DiamondRock Hospitality (DRH) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 05, 2021
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-32514
Entity Registrant Name	DIAMONDROCK HOSPITALITY CO
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1180098
Entity Address, Address Line One	2 Bethesda Metro Center, Suite 1400,
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	240
Local Phone Number	744-1150
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		210,619,840
Entity Central Index Key	0001298946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	DRH
Security Exchange Name	NYSE
8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Entity Listings [Line Items]
Title of 12(b) Security	8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	DRH Pr A
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Property and equipment, net	$ 2,439,555	$ 2,817,356
Right-of-use assets	99,982	96,673
Restricted cash	26,686	23,050
Due from hotel managers	89,326	69,495
Prepaid and other assets	20,582	28,403
Cash and cash equivalents	192,942	111,796
Total assets	2,869,073	3,146,773
Liabilities:
Mortgage and other debt, net of unamortized debt issuance costs	587,972	595,149
Unsecured term loans, net of unamortized debt issuance costs	398,275	398,550
Senior unsecured credit facility	0	55,000
Total debt	986,247	1,048,699
Lease liabilities	106,480	104,973
Deferred rent	58,633	56,344
Due to hotel managers	86,071	95,548
Unfavorable contract liabilities, net	63,916	64,796
Accounts payable and accrued expenses	33,502	46,542
Deferred income related to key money, net	7,809	10,946
Total liabilities	1,342,658	1,427,848
Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized: 8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at June 30, 2021 and December 31, 2020	48	48
Common stock, $0.01 par value; 400,000,000 shares authorized; 210,303,850 and 210,073,514 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	2,103	2,101
Additional paid-in capital	2,288,070	2,285,491
Accumulated deficit	(771,318)	(576,531)
Total stockholders’ equity	1,518,903	1,711,109
Noncontrolling interests	7,512	7,816
Total equity	1,526,415	1,718,925
Total liabilities and equity	$ 2,869,073	$ 3,146,773

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, dividend rate	8.25%	8.25%
Liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred stock, shares issued (in shares)	4,760,000	4,760,000
Preferred stock, shares outstanding (in shares)	4,760,000	4,760,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	210,303,850	210,073,514
Common stock, shares outstanding (in shares)	210,303,850	210,073,514

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenues	$ 124,791	$ 20,379	$ 197,728	$ 190,374
Operating Expenses:
Depreciation and amortization	24,692	28,783	51,654	58,883
Impairment losses	4,145	0	126,697	0
Corporate expenses	8,290	6,826	15,449	12,383
Total operating expenses, net	136,066	88,902	370,629	278,415
Interest and other (income) expense, net	(315)	(150)	(471)	249
Interest expense	10,710	11,629	19,194	32,847
Total other expenses, net	10,395	11,479	18,723	33,096
Loss before income taxes	(21,670)	(80,002)	(191,624)	(121,137)
Income tax benefit	2,551	6,615	938	13,058
Net loss	(19,119)	(73,387)	(190,686)	(108,079)
Less: Net loss attributable to noncontrolling interests	86	605	806	738
Net loss attributable to the Company	(19,033)	(72,782)	(189,880)	(107,341)
Distributions to preferred stockholders	(2,454)	0	(4,908)	0
Net loss attributable to common stockholders	$ (21,487)	$ (72,782)	$ (194,788)	$ (107,341)
Loss per share:
Net loss per share available to common stockholders—basic (in dollars per share)	$ (0.10)	$ (0.36)	$ (0.92)	$ (0.53)
Net loss per share available to common stockholders—diluted (in dollars per share)	$ (0.10)	$ (0.36)	$ (0.92)	$ (0.53)
Rooms
Revenues:
Total revenues	$ 86,896	$ 13,099	$ 137,308	$ 124,900
Operating Expenses:
Operating expenses	21,466	7,143	35,294	42,796
Food and beverage
Revenues:
Total revenues	25,614	3,038	39,539	46,943
Operating Expenses:
Operating expenses	19,573	4,715	31,134	35,802
Other
Revenues:
Total revenues	12,281	4,242	20,881	18,531
Operating Expenses:
Operating expenses	51,874	40,720	100,809	118,563
Management fees
Operating Expenses:
Operating expenses	2,291	(78)	3,410	3,399
Franchise fees
Operating Expenses:
Operating expenses	$ 3,735	$ 793	$ 6,182	$ 6,589

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2019		0	200,207,795
Beginning Balance at Dec. 31, 2019	$ 1,921,062	$ 0	$ 2,002	$ 2,089,349	$ (178,861)	$ 1,912,490	$ 8,572
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)			154,981
Share-based compensation	428		$ 1	189		190	238
Redemption of Operating Partnership units	(201)			(15)		(15)	(186)
Common stock repurchased and retired (in shares)			(1,119,438)
Common stock repurchased and retired	(10,000)		$ (11)	(9,989)		(10,000)
Net loss	(34,692)				(34,559)	(34,559)	(133)
Ending balance (in shares) at Mar. 31, 2020		0	199,243,338
Ending Balance at Mar. 31, 2020	1,876,597	$ 0	$ 1,992	2,079,534	(213,420)	1,868,106	8,491
Beginning balance (in shares) at Dec. 31, 2019		0	200,207,795
Beginning Balance at Dec. 31, 2019	1,921,062	$ 0	$ 2,002	2,089,349	(178,861)	1,912,490	8,572
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(108,079)
Ending balance (in shares) at Jun. 30, 2020		0	199,516,435
Ending Balance at Jun. 30, 2020	1,806,565	$ 0	$ 1,995	2,082,601	(286,198)	1,798,398	8,167
Beginning balance (in shares) at Mar. 31, 2020		0	199,243,338
Beginning Balance at Mar. 31, 2020	1,876,597	$ 0	$ 1,992	2,079,534	(213,420)	1,868,106	8,491
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)			137,616
Share-based compensation	2,341		$ 2	2,054	4	2,060	281
Sale of common stock in follow-on offerings, net of placement fees and expenses (in shares)			135,481
Sale of common stock in follow-on offerings, net of placement fees and expenses	1,014		$ 1	1,013		1,014
Net loss	(73,387)				(72,782)	(72,782)	(605)
Ending balance (in shares) at Jun. 30, 2020		0	199,516,435
Ending Balance at Jun. 30, 2020	1,806,565	$ 0	$ 1,995	2,082,601	(286,198)	1,798,398	8,167
Beginning balance (in shares) at Dec. 31, 2020		4,760,000	210,073,514
Beginning Balance at Dec. 31, 2020	1,718,925	$ 48	$ 2,101	2,285,491	(576,531)	1,711,109	7,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on preferred stock	(2,454)				(2,454)	(2,454)
Share-based compensation (in shares)			170,251
Share-based compensation	301		$ 2	18		20	281
Net loss	(171,567)				(170,847)	(170,847)	(720)
Ending balance (in shares) at Mar. 31, 2021		4,760,000	210,243,765
Ending Balance at Mar. 31, 2021	1,545,205	$ 48	$ 2,103	2,285,509	(749,832)	1,537,828	7,377
Beginning balance (in shares) at Dec. 31, 2020		4,760,000	210,073,514
Beginning Balance at Dec. 31, 2020	1,718,925	$ 48	$ 2,101	2,285,491	(576,531)	1,711,109	7,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(190,686)
Ending balance (in shares) at Jun. 30, 2021		4,760,000	210,303,850
Ending Balance at Jun. 30, 2021	1,526,415	$ 48	$ 2,103	2,288,070	(771,318)	1,518,903	7,512
Beginning balance (in shares) at Mar. 31, 2021		4,760,000	210,243,765
Beginning Balance at Mar. 31, 2021	1,545,205	$ 48	$ 2,103	2,285,509	(749,832)	1,537,828	7,377
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on preferred stock	(2,454)				(2,454)	(2,454)
Share-based compensation (in shares)			52,085
Share-based compensation	2,783			2,502	1	2,503	280
Redemption of Operating Partnership units (in shares)			8,000
Redemption of Operating Partnership units	0			59		59	(59)
Net loss	(19,119)				(19,033)	(19,033)	(86)
Ending balance (in shares) at Jun. 30, 2021		4,760,000	210,303,850
Ending Balance at Jun. 30, 2021	$ 1,526,415	$ 48	$ 2,103	$ 2,288,070	$ (771,318)	$ 1,518,903	$ 7,512

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Distributions per preferred share (in dollars per share)	$ 0.5156	$ 0.5156
Placement fees and expenses		$ 10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (19,119)	$ (171,567)	$ (73,387)	$ (34,692)	$ (190,686)	$ (108,079)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	24,692		28,783		51,654	58,883
Corporate asset depreciation as corporate expenses					112	117
Non-cash lease expense and other amortization					3,343	3,458
Non-cash interest rate swap fair value adjustment					3,569	12,312
Amortization of debt issuance costs					1,257	935
Impairment losses					126,697	0
Amortization of deferred income related to key money					(198)	(198)
Share-based compensation					4,567	3,898
Changes in assets and liabilities:
Prepaid expenses and other assets					2,348	(5,346)
Due to/from hotel managers					(26,692)	37,172
Accounts payable and accrued expenses					(12,399)	(23,292)
Net cash used in operating activities					(36,428)	(20,140)
Cash flows from investing activities:
Acquisition of interest in the land underlying the Kimpton Shorebreak Resort					0	(1,585)
Extension of the Salt Lake City Marriott Downtown ground lease					(2,781)	0
Net proceeds from sale of hotel properties					213,817	0
Proceeds from property insurance					0	10,663
Net cash provided by (used in) investing activities					191,429	(60,441)
Cash flows from financing activities:
Scheduled mortgage debt principal payments					(7,561)	(7,082)
Proceeds from sale of common stock, net					0	1,015
Proceeds from mortgage debt					0	48,000
Repayments of mortgage debt					0	(52,517)
Draws on senior unsecured credit facility					115,500	400,000
Repayments of senior unsecured credit facility					(170,500)	(326,015)
Payment of debt financing costs					(1,149)	(1,410)
Distributions on common stock and units					(118)	(25,557)
Distributions on preferred stock					(4,909)	0
Repurchase of common stock					0	(10,000)
Redemption of Operating Partnership units					0	(201)
Shares redeemed to satisfy tax withholdings on vested share-based compensation					(1,482)	(1,248)
Net cash (used in) provided by financing activities					(70,219)	24,985
Net increase (decrease) in cash, cash equivalents, and restricted cash					84,782	(55,596)
Cash, cash equivalents, and restricted cash at beginning of period		$ 134,846		$ 179,792	134,846	179,792	$ 179,792
Cash, cash equivalents, and restricted cash at end of period	219,628		124,196		219,628	124,196	134,846
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest					21,614	21,846
Cash paid (refunded) for income taxes, net					611	(218)
Capitalized interest					0	2,136
Non-cash investing and financing activities:
Unpaid dividends and distributions declared	20		138		20	138
Accrued capital expenditures					2,520	5,208	3,900
Transfer of land interest in consideration for extension of ground lease					855	0
Cash and cash equivalents	192,942				192,942		111,796
Restricted cash	26,686				26,686		23,050
Total cash, cash equivalents and restricted cash	$ 219,628		$ 124,196		219,628	124,196	$ 134,846
Frenchman's Reef
Cash flows from investing activities:
Capital expenditures					(2,673)	(37,689)
Operating hotels
Cash flows from investing activities:
Capital expenditures					$ (16,934)	$ (31,830)

Organization

Organization	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of premium hotels and resorts. Our hotels are concentrated in key gateway cities and in destination resort locations, and the majority of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. or Hilton Worldwide). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers and hotel brands, which are based on the revenues and profitability of the hotels. As of June 30, 2021, we owned 29 hotels with 8,878 guest rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); New York, New York (3); Phoenix, Arizona; Salt Lake City, Utah; San Diego, California; San Francisco, California (2); Sedona, Arizona (2); Sonoma, California; South Lake Tahoe, California; Washington, D.C. (2) and Vail, Colorado. During the three months ended June 30, 2021, we sold the Frenchman's Reef & Morning Star Marriott Beach Resort (“Frenchman's Reef”), located in St. Thomas, U.S. Virgin Islands, and The Lexington Hotel, located in New York, New York. See Note 9 for further discussion of these sales. Subsequent to June 30, 2021, we acquired the Bourbon Orleans Hotel, located in New Orleans, Louisiana, and the Henderson Park Inn, located in Destin, Florida. See Note 12 for further discussion of these acquisitions. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owns 99.5% of the limited partnership units (“common OP units”) of our operating partnership as of June 30, 2021. The remaining 0.5% of the common OP units are held by third parties and executive officers of the Company. See Note 5 for additional disclosures related to common OP units. Impact of COVID-19 Pandemic In March 2020, the World Health Organization declared the novel coronavirus, or COVID-19, a global pandemic. The virus spread throughout the United States and globally. As a result of the pandemic, government mandates and health official recommendations, the overall demand for lodging materially decreased. We suspended operations at 20 of our 30 previously operating hotels for a portion of 2020. For the three and six months ended June 30, 2021, four of our 30 previously operating hotels were closed for all or a portion of these periods. As of June 30, 2021, all of our owned hotels were open. We have taken aggressive steps to mitigate the COVID-19 pandemic's operational and financial impacts on our business, as described in our consolidated financial statements contained within our Annual Report on Form 10-K filed on March 1, 2021. The COVID-19 pandemic has had a material adverse impact on our operations and financial results for the three and six months ended June 30, 2021. The COVID-19 pandemic showed signs of moderating in the first half of 2021, however, given the emergence of variant strains, the severity and duration of the pandemic cannot be reasonably estimated at this time. We expect the COVID-19 pandemic will continue to have a material adverse impact on our results of operations, financial position and cash flow in the second half of 2021. Demand at our leisure-focused hotels improved in the latter part of 2020 and the first half of 2021. Demand at our other hotels, however, remains at historically low levels. Several markets throughout the country experienced a resurgence of COVID-19 case counts during the winter months of late 2020 and early 2021 and reimplemented or strengthened closures, quarantines, and social distancing requirements. The effectiveness and wide distribution of COVID-19 vaccines, as well as other public health and geopolitical factors, have generally reduced COVID-19 caseloads and, we believe, are likely to cause the timing, pace, and extent of a lodging demand recovery to continue. The emergence of variant strains of COVID-19, however, has the potential to slow or reverse these positive trends in the second half of 2021 and beyond.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation , the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership. In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of June 30, 2021, the results of our operations for the three and six months ended June 30, 2021 and 2020, the statements of equity for the three and six months ended June 30, 2021 and 2020, and the cash flows for the six months ended June 30, 2021 and 2020. Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in our Annual Report on Form 10-K filed on March 1, 2021. Use of Estimates The preparation of the financial statements in conformity with U.S. 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 from those estimates. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. Currently, one of the most significant risks and uncertainties is the potential length and severity of the ongoing COVID-19 pandemic. The COVID-19 pandemic has reduced travel and adversely affected the hospitality industry in general. We believe that the actual and threatened spread of COVID-19 globally or in the regions in which we operate, or the future widespread outbreak of infectious or contagious disease, has impeded and may continue to impede national and international travel in general compared to pre-pandemic levels. The extent to which our business will continue to be affected by COVID-19 will largely depend on future developments, which we cannot predict with a high degree of confidence, and its impact on customer travel, including the duration of the outbreak, the continued spread and treatment of COVID-19, new information and developments that may emerge concerning the severity of COVID-19 and the actions of governments and individuals to contain COVID-19 or mitigate its impact, as well as the effect of any relaxation of current restrictions, among others. To the extent that travel activity in the U.S. continues to be materially and adversely affected by COVID-19, the overall business and financial results of the hospitality industry, as well as the business and financial results of the Company, would similarly continue to be materially and adversely impacted. See Note 1 for additional disclosures related to COVID-19 and its impact on the Company. Going Concern Under the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within 12 months after the date that the financial statements are issued. In making our evaluation, we considered our financial position and liquidity sources, including forecasted future cash flows and our ability to meet contractual obligations that are due or may become due over the next 12 months. We determined that there is not substantial doubt about our ability to continue as a going concern over the next 12 months as of August 5, 2021. Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the observability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: • Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable • Level 3 - Model-derived valuations with unobservable inputs Property and Equipment Investment purchases of hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets that are not businesses are accounted for as asset acquisitions and recorded at relative fair value based upon total accumulated cost of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. 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 are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying amount of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties, current or projected losses from operations, and an expectation that the property is more likely than not to be sold significantly before the end of its useful life. Management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying amount. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. As discussed in Note 9, we recorded impairment losses on The Lexington Hotel and Frenchman's Reef during the three and six months ended June 30, 2021. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Revenue Recognition Revenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as for restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2021 and December 31, 2020, we had a valuation allowance of $13.5 million and $25.6 million, respectively, on our deferred tax assets. The decrease in the valuation allowance is due to the sale of Frenchman's Reef. We have elected to be treated as a real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly owned subsidiary of Bloodstone TRS, Inc., our existing taxable REIT subsidiary, or TRS, except for Frenchman’s Reef, which, prior to its sale, was owned by a Virgin Islands corporation, which we had elected to be treated as a TRS, and Cavallo Point, The Lodge at the Golden Gate (“Cavallo Point”), which is leased to a wholly owned subsidiary of the Company, which we have elected to be treated as a TRS. We had no accruals for tax uncertainties as of June 30, 2021 and December 31, 2020. Intangible Assets and Liabilities Intangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable contract assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants. No adjustment is made for shares that are anti-dilutive during a period. Share-based Compensation We account for share-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations. Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. We have not elected hedge accounting treatment for the changes in the fair value of derivatives. Changes in the fair value of derivatives are recorded each period and are included in interest expense in the consolidated statements of operations. Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are 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 our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures generally held by our hotel managers and cash held in escrow pursuant to lender requirements. Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of debt issuance costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations. Debt issuance costs related to our Revolving Credit Facility (defined in Note 8) are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the Revolving Credit Facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations. Due to/from Hotel Managers The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees. Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. We aggregate our operating segments using the criteria established by U.S. GAAP, including the similarities of our product offering, types of customers and method of providing service. All of our properties react similarly to economic stimulus, such as business investment, changes in Gross Domestic Product, and changes in travel patterns. As such, all our operating segments meet the aggregation criteria, resulting in a single reportable segment represented by our consolidated financial results.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment as of June 30, 2021 and December 31, 2020 consists of the following (in thousands): June 30, 2021 December 31, 2020 Land $ 507,642 $ 618,210 Land improvements 7,994 7,994 Buildings and site improvements 2,475,264 2,724,277 Furniture, fixtures and equipment 472,320 539,729 Construction in progress 11,276 37,481 3,474,496 3,927,691 Less: accumulated depreciation (1,034,941) (1,110,335) $ 2,439,555 $ 2,817,356 As of June 30, 2021 and December 31, 2020, we had accrued capital expenditures of $2.5 million and $3.9 million, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases We are subject to operating leases, the most significant of which are ground leases. We are the lessee to ground leases under eight of our hotels and one parking garage as of June 30, 2021. The lease liabilities for our operating leases assume the exercise of all available extension options, as we believe they are reasonably certain to be exercised. As of June 30, 2021, our operating leases have a weighted-average remaining lease term of 66 years and a weighted-average discount rate of 5.77%. The components of operating lease expense, which is included in other hotel expenses in our consolidated statements of operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease cost $ 2,774 $ 2,763 $ 5,534 $ 5,571 Variable lease payments $ 124 $ 2 $ 165 $ 239 Cash paid for amounts included in the measurement of operating lease liabilities $ 878 $ 803 $ 1,744 $ 1,610 Maturities of lease liabilities are as follows (in thousands): Year Ending December 31, As of June 30, 2021 2021 (excluding the six months ended June 30, 2021) $ 1,756 2022 3,940 2023 3,997 2024 3,976 2025 4,036 Thereafter 761,689 Total lease payments 779,394 Less imputed interest (672,914) Total lease liabilities $ 106,480

Equity

Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity	Equity Common Shares We are authorized to issue up to 400 million shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors. We have an “at-the-market” equity offering program (the “ATM Program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200 million. No shares were sold under the ATM Program during the three months ended June 30, 2021. As of August 5, 2021, shares of common stock having an aggregate offering price of up to $112.1 million remained available for sale under the ATM Program. Preferred Shares We are authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of June 30, 2021 and December 31, 2020, there were 4,760,000 shares of Series A Preferred Stock issued and outstanding with a liquidation preference each of $25.00 per share. On or after August 31, 2025, the Series A 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. Operating Partnership Units In connection with our acquisition of Cavallo Point in December 2018, we issued 796,684 common OP units to third parties, otherwise unaffiliated with the Company, at $11.76 per unit. Each common OP unit is redeemable at the option of the holder. Holders of common OP units have certain redemption rights, which enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. Long-Term Incentive Partnership units (“LTIP units”), which are also referred to as profits interest units, may be issued to eligible participants under the 2016 Plan (as defined in Note 6 below) for the performance of services to or for the benefit of our operating partnership. LTIP units are a class of partnership unit in our operating partnership and will receive, whether vested or not, the same per-unit distributions as the outstanding common OP units, which equal per-share dividends on shares of our common stock. Initially, LTIP units have a capital account balance of zero, do not receive an allocation of operating income (loss), and do not have full parity with common OP units with respect to liquidating distributions. If such parity is reached, vested LTIP units are converted into an equal number of common OP units, and thereafter will possess all of the rights and interests of common OP units, including the right to exchange the common OP units for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. See Note 6 for additional disclosures related to LTIP units. There were 955,612 and 855,191 common OP units held by unaffiliated third parties and executive officers of the Company as of June 30, 2021 and December 31, 2020, respectively. There were 135,388 and 243,809 LTIP units outstanding as of June 30, 2021 and December 31, 2020, respectively. All vested LTIP units have reached economic parity with common OP units and have been converted into common OP units. Dividends and Distributions Our board of directors suspended the quarterly common dividend commencing with the first quarter dividend that would have been paid in April 2020. The resumption in quarterly common dividends will be determined by our board of directors after considering our projected taxable income, obligations under our financing agreements, expected capital requirements, and risks affecting our business. We have paid the following dividends to holders of our Series A Preferred Stock during 2021: Payment Date Record Date Dividend March 31, 2021 March 18, 2021 $ 0.515625 June 30, 2021 June 18, 2021 $ 0.515625

Stock Incentive Plans

Stock Incentive Plans	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive Plans We are authorized to issue up to 6,082,664 shares of our common stock under our 2016 Equity Incentive Plan (the “2016 Plan”), of which we have issued or committed to issue 4,458,085 shares as of June 30, 2021. In addition to these shares, additional shares of common stock may be issued from time to time in connection with the performance stock unit awards as further described below. Restricted Stock Awards Restricted stock awards issued to our officers and employees generally vest over a three-year period from the date of the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying consolidated statements of operations. A summary of our restricted stock awards from January 1, 2021 to June 30, 2021 is as follows: Number of Weighted- Unvested balance at January 1, 2021 557,273 $ 9.83 Granted 1,114,894 9.40 Vested (236,288) 9.93 Forfeited (11,810) 9.60 Unvested balance at June 30, 2021 1,424,069 $ 9.48 In March 2021, our board of directors granted 691,490 restricted shares of common stock as special retention awards (the “Special Retention Awards”) for certain executives, including our named executive officers. The Special Retention Awards generally vest over a five-year period from the date of their grant based on continued employment. Vesting occurs on the following schedule: • 0% for the first three years, • 25% on the third anniversary of the grant, • 25% on the fourth anniversary of the grant, and • 50% on the fifth anniversary of the grant. The total unvested share awards as of June 30, 2021 are expected to vest as follows: 8,202 shares during 2021, 418,948 shares during 2022, 454,370 shares during 2023, 282,976 shares during 2024, 129,788 shares during 2025 and 129,785 shares during 2026. As of June 30, 2021, the unrecognized compensation cost related to restricted stock awards was $11.8 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 41 months. We recorded $1.0 million and $0.6 million of compensation expense related to restricted stock awards for the three months ended June 30, 2021 and 2020, respectively. We recorded $1.8 million and $1.3 million of compensation expense related to restricted stock awards for the six months ended June 30, 2021 and 2020, respectively. Performance Stock Units Performance stock units (“PSUs”) are restricted stock units that vest three years from the date of grant. Each executive officer is granted a target number of PSUs (the “PSU Target Award”). The actual number of shares of common stock issued to each executive officer is based on the Company's achievement of certain performance targets. Under this framework, 50% of the PSUs are based on relative total stockholder return and 50% on hotel market share improvement. The achievement of certain levels of total stockholder return relative to the total stockholder return of a peer group of publicly-traded lodging REITs is measured over a three-year performance period. There is no payout of shares of our common stock if our total stockholder return falls below the 30th percentile of the total stockholder returns of the peer group. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if our total stockholder return is equal to or greater than the 75th percentile of the total stockholder returns of the peer group. The number of PSUs earned is limited to 100% of the PSU Target Award if the Company's total stockholder return is negative for the three-year performance period. The improvement in market share for each of our hotels is measured over a three-year performance period based on a report prepared for each hotel by STR Global, a well-recognized benchmarking service for the hospitality industry. There is no payout of shares of our common stock if the percentage of our hotels with market share improvements is less than 30%. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if the percentage of our hotels with market share improvements is greater than or equal to 75%. For the PSUs granted on March 2, 2021, the improvement in market share for each of our hotels will be measured over a two-year performance period starting on January 1, 2022, which is when we anticipate most major hotels will be open within our competitive sets. We measure compensation expense for the PSUs based upon the fair market value of the award at the grant date. Compensation expense is recognized on a straight-line basis over the three-year performance period and is included in corporate expenses in the accompanying consolidated statements of operations. The grant date fair value of the portion of the PSUs based on our relative total stockholder return is determined using a Monte Carlo simulation performed by a third-party valuation firm. The grant date fair value of the portion of the PSUs based on hotel market share improvement is the closing price of our common stock on the grant date. On March 2, 2021, our board of directors granted 347,981 PSUs to our executive officers. The grant date fair value of the portion of the PSUs based on our relative total stockholder return was $9.28 using the assumptions of volatility of 68.8% and a risk-free rate of 0.26%. The grant date fair value of the portion of the PSUs based on hotel market share was $9.40, which was the closing stock price of our common stock on such date. A summary of our PSUs from January 1, 2021 to June 30, 2021 is as follows: Number of Weighted- Unvested balance at January 1, 2021 912,186 $ 9.63 Granted 347,981 9.34 Vested (1) (290,927) 9.90 Unvested balance at June 30, 2021 969,240 $ 9.45 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.0% of the PSU Target Award. The total unvested PSUs as of June 30, 2021 are expected to vest as follows: 269,224 units during 2022, 352,035 units during 2023 and 347,981 units during 2024. The number of shares earned upon vesting is subject to the attainment of the performance goals described above. As of June 30, 2021, the unrecognized compensation cost related to the PSUs was $5.2 million and is expected to be recognized on a straight-line basis over a weighted average period of 25 months. We recorded $0.8 million and $0.7 million of compensation expense related to the PSUs for the three months ended June 30, 2021 and 2020, respectively. We recorded $1.5 million and $1.4 million of compensation expense related to the PSUs for the six months ended June 30, 2021 and 2020, respectively. LTIP Units LTIP units are designed to offer executives a long-term incentive comparable to restricted stock, while allowing them to enjoy a more favorable income tax treatment. Each LTIP unit awarded is deemed equivalent to an award of one share of common stock reserved under the 2016 Plan. At the time of award, LTIP units do not have full economic parity with common OP units, but can achieve such parity over time upon the occurrence of specified events in accordance with partnership tax rules. A summary of our LTIP units from January 1, 2021 to June 30, 2021 is as follows: Number of Units Weighted- Unvested balance at January 1, 2021 243,809 $ 10.29 Vested (1) (108,421) 10.38 Unvested balance at June 30, 2021 135,388 $ 10.22 ______________________ (1) As of June 30, 2021, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units. The total unvested LTIP units as of June 30, 2021 are expected to vest as follows: 108,422 units during 2022 and 26,966 units during 2023. As of June 30, 2021, of the 325,264 LTIP units granted, 189,876 LTIP units have vested.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per ShareBasic EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by dividing net income (loss) available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities. Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted EPS calculations. The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders (21,487) $ (72,782) (194,788) $ (107,341) Dividends declared on unvested share-based compensation — — — — Net loss available to common stockholders $ (21,487) $ (72,782) $ (194,788) $ (107,341) Denominator: Weighted-average number of common shares outstanding—basic 211,966,308 200,797,317 211,819,758 201,002,576 Effect of dilutive securities: Unvested restricted common stock — — — — Shares related to unvested PSUs — — — — Weighted-average number of common shares outstanding—diluted 211,966,308 200,797,317 211,819,758 201,002,576 Earnings (loss) per share: Net loss per share available to common stockholders—basic $ (0.10) $ (0.36) $ (0.92) $ (0.53) Net loss per share available to common stockholders—diluted $ (0.10) $ (0.36) $ (0.92) $ (0.53) For the three and six months ended June 30, 2021, 213,125 and 469,776 of unvested restricted common shares, respectively, were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. For the three months ended June 30, 2021, 281,201 of unvested PSUs were excluded from the diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. For the six months ended June 30, 2021 and 2020, 335,070 and 171,458 of unvested PSUs, respectively, were excluded from the diluted weighted-average common shares outstanding, as their effect would be anti-dilutive.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	DebtThe following table sets forth information regarding the Company’s debt as of June 30, 2021 and December 31, 2020 (dollars in thousands): Principal Balance as of Loan Interest Rate as of June 30, 2021 Maturity Date June 30, 2021 December 31, 2020 Salt Lake City Marriott Downtown at City Creek mortgage loan LIBOR + 3.25% (1) January 2022 (2) $ 46,350 $ 47,250 Westin Washington, D.C. City Center mortgage loan 3.99% January 2023 57,106 58,282 The Lodge at Sonoma Resort mortgage loan 3.96% April 2023 25,966 26,268 Westin San Diego Downtown mortgage loan 3.94% April 2023 59,436 60,261 Courtyard New York Manhattan/Midtown East mortgage loan 4.40% August 2024 78,713 79,535 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66% May 2025 78,338 79,214 JW Marriott Denver at Cherry Creek mortgage loan 4.33% July 2025 59,423 60,052 Westin Boston Seaport District mortgage loan 4.36% November 2025 184,809 186,840 Unamortized debt issuance costs (2,169) (2,553) Total mortgage and other debt, net of unamortized debt issuance costs 587,972 595,149 Unsecured term loan LIBOR + 2.40% (3) October 2023 50,000 50,000 Unsecured term loan LIBOR + 2.40% (4) July 2024 350,000 350,000 Unamortized debt issuance costs (1,725) (1,450) Unsecured term loans, net of unamortized debt issuance costs 398,275 398,550 Senior unsecured credit facility LIBOR + 2.55% (5) July 2023 (6) — 55,000 Total debt, net of unamortized debt issuance costs $ 986,247 $ 1,048,699 Weighted-Average Interest Rate 3.97% _______________________ (1) LIBOR is subject to a floor of 1.0%. (2) The loan may be extended for an additional year upon satisfaction of certain conditions. (3) We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023. (4) We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. LIBOR is subject to a floor of 0.25%. (5) LIBOR is subject to a floor of 0.25%. (6) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. Mortgage and Other Debt We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the secured assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of June 30, 2021, eight of our 29 hotels were secured by mortgage debt. Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios or debt yields that trigger “cash trap” provisions, as well as restrictions on incurring additional debt without lender consent. Such cash trap provisions are triggered when the hotel’s operating results fall below a certain debt service coverage ratio or debt yield. When these cash trap provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of our lenders until a specified debt service coverage ratio or debt yield is reached and maintained for a certain period of time. Such provisions do not provide the lender the right to accelerate repayment of the underlying debt. As of June 30, 2021, the debt service coverage ratios or debt yields for all of our mortgage loans with cash trap provisions were below the minimum thresholds such that the cash trap provision of each respective loan was triggered. We do not expect that such cash traps will affect our ability to satisfy our short-term liquidity requirements. Senior Unsecured Credit Facility and Unsecured Term Loans We are party to credit agreements (the “Credit Agreements”) that provide for a $400 million senior unsecured credit facility (the “Revolving Credit Facility”), which matures in July 2023, a $350 million unsecured term loan maturing in July 2024 (the “Facility Term Loan”) and a $50 million unsecured term loan maturing in October 2023 (the “2023 Term Loan”). The maturity date for the Revolving Credit Facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. The interest rate on the Revolving Credit Facility is based upon LIBOR, plus an applicable margin based upon the Company’s leverage ratio. In addition to the interest payable on amounts outstanding under the Revolving Credit Facility, we are required to pay an amount equal to 0.20% of the unused portion of the Revolving Credit Facility if the average usage is greater than 50% or 0.30% of the unused portion of the Revolving Credit Facility if the average usage is less than or equal to 50%. As of June 30, 2021, we had no borrowings outstanding under the Revolving Credit Facility. We incurred interest and unused fees on the Revolving Credit Facility of $1.0 million and $1.8 million for the three months ended June 30, 2021 and 2020, respectively. We incurred interest and unsused fees on the Revolving Credit Facility of $1.7 million and $2.5 million for the six months ended June 30, 2021 and 2020, respectively. We incurred interest on the unsecured term loans of $3.7 million and $2.9 million for the three months ended June 30, 2021 and 2020, respectively. We incurred interest on the unsecured term loans of $7.3 million and $6.1 million for the six months ended June 30, 2021 and 2020, respectively. On June 9, 2020, we entered into amendments to the Credit Agreements (the “Amended Credit Agreements”). The Amended Credit Agreements waived the quarterly tested financial covenants from June 9, 2020 through the first quarter of 2021, unless we elect to terminate the waiver on an earlier date (such period between June 9, 2020 and the earlier of such date of termination and the end of the first quarter of 2021, the “Covenant Relief Period”). During the Covenant Relief Period and until the date we have demonstrated compliance with the financial covenants for the fiscal quarter following the end of the Covenant Relief Period (the “Restriction Period”), (i) the Amended Credit Agreements require that the net cash proceeds from certain incurrences of indebtedness, equity issuances and asset dispositions will, subject to various exceptions, be applied as a mandatory prepayment of the amounts outstanding under the Amended Credit Agreements, (ii) the Amended Credit Agreements impose an additional covenant that we and our subsidiaries maintain minimum liquidity, defined as unrestricted cash plus available capacity on the Revolving Credit Facility, of at least $100 million, and (iii) the Amended Credit Agreements impose additional negative covenants that will limit our ability to incur additional indebtedness, pay dividends and distributions (except to the extent required to maintain REIT status), repurchase shares, make prepayments of other indebtedness, make capital expenditures, conduct asset dispositions or transfers and make investments, in each case subject to various exceptions. During the Restriction Period, acquisitions of encumbered hotels are permitted, subject to a $300 million limitation, and acquisitions of unencumbered hotels are permitted subject to a partial repayment of the outstanding balance on the Revolving Credit Facility or funded with junior capital. Following the end of the Covenant Relief Period, the Amended Credit Agreements modify certain financial covenants until January 1, 2022 or unless we elect to terminate the period on an earlier date (the “Ratio Adjustment Period”), as follows: • Maximum Leverage Ratio is increased from 60% to 65%; • Unencumbered Leverage Ratio is increased from 60% to 65%; and • Unencumbered Implied Debt Service Coverage Ratio may not be less than 1.00 to 1.00 for the first two testing periods in the Ratio Adjustment Period, not less than 1.10 to 1.00 for the third testing period in the Ratio Adjustment Period and not less than 1.20 to 1.00 for all testing periods thereafter. During the Covenant Relief Period and until the earlier of (i) January 1, 2022 and (ii) the date on which we have demonstrated compliance with the financial covenants, without giving effect to the modifications imposed during the Ratio Adjustment Period for two consecutive quarters following the Covenant Relief Period, the equity interests of certain of our subsidiaries that own unencumbered properties are required to be pledged to secure the obligations owing under the Amended Credit Agreements. During the Covenant Relief Period and the Ratio Adjustment Period, the Amended Credit Agreements also set the applicable interest rate to LIBOR plus a margin of 2.40% for the Revolving Credit Facility and LIBOR plus a margin of 2.35% for the Facility Term Loan and 2023 Term Loan. The Amended Credit Agreements also add a LIBOR floor of 0.25% to the variable interest rate calculation. On August 14, 2020, we entered into an additional amendment to the Amended Credit Agreements that permits us to pay preferred dividends up to $17.5 million annually. On January 20, 2021, we entered into third amendments to the Amended Credit Agreements that provide for the following modifications: • Extends the Covenant Relief Period through the fourth quarter of 2021, unless we elect to terminate the period on an earlier date; • Extends the Ratio Adjustment Period until April 1, 2023, unless we elect to terminate the period on an earlier date, and further modifies certain financial covenants, as follows: ◦ Maximum Leverage Ratio is increased from 60% to 65%; ◦ Unencumbered Leverage Ratio is increased from 60% to 65%; and ◦ Unencumbered Implied Debt Service Coverage Ratio may not be less than 1.00 to 1.00 • Increases the applicable interest rate as follows: (i) for all revolving loans outstanding, LIBOR plus a margin of 2.55% per annum, and (ii) for all term loans outstanding, LIBOR plus a margin of 2.40% per annum; • Increases the minimum liquidity covenant to $125.0 million; and • Increases our ability to pay dividends on preferred stock up to $25.0 million annually.

Hotel Dispositions and Impairme

Hotel Dispositions and Impairment Losses	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions and Impairment Losses	Hotel Dispositions and Impairment Losses On April 30, 2021, we sold a wholly owned subsidiary of the Company that owns Frenchman's Reef to an unaffiliated third party pursuant to a share purchase agreement (the “Purchase Agreement”) dated April 27, 2021. Pursuant to the Purchase Agreement, the Company received $35.0 million in cash upon closing, as well as a participation right in the future profits of the hotel once certain return metrics are achieved. Although we expect the profit participation could be meaningful, there can be no assurance that the property will satisfy such return metrics. The Purchase Agreement was a recognized subsequent event to the first quarter of 2021 in accordance with FASB ASC 855, Subsequent Events . As a result, we recorded an impairment loss of $10.8 million during the first quarter of 2021 to adjust the hotel's carrying amount to the contractual consideration. The fair value was determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). Upon classifying Frenchman's Reef as held for sale, we recognized an additional impairment loss of approximately $0.7 million in the second quarter of 2021. On June 30, 2021, we sold The Lexington Hotel to an unaffiliated third party for $185.3 million. During the first quarter of 2021, we evaluated the recoverability of the carrying amount of The Lexington Hotel as a result of our assessment in the first quarter of 2021 that it was more likely than not that the hotel would be sold significantly before the end of its previously estimated useful life. As a result, we recorded an impairment loss of $111.7 million during the first quarter of 2021 to adjust the hotel's carrying amount to its estimated fair value. The fair value was determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). Upon classifying The Lexington Hotel as held for sale, we recognized an additional impairment loss of approximately $3.5 million in the second quarter of 2021.

Fair Value Measurements and Int

Fair Value Measurements and Interest Rate Swaps	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements and Interest Rate Swaps	Fair Value Measurements and Interest Rate Swaps The fair value of certain financial assets and liabilities and other financial instruments as of June 30, 2021 and December 31, 2020, in thousands, is as follows: June 30, 2021 December 31, 2020 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 986,247 $ 990,452 $ 1,048,699 $ 1,078,900 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs. The fair value of our debt is a Level 2 measurement under the fair value hierarchy (see Note 2). We estimate the fair value of our debt by discounting the future cash flows of each instrument at estimated market rates. The Company's interest rate derivatives, which are not designated or accounted for as cash flow hedges, consisted of the following as of June 30, 2021 and December 31, 2020, in thousands: Fair Value of Assets (Liabilities) Hedged Debt Type Rate Fixed Index Effective Date Maturity Date Notional Amount June 30, December 31, 2020 $50 million term loan Swap 2.41 % 1-Month LIBOR January 7, 2019 October 18, 2023 $ 50,000 $ (2,486) $ (3,231) $350 million term loan Swap 1.70 % 1-Month LIBOR July 25, 2019 July 25, 2024 $ 175,000 (6,561) (9,386) $ (9,047) $ (12,617) The fair values of the interest rate swap agreements are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets as of June 30, 2021 and December 31, 2020. The fair value of our interest rate swaps is a Level 2 measurement under the fair value hierarchy. We estimate the fair value of the interest rate swap based on the interest rate yield curve and implied market volatility as inputs and adjusted for the counterparty's credit risk. We concluded the inputs for the credit risk valuation adjustment are Level 3 inputs, however these inputs are not significant to the fair value measurement in its entirety. The carrying amount of our other financial instruments approximate fair value due to the short-term nature of these financial instruments.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation We are subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of our hotels and Company matters. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance will not have a material adverse impact on our financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn July 29, 2021, we acquired fee simple the 218-room Bourbon Orleans Hotel located in New Orleans, Louisiana, for a contractual purchase price of $81.1 million, pursuant to a purchase agreement entered into on July 20, 2021. The acquisition was funded with corporate cash. Upon acquisition of the hotel, we entered into a new management agreement with Evolution Hospitality, a subsidiary of Aimbridge Hospitality, for a term of five years. The management agreement provides for a base management fee of 2.5% of gross revenues for the first year of the agreement and 2.0% of gross revenues thereafter. The management agreement also provides for an incentive management fee of 15% of hotel operating profit above an owner's priority, determined in accordance with the terms of the management agreement. The incentive management fee is capped at 1% of gross revenues for each year. On July 30, 2021, we acquired fee simple the 37-room Henderson Park Inn located in Destin, Florida, for a contractual purchase price of $27.5 million, pursuant to a purchase agreement entered into on July 2, 2021. The acquisition was funded with corporate cash. Upon acquisition of the hotel, we entered into a new management agreement with Aimbridge Hospitality for a term of five years. The management agreement provides for a base management fee of 2.5% of gross revenues. The management agreement also provides for an incentive management fee of 15% of hotel operating profit above an owner's priority, determined in accordance with the terms of the management agreement. The incentive management fee is capped at 1% of gross revenues for each year.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation , the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership. In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of June 30, 2021, the results of our operations for the three and six months ended June 30, 2021 and 2020, the statements of equity for the three and six months ended June 30, 2021 and 2020, and the cash flows for the six months ended June 30, 2021 and 2020. Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in our Annual Report on Form 10-K filed on March 1, 2021.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. 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 from those estimates.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. Currently, one of the most significant risks and uncertainties is the potential length and severity of the ongoing COVID-19 pandemic. The COVID-19 pandemic has reduced travel and adversely affected the hospitality industry in general. We believe that the actual and threatened spread of COVID-19 globally or in the regions in which we operate, or the future widespread outbreak of infectious or contagious disease, has impeded and may continue to impede national and international travel in general compared to pre-pandemic levels. The extent to which our business will continue to be affected by COVID-19 will largely depend on future developments, which we cannot predict with a high degree of confidence, and its impact on customer travel, including the duration of the outbreak, the continued spread and treatment of COVID-19, new information and developments that may emerge concerning the severity of COVID-19 and the actions of governments and individuals to contain COVID-19 or mitigate its impact, as well as the effect of any relaxation of current restrictions, among others. To the extent that travel activity in the U.S. continues to be materially and adversely affected by COVID-19, the overall business and financial results of the hospitality industry, as well as the business and financial results of the Company, would similarly continue to be materially and adversely impacted. See Note 1 for additional disclosures related to COVID-19 and its impact on the Company.
Going Concern	Going ConcernUnder the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within 12 months after the date that the financial statements are issued. In making our evaluation, we considered our financial position and liquidity sources, including forecasted future cash flows and our ability to meet contractual obligations that are due or may become due over the next 12 months. We determined that there is not substantial doubt about our ability to continue as a going concern over the next 12 months as of August 5, 2021.
Fair Value Measurements	Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the observability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: • Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable • Level 3 - Model-derived valuations with unobservable inputs
Property and Equipment	Property and Equipment Investment purchases of hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets that are not businesses are accounted for as asset acquisitions and recorded at relative fair value based upon total accumulated cost of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. 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 are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying amount of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties, current or projected losses from operations, and an expectation that the property is more likely than not to be sold significantly before the end of its useful life. Management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying amount. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Revenue Recognition	Revenue Recognition Revenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as for restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or
Income Taxes	Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2021 and December 31, 2020, we had a valuation allowance of $13.5 million and $25.6 million, respectively, on our deferred tax assets. The decrease in the valuation allowance is due to the sale of Frenchman's Reef. We have elected to be treated as a real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly owned subsidiary of Bloodstone TRS, Inc., our existing taxable REIT subsidiary, or TRS, except for Frenchman’s Reef, which, prior to its sale, was owned by a Virgin Islands corporation, which we had elected to be treated as a TRS, and Cavallo Point, The Lodge at the Golden Gate (“Cavallo Point”), which is leased to a wholly owned subsidiary of the Company, which we have elected to be treated as a TRS.
Intangible Assets and Liabilities	Intangible Assets and LiabilitiesIntangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable contract assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants. No adjustment is made for shares that are anti-dilutive during a period.
Share-based Compensation	Share-based Compensation We account for share-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service.
Comprehensive Income	Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations.
Derivative Instruments	Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. We have not elected hedge accounting treatment for the changes in the fair value of derivatives. Changes in the fair value of derivatives are recorded each period and are included in interest expense in the consolidated statements of operations.
Noncontrolling Interests	Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are 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 our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity.
Restricted Cash	Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures generally held by our hotel managers and cash held in escrow pursuant to lender requirements.
Debt Issuance Costs	Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of debt issuance costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations. Debt issuance costs related to our Revolving Credit Facility (defined in Note 8) are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the Revolving Credit Facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations.
Due to/from Hotel Managers	Due to/from Hotel Managers The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company.
Key Money	Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees.
Leases	Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution.
Segment Reporting	Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. We aggregate our operating segments using the criteria established by U.S. GAAP, including the similarities of our product offering, types of customers and method of providing service. All of our properties react similarly to economic stimulus, such as business investment, changes in Gross Domestic Product, and changes in travel patterns. As such, all our operating segments meet the aggregation criteria, resulting in a single reportable segment represented by our consolidated financial results.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment as of June 30, 2021 and December 31, 2020 consists of the following (in thousands): June 30, 2021 December 31, 2020 Land $ 507,642 $ 618,210 Land improvements 7,994 7,994 Buildings and site improvements 2,475,264 2,724,277 Furniture, fixtures and equipment 472,320 539,729 Construction in progress 11,276 37,481 3,474,496 3,927,691 Less: accumulated depreciation (1,034,941) (1,110,335) $ 2,439,555 $ 2,817,356

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Components of Lease Expense and Other Information	The components of operating lease expense, which is included in other hotel expenses in our consolidated statements of operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease cost $ 2,774 $ 2,763 $ 5,534 $ 5,571 Variable lease payments $ 124 $ 2 $ 165 $ 239 Cash paid for amounts included in the measurement of operating lease liabilities $ 878 $ 803 $ 1,744 $ 1,610
Summary of Operating Lease Maturities	Maturities of lease liabilities are as follows (in thousands): Year Ending December 31, As of June 30, 2021 2021 (excluding the six months ended June 30, 2021) $ 1,756 2022 3,940 2023 3,997 2024 3,976 2025 4,036 Thereafter 761,689 Total lease payments 779,394 Less imputed interest (672,914) Total lease liabilities $ 106,480

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Dividends Payable	We have paid the following dividends to holders of our Series A Preferred Stock during 2021: Payment Date Record Date Dividend March 31, 2021 March 18, 2021 $ 0.515625 June 30, 2021 June 18, 2021 $ 0.515625

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Awards	A summary of our restricted stock awards from January 1, 2021 to June 30, 2021 is as follows: Number of Weighted- Unvested balance at January 1, 2021 557,273 $ 9.83 Granted 1,114,894 9.40 Vested (236,288) 9.93 Forfeited (11,810) 9.60 Unvested balance at June 30, 2021 1,424,069 $ 9.48
Schedule of Nonvested Performance-based Units Activity	A summary of our PSUs from January 1, 2021 to June 30, 2021 is as follows: Number of Weighted- Unvested balance at January 1, 2021 912,186 $ 9.63 Granted 347,981 9.34 Vested (1) (290,927) 9.90 Unvested balance at June 30, 2021 969,240 $ 9.45 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.0% of the PSU Target Award.
Summary of LTIP Units	A summary of our LTIP units from January 1, 2021 to June 30, 2021 is as follows: Number of Units Weighted- Unvested balance at January 1, 2021 243,809 $ 10.29 Vested (1) (108,421) 10.38 Unvested balance at June 30, 2021 135,388 $ 10.22 ______________________

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share, Basic and Diluted	The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders (21,487) $ (72,782) (194,788) $ (107,341) Dividends declared on unvested share-based compensation — — — — Net loss available to common stockholders $ (21,487) $ (72,782) $ (194,788) $ (107,341) Denominator: Weighted-average number of common shares outstanding—basic 211,966,308 200,797,317 211,819,758 201,002,576 Effect of dilutive securities: Unvested restricted common stock — — — — Shares related to unvested PSUs — — — — Weighted-average number of common shares outstanding—diluted 211,966,308 200,797,317 211,819,758 201,002,576 Earnings (loss) per share: Net loss per share available to common stockholders—basic $ (0.10) $ (0.36) $ (0.92) $ (0.53) Net loss per share available to common stockholders—diluted $ (0.10) $ (0.36) $ (0.92) $ (0.53)

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Long Term Debt	The following table sets forth information regarding the Company’s debt as of June 30, 2021 and December 31, 2020 (dollars in thousands): Principal Balance as of Loan Interest Rate as of June 30, 2021 Maturity Date June 30, 2021 December 31, 2020 Salt Lake City Marriott Downtown at City Creek mortgage loan LIBOR + 3.25% (1) January 2022 (2) $ 46,350 $ 47,250 Westin Washington, D.C. City Center mortgage loan 3.99% January 2023 57,106 58,282 The Lodge at Sonoma Resort mortgage loan 3.96% April 2023 25,966 26,268 Westin San Diego Downtown mortgage loan 3.94% April 2023 59,436 60,261 Courtyard New York Manhattan/Midtown East mortgage loan 4.40% August 2024 78,713 79,535 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66% May 2025 78,338 79,214 JW Marriott Denver at Cherry Creek mortgage loan 4.33% July 2025 59,423 60,052 Westin Boston Seaport District mortgage loan 4.36% November 2025 184,809 186,840 Unamortized debt issuance costs (2,169) (2,553) Total mortgage and other debt, net of unamortized debt issuance costs 587,972 595,149 Unsecured term loan LIBOR + 2.40% (3) October 2023 50,000 50,000 Unsecured term loan LIBOR + 2.40% (4) July 2024 350,000 350,000 Unamortized debt issuance costs (1,725) (1,450) Unsecured term loans, net of unamortized debt issuance costs 398,275 398,550 Senior unsecured credit facility LIBOR + 2.55% (5) July 2023 (6) — 55,000 Total debt, net of unamortized debt issuance costs $ 986,247 $ 1,048,699 Weighted-Average Interest Rate 3.97% _______________________ (1) LIBOR is subject to a floor of 1.0%. (2) The loan may be extended for an additional year upon satisfaction of certain conditions. (3) We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023. (4) We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. LIBOR is subject to a floor of 0.25%. (5) LIBOR is subject to a floor of 0.25%.

Fair Value Measurements and I_2

Fair Value Measurements and Interest Rate Swaps (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Certain Financial Assets and Liabilities and Other Financial Instruments	The fair value of certain financial assets and liabilities and other financial instruments as of June 30, 2021 and December 31, 2020, in thousands, is as follows: June 30, 2021 December 31, 2020 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 986,247 $ 990,452 $ 1,048,699 $ 1,078,900 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs.
Schedule of Interest Rate Derivatives	The Company's interest rate derivatives, which are not designated or accounted for as cash flow hedges, consisted of the following as of June 30, 2021 and December 31, 2020, in thousands: Fair Value of Assets (Liabilities) Hedged Debt Type Rate Fixed Index Effective Date Maturity Date Notional Amount June 30, December 31, 2020 $50 million term loan Swap 2.41 % 1-Month LIBOR January 7, 2019 October 18, 2023 $ 50,000 $ (2,486) $ (3,231) $350 million term loan Swap 1.70 % 1-Month LIBOR July 25, 2019 July 25, 2024 $ 175,000 (6,561) (9,386) $ (9,047) $ (12,617)

Organization (Details)

Organization (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)hotelroom	Mar. 31, 2021hotel	Dec. 31, 2020USD ($)	Mar. 31, 2020hotel
Real Estate Properties [Line Items]
Number of hotels	29	30
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) | room	8,878
Cash and cash equivalents | $	$ 192,942		$ 111,796
Revolving Credit Facility | Line of Credit
Real Estate Properties [Line Items]
Remaining borrowing capacity | $	$ 400,000
Suspended Operations, COVID-19
Real Estate Properties [Line Items]
Number of hotels	4			20
DiamondRock Hospitality Limited Partnership
Real Estate Properties [Line Items]
General partner, ownership interest	99.50%
Limited partners, ownership interest	0.50%
Atlanta, Georgia
Real Estate Properties [Line Items]
Number of hotels	1
Boston, Massachusetts
Real Estate Properties [Line Items]
Number of hotels	2
Burlington, Vermont
Real Estate Properties [Line Items]
Number of hotels	1
Charleston, South Carolina
Real Estate Properties [Line Items]
Number of hotels	1
Chicago, Illinois
Real Estate Properties [Line Items]
Number of hotels	2
Denver, Colorado
Real Estate Properties [Line Items]
Number of hotels	2
Fort Lauderdale, Florida
Real Estate Properties [Line Items]
Number of hotels	1
Fort Worth, Texas
Real Estate Properties [Line Items]
Number of hotels	1
Huntington Beach, California
Real Estate Properties [Line Items]
Number of hotels	1
Key West, Florida
Real Estate Properties [Line Items]
Number of hotels	2
Phoenix, Arizona
Real Estate Properties [Line Items]
Number of hotels	1
Salt Lake City, Utah
Real Estate Properties [Line Items]
Number of hotels	1
San Diego, California
Real Estate Properties [Line Items]
Number of hotels	1
San Francisco, California
Real Estate Properties [Line Items]
Number of hotels	2
Sedona, Arizona
Real Estate Properties [Line Items]
Number of hotels	2
Sonoma, California
Real Estate Properties [Line Items]
Number of hotels	1
South Lake Tahoe, California
Real Estate Properties [Line Items]
Number of hotels	1
Washington D.C
Real Estate Properties [Line Items]
Number of hotels	2
St. Thomas, U.S. Virgin Islands
Real Estate Properties [Line Items]
Number of hotels	1
Vail, Colorado
Real Estate Properties [Line Items]
Number of hotels	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Valuation allowance	$ 13,500,000	$ 25,600,000
Accrual for tax uncertainties	$ 0	$ 0
Minimum | Land, Buildings and Improvements
Property, Plant and Equipment [Line Items]
Useful life	5 years
Minimum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful life	1 year
Maximum | Land, Buildings and Improvements
Property, Plant and Equipment [Line Items]
Useful life	40 years
Maximum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful life	10 years

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property and Equipment
Property and equipment, at cost	$ 3,474,496	$ 3,927,691
Less: accumulated depreciation	(1,034,941)	(1,110,335)
Property and equipment, net	2,439,555	2,817,356
Land
Property and Equipment
Property and equipment, at cost	507,642	618,210
Land improvements
Property and Equipment
Property and equipment, at cost	7,994	7,994
Buildings and site improvements
Property and Equipment
Property and equipment, at cost	2,475,264	2,724,277
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, at cost	472,320	539,729
Construction in progress
Property and Equipment
Property and equipment, at cost	$ 11,276	$ 37,481

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$ 2,520	$ 5,208	$ 3,900

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Apr. 01, 2021USD ($)	Jun. 30, 2021hotelground_lease
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term		66 years
Weighted-average discount rate		5.77%
Salt Lake City Marriott Downtown At City Creek
Lessee, Lease, Description [Line Items]
Remaining lease term	50 years
Ownership interest transferred, percent	21.25%
Payment for transfer of ownership | $	$ 2.8
Hotel
Lessee, Lease, Description [Line Items]
Number of operating leases | hotel		8
Parking Garage
Lessee, Lease, Description [Line Items]
Number of operating leases | ground_lease		1

Leases - Lease Cost and Other I

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 2,774	$ 2,763	$ 5,534	$ 5,571
Variable lease payments	124	2	165	239
Cash paid for amounts included in the measurement of operating lease liabilities	$ 878	$ 803	$ 1,744	$ 1,610

Leases - Operating Lease Maturi

Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021 (excluding the six months ended June 30, 2021)	$ 1,756
2022	3,940
2023	3,997
2024	3,976
2025	4,036
Thereafter	761,689
Total lease payments	779,394
Less imputed interest	(672,914)
Total lease liabilities	$ 106,480	$ 104,973

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2018$ / sharesshares	Jun. 30, 2021USD ($)vote$ / sharesshares	Dec. 31, 2020$ / sharesshares	Aug. 05, 2021USD ($)
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		400,000,000	400,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Votes per common share | vote		1
Preferred stock, shares authorized (up to) (in shares)		10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Liquidation preference per share (in dollars per share) | $ / shares		$ 25	$ 25
Limited partnership, price per unit (in dollars per unit) | $ / shares	$ 11.76
Option to redeem for common stock ratio	1
Long-Term Incentive Plan Unit
Class of Stock [Line Items]
Units outstanding (in shares)		135,388	243,809
Unaffiliated Third Parties
Class of Stock [Line Items]
Common units issued (in shares)	796,684
Operating partnerships units held (in shares)		955,612	855,191
Subsequent Event
Class of Stock [Line Items]
Amount remaining under offering program | $				$ 112.1
Common Stock
Class of Stock [Line Items]
Shares sold (in shares)		0
Series A Preferred Stock
Class of Stock [Line Items]
Shares sold (in shares)		4,760,000	4,760,000
Liquidation preference per share (in dollars per share) | $ / shares		$ 25
Redemption price per share (in dollars per share) | $ / shares		$ 25
Common Stock
Class of Stock [Line Items]
Aggregate offering price (up to) | $		$ 200

Equity - Schedule of Dividends

Equity - Schedule of Dividends Payable (Details) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Equity [Abstract]
Dividend per share (in dollars per share)	$ 0.515625	$ 0.515625

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 02, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Unvested restricted common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					3 years
Number of shares, granted (in shares)					1,114,894
Awards expected to vest in 2021 (in shares)			8,202		8,202
Awards expected to vest in 2022 (in shares)			418,948		418,948
Awards expected to vest in 2023 (in shares)			454,370		454,370
Awards expected to vest in 2024 (in shares)			282,976		282,976
Awards expected to vest in 2025 (in shares)			129,788		129,788
Awards expected to vest in 2026 (in shares)			129,785		129,785
Unrecognized compensation cost			$ 11.8		$ 11.8
Unrecognized compensation expense related to compensation awards, period for recognition (in months)					41 months
Compensation expense			$ 1	$ 0.6	$ 1.8	$ 1.3
Shares related to unvested PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					3 years
Number of shares, granted (in shares)					347,981
Vesting percentage					100.00%
Awards expected to vest in 2021 (in shares)			269,224		269,224
Awards expected to vest in 2022 (in shares)			352,035		352,035
Awards expected to vest in 2023 (in shares)			347,981		347,981
Unrecognized compensation cost			$ 5.2		$ 5.2
Unrecognized compensation expense related to compensation awards, period for recognition (in months)					25 months
Compensation expense			$ 0.8	0.7	$ 1.5	1.4
Performance period (in years)	2 years				3 years
Percentage of target award of maximum possible payout to executives					150.00%
Number of units earned if total stockholder return is negative					100.00%
Fair value at grant date (in dollars per share)	$ 9.28
Volatility	68.80%
Risk-free rate	0.26%
Fair value at grant date based on hotel market share (in dollars per share)	$ 9.40
Shares related to unvested PSUs | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)	347,981
Total shareholder return					50.00%
Hotel market share					50.00%
Percentage of total stockholder return for payout of shares					30.00%
Maximum possible payout to executive officer as percentage of the target award					150.00%
Long-Term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2021 (in shares)			108,422		108,422
Awards expected to vest in 2022 (in shares)			26,966		26,966
Unrecognized compensation cost			$ 1		$ 1
Unrecognized compensation expense related to compensation awards, period for recognition (in months)					16 months
Compensation expense			$ 0.3	$ 0.3	$ 0.6	$ 0.5
Units granted (in shares)			325,264		325,264
Units vested (in shares)			189,876		189,876
Maximum | Shares related to unvested PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares					30.00%
Minimum | Shares related to unvested PSUs | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares					75.00%
Percentage of total stockholder return for payout of shares					75.00%
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and incentive plan, shares authorized (up to) (in shares)			6,082,664		6,082,664
Number of shares issued or committed to issue (in shares)			4,458,085		4,458,085
Special Retention Awards | Unvested restricted common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
Number of shares, granted (in shares)		691,490
Special Retention Awards | Unvested restricted common stock | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		0.00%
Special Retention Awards | Unvested restricted common stock | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Special Retention Awards | Unvested restricted common stock | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Special Retention Awards | Unvested restricted common stock | Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%

Stock Incentive Plans - Stock A

Stock Incentive Plans - Stock Awards Activity (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Unvested restricted common stock
Number of Shares
Beginning Balance (in shares) | shares	557,273
Granted (in shares) | shares	1,114,894
Vested (in shares) | shares	(236,288)
Forfeited (in shares) | shares	(11,810)
Ending Balance (in shares) | shares	1,424,069
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 9.83
Granted (in dollars per share) | $ / shares	9.40
Vested (in dollars per share) | $ / shares	9.93
Forfeited (in dollars per share) | $ / shares	9.60
Ending balance (in dollars per share) | $ / shares	$ 9.48
Shares related to unvested PSUs
Number of Shares
Beginning Balance (in shares) | shares	912,186
Granted (in shares) | shares	347,981
Vested (in shares) | shares	(290,927)
Ending Balance (in shares) | shares	969,240
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 9.63
Granted (in dollars per share) | $ / shares	9.34
Vested (in dollars per share) | $ / shares	9.90
Ending balance (in dollars per share) | $ / shares	$ 9.45
Vesting percentage	100.00%
Long-Term Incentive Plan Unit
Number of Shares
Beginning Balance (in shares) | shares	243,809
Vested (in shares) | shares	(108,421)
Ending Balance (in shares) | shares	135,388
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 10.29
Vested (in dollars per share) | $ / shares	10.38
Ending balance (in dollars per share) | $ / shares	$ 10.22

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss attributable to common stockholders	$ (21,487)	$ (72,782)	$ (194,788)	$ (107,341)
Dividends declared on unvested share-based compensation	0	0	0	0
Net loss available to common stockholders	$ (21,487)	$ (72,782)	$ (194,788)	$ (107,341)
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	211,966,308	200,797,317	211,819,758	201,002,576
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	211,966,308	200,797,317	211,819,758	201,002,576
Earnings (loss) per share:
Net loss per share available to common stockholders—basic (in dollars per share)	$ (0.10)	$ (0.36)	$ (0.92)	$ (0.53)
Net loss per share available to common stockholders—diluted (in dollars per share)	$ (0.10)	$ (0.36)	$ (0.92)	$ (0.53)
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	0	0	0	0
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	0	0	0	0

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	213,125	469,776
Shares related to unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	281,201	335,070	171,458

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Jan. 20, 2021	Jun. 09, 2020	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Basis spread on variable rate	2.55%
Weighted-average interest rate (as a percent)			3.97%
Total mortgage and other debt, net of unamortized debt issuance costs			$ 587,972	$ 595,149
Total debt			986,247	1,048,699
Senior unsecured credit facility			0	55,000
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs			(2,169)	(2,553)
Total mortgage and other debt, net of unamortized debt issuance costs			587,972	595,149
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs			(1,725)	(1,450)
Total debt			398,275	398,550
Unsecured Term Loan Due October 2023 | Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance			$ 50,000	50,000
Unsecured Term Loan Due October 2023 | Unsecured Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.40%
Unsecured Term Loan Due October 2023 | Interest Rate Swap | Unsecured Term Loan | LIBOR Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.41%
Unsecured Term Loan due July 2024 | Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance			$ 350,000	350,000
Unsecured Term Loan due July 2024 | Unsecured Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.40%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Senior unsecured credit facility			$ 0	55,000
Revolving Credit Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.40%		2.55%
Unsecured Term Loan, $175 million | Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance			$ 175,000
Unsecured Term Loan, $175 million | Interest Rate Swap | Unsecured Term Loan | LIBOR Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
Principal balance			$ 46,350	47,250
Westin Washington, D.C. City Center mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.99%
Principal balance			$ 57,106	58,282
The Lodge at Sonoma Resort mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.96%
Principal balance			$ 25,966	26,268
Westin San Diego Downtown mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.94%
Principal balance			$ 59,436	60,261
Courtyard New York Manhattan/Midtown East mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			4.40%
Principal balance			$ 78,713	79,535
Worthington Renaissance Fort Worth Hotel mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.66%
Principal balance			$ 78,338	79,214
JW Marriott Denver at Cherry Creek mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			4.33%
Principal balance			$ 59,423	60,052
Westin Boston Seaport District mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			4.36%
Principal balance			$ 184,809	$ 186,840
Minimum | Revolving Credit Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Minimum | Unsecured Term Loan, $175 million | Interest Rate Swap | Unsecured Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Minimum | Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%

Debt - Mortgage and Other Debt

Debt - Mortgage and Other Debt (Details) - hotel	Jun. 30, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Number of hotels	29	30
Mortgages
Debt Instrument [Line Items]
Number of hotels	8

Debt - Senior Unsecured Credit

Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details) $ in Thousands	Jan. 20, 2021USD ($)	Jun. 09, 2020	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2021	Mar. 31, 2021USD ($)	Dec. 31, 2021	Apr. 01, 2021	Dec. 31, 2020USD ($)	Aug. 14, 2020USD ($)
Line of Credit Facility [Line Items]
Percent of unused portion line of credit facility triggering lower commitment fee (as a percent)					50.00%
Senior unsecured credit facility			$ 0		$ 0						$ 55,000
Minimum liquidity covenant	$ 125,000							$ 100,000
Covenant, acquisition limitation								$ 300,000
Maximum leverage ratio (as a percent)								0.60		0.65
Unencumbered leverage ratio								60.00%		65.00%
Basis spread on variable rate	2.55%
Maximum annual preferred dividends	$ 25,000											$ 17,500
Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)					0.20%
Minimum | Testing Period One | Forecast
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio							1
Minimum | Testing Period Two | Forecast
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio							1
Minimum | Testing Period Three | Forecast
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio							1.10
Minimum | Testing Periods Thereafter | Forecast
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio							1.20
Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)					0.30%
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			400,000		$ 400,000
Senior unsecured credit facility			0		0						55,000
Interest and unused credit facility fees			1,000	$ 1,800	1,700	$ 2,500
Interest incurred on the facility			3,700	$ 2,900	$ 7,300	$ 6,100
Revolving Credit Facility | Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.40%				2.55%
Revolving Credit Facility | Line of Credit | Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.25%
Unsecured Term Loan due July 2024 | Unsecured Term Loan
Line of Credit Facility [Line Items]
Principal balance			350,000		$ 350,000						350,000
Unsecured Term Loan due July 2024 | Unsecured Term Loan | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.40%
Unsecured Term Loan Due October 2023 | Unsecured Term Loan
Line of Credit Facility [Line Items]
Principal balance			$ 50,000		$ 50,000						$ 50,000
Unsecured Term Loan Due October 2023 | Unsecured Term Loan | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.40%
Unsecured Term Loan Due October 2023 | Unsecured Term Loan | Forecast | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate									2.35%

Hotel Dispositions and Impair_2

Hotel Dispositions and Impairment Losses (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses	$ 4,145		$ 0	$ 126,697	$ 0
Frenchman's Reef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other real estate	35,000			35,000
Impairment losses	700
The Lexington Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other real estate	185,300			$ 185,300
Impairment losses	$ 3,500
Frenchman's Reef | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses		$ 10,800
The Lexington Hotel | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses		$ 111,700

Fair Value Measurements and I_3

Fair Value Measurements and Interest Rate Swaps - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	$ 986,247	$ 1,048,699
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	986,247	1,048,699
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 990,452	$ 1,078,900

Fair Value Measurements and I_4

Fair Value Measurements and Interest Rate Swaps - Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Interest Rate Swap
Derivative [Line Items]
Fair Value of Assets (Liabilities)	$ (9,047)	$ (12,617)
Interest Rate Swap | $50 million term loan
Derivative [Line Items]
Rate Fixed	2.41%
Notional Amount	$ 50,000
Fair Value of Assets (Liabilities)	$ (2,486)	(3,231)
Interest Rate Swap | $350 million term loan
Derivative [Line Items]
Rate Fixed	1.70%
Notional Amount	$ 175,000
Fair Value of Assets (Liabilities)	(6,561)	(9,386)
Unsecured Term Loan | $50 million term loan
Derivative [Line Items]
Hedged Debt	50,000	50,000
Unsecured Term Loan | $350 million term loan
Derivative [Line Items]
Hedged Debt	$ 350,000	$ 350,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Jul. 30, 2021USD ($)hotel	Jul. 29, 2021USD ($)hotel
Bourbon Orleans Hotel
Subsequent Event [Line Items]
Number of hotel rooms acquired | hotel		218
Payments to acquire productive assets | $		$ 81.1
Bourbon Orleans Hotel | Aimbridge Hospitality
Subsequent Event [Line Items]
Asset acquisition term		5 years
Management fee of gross revenues for first year, percentage		2.50%
Management fee of gross revenues thereafter, percentage		2.00%
incentive management fee, percentage		15.00%
incentive management fee of gross revenues, percentage		1.00%
Henderson Park Inn
Subsequent Event [Line Items]
Number of hotel rooms acquired | hotel	37
Payments to acquire productive assets | $	$ 27.5
Henderson Park Inn | Aimbridge Hospitality
Subsequent Event [Line Items]
Asset acquisition term	5 years
Management fee of gross revenues thereafter, percentage	2.50%
incentive management fee, percentage	15.00%
incentive management fee of gross revenues, percentage	1.00%