DiamondRock Hospitality (DRH) 10-K 22 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 22, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2
Entity Common Stock, Shares Outstanding (in shares)		210,746,895
Documents Incorporated by Reference	Portions of the registrant's Proxy Statement for its 2022 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2021, are incorporated by reference in Part III herein.
Entity Central Index Key	0001298946
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DRH
Security Exchange Name	NYSE
8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Document Information [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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	185

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Property and equipment, net	$ 2,651,444	$ 2,817,356
Right-of-use assets	100,212	96,673
Restricted cash	36,887	23,050
Due from hotel managers	120,671	69,495
Prepaid and other assets	17,472	28,403
Cash and cash equivalents	38,620	111,796
Total assets	2,965,306	3,146,773
Liabilities:
Mortgage and other debt, net of unamortized debt issuance costs	578,651	595,149
Unsecured term loans, net of unamortized debt issuance costs	398,572	398,550
Senior unsecured credit facility	90,000	55,000
Total debt	1,067,223	1,048,699
Deferred income related to key money, net	8,203	10,946
Unfavorable contract liabilities, net	62,780	64,796
Deferred rent	60,800	56,344
Lease liabilities	108,605	104,973
Due to hotel managers	85,493	95,548
Accounts payable and accrued expenses	51,238	46,542
Total liabilities	1,444,342	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 December 31, 2021 and 2020	48	48
Common stock, $0.01 par value; 400,000,000 shares authorized; 210,746,895 and 210,073,514 shares issued and outstanding at December 31, 2021 and 2020, respectively	2,107	2,101
Additional paid-in capital	2,293,990	2,285,491
Deficit	(780,931)	(576,531)
Total stockholders' equity	1,515,214	1,711,109
Noncontrolling interests	5,750	7,816
Total equity	1,520,964	1,718,925
Total liabilities and equity	$ 2,965,306	$ 3,146,773

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 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)	210,746,895	210,073,514
Common stock, shares outstanding (in shares)	210,746,895	210,073,514

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 567,134	$ 299,488	$ 938,091
Operating expenses:
Depreciation and amortization	102,963	114,716	118,110
Impairment losses	126,697	174,120	0
Corporate expenses	32,552	27,401	28,231
Business interruption insurance income	(705)	(2,208)	(8,822)
Gain on property insurance settlement	0	0	(144,192)
Total operating expenses, net	723,176	668,363	684,092
Interest and other income, net	(947)	(391)	(1,197)
Interest expense	37,043	53,995	46,584
Loss on early extinguishment of debt	0	0	2,373
Total other expenses, net	36,096	53,604	47,760
(Loss) income before income taxes	(192,138)	(422,479)	206,239
Income tax (expense) benefit	(3,267)	26,452	(22,028)
Net (loss) income	(195,405)	(396,027)	184,211
Less: Net loss (income) attributable to noncontrolling interests	821	1,652	(724)
Net (loss) income attributable to the Company	(194,584)	(394,375)	183,487
Distributions to preferred stockholders	(9,817)	(3,300)	0
Net (loss) income attributable to common stockholders	$ (204,401)	$ (397,675)	$ 183,487
(Loss) earnings per share:
Net (loss) income per share available to common stockholders—basic (in dollars per share)	$ (0.96)	$ (1.97)	$ 0.91
Net (loss) income per share available to common stockholders—diluted (in dollars per share)	$ (0.96)	$ (1.97)	$ 0.90
Weighted-average number of common shares outstanding:
Basic (in shares)	212,056,923	201,670,721	202,009,750
Diluted (in shares)	212,056,923	201,670,721	202,741,630
Rooms
Revenues:
Total revenues	$ 399,055	$ 196,736	$ 661,153
Operating expenses:
Operating expenses	102,183	68,603	166,937
Food and beverage
Revenues:
Total revenues	117,742	68,566	215,261
Operating expenses:
Operating expenses	89,795	58,391	137,916
Other
Revenues:
Total revenues	50,337	34,186	61,677
Operating expenses:
Operating expenses	240,818	213,631	333,505
Management fees
Operating expenses:
Operating expenses	10,208	3,578	25,475
Franchise fees
Operating expenses:
Operating expenses	$ 18,665	$ 10,131	$ 26,932

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Cumulative effect of ASC 842 adoptions	Preferred Stock	Preferred StockPreferred Stock	Common Stock	Common StockCommon Stock	Additional Paid-In Capital	Additional Paid-In CapitalCommon Stock	Additional Paid-In CapitalPreferred Stock	Deficit	DeficitCumulative effect of ASC 842 adoptions	Total Stockholders' Equity	Total Stockholders' EquityCommon Stock	Total Stockholders' EquityPreferred Stock	Total Stockholders' EquityCumulative effect of ASC 842 adoptions	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2018					0		204,536,485
Beginning balance at Dec. 31, 2018	$ 1,890,593			$ (15,286)	$ 0		$ 2,045		$ 2,126,472			$ (245,620)	$ (15,286)	$ 1,882,897			$ (15,286)	$ 7,696
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on common stock/units	(101,528)								441			(101,442)		(101,001)				(527)
Share-based compensation (in shares)							95,704
Share-based compensation	5,900						$ 1		5,176			0		5,177				723
Common stock repurchased and retired (in shares)							(4,428,947)
Common stock repurchased and retired	(42,828)						$ (44)		(42,784)					(42,828)
Redemption of OP units (in shares)								4,553
Redemption of common OP units	0								44					44				(44)
Net income	184,211											183,487		183,487				724
Ending balance at Dec. 31, 2019	1,921,062				$ 0		$ 2,002		2,089,349			(178,861)		1,912,490				8,572
Ending balance (in shares) at Dec. 31, 2019					0		200,207,795
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on common stock/units	(3,300)											(3,300)		(3,300)
Share-based compensation (in shares)							304,301
Share-based compensation	$ 6,091						$ 3		5,001			5		5,009				1,082
Sale of common stock (in shares)						4,760,000		10,680,856
Sale of common stock		$ 86,829	$ 114,423			$ 48		$ 107		$ 86,722	$ 114,423				$ 86,829	$ 114,423
Common stock repurchased and retired (in shares)	(1,119,438)						(1,119,438)
Common stock repurchased and retired	$ (10,000)						$ (11)		(9,989)					(10,000)
Redemption of common OP units	(201)								(15)					(15)				(186)
Net income	(396,027)											(394,375)		(394,375)				(1,652)
Ending balance at Dec. 31, 2020	1,718,925				$ 48		$ 2,101		2,285,491			(576,531)		1,711,109				7,816
Ending balance (in shares) at Dec. 31, 2020					4,760,000		210,073,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on preferred stock ($2.063 per preferred share)	(9,817)											(9,817)		(9,817)
Share-based compensation (in shares)							349,391
Share-based compensation	7,261						$ 3		6,132			1		6,136				1,125
Redemption of OP units (in shares)								323,990
Redemption of common OP units	0							$ 3	2,367					2,370				(2,370)
Net income	(195,405)											(194,584)		(194,584)				(821)
Ending balance at Dec. 31, 2021	$ 1,520,964				$ 48		$ 2,107		$ 2,293,990			$ (780,931)		$ 1,515,214				$ 5,750
Ending balance (in shares) at Dec. 31, 2021					4,760,000		210,746,895

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Distributions per common share (in dollars per share)			$ 0.50
Distributions per preferred share (in dollars per share)	$ 2.063	$ 0.694
Preferred Stock
Placement fees and expenses		$ 4,529

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (195,405)	$ (396,027)	$ 184,211
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	102,963	114,716	118,110
Corporate asset depreciation as corporate expenses	226	233	229
Loss on early extinguishment of debt	0	0	2,373
Gain on property insurance settlement	0	0	(144,192)
Non-cash lease expense and other amortization	6,673	5,480	7,011
Non-cash interest rate swap fair value adjustment	7,690	10,072	2,545
Amortization of debt issuance costs	2,547	2,024	1,885
Impairment losses	126,697	174,120	0
Amortization of deferred income related to key money	(329)	(396)	(396)
Share-based compensation	8,744	7,225	6,385
Deferred income tax expense	468	(26,538)	21,018
Changes in assets and liabilities:
Prepaid expenses and other assets	3,142	(5,412)	(6,674)
Due to/from hotel managers	(63,236)	44,526	(5,082)
Accounts payable and accrued expenses	(2,487)	(13,709)	5,866
Net cash (used in) provided by operating activities	(2,307)	(83,686)	193,289
Cash flows from investing activities:
Hotel acquisitions	(226,627)	0	0
Proceeds from sale of properties, net	213,817	0	0
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	0
Proceeds from property insurance	0	10,663	133,529
Receipt of deferred key money	524	0	0
Net cash used in investing activities	(62,199)	(78,973)	(65,730)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(15,318)	(14,406)	(14,195)
Repurchase of common stock	0	(10,000)	(42,828)
Proceeds from sale of common stock, net	0	86,829	0
Proceeds from sale of preferred stock, net	0	114,471	0
Proceeds from mortgage debt	0	48,000	0
Repayments of mortgage debt	(1,880)	(55,460)	0
Proceeds from unsecured term loan	0	0	350,000
Repayments of unsecured term loans	0	0	(300,000)
Draws on senior unsecured credit facility	205,500	400,000	150,000
Repayments of senior unsecured credit facility	(170,500)	(420,000)	(75,000)
Payment of financing costs	(1,217)	(1,410)	(4,805)
Distributions on common stock and units	(119)	(25,557)	(102,052)
Distributions on preferred stock	(9,817)	(3,300)	0
Redemption of Operating Partnership units	0	(201)	0
Shares redeemed to satisfy tax withholdings on vested share-based compensation	(1,482)	(1,253)	(485)
Net cash provided by (used in) financing activities	5,167	117,713	(39,365)
Net (decrease) increase in cash and cash equivalents, and restricted cash	(59,339)	(44,946)	88,194
Cash, cash equivalents, and restricted cash beginning of year	134,846	179,792	91,598
Cash, cash equivalents, and restricted cash, end of year	75,507	134,846	179,792
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	42,494	43,734	43,742
Cash paid (refunded) for income taxes	1,632	(11)	1,470
Capitalized interest	0	2,136	1,944
Non-cash cumulative effect of ASC 842 accounting standard adoption	0	0	15,286
Non-cash Investing and Financing Activities:
Unpaid dividends and distributions declared	19	138	25,815
Accrued capital expenditures	7,295	3,896	13,082
Transfer of land interest in consideration for extension of ground lease	855	0	0
Redemption of Operating Partnership units for common stock	2,370	0	44
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	38,620	111,796	122,524
Restricted cash	36,887	23,050	57,268
Total cash, cash equivalents, and restricted cash	75,507	134,846	179,792
Operating Hotels
Cash flows from investing activities:
Capital expenditures for operating hotels	(44,459)	(47,115)	(102,660)
Frenchman's Reef
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Gain on property insurance settlement			(144,200)
Cash flows from investing activities:
Capital expenditures for operating hotels	$ (2,673)	$ (40,936)	$ (96,599)

Organization

Organization	12 Months Ended
	Dec. 31, 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 major urban market cities and in destination resort locations and many of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”) or Hilton Worldwide (“Hilton”)). 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 December 31, 2021, we owned 32 hotels with 9,349 rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Destin, Florida (2); Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); New Orleans, Louisiana; 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 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. During 2021, we acquired the Bourbon Orleans Hotel, located in New Orleans, Louisiana, the Henderson Park Inn and the Henderson Beach Resort, located in Destin, Florida. On January 6, 2022, we acquired the Tranquility Bay Beachfront Resort located in Marathon, Florida. See Note 10 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 either directly or indirectly 99.7% of the limited partnership units (“common OP units”) of our operating partnership. The remaining 0.3% 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. COVID-19 Update The novel coronavirus (COVID-19) has had and continues to have a significant effect on our industry and our business. The demand for lodging materially decreased beginning in March 2020 and, as a result of pandemic-induced government mandates and health official recommendations, twenty of our hotels suspended operations for a period of time in 2020. Four of our hotels suspended operations for a period of time in 2021. As of December 31, 2021, all of our hotels were open. The COVID-19 pandemic showed signs of moderating in the first half of 2021; however, case counts increased in the second half of 2021 with the emergence of the Delta and Omicron variants. Whereas demand at our leisure-focused hotels improved in 2021, demand at our other hotels remains at historically low levels. Therefore, 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 2022.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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. 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 adversely affected the hospitality industry in general. 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 certain 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. Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and a reporting entity’s own assumptions (unobservable inputs). The hierarchy ranks the quality and reliability 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 five one 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. If present, 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 3, we recorded impairment losses on Frenchman's Reef during the years ended December 31, 2021 and 2020, and the Lexington Hotel during the year ended December 31, 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 December 31, 2021 and 2020, we had a valuation allowance of $14.9 million and $25.6 million, respectively, on our deferred tax assets. The decrease in the valuation allowance is primarily due to the sale of Frenchman's Reef, along with a commensurate decrease in the associated deferred tax assets. We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, 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 wholly owned taxable REIT subsidiaries. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that our filing position is supportable, the benefit of that tax position is not recognized in the consolidated statements of operations. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. We had no accruals for tax uncertainties as of December 31, 2021 and 2020. Intangible Assets and Liabilities Intangible assets or 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 accompanying 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. The noncontrolling interests are classified as permanent equity as we have the right to choose to settle each holder's redemption of the interests in either cash or delivery of shares of our common stock. See Note 5 for additional details. 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 cash held in reserve 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 deferred financing 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 on a systematic or rational basis, if appropriate. Deferred 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. Accounting for Impacts of Natural Disasters Assets destroyed or damaged as a result of natural disasters or other involuntary events are written off or reduced in carrying value to their salvage value. When recovery of all or a portion of the amount of property damage loss or other covered expenses through insurance proceeds is demonstrated to be probable, a receivable is recorded and offsets the loss or expense up to the amount of the total loss or expense. No gain is recorded until all contingencies related to the insurance claim have been resolved. Income resulting from business interruption insurance is not recognized until all contingencies related to the insurance recoveries are resolved. We received $10.7 million and $142.5 million in insurance proceeds during the years ended December 31, 2020 and 2019, respectively. For the year ended December 31, 2019, we recognized a $144.2 million gain related to the settlement of the property damage insurance claim at Frenchman's Reef. In September 2017, Hurricane Irma caused significant damage to Frenchman's Reef and Havana Cabana Key West. Frenchman's Reef was further impacted by Hurricane Maria. The Company filed insurance claims for the remediation and repair of property damage and business interruption resulting from the hurricanes. In July 2018, the Company settled the insurance claim for Havana Cabana Key West for $8.3 million, net of deductibles. In June 2019, the Company settled the insurance claim for Frenchman's Reef related to the damages caused by Hurricane Maria for $1.4 million. In December 2019, the Company settled the insurance claim related to Hurricane Irma for total insurance payments of $246.8 million, of which $238.5 million related to Frenchman's Reef and $8.3 million related to the settlement previously agreed to for the Havana Cabana Key West. Recently Issued Accounting Pronouncements In March 2020, the FASB issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications to ease reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). ASU 2020-04 permits a contract with a modified reference rate to be accounted for as a continuation of the existing contract. We have not entered into any contract modifications yet as it directly relates to reference rate reform, but we anticipate undertaking such modifications in the future related to our variable rate debt and interest rate swaps indexed to LIBOR. The adoption of ASU No. 2020-04 is not expected to have a material impact on our consolidated financial statements.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment as of December 31, 2021 and 2020 consists of the following (in thousands): 2021 2020 Land $ 546,800 $ 618,210 Land improvements 7,994 7,994 Buildings 2,667,024 2,724,277 Furniture, fixtures and equipment 501,505 539,729 Construction in progress 14,485 37,481 3,737,808 3,927,691 Less: accumulated depreciation (1,086,364) (1,110,335) $ 2,651,444 $ 2,817,356

Leases

Leases	12 Months Ended
	Dec. 31, 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 two parking areas. 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. Additional information regarding the terms of our ground leases can be found in Note 13. As of December 31, 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): Year Ended December 31, 2021 2020 Operating lease cost $ 11,101 $ 11,091 Variable lease payments $ 648 $ 295 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,515 $ 3,214 Maturities of lease liabilities are as follows (in thousands): Year Ending December 31, As of December 31, 2021 2022 $ 3,976 2023 4,033 2024 4,012 2025 4,072 2026 4,640 Thereafter 759,838 Total lease payments 780,571 Less imputed interest (671,966) Total lease liabilities $ 108,605 The Salt Lake City Marriott Downtown at City Creek is subject to a ground lease. On April 1, 2021, we completed a transaction to extend the lease term by 50 years to December 31, 2106. In consideration for the extension, we transferred our 21.25% interest in the land to the majority ground owners and provided a cash payment of $2.8 million.

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity	Equity Common Shares We are authorized to issue up to 400,000,000 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. In August 2021, we implemented an “at-the-market” equity offering program (the “Current 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 $200.0 million. We have not sold any shares under the Current ATM Program. Prior to the implementation of the Current ATM Program, we had a $200.0 million ATM program (the “Prior ATM Program”), which is no longer active. No shares under the Prior ATM Program were sold during the year ended December 31, 2021. We had a share repurchase program (the “Share Repurchase Program”), which authorized us to repurchase shares of our common stock having an aggregate price of up to $250 million. During the year ended December 31, 2020, we repurchased 1,119,438 shares of our common stock at an average price of $8.91 per share for a total purchase price of $10.0 million. These shares were all repurchased prior to March 4, 2020. The Share Repurchase Program expired on November 5, 2020. 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. In 2020, we issued a total of 4,760,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) with a liquidation preference of $25.00 per share, for gross proceeds of $119.0 million. In connection with the offering, we incurred $4.5 million of offering costs. 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. As of December 31, 2021 and 2020, we had 4,760,000 shares of Series A Preferred Stock issued and outstanding. Operating Partnership Units In connection with the 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 639,622 and 855,191 common OP units held by unaffiliated third parties and executive officers of the Company as of December 31, 2021 and 2020, respectively. There were 135,388 and 243,809 LTIP units outstanding as of December 31, 2021 and 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 We have paid the following dividends to holders of our common stock and distributions to holders of common OP units and LTIP units for the years ended December 31, 2021 and 2020, and through the date of this report: Payment Date Record Date Dividend January 13, 2020 January 2, 2020 $ 0.125 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 for the years ended December 31, 2021 and 2020, and through the date of this report: Payment Date Record Date Dividend September 30, 2020 September 20, 2020 $ 0.178 December 31, 2020 December 18, 2020 $ 0.515625 March 31, 2021 March 18, 2021 $ 0.515625 June 30, 2021 June 18, 2021 $ 0.515625 September 30, 2021 September 17, 2021 $ 0.515625 December 31, 2021 December 20, 2021 $ 0.515625

Stock Incentive Plans

Stock Incentive Plans	12 Months Ended
	Dec. 31, 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 4,409,225 shares as of December 31, 2021. In addition to these shares, additional shares of common stock could be issued 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, 2019 to December 31, 2021 is as follows: Number of Weighted- Unvested balance at January 1, 2019 641,844 $ 10.25 Granted 162,806 10.38 Forfeited (21,534) 10.37 Vested (310,117) 10.08 Unvested balance at December 31, 2019 472,999 10.40 Granted 344,997 9.39 Forfeited (22,857) 7.73 Vested (237,866) 10.54 Unvested balance at December 31, 2020 557,273 9.83 Granted 1,177,537 9.37 Forfeited (47,025) 9.21 Vested (244,490) 9.94 Unvested balance at December 31, 2021 1,443,295 $ 9.46 In March 2021, our board of directors granted 691,490 restricted shares of common stock as special retention awards (the “Special Retention Awards”) to 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 remaining share awards are expected to vest as follows: 268,882 during 2022, 306,183 during 2023, 381,527 during 2024, 162,234 during 2025, and 324,469 during 2026. As of December 31, 2021, the unrecognized compensation cost related to restricted stock awards was $10.0 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 37 months. For the years ended December 31, 2021, 2020, and 2019, we recorded $3.9 million, $2.6 million and $2.6 million, respectively, of compensation expense related to restricted stock awards. 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 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 improvement in market share for each of our hotels is the closing price of our common stock on the grant date. The determination of the grant-date fair values of outstanding awards based on our relative total stockholder return included the following assumptions: Award Grant Date Volatility Risk-Free Rate Fair Value at Grant Date March 2, 2018 26.9 % 2.40 % $ 9.52 April 2, 2018 26.9 % 2.37 % $ 9.00 March 1, 2019 24.3 % 2.54 % $ 9.68 February 25, 2020 21.4 % 1.16 % $ 8.52 March 2, 2021 68.8 % 0.26 % $ 9.28 A summary of our PSUs from January 1, 2019 to December 31, 2021 is as follows: Number of Weighted- Unvested balance at January 1, 2019 781,923 $ 11.19 Granted 296,050 10.14 Additional units from dividends 40,662 10 Vested (1) (251,375) 8.8 Forfeited (70,728) 9.93 Unvested balance at December 31, 2019 796,532 11.16 Granted 352,035 9.02 Additional units from dividends 9,556 10.42 Vested (2) (245,937) 11.00 Unvested balance at December 31, 2020 912,186 9.63 Granted 347,981 9.34 Vested (3) (290,927) 9.90 Unvested balance at December 31, 2021 969,240 $ 9.45 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2019 was equal to 74.33% of the PSU Target Award. (2) The number of shares of common stock earned for the PSUs vested in 2020 was equal to 123.07% of the PSU Target Award. (3) The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.00% of the PSU Target Award. The remaining unvested target units are expected to vest as follows: 269,224 during 2022, 352,035 during 2023, and 347,981 in 2024. As of December 31, 2021, the unrecognized compensation cost related to the PSUs was $3.7 million and is expected to be recognized on a straight-line basis over a period of 21 months. For the years ended December 31, 2021, 2020, and 2019, we recorded approximately $3.0 million, $2.7 million, and $2.4 million, respectively, of compensation expense related to the PSUs. LTIP Units LTIP units are designed to offer executives a long-term incentive comparable to restricted stock, while potentially allowing them 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, 2019 to December 31, 2021 is as follows: Number of Weighted- Unvested balance at January 1, 2019 — $ — Granted 281,925 10.65 Forfeited (37,559) 10.65 Unvested balance at December 31, 2019 244,366 10.65 Granted 80,898 9.58 Vested (81,455) 10.65 Unvested balance at December 31, 2020 243,809 10.29 Vested (108,421) 10.38 Unvested balance at December 31, 2021 135,388 $ 10.22 The remaining unvested LTIP units are expected to vest as follows: 108,422 during 2022 and 26,966 during 2023. As of December 31, 2021, the unrecognized compensation cost related to LTIP unit awards was $0.4 million and the weighted-

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic 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 (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): Years Ended December 31, 2021 2020 2019 Numerator: Net (loss) income attributable to common stockholders $ (204,401) $ (397,675) $ 183,487 Dividends declared on unvested share-based compensation — — (132) Net (loss) income available to common stockholders $ (204,401) $ (397,675) $ 183,355 Denominator: Weighted-average number of common shares outstanding—basic 212,056,923 201,670,721 202,009,750 Effect of dilutive securities: Unvested restricted common stock — — 156,146 Shares related to unvested PSUs — — 575,734 Weighted-average number of common shares outstanding—diluted 212,056,923 201,670,721 202,741,630 (Loss) earnings per share: Net (loss) income per share available to common stockholders—basic $ (0.96) $ (1.97) $ 0.91 Net (loss) income per share available to common stockholders—diluted $ (0.96) $ (1.97) $ 0.90 For the year ended December 31, 2021, 379,767 of unvested restricted common shares were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. For the year ended December 31, 2020, there were no unvested restricted common shares excluded from the diluted weighted-average common shares outstanding. For the years ended December 31, 2021 and 2020, 299,810 and 44,045 of unvested PSU's, respectively, were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted EPS calculation as there would be no effect on the amounts since the common OP units' share of income or loss would also be added or subtracted to derive net income (loss) available to common stockholders.

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	DebtThe following table sets forth information regarding the Company’s debt as of December 31, 2021 and 2020 (dollars in thousands): Principal Balance Loan Interest Rate as of December 31, 2021 Maturity Date 2021 2020 Salt Lake City Marriott Downtown at City Creek mortgage loan LIBOR + 3.25% (1) January 2023 43,570 47,250 Westin Washington D.C. City Center mortgage loan 3.99 % January 2023 55,913 58,282 The Lodge at Sonoma Resort mortgage loan 3.96 % April 2023 25,542 26,268 Westin San Diego Downtown mortgage loan 3.94 % April 2023 58,600 60,261 Courtyard New York Manhattan / Midtown East mortgage loan 4.40 % August 2024 77,882 79,535 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66 % May 2025 77,453 79,214 JW Marriott Denver Cherry Creek mortgage loan 4.33 % July 2025 58,789 60,052 Westin Boston Seaport District mortgage loan 4.36 % November 2025 182,755 186,840 Unamortized debt issuance costs (1,853) (2,553) Total mortgage and other debt, net of unamortized debt issuance costs 578,651 595,149 Unsecured term loan LIBOR + 2.40% (2) October 2023 50,000 50,000 Unsecured term loan LIBOR + 2.40% (3) July 2024 350,000 350,000 Unamortized debt issuance costs (1,428) (1,450) Unsecured term loans, net of unamortized debt issuance costs 398,572 398,550 Senior unsecured credit facility LIBOR + 2.55% (4) July 2023 (5) 90,000 55,000 Total debt, net of unamortized debt issuance costs $ 1,067,223 $ 1,048,699 Weighted-Average Interest Rate 3.88% _____________ (1) LIBOR is subject to a floor of 1.0%. (2) We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023. (3) We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. Effective June 9, 2020, LIBOR is subject to a floor of 0.25%. (4) Effective June 9, 2020, LIBOR is subject to a floor of 0.25%. (5) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. The aggregate debt maturities for our mortgage debt and unsecured term loans as of as of December 31, 2021 are as follows (in thousands): 2022 $ 15,896 2023 236,420 2024 432,381 2025 295,807 2026 — Thereafter — $ 980,504 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 pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2021, eight of our 32 hotel properties were secured by mortgage debt. On December 27, 2021, we extended the mortgage loan secured by the Salt Lake City Marriott Downtown at City Creek for one year. As part of the extension, we used $1.9 million of the lender-held escrow funds as a principal payment. 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 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 December 31, 2021, the debt service coverage ratios or debt yields for all of our mortgage loans, except for the mortgage loan secured by the Salt Lake Marriott Downtown at City Creek, were below the minimum thresholds such that the cash trap provision of each respective loan was triggered. As of December 31, 2021, we have $2.8 million held in cash traps, which is included within restricted cash on the accompanying balance sheet. We do not expect that such cash traps 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 “Term Loan Facility”) 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 and unsecured term loans 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%. During the year ended December 31, 2020, we entered into two amendments (the “Amendments”) to the Credit Agreements (as amended, the “Amended Credit Agreements”). The Amendments 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”), the Amendments (i) 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) 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 $100.0 million, (iii) 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, and (iv) permit the payment of dividends on the Company's preferred stock, up to $17.5 million annually. Following the end of the Covenant Relief Period, the Amendments 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 owed under the Amended Credit Agreements. During the Covenant Relief Period and the Ratio Adjustment Period, the Amendments 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 Term Loan Facility and 2023 Term Loan. The Amendments also add a LIBOR floor of 0.25% to the variable interest rate calculation. During the year ended December 31, 2021, we entered into amendments to the Amended Credit Agreements that provided for the following modifications: • Extension of the Covenant Relief Period through the fourth quarter of 2021, unless we elect to terminate the period on an earlier date; • Extension of the Ratio Adjustment Period until April 1, 2023, unless we elect to terminate the period on an earlier date; • The minimum Unencumbered Implied Debt Service Coverage Ratio was lowered to 1.00 to 1.00 for the Ratio Adjustment period; • 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. On February 4, 2022, we entered into additional amendments to the Amended Credit Agreements that provide for the following modifications: • Extends the Covenant Relief Period through the first quarter of 2022, unless we elect to terminate the period on an earlier date; • Extends of the Ratio Adjustment Period until July 1, 2023, unless we elect to terminate the period on an earlier date, • During the Ratio Adjustment Period, the Fixed Charge Coverage Ratio may not be less than 1.00 to 1.00 for the first testing period of the Ratio Adjustment Period, 1.20 to 1.00 for the second testing period of the Ratio Adjustment Period, 1.40 to 1.00 for the third testing period of the Ratio Adjustment Period, and 1.50 to 1.00 thereafter.

Hotel Dispositions

Hotel Dispositions	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions	Hotel Dispositions On April 30, 2021, we sold the 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 . Accordingly, 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.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On July 29, 2021, we acquired the 218-room Bourbon Orleans Hotel located in New Orleans, Louisiana, for net consideration of $90.1 million, including prorations and transaction costs. The acquisition was funded with corporate cash. On July 30, 2021, we acquired the 37-room Henderson Park Inn located in Destin, Florida, for net consideration of $26.4 million, including prorations and transaction costs. The acquisition was funded with corporate cash. On December 23, 2021, we acquired the 216-room Henderson Beach Resort located in Destin, Florida, for net consideration of $110.1 million, including prorations and transaction costs. The acquisition was funded with corporate cash. The acquisition includes income from 46 units owned by third parties that currently participate in the hotel's rental management program. The remaining 170 rooms are owned fee simple by the Company.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, 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 are subject to federal, state, local and/or foreign income taxes. Our provision (benefit) for income taxes consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Current - Federal $ 2,759 $ — $ 420 State 40 79 541 Foreign — 7 49 2,799 86 1,010 Deferred - Federal 5,190 (13,766) 80 State (6,159) (4,866) 132 Foreign — (32,819) 20,806 Change in valuation allowance 1,437 24,913 — 468 (26,538) 21,018 Income tax provision (benefit) $ 3,267 $ (26,452) $ 22,028 A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands): Year Ended December 31, 2021 2020 2019 Statutory federal tax (benefit) provision (1) $ (40,337) $ (88,733) $ 43,313 Tax impact of REIT election 45,946 37,394 (14,125) State income tax (benefit) provision, net of federal tax benefit (6,119) (3,782) 532 Foreign income tax expense (benefit) — 3,618 (6,998) Change in valuation allowance 1,437 24,913 — Permanent differences 2,561 — — Other (221) 138 (694) Income tax provision (benefit) $ 3,267 $ (26,452) $ 22,028 _____________________________ (1) Beginning January 1, 2018, the U.S. federal income tax rate decreased from 35% to 21%. Deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are paid. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. Deferred tax assets are included in prepaid and other assets and deferred tax liabilities are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. The total deferred tax assets and liabilities are as follows (in thousands): 2021 2020 Federal Net operating loss carryforwards $ 7,141 $ 13,960 Deferred income 2,892 2,799 Other 408 24 Depreciation and amortization (5,835) (7,028) Less: Valuation allowance (4,678) (9,166) Federal - Deferred tax (liabilities) assets, net $ (72) $ 589 State Net operating loss carryforwards $ 11,312 $ 5,639 Deferred income 729 712 Alternative minimum tax credit carryforwards 80 80 Other 118 7 Depreciation and amortization (1,471) (1,787) Less: Valuation allowance (10,238) (4,313) State - Deferred tax assets, net $ 530 $ 338 Foreign (USVI) Depreciation and amortization $ — $ 12,134 Land basis recorded in purchase accounting — (2,617) Less: Valuation allowance — (12,134) Foreign - Deferred tax liabilities, net $ — $ (2,617) As of December 31, 2021, we had deferred tax assets of $18.5 million consisting of federal and state net operating loss carryforwards. The state loss carryforwards generally expire in 2023 through 2041 if not utilized by then; however, for certain states some loss carryforwards do not expire. The federal loss carryforwards do not expire. We analyze our deferred tax assets for each jurisdiction and record a valuation allowance when we deem it more likely than not that future results will not generate sufficient taxable income to realize the deferred tax assets. As of December 31, 2021, we have a valuation allowance of $14.9 million on our deferred tax assets as we can no longer be assured that we will be able to realize most of these assets due to uncertainties regarding how long the COVID-19 pandemic will last or what the long-term impact will be on our hotels' operations.

Relationships with Managers and

Relationships with Managers and Franchisors	12 Months Ended
	Dec. 31, 2021
Relationships With Managers [Abstract]
Relationships with Managers and Franchisors	Relationships with Managers and Franchisors We are party to hotel management agreements for each of our hotels owned. Under our hotel management agreements, the hotel manager receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. The base management fee is generally payable as a percentage of gross hotel revenues for each fiscal year. The incentive management fee is generally based on hotel operating profits, but the fee only applies to that portion of hotel operating profits above a negotiated return on our invested capital, which we refer to as the owner's priority. We refer to this excess of operating profits over the owner's priority as “available cash flow.” The following is a summary of management fees for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Base management fees $ 11,542 $ 6,908 $ 21,712 Incentive management fees 468 — 5,705 Amortization of deferred income related to key money (1) (213) (227) (227) Amortization of unfavorable contract liabilities (1,589) (3,103) (1,715) Total management fees, net $ 10,208 $ 3,578 $ 25,475 _____________________________ (1) Relates to key money received for Chicago Marriott Downtown Magnificent Mile and Westin Washington D.C. City Center. Five of our hotels earned incentive management fees for the year ended December 31, 2021. None of our hotels earned incentive management fees for the year ended December 31, 2020. Eight of our hotels earned incentive management fees for the year ended December 31, 2019. Performance Termination Provisions Our management agreements provide us with termination rights upon a manager's failure to meet certain financial performance criteria and manager's decision not to cure the failure by making a cure payment. Key Money Our managers and franchisors have contributed to us certain amounts in exchange for the right to manage or franchise hotels we have acquired and in connection with the completion of certain brand enhancing capital projects. We refer to these amounts as “key money.” Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized against management fees or franchise fees on the accompanying consolidated statements of operations. During 2021, we received $0.5 million of key money as a result of the change in manager of the Westin Washington D.C. City Center. Franchise Agreements We are party to franchise agreements for 18 of our hotels as of December 31, 2021. Pursuant to these franchise agreements, we pay franchise fees based on a percentage of gross room sales, and, under certain agreements, a percentage based on gross food and beverage sales. Further, we pay certain other fees for marketing and reservation services. The following is a summary of franchise fees for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Franchise fees $ 18,781 $ 10,301 $ 27,102 Amortization of deferred income related to key money (1) (116) (170) (170) Total franchise fees, net $ 18,665 $ 10,131 $ 26,932 _____________________________

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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. Ground Leases Additional information regarding our leases can be found in Note 4. Six of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel as of December 31, 2021: • The Bethesda Marriott Suites hotel is subject to a ground lease that runs until 2087. There are no renewal options. • The Courtyard New York Manhattan/Fifth Avenue is subject to a ground lease that runs until 2085, inclusive of one 49-year renewal option. • The Salt Lake City Marriott is subject to two ground leases: one ground lease covers the land under the hotel and the other ground lease covers the portion of the hotel that extends into the adjacent City Creek Center. The term of the ground lease covering the land under the hotel runs through 2106. The term of the ground lease covering the extension into the City Creek Center runs through 2056. • The Westin Boston Seaport District is subject to a ground lease that runs until 2099. There are no renewal options. • The Hotel Palomar Phoenix is subject to a ground lease that runs until 2085, inclusive of three renewal options of five years each. • Cavallo Point is subject to a ground lease with the United States National Park Service that runs until 2066. There are no renewal options. A portion of the parking garage relating to the Worthington Renaissance Fort Worth Hotel is subject to three ground leases that cover, contiguously with each other, approximately one-fourth of the land on which the parking garage is constructed. Each of the ground leases has a term that runs through July 2067, inclusive of three 15-year renewal options. The remainder of the land on which the parking garage is constructed is owned by us in fee simple. A portion of the JW Marriott Denver Cherry Creek is subject to a ground lease that covers approximately 5,500 square feet. The term of the ground lease runs through December 2030, inclusive of two 5-year renewal options. The lease may be indefinitely extended thereafter in one-year increments. The remainder of the land on which the hotel is constructed is owned by us in fee simple. We lease the buildings and sublease the underlying land containing 28 of the 70 rooms at the Orchards Inn Sedona, which expires in 2070, including all extension options. The remainder of the land underlying the hotel is owned by us in fee simple. We sublease a parking area near the Bourbon Orleans Hotel. The sublease runs through July 2069. There are no renewal options. These ground leases generally require us to make rental payments (including a percentage of gross receipts as percentage rent with respect to the Courtyard New York Manhattan/Fifth Avenue, Westin Boston Seaport District, Salt Lake City Marriott, and Cavallo Point ground leases). Most of our ground leases require us to make payments for all charges, costs, expenses, assessments and liabilities, including real property taxes and utilities. Furthermore, these ground leases generally require us to obtain and maintain insurance covering the subject property. The following table reflects the current and future annual rents under our ground leases: Property Term (1) Annual Rent Bethesda Marriott Suites Through 4/2087 $917,512 (2) Courtyard New York Manhattan/Fifth Avenue (3) 10/2017 - 9/2027 $1,132,812 10/2027 - 9/2037 $1,416,015 10/2037 - 9/2047 $1,770,019 10/2047 - 9/2057 $2,212,524 10/2057 - 9/2067 $2,765,655 10/2067 - 9/2077 $3,457,069 10/2077 - 9/2085 $4,321,336 Salt Lake City Marriott (Ground lease for hotel) Through 12/2106 Greater of $132,000 or 2.6% of annual gross room sales Salt Lake City Marriott (Ground lease for extension) 1/2018 - 12/2056 $14,045 (4) Westin Boston Seaport District (5) (Base rent) 1/2021 - 12/2025 $1,000,000 1/2026 - 12/2030 $1,500,000 1/2031 - 12/2035 $1,750,000 1/2036 - 5/2099 No base rent Westin Boston Seaport District (Percentage rent) 6/2016 - 5/2026 1.0% of annual gross revenue 6/2026 - 5/2036 1.5% of annual gross revenue 6/2036 - 5/2046 2.75% of annual gross revenue 6/2046 - 5/2056 3.0% of annual gross revenue 6/2056 - 5/2066 3.25% of annual gross revenue 6/2066 - 5/2099 3.5% of annual gross revenue JW Marriott Denver Cherry Creek 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (6) $60,000 Orchards Inn Sedona 7/2018 - 12/2070 $127,856 (7) Hotel Palomar Phoenix (Base Rent) 4/2022 - 3/2085 $35,459 (8) Hotel Palomar Phoenix (Government Property Lease Excise Tax) (9) 1/2022 - 12/2023 $390,000 1/2024 - 12/2033 $312,000 1/2034 - 12/2043 $234,000 1/2044 - 12/2053 $156,000 1/2054 - 12/2063 $78,000 1/2064 - 3/2085 $— Cavallo Point (Base Rent) 1/2019 - 12/2066 $67,034 (10) Cavallo Point (11) (Percentage Rent) 1/2019 - 12/2023 2.0% of adjusted gross revenue over threshold 1/2024 - 12/2028 3.0% of adjusted gross revenue over threshold 1/2029 - 12/2033 4.0% of adjusted gross revenue over threshold 1/2034 - 12/2066 5.0% of adjusted gross revenue over threshold Cavallo Point (12) (Participation Rent) Through 12/2066 10.0% of adjusted gross revenue over threshold Bourbon Orleans Hotel parking sublease Through 7/2069 $36,000 (13) Property Term (1) Annual Rent Worthington Renaissance Fort Worth Hotel garage ground lease 8/2013 - 7/2022 $40,400 8/2022 - 7/2037 $46,081 8/2037 - 7/2052 $51,763 8/2052 - 7/2067 $57,444 __________ (1) These terms assume our exercise of all renewal options. (2) Represents rent for the year ended December 31, 2021. Rent increases annually by 5.5%. (3) The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2021. (4) Represents rent for the year ended December 31, 2021. Rent increases annually based on the greater of 2% or a Consumer Price Index calculation. (5) Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease. (6) Beginning January 2031, we have the right to renew the ground lease in one (7) Represents rent for the year ended December 31, 2021. Rent increases based on a Consumer Price Index calculation annually. (8) Represents rent for the year ended March 31, 2022. Rent increases annually each April by 2.5%. (9) As lessee of government property, the hotel is subject to a Government Property Lease Excise Tax under Arizona state statute with payments beginning in 2022. (10) Base rent resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%. The next base rent reset will be January 2024. (11) Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent. (12) Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $42 million plus an annual increase based on a Consumer Price Index calculation beginning January 1, 2020, and every year thereafter through the end of the lease term. (13) Represents rent for the year ending December 31, 2022. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027.

Fair Value Measurements and Int

Fair Value Measurements and Interest Rate Swaps	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020, in thousands, are as follows: December 31, 2021 December 31, 2020 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 1,067,223 $ 1,066,139 $ 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 accounting hedges, consisted of the following as of December 31, 2021 and 2020, in thousands: Fair Value of Assets (Liabilities) Hedged Debt Type Rate Fixed Index Effective Date Maturity Date Notional Amount December 31, 2021 December 31, 2020 $50 million term loan Swap 2.41 % 1-Month LIBOR January 7, 2019 October 18, 2023 $ 50,000 $ (1,565) $ (3,231) $350 million term loan Swap 1.70 % 1-Month LIBOR July 25, 2019 July 25, 2024 $ 175,000 (3,362) (9,386) $ (4,927) $ (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 December 31, 2021 and 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 value of our other financial instruments approximate fair value due to the short-term nature of these financial instruments. The following table presents the fair value of assets that were measured on a non-recurring basis (in thousands): Fair Value Measurements as of December 31, 2020 Total Level 1 Level 2 Level 3 Hotel properties $ 45,500 $ — $ — $ 45,500 As described in Note 3, we adjusted the carrying amount of Frenchman's Reef to its fair value and recorded a related impairment loss of $174.1 million in 2020. The fair value was determined using a discounted cash flow model whereby we estimated the future net cash flows expected to be generated by the hotel, using assumptions for estimated remaining reconstruction costs, estimated developer profit, forecasted operating revenues and expenses, and proceeds from the ultimate disposition of the hotel. The discount rate of 11.5% and the terminal capitalization rate of 8.5% used in the discounted cash flow model are considered significant unobservable inputs in estimating the non-recurring fair value measurement. The fair value measurement of the property is a Level 3 measurement under the fair value hierarchy (see Note 2).

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2021 (in thousands) Costs Initial Cost Capitalized Gross Amount at End of Year Building and Subsequent to Building and Accumulated Net Book Year of Depreciation Description Encumbrances Land Improvements Acquisition Land Improvements Total Depreciation Value Acquisition Life Atlanta Marriott Alpharetta — 3,623 33,503 4,247 3,623 37,750 41,373 (14,501) 26,872 2005 40 Years Bethesda Marriott Suites — — 45,656 8,432 — 54,088 54,088 (20,872) 33,216 2004 40 Years Bourbon Orleans Hotel 20,644 60,969 23 20,645 60,991 81,636 (1,357) 80,279 2021 40 Years Cavallo Point, The Lodge at Golden Gate — — 123,100 3,827 — 126,927 126,927 (13,405) 113,522 2018 40 Years Chicago Marriott Downtown, Magnificent Mile — 36,900 347,921 97,273 36,900 445,194 482,094 (155,082) 327,012 2006 40 Years The Gwen Hotel — 31,650 76,961 22,904 31,650 99,865 131,515 (32,649) 98,866 2006 40 Years Courtyard Denver Downtown — 9,400 36,180 6,312 9,400 42,492 51,892 (10,593) 41,299 2011 40 Years Courtyard New York Manhattan/Fifth Avenue — — 34,685 5,363 — 40,048 40,048 (16,610) 23,438 2004 40 Years Courtyard New York Manhattan/Midtown East (77,882) 16,500 54,812 7,512 16,500 62,324 78,824 (25,039) 53,785 2004 40 Years Havana Cabana Key West — 32,888 13,371 5,629 32,888 19,000 51,888 (3,216) 48,672 2014 40 Years Henderson Beach Resort 10,118 93,176 — 10,118 93,176 103,294 — 103,294 2021 40 Years Henderson Park Inn 8,395 17,462 11 8,395 17,473 25,868 (365) 25,503 2021 40 Years Hilton Boston Downtown/Faneuil Hall — 23,262 128,628 15,807 23,262 144,435 167,697 (33,073) 134,624 2012 40 Years Hilton Burlington Lake Champlain — 9,197 40,644 9,237 9,197 49,881 59,078 (10,580) 48,498 2012 40 Years Hilton Garden Inn New York/Times Square Central — 60,300 88,896 1,116 60,300 90,012 150,312 (16,569) 133,743 2014 40 Years Hotel Emblem San Francisco — 7,856 21,085 8,741 7,856 29,826 37,682 (5,460) 32,222 2012 40 Years Hotel Palomar Phoenix — — 59,703 1 — 59,704 59,704 (5,796) 53,908 2018 40 Years The Hythe Vail, a Luxury Collection Resort — 5,800 52,463 34,121 5,800 86,584 92,384 (24,874) 67,510 2005 40 Years JW Marriott Denver Cherry Creek (58,789) 9,200 63,183 11,252 9,200 74,435 83,635 (17,760) 65,875 2011 40 Years Kimpton Shorebreak Resort — 19,908 37,525 4,805 20,423 41,815 62,238 (7,109) 55,129 2015 40 Years Margaritaville Beach House Key West — 49,592 42,958 16,451 49,592 59,409 109,001 (8,321) 100,680 2015 40 Years The Landing Lake Tahoe Resort & Spa — 14,816 24,351 1,174 14,816 25,525 40,341 (2,547) 37,794 2018 40 Years L'Auberge de Sedona — 39,384 22,204 4,363 39,384 26,567 65,951 (4,516) 61,435 2017 40 Years Orchards Inn Sedona — 9,726 10,180 322 9,726 10,502 20,228 (1,362) 18,866 2017 40 Years Renaissance Charleston Historic District Hotel — 5,900 32,511 10,123 5,900 42,634 48,534 (10,357) 38,177 2010 40 Years Salt Lake City Marriott Downtown at City Creek (43,570) — 45,815 10,232 — 56,047 56,047 (21,242) 34,805 2004 40 Years The Lodge at Sonoma Resort (25,542) 3,951 22,720 20,943 3,951 43,663 47,614 (15,546) 32,068 2004 40 Years Westin Boston Waterfront (182,755) — 273,696 35,907 — 309,603 309,603 (112,028) 197,575 2007 40 Years Westin Fort Lauderdale Beach Resort — 54,293 83,227 11,913 54,293 95,140 149,433 (16,418) 133,015 2014 40 Years Westin San Diego Downtown (58,600) 22,902 95,617 10,349 22,902 105,966 128,868 (24,634) 104,234 2012 40 Years Westin Washington D.C City Center (55,913) 24,579 122,229 13,526 24,579 135,755 160,334 (31,672) 128,662 2012 40 Years Worthington Renaissance Fort Worth Hotel (77,453) 15,500 63,428 24,759 15,500 88,187 103,687 (29,753) 73,934 2005 40 Years Total (580,504) 546,284 2,268,859 406,675 546,800 2,675,018 3,221,818 (693,306) 2,528,512 Notes: A) The change in total cost of properties for the fiscal years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): Balance at December 31, 2018 $ 3,308,009 Additions: Acquisitions — Capital expenditures 69,270 Deductions: Dispositions and other — Balance at December 31, 2019 3,377,279 Additions: Acquisitions — Capital expenditures 34,512 Deductions: Impairment losses (61,310) Dispositions and other — Balance at December 31, 2020 3,350,481 Additions: Acquisitions 210,764 Capital expenditures 41,482 Deductions: Impairment losses (175,551) Dispositions and other (205,358) Balance at December 31, 2021 $ 3,221,818 B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): Balance at December 31, 2018 $ 556,868 Depreciation and amortization 68,543 Dispositions and other — Balance at December 31, 2019 625,411 Depreciation and amortization 73,362 Impairment losses (15,230) Dispositions and other — Balance at December 31, 2020 683,543 Depreciation and amortization 70,765 Impairment losses (61,002) Dispositions and other — Balance at December 31, 2021 $ 693,306 C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $3,115,515 as of December 31, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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
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 adversely affected the hospitality industry in general. 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 certain 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.
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 assumptions based on market data (observable inputs) and a reporting entity’s own assumptions (unobservable inputs). The hierarchy ranks the quality and reliability 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 five one 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. If present, 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.
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 December 31, 2021 and 2020, we had a valuation allowance of $14.9 million and $25.6 million, respectively, on our deferred tax assets. The decrease in the valuation allowance is primarily due to the sale of Frenchman's Reef, along with a commensurate decrease in the associated deferred tax assets. We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, 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 wholly owned taxable REIT subsidiaries. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits.
Intangible Assets and Liabilities	Intangible Assets and LiabilitiesIntangible assets or 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 accompanying 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. The noncontrolling interests are classified as permanent equity as we have the right to choose to settle each holder's redemption of the interests in either cash or delivery of shares of our common stock. See Note 5 for additional details. 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 cash held in reserve 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 deferred financing 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 on a systematic or rational basis, if appropriate. Deferred 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. 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	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.
Accounting for Impacts of Natural Disasters	Accounting for Impacts of Natural DisastersAssets destroyed or damaged as a result of natural disasters or other involuntary events are written off or reduced in carrying value to their salvage value. When recovery of all or a portion of the amount of property damage loss or other covered expenses through insurance proceeds is demonstrated to be probable, a receivable is recorded and offsets the loss or expense up to the amount of the total loss or expense. No gain is recorded until all contingencies related to the insurance claim have been resolved. Income resulting from business interruption insurance is not recognized until all contingencies related to the insurance recoveries are resolved.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the FASB issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications to ease reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). ASU 2020-04 permits a contract with a modified reference rate to be accounted for as a continuation of the existing contract. We have not entered into any contract modifications yet as it directly relates to reference rate reform, but we anticipate undertaking such modifications in the future related to our variable rate debt and interest rate swaps indexed to LIBOR. The adoption of ASU No. 2020-04 is not expected to have a material impact on our consolidated financial statements.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment as of December 31, 2021 and 2020 consists of the following (in thousands): 2021 2020 Land $ 546,800 $ 618,210 Land improvements 7,994 7,994 Buildings 2,667,024 2,724,277 Furniture, fixtures and equipment 501,505 539,729 Construction in progress 14,485 37,481 3,737,808 3,927,691 Less: accumulated depreciation (1,086,364) (1,110,335) $ 2,651,444 $ 2,817,356

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2021 2020 Operating lease cost $ 11,101 $ 11,091 Variable lease payments $ 648 $ 295 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,515 $ 3,214
Summary of Operating Lease Maturities	Maturities of lease liabilities are as follows (in thousands): Year Ending December 31, As of December 31, 2021 2022 $ 3,976 2023 4,033 2024 4,012 2025 4,072 2026 4,640 Thereafter 759,838 Total lease payments 780,571 Less imputed interest (671,966) Total lease liabilities $ 108,605

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Dividends Payable	We have paid the following dividends to holders of our common stock and distributions to holders of common OP units and LTIP units for the years ended December 31, 2021 and 2020, and through the date of this report: Payment Date Record Date Dividend January 13, 2020 January 2, 2020 $ 0.125 We have paid the following dividends to holders of our Series A Preferred Stock for the years ended December 31, 2021 and 2020, and through the date of this report: Payment Date Record Date Dividend September 30, 2020 September 20, 2020 $ 0.178 December 31, 2020 December 18, 2020 $ 0.515625 March 31, 2021 March 18, 2021 $ 0.515625 June 30, 2021 June 18, 2021 $ 0.515625 September 30, 2021 September 17, 2021 $ 0.515625 December 31, 2021 December 20, 2021 $ 0.515625

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share Based Compensation Restricted Stock Activity	A summary of our restricted stock awards from January 1, 2019 to December 31, 2021 is as follows: Number of Weighted- Unvested balance at January 1, 2019 641,844 $ 10.25 Granted 162,806 10.38 Forfeited (21,534) 10.37 Vested (310,117) 10.08 Unvested balance at December 31, 2019 472,999 10.40 Granted 344,997 9.39 Forfeited (22,857) 7.73 Vested (237,866) 10.54 Unvested balance at December 31, 2020 557,273 9.83 Granted 1,177,537 9.37 Forfeited (47,025) 9.21 Vested (244,490) 9.94 Unvested balance at December 31, 2021 1,443,295 $ 9.46
Fair Value Valuation Assumptions	The determination of the grant-date fair values of outstanding awards based on our relative total stockholder return included the following assumptions: Award Grant Date Volatility Risk-Free Rate Fair Value at Grant Date March 2, 2018 26.9 % 2.40 % $ 9.52 April 2, 2018 26.9 % 2.37 % $ 9.00 March 1, 2019 24.3 % 2.54 % $ 9.68 February 25, 2020 21.4 % 1.16 % $ 8.52 March 2, 2021 68.8 % 0.26 % $ 9.28
Schedule of Nonvested Performance-based Units Activity	A summary of our PSUs from January 1, 2019 to December 31, 2021 is as follows: Number of Weighted- Unvested balance at January 1, 2019 781,923 $ 11.19 Granted 296,050 10.14 Additional units from dividends 40,662 10 Vested (1) (251,375) 8.8 Forfeited (70,728) 9.93 Unvested balance at December 31, 2019 796,532 11.16 Granted 352,035 9.02 Additional units from dividends 9,556 10.42 Vested (2) (245,937) 11.00 Unvested balance at December 31, 2020 912,186 9.63 Granted 347,981 9.34 Vested (3) (290,927) 9.90 Unvested balance at December 31, 2021 969,240 $ 9.45 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2019 was equal to 74.33% of the PSU Target Award. (2) The number of shares of common stock earned for the PSUs vested in 2020 was equal to 123.07% of the PSU Target Award.
Summary of LTIP units	A summary of our LTIP units from January 1, 2019 to December 31, 2021 is as follows: Number of Weighted- Unvested balance at January 1, 2019 — $ — Granted 281,925 10.65 Forfeited (37,559) 10.65 Unvested balance at December 31, 2019 244,366 10.65 Granted 80,898 9.58 Vested (81,455) 10.65 Unvested balance at December 31, 2020 243,809 10.29 Vested (108,421) 10.38 Unvested balance at December 31, 2021 135,388 $ 10.22

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 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): Years Ended December 31, 2021 2020 2019 Numerator: Net (loss) income attributable to common stockholders $ (204,401) $ (397,675) $ 183,487 Dividends declared on unvested share-based compensation — — (132) Net (loss) income available to common stockholders $ (204,401) $ (397,675) $ 183,355 Denominator: Weighted-average number of common shares outstanding—basic 212,056,923 201,670,721 202,009,750 Effect of dilutive securities: Unvested restricted common stock — — 156,146 Shares related to unvested PSUs — — 575,734 Weighted-average number of common shares outstanding—diluted 212,056,923 201,670,721 202,741,630 (Loss) earnings per share: Net (loss) income per share available to common stockholders—basic $ (0.96) $ (1.97) $ 0.91 Net (loss) income per share available to common stockholders—diluted $ (0.96) $ (1.97) $ 0.90

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Summary of Long Term Debt	The following table sets forth information regarding the Company’s debt as of December 31, 2021 and 2020 (dollars in thousands): Principal Balance Loan Interest Rate as of December 31, 2021 Maturity Date 2021 2020 Salt Lake City Marriott Downtown at City Creek mortgage loan LIBOR + 3.25% (1) January 2023 43,570 47,250 Westin Washington D.C. City Center mortgage loan 3.99 % January 2023 55,913 58,282 The Lodge at Sonoma Resort mortgage loan 3.96 % April 2023 25,542 26,268 Westin San Diego Downtown mortgage loan 3.94 % April 2023 58,600 60,261 Courtyard New York Manhattan / Midtown East mortgage loan 4.40 % August 2024 77,882 79,535 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66 % May 2025 77,453 79,214 JW Marriott Denver Cherry Creek mortgage loan 4.33 % July 2025 58,789 60,052 Westin Boston Seaport District mortgage loan 4.36 % November 2025 182,755 186,840 Unamortized debt issuance costs (1,853) (2,553) Total mortgage and other debt, net of unamortized debt issuance costs 578,651 595,149 Unsecured term loan LIBOR + 2.40% (2) October 2023 50,000 50,000 Unsecured term loan LIBOR + 2.40% (3) July 2024 350,000 350,000 Unamortized debt issuance costs (1,428) (1,450) Unsecured term loans, net of unamortized debt issuance costs 398,572 398,550 Senior unsecured credit facility LIBOR + 2.55% (4) July 2023 (5) 90,000 55,000 Total debt, net of unamortized debt issuance costs $ 1,067,223 $ 1,048,699 Weighted-Average Interest Rate 3.88% _____________ (1) LIBOR is subject to a floor of 1.0%. (2) We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023. (3) We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. Effective June 9, 2020, LIBOR is subject to a floor of 0.25%. (4) Effective June 9, 2020, LIBOR is subject to a floor of 0.25%. (5) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary
Schedule of Maturities of Long-Term Debt	The aggregate debt maturities for our mortgage debt and unsecured term loans as of as of December 31, 2021 are as follows (in thousands): 2022 $ 15,896 2023 236,420 2024 432,381 2025 295,807 2026 — Thereafter — $ 980,504

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Our provision (benefit) for income taxes consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Current - Federal $ 2,759 $ — $ 420 State 40 79 541 Foreign — 7 49 2,799 86 1,010 Deferred - Federal 5,190 (13,766) 80 State (6,159) (4,866) 132 Foreign — (32,819) 20,806 Change in valuation allowance 1,437 24,913 — 468 (26,538) 21,018 Income tax provision (benefit) $ 3,267 $ (26,452) $ 22,028
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands): Year Ended December 31, 2021 2020 2019 Statutory federal tax (benefit) provision (1) $ (40,337) $ (88,733) $ 43,313 Tax impact of REIT election 45,946 37,394 (14,125) State income tax (benefit) provision, net of federal tax benefit (6,119) (3,782) 532 Foreign income tax expense (benefit) — 3,618 (6,998) Change in valuation allowance 1,437 24,913 — Permanent differences 2,561 — — Other (221) 138 (694) Income tax provision (benefit) $ 3,267 $ (26,452) $ 22,028 _____________________________
Schedule of Deferred Tax Assets and Liabilities	The total deferred tax assets and liabilities are as follows (in thousands): 2021 2020 Federal Net operating loss carryforwards $ 7,141 $ 13,960 Deferred income 2,892 2,799 Other 408 24 Depreciation and amortization (5,835) (7,028) Less: Valuation allowance (4,678) (9,166) Federal - Deferred tax (liabilities) assets, net $ (72) $ 589 State Net operating loss carryforwards $ 11,312 $ 5,639 Deferred income 729 712 Alternative minimum tax credit carryforwards 80 80 Other 118 7 Depreciation and amortization (1,471) (1,787) Less: Valuation allowance (10,238) (4,313) State - Deferred tax assets, net $ 530 $ 338 Foreign (USVI) Depreciation and amortization $ — $ 12,134 Land basis recorded in purchase accounting — (2,617) Less: Valuation allowance — (12,134) Foreign - Deferred tax liabilities, net $ — $ (2,617)

Relationships with Managers a_2

Relationships with Managers and Franchisors (Tables)	12 Months Ended
	Dec. 31, 2021
Relationships With Managers [Abstract]
Summary of Management Fees from Continuing Operations	The following is a summary of management fees for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Base management fees $ 11,542 $ 6,908 $ 21,712 Incentive management fees 468 — 5,705 Amortization of deferred income related to key money (1) (213) (227) (227) Amortization of unfavorable contract liabilities (1,589) (3,103) (1,715) Total management fees, net $ 10,208 $ 3,578 $ 25,475 _____________________________
Schedule of Franchise Fees	The following is a summary of franchise fees for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Franchise fees $ 18,781 $ 10,301 $ 27,102 Amortization of deferred income related to key money (1) (116) (170) (170) Total franchise fees, net $ 18,665 $ 10,131 $ 26,932 _____________________________

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Current and Future Minimum Rental Payments for Ground Leases	The following table reflects the current and future annual rents under our ground leases: Property Term (1) Annual Rent Bethesda Marriott Suites Through 4/2087 $917,512 (2) Courtyard New York Manhattan/Fifth Avenue (3) 10/2017 - 9/2027 $1,132,812 10/2027 - 9/2037 $1,416,015 10/2037 - 9/2047 $1,770,019 10/2047 - 9/2057 $2,212,524 10/2057 - 9/2067 $2,765,655 10/2067 - 9/2077 $3,457,069 10/2077 - 9/2085 $4,321,336 Salt Lake City Marriott (Ground lease for hotel) Through 12/2106 Greater of $132,000 or 2.6% of annual gross room sales Salt Lake City Marriott (Ground lease for extension) 1/2018 - 12/2056 $14,045 (4) Westin Boston Seaport District (5) (Base rent) 1/2021 - 12/2025 $1,000,000 1/2026 - 12/2030 $1,500,000 1/2031 - 12/2035 $1,750,000 1/2036 - 5/2099 No base rent Westin Boston Seaport District (Percentage rent) 6/2016 - 5/2026 1.0% of annual gross revenue 6/2026 - 5/2036 1.5% of annual gross revenue 6/2036 - 5/2046 2.75% of annual gross revenue 6/2046 - 5/2056 3.0% of annual gross revenue 6/2056 - 5/2066 3.25% of annual gross revenue 6/2066 - 5/2099 3.5% of annual gross revenue JW Marriott Denver Cherry Creek 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (6) $60,000 Orchards Inn Sedona 7/2018 - 12/2070 $127,856 (7) Hotel Palomar Phoenix (Base Rent) 4/2022 - 3/2085 $35,459 (8) Hotel Palomar Phoenix (Government Property Lease Excise Tax) (9) 1/2022 - 12/2023 $390,000 1/2024 - 12/2033 $312,000 1/2034 - 12/2043 $234,000 1/2044 - 12/2053 $156,000 1/2054 - 12/2063 $78,000 1/2064 - 3/2085 $— Cavallo Point (Base Rent) 1/2019 - 12/2066 $67,034 (10) Cavallo Point (11) (Percentage Rent) 1/2019 - 12/2023 2.0% of adjusted gross revenue over threshold 1/2024 - 12/2028 3.0% of adjusted gross revenue over threshold 1/2029 - 12/2033 4.0% of adjusted gross revenue over threshold 1/2034 - 12/2066 5.0% of adjusted gross revenue over threshold Cavallo Point (12) (Participation Rent) Through 12/2066 10.0% of adjusted gross revenue over threshold Bourbon Orleans Hotel parking sublease Through 7/2069 $36,000 (13) Property Term (1) Annual Rent Worthington Renaissance Fort Worth Hotel garage ground lease 8/2013 - 7/2022 $40,400 8/2022 - 7/2037 $46,081 8/2037 - 7/2052 $51,763 8/2052 - 7/2067 $57,444 __________ (1) These terms assume our exercise of all renewal options. (2) Represents rent for the year ended December 31, 2021. Rent increases annually by 5.5%. (3) The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2021. (4) Represents rent for the year ended December 31, 2021. Rent increases annually based on the greater of 2% or a Consumer Price Index calculation. (5) Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease. (6) Beginning January 2031, we have the right to renew the ground lease in one (7) Represents rent for the year ended December 31, 2021. Rent increases based on a Consumer Price Index calculation annually. (8) Represents rent for the year ended March 31, 2022. Rent increases annually each April by 2.5%. (9) As lessee of government property, the hotel is subject to a Government Property Lease Excise Tax under Arizona state statute with payments beginning in 2022. (10) Base rent resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%. The next base rent reset will be January 2024. (11) Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent. (12) Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $42 million plus an annual increase based on a Consumer Price Index calculation beginning January 1, 2020, and every year thereafter through the end of the lease term. (13) Represents rent for the year ending December 31, 2022. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027.

Fair Value Measurements and I_2

Fair Value Measurements and Interest Rate Swaps (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020, in thousands, are as follows: December 31, 2021 December 31, 2020 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 1,067,223 $ 1,066,139 $ 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 accounting hedges, consisted of the following as of December 31, 2021 and 2020, in thousands: Fair Value of Assets (Liabilities) Hedged Debt Type Rate Fixed Index Effective Date Maturity Date Notional Amount December 31, 2021 December 31, 2020 $50 million term loan Swap 2.41 % 1-Month LIBOR January 7, 2019 October 18, 2023 $ 50,000 $ (1,565) $ (3,231) $350 million term loan Swap 1.70 % 1-Month LIBOR July 25, 2019 July 25, 2024 $ 175,000 (3,362) (9,386) $ (4,927) $ (12,617)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	The following table presents the fair value of assets that were measured on a non-recurring basis (in thousands): Fair Value Measurements as of December 31, 2020 Total Level 1 Level 2 Level 3 Hotel properties $ 45,500 $ — $ — $ 45,500

Organization (Details)

Organization (Details)	12 Months Ended
	Dec. 31, 2021hotelroom	Apr. 30, 2020hotel
Real Estate Properties [Line Items]
Number of hotels	32
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) | room	9,349
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	99.70%
Limited partner, ownership interest	0.30%
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
Destin, Florida
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
New Orleans, Louisiana
Real Estate Properties [Line Items]
Number of hotels	1
New York, New York
Real Estate Properties [Line Items]
Number of hotels	3
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
Vail, Colorado
Real Estate Properties [Line Items]
Number of hotels	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Jul. 31, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Valuation allowance				$ 14,900	$ 25,600
Accrual for tax uncertainties				0	0
Proceeds from business interruption insurance	$ 246,800			10,700	142,500
Insured event, gain				$ 0	$ 0	$ 144,192
Frenchman's Reef
Property, Plant and Equipment [Line Items]
Proceeds from business interruption insurance	$ 238,500
Insured event, gain						$ 144,200
Proceeds from insurance settlement, business interruption		$ 1,400
Havana Cabana Key West
Property, Plant and Equipment [Line Items]
Proceeds from business interruption insurance			$ 8,300
Minimum | Buildings, Land Improvements, and Building 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 | Buildings, Land Improvements, and Building 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	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment
Property and equipment, gross	$ 3,737,808	$ 3,927,691
Less: accumulated depreciation	(1,086,364)	(1,110,335)
Property and equipment, net	2,651,444	2,817,356
Land
Property and Equipment
Property and equipment, gross	546,800	618,210
Land improvements
Property and Equipment
Property and equipment, gross	7,994	7,994
Buildings
Property and Equipment
Property and equipment, gross	2,667,024	2,724,277
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, gross	501,505	539,729
Construction in progress
Property and Equipment
Property and equipment, gross	$ 14,485	$ 37,481

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Accrued capital expenditures		$ 7,295	$ 3,896	$ 13,082
Impairment losses		126,697	$ 174,120	$ 0
Frenchman's Reef
Property, Plant and Equipment [Line Items]
Impairment losses	$ 700	11,500
The Lexington Hotel
Property, Plant and Equipment [Line Items]
Impairment losses	$ 3,500	$ 115,200

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Apr. 01, 2021USD ($)	Dec. 31, 2021hotel
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 Land And Lease Extension | $	$ 2.8
Buildings
Lessee, Lease, Description [Line Items]
Number of operating leases		8
Parking Garage
Lessee, Lease, Description [Line Items]
Number of operating leases		2

Leases - Lease Cost and Other I

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 11,101	$ 11,091
Variable lease payments	648	295
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,515	$ 3,214

Leases - Operating Lease Maturi

Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 3,976
2023	4,033
2024	4,012
2025	4,072
2026	4,640
Thereafter	759,838
Total lease payments	780,571
Less imputed interest	(671,966)
Total lease liabilities	$ 108,605	$ 104,973

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2021USD ($)shares	Dec. 31, 2018$ / sharesshares	Dec. 31, 2021USD ($)vote$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Sep. 30, 2021$ / shares
Dividends Payable [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
Value amount of shares authorized to be repurchased (up to) | $				$ 250,000
Shares repurchased (in shares)				1,119,438
Repurchased shares, average price per share (in dollars per share) | $ / shares				$ 8.91
Common stock repurchased | $			$ 0	$ 10,000	$ 42,828
Preferred stock, shares authorized (in shares)			10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Preferred stock, dividend rate			8.25%	8.25%
Liquidation preference per share (in dollars per share) | $ / shares			$ 25	$ 25
Preferred stock, redemption price (in dollars per share) | $ / shares						$ 25
Limited partnership, price per unit (in dollars per share) | $ / shares		$ 11.76
Option to redeem for common stock ratio		1	1
Long-Term Incentive Plan Unit
Dividends Payable [Line Items]
Units outstanding (in shares)		0	135,388	243,809	244,366
Unaffiliated Third Parties
Dividends Payable [Line Items]
Common units issued (in shares)		796,684
Operating partnerships units held (in shares)			639,622	855,191
Common Stock
Dividends Payable [Line Items]
Shares sold (in shares)	0
Shares repurchased (in shares)				1,119,438	4,428,947
Common Stock
Dividends Payable [Line Items]
Aggregate offering price (up to) | $	$ 200,000
Shares sold (in shares)	0
Amount remaining under offering program | $	$ 200,000
Series A Preferred Stock
Dividends Payable [Line Items]
Shares sold (in shares)				4,760,000
Preferred stock, dividend rate			8.25%
Gross proceeds from sale of stock | $				$ 119,000
Placement fees and expenses | $				$ 4,500

Equity - Schedule of Dividends

Equity - Schedule of Dividends Payable (Details) - $ / shares	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jan. 13, 2020
Equity [Abstract]
Common stock, dividends per share (in dollars per share)							$ 0.125
Preferred stock, dividends per share (in dollars per share)	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.178

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) - USD ($) $ in Millions	Mar. 02, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Granted (in shares)			1,177,537	344,997	162,806
Awards expected to vest in 2022 (in shares)			268,882
Awards expected to vest in 2023 (in shares)			306,183
Awards expected to vest in 2024 (in shares)			381,527
Awards expected to vest in 2025 (in shares)			162,234
Awards expected to vest in 2026 (in shares)			324,469
Unrecognized compensation cost			$ 10
Unrecognized compensation expense related to compensation awards, period for recognition (in months)			37 months
Compensation expense			$ 3.9	$ 2.6	$ 2.6
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Granted (in shares)			347,981	352,035	296,050
Vesting percentage (as a percent)			100.00%	123.07%	74.33%
Awards expected to vest in 2022 (in shares)			269,224
Awards expected to vest in 2023 (in shares)			352,035
Awards expected to vest in 2024 (in shares)			347,981
Unrecognized compensation cost			$ 3.7
Unrecognized compensation expense related to compensation awards, period for recognition (in months)			21 months
Compensation expense			$ 3	$ 2.7	$ 2.4
Performance period (in years)	2 years		3 years
Number of units earned if total stockholder return is negative			100.00%
Percentage of target award of maximum possible payout to executives			150.00%
Performance Shares | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return			50.00%
Hotel market share			50.00%
Percentage of total stockholder return for payout of shares			30.00%
Percentage of target award of maximum possible payout to executives			150.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares			30.00%
Performance Shares | Minimum | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares			75.00%
Long-Term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				80,898	281,925
Awards expected to vest in 2022 (in shares)			108,422
Awards expected to vest in 2023 (in shares)			26,966
Unrecognized compensation cost			$ 0.4
Unrecognized compensation expense related to compensation awards, period for recognition (in months)			13 months
Compensation expense			$ 1.1	$ 1.1		$ 0.7
Conversion ratio			1
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and Incentive plan, shares authorized (in shares)			6,082,664
Number of shares issued or committed to issue (in shares)			4,409,225
2016 Equity Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		691,490
Special Retention Awards | Restricted Stock | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		0.00%
Special Retention Awards | Restricted Stock | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		25.00%
Special Retention Awards | Restricted Stock | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		25.00%
Special Retention Awards | Restricted Stock | Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		50.00%

Stock Incentive Plans - Restric

Stock Incentive Plans - Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Beginning balance (in shares)	557,273	472,999	641,844
Granted (in shares)	1,177,537	344,997	162,806
Forfeited (in shares)	(47,025)	(22,857)	(21,534)
Vested (in shares)	(244,490)	(237,866)	(310,117)
Ending balance (in shares)	1,443,295	557,273	472,999
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.83	$ 10.40	$ 10.25
Fair Value at Grant Date (in dollars per share)	9.37	9.39	10.38
Weighted-average grant date fair value, Forfeited (in dollars per share)	9.21	7.73	10.37
Weighted-average grant date fair value, Vested (in dollars per share)	9.94	10.54	10.08
Ending balance (in dollars per share)	$ 9.46	$ 9.83	$ 10.40

Stock Incentive Plans - Fair Va

Stock Incentive Plans - Fair Value Valuation Assumptions (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value at Grant Date (in dollars per share)	$ 9.34	$ 9.02	$ 10.14
March 2, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	26.90%
Risk-Free Rate	2.40%
Fair Value at Grant Date (in dollars per share)	$ 9.52
April 2, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	26.90%
Risk-Free Rate	2.37%
Fair Value at Grant Date (in dollars per share)	$ 9
March 1, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	24.30%
Risk-Free Rate	2.54%
Fair Value at Grant Date (in dollars per share)	$ 9.68
February 25 , 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	21.40%
Risk-Free Rate	1.16%
Fair Value at Grant Date (in dollars per share)	$ 8.52
March 2, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	68.80%
Risk-Free Rate	0.26%
Fair Value at Grant Date (in dollars per share)	$ 9.28

Stock Incentive Plans - Perform

Stock Incentive Plans - Performance Stock Units (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Units
Beginning balance (in shares)	912,186	796,532	781,923
Granted (in shares)	347,981	352,035	296,050
Additional units from dividends (in shares)		9,556	40,662
Vested (in shares)	(290,927)	(245,937)	(251,375)
Forfeited (in shares)			(70,728)
Ending balance (in shares)	969,240	912,186	796,532
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.63	$ 11.16	$ 11.19
Granted (in dollars per share)	9.34	9.02	10.14
Additional unit from dividends (in dollars per share)		10.42	10
Vested (in dollars per share)	9.90	11	8.8
Forfeited (in dollars per share)			9.93
Ending balance (in dollars per share)	$ 9.45	$ 9.63	$ 11.16
Stock of common stock earned for the PSUs vested (as a percent)	100.00%	123.07%	74.33%

Stock Incentive Plans - Stock A

Stock Incentive Plans - Stock Awards Activity (Details) - Long-Term Incentive Plan Unit - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Units
Beginning balance (in shares)	243,809	244,366	0
Granted (in shares)		80,898	281,925
Forfeited (in shares)			(37,559)
Vested (in shares)	(108,421)	(81,455)
Ending balance (in shares)	135,388	243,809	244,366
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 10.29	$ 10.65	$ 0
Granted (in dollars per share)		9.58	10.65
Forfeited (in dollars per share)			10.65
Vested (in dollars per share)	10.38	10.65
Ending balance (in dollars per share)	$ 10.22	$ 10.29	$ 10.65

Earnings (Loss) Per Share - Cal

Earnings (Loss) Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net (loss) income attributable to common stockholders	$ (204,401)	$ (397,675)	$ 183,487
Dividends declared on unvested share-based compensation	0	0	(132)
Net (loss) income available to common stockholders	$ (204,401)	$ (397,675)	$ 183,355
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	212,056,923	201,670,721	202,009,750
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	212,056,923	201,670,721	202,741,630
(Loss) earnings per share:
Net (loss) income per share available to common stockholders—basic (in dollars per share)	$ (0.96)	$ (1.97)	$ 0.91
Net (loss) income per share available to common stockholders—diluted (in dollars per share)	$ (0.96)	$ (1.97)	$ 0.90
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	0	0	156,146
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	0	0	575,734

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	379,767	0
Shares related to unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	299,810	44,045

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Jan. 20, 2021	Jun. 09, 2020	Dec. 31, 2021	Dec. 31, 2021	Dec. 27, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal balance			$ 980,504	$ 980,504
Total mortgage and other debt, net of unamortized debt issuance costs			578,651	578,651		$ 595,149
Total debt			1,067,223	1,067,223		1,048,699
Senior unsecured credit facility			$ 90,000	$ 90,000		55,000
Weighted-Average Interest Rate			3.88%	3.88%
Revolving Credit Facility
Debt Instrument [Line Items]
Senior unsecured credit facility			$ 70,000	$ 70,000
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs			(1,853)	(1,853)		(2,553)
Total mortgage and other debt, net of unamortized debt issuance costs			578,651	578,651		595,149
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs			(1,428)	(1,428)		(1,450)
Total debt			398,572	398,572		398,550
Unsecured Term Loan | Unsecured Term Loan Due October 2023
Debt Instrument [Line Items]
Principal balance			$ 50,000	$ 50,000		50,000
Unsecured Term Loan | Unsecured Term Loan Due October 2023 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.40%	2.35%
Unsecured Term Loan | Unsecured Term Loan Due October 2023 | LIBOR | Interest Rate Swap
Debt Instrument [Line Items]
Basis spread on variable rate			2.41%
Unsecured Term Loan | Unsecured Term Loan Due July 2024
Debt Instrument [Line Items]
Principal balance			$ 350,000	$ 350,000		350,000
Unsecured Term Loan | Unsecured Term Loan Due July 2024 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.40%
Unsecured Term Loan | Unsecured Term Loan, $175 million
Debt Instrument [Line Items]
Principal balance			$ 175,000	175,000
Unsecured Term Loan | Unsecured Term Loan, $175 million | London Interbank Offered Rate (LIBOR) Swap Rate | Interest Rate Swap
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Senior unsecured credit facility						55,000
Senior Unsecured Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.55%
Senior Unsecured Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Principal balance			$ 350,000	350,000
Senior unsecured credit facility			$ 90,000	$ 90,000
Senior Unsecured Credit Facility | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.40%		2.55%
Salt Lake City Marriott Downtown at City Creek mortgage loan
Debt Instrument [Line Items]
Principal balance					$ 1,900
Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest Rate as of December 31, 2021			3.25%	3.25%
Principal balance			$ 43,570	$ 43,570		47,250
Westin Washington D.C. City Center mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest Rate as of December 31, 2021			3.99%	3.99%
Principal balance			$ 55,913	$ 55,913		58,282
The Lodge at Sonoma Resort mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest Rate as of December 31, 2021			3.96%	3.96%
Principal balance			$ 25,542	$ 25,542		26,268
Westin San Diego Downtown | Mortgages
Debt Instrument [Line Items]
Interest Rate as of December 31, 2021			3.94%	3.94%
Principal balance			$ 58,600	$ 58,600		60,261
Courtyard New York Manhattan/Midtown East | Mortgages
Debt Instrument [Line Items]
Interest Rate as of December 31, 2021			4.40%	4.40%
Principal balance			$ 77,882	$ 77,882		79,535
Worthington Renaissance Fort Worth Hotel | Mortgages
Debt Instrument [Line Items]
Interest Rate as of December 31, 2021			3.66%	3.66%
Principal balance			$ 77,453	$ 77,453		79,214
JW Marriott Denver Cherry Creek | Mortgages
Debt Instrument [Line Items]
Interest Rate as of December 31, 2021			4.33%	4.33%
Principal balance			$ 58,789	$ 58,789		60,052
The Lodge at Sonoma Resort | Mortgages
Debt Instrument [Line Items]
Interest Rate as of December 31, 2021			4.36%	4.36%
Principal balance			$ 182,755	$ 182,755		$ 186,840
Minimum | Unsecured Term Loan | Unsecured Term Loan, $175 million | London Interbank Offered Rate (LIBOR) Swap Rate | Interest Rate Swap
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Minimum | Senior Unsecured Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Minimum | Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages | London Interbank Offered Rate (LIBOR) Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 15,896
2023	236,420
2024	432,381
2025	295,807
2026	0
Thereafter	0
Total debt	$ 980,504

Debt - Mortgage and Other Debt

Debt - Mortgage and Other Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)hotel	Dec. 27, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Number of hotels | hotel	32
Principal balance	$ 980,504
Restricted cash	$ 36,887		$ 23,050	$ 57,268
Mortgages
Debt Instrument [Line Items]
Number of hotels | hotel	8
Salt Lake City Marriott Downtown at City Creek mortgage loan
Debt Instrument [Line Items]
Principal balance		$ 1,900
Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages
Debt Instrument [Line Items]
Extended mortgage loan period	1 year
Principal balance	$ 43,570		$ 47,250
Restricted cash	$ 2,800

Debt - Senior Unsecured Credit

Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details) $ in Thousands	Jan. 20, 2021USD ($)	Jun. 09, 2020	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)amendment	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2023	Apr. 01, 2021	Aug. 14, 2020USD ($)
Line of Credit Facility [Line Items]
Principal balance							$ 980,504		$ 980,504			$ 980,504
Percent of unused portion line of credit facility triggering lower commitment fee (as a percent)									50.00%
Minimum liquidity covenant	$ 125,000							$ 100,000
Maximum annual preferred dividends	$ 25,000														$ 17,500
Maximum leverage ratio (as a percent)								0.60						0.65
Unencumbered leverage ratio								60.00%						65.00%
Senior unsecured credit facility							$ 90,000		$ 90,000	$ 55,000		90,000
Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)									0.20%
Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)									0.30%
Testing Period One | Minimum
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio							1
Testing Period One | Subsequent Event | Minimum
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio													1
Testing Period Two | Minimum
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio							1
Testing Period Three | Minimum
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio							1.10
Testing Periods Thereafter | Minimum
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio							1.20
Forecast
Line of Credit Facility [Line Items]
Fixed charge coverage ratio			1.50	1.40	1.20	1
Senior Unsecured Credit Facility
Line of Credit Facility [Line Items]
Senior unsecured credit facility										55,000
Senior Unsecured Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.55%
Unsecured Term Loan
Line of Credit Facility [Line Items]
Interest incurred on the facility									$ 14,800	$ 13,400	$ 13,700
Revolving Credit Facility
Line of Credit Facility [Line Items]
Senior unsecured credit facility							$ 70,000		70,000			70,000
Revolving Credit Facility | Senior Unsecured Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity							400,000		400,000			400,000
Principal balance							350,000		350,000			350,000
Debt Instrument, Number Of Amendments | amendment										2
Interest and unused credit facility fees									2,400	$ 4,500	$ 3,700
Senior unsecured credit facility							90,000		$ 90,000			90,000
Revolving Credit Facility | Senior Unsecured Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.40%								2.55%
Revolving Credit Facility | Senior Unsecured Credit Facility | London Interbank Offered Rate (LIBOR) Swap Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.25%
Unsecured Term Loan Due October 2023 | Unsecured Term Loan
Line of Credit Facility [Line Items]
Principal balance							$ 50,000		$ 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%			2.35%

Hotel Dispositions - Narrative

Hotel Dispositions - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Apr. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses					$ 126,697	$ 174,120	$ 0
Frenchman's Reef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale		$ 35,000
Impairment losses			$ 700		11,500
The Lexington Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	$ 185,300
Impairment losses			$ 3,500		$ 115,200
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

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Millions	Jan. 06, 2022USD ($)roomhotel	Dec. 23, 2021USD ($)roomhotel	Jul. 30, 2021USD ($)room	Jul. 29, 2021USD ($)room
Bourbon Orleans Hotel
Asset Acquisition [Line Items]
Number of hotel rooms acquired | room				218
Payments to acquire productive assets | $				$ 90.1
Henderson Park Inn
Asset Acquisition [Line Items]
Number of hotel rooms acquired | room			37
Payments to acquire productive assets | $			$ 26.4
Henderson Beach Resort
Asset Acquisition [Line Items]
Number of hotel rooms acquired | room		216
Payments to acquire productive assets | $		$ 110.1
Number of company owned hotel rooms | hotel		170
Henderson Beach Resort | Third Parties [Member]
Asset Acquisition [Line Items]
Number of third parties owned hotel rooms | hotel		46
Tranquility Bay Beachfront Resort | Subsequent Event
Asset Acquisition [Line Items]
Number of hotel rooms acquired | room	103
Payments to acquire productive assets | $	$ 62.3
Number of company owned hotel rooms | hotel	16
Tranquility Bay Beachfront Resort | Third Parties [Member] | Subsequent Event
Asset Acquisition [Line Items]
Number of third parties owned hotel rooms | hotel	87

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current Income Tax Expense (Benefit)
Federal	$ 2,759	$ 0	$ 420
State	40	79	541
Foreign	0	7	49
Current	2,799	86	1,010
Deferred Income Tax Expense (Benefit)
Federal	5,190	(13,766)	80
State	(6,159)	(4,866)	132
Foreign	0	(32,819)	20,806
Change in valuation allowance	1,437	24,913	0
Deferred	468	(26,538)	21,018
Income tax provision (benefit)	$ 3,267	$ (26,452)	$ 22,028

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax provision	$ (40,337)	$ (88,733)	$ 43,313
Tax impact of REIT election	45,946	37,394	(14,125)
State income tax (benefit) provision, net of federal tax benefit	(6,119)	(3,782)	532
Foreign income tax expense (benefit)	0	3,618	(6,998)
Change in valuation allowance	1,437	24,913	0
Permanent differences	2,561	0	0
Other	(221)	138	(694)
Income tax provision (benefit)	$ 3,267	$ (26,452)	$ 22,028

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 18.5
Valuation allowance	$ 14.9	$ 25.6

Income Taxes - Total Deferred T

Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 18,500
Less: Valuation allowance	(14,900)	$ (25,600)
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	7,141	13,960
Deferred income	2,892	2,799
Other	408	24
Depreciation and amortization	(5,835)	(7,028)
Less: Valuation allowance	(4,678)	(9,166)
Deferred tax assets, net		589
Deferred tax liabilities, net	(72)
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	11,312	5,639
Deferred income	729	712
Other	118	7
Alternative minimum tax credit carryforwards	80	80
Depreciation and amortization	(1,471)	(1,787)
Less: Valuation allowance	(10,238)	(4,313)
Deferred tax assets, net	530	338
Foreign (USVI)
Operating Loss Carryforwards [Line Items]
Depreciation and amortization	0	12,134
Land basis recorded in purchase accounting	0	(2,617)
Less: Valuation allowance	0	(12,134)
Deferred tax liabilities, net	$ 0	$ (2,617)

Relationships with Managers a_3

Relationships with Managers and Franchisors - Schedule of Management Fees (Details) - Management fees - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Capitalized Contract Cost [Line Items]
Base management fees	$ 11,542	$ 6,908	$ 21,712
Incentive management fees	468	0	5,705
Amortization of deferred income related to key money	(213)	(227)	(227)
Amortization of unfavorable contract liabilities	(1,589)	(3,103)	(1,715)
Total management fees, net	$ 10,208	$ 3,578	$ 25,475

Relationships with Managers a_4

Relationships with Managers and Franchisors - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)hotel	Dec. 31, 2020USD ($)hotel	Dec. 31, 2019USD ($)hotel
Real Estate Properties [Line Items]
Number of hotels that earned incentive management fees | hotel	5	0	8
Amortization | $	$ 329	$ 396	$ 396
Number of franchised hotels | hotel	18
Key Money | Westin Washington D.C. City Center mortgage loan
Real Estate Properties [Line Items]
Amortization | $	$ 500

Relationships with Managers a_5

Relationships with Managers and Franchisors - Franchise Fees (Details) - Franchise fees - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Capitalized Contract Cost [Line Items]
Franchise fees	$ 18,781	$ 10,301	$ 27,102
Amortization of deferred income related to key money	(116)	(170)	(170)
Total management fees, net	$ 18,665	$ 10,131	$ 26,932

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	12 Months Ended
	Dec. 31, 2021ft²renewal_termground_leaseroomhotel
Real Estate Properties [Line Items]
Number of properties subject to ground leases | hotel	6
Orchards Inn Sedona
Real Estate Properties [Line Items]
Number of rooms | room	28
Number of rooms acquired (in rooms) | room	70
Bethesda Marriott Suites
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	0
Courtyard New York Manhattan/Fifth Avenue
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	1
Ground leases renewal option (in years)	49 years
Salt Lake City Marriott Downtown at City Creek mortgage loan
Real Estate Properties [Line Items]
Number of properties subject to ground leases | ground_lease	2
Westin Boston Seaport District mortgage loan
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	0
Hotel Palomar Phoenix | First Set of Renewal Options
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	3
Ground leases renewal option (in years)	5 years
Cavallo Point (Base Rent)
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	0
Worthington Renaissance Fort Worth Hotel mortgage loan
Real Estate Properties [Line Items]
Number of properties subject to ground leases | ground_lease	3
Number of renewal periods (in ones)	3
Ground leases renewal option (in years)	15 years
Percentage of land on which the parking garage is constructed	25.00%
JW Marriott Denver Cherry Creek
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	2
Ground leases renewal option (in years)	5 years
Area of real estate property (in square feet) | ft²	5,500
Incremental renewal option (in years)	1 year
Bourbon Orleans Hotel
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	0

Commitments and Contingencies_2

Commitments and Contingencies - Ground Leases Annual Rent (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 31, 2031	Jan. 31, 2019	Dec. 31, 2021
Bethesda Marriott Suites
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent			5.50%
Courtyard New York Manhattan/Fifth Avenue | Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			5.00%
Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Term			30 years
Westin Boston Seaport District mortgage loan | Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.50%
Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent			2.50%
Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Percentage rent			$ 30,000,000
Participation rent			42,000,000
Through 4/2087 | Bethesda Marriott Suites
Schedule of Ground Leased Assets [Line Items]
Annual rent			917,512
10/2017 - 9/2027 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,132,812
10/2027 - 9/2037 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,416,015
10/2037 - 9/2047 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,770,019
10/2047 - 9/2057 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			2,212,524
10/2057 - 9/2067 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			2,765,655
10/2067 - 9/2077 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			3,457,069
10/2077 - 9/2085 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			4,321,336
Through 12/2106 | Salt Lake City Marriott
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 132,000
Annual rent expense (as a percentage of gross room sales)			2.60%
1/2018 - 12/2056 | Salt Lake City Marriott
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 14,045
Annual increase in rent			2.00%
1/2021 - 12/2025 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 1,000,000
1/2026 - 12/2030 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,500,000
1/2026 - 12/2030 | JW Marriott Denver Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual rent			60,000
1/2031 - 12/2035 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,750,000
1/2036 - 5/2099 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 0
6/2016 - 5/2026 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			1.00%
6/2026 - 5/2036 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			1.50%
6/2036 - 5/2046 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.75%
6/2046 - 5/2056 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.00%
6/2056 - 5/2066 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.25%
6/2066 - 5/2099 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.50%
1/2021 - 12/2025 | JW Marriott Denver Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 55,000
7/2018 - 12/2070 | Orchards Inn Sedona
Schedule of Ground Leased Assets [Line Items]
Annual rent			127,856
4/2022 - 3/2085 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			35,459
1/2022 - 12/2023 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			390,000
1/2024 - 12/2033 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			312,000
1/2034 - 12/2043 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			234,000
1/2044 - 12/2053 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			156,000
1/2054 - 12/2063 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			78,000
1/2064 - 3/2085 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			0
1/2019 - 12/2066 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 67,034
Rent increase (in years)		5 years
Average adjusted gross revenues, period		3 years
Adjusted gross revenues, multiplying percentage		75.00%
1/2019 - 12/2023 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.00%
1/2024 - 12/2028 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.00%
1/2029 - 12/2033 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			4.00%
1/2034 - 12/2066 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			5.00%
Through 12/2066 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			10.00%
Through 7/2069 | Bourbon Orleans Hotel parking sublease
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 36,000
Rent increase (in years)			5 years
Annual rent increases			$ 6,000
8/2013 - 7/2022 | Worthington Renaissance Fort Worth Hotel mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			40,400
8/2022 - 7/2037 | Worthington Renaissance Fort Worth Hotel mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			46,081
8/2037 - 7/2052 | Worthington Renaissance Fort Worth Hotel mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			51,763
8/2052 - 7/2067 | Worthington Renaissance Fort Worth Hotel mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 57,444
Forecast | JW Marriott Denver Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent	3.00%
Rent increase (in years)	1 year

Fair Value Measurements and I_3

Fair Value Measurements and Interest Rate Swaps - Fair Value of Certain Financial Assets and Liabilities and Other Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	$ 1,067,223	$ 1,048,699
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	1,067,223	1,048,699
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 1,066,139	$ 1,078,900

Fair Value Measurements and I_4

Fair Value Measurements and Interest Rate Swaps - Interest Rate Swap (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Interest Rate Swap
Derivative [Line Items]
Fair Value of Assets (Liabilities)	$ (4,927)	$ (12,617)
Interest Rate Swap | $50 million term loan
Derivative [Line Items]
Rate Fixed	2.41%
Notional Amount	$ 50
Fair Value of Assets (Liabilities)	$ (1,565)	(3,231)
Interest Rate Swap | $350 million term loan
Derivative [Line Items]
Rate Fixed	1.70%
Notional Amount	$ 175
Fair Value of Assets (Liabilities)	(3,362)	$ (9,386)
Unsecured Term Loan | $50 million term loan
Derivative [Line Items]
Hedged Debt	50,000
Unsecured Term Loan | $350 million term loan
Derivative [Line Items]
Hedged Debt	$ 350,000

Fair Value Measurements and I_5

Fair Value Measurements and Interest Rate Swaps - Fair Value, Assets Measured on Recurring and Nonrecurring Basis (Details) - Fair Value, Nonrecurring $ in Thousands	Dec. 31, 2020USD ($)
Hotel properties	$ 45,500
Level 1
Hotel properties	0
Level 2
Hotel properties	0
Level 3
Hotel properties	$ 45,500

Fair Value Measurements and I_6

Fair Value Measurements and Interest Rate Swaps - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment losses	$ 126,697	$ 174,120	$ 0
Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Hotel properties, measurement input	0.115
Valuation Technique, Discounted Cash Flow | Measurement Input, Terminal Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Hotel properties, measurement input	0.085

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ (580,504)
Initial Cost - Land	546,284
Initial Cost - Buildings and Improvements	2,268,859
Costs Capitalized Subsequent to Acquisition	406,675
Gross Amount at End of Year - Land	546,800
Gross Amount at End of Year - Buildings and Improvements	2,675,018
Gross Amount at End of Year - Total	3,221,818	$ 3,350,481	$ 3,377,279
Accumulated Depreciation	(693,306)	(683,543)	(625,411)
Net Book Value	2,528,512
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	3,350,481	3,377,279	3,308,009
Acquisitions
Acquisitions	210,764	0	0
Capital expenditures	41,482	34,512	69,270
Deductions:
Impairment losses	(175,551)	(61,310)
Dispositions and other	(205,358)	0	0
Balance at end of period	3,221,818	3,350,481	3,377,279
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of period	683,543	625,411	556,868
Depreciation and amortization	70,765	73,362	68,543
Dispositions and other	0	0	0
Impairment losses	(61,002)	(15,230)
Balance at end of period	693,306	$ 683,543	$ 625,411
Aggregate cost of properties for Federal income tax purposes	3,115,515
Atlanta Marriott Alpharetta
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	3,623
Initial Cost - Buildings and Improvements	33,503
Costs Capitalized Subsequent to Acquisition	4,247
Gross Amount at End of Year - Land	3,623
Gross Amount at End of Year - Buildings and Improvements	37,750
Gross Amount at End of Year - Total	41,373
Accumulated Depreciation	(14,501)
Net Book Value	$ 26,872
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 41,373
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	14,501
Bethesda Marriott Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	45,656
Costs Capitalized Subsequent to Acquisition	8,432
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	54,088
Gross Amount at End of Year - Total	54,088
Accumulated Depreciation	(20,872)
Net Book Value	$ 33,216
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 54,088
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	20,872
Bourbon Orleans Hotel
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost - Land	20,644
Initial Cost - Buildings and Improvements	60,969
Costs Capitalized Subsequent to Acquisition	23
Gross Amount at End of Year - Land	20,645
Gross Amount at End of Year - Buildings and Improvements	60,991
Gross Amount at End of Year - Total	81,636
Accumulated Depreciation	(1,357)
Net Book Value	$ 80,279
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 81,636
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	1,357
Cavallo Point, The Lodge at Golden Gate
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	123,100
Costs Capitalized Subsequent to Acquisition	3,827
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	126,927
Gross Amount at End of Year - Total	126,927
Accumulated Depreciation	(13,405)
Net Book Value	$ 113,522
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 126,927
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	13,405
Chicago Marriott Downtown, Magnificent Mile
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	36,900
Initial Cost - Buildings and Improvements	347,921
Costs Capitalized Subsequent to Acquisition	97,273
Gross Amount at End of Year - Land	36,900
Gross Amount at End of Year - Buildings and Improvements	445,194
Gross Amount at End of Year - Total	482,094
Accumulated Depreciation	(155,082)
Net Book Value	$ 327,012
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 482,094
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	155,082
The Gwen Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	31,650
Initial Cost - Buildings and Improvements	76,961
Costs Capitalized Subsequent to Acquisition	22,904
Gross Amount at End of Year - Land	31,650
Gross Amount at End of Year - Buildings and Improvements	99,865
Gross Amount at End of Year - Total	131,515
Accumulated Depreciation	(32,649)
Net Book Value	$ 98,866
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 131,515
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	32,649
Courtyard Denver Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	9,400
Initial Cost - Buildings and Improvements	36,180
Costs Capitalized Subsequent to Acquisition	6,312
Gross Amount at End of Year - Land	9,400
Gross Amount at End of Year - Buildings and Improvements	42,492
Gross Amount at End of Year - Total	51,892
Accumulated Depreciation	(10,593)
Net Book Value	$ 41,299
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,892
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	10,593
Courtyard New York Manhattan/Fifth Avenue
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	34,685
Costs Capitalized Subsequent to Acquisition	5,363
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	40,048
Gross Amount at End of Year - Total	40,048
Accumulated Depreciation	(16,610)
Net Book Value	$ 23,438
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 40,048
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	16,610
Courtyard New York Manhattan/Midtown East
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(77,882)
Initial Cost - Land	16,500
Initial Cost - Buildings and Improvements	54,812
Costs Capitalized Subsequent to Acquisition	7,512
Gross Amount at End of Year - Land	16,500
Gross Amount at End of Year - Buildings and Improvements	62,324
Gross Amount at End of Year - Total	78,824
Accumulated Depreciation	(25,039)
Net Book Value	$ 53,785
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 78,824
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	25,039
Havana Cabana Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	32,888
Initial Cost - Buildings and Improvements	13,371
Costs Capitalized Subsequent to Acquisition	5,629
Gross Amount at End of Year - Land	32,888
Gross Amount at End of Year - Buildings and Improvements	19,000
Gross Amount at End of Year - Total	51,888
Accumulated Depreciation	(3,216)
Net Book Value	$ 48,672
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,888
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	3,216
Henderson Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost - Land	10,118
Initial Cost - Buildings and Improvements	93,176
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at End of Year - Land	10,118
Gross Amount at End of Year - Buildings and Improvements	93,176
Gross Amount at End of Year - Total	103,294
Accumulated Depreciation	0
Net Book Value	$ 103,294
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 103,294
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	0
Henderson Park Inn
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost - Land	8,395
Initial Cost - Buildings and Improvements	17,462
Costs Capitalized Subsequent to Acquisition	11
Gross Amount at End of Year - Land	8,395
Gross Amount at End of Year - Buildings and Improvements	17,473
Gross Amount at End of Year - Total	25,868
Accumulated Depreciation	(365)
Net Book Value	$ 25,503
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 25,868
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	365
Hilton Boston Downtown/Faneuil Hall
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	23,262
Initial Cost - Buildings and Improvements	128,628
Costs Capitalized Subsequent to Acquisition	15,807
Gross Amount at End of Year - Land	23,262
Gross Amount at End of Year - Buildings and Improvements	144,435
Gross Amount at End of Year - Total	167,697
Accumulated Depreciation	(33,073)
Net Book Value	$ 134,624
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 167,697
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	33,073
Hilton Burlington Lake Champlain
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	9,197
Initial Cost - Buildings and Improvements	40,644
Costs Capitalized Subsequent to Acquisition	9,237
Gross Amount at End of Year - Land	9,197
Gross Amount at End of Year - Buildings and Improvements	49,881
Gross Amount at End of Year - Total	59,078
Accumulated Depreciation	(10,580)
Net Book Value	$ 48,498
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 59,078
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	10,580
Hilton Garden Inn New York/Times Square Central
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	60,300
Initial Cost - Buildings and Improvements	88,896
Costs Capitalized Subsequent to Acquisition	1,116
Gross Amount at End of Year - Land	60,300
Gross Amount at End of Year - Buildings and Improvements	90,012
Gross Amount at End of Year - Total	150,312
Accumulated Depreciation	(16,569)
Net Book Value	$ 133,743
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 150,312
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	16,569
Hotel Emblem San Francisco
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	7,856
Initial Cost - Buildings and Improvements	21,085
Costs Capitalized Subsequent to Acquisition	8,741
Gross Amount at End of Year - Land	7,856
Gross Amount at End of Year - Buildings and Improvements	29,826
Gross Amount at End of Year - Total	37,682
Accumulated Depreciation	(5,460)
Net Book Value	$ 32,222
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 37,682
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	5,460
Hotel Palomar Phoenix
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	59,703
Costs Capitalized Subsequent to Acquisition	1
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	59,704
Gross Amount at End of Year - Total	59,704
Accumulated Depreciation	(5,796)
Net Book Value	$ 53,908
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 59,704
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	5,796
The Hythe Vail, a Luxury Collection Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	5,800
Initial Cost - Buildings and Improvements	52,463
Costs Capitalized Subsequent to Acquisition	34,121
Gross Amount at End of Year - Land	5,800
Gross Amount at End of Year - Buildings and Improvements	86,584
Gross Amount at End of Year - Total	92,384
Accumulated Depreciation	(24,874)
Net Book Value	$ 67,510
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 92,384
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	24,874
JW Marriott Denver Cherry Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(58,789)
Initial Cost - Land	9,200
Initial Cost - Buildings and Improvements	63,183
Costs Capitalized Subsequent to Acquisition	11,252
Gross Amount at End of Year - Land	9,200
Gross Amount at End of Year - Buildings and Improvements	74,435
Gross Amount at End of Year - Total	83,635
Accumulated Depreciation	(17,760)
Net Book Value	$ 65,875
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 83,635
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	17,760
Kimpton Shorebreak Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	19,908
Initial Cost - Buildings and Improvements	37,525
Costs Capitalized Subsequent to Acquisition	4,805
Gross Amount at End of Year - Land	20,423
Gross Amount at End of Year - Buildings and Improvements	41,815
Gross Amount at End of Year - Total	62,238
Accumulated Depreciation	(7,109)
Net Book Value	$ 55,129
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 62,238
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	7,109
Margaritaville Beach House Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	49,592
Initial Cost - Buildings and Improvements	42,958
Costs Capitalized Subsequent to Acquisition	16,451
Gross Amount at End of Year - Land	49,592
Gross Amount at End of Year - Buildings and Improvements	59,409
Gross Amount at End of Year - Total	109,001
Accumulated Depreciation	(8,321)
Net Book Value	$ 100,680
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 109,001
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	8,321
The Landing Lake Tahoe Resort & Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	14,816
Initial Cost - Buildings and Improvements	24,351
Costs Capitalized Subsequent to Acquisition	1,174
Gross Amount at End of Year - Land	14,816
Gross Amount at End of Year - Buildings and Improvements	25,525
Gross Amount at End of Year - Total	40,341
Accumulated Depreciation	(2,547)
Net Book Value	$ 37,794
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 40,341
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	2,547
L'Auberge de Sedona
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	39,384
Initial Cost - Buildings and Improvements	22,204
Costs Capitalized Subsequent to Acquisition	4,363
Gross Amount at End of Year - Land	39,384
Gross Amount at End of Year - Buildings and Improvements	26,567
Gross Amount at End of Year - Total	65,951
Accumulated Depreciation	(4,516)
Net Book Value	$ 61,435
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 65,951
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	4,516
Orchards Inn Sedona
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	9,726
Initial Cost - Buildings and Improvements	10,180
Costs Capitalized Subsequent to Acquisition	322
Gross Amount at End of Year - Land	9,726
Gross Amount at End of Year - Buildings and Improvements	10,502
Gross Amount at End of Year - Total	20,228
Accumulated Depreciation	(1,362)
Net Book Value	$ 18,866
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 20,228
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	1,362
Renaissance Charleston Historic District Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	5,900
Initial Cost - Buildings and Improvements	32,511
Costs Capitalized Subsequent to Acquisition	10,123
Gross Amount at End of Year - Land	5,900
Gross Amount at End of Year - Buildings and Improvements	42,634
Gross Amount at End of Year - Total	48,534
Accumulated Depreciation	(10,357)
Net Book Value	$ 38,177
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 48,534
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	10,357
Salt Lake City Marriott Downtown at City Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(43,570)
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	45,815
Costs Capitalized Subsequent to Acquisition	10,232
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	56,047
Gross Amount at End of Year - Total	56,047
Accumulated Depreciation	(21,242)
Net Book Value	$ 34,805
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 56,047
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	21,242
The Lodge at Sonoma Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(25,542)
Initial Cost - Land	3,951
Initial Cost - Buildings and Improvements	22,720
Costs Capitalized Subsequent to Acquisition	20,943
Gross Amount at End of Year - Land	3,951
Gross Amount at End of Year - Buildings and Improvements	43,663
Gross Amount at End of Year - Total	47,614
Accumulated Depreciation	(15,546)
Net Book Value	$ 32,068
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 47,614
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	15,546
Westin Boston Waterfront
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(182,755)
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	273,696
Costs Capitalized Subsequent to Acquisition	35,907
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	309,603
Gross Amount at End of Year - Total	309,603
Accumulated Depreciation	(112,028)
Net Book Value	$ 197,575
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 309,603
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	112,028
Westin Fort Lauderdale Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	54,293
Initial Cost - Buildings and Improvements	83,227
Costs Capitalized Subsequent to Acquisition	11,913
Gross Amount at End of Year - Land	54,293
Gross Amount at End of Year - Buildings and Improvements	95,140
Gross Amount at End of Year - Total	149,433
Accumulated Depreciation	(16,418)
Net Book Value	$ 133,015
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 149,433
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	16,418
Westin San Diego Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(58,600)
Initial Cost - Land	22,902
Initial Cost - Buildings and Improvements	95,617
Costs Capitalized Subsequent to Acquisition	10,349
Gross Amount at End of Year - Land	22,902
Gross Amount at End of Year - Buildings and Improvements	105,966
Gross Amount at End of Year - Total	128,868
Accumulated Depreciation	(24,634)
Net Book Value	$ 104,234
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 128,868
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	24,634
Westin Washington D.C City Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(55,913)
Initial Cost - Land	24,579
Initial Cost - Buildings and Improvements	122,229
Costs Capitalized Subsequent to Acquisition	13,526
Gross Amount at End of Year - Land	24,579
Gross Amount at End of Year - Buildings and Improvements	135,755
Gross Amount at End of Year - Total	160,334
Accumulated Depreciation	(31,672)
Net Book Value	$ 128,662
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 160,334
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	31,672
Worthington Renaissance Fort Worth Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(77,453)
Initial Cost - Land	15,500
Initial Cost - Buildings and Improvements	63,428
Costs Capitalized Subsequent to Acquisition	24,759
Gross Amount at End of Year - Land	15,500
Gross Amount at End of Year - Buildings and Improvements	88,187
Gross Amount at End of Year - Total	103,687
Accumulated Depreciation	(29,753)
Net Book Value	$ 73,934
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 103,687
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 29,753

Uncategorized Items - drh-20211

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]