Sunstone Hotel Investors (SHO) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-32319
Entity Registrant Name	Sunstone Hotel Investors, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1296886
Entity Address, Address Line One	200 Spectrum Center Drive, 21st Floor
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	949
Local Phone Number	330-4000
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		219,042,657
Entity Central Index Key	0001295810
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	SHO
Security Exchange Name	NYSE
Series F Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series F Cumulative Redeemable Preferred Stock, $0.01 par value
Trading Symbol	SHO.PRF
Security Exchange Name	NYSE
Series H Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series H Cumulative Redeemable Preferred Stock, $0.01 par value
Trading Symbol	SHO.PRH
Security Exchange Name	NYSE
Series I Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series I Cumulative Redeemable Preferred Stock, $0.01 par value
Trading Symbol	SHO.PRI
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 162,898	$ 368,406
Restricted cash	47,490	47,733
Accounts receivable, net	25,044	8,566
Prepaid expenses and other current assets	7,413	10,440
Total current assets	242,845	435,145
Investment in hotel properties, net	2,687,395	2,461,498
Finance lease right-of-use asset, net	45,447	46,182
Operating lease right-of-use assets, net	24,939	26,093
Deferred financing costs, net	3,403	4,354
Other assets, net	11,333	12,445
Total assets	3,015,362	2,985,717
Current liabilities:
Accounts payable and accrued expenses	41,046	37,326
Accrued payroll and employee benefits	17,429	15,392
Dividends and distributions payable	2,225	3,208
Other current liabilities	50,693	32,606
Current portion of notes payable, net	2,331	2,261
Total current liabilities	113,724	90,793
Notes payable, less current portion, net	741,337	742,528
Finance lease obligation, less current portion	15,568	15,569
Operating lease obligations, less current portion	27,816	29,954
Other liabilities	13,612	17,494
Total liabilities	912,057	896,338
Commitments and contingencies (Note 11)
Equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 219,043,105 shares issued and outstanding at June 30, 2021 and 215,593,401 shares issued and outstanding at December 31, 2020	2,190	2,156
Additional paid in capital	2,626,582	2,586,108
Retained earnings	833,132	913,766
Cumulative dividends and distributions	(1,654,388)	(1,643,386)
Total stockholders' equity	2,063,766	2,048,644
Noncontrolling interest in consolidated joint venture	39,539	40,735
Total equity	2,103,305	2,089,379
Total liabilities and equity	3,015,362	2,985,717
Series E Cumulative Redeemable Preferred Stock
Equity
Cumulative Redeemable Preferred Stock		115,000
Series F Cumulative Redeemable Preferred Stock
Equity
Cumulative Redeemable Preferred Stock	75,000	$ 75,000
Series G Cumulative Redeemable Preferred Stock
Equity
Cumulative Redeemable Preferred Stock	66,250
Series H Cumulative Redeemable Preferred Stock
Equity
Cumulative Redeemable Preferred Stock	$ 115,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock, shares issued (in shares)	219,043,105	215,593,401	219,043,105
Common stock, shares outstanding (in shares)	219,043,105	215,593,401	219,043,105
Series E Cumulative Redeemable Preferred Stock
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent)		6.95%	6.95%
Preferred stock, Cumulative Redeemable Preferred Stock, shares issued (in shares)	0	4,600,000	0
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares)	0	4,600,000	0
Preferred stock, Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share)		$ 25
Series F Cumulative Redeemable Preferred Stock
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent)	6.45%	6.45%
Preferred stock, Cumulative Redeemable Preferred Stock, shares issued (in shares)	3,000,000	3,000,000	3,000,000
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares)	3,000,000	3,000,000	3,000,000
Preferred stock, Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share)	$ 25	$ 25	$ 25
Series G Cumulative Redeemable Preferred Stock
Preferred stock, Cumulative Redeemable Preferred Stock, shares issued (in shares)	2,650,000	0	2,650,000
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares)	2,650,000	0	2,650,000
Preferred stock, Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share)	$ 25		$ 25
Series H Cumulative Redeemable Preferred Stock
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent)	6.125%
Preferred stock, Cumulative Redeemable Preferred Stock, shares issued (in shares)	4,600,000	0	4,600,000
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares)	4,600,000	0	4,600,000
Preferred stock, Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share)	$ 25		$ 25

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES
Revenues	$ 117,210	$ 10,424	$ 167,843	$ 201,636
OPERATING EXPENSES
Advertising and promotion	7,042	4,090	11,917	16,552
Repairs and maintenance	7,132	5,375	12,677	15,424
Utilities	4,683	3,226	8,834	9,068
Franchise costs	2,296	338	3,287	5,674
Property tax, ground lease and insurance	15,632	19,124	30,293	39,175
Other property-level expenses	16,067	8,736	26,544	37,581
Corporate overhead	9,467	8,438	16,644	15,832
Depreciation and amortization	32,729	34,539	63,499	71,285
Impairment losses		18,100		133,466
Total operating expenses	137,149	115,292	235,220	447,152
Interest and other income (loss)	21	306	(358)	2,612
Interest expense	(8,065)	(12,950)	(15,714)	(30,457)
Gain on extinguishment of debt	88		310
Loss before income taxes	(27,895)	(117,512)	(83,139)	(273,361)
Income tax (provision) benefit, net	(23)	12	(66)	(6,658)
NET LOSS	(27,918)	(117,500)	(83,205)	(280,019)
Loss from consolidated joint venture attributable to noncontrolling interest	596	2,162	2,571	2,620
Preferred stock dividends and redemption charge	(7,795)	(3,207)	(11,002)	(6,414)
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (35,117)	$ (118,545)	$ (91,636)	$ (283,813)
Basic and diluted per share amounts:
Basic and diluted loss attributable to common stockholders per common share (in dollars per share)	$ (0.16)	$ (0.55)	$ (0.43)	$ (1.30)
Basic and diluted weighted average common shares outstanding (in shares)	215,113	214,225	214,778	217,631
Room
REVENUES
Revenues	$ 84,597	$ 3,869	$ 118,816	$ 131,269
OPERATING EXPENSES
Expenses	22,946	7,077	34,586	51,322
Food and beverage
REVENUES
Revenues	15,238	213	20,209	48,203
OPERATING EXPENSES
Expenses	15,669	5,025	21,648	46,785
Other operating
REVENUES
Revenues	17,375	6,342	28,818	22,164
OPERATING EXPENSES
Expenses	$ 3,486	$ 1,224	$ 5,291	$ 4,988

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Series E Cumulative Redeemable Preferred StockPreferred Stock	Series E Cumulative Redeemable Preferred StockAdditional Paid In Capital	Series E Cumulative Redeemable Preferred StockCumulative dividends and distributions	Series E Cumulative Redeemable Preferred Stock	Series F Cumulative Redeemable Preferred StockCumulative dividends and distributions	Series F Cumulative Redeemable Preferred Stock	Series G Cumulative Redeemable Preferred StockPreferred Stock	Series G Cumulative Redeemable Preferred StockAdditional Paid In Capital	Series G Cumulative Redeemable Preferred StockCumulative dividends and distributions	Series G Cumulative Redeemable Preferred Stock	Series H Cumulative Redeemable Preferred StockPreferred Stock	Series H Cumulative Redeemable Preferred StockAdditional Paid In Capital	Series H Cumulative Redeemable Preferred StockCumulative dividends and distributions	Series H Cumulative Redeemable Preferred Stock	Preferred Stock	Common Stock	Additional Paid In Capital	Retained Earnings	Cumulative dividends and distributions	Noncontrolling Interest in Consolidated Joint Venture	Total
Beginning Balance at Dec. 31, 2019															$ 190,000	$ 2,249	$ 2,683,913	$ 1,318,455	$ (1,619,779)	$ 46,233	$ 2,621,071
Beginning Balance (in shares) at Dec. 31, 2019															7,600,000	224,855,351
Increase (Decrease) in Stockholders' Equity
Amortization of deferred stock compensation																	2,324				2,324
Issuance of restricted common stock, net																$ 4	(3,996)				(3,992)
Issuance of restricted common stock, net (in shares)																456,219
Forfeiture of restricted common stock (in shares)																(355)
Common stock distributions and distributions payable																			(10,777)		(10,777)
Preferred stock dividends and dividends payable			$ (1,998)	$ (1,998)	$ (1,209)	$ (1,209)
Distributions to noncontrolling interest																				(2,000)	(2,000)
Repurchases of outstanding common stock																$ (98)	(103,796)				(103,894)
Repurchases of outstanding common stock (in shares)																(9,770,081)
Net loss																		(162,061)		(458)	(162,519)
Ending Balance at Mar. 31, 2020															$ 190,000	$ 2,155	2,578,445	1,156,394	(1,633,763)	43,775	2,337,006
Ending Balance (in shares) at Mar. 31, 2020															7,600,000	215,541,134
Beginning Balance at Dec. 31, 2019															$ 190,000	$ 2,249	2,683,913	1,318,455	(1,619,779)	46,233	2,621,071
Beginning Balance (in shares) at Dec. 31, 2019															7,600,000	224,855,351
Increase (Decrease) in Stockholders' Equity
Net loss																					(280,019)
Ending Balance at Jun. 30, 2020															$ 190,000	$ 2,156	2,581,637	1,041,056	(1,636,970)	42,113	2,219,992
Ending Balance (in shares) at Jun. 30, 2020															7,600,000	215,635,550
Beginning Balance at Mar. 31, 2020															$ 190,000	$ 2,155	2,578,445	1,156,394	(1,633,763)	43,775	2,337,006
Beginning Balance (in shares) at Mar. 31, 2020															7,600,000	215,541,134
Increase (Decrease) in Stockholders' Equity
Amortization of deferred stock compensation																	3,193				3,193
Issuance of restricted common stock, net																$ 1	(1)
Issuance of restricted common stock, net (in shares)																94,416
Preferred stock dividends and dividends payable			(1,998)	(1,998)	(1,209)	(1,209)
Contribution from noncontrolling interest																				500	500
Net loss																		(115,338)		(2,162)	(117,500)
Ending Balance at Jun. 30, 2020															$ 190,000	$ 2,156	2,581,637	1,041,056	(1,636,970)	42,113	2,219,992
Ending Balance (in shares) at Jun. 30, 2020															7,600,000	215,635,550
Beginning Balance at Dec. 31, 2020															$ 190,000	$ 2,156	2,586,108	913,766	(1,643,386)	40,735	2,089,379
Beginning Balance (in shares) at Dec. 31, 2020															7,600,000	215,593,401
Increase (Decrease) in Stockholders' Equity
Amortization of deferred stock compensation																	2,869				2,869
Issuance of restricted common stock, net																$ 6	(3,522)				(3,516)
Issuance of restricted common stock, net (in shares)																581,683
Preferred stock dividends and dividends payable			(1,998)	(1,998)	(1,209)	(1,209)
Contribution from noncontrolling interest																				1,375	1,375
Net loss																		(53,312)		(1,975)	(55,287)
Ending Balance at Mar. 31, 2021															$ 190,000	$ 2,162	2,585,455	860,454	(1,646,593)	40,135	2,031,613
Ending Balance (in shares) at Mar. 31, 2021															7,600,000	216,175,084
Beginning Balance at Dec. 31, 2020															$ 190,000	$ 2,156	2,586,108	913,766	(1,643,386)	40,735	2,089,379
Beginning Balance (in shares) at Dec. 31, 2020															7,600,000	215,593,401
Increase (Decrease) in Stockholders' Equity
Net loss																					(83,205)
Ending Balance at Jun. 30, 2021															$ 256,250	$ 2,190	2,626,582	833,132	(1,654,388)	39,539	2,103,305
Ending Balance (in shares) at Jun. 30, 2021															10,250,000	219,043,105
Beginning Balance at Mar. 31, 2021															$ 190,000	$ 2,162	2,585,455	860,454	(1,646,593)	40,135	2,031,613
Beginning Balance (in shares) at Mar. 31, 2021															7,600,000	216,175,084
Increase (Decrease) in Stockholders' Equity
Amortization of deferred stock compensation																	4,784				4,784
Issuance of restricted common stock, net																$ (1)	(1,360)				(1,361)
Issuance of restricted common stock, net (in shares)																(45,661)
Preferred stock dividends and dividends payable			(1,554)	(1,554)	$ (1,209)	$ (1,209)			$ (292)	$ (292)			$ (724)	$ (724)
Net proceeds from issuance of common stock																$ 29	37,630				37,659
Number of shares of common stock issued (in shares)																2,913,682
Net issuance of preferred stock in connection with hotel acquisition							$ 66,250	$ (142)		$ 66,108
Net issuance of preferred stock in connection with hotel acquisition (in shares)							2,650,000
Net proceeds from issuance of preferred stock											$ 115,000	$ (3,801)		$ 111,199
Number of shares of preferred stock issued (in shares)											4,600,000
Redemption of preferred stock	$ (115,000)	$ 4,016	$ (4,016)	$ (115,000)
Redemption of preferred stock (in shares)	(4,600,000)
Net loss																		(27,322)		(596)	(27,918)
Ending Balance at Jun. 30, 2021															$ 256,250	$ 2,190	$ 2,626,582	$ 833,132	$ (1,654,388)	$ 39,539	$ 2,103,305
Ending Balance (in shares) at Jun. 30, 2021															10,250,000	219,043,105

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Common stock distributions and distributions payable, per share (in dollars per share)				$ 0.05
Series E Cumulative Redeemable Preferred Stock
Preferred stock dividends and dividends payable (in dollars per share)	$ 0.337847	$ 0.434375	$ 0.434375	0.434375
Series F Cumulative Redeemable Preferred Stock
Preferred stock dividends and dividends payable (in dollars per share)	0.403125	$ 0.403125	$ 0.403125	$ 0.403125
Series G Cumulative Redeemable Preferred Stock
Preferred stock dividends and dividends payable (in dollars per share)	0.110259
Series H Cumulative Redeemable Preferred Stock
Preferred stock dividends and dividends payable (in dollars per share)	$ 0.157378

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (83,205)	$ (280,019)
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense	157	367
Loss on sale of assets	70
Gain on extinguishment of debt	(310)
Noncash interest on derivatives	(1,578)	6,296
Depreciation	63,478	71,264
Amortization of franchise fees and other intangibles	21	21
Amortization of deferred financing costs	1,472	1,396
Amortization of deferred stock compensation	7,411	5,271
Impairment losses		133,466
Deferred income taxes, net		7,415
Changes in operating assets and liabilities:
Accounts receivable	(16,771)	30,394
Prepaid expenses and other assets	4,426	6,447
Accounts payable and other liabilities	10,191	(6,497)
Accrued payroll and employee benefits	1,384	(10,157)
Operating lease right-of-use assets and obligations	(669)	(593)
Net cash used in operating activities	(13,923)	(34,929)
CASH FLOWS FROM INVESTING ACTIVITIES
Disposition deposit		3,500
Acquisition of hotel properties and other assets	(195,646)	(1,346)
Renovations and additions to hotel properties and other assets	(16,785)	(32,849)
Payment for interest rate derivative		(111)
Net cash used in investing activities	(212,431)	(30,806)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from preferred stock offerings	115,000
Redemption of preferred stock	(115,000)
Proceeds from common stock offerings	38,443
Repurchases of outstanding common stock		(103,894)
Repurchases of common stock for employee tax obligations	(4,877)	(3,992)
Proceeds from credit facility		300,000
Payment on credit facility		(250,000)
Payments on notes payable	(1,642)	(3,616)
Dividends and distributions paid	(7,969)	(149,856)
Distributions to noncontrolling interest		(2,000)
Contributions from noncontrolling interest	1,375	500
Net cash provided by (used in) financing activities	20,603	(212,858)
Net decrease in cash and cash equivalents and restricted cash	(205,751)	(278,593)
Cash and cash equivalents and restricted cash, beginning of period	416,139	864,973
Cash and cash equivalents and restricted cash, end of period	210,388	586,380
Supplemental Disclosure of Cash Flow Information
Cash and cash equivalents	162,898	540,420
Restricted cash	47,490	45,960
Cash and cash equivalents and restricted cash, end of period	210,388	586,380
Cash paid for interest	15,699	20,912
Cash paid for income taxes, net	5	90
Operating cash flows used for operating leases	3,364	4,054
Changes in operating lease right-of-use assets	1,836	1,892
Changes in operating lease obligations	(2,505)	(2,485)
Changes in operating lease right-of-use assets and lease obligations, net	(669)	(593)
Supplemental Disclosure of Noncash Investing and Financing Activities
Accrued renovations and additions to hotel properties and other assets	7,114	10,219
Issuance of preferred stock in connection with hotel acquisition	66,250
Preferred stock redemption charge	4,016
Amortization of deferred stock compensation - construction activities	242	246
Dividends and distributions payable	2,225	$ 3,207
Hilton Times Square
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on extinguishment of debt	(300)
Preferred Stock
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of stock issuance costs	(3,943)
Common Stock
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of stock issuance costs	$ (784)

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2021
Organization and Description of Business
Organization and Description of Business	1. Organization and Description of Business ​ Sunstone Hotel Investors, Inc. (the “Company”) was incorporated in Maryland on June 28, 2004 in anticipation of an initial public offering of common stock, which was consummated on October 26, 2004. The Company elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes, commencing with its taxable year ended on December 31, 2004. The Company, through its 100% controlling interest in Sunstone Hotel Partnership, LLC (the “Operating Partnership”), of which the Company is the sole managing member, and the subsidiaries of the Operating Partnership, including Sunstone Hotel TRS Lessee, Inc. (the “TRS Lessee”) and its subsidiaries, is currently engaged in acquiring, owning, asset managing and renovating or repositioning hotel properties, and may also selectively sell hotels that no longer fit its stated strategy. ​ As a REIT, certain tax laws limit the amount of “non-qualifying” income the Company can earn, including income derived directly from the operation of hotels. The Company leases all of its hotels to its TRS Lessee, which in turn enters into long-term management agreements with third parties to manage the operations of the Company’s hotels, in transactions that are intended to generate qualifying income. ​ As of June 30, 2021, the Company had interests in 18 hotels (the “18 Hotels”), currently held for investment. The Company’s third-party managers included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Hotels ​ Subsidiaries of Marriott International, Inc. or Marriott Hotel Services, Inc. (collectively, “Marriott”) ​ 6 ​ Crestline Hotels & Resorts ​ 2 ​ Highgate Hotels L.P. and an affiliate ​ 2 ​ Hilton Worldwide ​ 2 ​ Interstate Hotels & Resorts, Inc. ​ 2 ​ Davidson Hotels & Resorts ​ 1 ​ Hyatt Corporation ​ 1 ​ Montage North America, LLC ​ 1 ​ Singh Hospitality, LLC ​ 1 ​ ​ ​ ​ ​ Total hotels owned as of June 30, 2021 ​ 18 ​ ​ In March 2020, the novel coronavirus (“COVID-19”) cancellations, corporate and government travel restrictions and an unprecedented decline in hotel demand. As a result of these cancellations, restrictions and the health concerns related to COVID-19, the Company determined that it was in t temporarily suspend operations at 14 of the Company’s hotels, ​ ​ ​ ​ ​ ​ Hotel ​ Suspension Date ​ Resumption Date Oceans Edge Resort & Marina ​ March 22, 2020 ​ June 4, 2020 Embassy Suites Chicago ​ April 1, 2020 ​ July 1, 2020 Marriott Boston Long Wharf ​ March 12, 2020 ​ July 7, 2020 Hilton New Orleans St. Charles ​ March 28, 2020 ​ July 13, 2020 Hyatt Centric Chicago Magnificent Mile ​ April 6, 2020 ​ July 13, 2020 JW Marriott New Orleans ​ March 28, 2020 ​ July 14, 2020 Hilton San Diego Bayfront ​ March 23, 2020 ​ August 11, 2020 Renaissance Washington DC ​ March 26, 2020 ​ August 24, 2020 Hyatt Regency San Francisco ​ March 22, 2020 ​ October 1, 2020 Renaissance Orlando at SeaWorld® ​ March 20, 2020 ​ October 1, 2020 The Bidwell Marriott Portland ​ March 27, 2020 ​ October 5, 2020 Wailea Beach Resort ​ March 25, 2020 ​ November 1, 2020 Hilton Garden Inn Chicago Downtown/Magnificent Mile ​ March 27, 2020 ​ April 1, 2021 Renaissance Westchester ​ April 4, 2020 ​ ​ ​ The Company is unable to predict when its remaining temporarily suspended hotel will resume its operations, or if those hotels that have resumed operations will be temporarily suspended again. The extent of the effects of the pandemic on the Company’s business and the hotel industry at large, however, will ultimately depend on future developments, including, but not limited to, the duration and severity of the pandemic, how quickly and successfully effective vaccines and therapies are distributed and administered, as well as the length of time it takes for demand and pricing to return and normal economic and operating conditions to resume. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies ​ Basis of Presentation ​ The accompanying consolidated financial statements as of June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020, include the accounts of the Company, the Operating Partnership, the TRS Lessee and their controlled subsidiaries. All significant intercompany balances and transactions have been eliminated. If the Company determines that it has an interest in a variable interest entity, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. ​ The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission. In the Company’s opinion, the interim financial statements presented herein reflect all adjustments, consisting solely of normal and recurring adjustments, which are necessary to fairly present the interim financial statements. These financial statements should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on February 12, 2021. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. ​ The Company does not have any comprehensive income other than what is included in net income. If the Company has any comprehensive income in the future such that a statement of comprehensive income would be necessary, the Company will include such statement in one continuous consolidated statement of operations. ​ The Company has evaluated subsequent events through the date of issuance of these financial statements. ​ Use of Estimates ​ The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. ​ Earnings Per Share ​ The Company applies the two-class method when computing its earnings per share. Net income per share for each class of stock is calculated assuming all of the Company’s net income is distributed as dividends to each class of stock based on their contractual rights. ​ Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities and are included in the computation of earnings per share. ​ Basic earnings (loss) attributable to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) attributable to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period, plus potential common shares considered outstanding during the period, as long as the inclusion of such awards is not anti-dilutive. Potential common shares consist of unvested restricted stock awards, using the more dilutive of either the two-class method or the treasury stock method. ​ The following table sets forth the computation of basic and diluted loss per common share (unaudited and in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (27,918) ​ $ (117,500) ​ $ (83,205) ​ $ (280,019) Loss from consolidated joint venture attributable to noncontrolling interest ​ ​ 596 ​ ​ 2,162 ​ ​ 2,571 ​ ​ 2,620 Preferred stock dividends and redemption charge ​ ​ (7,795) ​ ​ (3,207) ​ ​ (11,002) ​ ​ (6,414) Distributions paid on unvested restricted stock compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ (69) Numerator for basic and diluted loss attributable to common stockholders ​ $ (35,117) ​ $ (118,545) ​ $ (91,636) ​ $ (283,882) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic and diluted common shares outstanding ​ ​ 215,113 ​ ​ 214,225 ​ ​ 214,778 ​ ​ 217,631 Basic and diluted loss attributable to common stockholders per common share ​ $ (0.16) ​ $ (0.55) ​ $ (0.43) ​ $ (1.30) ​ The Company’s unvested restricted shares associated with its long-term incentive plan have been excluded from the above calculation of earnings per share for the three and six months ended June 30, 2021 and 2020, as their inclusion would have been anti-dilutive. ​ Restricted Cash ​ Restricted cash is comprised of reserve accounts for debt service, interest, seasonality, capital replacements, ground leases, property taxes and hotel-generated cash that is held in accounts for the benefit of lenders. These restricted funds are subject to disbursement approval based on in-place agreements and policies by certain of the Company’s lenders, ground lessors and/or hotel managers. At times, restricted cash also includes earnest money either paid to a seller or potential seller of a hotel or received from a buyer or potential buyer of one of the Company’s hotels and held in escrow until either the purchase or sale is completed or subject to the terms of the related purchase and sale agreement. In addition, restricted cash as of June 30, 2021 and December 31, 2020 includes $10.9 million and $11.6 million, respectively, held in escrow related to certain current and potential employee-related obligations in accordance with the assignment-in-lieu agreement between the Company and the mortgage holder of one of the Company’s former hotels (see Note 11). ​ Investments in Hotel Properties ​ Investments in hotel properties, including land, buildings, furniture, fixtures and equipment (“FF&E”) and identifiable intangible assets are recorded at their respective relative fair values for an asset acquisition or at their estimated fair values for a business acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the consolidated statements of operations. ​ Depreciation expense is based on the estimated life of the Company’s assets. The life of the assets is based on a number of assumptions, including the cost and timing of capital expenditures to maintain and refurbish the Company’s hotels, as well as specific market and economic conditions. Hotel properties are depreciated using the straight-line method over estimated useful lives primarily ranging from five to 40 years for buildings and improvements and three to 12 years for FF&E. Finance lease right-of-use assets other than land are depreciated using the straight-line method over the shorter of either their estimated useful life or the life of the related finance lease obligation. Intangible assets are amortized using the straight-line method over the shorter of their estimated useful life or over the length of the related agreement. ​ The Company’s investment in hotel properties, net also includes initial franchise fees which are recorded at cost and amortized using the straight-line method over the terms of the franchise agreements ranging from 14 to 27 years . All other franchise fees that are based on the Company’s results of operations are expensed as incurred. ​ While the Company believes its estimates are reasonable, a change in the estimated lives could affect depreciation expense and net income or the gain or loss on the sale of any of the Company’s hotels. The Company has not changed the useful lives of any of its assets during the periods discussed. ​ Impairment losses are recorded on long-lived assets to be held and used by the Company when indicators of impairment are present and the future undiscounted net cash flows, including potential sale proceeds, expected to be generated by those assets, based on the Company’s anticipated investment horizon, are less than the assets’ carrying amount. The Company evaluates its long-lived assets to determine if there are indicators of impairment on a quarterly basis. No single indicator would necessarily result in the Company preparing an estimate to determine if a hotel’s future undiscounted cash flows are less than the book value of the hotel. The Company uses judgment to determine if the severity of any single indicator, or the fact there are a number of indicators of less severity that when combined, would result in an indication that a hotel requires an estimate of the undiscounted cash flows to determine if an impairment has occurred. If a hotel is considered to be impaired, the related assets are adjusted to their estimated fair value and an impairment loss is recognized. The impairment loss recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The Company performs a fair value assessment, using one or more discounted cash flow analyses to estimate the fair value of the hotel, taking into account the hotel’s expected cash flow from operations, the Company’s estimate of how long it will own the hotel and the estimated proceeds from the disposition of the hotel. When multiple cash flow analyses are prepared, a probability is assigned to each cash flow analysis based upon the estimated likelihood of each scenario occurring. The factors addressed in determining estimated proceeds from disposition include anticipated operating cash flow in the year of disposition and terminal capitalization rate. The Company’s judgment is required in determining the discount rate applied to estimated cash flows, the estimated growth of revenues and expenses, net operating income and margins, the need for capital expenditures, as well as specific market and economic conditions. Based on the Company’s review, no hotels were impaired during the first six months of 2021. ​ Fair value represents the amount at which an asset could be bought or sold in a current transaction between willing parties, that is, other than a forced or liquidation sale. The estimation process involved in determining if assets have been impaired and in the determination of fair value is inherently uncertain because it requires estimates of current market yields as well as future events and conditions. Such future events and conditions include economic and market conditions, as well as the availability of suitable financing. The realization of the Company’s investment in hotel properties is dependent upon future uncertain events and conditions and, accordingly, the actual timing and amounts realized by the Company may be materially different from their estimated fair values. ​ Finance and Operating Leases ​ The Company determines if a contract is a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Expense for these short-term leases is recognized on a straight-line basis over the lease term. For leases with an initial term greater than 12 months , the Company records a right-of-use (“ROU”) asset and a corresponding lease obligation. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease obligations represent the Company’s obligation to make fixed lease payments as stipulated by the lease. The Company has elected to not separate lease components from nonlease components, resulting in the Company accounting for lease and nonlease components as one single lease component. ​ Leases are accounted for using a dual approach, classifying leases as either operating or financing based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the Company. This classification determines whether the lease expense is recognized on a straight-line basis over the term of the lease for operating leases or based on an effective interest method for finance leases. ​ Operating lease ROU assets are recognized at the lease commencement date and include the amount of the initial operating lease obligation, any lease payments made at or before the commencement date, excluding any lease incentives received, and any initial direct costs incurred. For leases that have extension options that the Company can exercise at its discretion, management uses judgment to determine if it is reasonably certain that the Company will in fact exercise such option. If the extension option is reasonably certain to occur, the Company includes the extended term’s lease payments in the calculation of the respective lease liability. None of the Company’s leases contain any material residual value guarantees or material restrictive covenants. ​ Operating lease obligations are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate (“IBR”) based on information available at the commencement date in determining the present value of lease payments over the lease term. The IBR is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In order to estimate the Company’s IBR, the Company first looks to its own unsecured debt offerings, and adjusts the rate for both length of term and secured borrowing using available market data as well as consultations with leading national financial institutions that are active in the issuance of both secured and unsecured notes. ​ The Company reviews its right-of-use assets for indicators of impairment. If such assets are considered to be impaired, the related assets are adjusted to their estimated fair value and an impairment loss is recognized. The impairment loss recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Based on the Company’s review, no operating lease ROU assets were impaired during the first six months of 2021. ​ Noncontrolling Interest ​ The Company’s consolidated financial statements include an entity in which the Company has a controlling financial interest. Noncontrolling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Such noncontrolling interest is reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from the less-than-wholly owned subsidiary are reported at their consolidated amounts, including both the amounts attributable to the Company and the noncontrolling interest. Income or loss is allocated to the noncontrolling interest based on its weighted average ownership percentage for the applicable period. The consolidated statements of equity include beginning balances, activity for the period and ending balances for each component of stockholders’ equity, noncontrolling interest and total equity. ​ At both June 30, 2021 and December 31, 2020, the noncontrolling interest reported in the Company’s consolidated financial statements consisted of a third-party’s 25.0% ownership interest in the Hilton San Diego Bayfront. ​ Revenue Recognition ​ Revenues are recognized when control of the promised goods or services is transferred to hotel guests, which is generally defined as the date upon which a guest occupies a room and/or utilizes the hotel’s services. Room revenue and other occupancy based fees are recognized over a guest’s stay at the previously agreed upon daily rate. Some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is recognized by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is recognized by the Company on a gross basis, with the related discount or commission recognized in room expense. A majority of the Company’s hotels participate in frequent guest programs sponsored by the hotel brand owners whereby the hotel allows guests to earn loyalty points during their hotel stay. The Company expenses charges associated with these programs as incurred, and recognizes revenue at the amount it will receive from the brand when a guest redeems their loyalty points by staying at one of the Company’s hotels. In addition, some contracts for rooms or food and beverage services require an advance deposit, which the Company records as deferred revenue (or a contract liability) and recognizes once the performance obligations are satisfied. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill their contracted minimum number of room nights or minimum food and beverage spending requirements, are typically recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is generally the period in which these fees are collected. ​ Food and beverage revenue and other ancillary services revenue are generated when a customer chooses to purchase goods or services separately from a hotel room. The revenue is recognized when the goods or services are provided to the customer at the amount the Company expects to be entitled to in exchange for those goods or services. For ancillary services provided by third parties, the Company assesses whether it is the principal or the agent. If the Company is the principal, revenue is recognized based upon the gross sales price. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. ​ Additionally, the Company collects sales, use, occupancy and other similar taxes from customers at its hotels at the time of purchase, which are not included in revenue. The Company records a liability upon collection of such taxes from the customer, and relieves the liability when payments are remitted to the applicable governmental agency. ​ Trade receivables and contract liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ (unaudited) ​ ​ ​ Trade receivables, net (1) ​ $ 12,841 ​ $ 8,110 Contract liabilities (2) ​ $ 28,260 ​ $ 16,815 (1) Trade receivables are included in accounts receivable, net on the accompanying consolidated balance sheets. (2) Contract liabilities consist of advance deposits and are included in either other current liabilities or other liabilities on the accompanying consolidated balance sheets. ​ During the three and six months ended June 30, 2021, the Company recognized approximately $0.3 million and $1.1 million, respectively, in revenue related to its outstanding contract liabilities. During the three and six months ended June 30, 2020, the Company recognized zero and approximately $10.2 million, respectively, in revenue related to its outstanding contract liabilities. ​ Segment Reporting ​ The Company considers each of its hotels to be an operating segment, and allocates resources and assesses the operating performance for each hotel. Because all of the Company’s hotels have similar economic characteristics, facilities and services, the hotels have been aggregated into one single reportable segment, hotel ownership. ​ New Accounting Standards and Accounting Changes ​ In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​

Investment in Hotel Properties

Investment in Hotel Properties	6 Months Ended
	Jun. 30, 2021
Investment in Hotel Properties
Investment in Hotel Properties	3. Investment in Hotel Properties ​ Investment in hotel properties, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Land ​ $ 611,538 ​ $ 571,212 Buildings and improvements ​ ​ 2,725,893 ​ ​ 2,523,750 Furniture, fixtures and equipment ​ ​ 452,610 ​ ​ 431,918 Intangible assets ​ ​ 34,891 ​ ​ 21,192 Franchise fees ​ ​ 743 ​ ​ 743 Construction in progress ​ ​ 27,082 ​ ​ 15,831 Investment in hotel properties, gross ​ ​ 3,852,757 ​ ​ 3,564,646 Accumulated depreciation and amortization ​ ​ (1,165,362) ​ ​ (1,103,148) Investment in hotel properties, net ​ $ 2,687,395 ​ $ 2,461,498 ​ In April 2021, the Company purchased the fee simple interest in the newly-developed 130 -room Montage Healdsburg, California for $265.0 million, excluding acquisition costs and prorations. ​ As part of the purchase price allocation for the Montage Healdsburg, the Company allocated a total of $13.7 million to intangible assets related to the hotel’s residential rental and social membership programs, whereby future owners of the adjacent separately owned Montage Residences Healdsburg will be eligible to participate in an optional rental program as well as become social members of the Montage Healdsburg to access use of the hotel’s facilities. The $13.7 million will be amortized over the life of the related remaining 25-year resort management agreement once the hotel begins to recognize revenue related to the programs. ​ ​

Fair Value Measurements and Int

Fair Value Measurements and Interest Rate Derivatives	6 Months Ended
	Jun. 30, 2021
Fair Value Measurements and Interest Rate Derivatives
Fair Value Measurements and Interest Rate Derivatives	4. Fair Value Measurements and Interest Rate Derivatives ​ Fair Value Measurements ​ As of June 30, 2021 and December 31, 2020, the carrying amount of certain financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses were representative of their fair values due to the short-term maturity of these instruments. ​ A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value is as follows: ​ ​ ​ Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ​ ​ Level 2 Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or the liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. ​ ​ Level 3 Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. ​ As of both June 30, 2021 and December 31, 2020, the Company measured its interest rate derivatives at fair value on a recurring basis. The Company estimated the fair value of its interest rate derivatives using Level 2 measurements based on quotes obtained from the counterparties, which are based upon the consideration that would be required to terminate the agreements. ​ The following table presents the Company’s assets measured at fair value on a recurring and nonrecurring basis at June 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date ​ Total Level 1 Level 2 Level 3 June 30, 2021 (unaudited): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate cap derivative ​ $ — ​ $ — ​ $ — ​ $ — Total assets measured at fair value at June 30, 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Renaissance Westchester (1) ​ $ 14,125 ​ $ — ​ $ 14,125 ​ $ — Interest rate cap derivative ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total assets measured at fair value at December 31, 2020 ​ $ 14,125 ​ $ — ​ $ 14,125 ​ $ — (1) The fair market value of the Renaissance Westchester is included in investment in hotel properties, net on the Company’s consolidated balance sheet at December 31, 2020. ​ The following table presents the Company’s liabilities measured at fair value on a recurring and nonrecurring basis at June 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date ​ Total Level 1 Level 2 Level 3 June 30, 2021 (unaudited): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap derivatives ​ $ 4,132 ​ $ — ​ $ 4,132 ​ $ — Total liabilities measured at fair value at June 30, 2021 ​ $ 4,132 ​ $ — ​ $ 4,132 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap derivatives ​ $ 5,710 ​ $ — ​ $ 5,710 ​ $ — Total liabilities measured at fair value at December 31, 2020 ​ $ 5,710 ​ $ — ​ $ 5,710 ​ $ — ​ Interest Rate Derivatives ​ The Company’s interest rate derivatives, which are not designated as effective cash flow hedges, consisted of the following at June 30, 2021 (unaudited) and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value of Assets (Liabilities) (1) ​ ​ Strike / Capped ​ Effective Maturity ​ Notional ​ June 30, ​ December 31, Hedged Debt Type Rate Index Date Date ​ Amount ​ 2021 ​ 2020 Hilton San Diego Bayfront Cap 6.000 % 1-Month LIBOR December 9, 2020 December 15, 2021 ​ $ 220,000 ​ $ — ​ $ — $85.0 million term loan Swap 1.591 % 1-Month LIBOR October 29, 2015 September 2, 2022 ​ $ 85,000 ​ ​ (1,468) ​ ​ (2,100) $100.0 million term loan Swap 1.853 % 1-Month LIBOR January 29, 2016 January 31, 2023 ​ $ 100,000 ​ ​ (2,664) ​ ​ (3,610) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (4,132) ​ $ (5,710) (1) The fair values of the cap agreement and both swap agreements are included in other assets, net and other liabilities, respectively, on the accompanying consolidated balance sheets as of both June 30, 2021 and December 31, 2020. Noncash changes in the fair values of the Company’s interest rate derivatives resulted in (decreases) increases to interest expense for the three and six months ended June 30, 2021 and 2020 as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ Noncash interest on derivatives ​ $ (709) ​ $ 216 ​ $ (1,578) ​ $ 6,296 ​ ​ Fair Value of Debt ​ As of June 30, 2021 and December 31, 2020, 70.5% and 70.6%, respectively, of the Company’s outstanding debt had fixed interest rates, including the effects of interest rate swap agreements. The Company uses Level 3 measurements to estimate the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates. ​ The Company’s principal balances and fair market values of its consolidated debt as of June 30, 2021 (unaudited) and December 31, 2020 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Carrying Amount (1) ​ Fair Value (2) ​ Carrying Amount (1) ​ Fair Value (2) Debt $ 746,303 ​ $ 720,551 ​ $ 747,945 ​ $ 715,042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The principal balance of debt is presented before any unamortized deferred financing costs. (2) Due to prevailing market conditions and the uncertain economic environment caused by the COVID-19 pandemic, actual interest rates could vary materially from those estimated, which would result in variances in the Company’s calculations of the fair market value of its debt. ​ ​

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2021
Other Assets.
Other Assets	5. Other Assets ​ Other assets, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Property and equipment, net ​ $ 6,256 ​ $ 6,767 Deferred rent on straight-lined third-party tenant leases ​ ​ 2,567 ​ ​ 2,819 Other receivables ​ ​ 2,077 ​ ​ 2,633 Other ​ ​ 433 ​ ​ 226 Total other assets, net ​ $ 11,333 ​ $ 12,445 ​ ​

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2021
Notes Payable
Notes Payable	6. Notes Payable ​ Notes payable consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.12% to 4.15% ; maturing at dates ranging from December 11, 2024 through January 6, 2025 . The notes are collateralized by first deeds of trust on two hotel properties at both June 30, 2021 and December 31, 2020. ​ $ 136,303 ​ $ 137,945 Note payable requiring payments of interest only, bearing a blended rate of one-month LIBOR plus 105 basis points, resulting in effective interest rates of 1.144% and 1.192% at June 30, 2021 and December 31, 2020, respectively; matures on December 9, 2021 with two one-year options to extend, which the Company intends to exercise. The note is collateralized by a first deed of trust on one hotel property. ​ 220,000 ​ 220,000 Unsecured term loan requiring payments of interest only, with a blended interest rate based on a pricing grid with a range of 135 to 220 basis points, depending on the Company's leverage ratios, plus the greater of one-month LIBOR or 25 basis points. LIBOR has been swapped to a fixed rate of 1.591% , resulting in an effective interest rate of 3.941% . Matures on September 3, 2022 . ​ ​ 85,000 ​ ​ 85,000 Unsecured term loan requiring payments of interest only, with a blended interest rate based on a pricing grid with a range of 135 to 220 basis points, depending on the Company's leverage ratios, plus the greater of one-month LIBOR or 25 basis points. LIBOR has been swapped to a fixed rate of 1.853% , resulting in an effective interest rate of 4.203% . Matures on January 31, 2023 . ​ ​ 100,000 ​ ​ 100,000 Unsecured Series A Senior Notes requiring semi-annual payments of interest only, bearing interest at 5.94% . Matures on January 10, 2026 . ​ ​ 90,000 ​ ​ 90,000 Unsecured Series B Senior Notes requiring semi-annual payments of interest only, bearing interest at 6.04 %. Matures on January 10, 2028 . ​ 115,000 ​ 115,000 Total notes payable ​ $ 746,303 ​ $ 747,945 ​ ​ ​ ​ ​ ​ ​ Current portion of notes payable ​ $ 3,375 ​ $ 3,305 Less: current portion of deferred financing costs ​ ​ (1,044) ​ ​ (1,044) Carrying value of current portion of notes payable ​ $ 2,331 ​ $ 2,261 ​ ​ ​ ​ ​ ​ ​ Notes payable, less current portion ​ $ 742,928 ​ $ 744,640 Less: long-term portion of deferred financing costs ​ (1,591) ​ (2,112) Carrying value of notes payable, less current portion ​ $ 741,337 ​ $ 742,528 ​ Certain of the Company’s loan agreements contain cash trap provisions that may be triggered if the performance of the hotels securing the loans decline. These provisions were triggered for the loans secured by the Embassy Suites La Jolla and the JW Marriott New Orleans in January 2021 and at the Hilton San Diego Bayfront in May 2021. As of June 30, 2021, a nominal amount of excess cash was held in lockbox accounts for the benefit of the lenders and included in restricted cash on the accompanying consolidated balance sheet. The cash trap provisions triggered on these three loans will remain until the hotels reach profitability levels that terminate the cash traps. ​ As of June 30, 2021, the Company had no amount outstanding on the revolving portion of its credit facility, with $500.0 million of capacity available for additional borrowing under the facility. The Company’s ability to draw on the revolving portion of the credit facility may be subject to the Company’s compliance with various financial covenants on its secured and unsecured debt. ​ The Company is subject to various financial covenants on its secured and unsecured debt. In July and December 2020, the Company completed amendments to its unsecured debt, consisting of its revolving credit facility, term loans and senior notes (the “Unsecured Debt Amendments”). Among other provisions, the Unsecured Debt Amendments include a waiver of required financial covenants through the end of the first quarter of 2022, with quarterly testing resuming for the period ending March 31, 2022 (see Note 12). The Company can elect to terminate the covenant relief period early, subject to the achievement of the original financial covenants at the end of any quarterly measurement period. ​ Interest Expense ​ Total interest incurred and expensed on the notes payable and finance lease obligation was as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Interest expense on debt and finance lease obligation ​ $ 8,037 ​ $ 12,037 ​ $ 15,820 ​ $ 22,765 Noncash interest on derivatives ​ ​ (709) ​ ​ 216 ​ ​ (1,578) ​ ​ 6,296 Amortization of deferred financing costs ​ ​ 737 ​ ​ 697 ​ ​ 1,472 ​ ​ 1,396 Total interest expense ​ $ 8,065 ​ $ 12,950 ​ $ 15,714 ​ $ 30,457 ​

Other Current Liabilities and O

Other Current Liabilities and Other Liabilities	6 Months Ended
	Jun. 30, 2021
Other Current Liabilities and Other Liabilities
Other Current Liabilities and Other Liabilities	7. Other Current Liabilities and Other Liabilities ​ Other Current Liabilities ​ Other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Property, sales and use taxes payable ​ $ 14,676 ​ $ 10,134 Accrued interest ​ ​ 7,033 ​ ​ 6,914 Advance deposits ​ ​ 26,167 ​ ​ 13,341 Management fees payable ​ ​ 598 ​ ​ 169 Other ​ ​ 2,219 ​ ​ 2,048 Total other current liabilities ​ $ 50,693 ​ $ 32,606 ​ Other Liabilities ​ Other liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Deferred revenue ​ $ 6,385 ​ $ 7,911 Interest rate swap derivatives ​ ​ 4,132 ​ ​ 5,710 Other ​ ​ 3,095 ​ ​ 3,873 Total other liabilities ​ $ 13,612 ​ $ 17,494 ​ ​

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases
Leases	8. Leases ​ The Company has both finance and operating leases for ground, building, office, equipment and airspace leases, maturing in dates ranging from 2025 through 2097, including expected renewal options. Including all renewal options available to the Company, the lease maturity date extends to 2147. ​ Leases were included on the Company’s consolidated balance sheets as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ (unaudited) ​ ​ ​ ​ Finance Lease: ​ ​ ​ ​ ​ ​ ​ Right-of-use asset, gross (buildings and improvements) ​ $ 58,799 ​ $ 58,799 ​ Accumulated amortization ​ ​ (13,352) ​ ​ (12,617) ​ Right-of-use asset, net ​ $ 45,447 ​ $ 46,182 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued expenses ​ $ 2 ​ $ 1 ​ Lease obligation, less current portion ​ ​ 15,568 ​ ​ 15,569 ​ Total lease obligation ​ $ 15,570 ​ $ 15,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining lease term ​ ​ 77 years ​ ​ ​ ​ Discount rate ​ ​ 9.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases: ​ ​ ​ ​ ​ ​ ​ Right-of-use assets, net ​ $ 24,939 ​ $ 26,093 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued expenses ​ $ 5,344 ​ $ 5,028 ​ Lease obligations, less current portion ​ ​ 27,816 ​ ​ 29,954 ​ Total lease obligations ​ $ 33,160 ​ $ 34,982 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term, including reasonably certain extension options (1) ​ ​ 6 years ​ ​ ​ ​ Weighted average discount rate ​ ​ 5.1 % ​ ​ ​ (1) The weighted average remaining term including all available extension options is approximately 34 years . ​ The components of lease expense were as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use asset ​ $ 367 ​ $ 367 ​ $ 735 ​ $ 735 Interest on lease obligation ​ ​ 351 ​ ​ 351 ​ ​ 702 ​ ​ 702 Operating lease cost ​ ​ 1,366 ​ ​ 2,341 ​ ​ 2,686 ​ ​ 4,070 Variable lease cost (1) ​ ​ 13 ​ ​ (689) ​ ​ 13 ​ ​ 24 Total lease cost ​ $ 2,097 ​ $ 2,370 ​ $ 4,136 ​ $ 5,531 (1) Several of the Company’s hotels pay percentage rent, which is calculated on operating revenues above certain thresholds .

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity
Stockholders' Equity	9. Stockholders’ Equity ​ Series E Cumulative Redeemable Preferred Stock ​ In June 2021, the Company redeemed all 4,600,000 shares of its 6.95% Series E Cumulative Redeemable Preferred Stock (“Series E preferred stock”) at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. An additional redemption charge of $4.0 million was recognized related to the original issuance costs of the Series E preferred stock, which were previously included in additional paid in capital. After the redemption date, the Company has no outstanding shares of Series E preferred stock, and all rights of the holders of such shares were terminated. Because the redemption of the Series E preferred stock was a redemption in full, trading of the Series E preferred stock on the New York Stock Exchange ceased on the June 11, 2021 redemption date. ​ Series F Cumulative Redeemable Preferred Stock ​ In May 2016, the Company issued 3,000,000 shares of its 6.45% Series F Cumulative Redeemable Preferred Stock (“Series F preferred stock”) with a liquidation preference of $25.00. As of May 17, 2021, the Series F preferred stock is redeemable at the Company’s option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date (see Note 12). Upon the occurrence of a change of control, as defined by the Articles Supplementary for Series F preferred stock, holders of the Series F preferred stock may, under certain circumstances, convert their preferred shares into shares of the Company’s common stock. ​ Series G Cumulative Redeemable Preferred Stock ​ Contemporaneous with the Company’s April 2021 purchase of the Montage Healdsburg, the Company issued 2,650,000 shares of its Series G preferred stock to the hotel’s seller as partial payment of the hotel (see Note 3). The Series G preferred stock, which is callable at its $25.00 liquidation preference plus accrued and unpaid dividends by the Company at any time, accrues dividends at an initial rate equal to the Montage Healdsburg’s annual net operating income yield on the Company’s investment in the hotel. The Series G preferred stock is not convertible into any other security. ​ Series H Cumulative Redeemable Preferred Stock ​ In May 2021, the Company issued 4,600,000 shares of its 6.125% Series H Cumulative Redeemable Preferred Stock (“Series H preferred stock”) with a liquidation preference of $25.00 . On or after May 24, 2026 , the Series H preferred stock will be redeemable at the Company’s option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. Upon the occurrence of a change of control, as defined by the Articles Supplementary for Series H preferred stock, holders of the Series H preferred stock may, under certain circumstances, convert their preferred shares into shares of the Company’s common stock. ​ Common Stock ​ In February 2021, the Company’s board of directors reauthorized the Company’s existing stock repurchase program, allowing the Company to acquire up to $500.0 million of the Company’s common and preferred stock. The 2021 stock repurchase program has no stated expiration date. As of June 30, 2021, the Company has not repurchased any common or preferred stock under the 2021 stock repurchase program. The redemption of the Series E preferred stock in June 2021 was completed through a separate authorization by the Company’s board of directors, leaving $500.0 million remaining for repurchase under the 2021 stock repurchase program. Future repurchases will depend on various factors, including the Company’s capital needs, restrictions under its various financing agreements and the price of the Company’s common and preferred stock. ​ In February 2017, the Company entered into separate “At the Market” Agreements (the “ATM Agreements”) with each of BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC. In accordance with the terms of the ATM Agreements, the Company may from time to time offer and sell shares of its common stock having an aggregate offering price of up to $300.0 million. In June 2021, the Company issued 2,913,682 shares of common stock under the ATM Agreements for gross proceeds of $38.4 million, leaving $137.0 million available for sale under the ATM Agreements. ​ ​

Long-Term Incentive Plan

Long-Term Incentive Plan	6 Months Ended
	Jun. 30, 2021
Long-Term Incentive Plan
Long-Term Incentive Plan	10. Long-Term Incentive Plan ​ Restricted shares granted pursuant to the Company’s Long-Term Incentive Plan (“LTIP”) generally vest over a period of three years from the date of grant. Should a stock grant be forfeited prior to its vesting, the shares covered by the stock grant are added back to the LTIP and remain available for future issuance. Shares of common stock tendered or withheld to satisfy the grant or exercise price or tax withholding obligations upon the vesting of a stock grant are not added back to the LTIP. ​ Compensation expense related to awards of restricted shares are measured at fair value on the date of grant and amortized over the relevant requisite service period or derived service period. The Company has elected to account for forfeitures as they occur. ​ The Company’s amortization expense and forfeitures related to restricted shares for the three and six months ended June 30, 2021 and 2020 were as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Amortization expense, including forfeitures ​ $ 4,659 ​ $ 3,064 ​ $ 7,411 ​ $ 5,271 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized compensation cost (1) ​ $ 125 ​ $ 129 ​ $ 242 ​ $ 246 (1) The Company capitalizes compensation costs related to restricted shares granted to certain employees whose work is directly related to the Company’s capital investment in its hotels. ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies ​ Management Agreements ​ Management agreements with the Company’s third-party hotel managers require the Company to pay between 1.75% and 3.0% of total revenue of the managed hotels to the third-party managers each month as a basic management fee. In addition to basic management fees, provided that certain operating thresholds are met, the Company may also be required to pay incentive management fees to certain of its third-party managers. ​ Total basic and incentive management fees incurred by the Company during the three and six months ended June 30, 2021 and 2020 were included in other property-level expenses on the Company’s consolidated statements of operations as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Basic management fees ​ $ 3,073 ​ $ 164 ​ $ 4,376 ​ $ 5,555 Incentive management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total basic and incentive management fees ​ $ 3,073 ​ $ 164 ​ $ 4,376 ​ $ 5,555 ​ License and Franchise Agreements ​ The Company has entered into license and franchise agreements related to certain of its hotels. The license and franchise agreements require the Company to, among other things, pay monthly fees that are calculated based on specified percentages of certain revenues. The license and franchise agreements generally contain specific standards for, and restrictions and limitations on, the operation and maintenance of the hotels which are established by the franchisors to maintain uniformity in the system created by each such franchisor. Such standards generally regulate the appearance of the hotel, quality and type of goods and services offered, signage and protection of trademarks. Compliance with such standards may from time to time require the Company to make significant expenditures for capital improvements. ​ Total license and franchise fees incurred by the Company during the three and six months ended June 30, 2021 and 2020 were included in franchise costs on the Company’s consolidated statements of operations as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Franchise assessments (1) ​ $ 1,852 ​ $ 376 ​ $ 2,720 ​ $ 4,794 Franchise royalties (2) ​ ​ 444 ​ ​ (38) ​ ​ 567 ​ ​ 880 Total franchise costs ​ $ 2,296 ​ $ 338 ​ $ 3,287 ​ $ 5,674 (1) Includes advertising, reservation and frequent guest program assessments. (2) Includes key money received from one of the Company’s franchisors, which the Company is amortizing over the term of the hotel’s franchise agreement. ​ Renovation and Construction Commitments ​ At June 30, 2021, the Company had various contracts outstanding with third parties in connection with the ongoing renovations of certain of its hotel properties. The remaining commitments under these contracts at June 30, 2021 totaled $36.5 million. ​ Concentration of Risk ​ The concentration of the Company’s hotels in California, Florida, Hawaii, Illinois and Massachusetts exposes the Company’s business to economic and severe weather conditions, competition and real and personal property tax rates unique to these locales. ​ As of June 30, 2021, 13 of the 18 Hotels were geographically concentrated as follows (unaudited): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trailing 12-Month ​ ​ ​ ​ ​ Percentage of ​ Total ​ ​ Number of Hotels Total Rooms Consolidated Revenue California ​ 5 ​ 31 % 34 % Florida ​ 2 ​ 10 % 16 % Hawaii ​ 1 ​ 6 % 21 % Illinois ​ 3 ​ 13 % 5 % Massachusetts ​ 2 ​ 16 % 11 % ​ Other ​ In accordance with the assignment-in-lieu agreement executed in December 2020 between the Company and the mortgage holder of the Hilton Times Square, the Company was required to retain approximately $11.6 million related to certain current and potential employee-related obligations (the “potential obligation”), which was included in restricted cash on the accompanying consolidated balance sheet at December 31, 2020. During the first six months of 2021, $0.5 million of the potential obligation was paid to the hotel’s employees. In addition, the potential obligation was reassessed at both March 31, 2021 and June 30, 2021, resulting in a gain on extinguishment of debt of $0.1 million and $0.3 million recognized during the three and six months ended June 30, 2021, respectively. As of June 30, 2021, $10.9 million remains in restricted cash on the accompanying consolidated balance sheet, which will continue to be held in escrow until the potential obligation is resolved. Other current liabilities on the accompanying consolidated balance sheets as of June 30, 2021 and December 31, 2020, included the potential obligation balances of $10.8 million and $11.6 million, respectively. ​ The Company has provided customary unsecured indemnities to certain lenders, including in particular, environmental indemnities. The Company has performed due diligence on the potential environmental risks, including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate the Company to reimburse the indemnified parties for damages related to certain environmental matters. There is no term or damage limitation on these indemnities; however, if an environmental matter arises, the Company could have recourse against other previous owners or a claim against its environmental insurance policies. ​ At June 30, 2021, the Company had $0.2 million of outstanding irrevocable letters of credit to guarantee the Company’s financial obligations related to workers’ compensation insurance programs from prior policy years. The beneficiaries of these letters of credit may draw upon the letters of credit in the event of a contractual default by the Company relating to each respective obligation. No draws have been made through June 30, 2021. ​ The Company is subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of its hotels, its managers and other Company matters. While it is not possible to ascertain the ultimate outcome of such matters, the Company believes that the aggregate identifiable amount of such liabilities, if any, in excess of amounts covered by insurance will not have a material adverse impact on its financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings, including any potential COVID-19-related litigation, brought against the Company, however, is subject to significant uncertainties.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Event
Subsequent Events	12. Subsequent Events ​ On July 2, 2021, the Company amended its Unsecured Debt Agreements, which removed certain restrictions in place during the covenant waiver period ending March 31, 2022. The restrictions removed include the limitation on the aggregate value of unencumbered hotel acquisitions the Company can complete and, provided that an event of default has not occurred, the requirement to prepay the Company’s unsecured debt using net proceeds received from asset sales or equity issuances. ​ On July 16, 2021, the Company issued 4,000,000 shares of its 5.70% Series I Cumulative Redeemable Preferred Stock (“Series I preferred stock”) with a liquidation preference of $25.00 . On or after July 16, 2026 , the Series I preferred stock will be redeemable at the Company’s option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. Upon the occurrence of a change of control, as defined by the Articles Supplementary for Series I preferred stock, holders of the Series I preferred stock may, under certain circumstances, convert their preferred shares into shares of the Company’s common stock. ​ On July 13, 2021, the Company provided a notice of redemption to the holders of its Series F preferred stock. On August 12, 2021, proceeds received from the Company’s issuance of the Series I preferred stock will be used to redeem all 3,000,000 shares of the Series F preferred stock for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends of $0.183646 per share, for a total payment of $25.183646 per share. After the redemption date, the Series F preferred stock will no longer be deemed outstanding and all the rights of the holders of the Series F preferred stock will terminate, except the right to receive the redemption price. In addition, because all issued and outstanding shares of the Series F preferred stock will be redeemed, the Series F preferred stock will no longer trade on the New York Stock Exchange after the redemption date. ​ The Company is under contract to acquire a West Coast hotel for a gross purchase price of less than $200 million. The acquisition of the hotel is subject to standard due diligence, and as of the date hereof, the Company can cancel the contract without penalty. The Company would expect to finance the acquisition with cash on hand and borrowings under its revolving credit facility. The Company can give no assurances that the acquisition will be completed. ​ ​ ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation ​ The accompanying consolidated financial statements as of June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020, include the accounts of the Company, the Operating Partnership, the TRS Lessee and their controlled subsidiaries. All significant intercompany balances and transactions have been eliminated. If the Company determines that it has an interest in a variable interest entity, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. ​ The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission. In the Company’s opinion, the interim financial statements presented herein reflect all adjustments, consisting solely of normal and recurring adjustments, which are necessary to fairly present the interim financial statements. These financial statements should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on February 12, 2021. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. ​ The Company does not have any comprehensive income other than what is included in net income. If the Company has any comprehensive income in the future such that a statement of comprehensive income would be necessary, the Company will include such statement in one continuous consolidated statement of operations. ​ The Company has evaluated subsequent events through the date of issuance of these financial statements.
Use of Estimates	Use of Estimates ​ The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. ​
Earnings Per Share	Earnings Per Share ​ The Company applies the two-class method when computing its earnings per share. Net income per share for each class of stock is calculated assuming all of the Company’s net income is distributed as dividends to each class of stock based on their contractual rights. ​ Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities and are included in the computation of earnings per share. ​ Basic earnings (loss) attributable to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) attributable to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period, plus potential common shares considered outstanding during the period, as long as the inclusion of such awards is not anti-dilutive. Potential common shares consist of unvested restricted stock awards, using the more dilutive of either the two-class method or the treasury stock method. ​ The following table sets forth the computation of basic and diluted loss per common share (unaudited and in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (27,918) ​ $ (117,500) ​ $ (83,205) ​ $ (280,019) Loss from consolidated joint venture attributable to noncontrolling interest ​ ​ 596 ​ ​ 2,162 ​ ​ 2,571 ​ ​ 2,620 Preferred stock dividends and redemption charge ​ ​ (7,795) ​ ​ (3,207) ​ ​ (11,002) ​ ​ (6,414) Distributions paid on unvested restricted stock compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ (69) Numerator for basic and diluted loss attributable to common stockholders ​ $ (35,117) ​ $ (118,545) ​ $ (91,636) ​ $ (283,882) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic and diluted common shares outstanding ​ ​ 215,113 ​ ​ 214,225 ​ ​ 214,778 ​ ​ 217,631 Basic and diluted loss attributable to common stockholders per common share ​ $ (0.16) ​ $ (0.55) ​ $ (0.43) ​ $ (1.30) ​ The Company’s unvested restricted shares associated with its long-term incentive plan have been excluded from the above calculation of earnings per share for the three and six months ended June 30, 2021 and 2020, as their inclusion would have been anti-dilutive. ​
Restricted Cash	Restricted Cash ​ Restricted cash is comprised of reserve accounts for debt service, interest, seasonality, capital replacements, ground leases, property taxes and hotel-generated cash that is held in accounts for the benefit of lenders. These restricted funds are subject to disbursement approval based on in-place agreements and policies by certain of the Company’s lenders, ground lessors and/or hotel managers. At times, restricted cash also includes earnest money either paid to a seller or potential seller of a hotel or received from a buyer or potential buyer of one of the Company’s hotels and held in escrow until either the purchase or sale is completed or subject to the terms of the related purchase and sale agreement. In addition, restricted cash as of June 30, 2021 and December 31, 2020 includes $10.9 million and $11.6 million, respectively, held in escrow related to certain current and potential employee-related obligations in accordance with the assignment-in-lieu agreement between the Company and the mortgage holder of one of the Company’s former hotels (see Note 11).
Investments in Hotel Properties	Investments in Hotel Properties ​ Investments in hotel properties, including land, buildings, furniture, fixtures and equipment (“FF&E”) and identifiable intangible assets are recorded at their respective relative fair values for an asset acquisition or at their estimated fair values for a business acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the consolidated statements of operations. ​ Depreciation expense is based on the estimated life of the Company’s assets. The life of the assets is based on a number of assumptions, including the cost and timing of capital expenditures to maintain and refurbish the Company’s hotels, as well as specific market and economic conditions. Hotel properties are depreciated using the straight-line method over estimated useful lives primarily ranging from five to 40 years for buildings and improvements and three to 12 years for FF&E. Finance lease right-of-use assets other than land are depreciated using the straight-line method over the shorter of either their estimated useful life or the life of the related finance lease obligation. Intangible assets are amortized using the straight-line method over the shorter of their estimated useful life or over the length of the related agreement. ​ The Company’s investment in hotel properties, net also includes initial franchise fees which are recorded at cost and amortized using the straight-line method over the terms of the franchise agreements ranging from 14 to 27 years . All other franchise fees that are based on the Company’s results of operations are expensed as incurred. ​ While the Company believes its estimates are reasonable, a change in the estimated lives could affect depreciation expense and net income or the gain or loss on the sale of any of the Company’s hotels. The Company has not changed the useful lives of any of its assets during the periods discussed. ​ Impairment losses are recorded on long-lived assets to be held and used by the Company when indicators of impairment are present and the future undiscounted net cash flows, including potential sale proceeds, expected to be generated by those assets, based on the Company’s anticipated investment horizon, are less than the assets’ carrying amount. The Company evaluates its long-lived assets to determine if there are indicators of impairment on a quarterly basis. No single indicator would necessarily result in the Company preparing an estimate to determine if a hotel’s future undiscounted cash flows are less than the book value of the hotel. The Company uses judgment to determine if the severity of any single indicator, or the fact there are a number of indicators of less severity that when combined, would result in an indication that a hotel requires an estimate of the undiscounted cash flows to determine if an impairment has occurred. If a hotel is considered to be impaired, the related assets are adjusted to their estimated fair value and an impairment loss is recognized. The impairment loss recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The Company performs a fair value assessment, using one or more discounted cash flow analyses to estimate the fair value of the hotel, taking into account the hotel’s expected cash flow from operations, the Company’s estimate of how long it will own the hotel and the estimated proceeds from the disposition of the hotel. When multiple cash flow analyses are prepared, a probability is assigned to each cash flow analysis based upon the estimated likelihood of each scenario occurring. The factors addressed in determining estimated proceeds from disposition include anticipated operating cash flow in the year of disposition and terminal capitalization rate. The Company’s judgment is required in determining the discount rate applied to estimated cash flows, the estimated growth of revenues and expenses, net operating income and margins, the need for capital expenditures, as well as specific market and economic conditions. Based on the Company’s review, no hotels were impaired during the first six months of 2021. ​ Fair value represents the amount at which an asset could be bought or sold in a current transaction between willing parties, that is, other than a forced or liquidation sale. The estimation process involved in determining if assets have been impaired and in the determination of fair value is inherently uncertain because it requires estimates of current market yields as well as future events and conditions. Such future events and conditions include economic and market conditions, as well as the availability of suitable financing. The realization of the Company’s investment in hotel properties is dependent upon future uncertain events and conditions and, accordingly, the actual timing and amounts realized by the Company may be materially different from their estimated fair values.
Finance and Operating Leases	Finance and Operating Leases ​ The Company determines if a contract is a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Expense for these short-term leases is recognized on a straight-line basis over the lease term. For leases with an initial term greater than 12 months , the Company records a right-of-use (“ROU”) asset and a corresponding lease obligation. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease obligations represent the Company’s obligation to make fixed lease payments as stipulated by the lease. The Company has elected to not separate lease components from nonlease components, resulting in the Company accounting for lease and nonlease components as one single lease component. ​ Leases are accounted for using a dual approach, classifying leases as either operating or financing based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the Company. This classification determines whether the lease expense is recognized on a straight-line basis over the term of the lease for operating leases or based on an effective interest method for finance leases. ​ Operating lease ROU assets are recognized at the lease commencement date and include the amount of the initial operating lease obligation, any lease payments made at or before the commencement date, excluding any lease incentives received, and any initial direct costs incurred. For leases that have extension options that the Company can exercise at its discretion, management uses judgment to determine if it is reasonably certain that the Company will in fact exercise such option. If the extension option is reasonably certain to occur, the Company includes the extended term’s lease payments in the calculation of the respective lease liability. None of the Company’s leases contain any material residual value guarantees or material restrictive covenants. ​ Operating lease obligations are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate (“IBR”) based on information available at the commencement date in determining the present value of lease payments over the lease term. The IBR is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In order to estimate the Company’s IBR, the Company first looks to its own unsecured debt offerings, and adjusts the rate for both length of term and secured borrowing using available market data as well as consultations with leading national financial institutions that are active in the issuance of both secured and unsecured notes. ​ The Company reviews its right-of-use assets for indicators of impairment. If such assets are considered to be impaired, the related assets are adjusted to their estimated fair value and an impairment loss is recognized. The impairment loss recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Based on the Company’s review, no operating lease ROU assets were impaired during the first six months of 2021.
Noncontrolling Interest	Noncontrolling Interest ​ The Company’s consolidated financial statements include an entity in which the Company has a controlling financial interest. Noncontrolling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Such noncontrolling interest is reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from the less-than-wholly owned subsidiary are reported at their consolidated amounts, including both the amounts attributable to the Company and the noncontrolling interest. Income or loss is allocated to the noncontrolling interest based on its weighted average ownership percentage for the applicable period. The consolidated statements of equity include beginning balances, activity for the period and ending balances for each component of stockholders’ equity, noncontrolling interest and total equity. ​ At both June 30, 2021 and December 31, 2020, the noncontrolling interest reported in the Company’s consolidated financial statements consisted of a third-party’s 25.0% ownership interest in the Hilton San Diego Bayfront.
Revenue Recognition	Revenue Recognition ​ Revenues are recognized when control of the promised goods or services is transferred to hotel guests, which is generally defined as the date upon which a guest occupies a room and/or utilizes the hotel’s services. Room revenue and other occupancy based fees are recognized over a guest’s stay at the previously agreed upon daily rate. Some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is recognized by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is recognized by the Company on a gross basis, with the related discount or commission recognized in room expense. A majority of the Company’s hotels participate in frequent guest programs sponsored by the hotel brand owners whereby the hotel allows guests to earn loyalty points during their hotel stay. The Company expenses charges associated with these programs as incurred, and recognizes revenue at the amount it will receive from the brand when a guest redeems their loyalty points by staying at one of the Company’s hotels. In addition, some contracts for rooms or food and beverage services require an advance deposit, which the Company records as deferred revenue (or a contract liability) and recognizes once the performance obligations are satisfied. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill their contracted minimum number of room nights or minimum food and beverage spending requirements, are typically recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is generally the period in which these fees are collected. ​ Food and beverage revenue and other ancillary services revenue are generated when a customer chooses to purchase goods or services separately from a hotel room. The revenue is recognized when the goods or services are provided to the customer at the amount the Company expects to be entitled to in exchange for those goods or services. For ancillary services provided by third parties, the Company assesses whether it is the principal or the agent. If the Company is the principal, revenue is recognized based upon the gross sales price. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. ​ Additionally, the Company collects sales, use, occupancy and other similar taxes from customers at its hotels at the time of purchase, which are not included in revenue. The Company records a liability upon collection of such taxes from the customer, and relieves the liability when payments are remitted to the applicable governmental agency. ​ Trade receivables and contract liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ (unaudited) ​ ​ ​ Trade receivables, net (1) ​ $ 12,841 ​ $ 8,110 Contract liabilities (2) ​ $ 28,260 ​ $ 16,815 (1) Trade receivables are included in accounts receivable, net on the accompanying consolidated balance sheets. (2) Contract liabilities consist of advance deposits and are included in either other current liabilities or other liabilities on the accompanying consolidated balance sheets. ​ During the three and six months ended June 30, 2021, the Company recognized approximately $0.3 million and $1.1 million, respectively, in revenue related to its outstanding contract liabilities. During the three and six months ended June 30, 2020, the Company recognized zero and approximately $10.2 million, respectively, in revenue related to its outstanding contract liabilities. ​
Segment Reporting	Segment Reporting ​ The Company considers each of its hotels to be an operating segment, and allocates resources and assesses the operating performance for each hotel. Because all of the Company’s hotels have similar economic characteristics, facilities and services, the hotels have been aggregated into one single reportable segment, hotel ownership.
New Accounting Standards and Accounting Changes	New Accounting Standards and Accounting Changes ​ In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​

Organization and Description _2

Organization and Description of Business (Tables)	6 Months Ended
	Jun. 30, 2021
Organization and Description of Business
Schedule of number of hotels managed by each third-party manager	As of June 30, 2021, the Company had interests in 18 hotels (the “18 Hotels”), currently held for investment. The Company’s third-party managers included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Hotels ​ Subsidiaries of Marriott International, Inc. or Marriott Hotel Services, Inc. (collectively, “Marriott”) ​ 6 ​ Crestline Hotels & Resorts ​ 2 ​ Highgate Hotels L.P. and an affiliate ​ 2 ​ Hilton Worldwide ​ 2 ​ Interstate Hotels & Resorts, Inc. ​ 2 ​ Davidson Hotels & Resorts ​ 1 ​ Hyatt Corporation ​ 1 ​ Montage North America, LLC ​ 1 ​ Singh Hospitality, LLC ​ 1 ​ ​ ​ ​ ​ Total hotels owned as of June 30, 2021 ​ 18 ​
Schedule of hotels whose operations have been temporarily suspended due to COVID-19	In March 2020, the novel coronavirus (“COVID-19”) cancellations, corporate and government travel restrictions and an unprecedented decline in hotel demand. As a result of these cancellations, restrictions and the health concerns related to COVID-19, the Company determined that it was in t temporarily suspend operations at 14 of the Company’s hotels, ​ ​ ​ ​ ​ ​ Hotel ​ Suspension Date ​ Resumption Date Oceans Edge Resort & Marina ​ March 22, 2020 ​ June 4, 2020 Embassy Suites Chicago ​ April 1, 2020 ​ July 1, 2020 Marriott Boston Long Wharf ​ March 12, 2020 ​ July 7, 2020 Hilton New Orleans St. Charles ​ March 28, 2020 ​ July 13, 2020 Hyatt Centric Chicago Magnificent Mile ​ April 6, 2020 ​ July 13, 2020 JW Marriott New Orleans ​ March 28, 2020 ​ July 14, 2020 Hilton San Diego Bayfront ​ March 23, 2020 ​ August 11, 2020 Renaissance Washington DC ​ March 26, 2020 ​ August 24, 2020 Hyatt Regency San Francisco ​ March 22, 2020 ​ October 1, 2020 Renaissance Orlando at SeaWorld® ​ March 20, 2020 ​ October 1, 2020 The Bidwell Marriott Portland ​ March 27, 2020 ​ October 5, 2020 Wailea Beach Resort ​ March 25, 2020 ​ November 1, 2020 Hilton Garden Inn Chicago Downtown/Magnificent Mile ​ March 27, 2020 ​ April 1, 2021 Renaissance Westchester ​ April 4, 2020 ​ ​

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Schedule of contract assets and liabilities	Trade receivables and contract liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ (unaudited) ​ ​ ​ Trade receivables, net (1) ​ $ 12,841 ​ $ 8,110 Contract liabilities (2) ​ $ 28,260 ​ $ 16,815 (1) Trade receivables are included in accounts receivable, net on the accompanying consolidated balance sheets. (2) Contract liabilities consist of advance deposits and are included in either other current liabilities or other liabilities on the accompanying consolidated balance sheets.
Schedule of computation of basic and diluted (loss) earnings per common share	The following table sets forth the computation of basic and diluted loss per common share (unaudited and in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (27,918) ​ $ (117,500) ​ $ (83,205) ​ $ (280,019) Loss from consolidated joint venture attributable to noncontrolling interest ​ ​ 596 ​ ​ 2,162 ​ ​ 2,571 ​ ​ 2,620 Preferred stock dividends and redemption charge ​ ​ (7,795) ​ ​ (3,207) ​ ​ (11,002) ​ ​ (6,414) Distributions paid on unvested restricted stock compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ (69) Numerator for basic and diluted loss attributable to common stockholders ​ $ (35,117) ​ $ (118,545) ​ $ (91,636) ​ $ (283,882) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic and diluted common shares outstanding ​ ​ 215,113 ​ ​ 214,225 ​ ​ 214,778 ​ ​ 217,631 Basic and diluted loss attributable to common stockholders per common share ​ $ (0.16) ​ $ (0.55) ​ $ (0.43) ​ $ (1.30)

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2021
Investment in Hotel Properties
Schedule of investment in hotel properties	Investment in hotel properties, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Land ​ $ 611,538 ​ $ 571,212 Buildings and improvements ​ ​ 2,725,893 ​ ​ 2,523,750 Furniture, fixtures and equipment ​ ​ 452,610 ​ ​ 431,918 Intangible assets ​ ​ 34,891 ​ ​ 21,192 Franchise fees ​ ​ 743 ​ ​ 743 Construction in progress ​ ​ 27,082 ​ ​ 15,831 Investment in hotel properties, gross ​ ​ 3,852,757 ​ ​ 3,564,646 Accumulated depreciation and amortization ​ ​ (1,165,362) ​ ​ (1,103,148) Investment in hotel properties, net ​ $ 2,687,395 ​ $ 2,461,498

Fair Value Measurements and I_2

Fair Value Measurements and Interest Rate Derivatives (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Measurements and Interest Rate Derivatives
Schedule of assets measured at fair value on a recurring and nonrecurring basis	The following table presents the Company’s assets measured at fair value on a recurring and nonrecurring basis at June 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date ​ Total Level 1 Level 2 Level 3 June 30, 2021 (unaudited): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate cap derivative ​ $ — ​ $ — ​ $ — ​ $ — Total assets measured at fair value at June 30, 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Renaissance Westchester (1) ​ $ 14,125 ​ $ — ​ $ 14,125 ​ $ — Interest rate cap derivative ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total assets measured at fair value at December 31, 2020 ​ $ 14,125 ​ $ — ​ $ 14,125 ​ $ — (1) The fair market value of the Renaissance Westchester is included in investment in hotel properties, net on the Company’s consolidated balance sheet at December 31, 2020.
Schedule of liabilities measured at fair value on a recurring and nonrecurring basis	The following table presents the Company’s liabilities measured at fair value on a recurring and nonrecurring basis at June 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date ​ Total Level 1 Level 2 Level 3 June 30, 2021 (unaudited): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap derivatives ​ $ 4,132 ​ $ — ​ $ 4,132 ​ $ — Total liabilities measured at fair value at June 30, 2021 ​ $ 4,132 ​ $ — ​ $ 4,132 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap derivatives ​ $ 5,710 ​ $ — ​ $ 5,710 ​ $ — Total liabilities measured at fair value at December 31, 2020 ​ $ 5,710 ​ $ — ​ $ 5,710 ​ $ —
Schedule of interest rate derivatives	The Company’s interest rate derivatives, which are not designated as effective cash flow hedges, consisted of the following at June 30, 2021 (unaudited) and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value of Assets (Liabilities) (1) ​ ​ Strike / Capped ​ Effective Maturity ​ Notional ​ June 30, ​ December 31, Hedged Debt Type Rate Index Date Date ​ Amount ​ 2021 ​ 2020 Hilton San Diego Bayfront Cap 6.000 % 1-Month LIBOR December 9, 2020 December 15, 2021 ​ $ 220,000 ​ $ — ​ $ — $85.0 million term loan Swap 1.591 % 1-Month LIBOR October 29, 2015 September 2, 2022 ​ $ 85,000 ​ ​ (1,468) ​ ​ (2,100) $100.0 million term loan Swap 1.853 % 1-Month LIBOR January 29, 2016 January 31, 2023 ​ $ 100,000 ​ ​ (2,664) ​ ​ (3,610) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (4,132) ​ $ (5,710) (1) The fair values of the cap agreement and both swap agreements are included in other assets, net and other liabilities, respectively, on the accompanying consolidated balance sheets as of both June 30, 2021 and December 31, 2020.
Schedule of changes in fair value of interest rate derivatives	Noncash changes in the fair values of the Company’s interest rate derivatives resulted in (decreases) increases to interest expense for the three and six months ended June 30, 2021 and 2020 as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ Noncash interest on derivatives ​ $ (709) ​ $ 216 ​ $ (1,578) ​ $ 6,296 ​
Schedule of principal values and estimated fair values of debt	The Company’s principal balances and fair market values of its consolidated debt as of June 30, 2021 (unaudited) and December 31, 2020 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Carrying Amount (1) ​ Fair Value (2) ​ Carrying Amount (1) ​ Fair Value (2) Debt $ 746,303 ​ $ 720,551 ​ $ 747,945 ​ $ 715,042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The principal balance of debt is presented before any unamortized deferred financing costs. (2) Due to prevailing market conditions and the uncertain economic environment caused by the COVID-19 pandemic, actual interest rates could vary materially from those estimated, which would result in variances in the Company’s calculations of the fair market value of its debt.

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Other Assets.
Schedule of other assets	Other assets, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Property and equipment, net ​ $ 6,256 ​ $ 6,767 Deferred rent on straight-lined third-party tenant leases ​ ​ 2,567 ​ ​ 2,819 Other receivables ​ ​ 2,077 ​ ​ 2,633 Other ​ ​ 433 ​ ​ 226 Total other assets, net ​ $ 11,333 ​ $ 12,445

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Payable
Schedule of notes payable	Notes payable consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.12% to 4.15% ; maturing at dates ranging from December 11, 2024 through January 6, 2025 . The notes are collateralized by first deeds of trust on two hotel properties at both June 30, 2021 and December 31, 2020. ​ $ 136,303 ​ $ 137,945 Note payable requiring payments of interest only, bearing a blended rate of one-month LIBOR plus 105 basis points, resulting in effective interest rates of 1.144% and 1.192% at June 30, 2021 and December 31, 2020, respectively; matures on December 9, 2021 with two one-year options to extend, which the Company intends to exercise. The note is collateralized by a first deed of trust on one hotel property. ​ 220,000 ​ 220,000 Unsecured term loan requiring payments of interest only, with a blended interest rate based on a pricing grid with a range of 135 to 220 basis points, depending on the Company's leverage ratios, plus the greater of one-month LIBOR or 25 basis points. LIBOR has been swapped to a fixed rate of 1.591% , resulting in an effective interest rate of 3.941% . Matures on September 3, 2022 . ​ ​ 85,000 ​ ​ 85,000 Unsecured term loan requiring payments of interest only, with a blended interest rate based on a pricing grid with a range of 135 to 220 basis points, depending on the Company's leverage ratios, plus the greater of one-month LIBOR or 25 basis points. LIBOR has been swapped to a fixed rate of 1.853% , resulting in an effective interest rate of 4.203% . Matures on January 31, 2023 . ​ ​ 100,000 ​ ​ 100,000 Unsecured Series A Senior Notes requiring semi-annual payments of interest only, bearing interest at 5.94% . Matures on January 10, 2026 . ​ ​ 90,000 ​ ​ 90,000 Unsecured Series B Senior Notes requiring semi-annual payments of interest only, bearing interest at 6.04 %. Matures on January 10, 2028 . ​ 115,000 ​ 115,000 Total notes payable ​ $ 746,303 ​ $ 747,945 ​ ​ ​ ​ ​ ​ ​ Current portion of notes payable ​ $ 3,375 ​ $ 3,305 Less: current portion of deferred financing costs ​ ​ (1,044) ​ ​ (1,044) Carrying value of current portion of notes payable ​ $ 2,331 ​ $ 2,261 ​ ​ ​ ​ ​ ​ ​ Notes payable, less current portion ​ $ 742,928 ​ $ 744,640 Less: long-term portion of deferred financing costs ​ (1,591) ​ (2,112) Carrying value of notes payable, less current portion ​ $ 741,337 ​ $ 742,528
Schedule of interest expense	Total interest incurred and expensed on the notes payable and finance lease obligation was as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Interest expense on debt and finance lease obligation ​ $ 8,037 ​ $ 12,037 ​ $ 15,820 ​ $ 22,765 Noncash interest on derivatives ​ ​ (709) ​ ​ 216 ​ ​ (1,578) ​ ​ 6,296 Amortization of deferred financing costs ​ ​ 737 ​ ​ 697 ​ ​ 1,472 ​ ​ 1,396 Total interest expense ​ $ 8,065 ​ $ 12,950 ​ $ 15,714 ​ $ 30,457

Other Current Liabilities and_2

Other Current Liabilities and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Other Current Liabilities and Other Liabilities
Schedule of other current liabilities	Other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Property, sales and use taxes payable ​ $ 14,676 ​ $ 10,134 Accrued interest ​ ​ 7,033 ​ ​ 6,914 Advance deposits ​ ​ 26,167 ​ ​ 13,341 Management fees payable ​ ​ 598 ​ ​ 169 Other ​ ​ 2,219 ​ ​ 2,048 Total other current liabilities ​ $ 50,693 ​ $ 32,606
Schedule of other liabilities	Other liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (unaudited) ​ ​ ​ Deferred revenue ​ $ 6,385 ​ $ 7,911 Interest rate swap derivatives ​ ​ 4,132 ​ ​ 5,710 Other ​ ​ 3,095 ​ ​ 3,873 Total other liabilities ​ $ 13,612 ​ $ 17,494

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases
Schedule of supplemental balance sheet information related to leases	Leases were included on the Company’s consolidated balance sheets as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ (unaudited) ​ ​ ​ ​ Finance Lease: ​ ​ ​ ​ ​ ​ ​ Right-of-use asset, gross (buildings and improvements) ​ $ 58,799 ​ $ 58,799 ​ Accumulated amortization ​ ​ (13,352) ​ ​ (12,617) ​ Right-of-use asset, net ​ $ 45,447 ​ $ 46,182 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued expenses ​ $ 2 ​ $ 1 ​ Lease obligation, less current portion ​ ​ 15,568 ​ ​ 15,569 ​ Total lease obligation ​ $ 15,570 ​ $ 15,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining lease term ​ ​ 77 years ​ ​ ​ ​ Discount rate ​ ​ 9.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases: ​ ​ ​ ​ ​ ​ ​ Right-of-use assets, net ​ $ 24,939 ​ $ 26,093 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued expenses ​ $ 5,344 ​ $ 5,028 ​ Lease obligations, less current portion ​ ​ 27,816 ​ ​ 29,954 ​ Total lease obligations ​ $ 33,160 ​ $ 34,982 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term, including reasonably certain extension options (1) ​ ​ 6 years ​ ​ ​ ​ Weighted average discount rate ​ ​ 5.1 % ​ ​ ​ (1) The weighted average remaining term including all available extension options is approximately 34 years .
Lease costs	The components of lease expense were as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use asset ​ $ 367 ​ $ 367 ​ $ 735 ​ $ 735 Interest on lease obligation ​ ​ 351 ​ ​ 351 ​ ​ 702 ​ ​ 702 Operating lease cost ​ ​ 1,366 ​ ​ 2,341 ​ ​ 2,686 ​ ​ 4,070 Variable lease cost (1) ​ ​ 13 ​ ​ (689) ​ ​ 13 ​ ​ 24 Total lease cost ​ $ 2,097 ​ $ 2,370 ​ $ 4,136 ​ $ 5,531 (1) Several of the Company’s hotels pay percentage rent, which is calculated on operating revenues above certain thresholds .

Long-Term Incentive Plan (Table

Long-Term Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2021
Long-Term Incentive Plan
Schedule of amortization expense and forfeitures related to restricted shares	The Company’s amortization expense and forfeitures related to restricted shares for the three and six months ended June 30, 2021 and 2020 were as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Amortization expense, including forfeitures ​ $ 4,659 ​ $ 3,064 ​ $ 7,411 ​ $ 5,271 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized compensation cost (1) ​ $ 125 ​ $ 129 ​ $ 242 ​ $ 246 (1) The Company capitalizes compensation costs related to restricted shares granted to certain employees whose work is directly related to the Company’s capital investment in its hotels.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies
Schedule of basic and incentive management fees	Total basic and incentive management fees incurred by the Company during the three and six months ended June 30, 2021 and 2020 were included in other property-level expenses on the Company’s consolidated statements of operations as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Basic management fees ​ $ 3,073 ​ $ 164 ​ $ 4,376 ​ $ 5,555 Incentive management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total basic and incentive management fees ​ $ 3,073 ​ $ 164 ​ $ 4,376 ​ $ 5,555
Schedule of license and franchise costs	Total license and franchise fees incurred by the Company during the three and six months ended June 30, 2021 and 2020 were included in franchise costs on the Company’s consolidated statements of operations as follows (unaudited and in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Franchise assessments (1) ​ $ 1,852 ​ $ 376 ​ $ 2,720 ​ $ 4,794 Franchise royalties (2) ​ ​ 444 ​ ​ (38) ​ ​ 567 ​ ​ 880 Total franchise costs ​ $ 2,296 ​ $ 338 ​ $ 3,287 ​ $ 5,674 (1) Includes advertising, reservation and frequent guest program assessments. (2) Includes key money received from one of the Company’s franchisors, which the Company is amortizing over the term of the hotel’s franchise agreement.
Schedule of hotel geographic concentration of risk	As of June 30, 2021, 13 of the 18 Hotels were geographically concentrated as follows (unaudited): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trailing 12-Month ​ ​ ​ ​ ​ Percentage of ​ Total ​ ​ Number of Hotels Total Rooms Consolidated Revenue California ​ 5 ​ 31 % 34 % Florida ​ 2 ​ 10 % 16 % Hawaii ​ 1 ​ 6 % 21 % Illinois ​ 3 ​ 13 % 5 % Massachusetts ​ 2 ​ 16 % 11 %

Organization and Description _3

Organization and Description of Business (Details)	6 Months Ended
	Jun. 30, 2021property
Organization and Description of Business
Number of hotels owned by the Company	18
Number of hotels reopened after being temporarily suspended due to COVID-19	13
Sunstone Hotel Partnership, LLC
Organization and Description of Business
Controlling interest owned (as a percent)	100.00%
Marriott
Organization and Description of Business
Number of hotels owned by the Company	6
Crestline Hotels & Resorts
Organization and Description of Business
Number of hotels owned by the Company	2
Highgate Hotels L.P. and an affiliate
Organization and Description of Business
Number of hotels owned by the Company	2
Hilton Worldwide
Organization and Description of Business
Number of hotels owned by the Company	2
Interstate Hotels & Resorts, Inc
Organization and Description of Business
Number of hotels owned by the Company	2
Davidson Hotels & Resorts
Organization and Description of Business
Number of hotels owned by the Company	1
Hyatt Corporation
Organization and Description of Business
Number of hotels owned by the Company	1
Montage North America, LLC
Organization and Description of Business
Number of hotels owned by the Company	1
Singh Hospitality, LLC
Organization and Description of Business
Number of hotels owned by the Company	1
Oceans Edge Resort & Marina
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Mar. 22, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Jun. 4, 2020
Embassy Suites Chicago
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Apr. 1, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Jul. 1, 2020
Marriott Boston Long Wharf
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Mar. 12, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Jul. 7, 2020
Hilton New Orleans St. Charles
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Mar. 28, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Jul. 13, 2020
Hyatt Centric Chicago Magnificent Mile
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Apr. 6, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Jul. 13, 2020
JW Marriott New Orleans
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Mar. 28, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Jul. 14, 2020
Hilton San Diego Bayfront
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Mar. 23, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Aug. 11, 2020
Renaissance Washington DC
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Mar. 26, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Aug. 24, 2020
Hyatt Regency San Francisco
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Mar. 22, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Oct. 1, 2020
Renaissance Orlando at SeaWorld
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Mar. 20, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Oct. 1, 2020
The Bidwell Marriott Portland
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Mar. 27, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Oct. 5, 2020
Wailea Beach Resort
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Mar. 25, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Nov. 1, 2020
Hilton Garden Inn Chicago Downtown/Magnificent Mile
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Mar. 27, 2020
Date operations reopened after being temporarily suspended due to COVID-19	Apr. 1, 2021
Renaissance Westchester
Organization and Description of Business
Date operations temporarily suspended due to COVID-19	Apr. 4, 2020

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)property	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Investments in Hotel Properties
Number of hotels impaired | property			0
Leases
Leases Initial Maximum Term Not Recorded On Balance Sheet			12 months
Leases Initial Minimum Term Recorded Right Of Use Assets			12 months
Number of hotels with operating lease right-of-use asset impairment | property			0
Revenue Recognition
Trade receivables, net	$ 12,841,000		$ 12,841,000		$ 8,110,000
Contract liabilities	28,260,000		28,260,000		$ 16,815,000
Deferred revenue recognized	$ 300,000	$ 0	$ 1,100,000	$ 10,200,000
Segment Reporting
Number of operating segments			1
Hilton San Diego Bayfront
Stockholders' Equity Attributable to Noncontrolling Interest
Noncontrolling interest percentage in Hilton San Diego Bayfront	25.00%		25.00%		25.00%
Initial franchise fees | Minimum
Investments in Hotel Properties
Estimated useful life			14 years
Initial franchise fees | Maximum
Investments in Hotel Properties
Estimated useful life			27 years
Buildings and improvements | Minimum
Investments in Hotel Properties
Estimated useful life for property, plant and equipment			5 years
Buildings and improvements | Maximum
Investments in Hotel Properties
Estimated useful life for property, plant and equipment			40 years
Furniture, fixtures and equipment | Minimum
Investments in Hotel Properties
Estimated useful life for property, plant and equipment			3 years
Furniture, fixtures and equipment | Maximum
Investments in Hotel Properties
Estimated useful life for property, plant and equipment			12 years
Hilton San Diego Bayfront
Segment Reporting
Secured Debt	$ 220,000,000		$ 220,000,000
Hilton Times Square
Restricted Cash
Restricted Cash	$ 10,900,000		$ 10,900,000		$ 11,600,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (27,918)	$ (55,287)	$ (117,500)	$ (162,519)	$ (83,205)	$ (280,019)
Loss from consolidated joint venture attributable to noncontrolling interest	596		2,162		2,571	2,620
Preferred stock dividends and redemption charge	(7,795)		(3,207)		(11,002)	(6,414)
Distributions paid on unvested restricted stock compensation						(69)
Numerator for basic and diluted loss attributable to common stockholders	$ (35,117)		$ (118,545)		$ (91,636)	$ (283,882)
Denominator:
Weighted average basic and diluted common shares outstanding (in shares)	215,113		214,225		214,778	217,631
Basic and diluted loss attributable to common stockholders per common share (in dollars per share)	$ (0.16)		$ (0.55)		$ (0.43)	$ (1.30)

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investment in Hotel Properties
Land	$ 611,538	$ 571,212
Buildings and improvements	2,725,893	2,523,750
Furniture, fixtures and equipment	452,610	431,918
Intangible assets	34,891	21,192
Franchise fees	743	743
Construction in progress	27,082	15,831
Investment in hotel properties, gross	3,852,757	3,564,646
Accumulated depreciation and amortization	(1,165,362)	(1,103,148)
Investment in hotel properties, net	$ 2,687,395	$ 2,461,498

Investment in Hotel Propertie_3

Investment in Hotel Properties - Acquisitions (Details) - Montage Healdsburg $ in Millions	1 Months Ended
	Apr. 30, 2021USD ($)roomshares
Asset Acquisition Abstract
Number of rooms in acquired hotel | room	130
Asset acquisition, consideration transferred	$ 265
Finite-lived intangible assets acquired	$ 13.7
Estimated useful life for finite-lived intangible assets	25 years
Series G Cumulative Redeemable Preferred Stock
Asset Acquisition Abstract
Number of shares of preferred stock issued (in shares) | shares	2,650,000
Asset acquisition, consideration transferred, equity interest issued and issuable	$ 66.3

Fair Value Measurements and I_3

Fair Value Measurements and Interest Rate Derivatives - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities:
Interest rate derivative liabilities	$ 4,132	$ 5,710
Level 2
Assets:
Total assets		14,125
Liabilities:
Total liabilities	4,132	5,710
Level 2 | Interest Rate Swap
Liabilities:
Interest rate derivative liabilities	4,132	5,710
Level 2 | Renaissance Westchester
Assets:
Asset measured at fair value		14,125
Total at the end of the period
Assets:
Total assets		14,125
Liabilities:
Total liabilities	4,132	5,710
Total at the end of the period | Interest Rate Swap
Liabilities:
Interest rate derivative liabilities	$ 4,132	5,710
Total at the end of the period | Renaissance Westchester
Assets:
Asset measured at fair value		$ 14,125

Fair Value Measurements and I_4

Fair Value Measurements and Interest Rate Derivatives - Interest Rate Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Interest Rate Derivatives
Estimated Fair Value of Liabilities	$ (4,132)		$ (4,132)		$ (5,710)
Fair value of interest rate derivatives	(4,132)		(4,132)		$ (5,710)
Payment for interest rate derivative				$ 111
Noncash interest on derivatives	$ (709)	$ 216	$ (1,578)	$ 6,296
$85.0 million term loan
Interest Rate Derivatives
Fixed rate under interest rate swap agreement	1.591%		1.591%		1.591%
$100.0 million term loan
Interest Rate Derivatives
Fixed rate under interest rate swap agreement	1.853%		1.853%		1.853%
Hilton San Diego Bayfront new interest rate cap | Not designated as hedging instrument | Hilton San Diego Bayfront mortgage
Interest Rate Derivatives
Strike rate under interest rate cap agreement	6.00%		6.00%		6.00%
Effective date			Dec. 9, 2020		Dec. 9, 2020
Interest rate derivative maturity date			Dec. 15, 2021		Dec. 15, 2021
Notional amount	$ 220,000		$ 220,000
Interest Rate Swap | Not designated as hedging instrument | $85.0 million term loan
Interest Rate Derivatives
Fixed rate under interest rate swap agreement	1.591%		1.591%		1.591%
Effective date			Oct. 29, 2015		Oct. 29, 2015
Interest rate derivative maturity date			Sep. 2, 2022		Sep. 2, 2022
Notional amount	$ 85,000		$ 85,000
Estimated Fair Value of Liabilities	$ (1,468)		$ (1,468)		$ (2,100)
Interest Rate Swap | Not designated as hedging instrument | $100.0 million term loan
Interest Rate Derivatives
Fixed rate under interest rate swap agreement	1.853%		1.853%		1.853%
Effective date			Jan. 29, 2016		Jan. 29, 2016
Interest rate derivative maturity date			Jan. 31, 2023		Jan. 31, 2023
Notional amount	$ 100,000		$ 100,000
Estimated Fair Value of Liabilities	$ (2,664)		$ (2,664)		$ (3,610)
London Interbank Offered Rate (LIBOR) | Hilton San Diego Bayfront mortgage
Interest Rate Derivatives
Interest rate, description of reference rate			one-month LIBOR		one-month LIBOR
London Interbank Offered Rate (LIBOR) | Hilton San Diego Bayfront new interest rate cap | Not designated as hedging instrument | Hilton San Diego Bayfront mortgage
Interest Rate Derivatives
Interest rate, description of reference rate			one-month LIBOR		one-month LIBOR
London Interbank Offered Rate (LIBOR) | Interest Rate Swap | Not designated as hedging instrument | $85.0 million term loan
Interest Rate Derivatives
Interest rate, description of reference rate			one-month LIBOR		one-month LIBOR
London Interbank Offered Rate (LIBOR) | Interest Rate Swap | Not designated as hedging instrument | $100.0 million term loan
Interest Rate Derivatives
Interest rate, description of reference rate			one-month LIBOR		one-month LIBOR

Fair Value Measurements and I_5

Fair Value Measurements and Interest Rate Derivatives - Fair Value of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Percentage of Debt Bearing Fixed Interest Rates	70.50%	70.60%
Total notes payable	$ 746,303	$ 747,945
Level 3
Fair value of debt	$ 720,551	$ 715,042

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other assets, net
Property and equipment, net	$ 6,256	$ 6,767
Deferred rent on straight-lined third-party tenant leases	2,567	2,819
Other receivables	2,077	2,633
Other	433	226
Total other assets, net	$ 11,333	$ 12,445

Notes Payable (Details)

Notes Payable (Details) $ in Thousands	Jun. 30, 2021USD ($)property	Jun. 30, 2021USD ($)property	Dec. 31, 2020USD ($)property
Notes Payable
Total notes payable	$ 746,303	$ 746,303	$ 747,945
Current portion of notes payable	3,375	3,375	3,305
Less: current portion of deferred financing costs	(1,044)	(1,044)	(1,044)
Current portion of notes payable, net	2,331	2,331	2,261
Notes payable, less current portion	742,928	742,928	744,640
Less: long-term portion of deferred financing costs	(1,591)	(1,591)	(2,112)
Carrying value of notes payable, less current portion	$ 741,337	$ 741,337	$ 742,528
Notes payable maturing in various years
Notes Payable
Number of hotels provided as collateral | property	2	2	2
Total notes payable	$ 136,303	$ 136,303	$ 137,945
Notes payable maturing in various years | Minimum
Notes Payable
Fixed interest rate (as a percent)	4.12%	4.12%	4.12%
Debt maturity date	Dec. 11, 2024		Dec. 11, 2024
Notes payable maturing in various years | Maximum
Notes Payable
Fixed interest rate (as a percent)	4.15%	4.15%	4.15%
Debt maturity date	Jan. 6, 2025		Jan. 6, 2025
Hilton San Diego Bayfront mortgage
Notes Payable
Debt maturity date		Dec. 9, 2021	Dec. 9, 2021
Number of hotels provided as collateral | property	1	1	1
Number of extension periods available for secured debt		2	2
Term of extension period for secured debt		1 year	1 year
Total interest rate, including effect of derivative	1.144%	1.144%	1.192%
Total notes payable	$ 220,000	$ 220,000	$ 220,000
Hilton San Diego Bayfront mortgage | London Interbank Offered Rate (LIBOR)
Notes Payable
Interest rate, description of reference rate		one-month LIBOR	one-month LIBOR
Interest rate added to base rate (as a percent)		1.05%	1.05%
$85.0 million term loan
Notes Payable
Debt maturity date		Sep. 3, 2022	Sep. 3, 2022
Total interest rate, including effect of derivative	3.941%	3.941%	3.941%
Fixed rate under interest rate swap agreement	1.591%	1.591%	1.591%
Total notes payable	$ 85,000	$ 85,000	$ 85,000
$85.0 million term loan | Not designated as hedging instrument | Interest Rate Swap
Notes Payable
Derivative, Notional Amount	$ 85,000	$ 85,000
Fixed rate under interest rate swap agreement	1.591%	1.591%	1.591%
$85.0 million term loan | Not designated as hedging instrument | Interest Rate Swap | London Interbank Offered Rate (LIBOR)
Notes Payable
Interest rate, description of reference rate		one-month LIBOR	one-month LIBOR
$85.0 million term loan | Minimum | London Interbank Offered Rate (LIBOR)
Notes Payable
Interest rate added to base rate (as a percent)		1.35%	1.35%
$85.0 million term loan | Minimum | Base Rate
Notes Payable
Debt instrument variable rate floor		0.25%	0.25%
$85.0 million term loan | Maximum | London Interbank Offered Rate (LIBOR)
Notes Payable
Interest rate, description of reference rate		one-month LIBOR	one-month LIBOR
Interest rate added to base rate (as a percent)		2.20%	2.20%
$100.0 million term loan
Notes Payable
Debt maturity date		Jan. 31, 2023	Jan. 31, 2023
Total interest rate, including effect of derivative	4.203%	4.203%	4.203%
Fixed rate under interest rate swap agreement	1.853%	1.853%	1.853%
Total notes payable	$ 100,000	$ 100,000	$ 100,000
$100.0 million term loan | Not designated as hedging instrument | Interest Rate Swap
Notes Payable
Derivative, Notional Amount	$ 100,000	$ 100,000
Fixed rate under interest rate swap agreement	1.853%	1.853%	1.853%
$100.0 million term loan | Not designated as hedging instrument | Interest Rate Swap | London Interbank Offered Rate (LIBOR)
Notes Payable
Interest rate, description of reference rate		one-month LIBOR	one-month LIBOR
$100.0 million term loan | Minimum | London Interbank Offered Rate (LIBOR)
Notes Payable
Interest rate added to base rate (as a percent)		1.35%	1.35%
$100.0 million term loan | Minimum | Base Rate
Notes Payable
Debt instrument variable rate floor		0.25%	0.25%
$100.0 million term loan | Maximum | London Interbank Offered Rate (LIBOR)
Notes Payable
Interest rate, description of reference rate		one-month LIBOR	one-month LIBOR
Interest rate added to base rate (as a percent)		2.20%	2.20%
Series A Senior Notes
Notes Payable
Fixed interest rate (as a percent)	5.94%	5.94%	5.94%
Debt maturity date		Jan. 10, 2026	Jan. 10, 2026
Total notes payable	$ 90,000	$ 90,000	$ 90,000
Series B Senior Notes
Notes Payable
Fixed interest rate (as a percent)	6.04%	6.04%	6.04%
Debt maturity date		Jan. 10, 2028	Jan. 10, 2028
Total notes payable	$ 115,000	$ 115,000	$ 115,000

Notes payable - Narrative (Deta

Notes payable - Narrative (Details) - Unsecured revolving credit facility	Jun. 30, 2021USD ($)
Unsecured Debt
Outstanding balance on credit facility	$ 0
Remaining borrowing capacity available	$ 500,000,000

Notes Payable - Interest Expens

Notes Payable - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest Expense
Interest expense on debt and finance lease obligation	$ 8,037	$ 12,037	$ 15,820	$ 22,765
Noncash interest on derivatives	(709)	216	(1,578)	6,296
Amortization of deferred financing costs	737	697	1,472	1,396
Total interest expense	$ 8,065	$ 12,950	$ 15,714	$ 30,457

Other Current Liabilities and_3

Other Current Liabilities and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Current Liabilities
Property, sales and use taxes payable	$ 14,676	$ 10,134
Accrued interest	7,033	6,914
Advance deposits	26,167	13,341
Management fees payable	598	169
Other	2,219	2,048
Total other current liabilities	50,693	32,606
Other Liabilities
Deferred revenue	6,385	7,911
Interest rate derivative liabilities	4,132	5,710
Other	3,095	3,873
Total other liabilities	$ 13,612	$ 17,494

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finance Lease
Finance lease right-of-use asset, net	$ 45,447	$ 46,182
Finance lease obligation, current	$ 2	$ 1
Accounts payable and accrued expenses	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Finance lease obligation, less current portion	$ 15,568	$ 15,569
Total finance lease obligation	$ 15,570	15,570
Weighted average remaining finance lease term	77 years
Weighted average finance lease discount rate	9.00%
Operating Leases
Operating lease right-of-use assets, net	$ 24,939	26,093
Operating lease obligations, current	$ 5,344	$ 5,028
Accounts payable and accrued expenses	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Operating lease obligations, less current portion	$ 27,816	$ 29,954
Total operating lease obligations	$ 33,160	34,982
Weighted average remaining operating lease term	6 years
Weighted average operating lease discount rate	5.10%
Weighted average remaining operating lease term including all available extensions	34 years
Buildings and improvements
Finance Lease
Finance lease, right-of-use asset, gross	$ 58,799	58,799
Finance lease, right-of-use asset, accumulated amortization	(13,352)	(12,617)
Finance lease right-of-use asset, net	$ 45,447	$ 46,182

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease Cost
Amortization of right-of-use asset	$ 367	$ 367	$ 735	$ 735
Interest on lease obligation	351	351	702	702
Operating lease cost	1,366	2,341	2,686	4,070
Variable lease cost	13		13	24
Variable lease cost		(689)
Total lease cost	$ 2,097	$ 2,370	$ 4,136	$ 5,531

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	May 31, 2016	Jun. 30, 2021	Jun. 30, 2021
Stockholders' equity
Preferred stock redemption charge								$ 4,016
Series E Cumulative Redeemable Preferred Stock
Stockholders' equity
Number of shares redeemed (in shares)			4,600,000
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent)		6.95%	6.95%
Redemption price (in dollars per share)	$ 25		$ 25				$ 25	$ 25
Preferred stock redemption charge			$ 4,000
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares)	0	4,600,000	0				0	0
Liquidation preference (in dollars per share)		$ 25
Series F Cumulative Redeemable Preferred Stock
Stockholders' equity
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent)	6.45%	6.45%				6.45%
Redemption price (in dollars per share)				$ 25
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares)	3,000,000	3,000,000	3,000,000				3,000,000	3,000,000
Number of shares of preferred stock issued (in shares)						3,000,000
Liquidation preference (in dollars per share)	$ 25	$ 25	$ 25			$ 25	$ 25	$ 25
Series G Cumulative Redeemable Preferred Stock
Stockholders' equity
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares)	2,650,000	0	2,650,000				2,650,000	2,650,000
Liquidation preference (in dollars per share)	$ 25		$ 25				$ 25	$ 25
Series G Cumulative Redeemable Preferred Stock | Montage Healdsburg
Stockholders' equity
Number of shares of preferred stock issued (in shares)					2,650,000
Liquidation preference (in dollars per share)					$ 25
Series H Cumulative Redeemable Preferred Stock
Stockholders' equity
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent)	6.125%			6.125%
Redemption price (in dollars per share)				$ 25
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares)	4,600,000	0	4,600,000				4,600,000	4,600,000
Number of shares of preferred stock issued (in shares)				4,600,000
Liquidation preference (in dollars per share)	$ 25		$ 25	$ 25			$ 25	$ 25
Preferred stock redemption date				May 24, 2026
Preferred Stock | Series E Cumulative Redeemable Preferred Stock
Stockholders' equity
Number of shares redeemed (in shares)							(4,600,000)
Preferred Stock | Series H Cumulative Redeemable Preferred Stock
Stockholders' equity
Number of shares of preferred stock issued (in shares)							4,600,000

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Feb. 28, 2021	Feb. 28, 2017
Stockholders' equity
Proceeds from issuance of common stock		$ 38,443
Maximum | Share Repurchase Program
Stockholders' equity
Stock Repurchase Program, maximum amount authorized for repurchase			$ 500,000
Common Stock
Stockholders' equity
Payment of stock offering costs		$ 784
Common Stock | Share Repurchase Program
Stockholders' equity
Repurchase Program, number of shares repurchased (in shares)		0
Common Stock | At The Market
Stockholders' equity
ATM Program, maximum amount authorized for issuance				$ 300,000
Proceeds from issuance of common stock	$ 38,400
ATM Program, number of shares sold or issued (in shares)	2,913,682
ATM Program, remaining amount authorized for issuance	$ 137,000	$ 137,000
Preferred Stock
Stockholders' equity
Payment of stock offering costs		$ 3,943
Preferred Stock | Share Repurchase Program
Stockholders' equity
Repurchase Program, number of shares repurchased (in shares)		0

Long-Term Incentive Plan (Detai

Long-Term Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Compensation Expense and Forfeitures
Capitalized compensation cost related to shares issued to design and construction employees			$ 242	$ 246
Restricted Shares
Compensation Expense and Forfeitures
Amortization Expense, including forfeitures	$ 4,659	$ 3,064	7,411	5,271
Capitalized compensation cost related to shares issued to design and construction employees	$ 125	$ 129	$ 242	$ 246
Restricted Shares | Minimum
Long-Term Incentive Plan
Vesting period			3 years

Commitments and Contingencies -

Commitments and Contingencies - Management Fees, Franchise Costs and Renovation Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic and incentive management fees incurred
Other property-level expenses	$ 16,067	$ 8,736	$ 26,544	$ 37,581
License and Franchise Agreements
Franchise assessments	1,852	376	2,720	4,794
Franchise royalties	444		567	880
Franchise royalties		(38)
Franchise costs	2,296	338	3,287	5,674
Basic management fees
Basic and incentive management fees incurred
Other property-level expenses	3,073	164	4,376	5,555
Total basic and incentive management fees
Basic and incentive management fees incurred
Other property-level expenses	3,073	$ 164	$ 4,376	$ 5,555
Minimum
Management Agreements
Basic management fees (as a percent)			1.75%
Maximum
Management Agreements
Basic management fees (as a percent)			3.00%
Renovation and Construction Commitments
Renovation and Construction Commitments
Remaining construction commitments	$ 36,500		$ 36,500

Commitments and Contingencies_2

Commitments and Contingencies - Other Commitments and Concentration of Risk (Details) $ in Thousands	Jun. 30, 2021USD ($)property	Jun. 30, 2021USD ($)property	Jun. 30, 2021USD ($)property	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)property	Dec. 31, 2020USD ($)
Concentration of Risk
Number of hotels owned by the Company | property	18	18	18		18
Other
Gain on extinguishment of debt		$ 88	$ 310
Term of unsecured environmental indemnities			0 years
Damage limitation of unsecured environmental indemnities			$ 0
Payments on credit facility				$ 250,000
Hilton Times Square
Other
Loss contingency accrued balance	$ 10,800	10,800	10,800		$ 10,800	$ 11,600
Loss contingency payment			500
Restricted Cash	$ 10,900	10,900	10,900		$ 10,900	$ 11,600
Gain on extinguishment of debt		100	300
Percentage of total rooms | Geographic Concentration Risk [Member] | California
Concentration of Risk
Concentration risk (as a percent)	31.00%
Percentage of total rooms | Geographic Concentration Risk [Member] | Florida
Concentration of Risk
Concentration risk (as a percent)	10.00%
Percentage of total rooms | Geographic Concentration Risk [Member] | Hawaii
Concentration of Risk
Concentration risk (as a percent)	6.00%
Percentage of total rooms | Geographic Concentration Risk [Member] | Illinois
Concentration of Risk
Concentration risk (as a percent)	13.00%
Percentage of total rooms | Geographic Concentration Risk [Member] | Massachusetts
Concentration of Risk
Concentration risk (as a percent)	16.00%
Percentage of total revenue generated by hotels | Geographic Concentration Risk [Member] | California
Concentration of Risk
Concentration risk (as a percent)					34.00%
Percentage of total revenue generated by hotels | Geographic Concentration Risk [Member] | Florida
Concentration of Risk
Concentration risk (as a percent)					16.00%
Percentage of total revenue generated by hotels | Geographic Concentration Risk [Member] | Hawaii
Concentration of Risk
Concentration risk (as a percent)					21.00%
Percentage of total revenue generated by hotels | Geographic Concentration Risk [Member] | Illinois
Concentration of Risk
Concentration risk (as a percent)					5.00%
Percentage of total revenue generated by hotels | Geographic Concentration Risk [Member] | Massachusetts
Concentration of Risk
Concentration risk (as a percent)					11.00%
Financial standby letter of credit
Other
Outstanding irrevocable letters of credit	$ 200	$ 200	200		$ 200
Payments on credit facility			$ 0
Hotel owned by the Company | Geographic Concentration Risk [Member] | California
Concentration of Risk
Number of hotels owned by the Company | property	5	5	5		5
Hotel owned by the Company | Geographic Concentration Risk [Member] | Florida
Concentration of Risk
Number of hotels owned by the Company | property	2	2	2		2
Hotel owned by the Company | Geographic Concentration Risk [Member] | Hawaii
Concentration of Risk
Number of hotels owned by the Company | property	1	1	1		1
Hotel owned by the Company | Geographic Concentration Risk [Member] | Illinois
Concentration of Risk
Number of hotels owned by the Company | property	3	3	3		3
Hotel owned by the Company | Geographic Concentration Risk [Member] | Massachusetts
Concentration of Risk
Number of hotels owned by the Company | property	2	2	2		2

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 12, 2021	Jul. 16, 2021	Jun. 30, 2021	Dec. 31, 2020	May 31, 2016	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Aug. 13, 2021	Jul. 01, 2021	May 31, 2021
Series F Cumulative Redeemable Preferred Stock
Stockholders' equity
Number of shares of preferred stock issued (in shares)					3,000,000
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent)			6.45%	6.45%	6.45%
Liquidation preference (in dollars per share)			$ 25	$ 25	$ 25	$ 25
Redemption price (in dollars per share)												$ 25
Preferred stock dividends accrued and unpaid (in dollars per share)						$ 0.403125	$ 0.403125	$ 0.403125	$ 0.403125
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares)			3,000,000	3,000,000		3,000,000
Subsequent Event [Member]
Business Combination, Description [Abstract]
Cancellable contract purchase price											$ 200
Subsequent Event [Member] | Series I Cumulative Redeemable Preferred Stock
Stockholders' equity
Number of shares of preferred stock issued (in shares)		4,000,000
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent)		5.70%
Liquidation preference (in dollars per share)		$ 25
Preferred stock redemption date		Jul. 16, 2026
Redemption price (in dollars per share)		$ 25
Subsequent Event [Member] | Series F Cumulative Redeemable Preferred Stock
Stockholders' equity
Redemption price (in dollars per share)	$ 25
Number of shares redeemed (in shares)	3,000,000
Preferred stock dividends accrued and unpaid (in dollars per share)	$ 0.183646
Redemption amount including accrued and unpaid dividends (in dollars per share)	25.183646
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares)										0