures and Equipment 11,221      
Buildings, Improvements and Furniture, Fixtures and Equipment 6,998      
Gross Amount        
Land 2,716      
Buildings, Improvements and Furniture, Fixtures and Equipment 18,219      
Total 20,935      
Accumulated Depreciation (6,135)      
Owings Mills, MD - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,100      
Buildings, Improvements and Furniture, Fixtures and Equipment 9,799      
Buildings, Improvements and Furniture, Fixtures and Equipment (11,899)      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 0      
Total 0      
Accumulated Depreciation 0      
Pittsburgh, PA - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,652      
Buildings, Improvements and Furniture, Fixtures and Equipment 40,749      
Buildings, Improvements and Furniture, Fixtures and Equipment 6,640      
Gross Amount        
Land 1,652      
Buildings, Improvements and Furniture, Fixtures and Equipment 47,389      
Total 49,041      
Accumulated Depreciation (12,502)      
Plano, TX - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,363      
Buildings, Improvements and Furniture, Fixtures and Equipment 13,699      
Buildings, Improvements and Furniture, Fixtures and Equipment (3,752)      
Gross Amount        
Land 2,363      
Buildings, Improvements and Furniture, Fixtures and Equipment 9,947      
Total 12,310      
Accumulated Depreciation (2,412)      
Portland, OR - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 14,700      
Buildings, Improvements and Furniture, Fixtures and Equipment 891      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 15,591      
Total 15,591      
Accumulated Depreciation (6,989)      
Portland, OR - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 15,629      
Buildings, Improvements and Furniture, Fixtures and Equipment 831      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 16,460      
Total 16,460      
Accumulated Depreciation (7,539)      
Portland, OR - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 12,813      
Buildings, Improvements and Furniture, Fixtures and Equipment 76,868      
Buildings, Improvements and Furniture, Fixtures and Equipment 10,654      
Gross Amount        
Land 12,813      
Buildings, Improvements and Furniture, Fixtures and Equipment 87,522      
Total 100,335      
Accumulated Depreciation (10,951)      
Poway, CA - Hampton Inn & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,300      
Buildings, Improvements and Furniture, Fixtures and Equipment 14,728      
Buildings, Improvements and Furniture, Fixtures and Equipment 1,521      
Gross Amount        
Land 2,300      
Buildings, Improvements and Furniture, Fixtures and Equipment 16,249      
Total 18,549      
Accumulated Depreciation (6,869)      
San Francisco, CA - Four Points        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,200      
Buildings, Improvements and Furniture, Fixtures and Equipment 21,397      
Buildings, Improvements and Furniture, Fixtures and Equipment 4,778      
Gross Amount        
Land 1,200      
Buildings, Improvements and Furniture, Fixtures and Equipment 26,175      
Total 27,375      
Accumulated Depreciation (11,013)      
San Francisco, CA - Hilton Garden Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 12,346      
Buildings, Improvements and Furniture, Fixtures and Equipment 45,730      
Buildings, Improvements and Furniture, Fixtures and Equipment (58,076)      
Gross Amount        
Land 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 0      
Total 0      
Accumulated Depreciation 0      
San Francisco, CA - Holiday Inn Express & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 15,545      
Buildings, Improvements and Furniture, Fixtures and Equipment 49,469      
Buildings, Improvements and Furniture, Fixtures and Equipment 4,707      
Gross Amount        
Land 15,545      
Buildings, Improvements and Furniture, Fixtures and Equipment 54,176      
Total 69,721      
Accumulated Depreciation (24,079)      
Scottsdale, AZ - Courtyard        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 3,225      
Buildings, Improvements and Furniture, Fixtures and Equipment 12,571      
Buildings, Improvements and Furniture, Fixtures and Equipment 3,998      
Gross Amount        
Land 3,225      
Buildings, Improvements and Furniture, Fixtures and Equipment 16,569      
Total 19,794      
Accumulated Depreciation (10,536)      
Scottsdale, AZ - Hyatt Place        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,500      
Buildings, Improvements and Furniture, Fixtures and Equipment 10,171      
Buildings, Improvements and Furniture, Fixtures and Equipment 302      
Gross Amount        
Land 1,500      
Buildings, Improvements and Furniture, Fixtures and Equipment 10,473      
Total 11,973      
Accumulated Depreciation (4,772)      
Scottsdale, AZ - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 7,503      
Buildings, Improvements and Furniture, Fixtures and Equipment 21,545      
Buildings, Improvements and Furniture, Fixtures and Equipment 359      
Gross Amount        
Land 7,503      
Buildings, Improvements and Furniture, Fixtures and Equipment 21,904      
Total 29,407      
Accumulated Depreciation (682)      
Scottsdale, AZ - SpringHill Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,195      
Buildings, Improvements and Furniture, Fixtures and Equipment 9,496      
Buildings, Improvements and Furniture, Fixtures and Equipment 1,930      
Gross Amount        
Land 2,195      
Buildings, Improvements and Furniture, Fixtures and Equipment 11,426      
Total 13,621      
Accumulated Depreciation (7,192)      
Silverthorne, CO - Hampton Inn & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 4,441      
Buildings, Improvements and Furniture, Fixtures and Equipment 21,125      
Buildings, Improvements and Furniture, Fixtures and Equipment 1,149      
Gross Amount        
Land 4,441      
Buildings, Improvements and Furniture, Fixtures and Equipment 22,274      
Total 26,715      
Accumulated Depreciation (3,855)      
Silverthorne, CO - Parking Garage        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,404      
Buildings, Improvements and Furniture, Fixtures and Equipment 0      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,045      
Gross Amount        
Land 2,404      
Buildings, Improvements and Furniture, Fixtures and Equipment 2,045      
Total 4,449      
Accumulated Depreciation 0      
Steamboat Springs, CO - Nordic Lodge        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 4,754      
Buildings, Improvements and Furniture, Fixtures and Equipment 9,001      
Buildings, Improvements and Furniture, Fixtures and Equipment 307      
Gross Amount        
Land 4,754      
Buildings, Improvements and Furniture, Fixtures and Equipment 9,308      
Total 14,062      
Accumulated Depreciation (256)      
Steamboat Springs, CO - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,832      
Buildings, Improvements and Furniture, Fixtures and Equipment 31,214      
Buildings, Improvements and Furniture, Fixtures and Equipment 646      
Gross Amount        
Land 1,832      
Buildings, Improvements and Furniture, Fixtures and Equipment 31,860      
Total 33,692      
Accumulated Depreciation (3,439)      
Tampa, FL - Hampton Inn & Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 3,600      
Buildings, Improvements and Furniture, Fixtures and Equipment 20,366      
Buildings, Improvements and Furniture, Fixtures and Equipment 4,729      
Gross Amount        
Land 3,600      
Buildings, Improvements and Furniture, Fixtures and Equipment 25,095      
Total 28,695      
Accumulated Depreciation (10,593)      
Tucson, AZ - Embassy Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,841      
Buildings, Improvements and Furniture, Fixtures and Equipment 23,958      
Buildings, Improvements and Furniture, Fixtures and Equipment 5,606      
Gross Amount        
Land 1,841      
Buildings, Improvements and Furniture, Fixtures and Equipment 29,564      
Total 31,405      
Accumulated Depreciation (2,930)      
Tucson, AZ - Homewood Suites        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 2,570      
Buildings, Improvements and Furniture, Fixtures and Equipment 22,802      
Buildings, Improvements and Furniture, Fixtures and Equipment 1,744      
Gross Amount        
Land 2,570      
Buildings, Improvements and Furniture, Fixtures and Equipment 24,546      
Total 27,116      
Accumulated Depreciation (7,531)      
Tyler, TX - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances 0      
Initial Cost        
Land 1,243      
Buildings, Improvements and Furniture, Fixtures and Equipment 15,323      
Buildings, Improvements and Furniture, Fixtures and Equipment 440      
Gross Amount        
Land 1,243      
Buildings, Improvements and Furniture, Fixtures and Equipment 15,763      
Total 17,006      
Accumulated Depreciation (2,606)      
Waltham, MA - Hilton Garden Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances      
Initial Cost        
Land 10,644      
Buildings, Improvements and Furniture, Fixtures and Equipment 21,713      
Buildings, Improvements and Furniture, Fixtures and Equipment 7,017      
Gross Amount        
Land 10,644      
Buildings, Improvements and Furniture, Fixtures and Equipment 28,730      
Total 39,374      
Accumulated Depreciation (9,337)      
Watertown, MA - Residence Inn        
Real estate and accumulated depreciation        
Mortgage Debt/ Encumbrances      
Initial Cost        
Land 25,083      
Buildings, Improvements and Furniture, Fixtures and Equipment 45,917      
Buildings, Improvements and Furniture, Fixtures and Equipment 527      
Gross Amount        
Land 25,083      
Buildings, Improvements and Furniture, Fixtures and Equipment 46,444      
Total 71,527      
Accumulated Depreciation $ (10,363)      
v3.24.0.1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Land, Buildings and Improvements, and Reconciliation of Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
ASSET BASIS      
Balance at beginning of period as adjusted $ 3,548,184 $ 2,638,549 $ 2,570,768
Additions to land, buildings and improvements 131,153 989,046 80,496
Disposition of land, buildings and improvements (75,777) (68,991) (12,715)
Write-down of assets (16,661) (10,420) 0
Balance at end of period 3,586,899 3,548,184 2,638,549
ACCUMULATED DEPRECIATION      
Balance at beginning of period 716,646 583,080 490,326
Depreciation 146,083 145,491 105,462
Depreciation on assets sold or disposed (40,805) (11,925) (12,708)
Balance at end of period 821,924 $ 716,646 $ 583,080
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes $ 3,380,000    
Lodging buildings and improvements | Minimum      
ACCUMULATED DEPRECIATION      
Useful life (in years) 2 years    
Furniture and equipment | Maximum      
ACCUMULATED DEPRECIATION      
Useful life (in years) 40 years