Summit Hotel Properties (INN) 10-K 25 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Mar. 07, 2014	Jun. 30, 2013
Document Information [Line Items]	'	'	'
Entity Registrant Name	'Summit Hotel Properties, Inc.	'	'
Entity Central Index Key	'0001497645	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Public Float	'	'	$623,345,975
Entity Common Stock, Shares Outstanding	'	85,528,563	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
ASSETS	'	'
Investment in hotel properties, net	$1,149,967,000	$734,362,000
Investment in hotel properties under development	'	10,303,000
Land held for development	13,748,000	15,802,000
Assets held for sale	12,224,000	4,836,000
Cash and cash equivalents	46,706,000	13,980,000
Restricted cash	38,498,000	3,624,000
Trade receivables, net	7,231,000	5,478,000
Prepaid expenses and other	8,876,000	5,311,000
Derivative financial instruments	253,000	'
Deferred charges, net	10,270,000	8,895,000
Deferred tax asset	49,000	3,997,000
Other assets	6,654,000	4,201,000
TOTAL ASSETS	1,294,476,000	810,789,000
LIABILITIES	'	'
Debt	435,589,000	312,613,000
Accounts payable	7,583,000	5,013,000
Accrued expenses	27,154,000	18,985,000
Derivative financial instruments	1,772,000	641,000
TOTAL LIABILITIES	472,098,000	337,252,000
COMMITMENTS AND CONTINGENCIES	'	'
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:	'	'
Common stock, $.01 par value per share, 450,000,000 shares authorized, 85,402,408 and 46,159,652 shares issued and outstanding at December 31, 2013 and 2012, respectively	854,000	462,000
Additional paid-in capital	882,858,000	468,820,000
Accumulated other comprehensive income (loss)	-1,379,000	-528,000
Accumulated deficit and distributions	-72,577,000	-31,985,000
Total shareholders' equity	809,840,000	436,819,000
Noncontrolling interests in Operating Partnership	4,722,000	36,718,000
Noncontrolling interests in joint venture	7,816,000	'
TOTAL EQUITY	822,378,000	473,537,000
TOTAL LIABILITIES AND EQUITY	1,294,476,000	810,789,000
9.25% Series A Preferred Stock	'	'
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:	'	'
Preferred stock	20,000	20,000
7.875% Series B Preferred Stock	'	'
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:	'	'
Preferred stock	30,000	30,000
7.125% Series C Preferred Stock	'	'
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:	'	'
Preferred stock	$34,000	'

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified			9.25% Series A Preferred Stock	9.25% Series A Preferred Stock	7.875% Series B Preferred Stock	7.875% Series B Preferred Stock	7.125% Series C Preferred Stock	7.125% Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$0.01	$0.01	'	'	'	'	'	'
Preferred stock, shares authorized	100,000,000	100,000,000	'	'	'	'	'	'
Preferred stock, shares issued	'	'	2,000,000	2,000,000	3,000,000	3,000,000	3,400,000	3,400,000
Preferred stock, shares outstanding	'	'	2,000,000	2,000,000	3,000,000	3,000,000	3,400,000	3,400,000
Preferred stock, liquidation preference (in dollars)	'	'	$50,398	$50,398	$75,324	$75,324	$85,522	'
Preferred stock, dividend rate (as a percent)	'	'	9.25%	9.25%	7.88%	7.88%	7.13%	7.13%
Common stock, par value (in dollars per share)	$0.01	$0.01	'	'	'	'	'	'
Common stock, shares authorized	450,000,000	450,000,000	'	'	'	'	'	'
Common stock, issued	85,402,408	46,159,652	'	'	'	'	'	'
Common stock, outstanding	85,402,408	46,159,652	'	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	11 Months Ended	12 Months Ended		1 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Feb. 13, 2011
				Summit Hotel Properties, LLC
REVENUES	'	'	'	'
Room revenue	$102,108	$283,279	$154,600	$10,620
Other hotel operations revenue	4,280	15,679	7,100	519
Total revenues	106,388	298,958	161,700	11,139
Hotel operating expenses:	'	'	'	'
Rooms	30,216	80,391	45,130	3,674
Other direct	15,478	39,815	21,284	2,288
Other indirect	27,816	77,392	43,377	3,598
Other	478	744	651	44
Total hotel operating expenses	73,988	198,342	110,442	9,604
Depreciation and amortization	21,646	51,184	30,645	2,651
Corporate general and administrative:	'	'	'	'
Salaries and other compensation	3,121	8,218	6,039	'
Other	3,440	4,711	3,534	'
Hotel property acquisition costs	254	1,886	3,050	'
Loss on impairment of assets	'	1,369	660	'
Total expenses	102,449	265,710	154,370	12,255
Income (loss) from operations	3,939	33,248	7,330	-1,116
OTHER INCOME (EXPENSE)	'	'	'	'
Interest income	-1	83	35	2
Other income (expense)	'	-343	731	'
Interest expense	-9,993	-20,137	-14,909	-3,435
Debt transaction costs	'	-1,697	-661	'
Gain (loss) on disposal of assets	-36	363	-199	'
Gain (loss) on derivative financial instruments	'	2	-2	'
Total other income (expense)	-10,030	-21,729	-15,005	-3,433
Income (loss) from continuing operation before income tax	-6,091	11,519	-7,675	-4,549
Income tax (expense) benefit	2,259	-4,894	728	-550
Income (loss) from continuing operations	-3,832	6,625	-6,947	-5,099
Income (loss) from discontinued operations	-345	-728	4,677	-1,108
Net income (loss)	-4,177	5,897	-2,270	-6,207
Net income (loss) attributable to noncontrolling interests in:	'	'	'	'
Operating partnership	-1,240	-297	-1,194	'
Joint venture	'	316	'	'
Net income (loss) attributable to Summit Hotel Properties, Inc./ Predecessor	-2,937	5,878	-1,076	-6,207
Preferred dividends	-411	-14,590	-4,625	'
Net income (loss) attributable to common shareholders	($3,348)	($8,712)	($5,701)	($6,207)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	'	'	'	'
Basic (in Shares)	27,278	70,327	33,717	'
Diluted (in Shares)	27,278	70,737	33,849	'
Basic and diluted net income (loss) per share from:	'	'	'	'
Continuing operations (in dollars per share)	($0.11)	($0.11)	($0.28)	'
Discontinued operations (in dollars per share)	($0.01)	($0.01)	$0.11	'
Basic and diluted net income (loss) per share (in dollars per share)	($0.12)	($0.12)	($0.17)	'
DIVIDENDS PER SHARE (in dollars per share)	$0.28	$0.45	$0.45	'

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	11 Months Ended	12 Months Ended		11 Months Ended	12 Months Ended			1 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Feb. 13, 2011
				Operating partnership	Operating partnership	Operating partnership	Joint venture	Summit Hotel Properties, LLC
Net income (loss)	($4,177)	$5,897	($2,270)	'	'	'	'	($6,207)
Other comprehensive income (loss), net of tax:	'	'	'	'	'	'	'	'
Changes in derivative financial instruments	'	-881	-639	'	'	'	'	'
Total other comprehensive income (loss)	'	-881	-639	'	'	'	'	'
Comprehensive income (loss)	-4,177	5,016	-2,909	'	'	'	'	-6,207
Comprehensive income (loss) attributable to noncontrolling interest in:	'	'	'	'	'	'	'	'
Comprehensive income (loss) attributable to noncontrolling interest	'	'	'	-1,240	-327	-1,305	316	'
Comprehensive income (loss) attributable to Summit Hotel Properties, Inc. / Predecessor	-2,937	5,027	-1,604	'	'	'	'	-6,207
Preferred dividends	-411	-14,590	-4,625	'	'	'	'	'
Comprehensive income (loss) attributable to common shareholders	($3,348)	($9,563)	($6,229)	'	'	'	'	($6,207)

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $)

Total

Preferred Stock

Common Stock

Common Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit and Distributions

Total Shareholders' Equity

Noncontrolling interests

Noncontrolling interests

Predecessor

Predecessor

Predecessor

In Thousands, except Share data, unless otherwise specified

USD ($)

USD ($)

USD ($)

Operating partnership

USD ($)

USD ($)

USD ($)

USD ($)

Operating partnership

Joint venture

USD ($)

Total Shareholders' Equity

Noncontrolling interests

USD ($)

USD ($)

USD ($)

USD ($)

Balance at beginning of year at Dec. 31, 2010

'

'

'

'

'

'

'

'

'

'

'

$61,468

($1,624)

Balance at beginning of year at Dec. 31, 2010

'

'

'

'

'

'

'

'

'

'

59,844

'

'

Changes in equity

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income (loss)

'

'

'

'

'

'

'

'

'

'

-6,207

-6,207

'

Distributions to members

'

'

'

'

'

'

'

'

'

'

-8,282

-8,282

'

Balance at end of year at Feb. 13, 2011

'

'

'

'

'

'

'

'

'

'

'

46,979

-1,624

Balance at end of year at Feb. 13, 2011

'

'

'

'

'

'

'

'

'

'

45,355

'

'

Changes in equity

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity from Predecessor

45,355

'

'

'

'

'

'

'

45,355

'

'

'

'

Net proceeds from sale of common stock

240,840

'

273

'

240,567

'

'

240,840

'

'

'

'

'

Net proceeds from sale of common stock (in shares)

'

'

27,278,000

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of preferred stock

47,875

20

'

'

47,855

'

'

47,875

'

'

'

'

'

Net proceeds from sale of preferred stock (in shares)

'

2,000,000

'

'

'

'

'

'

'

'

'

'

'

Dividends paid

-10,924

'

'

'

'

'

-8,083

-8,083

-2,841

'

'

'

'

Equity-based compensation

480

'

'

'

480

'

'

480

'

'

'

'

'

Net income (loss)

-4,177

'

'

'

'

'

-2,937

-2,937

-1,240

'

'

'

'

Balance at end of year at Dec. 31, 2011

319,449

20

273

'

288,902

'

-11,020

278,175

41,274

'

'

'

'

Balance (in shares) at Dec. 31, 2011

'

2,000,000

27,278,000

'

'

'

'

'

'

'

'

'

'

Changes in equity

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of common stock

106,405

'

138

'

106,267

'

'

106,405

'

'

'

'

'

Net proceeds from sale of common stock (in shares)

'

'

13,800,000

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of preferred stock

72,453

30

'

'

72,423

'

'

72,453

'

'

'

'

'

Net proceeds from sale of preferred stock (in shares)

'

3,000,000

'

'

'

'

'

'

'

'

'

'

'

Common stock redemption of common units

'

'

49

'

205

'

'

254

-254

'

'

'

'

Common stock redemption of common units (in shares)

'

'

4,873,625

4,873,625

'

'

'

'

'

'

'

'

'

Dividends paid

-23,066

'

'

'

'

'

-19,889

-19,889

-3,177

'

'

'

'

Equity-based compensation

1,205

'

2

'

1,023

'

'

1,025

180

'

'

'

'

Equity-based compensation (in shares)

'

'

208,027

'

'

'

'

'

'

'

'

'

'

Other comprehensive income (loss)

-639

'

'

'

'

-528

'

-528

-111

'

'

'

'

Net income (loss)

-2,270

'

'

'

'

'

-1,076

-1,076

-1,194

'

'

'

'

Balance at end of year at Dec. 31, 2012

473,537

50

462

'

468,820

-528

-31,985

436,819

36,718

'

'

'

'

Balance (in shares) at Dec. 31, 2012

'

5,000,000

46,159,652

'

'

'

'

'

'

'

'

'

'

Changes in equity

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of common stock

300,072

'

345

'

299,727

'

'

300,072

'

'

'

'

'

Net proceeds from sale of common stock (in shares)

'

'

34,500,000

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of preferred stock

81,723

34

'

'

81,689

'

'

81,723

'

'

'

'

'

Net proceeds from sale of preferred stock (in shares)

'

3,400,000

'

'

'

'

'

'

'

'

'

'

'

Common stock redemption of common units

'

'

44

'

30,574

'

'

30,618

-30,618

'

'

'

'

Common stock redemption of common units (in shares)

'

'

4,414,950

4,414,950

'

'

'

'

'

'

'

'

'

Contribution by noncontrolling interests in joint venture

7,500

'

'

'

'

'

'

'

'

7,500

'

'

'

Dividends paid

-47,594

'

'

'

'

'

-46,470

-46,470

-1,124

'

'

'

'

Equity-based compensation

2,124

'

3

'

2,048

'

'

2,051

73

'

'

'

'

Equity-based compensation (in shares)

'

'

327,806

'

'

'

'

'

'

'

'

'

'

Other comprehensive income (loss)

-881

'

'

'

'

-851

'

-851

-30

'

'

'

'

Net income (loss)

5,897

'

'

'

'

'

5,878

5,878

-297

316

'

'

'

Balance at end of year at Dec. 31, 2013

$822,378

$84

$854

'

$882,858

($1,379)

($72,577)

$809,840

$4,722

$7,816

'

'

'

Balance (in shares) at Dec. 31, 2013

'

8,400,000

85,402,408

'

'

'

'

'

'

'

'

'

'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
OPERATING ACTIVITIES	'	'	'
Net income (loss)	$5,897	($2,270)	($10,384)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'	'	'
Depreciation and amortization	53,143	34,871	29,808
Amortization of prepaid lease	47	73	47
Loss on impairment of assets	9,044	2,965	'
Equity-based compensation	2,124	1,205	480
Deferred tax asset	3,948	-1,801	-2,196
(Gain) loss on disposal of assets	-4,308	-2,811	36
(Gain) loss on derivative financial instruments	-2	2	'
Changes in operating assets and liabilities:	'	'	'
Restricted cash released (funded)	-1,309	-69	785
Trade receivables	-1,753	-1,424	-394
Prepaid expenses and other	-3,654	-1,043	1,637
Accounts payable and accrued expenses	9,259	5,005	4,327
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	72,436	34,703	24,146
INVESTING ACTIVITIES	'	'	'
Acquisitions of hotel properties	-441,573	-216,892	-50,017
Investment in hotel properties under development	'	-10,303	'
Acquisition of land held for development	-2,800	'	'
Improvements and additions to hotel properties	-53,222	-29,396	-33,514
Purchases of office furniture and equipment	-398	-210	'
Proceeds from asset dispositions, net of closing costs	52,850	25,887	361
Restricted cash released (funded)	-22,291	-2,091	-316
NET CASH (USED IN) INVESTING ACTIVITIES	-467,434	-233,005	-83,486
FINANCING ACTIVITIES	'	'	'
Proceeds from issuance of debt	587,245	130,659	65,383
Principal payments on debt	-497,801	-82,312	-268,716
Financing fees on debt	-3,421	-2,394	-4,276
Proceeds from equity offerings, net of offering costs	381,795	178,858	288,716
Proceeds from contribution by joint venture partner	7,500	'	'
Dividends paid and distributions to members	-47,594	-23,066	-19,207
NET CASH PROVIDED BY FINANCING ACTIVITIES	427,724	201,745	61,900
Net change in cash and cash equivalents	32,726	3,443	2,560
CASH AND CASH EQUIVALENTS	'	'	'
Beginning of period	13,980	10,537	7,977
End of period	46,706	13,980	10,537
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	'	'	'
Cash payments for interest	19,989	15,592	18,852
Capitalized interest	400	53	'
Cash payments for income taxes, net of refunds	$681	$433	$163

DESCRIPTION_OF_BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2013
DESCRIPTION OF BUSINESS	'
DESCRIPTION OF BUSINESS	'
	NOTE 1 - DESCRIPTION OF BUSINESS
	Summit Hotel Properties, Inc. (the “Company”) is a self-managed hotel investment company that was organized on June 30, 2010 as a Maryland corporation. The Company holds both general and limited partnership interests in Summit Hotel OP, LP (the “Operating Partnership”), a Delaware limited partnership also organized on June 30, 2010. On February 14, 2011, the Company closed on its initial public offering (“IPO”) of 26,000,000 shares of common stock and a concurrent private placement of 1,274,000 shares of common stock. Effective February 14, 2011, the Operating Partnership and Summit Hotel Properties, LLC (the “Predecessor”) completed the merger of the Predecessor with and into the Operating Partnership (the “Merger”). Unless the context otherwise requires, “we” and “our” refer to the Company and its subsidiaries.
	While the Operating Partnership was the survivor of and the legal acquirer of the Predecessor in the Merger, for accounting and financial reporting purposes, the Predecessor is considered the accounting acquirer in the Merger. As a result, the historical consolidated financial statements of the Predecessor are presented as the historical consolidated financial statements of the Company after completion of the Merger and the related transactions (collectively, the “Reorganization Transaction”).
	Summit Hotel OP, LP, the Operating Partnership subsidiary of the Company, filed a Form 15 on December 12, 2013 to voluntarily suspend its duty to file periodic and other reports with the Securities and Exchange Commission (the “SEC”) and voluntarily deregister its common units of limited partnership interest the Securities and Exchange Act of 1934 (the “Exchange Act”).  As a result of filing the Form 15 with the SEC, the Operating Partnership is no longer required to file annual, quarterly or periodic reports with the SEC.  The filing of the Form 15 by the Operating Partnership does not impact the registration of the Company’s common stock under the Exchange Act or the Company’s obligations as a reporting issuer under the Exchange Act.
	At December 31, 2013, our portfolio consists of 88 upscale, upper midscale and midscale hotels with a total of 10,908 guestrooms located in 22 states. The hotels are leased to subsidiaries (“TRS Lessees”) of our taxable REIT subsidiaries (“TRSs”). We indirectly own 100% of the outstanding equity interests in all but one of our TRS Lessees. We indirectly own an 80% controlling interest in the TRS Lessee associated with the Holiday Inn Express & Suites in San Francisco, CA which we acquired in early 2013 through a joint venture.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The accompanying consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.
	We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates.
	Segment Disclosure
	Accounting Standards Codification (“ASC”), ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in real estate. Our investments in real estate are geographically diversified and the chief operating decision makers evaluate operating performance on an individual asset level. As each of our assets has similar economic characteristics, the assets have been aggregated into one reportable segment.
	Investment in Hotel Properties
	We allocate the purchase price of hotel acquisitions based on the fair value of the acquired assets and assumed liabilities. We determine the acquisition-date fair values of all assets and assumed liabilities using methods similar to those used by independent appraisers, for example, using a discounted cash flow analysis that utilizes appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. Acquisition costs are expensed as incurred.
	Our hotel properties and related assets are recorded at cost, less accumulated depreciation. We capitalize the costs of significant additions and improvements that materially extend a property’s life. These costs may include hotel refurbishment, renovation, and remodeling expenditures. We expense the cost of repairs and maintenance.
	We depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows:
	Classification		Estimated Useful Lives
	Buildings and improvements		25 to 40 years
	Furniture, fixtures and equipment		2 to 15 years
	We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense.
	When depreciable property and equipment is retired or disposed of, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations.
	On a limited basis, we provide financing to developers of hotel properties for development or major renovation projects. We evaluate these arrangements to determine if we participate in residual profits of the hotel property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the hotel property, we reflect the loan as an investment in hotel properties under development in our consolidated balance sheets. If classified as hotel properties under development, no interest income is recognized on the loan and interest expense is capitalized on our investment in the hotel property during the construction or renovation period.
	We monitor events and changes in circumstances for indicators that the carrying value of a hotel property or land held for development may be impaired. Factors that could trigger an impairment analysis include, among others: i) significant underperformance relative to historical or projected operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for hotel properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, and v) significant negative industry or economic trends. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the investment is recoverable. If impairment is indicated, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to fair value.
	Assets Held for Sale and Discontinued Operations
	We classify assets as held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value, less cost to sell.
	We present the results of operations of hotel properties that have been sold or otherwise qualify as assets held for sale in discontinued operations if the operations and cash flows of the hotel properties have been or will be eliminated from our ongoing operations.
	We periodically review our hotel properties and our land held for development based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit, to identify properties which we believe are either non-strategic or no longer complement our business.
	Cash and Cash Equivalents
	We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions.
	Restricted Cash
	Restricted cash consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lenders.
	Trade Receivables and Credit Policies
	We grant credit to qualified customers generally without collateral, in the form of trade accounts receivable. We believe our risk of loss is minimal due to our periodic evaluations of the credit worthiness of our customers.
	Trade receivables result from the rental of hotel rooms and the sales of food, beverage, and banquet services due under normal trade terms requiring payment upon receipt of the invoice. Trade receivables are stated at the amount billed to the customer and do not accrue interest.
	We review the collectability of our trade receivables monthly. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.2 million at December 31, 2013. There were no material uncollectible receivables and no allowance for doubtful accounts recorded at December 31, 2012. Bad debt expense was $0.6 million in 2013, $0.2 million in 2012 and was not significant in 2011.
	Deferred Charges
	Our deferred charges consist of deferred financing fees and initial franchise fees. Costs incurred in obtaining financing are capitalized and amortized on the straight-line method over the term of the related debt, which approximates the interest method. Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method.
	Noncontrolling Interests
	A noncontrolling interest represents the portion of equity in a subsidiary held by owners other than the consolidating parent. Noncontrolling interests are reported in the consolidated balance sheets within equity, separately from shareholders’ equity. Revenue, expenses and net income (loss) attributable to both the Company and noncontrolling interests are reported in the consolidated statements of operations.
	Our consolidated financial statements include noncontrolling interests related to Common Units of the Operating Partnership that are held by unaffiliated third parties and third-party ownership of consolidated joint ventures.
	Revenue Recognition
	We recognize revenue when rooms are occupied and services have been rendered. Revenues are recorded net of any sales and other taxes collected from customers. All rebates or discounts are recorded as a reduction to revenue. Cash received prior to guest arrival is recorded as an advance from the customer and is recognized at the time of occupancy.
	Sales and Other Taxes
	We have operations in states and municipalities that impose sales and/or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted.
	Equity-Based Compensation
	Our 2011 Equity Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other stock-based awards. We account for equity-based compensation using the Black-Scholes option-pricing model for stock options and the grant date fair value of our common stock for all other awards. Restricted stock awards with performance-based vesting conditions are market-based awards and are valued using a Monte Carlo simulation model. We expense awards under our 2011 Equity Incentive Plan over the vesting period. The amount of the expense may be subject to adjustment in future periods due to a change in forfeiture assumptions.
	Derivative Financial Instruments and Hedging
	All derivative financial instruments are recorded at fair value and reported as a derivative financial instrument asset or liability in our consolidated balance sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include swaps, caps and floors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction.
	For interest rate derivatives designated as cash flow hedges the effective portion of changes in fair value is initially reported as a component of accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets and reclassified to interest expense in our consolidated statements of operations in the period in which the hedged item affects earnings. The ineffective portion of changes in fair value is recognized directly in earnings through gain (loss) on derivative financial instruments in the consolidated statements of operations.
	Income Taxes
	Commencing with our short taxable year ended December 31, 2011, we elected to be taxed as a REIT under certain provisions of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our shareholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, which does not necessarily equal net income as calculated in accordance with generally accepted accounting principles. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRSs) to the extent we currently distribute 100% of our REIT taxable income to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions.
	We account for federal and state income taxes of our TRSs using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on generally accepted accounting principles and respective carrying amounts for tax purposes, and operating losses and tax-credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence, including future reversals of taxable temporary differences, future projected taxable income and tax planning strategies.
	Fair Value Measurement
	Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
	Level 1	Observable inputs such as quoted prices in active markets.
	Level 2	Directly or indirectly observable inputs, other than quoted prices in active markets.
	Level 3	Unobservable inputs in which there is little or no market data, which require a reporting entity to develop its own assumptions.
	Assets and liabilities measured at fair value are based on one or more of the following valuation techniques:
	Market approach	Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
	Cost approach	Amount required to replace the service capacity of an asset (replacement cost).
	Income approach	Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models).
	Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.
	We elected not to use the fair value option for cash and cash equivalents, restricted cash, trade receivables, prepaid expenses and other, debt, accounts payable, and accrued expenses. With the exception of our fixed-rate debt, the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates.
	New Accounting Standards
	In the first quarter of 2013, we adopted Accounting Standards Update (“ASU”) 2013—02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013—02 required an entity to separately provide information about the effects on net income of certain significant amounts reclassified out of each component of accumulated other comprehensive income.
	Adoption of this new standard did not have a material effect on our consolidated financial statements.

HOTEL_PROPERTY_ACQUISITIONS

HOTEL PROPERTY ACQUISITIONS	12 Months Ended
	Dec. 31, 2013
HOTEL PROPERTY ACQUISITIONS	'
HOTEL PROPERTY ACQUISITIONS	'
	NOTE 3 - HOTEL PROPERTY ACQUISITIONS
	Hotel property acquisitions in 2013 and 2012 include (in thousands):
	Date Acquired		Franchise/Brand		Location		Purchase			Debt
							Price			Assumed
	2013
	January 22		Hyatt Place		Chicago (Hoffman Estates), IL		$	9,230		$	—
	January 22		Hyatt Place		Orlando (Convention), FL		12,252			—
	January 22		Hyatt Place		Orlando (Universal), FL		11,843			—
	February 11		IHG / Holiday Inn Express & Suites	(a)	San Francisco, CA		60,500			23,423
	March 11		SpringHill Suites by Marriott		New Orleans, LA		33,095			—
	March 11		Courtyard by Marriott		New Orleans (Convention), LA		30,827			—
	March 11		Courtyard by Marriott		New Orleans (French Quarter), LA		25,683			—
	March 11		Courtyard by Marriott		New Orleans (Metairie), LA		23,539			—
	March 11		Residence Inn by Marriott		New Orleans (Metairie), LA		19,890			—
	April 30		Hilton Garden Inn		Greenville, SC		15,250			—
	May 21		IHG / Holiday Inn Express & Suites		Minneapolis (Minnetonka), MN		6,900			3,724
	May 21		Hilton Garden Inn		Minneapolis (Eden Prairie), MN		10,200			6,385
	May 23		Fairfield Inn & Suites by Marriott		Louisville, KY		25,023			—
	May 23		SpringHill Suites by Marriott		Louisville, KY		39,138			—
	May 23		Courtyard by Marriott		Indianapolis, IN		58,634			—
	May 23		SpringHill Suites by Marriott		Indianapolis, IN		30,205			—
	October 1		Hilton / Hampton Inn & Suites		Ventura (Camarillo), CA		15,750			—
	October 8		Hilton / Hampton Inn & Suites		San Diego (Poway), CA		15,150			—
	December 31		Hyatt Place		Minneapolis, MN		32,506			—
	Total 2013				19 hotel properties		$	475,615		$	33,532
	2012
	January 12		Courtyard by Marriott (b)		Atlanta, GA		$	28,900		$	19,011
	February 28		Hilton Garden Inn		Birmingham (Liberty Park), AL		11,500			—
	February 28		Hilton Garden Inn		Birmingham (Lakeshore), AL		8,625			—
	May 16		Courtyard by Marriott		Dallas (Arlington), TX		15,000			—
	May 16		Hilton Garden Inn		Nashville (Smyrna), TN		11,500			8,708
	June 21		Hilton / Hampton Inn & Suites		Nashville (Smyrna), TN		8,000			5,384
	July 2		Residence Inn by Marriott		Dallas (Arlington), TX		15,500			—
	October 5		Hyatt Place		Dallas (Arlington), TX		9,055			—
	October 5		Hyatt Place		Denver (Lone Tree), CO		10,530			—
	October 5		Hyatt Place		Denver (Englewood), CO		11,515			—
	October 5		Hyatt House		Denver (Englewood), CO		13,480			—
	October 5		Hyatt Place		Baltimore (Owings Mills), MD		10,235			—
	October 5		Hyatt Place		Chicago (Lombard), IL		17,025			—
	October 5		Hyatt Place		Phoenix, AZ		5,020			—
	October 5		Hyatt Place		Scottsdale, AZ		10,530			—
	October 23		Hilton Garden Inn		Fort Worth, TX		7,200			—
	December 21		Residence Inn by Marriott		Salt Lake City, UT		19,959			14,059
	December 27		Hyatt Place		Long Island (Garden City), NY		31,000			—
	December 27		Hilton / Hampton Inn & Suites		Tampa (Ybor City), FL		20,844			—
	Total 2012				19 hotel properties		$	265,418		$	47,162
	(a)	This hotel property was acquired by a joint venture in which we own an 80% controlling interest.
	(b)	We acquired a 90% controlling interest in this hotel property and we are obligated to acquire the remaining ownership in 2016 for $0.4 million. The $0.4 million has been accrued as a liability and is included in the purchase price above.
	The allocation of the aggregated purchase prices to the fair value of assets and liabilities acquired for the above acquisitions, including $10.3 million of properties under development at December 31, 2012, follows (in thousands):
			2013			2012
	Land		$	61,776		$	33,874
	Hotel buildings and improvements		395,543			220,599
	Furniture, fixtures and equipment		18,296			10,945
	Other assets		11,273			629
	Total assets acquired		486,888			266,047
	Debt assumed		33,532			47,162
	Other liabilities		1,480			1,993
	Net assets acquired		$	451,876		$	216,892
	In connection with our acquisition of the Hyatt Place in Minneapolis, MN on December 31, 2013, the outstanding principal balance of our first mortgage loan receivable and related capitalized interest, totaling $20.7 million, was credited to us as part of the purchase price consideration.
	Total revenues and net income for hotel properties acquired in 2013 and 2012, which are included in our consolidated statements of operations for the years 2013 and 2012, are (in thousands):
			2013 Acquisitions			2012 Acquisitions
			2013			2013			2012
	Revenues		$	76,675		$	76,088		$	24,939
Net income		$	13,399		$	9,073		$	1,754
The results of operations of acquired hotel properties are included in the consolidated statements of operations beginning on their respective acquisition dates. The following unaudited condensed pro forma financial information presents the results of operations as if the 2013 and 2012 acquisitions had taken place on January 1, 2012. The unaudited condensed pro forma information excludes discontinued operations, is for comparative purposes only, and is not necessarily indicative of what actual results of operations would have been had the hotel acquisitions taken place on January 1, 2012. This information does not purport to represent results of operations for future periods.
The unaudited condensed pro forma financial information for 2013 and 2012, assuming the hotel properties acquired in 2013 and 2012 were acquired at the beginning of 2012, follows (in thousands, except per share):
		2013			2012
		(unaudited)
Revenues		$	328,595		$	310,928
Net income		$	16,701		$	35,202
Net income per share attributable to common shareholders — basic and diluted		$	0.03		$	0.75

INVESTMENT_IN_HOTEL_PROPERTIES

INVESTMENT IN HOTEL PROPERTIES	12 Months Ended
	Dec. 31, 2013
INVESTMENT IN HOTEL PROPERTIES	'
INVESTMENT IN HOTEL PROPERTIES	'
	NOTE 4 - INVESTMENT IN HOTEL PROPERTIES
	Investment in hotel properties at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Land	$	154,831	$	105,571
	Hotel buildings and improvements	993,372		649,699
	Construction in progress	24,242		—
	Furniture, fixtures and equipment	142,976		124,385
		1,315,421		879,655
	Less accumulated depreciation	165,454		145,293
		$	1,149,967	$	734,362
	Depreciation expense was $48.9 million, $28.0 million and $22.5 million for 2013, 2012 and 2011.

INVESTMENT_IN_HOTEL_PROPERTIES1

INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT	12 Months Ended
	Dec. 31, 2013
INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT	'
INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT	'
	NOTE 5 - INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT
	In 2012, we entered into an agreement with an affiliate of Hyatt Hotels Corporation to fund $20.3 million in the form of a first mortgage loan on a hotel property in downtown Minneapolis, MN. The $20.3 million represented a portion of the total acquisition cost and renovation costs expected to be incurred to convert the property to a Hyatt Place hotel. In the fourth quarter of 2013, we purchased the hotel property for $32.6 million. Since we participated in the residual profits of the hotel property, we classified this loan as an investment in hotel properties under development. We capitalized interest expense on our investment of $0.4 million in 2013 and $0.1 million in 2012. The outstanding principal balance of the loan and accrued interest were credited to us as part of the purchase price consideration at acquisition, which was completed on December 31, 2013.

ASSETS_HELD_FOR_SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2013
ASSETS HELD FOR SALE	'
ASSETS HELD FOR SALE	'
	NOTE 6 - ASSETS HELD FOR SALE
	Assets held for sale at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Land	$	1,183	$	3,092
	Building	10,290		1,474
	Furniture, fixtures and equipment	751		270
		$	12,224	$	4,836
	At December 31, 2013, assets held for sale include the AmericInn Hotel & Suites and the Aspen Hotel & Suites in Fort Smith, AR, which were sold on January 17, 2014, and the Hampton Inn in Fort Smith, AR and a land parcel in Spokane, WA, which are under contract to sell.
	At December 31, 2012, assets held for sale include the AmericInn Hotel & Suites in Golden, CO, which was sold on January 15, 2013; a land parcel in Jacksonville, FL, which was sold on February 27, 2013; and a land parcel in Missoula, MT, which was sold on August 21, 2013.

RESTRICTED_CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2013
RESTRICTED CASH	'
RESTRICTED CASH	'
	NOTE 7 - RESTRICTED CASH
	Restricted cash at December 31, 2013 and 2012 includes (in thousands):
		2013		2012
	Property taxes	$	2,124	$	1,185
	Insurance	59		180
	FF&E reserves	35,823		2,259
	Other funds in escrow	492		—
		$	38,498	$	3,624

PREPAID_EXPENSES_AND_OTHER

PREPAID EXPENSES AND OTHER	12 Months Ended
	Dec. 31, 2013
PREPAID EXPENSES AND OTHER	'
PREPAID EXPENSES AND OTHER	'
	NOTE 8 - PREPAID EXPENSES AND OTHER
	Prepaid expenses and other at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Deposits on pending acquisitions	$	5,115	$	2,759
	Prepaid insurance	1,316		663
	Other	2,445		1,889
		$	8,876	$	5,311

DEFERRED_CHARGES

DEFERRED CHARGES	12 Months Ended
	Dec. 31, 2013
DEFERRED CHARGES	'
DEFERRED CHARGES	'
	NOTE 9 - DEFERRED CHARGES
	Deferred charges at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Initial franchise fees	$	5,957	$	6,201
	Deferred financing costs	7,846		9,500
		13,803		15,701
	Less accumulated amortization	3,533		6,806
	Total	$	10,270	$	8,895
	Amortization expense for 2013, 2012 and 2011 was (in thousands):
		2013		2012		2011
	Initial franchise fees	$	411	$	355	$	511
	Deferred financing costs	1,854		2,288		1,293
		$	2,265	$	2,643	$	1,804
	Future amortization expense is expected to be (in thousands):
	2014	$	1,862
	2015	1,837
	2016	1,573
	2017	1,278
	2018	812
	Thereafter	2,908
		$	10,270

OTHER_ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2013
OTHER ASSETS.	'
OTHER ASSETS	'
	NOTE 10 - OTHER ASSETS
	Other assets at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Prepaid land lease	$	3,420	$	3,468
	Seller financed notes receivable	3,121		733
	Other	113		—
		$	6,654	$	4,201

DEBT

DEBT	12 Months Ended
	Dec. 31, 2013
DEBT	'
DEBT	'
	NOTE 11 - DEBT
	At December 31, 2013, our debt is comprised of a senior unsecured credit facility and mortgage loans secured by various hotel properties.  At December 31, 2013 and 2012 our debt included (in thousands):
	Lender			Note	Interest Rate at		Amortization		Maturity Date	Number of		2013		2012
				Reference	December 31,		Period			Properties
					2013 (a)		(Years)			Encumbered
	Senior Secured Revolving Credit Facility
	Deutsche Bank AG New York Branch			(b)	—		—		—	—		$	—	$	58,000
	Senior Unsecured Credit Facility
	Deutsche Bank AG New York Branch			(b)
	$	225 Million Revolver			n/a		n/a		October 10, 2017	n/a		—		—
	$	75 Million Term Loan			4.15% Variable		n/a		October 10, 2018	n/a		75,000		—
	Total Senior Unsecured Credit Facility											75,000		—
	Mortgage Loans
	ING Life Insurance and Annuity			(c)	6.10% Fixed		20		March 1, 2032	14		64,309		66,174
				(c)	4.55% Fixed		25		August 1, 2038			33,754		—
	KeyBank National Association			(d)	4.46% Fixed		30		February 1. 2023	4		28,965		—
				(e)	4.52% Fixed		30		April 1, 2023	3		22,421		—
				(f)	4.30% Fixed		30		April 1, 2023	3		21,767		—
				(g)	4.95% Fixed		30		August 1, 2023	2		38,497		—
	Bank of America Commercial Mortgage			(h)	6.41% Fixed		25		September 1, 2017	1		8,382		8,593
	Merrill Lynch Mortgage Lending Inc.			(i)	6.38% Fixed		30		August 1, 2016	1		5,249		5,341
	GE Capital Financial Inc.			(j)	6.03% Fixed		25		May 1, 2017	2		14,579		14,851
	MetaBank			(k)	—		—		—	—		—		6,786
				(k)	4.25% Fixed		20		August 1, 2018	1		7,348		—
	Bank of Cascades			(l)	4.66% Fixed		25		September 30, 2021	1		11,986		12,283
	Goldman Sachs			(m)	5.67% Fixed		25		July 6, 2016	2		14,090		14,376
	Compass Bank			(n)	4.57% Fixed		20		May 17, 2018	1		13,325		14,144
	General Electric Capital Corporation			(o)	5.46% Fixed		25		April 1, 2017	1		5,371		5,481
				(o)	5.46% Fixed		25		April 1, 2017	1		6,290		6,419
				(p)	—		—		—	—		—		10,568
				(q)	4.82% Fixed		20		April 1, 2018	1		7,612		7,998
				(q)	5.03% Fixed		25		March 1, 2019	1		10,108		10,434
	AIG			(r)	6.11% Fixed		20		January 1, 2016	1		13,516		14,059
	Greenwich Capital Financial Products, Inc.			(s)	6.20% Fixed		30		January 6, 2016	1		23,107		—
	Wells Fargo Bank, National Association			(t)	5.53% Fixed		25		October 1, 2015	1		3,652		—
				(u)	5.57% Fixed		25		January 1, 2016	1		6,261		—
	First National Bank of Omaha			(v)	—		—		—	—		—		8,241
				(v)	—		—		—	—		—		14,663
	Chambers Bank			(w)	—		—		—	—		—		1,417
	BNC National			(x)	—		—		—	—		—		5,308
	Bank of the Ozarks			(y)	—		—		—	—		—		8,778
	Empire Financial Services, Inc.			(z)	—		—		—	—		—		18,699
	Total Mortgage Loans									43		360,589		254,613
	Total Debt									43		$	435,589	$	312,613
	Notes:
	(a) Interest rates at December 31, 2013 give effect to our use of interest rate swaps, where applicable.
	(b) On October 10, 2013, we replaced our $150.0 million senior secured revolving credit facility with a $300.0 million senior unsecured credit facility. The unsecured credit facility is comprised of a $225.0 million revolving credit facility (the “$225 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”), and has an accordion feature which will allow us to increase the commitments by an aggregate of $100.0 million on the $225 Million Revolver and the $75 Million Term Loan.
	The senior unsecured credit facility requires that no less than 20 of our hotel properties remain unencumbered, as defined in the credit facility documentation, and also requires compliance with covenants customary among our industry peers. The $225 Million Revolver matures on October 10, 2017 and can be extended to October 10, 2018 at our option, subject to certain conditions. The $75 Million Term Loan matures on October 10, 2018.
	We pay interest on advances at varying rates, based upon, at our option, either (i) 1, 2, 3, or 6-month LIBOR, plus a LIBOR margin between 1.75% and 2.50%, depending upon our leverage ratio (as defined in the credit facility documentation), or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, or 1-month LIBOR plus 1.00%, plus a base rate margin between 0.75% and 1.50%, depending upon our leverage ratio. Unused fees are payable quarterly and are assessed at 0.30% per annum if the unused portion of the credit facility is equal to or greater than 50%, or 0.20% per annum if the unused portion of the credit facility is less than 50%.
	On December 27, 2013, we fully drew the $75 Million Term Loan at a variable interest rate of 4.15%. On September 5, 2013, we entered into an interest rate derivative with a notional value of $75.0 million that became effective on January 2, 2014 and matures on October 1, 2018. This interest rate derivative was designated a cash flow hedge and effectively fixes LIBOR at 2.04%.  The interest rate on the $75 Million Term Loan was 3.94% at January 2, 2014.
	At December 31, 2013, 32 of our unencumbered hotel properties are included in the borrowing base for the senior unsecured credit facility, and are required to remain unencumbered. As a result, the maximum amount of borrowing permitted under the senior unsecured credit facility was $270.7 million, of which, we had $75.0 million borrowed, $0.2 million in standby letters of credit, and $195.5 million available to borrow.
	(c) On August 1, 2013, we entered into a new $34.0 million loan with ING with a fixed rate of 4.55% and a maturity of August 1, 2038. ING has the right to call the loan in full on March 1st of, 2019, 2024, 2029 and 2034. Simultaneously, we amended our existing loan with ING to (i) remove the Fairfield Inn & Suites and the Residence Inn, Germantown, TN; the Hampton Inn, Fort Smith, AR; and the Fairfield Inn, Lewisville, TX from the collateral and (ii) remove $3.9 million in letters of credit from the collateral. We also added the Courtyard by Marriott, Jackson, MS; the Hampton Inn & Suites, Ybor, FL; and the Courtyard by Marriott and the Residence Inn, Metairie, LA as collateral to the two notes, such that both ING loans are secured by the same 14 hotel properties and are cross-defaulted.
	(d) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by four of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; Denver (Englewood), CO; and Dallas (Arlington), TX.  This loan is subject to defeasance if prepaid.
	(e) On March 7, 2013, we closed on a $22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ.  This loan is subject to defeasance if prepaid.
	(f) On March 8, 2013, we closed on a $22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid.
	(g) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid.
	(h) On May 16, 2012, we assumed a loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan is subject to defeasance if prepaid.
	(i) On June 21, 2012, we assumed a loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan is subject to defeasance if prepaid.
	(j) On April 4, 2012, we closed on two loans secured by the Courtyard by Marriott and the SpringHill Suites by Marriott in Scottsdale, AZ. These loans have prepayment penalties of 1% plus defeasance and are cross-defaulted and cross-collateralized.
	(k) On May 1, 2013, we paid off a $6.7 million loan that had an interest rate of 4.95%, a maturity date of February 1, 2017 and was secured by two hotel properties. There was no associated prepayment penalty.
	On July 26, 2013, we closed on a $7.4 million loan with a fixed rate of 4.25% and a maturity of August 1, 2018. This loan is secured by the Hyatt Place in Atlanta, GA. We expect to receive additional proceeds of $1.3 million after the Hyatt Place attains a required performance level post renovation. This loan has a prepayment penalty of: (i) 3% until July 26, 2015, (ii) 2% until July 26, 2017, and (iii) 1% until February 1, 2018.
	(l) This loan is secured by the Residence Inn by Marriott in Portland, OR. The fixed rate of 4.66% resets on September 30, 2016 to the then-current Federal Home Loan Bank of Seattle Intermediate/Long-Term Advances Five-year Fixed Rate plus 3.00%. This loan has a prepayment penalty of: (i) 4% until October 1, 2015, (ii) 3% until October 1, 2017, (iii) 2% until October 1, 2019, and (iv) 1% until July 2, 2021.
	(m) This loan is secured by the SpringHill Suites by Marriott and the Hampton Inn & Suites in Bloomington, MN. This loan is subject to defeasance if prepaid.
(n) This loan is secured by the Courtyard by Marriott in Flagstaff, AZ and has a variable interest rate of 30-day LIBOR plus 350 basis points (3.67% at December 31, 2013). On October 11, 2012, we entered into an interest rate derivative that effectively converted 85% of this loan to a fixed rate.
(o) On March 2, 2012, we entered into two loans for the purchase of two Hilton Garden Inns in Birmingham (Lakeshore and Liberty Park), AL. The interest rate on these loans is fixed for the first three years and then each loan will convert to a variable rate of 90-day LIBOR plus 5.28%. The loans may not be prepaid in the first year and have prepayment penalties in the second year of 2% and in the third year of 1%. These loans are cross-defaulted and cross-collateralized.
(p) On October 31, 2013, we paid off a $10.3 million loan that had an interest rate of 4.10%, a maturity date of April 1, 2014 and was secured by one hotel property. Three additional properties and a letter of credit were also released as security for this and two additional loans with the lender. In connection with the early payoff of the loan we terminated a related interest rate swap and incurred termination costs of less than $0.1 million, which were charged to debt transaction costs.
(q) These loans are secured by the SpringHill Suites by Marriott in Denver, CO and the Double Tree in Baton Rouge, LA. These loans have a variable interest rate of 90-day LIBOR plus 350 basis points. On May 4, 2012, we entered into interest rate derivatives that effectively converted these loans to a fixed rate. These loans are cross-defaulted and cross-collateralized.
(r) On December 20, 2012, we assumed a loan in our acquisition of the Residence Inn by Marriott in Salt Lake City, UT. This loan has a prepayment penalty of the greater of 1% or the yield maintenance premium.
(s) On February 11, 2013, we assumed a loan in our acquisition (through a joint venture) of the Holiday Inn Express & Suites in San Francisco, CA. This loan has an interest rate of 6.20% and a maturity date of January 6, 2016. This loan is subject to defeasance if prepaid.
(t) On May 21, 2013, we assumed a loan in our acquisition of the Holiday Inn Express & Suites in Minneapolis (Minnetonka), MN. This loan has an interest rate of 5.53% and a maturity date of October 1, 2015. This loan is subject to defeasance if prepaid.
(u) On May 21, 2013, we assumed a loan in our acquisition of the Hilton Garden Inn in Minneapolis (Eden Prairie), MN. This loan has an interest rate of 5.57% and a maturity date of January 1, 2016. This loan is subject to defeasance if prepaid.
(v) On January 14, 2013, we paid off two loans totaling $22.8 million that had variable interest rates of 90-day LIBOR plus 4.00% and a floor of 5.25%. These loans had maturity dates of July 1, 2013 and February 1, 2014 and were secured by three hotel properties. There were no associated prepayment penalties.
(w) On September 24, 2013, we paid off a $1.3 million loan that had an interest rate of 6.50%, a maturity date of June 24, 2014 and was secured by one hotel property. There was no associated prepayment penalty.
(x) On September 27, 2013, we paid off a $5.1 million loan that had an interest rate of 5.01%, a maturity date of November 1, 2013 and was secured by one hotel property. There was no associated prepayment penalty.
(y) On November 12, 2013, we paid off an $8.6 million loan that had an interest rate of 5.75%, a maturity date of July 10, 2017 and was secured by one hotel property. There was no associated prepayment penalty.
(z) On December 20, 2013, we paid off an $18.4 million loan that had an interest rate of 6.00%, a maturity date of February 1, 2017 and was secured by one hotel property. There was no associated prepayment penalty.
On May 23, 2013, we closed on a $92.0 million variable rate senior secured interim loan with KeyBank and Regions Bank, with a maturity of November 23, 2013. This loan was secured by a pledge of the equity interest in the subsidiaries that own the Fairfield Inn & Suites and SpringHill Suites by Marriott in Louisville, KY and the Courtyard and SpringHill Suites by Marriott in Indianapolis, IN, and was cross-defaulted with our $150.0 million senior secured revolving credit facility. In the third quarter of 2013, we paid off the senior secured interim loan using proceeds from a new mortgage loan with KeyBank and proceeds from our September 19, 2013 common stock offering.
Our total fixed-rate and variable-rate debt at December 31, 2013 and 2012, after giving effect to our interest rate derivatives, follows (in thousands):
		2013		2012
Fixed-rate debt		$	358,590	$	229,587
Variable-rate debt		76,999		83,026
		$	435,589	$	312,613
Maturities of long-term debt for each of the next five years are (in thousands):
2014		$	9,164
2015		13,036
2016		67,013
2017		39,211
2018		103,128
Thereafter		204,037
		$	435,589
The weighted average interest rate for all borrowings was 5.03% and 5.15% at December 31, 2013 and 2012, respectively.
Information about the fair value of our fixed-rate debt that is not recorded at fair value follows (in thousands):
		2013					2012
		Carrying		Fair Value			Carrying		Fair Value			Valuation Technique
		Value					Value
Fixed-rate debt		$	329,544	$	319,429		$	188,565	$	193,448		Level 2 - Market approach
At December 31, 2013 and 2012, we had $104.0 million and $41.0 million, respectively, of debt with variable interest rates that had been converted to fixed interest rates through derivative financial instruments which are carried at fair value. Differences between carrying value and fair value of our fixed-rate debt are primarily due to changes in interest rates. Inherently, fixed-rate debt is subject to fluctuations in fair value.

ACCRUED_EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2013
ACCRUED EXPENSES	'
ACCRUED EXPENSES	'
	NOTE 12 - ACCRUED EXPENSES
	Accrued expenses at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Accrued sales and property taxes	$	10,359	$	8,893
	Accrued salaries and benefits	7,178		5,562
	Accrued interest	1,721		1,031
	Other accrued expenses	7,896		3,499
		$	27,154	$	18,985

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2013
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE 13 - COMMITMENTS AND CONTINGENCIES
	Ground Leases
	We lease land for two hotel properties in Fort Smith, AR under the terms of operating ground lease agreements expiring in August of 2022 and May of 2030. We have options to renew these leases for periods that range from 5 to 30 years. We lease land for one hotel property in Duluth, GA under the terms of an operating ground lease agreement expiring April 1, 2069. We also have a prepaid land lease for two hotel properties in Portland, OR which expires in June of 2084 and had a remaining prepaid balance of $3.4 million and $3.5 million at December 31, 2013 and 2012, respectively.  We have one option to extend this lease for an additional 14 years.  Total rent expense for these leases for 2013, 2012 and 2011 was $0.5 million, $0.5 million and $0.4 million, respectively.
	Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year are (in thousands):
	2014	$	569
	2015	580
	2016	591
	2017	602
	2018	474
	Thereafter	30,918
		$	33,734
	In addition, we lease land for one hotel property in Garden City, NY under a PILOT (payment in lieu of taxes) lease. We pay a reduced amount of property tax each year of the lease as rent. The lease expires on December 31, 2019. Upon expiration of the lease, we expect to exercise our right to acquire a fee simple interest in the hotel for nominal consideration.
	Franchise Agreements
	All of our hotel properties, except for our independent hotel, operate under franchise agreements with major hotel franchisors. The terms of our franchise agreements generally range from 10 to 20 years with various extension provisions. Each franchisor receives franchise fees ranging from 2% to 6% of each hotel property’s gross revenue, and some agreements require that we pay marketing fees of up to 4% of gross revenue. In addition, some of these franchise agreements require that we deposit a percentage of the hotel property’s gross revenue, generally not more than 5%, into a reserve fund for capital expenditures. In 2013, 2012 and 2011, we expensed fees related to our franchise agreements of $27.7 million, $20.7 million and $15.2 million, respectively.
	Management Agreements
	Our hotel properties operate pursuant to management agreements with various third-party management companies. The terms of our management agreements range from three to twenty-five years with various extension provisions. Each management company receives a base management fee, generally a percentage of total hotel property revenues. In some cases there are also monthly fees for certain services, such as accounting, based on number of rooms. Generally there are also incentive fees based on attaining certain financial thresholds. In 2013, 2012 and 2011, we expensed fees related to our hotel management agreements of $13.5 million, $9.2 million and $5.9 million, respectively.
	Pending Hotel Property Acquisitions
	We have a purchase agreement with a hotel property developer to acquire a Hampton Inn & Suites in downtown Minneapolis, MN for $37.7 million, subject to certain conditions including the completion of construction of the hotel in accordance with agreed upon architectural and engineering designs, receipt of a Hampton Inn & Suites franchise, and receipt of a certificate of occupancy. We estimate that the property will be completed in mid-2015.
	Litigation
	We are involved from time to time in litigation arising in the ordinary course of business; however, we are not currently aware of any actions against us that we believe would have a significant impact on our financial condition or results of operations.
	In 2011, Choice Hotels International, Inc. (“Choice”) terminated the franchise agreements on 11 of our hotel properties. We filed an arbitration action against Choice claiming wrongful termination of our franchise agreements. In response to our arbitration action, Choice made counterclaims of fraudulent inducement, negligent misrepresentation, breach of contract, and trademark infringement. The parties agreed to litigate all claims in the arbitration action. In April 2012, the arbitration panel determined, among other things, that Choice improperly terminated the 11 franchise agreements, that Choice was not entitled to recover liquidated damages in connection with the 11 hotel properties, and that we did not make any materially false or misleading statements to Choice or omit any material information. The panel awarded us damages in the amount of $0.3 million as full settlement of all claims submitted in the arbitration. We received these funds on April 30, 2012.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2013
EQUITY	'
EQUITY	'
	NOTE 14 - EQUITY
	Common Stock
	On February 14, 2011, we completed our IPO of 26,000,000 shares of common stock and our concurrent private placement of 1,274,000 shares of common stock. Net proceeds received from the IPO and the concurrent private placement were $240.8 million, after underwriting discounts and offering-related expenses of $25.0 million. We primarily used the proceeds to pay down debt.
	On October 3, 2012, we completed an underwritten public offering of 13,800,000 shares of common stock. Net proceeds were $106.4 million, after the underwriting discount and offering-related expenses of $6.1 million. We used the proceeds to fund the cash portion of acquisitions of 10 hotel properties that were under contract to purchase and pay down the principal balance of our senior secured revolving credit facility.
	On January 14, 2013, we completed an underwritten public offering of 17,250,000 shares of common stock. Net proceeds were $148.1 million, after the underwriting discount and offering-related expenses of $7.2 million. We used the proceeds to fund hotel property acquisitions and to pay down our mortgage debt and our senior secured revolving credit facility.
	On September 19, 2013, we completed an underwritten public offering of 17,250,000 shares of common stock. Net proceeds were $152.0 million, after the underwriting discount and offering-related expenses of $6.5 million. We used the proceeds to fund hotel property acquisitions, to pay off our senior secured interim loan, and to pay down our senior secured revolving credit facility.
	In 2013 and 2012, we issued 4,414,950 shares and 4,873,625 shares, respectively, of common stock to limited partners of the Operating Partnership upon redemption of their Common Units. In 2013 and 2012, we issued 327,806 shares and 208,027 shares, respectively, of common stock to our independent directors and executive officers pursuant to our 2011 Equity Incentive Plan.
	Preferred Stock
	On October 28, 2011, we completed an underwritten public offering of 2,000,000 shares of 9.25% Series A Cumulative Redeemable Preferred Stock. Net proceeds were $47.9 million, after the underwriting discount and offering-related expenses of $2.1 million. We used the proceeds to pay down the principal balance of our senior secured revolving credit facility.
	On December 11, 2012, we completed an underwritten public offering of 3,000,000 shares of 7.875% Series B Cumulative Redeemable Preferred Stock. Net proceeds were $72.5 million, after the underwriting discount and offering-related expenses of $2.5 million. We used the proceeds to pay down the principal balance of our senior secured revolving credit facility.
	On March 20, 2013, we completed an underwritten public offering of 3,400,000 shares of 7.125% Series C Cumulative Redeemable Preferred Stock. Net proceeds were $81.7 million, after the underwriting discount and offering-related expenses of $3.3 million. We used the proceeds to pay down the principal balance of our senior secured revolving credit facility.
	Our Series A, Series B and Series C preferred stock have a $25 per share liquidation preference and pay dividends at an annual rate of $2.3125 per share of Series A, $1.96875 per share of Series B, and $1.78125 per share of Series C preferred stock. Dividend payments are made quarterly in arrears on or about the last day of February, May, August and November of each year.
	Noncontrolling Interests in Operating Partnership
	At December 31, 2013 and 2012, unaffiliated third parties owned 811,425 and 5,226,375 Common Units of the Operating Partnership representing 1% and 10% limited partnership interest in the Operating Partnership, respectively.
	Pursuant to the limited partnership agreement, beginning one year after the date of issuance, the unaffiliated limited partners of the Operating Partnership have the right to cause the Operating Partnership to redeem their Common Units for cash or, at our option, for shares of our common stock on a one-for-one basis.  Any cash payment will be based upon the market value of an equivalent number of our shares of common stock at the time of redemption. The number of shares of our common stock issuable upon redemption of Common Units may be adjusted upon the occurrence of certain events such as share dividends, share subdivisions or combinations.
	In 2013, we redeemed 4,414,950 Common Units for 4,414,950 shares of our common stock. In 2012, we redeemed 4,873,625 Common Units for 4,873,625 shares of our common stock.
	We classify outstanding Common Units held by unaffiliated third parties as noncontrolling interests, a component of equity in our consolidated balance sheets. The portion of net income (loss) allocated to these Common Units is reported on our consolidated statement of operations for the years ended December 31, 2013 and 2012 and the period February 14, 2011 through December 31, 2011 as net income (loss) attributable to noncontrolling interests in Operating Partnership.
	Noncontrolling Interests in Joint Venture
	On February 11, 2013, we formed a joint venture with an affiliate of IHG to purchase a Holiday Inn Express & Suites in San Francisco, CA. We own an 80% controlling interest in the joint venture and our partner owns a 20% interest. We classify our partner’s 20% interest as noncontrolling interest in joint venture on our consolidated balance sheets. The portion of net income (loss) allocated to our partner is reported on our consolidated statements of operations as net income (loss) attributable to noncontrolling interests in joint venture.

BENEFIT_PLANS

BENEFIT PLANS	12 Months Ended
	Dec. 31, 2013
BENEFIT PLANS	'
BENEFIT PLANS	'
	NOTE 15 - BENEFIT PLANS
	On August 1, 2011, we initiated a qualified contributory retirement plan (the “Plan”), under Section 401(k) of the Internal Revenue Code which covers all full-time employees who meet certain eligibility requirements. Voluntary contributions may be made to the Plan by employees. The Plan is a Safe Harbor Plan and requires a mandatory employer contribution. The employer contribution expense for the years ended December 31, 2013, 2012 and 2011 was $0.1 million, $0.1 million and $0.1 million, respectively.

EQUITYBASED_COMPENSATION

EQUITY-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2013
EQUITY-BASED COMPENSATION	'
EQUITY-BASED COMPENSATION	'
	NOTE 16 - EQUITY-BASED COMPENSATION
	Our equity-based awards were issued under our 2011 Equity Incentive Plan, which provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based awards or incentive awards. Stock options granted may be either incentive stock options or nonqualified stock options. Vesting terms may vary with each grant, and stock option terms are generally five to ten years. We have outstanding equity-based awards in the form of stock options and restricted stock awards. All of our existing equity-based awards are classified as equity awards.
	At December 31, 2013 and 2012, the Company had reserved 10,485,951 and 7,544,665 shares of common stock, respectively, for the issuance of common stock (i) upon the exercise of stock options, issuance of time-based restricted stock awards, issuance of performance-based restricted stock awards, grants of director stock awards, or other awards issued pursuant to the Company’s 2011 Equity Incentive Plan, (ii) upon redemption of Common Units, or (iii) under the ATM offering.
	Stock Options
	Concurrent with the completion of our IPO, we granted options to our executive officers to purchase 940,000 shares of common stock, 47,000 of which were forfeited in 2012. These options have an exercise price of $9.75 per share, the market value of the common stock on the date of grant, and vest ratably over five years based on continued service, or upon a change in control.
	The fair value of stock options granted was estimated using a Black-Scholes valuation model and the following assumptions:
		2011
	Expected dividend yield	5.09		%
	Expected stock price volatility	56.6		%
	Risk-free interest rate	2.57		%
	Expected life of options (in years)	6.5
	Weighted average estimated fair value of options at grant date per share	$	3.48
	The expected dividend yield was calculated based on our annual expected dividend payments at the time the options were granted. The expected volatility was based on historical price changes of a peer group of comparable entities based on the expected life of the options at the date of grant. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the date of grant. The expected life of options is the average number of years we estimate that options will be outstanding.
	The following table summarizes stock option activity under our 2011 Equity Incentive Plan for 2013, 2012 and 2011:
		Number of		Weighted			Weighted		Aggregate
		Options		Average			Average		Intrinsic Value
				Exercise Price			Remaining		(Current Value
							Contractual		Less Exercise
							Terms		Price)
				(Per share)			(In years)		(In thousands)
	Outstanding at December 31, 2010	—		$	—
	Granted	940,000		9.75
	Exercised	—		—
	Forfeited	—		—
	Outstanding at December 31, 2011	940,000		9.75
	Granted	—		—
	Exercised	—		—
	Forfeited	(47,000	)	9.75
	Outstanding at December 31, 2012	893,000		9.75
	Granted	—		—
	Exercised	—		—
	Forfeited	—		—
	Outstanding at December 31, 2013	893,000		$	9.75		7.2		$	—
	Exercisable at December 31, 2013	357,200		$	9.75		7.2		$	—
	All stock options outstanding at December 31, 2013 are vested or expected to vest.  During the years ended December 31, 2013, 2012 and 2011, the total fair value of stock options that vested was $1.2 million, $1.2 million and $0, respectively.
	At December 31, 2013, the exercise price of our outstanding options exceeds the market price of our common stock.
	Time-Based Restricted Stock Awards
	On March 1, 2013, we awarded time-based restricted stock awards for 106,518 shares of common stock to our executive officers. These awards vest over a three year period based on continued service (25% on February 28, 2014 and 2015 and 50% on February 28, 2016), or upon a change in control.
	On April, 25, 2012, we awarded time-based restricted stock awards for 110,137 shares of common stock to our executive officers. These awards vest over a three year period based on continued service (25% at December 31, 2012 and 2013 and 50% at December 31, 2014), or upon a change in control.
	The holders of these awards have the right to vote the related shares of common stock and receive all dividends declared and paid whether or not vested.
	The fair value of time-based restricted stock awards granted is calculated based on the market value on the date of grant.
	The following table summarizes time-based restricted stock activity under our 2011 Equity Incentive Plan for 2013 and 2012:
		Number of		Weighted			Aggregate
		Shares		Average Grant			Current Value
				Date Fair Value
				(Per share)			(In thousands)
	Non-vested December 31, 2011	—		$	—
	Granted	110,137		7.78
	Vested	(27,534	)	7.78
	Forfeited	—		—
	Non-vested December 31, 2012	82,603		7.78
	Granted	106,518		9.78
	Vested	(27,534	)	7.78
	Forfeited	—		—
	Non-vested December 31, 2013	161,587		$	9.1		$	1,454
	During the years ended December 31, 2013, 2012 and 2011, the total fair value of time-based restricted stock awards that vested was $0.2 million, $0.2 million and $0, respectively.
	Performance-Based Restricted Stock Awards
	On March 1, 2013, we awarded performance-based restricted stock awards for 185,572 shares of common stock to our executive officers. These awards vest ratably over three years (2013, 2014 and 2015) subject to the attainment of certain performance goals and continued service, or upon a change in control.
	On April, 25, 2012, we awarded performance-based restricted stock awards for 82,602 shares of common stock to our executive officers. These awards vest ratably over three years (2012, 2013 and 2014) subject to the attainment of certain performance goals and continued service, or upon a change in control.
	No performance-based restricted stock awards vested during 2013 or 2012 because performance goals were not met. The holders of these awards have the right to vote the related shares of common stock and any dividends declared will be accumulated and will be subject to the same vesting conditions as the awards.
	Our performance-based restricted stock awards are market-based awards and are accounted for based on the grant date fair value of our common stock. These awards vest based on a performance measurement that requires the Company’s total shareholder return (“TSR”) to exceed the TSR for the SNL U.S. Lodging REIT Index for a designated one, two or three year performance period.  The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions:
		2013			2012
	Expected dividend yield	4.52		%	5.58		%
Expected stock price volatility	38.5		%	44.7		%
Risk-free interest rate	0.147 - 0.513		%	0.146 - 0.428		%
Monte Carlo iterations	100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	7.09		$	5.1
The expected dividend yield was calculated based on our annual expected dividend payments at the time of grant. The expected volatility was based on historical price changes of our common stock for a period comparable to the performance period. The risk-free interest rates were interpolated from the Federal Reserve Bond Equivalent Yield rates for “on-the-run” U.S. Treasury securities.
The following table summarizes performance-based restricted stock activity under our 2011 Equity Incentive Plan for 2013 and 2012:
	Number of		Weighted			Aggregate
	Shares		Average Grant			Current Value
			Date Fair Value
			(Per share)			(In thousands)
Non-vested December 31, 2011	—		$	—
Granted	82,602		$	7.78
Vested	—		$	—
Forfeited	—		$	—
Non-vested December 31, 2012	82,602		$	7.78
Granted	185,572		$	7.09
Vested	—		$	—
Forfeited	—		$	—
Non-vested December 31, 2013	268,174		$	7.3		$	2,414
Director Stock Awards
In 2013, 2012 and 2011, we granted 29,228, 15,288 and 4,000 shares of common stock, respectively, to our non-employee directors as a part of our director compensation program. These grants were made under our 2011 Equity Incentive Plan and were vested upon grant.
Our non-employee directors have the option to receive shares of our common stock in lieu of cash for their director fees. In 2013, we issued 6,488 shares of common stock for director fees.
Equity-Based Compensation Expense
Equity-based compensation expense for 2013, 2012 and 2011 was (in thousands):
	2013			2012			2011
Included in corporate general and administrative salaries and other compensation in the consolidated statements of operations
Stock options	$	622		$	700		$	441
Time-based restricted stock	611			214			—
Performance-based restricted stock	548			171			—
	1,781			1,085			441
Included in corporate general and administrative other in the consolidated statements of operations
Director stock	343			120			39
	$	2,124		$	1,205		$	480
We recognize equity-based compensation expense ratably over the vesting terms. The amount of expense may be subject to adjustment in future periods due to a change in the forfeiture assumptions.
Unrecognized equity-based compensation expense for all non-vested awards was $3.4 million at December 31, 2013. We expect to recognize this cost over a remaining weighted-average period of 1.5 years.

LOSS_ON_IMPAIRMENT_OF_ASSETS

LOSS ON IMPAIRMENT OF ASSETS	12 Months Ended
	Dec. 31, 2013
LOSS ON IMPAIRMENT OF ASSETS	'
LOSS ON IMPAIRMENT OF ASSETS	'
	NOTE 17 - LOSS ON IMPAIRMENT OF ASSETS
	In 2013, we recognized a loss on impairment of assets totaling $7.7 million related to the Courtyard by Marriott in Memphis, TN; the SpringHill Suites in Lithia Springs, GA; the Hampton Inn, the AmericInn Hotel & Suites and the Aspen Hotel & Suites in Fort Smith, AR; the AmericInn Hotel & Suites in Salina, KS and the Fairfield Inn and Holiday Inn Express in Emporia, KS.  These hotel properties were sold in 2013 or classified as held for sale at December 31, 2013, and their operating results, including the loss on impairment, are included in discontinued operations. In addition, we recognized a loss on impairment of assets related to a land parcel in El Paso, TX that was sold in 2013 and a land parcel in Spokane, WA that is held for sale at December 31, 2013. As a result, a loss on impairment of assets totaling $1.4 million was charged to operations. These losses on impairment were the result of a change in the estimated holding periods for the hotel properties and land parcels.
	In 2012, we recognized a loss on impairment of assets totaling $2.3 million related to the AmericInns in Twin Falls, ID, Missoula, MT and Lakewood, CO. These hotel properties were sold in 2012 or 2013, and their operating results, including the loss on impairment, are included in discontinued operations. In addition, in conjunction with the sale of our Missoula, MT hotel properties, we determined that a land parcel in Missoula was impaired. As a result, a loss on impairment of assets totaling $0.7 million was charged to operations. These losses on impairment were the result of a change in the estimated holding periods for the hotel properties and land parcels.
	In 2011, we did not incur any losses on impairment.

DERIVITIVE_FINANCIAL_INSTRUMEN

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	12 Months Ended
	Dec. 31, 2013
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	'
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	'
	NOTE 18 - DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING
	We are exposed to interest rate risk through our variable-rate debt. We manage this risk primarily by managing the amount, sources, and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage our exposure to known or expected cash payments related to our variable-rate debt. The maximum length of time over which we have hedged our exposure to variable interest rates with our existing derivative financial instruments is approximately six years.
	Our objectives in using derivative financial instruments are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Our interest rate swaps designated as cash flow hedges involve the receipt of variable-rate payments from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
	Our agreements with our derivative counterparties contain a provision where if we default, or are capable of being declared in default, on any of our indebtedness, then we could also be declared in default on our derivative financial instruments.
	On September 5, 2013, we entered into an interest rate swap with a notional value of $75.0 million that became effective on January 2, 2014 and matures on October 10, 2018. This interest rate derivative was designated a cash flow hedge and effectively fixes LIBOR at 2.04%.  The interest rate on the $75 Million Term Loan was 3.94% at January 2, 2014.
	On October 31, 2013, we paid off a term loan and terminated a related interest rate swap that had a notional value of $10.3 million. We incurred termination costs of less than $0.1 million, which were charged to debt transaction costs.
	Information about our derivative financial instruments at December 31, 2013 and 2012 follows (dollar amounts in thousands):
		December 31, 2013								December 31, 2012
		Number of		Notional			Fair Value			Number of	Notional		Fair Value
		Instruments		Amount						Instruments	Amount
	Interest rate swaps (asset)	3		$	29,273		$	253		—	$	—	$	—
	Interest rate swaps (liability)	1		75,000			(1,772		)	4	41,095		(641		)
		4		$	104,273		$	(1,519	)	4	$	41,095	$	(641	)
	All of our interest rate swaps have been designated as cash flow hedges and are valued using a market approach, which is a Level 2 valuation technique. At December 31, 2013, three of our interest rate swaps were in an asset position and one was in a liability position. At December 31, 2012, all of our interest rate swaps were in a liability position. We have not posted any collateral related to these agreements and are not in breach of any financial provisions of the agreements. If we had breached any agreement provisions at December 31, 2013, we could have been required to settle our obligation under the agreement that was in a liability position at its termination value of $1.7 million.
	The table below details the location in the financial statements of the loss recognized on derivative financial instruments designated as cash flow hedges (in thousands). We had no derivative financial instruments in 2011.
		2013			2012
	Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$	(1,240	)	$	(786	)
	Gain (loss) reclassified from accumulated other comprehensive income to interest expense (effective portion)	$	(359	)	$	(147	)
	Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion)	$	2		$	(2	)
	Amounts reported in accumulated other comprehensive income related to derivative financial instruments will be reclassified to interest expense as interest payments are made on the hedged variable-rate debt. In 2014, we estimate that an additional $1.7 million will be reclassified from other comprehensive income as an increase to interest expense.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2013
INCOME TAXES	'
INCOME TAXES	'
	NOTE 19 - INCOME TAXES
	Our earnings (losses), other than in our TRSs, are not generally subject to federal corporate and state income taxes due to our REIT election. At December 31, 2013 and 2012, our net operating loss carry forwards (“NOLs”) of our TRSs for federal and state income tax reporting purposes are $15.2 million and $12.0 million, respectively.
	We have a deferred tax asset at December 31, 2013 and 2012 of $5.8 million and $4.0 million, respectively, which relate primarily to the NOLs of our TRSs. Our deferred tax liability of $0.7 million at December 31, 2013 relates to differences in the carrying amounts of investments in joint ventures and franchise fees.
	At December 31, 2013, we recorded a valuation allowance of $5.0 million related to our NOLs. We incurred NOLs at our TRSs in 2013, 2012 and 2011.  As of result of the consecutive loss years we have determined that it is more likely than not that we will not be able to recognize our NOLs before they expire. Our NOLs will begin to expire in 2031 for federal tax purposes and in the period from 2016 to 2031 for state tax purposes, if not utilized. If our TRSs were to experience a change in control as defined in Section 382 of the Internal Revenue Code, the ability to utilize NOLs after the change in control would be limited.
	We had no unrecognized tax benefits at December 31, 2013 or in the three year period then ended. We expect no significant changes in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2013.  The Company recognizes interest expense and penalties associated with uncertain tax positions as a component of income tax expense.  We have no material interest or penalties relating to income taxes recognized in the consolidated statements of operations for 2013, 2012 or 2011 or in the consolidated balance sheets as of December 31, 2013 or 2012.
	Current tax liabilities related to the Operating Partnership of $0.3 million and $0.2 million at December 31, 2013 and 2012, respectively, are included in accrued expenses in the accompanying consolidated balance sheets and relate to state and local tax expense.
	A reconciliation of the federal statutory rate to the effective income tax rate for the TRSs follows (in thousands):
		2013
	Tax benefit at U.S. statutory rates on TRSs income subject to tax	$	(809	)
	State income tax, net of federal income tax benefit	(120		)
	Effect of permanent differences and other	(152		)
	Increase in valuation allowance	5,029
	TRSs provision for income tax expense/(benefit)	$	3,948
	We are not providing a reconciliation for 2012 or 2011 as the tax expense differed from that computed using the statutory rate by less than 5% of income before tax in total and there were no components of the reconciliation over 5% of income before tax.
	The components of income tax expense (benefit) for 2013, 2012 and 2011 are (in thousands):
		Summit Hotel Properties, Inc.									Summit Hotel
											Properties, LLC
		2013			2012			Period 2/14/11			Period 1/1/11
								through 12/31/11			through 2/13/11
	Current:
	Federal	$	—		$	—		$	—		$	—
	State and local	408			512			(129		)	339
	Deferred:
	Federal (34%)	3,352			(1,531		)	(1,867		)	—
	State and local	597			(270		)	(329		)	—
	Total provision	$	4,357		$	(1,289	)	$	(2,325	)	$	339
	Income tax expense (benefit)
	From continuing operations	$	4,894		$	(728	)	$	(2,259	)	$	550
	From discontinued operations	(537		)	(561		)	(66		)	(211		)
	Total	$	4,357		$	(1,289	)	$	(2,325	)	$	339
	Our Predecessor was a limited liability company and all federal taxable income flowed through and was taxable to its members.
	For federal income tax purposes, the cash distributions paid to our common and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains.

FAIR_VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2013
FAIR VALUE	'
FAIR VALUE	'
	NOTE 20 — FAIR VALUE
	The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2013 and 2012. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety.  Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
	Disclosures concerning financial instruments measured at fair value are as follows:
		Fair Value Measurements at December 31, 2013 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	12,224	$	—	$	12,224
	Interest rate swaps (asset)	—		253		—		253
	Liabilities:
	Interest rate swaps (liability)	—		1,772		—		1,772
	Fixed-rate debt	—		319,429		—		319,429
		Fair Value Measurements at December 31, 2012 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	4,836	$	—	$	4,836
	Interest rate swaps (asset)	—		—		—		—
	Liabilities:
	Interest rate swaps (liability)	—		641		—		641
	Fixed-rate debt	—		193,448		—		193,448
	There were no transfers between Level 1 and Level 2 of the fair value hierarchy during 2013 or 2012.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2013
DISCONTINUED OPERATIONS	'
DISCONTINUED OPERATIONS	'
	NOTE 21 - DISCONTINUED OPERATIONS
	We have adjusted our consolidated statements of operations for 2013, 2012 and 2011 to reflect the operations of hotel properties that have been sold or are classified as held for sale in discontinued operations. Discontinued operations include the following hotel properties that have been sold:
	·                  Hampton Inn, Holiday Inn Express and AmericInn in Twin Falls, ID — sold May 2012;
	·                  AmericInn Hotel & Suites in Missoula, MT — sold August 2012;
	·                  Courtyard by Marriott in Missoula, MT — sold December 2012;
	·                  AmericInn Hotel & Suites in Golden, CO — sold January 2013;
	·                  Hampton Inn in Denver, CO — sold February 2013;
	·                  Holiday Inn and Holiday Inn Express in Boise, ID — sold May 2013;
	·                  Courtyard by Marriott in Memphis, TN — sold May 2013;
	·                  SpringHill Suites in Lithia Springs, GA — sold August 2013;
	·                  Fairfield Inn in Lewisville, TX — sold August 2013;
	·                 Fairfield Inn in Lakewood, CO — sold September 2013;
	·                  Fairfield Inn in Emporia, KS — sold October 2013;
	·                  SpringHill Suites in Little Rock, AR — sold November 2013;
	·                  Fairfield Inn and AmericInn Hotel & Suites in Salina, KS — sold November 2013;
	·                  Hampton Inn and Fairfield in Boise, ID — sold November 2013; and
	·                  Holiday Inn Express in Emporia, KS — sold December 2013.
	In addition, discontinued operations also include the following hotel properties that were classified as held for sale at December 31, 2013:
	·                  AmericInn Hotel & Suites and Aspen Hotel & Suites in Fort Smith, AR (sold on January 17, 2014); and
	·                  Hampton Inn in Fort Smith, AR (under contract to sell).
	Condensed results for the hotel properties included in discontinued operations follows (in thousands):
											Summit Hotel
		Summit Hotel Properties, Inc.									Properties, LLC
		2013			2012			Period 2/14/11			Period 1/1/11
								through 12/31/11			through 2/13/11
	REVENUE	$	19,458		$	33,193		$	30,265		$	3,755
	Hotel operating expenses	14,859			24,701			22,762			3,070
	Depreciation and amortization	1,960			4,226			4,732			778
	Loss on impairment of assets	7,675			2,305			—			—
	Income (loss) from hotel operations	(5,036		)	1,961			2,771			(93		)
	Interest expense	174			855			3,182			1,226
	(Gain) loss on disposal of assets	(3,945		)	(3,010		)	—			—
	Income (loss) before taxes	(1,265		)	4,116			(411		)	(1,319		)
	Income tax (expense) benefit	537			561			66			211
	Income (loss) from discontinued operations	$	(728	)	$	4,677		$	(345	)	$	(1,108	)
	Income (loss) from discontinued operations attributable to noncontrolling interests	$	(25	)	$	807		$	(93	)
	Income (loss) from discontinued operations attributable to common shareholders / members	$	(703	)	$	3,870		$	(252	)

EARNINGS_LOSS_PER_SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2013
EARNINGS (LOSS) PER SHARE	'
EARNINGS (LOSS) PER SHARE	'
	NOTE 22 - EARNINGS (LOSS) PER SHARE
	We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested, time-based restricted stock awards and for our common stock. Our non-vested time-based restricted stock awards contain nonforfeitable rights to dividends and are considered securities which participate in undistributed earnings with common stock.  Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested, time-based restricted stock awards do not have such an obligation so they are not allocated losses.
	At December 31, 2013, 2012 and 2011, we had 893,000, 893,000 and 940,000 stock options outstanding, respectively, which were not included in the computation of diluted earnings per share, as the options’ exercise price was greater than the average market price of our common shares.
	In 2012 and 2011, our basic and diluted earnings per share are based on basic weighted average common shares outstanding due to our loss from continuing operations.
	Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share):
			2013			2012			2011
	Numerator:
	Income (loss) from continuing operations		$	6,625		$	(6,947	)	$	(3,832	)
	Less:	Preferred dividends	14,590			4,625			411
		Allocation to participating securities	73			37			—
		Attributable to noncontrolling interest	44			(2,001		)	(1,147		)
	Income (loss) attributable to common shareholders from continuing operations		(8,082		)	(9,608		)	(3,096		)
	Income (loss) attributable to common shareholders from discontinued operations		(703		)	3,870			(252		)
	Net income (loss) attributable to common shareholders		$	(8,785	)	$	(5,738	)	$	(3,348	)
	Denominator:
	Weighted average common shares outstanding - basic		70,327			33,717			27,278
	Dilutive effect of equity-based compensation awards		410			132			—
	Weighted average common shares outstanding - diluted		70,737			33,849			27,278
	Earnings per common share - basic and diluted:
	Net income (loss) from continuing operations		$	(0.11	)	$	(0.28	)	$	(0.11	)
	Net income (loss) from discontinued operations		(0.01		)	0.11			(0.01		)
	Net income (loss)		$	(0.12	)	$	(0.17	)	$	(0.12	)

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2013
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	NOTE 23 - SUBSEQUENT EVENTS
	Equity Transactions
	On January 2, 2014, we redeemed 126,155 Common Units, which had been tendered November 2, 2013, for shares of our common stock. On January 31, 2014, 22,570 Common Units were tendered for redemption, which we intend to redeem for shares of our common stock on April 1, 2014.
	On January 30, 2014, our board of directors declared cash dividends of $0.1125 per share of common stock, $0.578125 per share of 9.25% Series A Cumulative Redeemable Preferred Stock, $0.4921875 per share of 7.875% Series B Cumulative Redeemable Preferred Stock, and $0.4453125 per share of 7.125% Series C Cumulative Redeemable Preferred Stock. These dividends were paid February 28, 2014.
	Hotel Property Acquisitions Closed and Debt Assumptions
	On January 9, 2014, we purchased a Hilton Garden Inn in Houston, TX for $37.5 million including the assumption of a $17.9 million mortgage loan with a fixed interest rate of 6.22%, an original amortization period of 30 years, and a maturity date of November 1, 2016.
	On January 10, 2014, we purchased a Hampton Inn in Santa Barbara (Goleta), CA for $27.9 million including: i) the assumption of a $12.0 million mortgage loan with a fixed interest rate of 6.13%, an original amortization period of 25 years, and a maturity date of November 11, 2021, ii) the issuance of 412,174 Common Units in our Operating Partnership valued at the time of issuance at $3.7 million, and iii) $12.2 million in cash.
	On January 24, 2014, we purchased a Four Points by Sheraton in San Francisco, CA for $21.3 million.
	On March 14, 2014, we purchased a DoubleTree by Hilton in San Francisco, CA for $39.1 million. The purchase price plus closing costs and renovation reserves was paid through: i) the assumption of a $13.3 million mortgage loan with a fixed interest rate of 5.98%, an original amortization period of 30 years, and a maturity date of March 8, 2016, and ii) $29.0 million in cash.
	Hotel Property Dispositions
	On January 17, 2014, we sold the AmericInn Hotel & Suites and the Aspen Hotel & Suites in Fort Smith, AR for $3.1 million. These hotel properties were classified as held for sale at December 31, 2013.  The sale of the AmericInn Hotel & Suites also included the sale its related ground lease.

SELECTED_QUARTERLY_FINANCIAL_D

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2013
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	'
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	'
	NOTE 24 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
	Selected consolidated quarterly financial data for 2013 and 2012 follows (in thousands, except per share):
		2013
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter
	Total revenues	$	59,723		$	79,105		$	82,174		$	77,956
	Net income (loss) from continuing operations	$	1,517		$	6,126		$	2,837		$	(3,855	)
	Net income (loss) from discontinued operations	$	357		$	545		$	(3,410	)	$	1,780
	Net income (loss)	$	1,874		$	6,671		$	(573	)	$	(2,075	)
	Net income (loss) attributable to Summit Hotel Properties, Inc.	$	1,940		$	6,459		$	(662	)	$	(1,859	)
	Earnings per common share - basic and diluted:
	Net income (loss) from continuing operations	$	(0.03	)	$	0.03		$	(0.02	)	$	(0.09	)
	Net income (loss) from discontinued operations	0.01			0.01			(0.05		)	0.02
	Net income (loss)	$	(0.02	)	$	0.04		$	(0.07	)	$	(0.07	)
		2012
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter
	Total revenues	$	33,942		$	39,580		$	43,069		$	45,109
	Net income (loss) from continuing operations	$	(1,245	)	$	(939	)	$	(411	)	$	(4,352	)
	Net income (loss) from discontinued operations	$	(1,561	)	$	583		$	2,052		$	3,603
	Net income (loss)	$	(2,806	)	$	(356	)	$	1,641		$	(749	)
	Net income (loss) attributable to Summit Hotel Properties, Inc.	$	(1,736	)	$	(81	)	$	1,562		$	(821	)
	Earnings per common share - basic and diluted:
	Net income (loss) from continuing operations	$	(0.07	)	$	(0.06	)	$	(0.04	)	$	(0.11	)
	Net income (loss) from discontinued operations	(0.04		)	0.02			0.06			0.07
	Net income (loss)	$	(0.11	)	$	(0.04	)	$	0.02		$	(0.04	)
	Note: Quarterly amounts for all four quarters of 2013 and 2012 are different from the previous Forms 10-Q and 10-K for these quarters due to reclassifications of hotel properties during 2013 to discontinued operations.

Schedule_III_Real_Estate_and_A

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2013
Schedule III - Real Estate and Accumulated Depreciation	'
Schedule III - Real Estate and Accumulated Depreciation	'
	SUMMIT HOTEL PROPERTIES, INC / SUMMIT HOTEL OP, LP
	Schedule III - Real Estate and Accumulated Depreciation
	December 31, 2013
	(in thousands)
					Initial Cost				Cost			Total Cost									Total Cost Net
									Capitalized												of
	Location	Franchise	Year Acquired/		Land		Building &		Subsequent to			Land		Building &		Total		Accumulated			Accumulated		Mortgage
			Constructed				Improvements		Acquisition					Improvements				Depreciation			Depreciation		Debt
	Arlington, TX	Hyatt Place	2012		$	650	$	8,405	$	379		$	650	$	8,784	$	9,434	$	(835	)	$	8,599	$	—	-2
	Arlington, TX	Courtyard by Marriott	2012		1,497		13,503		25			1,497		13,528		15,025		(736		)	14,289		—
	Arlington, TX	Residence Inn by Marriott	2012		1,646		13,854		30			1,646		13,884		15,530		(799		)	14,731		—
	Atlanta, GA	Hyatt Place	2006		1,154		9,605		4,335			1,154		13,940		15,094		(4,494		)	10,600		7,348		-7
	Atlanta, GA	Courtyard by Marriott	2012		2,050		26,850		479			2,050		27,329		29,379		(1,912		)	27,467		—
	Baltimore, MD	Hyatt Place	2012		2,100		8,135		976			2,100		9,111		11,211		(667		)	10,544		—		-2
	Baton Rouge, LA	DoubleTree	2008		1,100		14,063		1,012			1,100		15,075		16,175		(4,627		)	11,548		10,108		-4
	Baton Rouge, LA	Fairfield Inn and Suites by Marriott	2004		345		3,057		2,761			345		5,818		6,163		(1,870		)	4,293		—
	Baton Rouge, LA	SpringHill Suites by Marriott	2004		448		3,729		2,828			448		6,557		7,005		(2,161		)	4,844		—
	Baton Rouge, LA	TownePlace Suites	2004		259		3,743		2,846			259		6,589		6,848		(2,280		)	4,568		—
	Bellevue, WA	Fairfield Inn and Suites by Marriott	2004		2,705		12,944		3,299			2,705		16,243		18,948		(4,889		)	14,059		—
	Birmingham, AL	Hilton Garden Inn	2012		1,400		7,225		1,672			1,400		8,897		10,297		(1,051		)	9,246		5,371		-4
	Birmingham, AL	Hilton Garden Inn	2012		1,400		10,100		217			1,400		10,317		11,717		(916		)	10,801		6,290		-4
	Bloomington, MN	SpringHill Suites by Marriott	2007		1,658		14,071		997			1,658		15,068		16,726		(4,301		)	12,425		2,114		-1
	Bloomington, MN	Hampton Inn and Suites	2007		1,658		14,596		2,054			1,658		16,650		18,308		(4,287		)	14,021		11,976		-1
	Charleston, WV	Country Inn & Suites	2004		1,042		3,489		2,080			1,042		5,569		6,611		(1,672		)	4,939		—		-6
	Charleston, WV	Holiday Inn Express	2004		907		2,903		2,248			907		5,151		6,058		(1,527		)	4,531		—		-6
	Denver, CO	Hyatt Place	2012		1,300		9,230		483			1,300		9,713		11,013		(853		)	10,160		—		-2
	Denver, CO	Fairfield Inn and Suites by Marriott	2004		1,566		6,783		3,534			1,566		10,317		11,883		(3,096		)	8,787		—
	Denver, CO	SpringHill Suites by Marriott	2007		1,076		11,079		114			1,076		11,193		12,269		(3,402		)	8,867		7,612		-4
	Denver, CO	Hyatt Place	2012		2,000		9,515		453			2,000		9,968		11,968		(870		)	11,098		—		-2
	Denver, CO	Hyatt House	2012		2,700		10,780		2,544			2,700		13,324		16,024		(1,070		)	14,954		—		-2
	Duluth, GA	Holiday Inn	2011		—		7,000		217			—		7,217		7,217		(872		)	6,345		—
	Duluth, GA	Hilton Garden Inn	2011		2,200		11,150		1,282			2,200		12,432		14,632		(1,415		)	13,217		—
	Eden Prairie, MN	Hilton Garden Inn	2013		1,800		8,400		1,144			1,800		9,544		11,344		(238		)	11,106		6,261		-8
	El Paso, TX	Hampton Inn and Suites	2005		2,055		10,745		3,600			2,055		14,345		16,400		(4,247		)	12,153		—		-6
	El Paso, TX	Courtyard by Marriott	2011		1,640		10,710		840			1,640		11,550		13,190		(1,159		)	12,031		—
	Flagstaff, AZ	Courtyard by Marriott	2009		2,361		20,785		93			2,361		20,878		23,239		(4,615		)	18,624		13,325		-9
	Flagstaff, AZ	SpringHill Suites by Marriott	2008		1,398		9,352		4,981			1,398		14,333		15,731		(4,458		)	11,273		—		-6
	Ft. Collins, CO	Hampton Inn	2004		738		4,363		2,009			738		6,372		7,110		(1,913		)	5,197		—
	Ft. Collins, CO	Hilton Garden Inn	2007		1,300		11,804		496			1,300		12,300		13,600		(4,446		)	9,154		—		-6
	Ft. Myers, FL	Hyatt Place	2009		1,878		16,583		43			1,878		16,626		18,504		(4,835		)	13,669		—
	Ft. Smith, AR	AmericInn Hotel and Suites	2004		—		3,718		(979		)	—		2,739		2,739		(1,536		)	1,203		—
	Ft. Smith, AR	Aspen Hotel and Suites	2004		223		3,189		(322		)	223		2,867		3,090		(1,790		)	1,300		—
	Ft. Smith, AR	Hampton Inn	2005		—		12,401		730			—		13,131		13,131		(4,370		)	8,761		—
	Ft. Wayne, IN	Hampton Inn and Suites	2006		786		6,564		2,011			786		8,575		9,361		(2,424		)	6,937		—		-6
	Ft. Wayne, IN	Residence Inn by Marriott	2006		914		6,736		1,923			914		8,659		9,573		(2,394		)	7,179		—
	Ft. Worth, TX	Hampton Inn	2007		1,500		8,184		1,902			1,500		10,086		11,586		(2,898		)	8,688		—
	Ft. Worth, TX	SpringHill Suites by Marriott	2004		553		2,698		3,077			553		5,775		6,328		(1,539		)	4,789		—
	Ft. Worth, TX	Hilton Garden Inn	2012		974		6,226		3,092			974		9,318		10,292		(595		)	9,697		—
	Garden City, NY	Hyatt Place	2012		4,200		26,800		31			4,200		26,831		31,031		(892		)	30,139		—
	Germantown, TN	Courtyard by Marriott	2005		1,860		5,448		1,961			1,860		7,409		9,269		(2,685		)	6,584		—
	Germantown, TN	Fairfield Inn and Suites by Marriott	2005		767		2,700		2,416			767		5,116		5,883		(1,259		)	4,624		—
	Germantown, TN	Residence Inn by Marriott	2005		1,083		5,200		1,617			1,083		6,817		7,900		(2,072		)	5,828		—
	Glendale, CO	Staybridge Suites	2011		2,100		7,900		1,638			2,100		9,538		11,638		(1,120		)	10,518		—
	Greenville, SC	Hilton Garden Inn	2013		1,200		14,050		56			1,200		14,106		15,306		(364		)	14,942		—
	Hoffman Estates, IL	Hyatt Place	2013		1,900		7,330		19			1,900		7,349		9,249		(478		)	8,771		—		-2
	Indianapolis, IN	SpringHill Suites by Marriott	2013		4,012		26,193		—			4,012		26,193		30,205		(564		)	29,641		—
	Indianapolis, IN	Courtyard by Marriott	2013		7,788		50,846		—			7,788		50,846		58,634		(1,096		)	57,538		—
	Jackson, MS	Courtyard by Marriott	2005		1,301		7,322		2,510			1,301		9,832		11,133		(3,070		)	8,063		—		-6
	Jackson, MS	Staybridge Suites	2007		698		8,454		2,232			698		10,686		11,384		(2,309		)	9,075		—		-6
	Jacksonville, FL	Aloft	2009		1,700		15,775		100			1,700		15,875		17,575		(4,278		)	13,297		—
	Las Colinas, TX	Hyatt Place	2007		781		5,729		1,867			781		7,596		8,377		(3,434		)	4,943		—
	Las Colinas, TX	Holiday Inn Express and Suites	2007		898		6,689		1,729			898		8,418		9,316		(3,386		)	5,930		—
	Lombard, IL	Hyatt Place	2012		1,550		15,475		1,408			1,550		16,883		18,433		(1,122		)	17,311		—		-2
Louisville, KY	Fairfield Inn and Suites by Marriott	2013		3,120		21,903		23			3,120		21,926		25,046		(511		)	24,535		—		-2
Louisville, KY	SpringHill Suites by Marriott	2013		4,880		34,258		37			4,880		34,295		39,175		(800		)	38,375		—		-2
Medford, OR	Hampton Inn	2004		1,230		4,788		2,265			1,230		7,053		8,283		(2,046		)	6,237		—
Minneapolis, MN	Hyatt Place	2013		—		32,506		—			—		32,506		32,506		—			32,506		—
Minnetonka, MN	Holiday Inn Express and Suites	2013		1,000		5,900		1,095			1,000		6,995		7,995		(198		)	7,797		3,652		-8
Nashville, TN	SpringHill Suites by Marriott	2004		777		3,576		2,512			777		6,088		6,865		(2,118		)	4,747		—
New Orleans, LA	Courtyard by Marriott	2013		1,944		23,739		596			1,944		24,335		26,279		(996		)	25,283		—
New Orleans, LA	Courtyard by Marriott	2013		1,860		21,679		2,570			1,860		24,249		26,109		(844		)	25,265		—		-6
New Orleans, LA	Courtyard by Marriott	2013		2,490		28,337		2,394			2,490		30,731		33,221		(1,111		)	32,110		—
New Orleans, LA	Residence Inn by Marriott	2013		1,791		18,099		186			1,791		18,285		20,076		(660		)	19,416		—		-6
New Orleans, LA	SpringHill Suites by Marriott	2013		2,046		31,050		26			2,046		31,076		33,122		(1,032		)	32,090		—
Orlando, FL	Hyatt Place	2013		3,100		9,152		1,870			3,100		11,022		14,122		(879		)	13,243		—		-2
Orlando, FL	Hyatt Place	2013		2,800		9,043		1,908			2,800		10,951		13,751		(871		)	12,880		—		-2
Phoenix, AZ	Hyatt Place	2012		582		4,438		66			582		4,504		5,086		(390		)	4,696		—
Portland, OR	Hyatt Place	2009		—		16,713		43			—		16,756		16,756		(4,514		)	12,242		—
Portland, OR	Residence Inn by Marriott	2009		—		16,409		44			—		16,453		16,453		(4,045		)	12,408		11,986		-10
Provo, UT	Hampton Inn	2004		909		2,862		2,243			909		5,105		6,014		(1,513		)	4,501		—
Ridgeland, MS	Residence Inn by Marriott	2007		1,050		10,040		486			1,050		10,526		11,576		(3,605		)	7,971		—		-6
Ridgeland, MS	Homewood Suites	2011		1,314		6,036		1,450			1,314		7,486		8,800		(945		)	7,855		—
Salt Lake City, UT	Residence Inn by Marriott	2012		2,392		17,567		4,040			2,392		21,607		23,999		(1,042		)	22,957		13,516		-3
San Antonio, TX	Country Inn & Suites	2008		2,497		12,833		448			2,497		13,281		15,778		(4,383		)	11,395		—
San Diego, CA	Hampton Inn and Suites	2013		2,300		12,850		—			2,300		12,850		15,150		(156		)	14,994		—
San Francisco, CA	Holiday Inn Express and Suites	2013		15,545		44,955		2,045			$	15,545	47,000		62,545		(1,622		)	60,923		23,107		-5
Sandy, UT	Holiday Inn Express and Suites	2004		720		1,768		1,745			720		3,513		4,233		(1,255		)	2,978		—		-6
Scottsdale, AZ	Hyatt Place	2012		1,500		9,030		901			1,500		9,931		11,431		(870		)	10,561		—		-2
Scottsdale, AZ	Courtyard by Marriott	2004		3,225		10,152		3,215			3,225		13,367		16,592		(4,368		)	12,224		9,476		-13
Scottsdale, AZ	SpringHill Suites by Marriott	2004		2,195		7,120		2,950			2,195		10,070		12,265		(3,282		)	8,983		5,103		-13
Smyrna, TN	Hampton Inn and Suites	2012		1,145		6,855		433			1,145		7,288		8,433		(450		)	7,983		5,249		-11
Smyrna, TN	Hilton Garden Inn	2012		1,188		10,312		366			1,188		10,678		11,866		(684		)	11,182		8,382		-12
Spokane, WA	Fairfield Inn and Suites by Marriott	2004		1,637		3,669		2,597			1,637		6,266		7,903		(2,236		)	5,667		—
Ventura, CA	Hampton Inn and Suites	2013		2,200		13,550		7			2,200		13,557		15,757		(137		)	15,620		—
Vernon Hills, IL	Holiday Inn Express	2005		1,198		6,099		1,242			1,198		7,341		8,539		(2,652		)	5,887		—		-6
Ybor City, FL	Hampton Inn and Suites	2012		3,600		17,244		1,117			3,600		18,361		21,961		(669		)	21,292		—		-6
Austin, TX	Corporate Office	2012		—		210		397			—		607		607		(77		)	530		—
Land Parcels				14,708		—		—			$	14,708	—		14,708		—			14,708		—
				$	169,762	$	1,058,920	$	120,406		$	169,762	$	1,179,326	$	1,349,088	$	(173,149	)	$	1,175,939	$	150,876
(1) Property is collateral for the Goldman Sachs loan.
(2) Property is collateral for the KeyBank National Association loans.
(3) Property is collateral for the AIG loan.
(4) Property is collateral for the General Electric Capital Corporation loans.
(5) Property is collateral for the Greenwich Capital Financial Products, Inc. loan.
(6) Property is collateral for ING Life Insurance and Annuity loan.
(7) Property is collateral for MetaBank loan.
(8) Property is collateral for Wells Fargo Bank, National Association loan.
(9) Property is collateral for Compass Bank loan.
(10) Property is collateral for Bank of Cascades loan.
(11) Property is collateral for the Merrill Lynch Mortgage Lending Inc. loan.
(12) Property is collateral for the Bank of America Commercial Mortgage loan.
(13) Property is collateral for the GE Capital Financial Inc. loan.
SUMMIT HOTEL PROPERTIES, INC. / SUMMIT HOTEL OP, LP
Notes to Schedule III - Real Estate and Accumulated Depreciation
As of December 31, 2013
(in thousands)
	ASSET BASIS
(a)	Balance at December 31, 2010	$	570,807
	Additions to land, buildings and improvements	79,901
	Disposition of land, buildings and improvements	(5,369		)
	Balance at December 31, 2011	$	645,339
	Additions to land, buildings and improvements	294,310
	Disposition of land, buildings and improvements	(35,477		)
	Impairment loss	(2,965		)
	Balance at December 31, 2012	$	901,207
	Additions to land, buildings and improvements	531,207
	Disposition of land, buildings and improvements	(74,282		)
	Impairment loss	(9,044		)
	Balance at December 31, 2013	1,349,088
	ACCUMULATED DEPRECIATION
(b)	Balance at December 31, 2010	$	104,797
	Depreciation for the period ended December 31, 2011	26,740
	Depreciation on assets sold or disposed	(5,369		)
	Balance at December 31, 2011	$	126,168
	Depreciation for the period ended December 31, 2012	31,732
	Depreciation on assets sold or disposed	(11,693		)
	Balance at December 31, 2012	$	146,207
	Depreciation for the period ended December 31, 2013	50,445
	Depreciation on assets sold or disposed	(23,503		)
	Balance at December 31, 2013	$	173,149
(c)	The aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes is approximately $1,317 million.
(d)	Depreciation is computed based upon the following useful lives:
	Buildings and improvements 25-40 years
	Furniture and equipment 2-15 years
(e)	We have mortgages payable on the properties as noted. Additional mortgage information can be found in Note 11 to the consolidated financial statements.
(f)	The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, disposal of assets, and impairment loss that was recorded.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.
	We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates.
Segment Disclosure	'
	Segment Disclosure
	Accounting Standards Codification (“ASC”), ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in real estate. Our investments in real estate are geographically diversified and the chief operating decision makers evaluate operating performance on an individual asset level. As each of our assets has similar economic characteristics, the assets have been aggregated into one reportable segment.
Investment in Hotel Properties	'
	Investment in Hotel Properties
	We allocate the purchase price of hotel acquisitions based on the fair value of the acquired assets and assumed liabilities. We determine the acquisition-date fair values of all assets and assumed liabilities using methods similar to those used by independent appraisers, for example, using a discounted cash flow analysis that utilizes appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. Acquisition costs are expensed as incurred.
	Our hotel properties and related assets are recorded at cost, less accumulated depreciation. We capitalize the costs of significant additions and improvements that materially extend a property’s life. These costs may include hotel refurbishment, renovation, and remodeling expenditures. We expense the cost of repairs and maintenance.
	We depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows:
	Classification		Estimated Useful Lives
	Buildings and improvements		25 to 40 years
	Furniture, fixtures and equipment		2 to 15 years
	We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense.
	When depreciable property and equipment is retired or disposed of, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations.
	On a limited basis, we provide financing to developers of hotel properties for development or major renovation projects. We evaluate these arrangements to determine if we participate in residual profits of the hotel property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the hotel property, we reflect the loan as an investment in hotel properties under development in our consolidated balance sheets. If classified as hotel properties under development, no interest income is recognized on the loan and interest expense is capitalized on our investment in the hotel property during the construction or renovation period.
	We monitor events and changes in circumstances for indicators that the carrying value of a hotel property or land held for development may be impaired. Factors that could trigger an impairment analysis include, among others: i) significant underperformance relative to historical or projected operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for hotel properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, and v) significant negative industry or economic trends. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the investment is recoverable. If impairment is indicated, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to fair value.
Assets Held for Sale and Discontinued Operations	'
	Assets Held for Sale and Discontinued Operations
	We classify assets as held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value, less cost to sell.
	We present the results of operations of hotel properties that have been sold or otherwise qualify as assets held for sale in discontinued operations if the operations and cash flows of the hotel properties have been or will be eliminated from our ongoing operations.
	We periodically review our hotel properties and our land held for development based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit, to identify properties which we believe are either non-strategic or no longer complement our business.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions.
Restricted Cash	'
	Restricted Cash
	Restricted cash consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lenders.
Trade Receivables and Credit Policies	'
	Trade Receivables and Credit Policies
	We grant credit to qualified customers generally without collateral, in the form of trade accounts receivable. We believe our risk of loss is minimal due to our periodic evaluations of the credit worthiness of our customers.
	Trade receivables result from the rental of hotel rooms and the sales of food, beverage, and banquet services due under normal trade terms requiring payment upon receipt of the invoice. Trade receivables are stated at the amount billed to the customer and do not accrue interest.
	We review the collectability of our trade receivables monthly. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.2 million at December 31, 2013. There were no material uncollectible receivables and no allowance for doubtful accounts recorded at December 31, 2012. Bad debt expense was $0.6 million in 2013, $0.2 million in 2012 and was not significant in 2011.
Deferred Charges	'
	Deferred Charges
	Our deferred charges consist of deferred financing fees and initial franchise fees. Costs incurred in obtaining financing are capitalized and amortized on the straight-line method over the term of the related debt, which approximates the interest method. Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method.
Noncontrolling Interests	'
	Noncontrolling Interests
	A noncontrolling interest represents the portion of equity in a subsidiary held by owners other than the consolidating parent. Noncontrolling interests are reported in the consolidated balance sheets within equity, separately from shareholders’ equity. Revenue, expenses and net income (loss) attributable to both the Company and noncontrolling interests are reported in the consolidated statements of operations.
	Our consolidated financial statements include noncontrolling interests related to Common Units of the Operating Partnership that are held by unaffiliated third parties and third-party ownership of consolidated joint ventures.
Revenue Recognition	'
	Revenue Recognition
	We recognize revenue when rooms are occupied and services have been rendered. Revenues are recorded net of any sales and other taxes collected from customers. All rebates or discounts are recorded as a reduction to revenue. Cash received prior to guest arrival is recorded as an advance from the customer and is recognized at the time of occupancy.
Sales and Other Taxes	'
	Sales and Other Taxes
	We have operations in states and municipalities that impose sales and/or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted.
Equity-Based Compensation	'
	Equity-Based Compensation
	Our 2011 Equity Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other stock-based awards. We account for equity-based compensation using the Black-Scholes option-pricing model for stock options and the grant date fair value of our common stock for all other awards. Restricted stock awards with performance-based vesting conditions are market-based awards and are valued using a Monte Carlo simulation model. We expense awards under our 2011 Equity Incentive Plan over the vesting period. The amount of the expense may be subject to adjustment in future periods due to a change in forfeiture assumptions.
Derivative Financial Instruments and Hedging	'
	Derivative Financial Instruments and Hedging
	All derivative financial instruments are recorded at fair value and reported as a derivative financial instrument asset or liability in our consolidated balance sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include swaps, caps and floors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction.
	For interest rate derivatives designated as cash flow hedges the effective portion of changes in fair value is initially reported as a component of accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets and reclassified to interest expense in our consolidated statements of operations in the period in which the hedged item affects earnings. The ineffective portion of changes in fair value is recognized directly in earnings through gain (loss) on derivative financial instruments in the consolidated statements of operations.
Income Taxes	'
	Income Taxes
	Commencing with our short taxable year ended December 31, 2011, we elected to be taxed as a REIT under certain provisions of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our shareholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, which does not necessarily equal net income as calculated in accordance with generally accepted accounting principles. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRSs) to the extent we currently distribute 100% of our REIT taxable income to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions.
	We account for federal and state income taxes of our TRSs using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on generally accepted accounting principles and respective carrying amounts for tax purposes, and operating losses and tax-credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence, including future reversals of taxable temporary differences, future projected taxable income and tax planning strategies.
Fair Value Measurement	'
	Fair Value Measurement
	Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
	Level 1	Observable inputs such as quoted prices in active markets.
	Level 2	Directly or indirectly observable inputs, other than quoted prices in active markets.
	Level 3	Unobservable inputs in which there is little or no market data, which require a reporting entity to develop its own assumptions.
	Assets and liabilities measured at fair value are based on one or more of the following valuation techniques:
	Market approach	Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
	Cost approach	Amount required to replace the service capacity of an asset (replacement cost).
	Income approach	Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models).
	Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.
	We elected not to use the fair value option for cash and cash equivalents, restricted cash, trade receivables, prepaid expenses and other, debt, accounts payable, and accrued expenses. With the exception of our fixed-rate debt, the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates.
New Accounting Standards	'
	New Accounting Standards
	In the first quarter of 2013, we adopted Accounting Standards Update (“ASU”) 2013—02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013—02 required an entity to separately provide information about the effects on net income of certain significant amounts reclassified out of each component of accumulated other comprehensive income.
	Adoption of this new standard did not have a material effect on our consolidated financial statements.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Schedule of estimated useful lives of hotel properties	'
	Classification	Estimated Useful Lives
	Buildings and improvements	25 to 40 years
	Furniture, fixtures and equipment	2 to 15 years

HOTEL_PROPERTY_ACQUISITIONS_Ta

HOTEL PROPERTY ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2013
HOTEL PROPERTY ACQUISITIONS	'
Schedule of hotel property acquisitions	'
	Hotel property acquisitions in 2013 and 2012 include (in thousands):
	Date Acquired		Franchise/Brand		Location		Purchase			Debt
							Price			Assumed
	2013
	January 22		Hyatt Place		Chicago (Hoffman Estates), IL		$	9,230		$	—
	January 22		Hyatt Place		Orlando (Convention), FL		12,252			—
	January 22		Hyatt Place		Orlando (Universal), FL		11,843			—
	February 11		IHG / Holiday Inn Express & Suites	(a)	San Francisco, CA		60,500			23,423
	March 11		SpringHill Suites by Marriott		New Orleans, LA		33,095			—
	March 11		Courtyard by Marriott		New Orleans (Convention), LA		30,827			—
	March 11		Courtyard by Marriott		New Orleans (French Quarter), LA		25,683			—
	March 11		Courtyard by Marriott		New Orleans (Metairie), LA		23,539			—
	March 11		Residence Inn by Marriott		New Orleans (Metairie), LA		19,890			—
	April 30		Hilton Garden Inn		Greenville, SC		15,250			—
	May 21		IHG / Holiday Inn Express & Suites		Minneapolis (Minnetonka), MN		6,900			3,724
	May 21		Hilton Garden Inn		Minneapolis (Eden Prairie), MN		10,200			6,385
	May 23		Fairfield Inn & Suites by Marriott		Louisville, KY		25,023			—
	May 23		SpringHill Suites by Marriott		Louisville, KY		39,138			—
	May 23		Courtyard by Marriott		Indianapolis, IN		58,634			—
	May 23		SpringHill Suites by Marriott		Indianapolis, IN		30,205			—
	October 1		Hilton / Hampton Inn & Suites		Ventura (Camarillo), CA		15,750			—
	October 8		Hilton / Hampton Inn & Suites		San Diego (Poway), CA		15,150			—
	December 31		Hyatt Place		Minneapolis, MN		32,506			—
	Total 2013				19 hotel properties		$	475,615		$	33,532
	2012
	January 12		Courtyard by Marriott (b)		Atlanta, GA		$	28,900		$	19,011
	February 28		Hilton Garden Inn		Birmingham (Liberty Park), AL		11,500			—
	February 28		Hilton Garden Inn		Birmingham (Lakeshore), AL		8,625			—
	May 16		Courtyard by Marriott		Dallas (Arlington), TX		15,000			—
	May 16		Hilton Garden Inn		Nashville (Smyrna), TN		11,500			8,708
	June 21		Hilton / Hampton Inn & Suites		Nashville (Smyrna), TN		8,000			5,384
	July 2		Residence Inn by Marriott		Dallas (Arlington), TX		15,500			—
	October 5		Hyatt Place		Dallas (Arlington), TX		9,055			—
	October 5		Hyatt Place		Denver (Lone Tree), CO		10,530			—
	October 5		Hyatt Place		Denver (Englewood), CO		11,515			—
	October 5		Hyatt House		Denver (Englewood), CO		13,480			—
	October 5		Hyatt Place		Baltimore (Owings Mills), MD		10,235			—
	October 5		Hyatt Place		Chicago (Lombard), IL		17,025			—
	October 5		Hyatt Place		Phoenix, AZ		5,020			—
	October 5		Hyatt Place		Scottsdale, AZ		10,530			—
	October 23		Hilton Garden Inn		Fort Worth, TX		7,200			—
	December 21		Residence Inn by Marriott		Salt Lake City, UT		19,959			14,059
	December 27		Hyatt Place		Long Island (Garden City), NY		31,000			—
	December 27		Hilton / Hampton Inn & Suites		Tampa (Ybor City), FL		20,844			—
	Total 2012				19 hotel properties		$	265,418		$	47,162
	(a)	This hotel property was acquired by a joint venture in which we own an 80% controlling interest.
	(b)	We acquired a 90% controlling interest in this hotel property and we are obligated to acquire the remaining ownership in 2016 for $0.4 million. The $0.4 million has been accrued as a liability and is included in the purchase price above.
Schedule of allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired	'
	The allocation of the aggregated purchase prices to the fair value of assets and liabilities acquired for the above acquisitions, including $10.3 million of properties under development at December 31, 2012, follows (in thousands):
			2013			2012
	Land		$	61,776		$	33,874
	Hotel buildings and improvements		395,543			220,599
	Furniture, fixtures and equipment		18,296			10,945
	Other assets		11,273			629
	Total assets acquired		486,888			266,047
	Debt assumed		33,532			47,162
	Other liabilities		1,480			1,993
	Net assets acquired		$	451,876		$	216,892
Schedule of total revenues and net income for hotel properties acquired during the period, which is included in consolidated statements of operations	'
	Total revenues and net income for hotel properties acquired in 2013 and 2012, which are included in our consolidated statements of operations for the years 2013 and 2012, are (in thousands):
			2013 Acquisitions			2012 Acquisitions
			2013			2013			2012
	Revenues		$	76,675		$	76,088		$	24,939
	Net income		$	13,399		$	9,073		$	1,754
Schedule of unaudited condensed pro forma financial information	'
	The unaudited condensed pro forma financial information for 2013 and 2012, assuming the hotel properties acquired in 2013 and 2012 were acquired at the beginning of 2012, follows (in thousands, except per share):
			2013			2012
			(unaudited)
	Revenues		$	328,595		$	310,928
	Net income		$	16,701		$	35,202
	Net income per share attributable to common shareholders — basic and diluted		$	0.03		$	0.75

INVESTMENT_IN_HOTEL_PROPERTIES2

INVESTMENT IN HOTEL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2013
INVESTMENT IN HOTEL PROPERTIES	'
Schedule of investment in hotel properties	'
	Investment in hotel properties at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Land	$	154,831	$	105,571
	Hotel buildings and improvements	993,372		649,699
	Construction in progress	24,242		—
	Furniture, fixtures and equipment	142,976		124,385
		1,315,421		879,655
	Less accumulated depreciation	165,454		145,293
		$	1,149,967	$	734,362

ASSETS_HELD_FOR_SALE_Tables

ASSETS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2013
ASSETS HELD FOR SALE	'
Schedule of assets held for sale	'
	Assets held for sale at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Land	$	1,183	$	3,092
	Building	10,290		1,474
	Furniture, fixtures and equipment	751		270
		$	12,224	$	4,836

RESTRICTED_CASH_Table

RESTRICTED CASH (Table)	12 Months Ended
	Dec. 31, 2013
RESTRICTED CASH	'
Schedule of restricted cash	'
	Restricted cash at December 31, 2013 and 2012 includes (in thousands):
		2013		2012
	Property taxes	$	2,124	$	1,185
	Insurance	59		180
	FF&E reserves	35,823		2,259
	Other funds in escrow	492		—
		$	38,498	$	3,624

PREPAID_EXPENSES_AND_OTHER_Tab

PREPAID EXPENSES AND OTHER (Tables)	12 Months Ended
	Dec. 31, 2013
PREPAID EXPENSES AND OTHER	'
Schedule of prepaid expenses and other	'
	Prepaid expenses and other at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Deposits on pending acquisitions	$	5,115	$	2,759
	Prepaid insurance	1,316		663
	Other	2,445		1,889
		$	8,876	$	5,311

DEFERRED_CHARGES_Tables

DEFERRED CHARGES (Tables)	12 Months Ended
	Dec. 31, 2013
DEFERRED CHARGES	'
Schedule of deferred charges	'
	Deferred charges at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Initial franchise fees	$	5,957	$	6,201
	Deferred financing costs	7,846		9,500
		13,803		15,701
	Less accumulated amortization	3,533		6,806
	Total	$	10,270	$	8,895
Schedule of amortization expense	'
	Amortization expense for 2013, 2012 and 2011 was (in thousands):
		2013		2012		2011
	Initial franchise fees	$	411	$	355	$	511
	Deferred financing costs	1,854		2,288		1,293
		$	2,265	$	2,643	$	1,804
Schedule of future amortization expense	'
	Future amortization expense is expected to be (in thousands):
	2014	$	1,862
	2015	1,837
	2016	1,573
	2017	1,278
	2018	812
	Thereafter	2,908
		$	10,270

OTHER_ASSETS_Tables

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2013
OTHER ASSETS.	'
Schedule of other assets	'
	Other assets at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Prepaid land lease	$	3,420	$	3,468
	Seller financed notes receivable	3,121		733
	Other	113		—
		$	6,654	$	4,201

DEBT_Tables

DEBT (Tables)	12 Months Ended
	Dec. 31, 2013
DEBT	'
Schedule of debt comprised of a senior unsecured credit facility and mortgage loans secured by hotel properties	'
	At December 31, 2013 and 2012 our debt included (in thousands):
	Lender			Note	Interest Rate at		Amortization		Maturity Date	Number of		2013		2012
				Reference	December 31,		Period			Properties
					2013 (a)		(Years)			Encumbered
	Senior Secured Revolving Credit Facility
	Deutsche Bank AG New York Branch			(b)	—		—		—	—		$	—	$	58,000
	Senior Unsecured Credit Facility
	Deutsche Bank AG New York Branch			(b)
	$	225 Million Revolver			n/a		n/a		October 10, 2017	n/a		—		—
	$	75 Million Term Loan			4.15% Variable		n/a		October 10, 2018	n/a		75,000		—
	Total Senior Unsecured Credit Facility											75,000		—
	Mortgage Loans
	ING Life Insurance and Annuity			(c)	6.10% Fixed		20		March 1, 2032	14		64,309		66,174
				(c)	4.55% Fixed		25		August 1, 2038			33,754		—
	KeyBank National Association			(d)	4.46% Fixed		30		February 1. 2023	4		28,965		—
				(e)	4.52% Fixed		30		April 1, 2023	3		22,421		—
				(f)	4.30% Fixed		30		April 1, 2023	3		21,767		—
				(g)	4.95% Fixed		30		August 1, 2023	2		38,497		—
	Bank of America Commercial Mortgage			(h)	6.41% Fixed		25		September 1, 2017	1		8,382		8,593
	Merrill Lynch Mortgage Lending Inc.			(i)	6.38% Fixed		30		August 1, 2016	1		5,249		5,341
	GE Capital Financial Inc.			(j)	6.03% Fixed		25		May 1, 2017	2		14,579		14,851
	MetaBank			(k)	—		—		—	—		—		6,786
				(k)	4.25% Fixed		20		August 1, 2018	1		7,348		—
	Bank of Cascades			(l)	4.66% Fixed		25		September 30, 2021	1		11,986		12,283
	Goldman Sachs			(m)	5.67% Fixed		25		July 6, 2016	2		14,090		14,376
	Compass Bank			(n)	4.57% Fixed		20		May 17, 2018	1		13,325		14,144
	General Electric Capital Corporation			(o)	5.46% Fixed		25		April 1, 2017	1		5,371		5,481
				(o)	5.46% Fixed		25		April 1, 2017	1		6,290		6,419
				(p)	—		—		—	—		—		10,568
				(q)	4.82% Fixed		20		April 1, 2018	1		7,612		7,998
				(q)	5.03% Fixed		25		March 1, 2019	1		10,108		10,434
	AIG			(r)	6.11% Fixed		20		January 1, 2016	1		13,516		14,059
	Greenwich Capital Financial Products, Inc.			(s)	6.20% Fixed		30		January 6, 2016	1		23,107		—
	Wells Fargo Bank, National Association			(t)	5.53% Fixed		25		October 1, 2015	1		3,652		—
				(u)	5.57% Fixed		25		January 1, 2016	1		6,261		—
	First National Bank of Omaha			(v)	—		—		—	—		—		8,241
				(v)	—		—		—	—		—		14,663
	Chambers Bank			(w)	—		—		—	—		—		1,417
	BNC National			(x)	—		—		—	—		—		5,308
	Bank of the Ozarks			(y)	—		—		—	—		—		8,778
	Empire Financial Services, Inc.			(z)	—		—		—	—		—		18,699
	Total Mortgage Loans									43		360,589		254,613
	Total Debt									43		$	435,589	$	312,613
	Notes:
	(a) Interest rates at December 31, 2013 give effect to our use of interest rate swaps, where applicable.
	(b) On October 10, 2013, we replaced our $150.0 million senior secured revolving credit facility with a $300.0 million senior unsecured credit facility. The unsecured credit facility is comprised of a $225.0 million revolving credit facility (the “$225 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”), and has an accordion feature which will allow us to increase the commitments by an aggregate of $100.0 million on the $225 Million Revolver and the $75 Million Term Loan.
	The senior unsecured credit facility requires that no less than 20 of our hotel properties remain unencumbered, as defined in the credit facility documentation, and also requires compliance with covenants customary among our industry peers. The $225 Million Revolver matures on October 10, 2017 and can be extended to October 10, 2018 at our option, subject to certain conditions. The $75 Million Term Loan matures on October 10, 2018.
	We pay interest on advances at varying rates, based upon, at our option, either (i) 1, 2, 3, or 6-month LIBOR, plus a LIBOR margin between 1.75% and 2.50%, depending upon our leverage ratio (as defined in the credit facility documentation), or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, or 1-month LIBOR plus 1.00%, plus a base rate margin between 0.75% and 1.50%, depending upon our leverage ratio. Unused fees are payable quarterly and are assessed at 0.30% per annum if the unused portion of the credit facility is equal to or greater than 50%, or 0.20% per annum if the unused portion of the credit facility is less than 50%.
	On December 27, 2013, we fully drew the $75 Million Term Loan at a variable interest rate of 4.15%. On September 5, 2013, we entered into an interest rate derivative with a notional value of $75.0 million that became effective on January 2, 2014 and matures on October 1, 2018. This interest rate derivative was designated a cash flow hedge and effectively fixes LIBOR at 2.04%.  The interest rate on the $75 Million Term Loan was 3.94% at January 2, 2014.
	At December 31, 2013, 32 of our unencumbered hotel properties are included in the borrowing base for the senior unsecured credit facility, and are required to remain unencumbered. As a result, the maximum amount of borrowing permitted under the senior unsecured credit facility was $270.7 million, of which, we had $75.0 million borrowed, $0.2 million in standby letters of credit, and $195.5 million available to borrow.
	(c) On August 1, 2013, we entered into a new $34.0 million loan with ING with a fixed rate of 4.55% and a maturity of August 1, 2038. ING has the right to call the loan in full on March 1st of, 2019, 2024, 2029 and 2034. Simultaneously, we amended our existing loan with ING to (i) remove the Fairfield Inn & Suites and the Residence Inn, Germantown, TN; the Hampton Inn, Fort Smith, AR; and the Fairfield Inn, Lewisville, TX from the collateral and (ii) remove $3.9 million in letters of credit from the collateral. We also added the Courtyard by Marriott, Jackson, MS; the Hampton Inn & Suites, Ybor, FL; and the Courtyard by Marriott and the Residence Inn, Metairie, LA as collateral to the two notes, such that both ING loans are secured by the same 14 hotel properties and are cross-defaulted.
	(d) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by four of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; Denver (Englewood), CO; and Dallas (Arlington), TX.  This loan is subject to defeasance if prepaid.
	(e) On March 7, 2013, we closed on a $22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ.  This loan is subject to defeasance if prepaid.
	(f) On March 8, 2013, we closed on a $22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid.
	(g) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid.
	(h) On May 16, 2012, we assumed a loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan is subject to defeasance if prepaid.
	(i) On June 21, 2012, we assumed a loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan is subject to defeasance if prepaid.
	(j) On April 4, 2012, we closed on two loans secured by the Courtyard by Marriott and the SpringHill Suites by Marriott in Scottsdale, AZ. These loans have prepayment penalties of 1% plus defeasance and are cross-defaulted and cross-collateralized.
	(k) On May 1, 2013, we paid off a $6.7 million loan that had an interest rate of 4.95%, a maturity date of February 1, 2017 and was secured by two hotel properties. There was no associated prepayment penalty.
	On July 26, 2013, we closed on a $7.4 million loan with a fixed rate of 4.25% and a maturity of August 1, 2018. This loan is secured by the Hyatt Place in Atlanta, GA. We expect to receive additional proceeds of $1.3 million after the Hyatt Place attains a required performance level post renovation. This loan has a prepayment penalty of: (i) 3% until July 26, 2015, (ii) 2% until July 26, 2017, and (iii) 1% until February 1, 2018.
	(l) This loan is secured by the Residence Inn by Marriott in Portland, OR. The fixed rate of 4.66% resets on September 30, 2016 to the then-current Federal Home Loan Bank of Seattle Intermediate/Long-Term Advances Five-year Fixed Rate plus 3.00%. This loan has a prepayment penalty of: (i) 4% until October 1, 2015, (ii) 3% until October 1, 2017, (iii) 2% until October 1, 2019, and (iv) 1% until July 2, 2021.
	(m) This loan is secured by the SpringHill Suites by Marriott and the Hampton Inn & Suites in Bloomington, MN. This loan is subject to defeasance if prepaid.
	(n) This loan is secured by the Courtyard by Marriott in Flagstaff, AZ and has a variable interest rate of 30-day LIBOR plus 350 basis points (3.67% at December 31, 2013). On October 11, 2012, we entered into an interest rate derivative that effectively converted 85% of this loan to a fixed rate.
(o) On March 2, 2012, we entered into two loans for the purchase of two Hilton Garden Inns in Birmingham (Lakeshore and Liberty Park), AL. The interest rate on these loans is fixed for the first three years and then each loan will convert to a variable rate of 90-day LIBOR plus 5.28%. The loans may not be prepaid in the first year and have prepayment penalties in the second year of 2% and in the third year of 1%. These loans are cross-defaulted and cross-collateralized.
(p) On October 31, 2013, we paid off a $10.3 million loan that had an interest rate of 4.10%, a maturity date of April 1, 2014 and was secured by one hotel property. Three additional properties and a letter of credit were also released as security for this and two additional loans with the lender. In connection with the early payoff of the loan we terminated a related interest rate swap and incurred termination costs of less than $0.1 million, which were charged to debt transaction costs.
(q) These loans are secured by the SpringHill Suites by Marriott in Denver, CO and the Double Tree in Baton Rouge, LA. These loans have a variable interest rate of 90-day LIBOR plus 350 basis points. On May 4, 2012, we entered into interest rate derivatives that effectively converted these loans to a fixed rate. These loans are cross-defaulted and cross-collateralized.
(r) On December 20, 2012, we assumed a loan in our acquisition of the Residence Inn by Marriott in Salt Lake City, UT. This loan has a prepayment penalty of the greater of 1% or the yield maintenance premium.
(s) On February 11, 2013, we assumed a loan in our acquisition (through a joint venture) of the Holiday Inn Express & Suites in San Francisco, CA. This loan has an interest rate of 6.20% and a maturity date of January 6, 2016. This loan is subject to defeasance if prepaid.
(t) On May 21, 2013, we assumed a loan in our acquisition of the Holiday Inn Express & Suites in Minneapolis (Minnetonka), MN. This loan has an interest rate of 5.53% and a maturity date of October 1, 2015. This loan is subject to defeasance if prepaid.
(u) On May 21, 2013, we assumed a loan in our acquisition of the Hilton Garden Inn in Minneapolis (Eden Prairie), MN. This loan has an interest rate of 5.57% and a maturity date of January 1, 2016. This loan is subject to defeasance if prepaid.
(v) On January 14, 2013, we paid off two loans totaling $22.8 million that had variable interest rates of 90-day LIBOR plus 4.00% and a floor of 5.25%. These loans had maturity dates of July 1, 2013 and February 1, 2014 and were secured by three hotel properties. There were no associated prepayment penalties.
(w) On September 24, 2013, we paid off a $1.3 million loan that had an interest rate of 6.50%, a maturity date of June 24, 2014 and was secured by one hotel property. There was no associated prepayment penalty.
(x) On September 27, 2013, we paid off a $5.1 million loan that had an interest rate of 5.01%, a maturity date of November 1, 2013 and was secured by one hotel property. There was no associated prepayment penalty.
(y) On November 12, 2013, we paid off an $8.6 million loan that had an interest rate of 5.75%, a maturity date of July 10, 2017 and was secured by one hotel property. There was no associated prepayment penalty.
(z) On December 20, 2013, we paid off an $18.4 million loan that had an interest rate of 6.00%, a maturity date of February 1, 2017 and was secured by one hotel property. There was no associated prepayment penalty.
Schedule of total fixed-rate and variable-rate debt, after giving effect to interest rate derivatives	'
	Our total fixed-rate and variable-rate debt at December 31, 2013 and 2012, after giving effect to our interest rate derivatives, follows (in thousands):
			2013		2012
	Fixed-rate debt		$	358,590	$	229,587
	Variable-rate debt		76,999		83,026
			$	435,589	$	312,613
Schedule of maturities of long-term debt for each of the next five years	'
	Maturities of long-term debt for each of the next five years are (in thousands):
	2014		$	9,164
	2015		13,036
	2016		67,013
	2017		39,211
	2018		103,128
	Thereafter		204,037
			$	435,589
Schedule of the fair value of fixed-rate debt that is not recorded at fair value	'
	Information about the fair value of our fixed-rate debt that is not recorded at fair value follows (in thousands):
			2013					2012
			Carrying		Fair Value			Carrying		Fair Value			Valuation Technique
			Value					Value
	Fixed-rate debt		$	329,544	$	319,429		$	188,565	$	193,448		Level 2 - Market approach

ACCRUED_EXPENSES_Table

ACCRUED EXPENSES (Table)	12 Months Ended
	Dec. 31, 2013
ACCRUED EXPENSES	'
Schedule of accrued expenses	'
	Accrued expenses at December 31, 2013 and 2012 include (in thousands):
		2013		2012
	Accrued sales and property taxes	$	10,359	$	8,893
	Accrued salaries and benefits	7,178		5,562
	Accrued interest	1,721		1,031
	Other accrued expenses	7,896		3,499
		$	27,154	$	18,985

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2013
COMMITMENTS AND CONTINGENCIES	'
Schedule of future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year	'
	Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year are (in thousands):
	2014	$	569
	2015	580
	2016	591
	2017	602
	2018	474
	Thereafter	30,918
		$	33,734

EQUITYBASED_COMPENSATION_Table

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2013
Equity-based compensation	'
Schedule of equity-based compensation expense	'
	Equity-based compensation expense for 2013, 2012 and 2011 was (in thousands):
		2013			2012			2011
	Included in corporate general and administrative salaries and other compensation in the consolidated statements of operations
	Stock options	$	622		$	700		$	441
	Time-based restricted stock	611			214			—
	Performance-based restricted stock	548			171			—
		1,781			1,085			441
	Included in corporate general and administrative other in the consolidated statements of operations
	Director stock	343			120			39
		$	2,124		$	1,205		$	480
Stock Options	'
Equity-based compensation	'
Schedule of assumptions used to compute the fair value of stock options granted was estimated using a Black-Scholes valuation model	'
	The fair value of stock options granted was estimated using a Black-Scholes valuation model and the following assumptions:
		2011
	Expected dividend yield	5.09		%
	Expected stock price volatility	56.6		%
	Risk-free interest rate	2.57		%
	Expected life of options (in years)	6.5
	Weighted average estimated fair value of options at grant date per share	$	3.48
Schedule of stock option activity	'
	The following table summarizes stock option activity under our 2011 Equity Incentive Plan for 2013, 2012 and 2011:
		Number of		Weighted			Weighted		Aggregate
		Options		Average			Average		Intrinsic Value
				Exercise Price			Remaining		(Current Value
							Contractual		Less Exercise
							Terms		Price)
				(Per share)			(In years)		(In thousands)
	Outstanding at December 31, 2010	—		$	—
	Granted	940,000		9.75
	Exercised	—		—
	Forfeited	—		—
	Outstanding at December 31, 2011	940,000		9.75
	Granted	—		—
	Exercised	—		—
	Forfeited	(47,000	)	9.75
	Outstanding at December 31, 2012	893,000		9.75
	Granted	—		—
	Exercised	—		—
	Forfeited	—		—
	Outstanding at December 31, 2013	893,000		$	9.75		7.2		$	—
	Exercisable at December 31, 2013	357,200		$	9.75		7.2		$	—
Restricted Stock Awards | Time-Based	'
Equity-based compensation	'
Schedule of restricted stock awards	'
	The following table summarizes time-based restricted stock activity under our 2011 Equity Incentive Plan for 2013 and 2012:
		Number of		Weighted			Aggregate
		Shares		Average Grant			Current Value
				Date Fair Value
				(Per share)			(In thousands)
	Non-vested December 31, 2011	—		$	—
	Granted	110,137		7.78
	Vested	(27,534	)	7.78
	Forfeited	—		—
	Non-vested December 31, 2012	82,603		7.78
	Granted	106,518		9.78
	Vested	(27,534	)	7.78
	Forfeited	—		—
	Non-vested December 31, 2013	161,587		$	9.1		$	1,454
Restricted Stock Awards | Performance-Based	'
Equity-based compensation	'
Schedule of restricted stock awards	'
		Number of		Weighted			Aggregate
		Shares		Average Grant			Current Value
				Date Fair Value
				(Per share)			(In thousands)
	Non-vested December 31, 2011	—		$	—
	Granted	82,602		$	7.78
	Vested	—		$	—
	Forfeited	—		$	—
	Non-vested December 31, 2012	82,602		$	7.78
	Granted	185,572		$	7.09
	Vested	—		$	—
	Forfeited	—		$	—
	Non-vested December 31, 2013	268,174		$	7.3		$	2,414
Schedule of assumptions used to compute the fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model	'
		2013			2012
	Expected dividend yield	4.52		%	5.58		%
	Expected stock price volatility	38.5		%	44.7		%
	Risk-free interest rate	0.147 - 0.513		%	0.146 - 0.428		%
	Monte Carlo iterations	100,000			100,000
	Weighted average estimated fair value of performance-based restricted stock awards	$	7.09		$	5.1

DERIVITIVE_FINANCIAL_INSTRUMEN1

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	12 Months Ended
	Dec. 31, 2013
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	'
Schedule of derivative financial instruments	'
	Information about our derivative financial instruments at December 31, 2013 and 2012 follows (dollar amounts in thousands):
		December 31, 2013								December 31, 2012
		Number of		Notional			Fair Value			Number of	Notional		Fair Value
		Instruments		Amount						Instruments	Amount
	Interest rate swaps (asset)	3		$	29,273		$	253		—	$	—	$	—
	Interest rate swaps (liability)	1		75,000			(1,772		)	4	41,095		(641		)
		4		$	104,273		$	(1,519	)	4	$	41,095	$	(641	)
Schedule of the location in the financial statements of the loss recognized on derivative financial instruments designated as cash flow hedges	'
	The table below details the location in the financial statements of the loss recognized on derivative financial instruments designated as cash flow hedges (in thousands). We had no derivative financial instruments in 2011.
		2013			2012
	Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$	(1,240	)	$	(786	)
	Gain (loss) reclassified from accumulated other comprehensive income to interest expense (effective portion)	$	(359	)	$	(147	)
	Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion)	$	2		$	(2	)

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of components of income tax expense (benefit)	'
	The components of income tax expense (benefit) for 2013, 2012 and 2011 are (in thousands):
		Summit Hotel Properties, Inc.									Summit Hotel
											Properties, LLC
		2013			2012			Period 2/14/11			Period 1/1/11
								through 12/31/11			through 2/13/11
	Current:
	Federal	$	—		$	—		$	—		$	—
	State and local	408			512			(129		)	339
	Deferred:
	Federal (34%)	3,352			(1,531		)	(1,867		)	—
	State and local	597			(270		)	(329		)	—
	Total provision	$	4,357		$	(1,289	)	$	(2,325	)	$	339
	Income tax expense (benefit)
	From continuing operations	$	4,894		$	(728	)	$	(2,259	)	$	550
	From discontinued operations	(537		)	(561		)	(66		)	(211		)
	Total	$	4,357		$	(1,289	)	$	(2,325	)	$	339
TRSs	'
Schedule of reconciliation of the federal statutory rate to the effective income tax rate for the TRSs	'
	A reconciliation of the federal statutory rate to the effective income tax rate for the TRSs follows (in thousands):
		2013
	Tax benefit at U.S. statutory rates on TRSs income subject to tax	$	(809	)
	State income tax, net of federal income tax benefit	(120		)
	Effect of permanent differences and other	(152		)
	Increase in valuation allowance	5,029
	TRSs provision for income tax expense/(benefit)	$	3,948

FAIR_VALUE_Tables

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2013
FAIR VALUE	'
Schedule of financial instruments measured at fair value on a recurring basis	'
		Fair Value Measurements at December 31, 2013 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	12,224	$	—	$	12,224
	Interest rate swaps (asset)	—		253		—		253
	Liabilities:
	Interest rate swaps (liability)	—		1,772		—		1,772
	Fixed-rate debt	—		319,429		—		319,429
		Fair Value Measurements at December 31, 2012 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	4,836	$	—	$	4,836
	Interest rate swaps (asset)	—		—		—		—
	Liabilities:
	Interest rate swaps (liability)	—		641		—		641
	Fixed-rate debt	—		193,448		—		193,448

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2013
DISCONTINUED OPERATIONS	'
Schedule of condensed results for the hotel properties included in discontinued operations	'
	Condensed results for the hotel properties included in discontinued operations follows (in thousands):
											Summit Hotel
		Summit Hotel Properties, Inc.									Properties, LLC
		2013			2012			Period 2/14/11			Period 1/1/11
								through 12/31/11			through 2/13/11
	REVENUE	$	19,458		$	33,193		$	30,265		$	3,755
	Hotel operating expenses	14,859			24,701			22,762			3,070
	Depreciation and amortization	1,960			4,226			4,732			778
	Loss on impairment of assets	7,675			2,305			—			—
	Income (loss) from hotel operations	(5,036		)	1,961			2,771			(93		)
	Interest expense	174			855			3,182			1,226
	(Gain) loss on disposal of assets	(3,945		)	(3,010		)	—			—
	Income (loss) before taxes	(1,265		)	4,116			(411		)	(1,319		)
	Income tax (expense) benefit	537			561			66			211
	Income (loss) from discontinued operations	$	(728	)	$	4,677		$	(345	)	$	(1,108	)
	Income (loss) from discontinued operations attributable to noncontrolling interests	$	(25	)	$	807		$	(93	)
	Income (loss) from discontinued operations attributable to common shareholders / members	$	(703	)	$	3,870		$	(252	)

EARNINGS_LOSS_PER_SHARE_Tables

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2013
EARNINGS (LOSS) PER SHARE	'
Summary of the components used to calculate basic and diluted earnings per share	'
	Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share):
			2013			2012			2011
	Numerator:
	Income (loss) from continuing operations		$	6,625		$	(6,947	)	$	(3,832	)
	Less:	Preferred dividends	14,590			4,625			411
		Allocation to participating securities	73			37			—
		Attributable to noncontrolling interest	44			(2,001		)	(1,147		)
	Income (loss) attributable to common shareholders from continuing operations		(8,082		)	(9,608		)	(3,096		)
	Income (loss) attributable to common shareholders from discontinued operations		(703		)	3,870			(252		)
	Net income (loss) attributable to common shareholders		$	(8,785	)	$	(5,738	)	$	(3,348	)
	Denominator:
	Weighted average common shares outstanding - basic		70,327			33,717			27,278
	Dilutive effect of equity-based compensation awards		410			132			—
	Weighted average common shares outstanding - diluted		70,737			33,849			27,278
	Earnings per common share - basic and diluted:
	Net income (loss) from continuing operations		$	(0.11	)	$	(0.28	)	$	(0.11	)
	Net income (loss) from discontinued operations		(0.01		)	0.11			(0.01		)
	Net income (loss)		$	(0.12	)	$	(0.17	)	$	(0.12	)

SELECTED_QUARTERLY_FINANCIAL_D1

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2013
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	'
Schedule of selected consolidated quarterly financial data	'
	Selected consolidated quarterly financial data for 2013 and 2012 follows (in thousands, except per share):
		2013
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter
	Total revenues	$	59,723		$	79,105		$	82,174		$	77,956
	Net income (loss) from continuing operations	$	1,517		$	6,126		$	2,837		$	(3,855	)
	Net income (loss) from discontinued operations	$	357		$	545		$	(3,410	)	$	1,780
	Net income (loss)	$	1,874		$	6,671		$	(573	)	$	(2,075	)
	Net income (loss) attributable to Summit Hotel Properties, Inc.	$	1,940		$	6,459		$	(662	)	$	(1,859	)
	Earnings per common share - basic and diluted:
	Net income (loss) from continuing operations	$	(0.03	)	$	0.03		$	(0.02	)	$	(0.09	)
	Net income (loss) from discontinued operations	0.01			0.01			(0.05		)	0.02
	Net income (loss)	$	(0.02	)	$	0.04		$	(0.07	)	$	(0.07	)
		2012
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter
	Total revenues	$	33,942		$	39,580		$	43,069		$	45,109
	Net income (loss) from continuing operations	$	(1,245	)	$	(939	)	$	(411	)	$	(4,352	)
	Net income (loss) from discontinued operations	$	(1,561	)	$	583		$	2,052		$	3,603
	Net income (loss)	$	(2,806	)	$	(356	)	$	1,641		$	(749	)
	Net income (loss) attributable to Summit Hotel Properties, Inc.	$	(1,736	)	$	(81	)	$	1,562		$	(821	)
	Earnings per common share - basic and diluted:
	Net income (loss) from continuing operations	$	(0.07	)	$	(0.06	)	$	(0.04	)	$	(0.11	)
	Net income (loss) from discontinued operations	(0.04		)	0.02			0.06			0.07
	Net income (loss)	$	(0.11	)	$	(0.04	)	$	0.02		$	(0.04	)

DESCRIPTION_OF_BUSINESS_Detail

DESCRIPTION OF BUSINESS (Details) (Common stock)	0 Months Ended
	Feb. 15, 2011
IPO	'
Description of business	'
Shares issued	26,000,000
Private placement	'
Description of business	'
Shares issued	1,274,000

DESCRIPTION_OF_BUSINESS_Detail1

DESCRIPTION OF BUSINESS (Details 2)	Dec. 31, 2013
	guestroom
	state
Description of business	'
Number of guestrooms	10,908
Number of states in which hotel properties are located	22
Hotels	'
Description of business	'
Number of upscale, upper midscale and midscale hotel properties owned	88
TRS Lessees	'
Description of business	'
Equity interests owned other than 100%, number of subsidiaries	1
TRS Lessees | Maximum	'
Description of business	'
Controlling interest owned (as a percent)	100.00%
TRS Lessees | Holiday Inn Express & Suites | San Francisco, CA	'
Description of business	'
Controlling interest owned (as a percent)	80.00%

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
	item
Segment Disclosure	'	'
Number of reportable segments	1	'
Trade Receivables and Credit Policies	'	'
Allowance for doubtful accounts	$0.20	$0
Bad debt expense	$0.60	$0.20
Buildings and improvements | Minimum	'	'
Investment in hotel properties	'	'
Estimated Useful Lives	'25 years	'
Buildings and improvements | Maximum	'	'
Investment in hotel properties	'	'
Estimated Useful Lives	'40 years	'
Furniture, fixtures and equipment | Minimum	'	'
Investment in hotel properties	'	'
Estimated Useful Lives	'2 years	'
Furniture, fixtures and equipment | Maximum	'	'
Investment in hotel properties	'	'
Estimated Useful Lives	'15 years	'

HOTEL_PROPERTY_ACQUISITIONS_De

HOTEL PROPERTY ACQUISITIONS (Details) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Minneapolis, Minnesota

Minneapolis, Minnesota

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2013 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

2012 acquisitions

Joint venture

Hyatt Place

Hyatt Place

hotelproperty

Debt

Chicago (Hoffman Estates), IL

Orlando (Convention), FL

Orlando (Universal), FL

San Francisco, CA

San Francisco, CA

New Orleans, LA

New Orleans (Convention), LA

New Orleans (French Quarter), LA

New Orleans (Metairie), LA

New Orleans (Metairie), LA

Greenville, SC

Minneapolis (Minnetonka), MN

Minneapolis (Minnetonka), MN

Minneapolis (Eden Prairie), MN

Minneapolis (Eden Prairie), MN

Louisville, KY

Louisville, KY

Indianapolis, IN

Indianapolis, IN

Ventura (Camarillo), CA

San Diego (Poway), CA

Minneapolis, Minnesota

hotelproperty

Debt

Atlanta, GA

Atlanta, GA

Atlanta, GA

Birmingham (Liberty Park), AL

Birmingham (Lakeshore), AL

Dallas (Arlington), TX

Dallas (Arlington), TX

Dallas (Arlington), TX

Nashville (Smyrna), TN

Nashville (Smyrna), TN

Nashville (Smyrna), TN

Nashville (Smyrna), TN

Denver (Lone Tree), CO

Denver (Englewood), CO

Denver (Englewood), CO

Baltimore (Owings Mills), MD

Chicago (Lombard), IL

Phoenix, AZ

Scottsdale, AZ

Ft. Worth, TX

Salt Lake City, UT

Salt Lake City, UT

Long Island (Garden City), NY

Tampa (Ybor City), FL

2013 acquisitions

Hyatt Place

Hyatt Place

Hyatt Place

IHG/Holiday Inn Express & Suites

IHG/Holiday Inn Express & Suites

SpringHill Suites by Marriott

Courtyard by Marriott

Courtyard by Marriott

Courtyard by Marriott

Residence Inn by Marriott

Hilton Garden Inn

IHG/Holiday Inn Express & Suites

IHG/Holiday Inn Express & Suites

Hilton Garden Inn

Hilton Garden Inn

Fairfield Inn & Suites by Marriott

SpringHill Suites by Marriott

SpringHill Suites by Marriott

Courtyard by Marriott

Hilton / Hampton Inn & Suites

Hilton / Hampton Inn & Suites

Hyatt Place

Courtyard by Marriott

Courtyard by Marriott

Courtyard by Marriott

Hilton Garden Inn

Hilton Garden Inn

Hyatt Place

Courtyard by Marriott

Residence Inn by Marriott

Hilton Garden Inn

Hilton Garden Inn

Hilton / Hampton Inn & Suites

Hilton / Hampton Inn & Suites

Hyatt Place

Hyatt Place

Hyatt House

Hyatt Place

Hyatt Place

Hyatt Place

Hyatt Place

Hilton Garden Inn

Residence Inn by Marriott

Residence Inn by Marriott

Hyatt Place

Hilton / Hampton Inn & Suites

San Francisco, CA

Debt

Debt

Debt

Debt

Remaining ownership interest purchase obligation

Debt

Debt

Debt

IHG/Holiday Inn Express & Suites

Hotel property acquisitions

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Purchase Price

$32,600

'

$475,615

'

$9,230

$12,252

$11,843

$60,500

'

$33,095

$30,827

$25,683

$23,539

$19,890

$15,250

$6,900

'

$10,200

'

$25,023

$39,138

$30,205

$58,634

$15,750

$15,150

$32,506

$265,418

'

$28,900

'

'

$11,500

$8,625

$9,055

$15,000

$15,500

$11,500

'

$8,000

'

$10,530

$11,515

$13,480

$10,235

$17,025

$5,020

$10,530

$7,200

$19,959

'

$31,000

$20,844

'

Debt Assumed

'

$20,300

'

$33,532

'

'

'

'

$23,423

'

'

'

'

'

'

'

$3,724

'

$6,385

'

'

'

'

'

'

'

'

$47,162

'

$19,011

$400

'

'

'

'

'

'

$8,708

'

$5,384

'

'

'

'

'

'

'

'

'

$14,059

'

'

'

Number of hotel properties acquired

'

'

19

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Controlling interest owned (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80.00%

Ownership interest (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

90.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

HOTEL_PROPERTY_ACQUISITIONS_De1

HOTEL PROPERTY ACQUISITIONS (Details 2) (USD $)	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012
		Hyatt Place	2013 acquisitions	2013 acquisitions	2012 acquisitions
		Minneapolis, Minnesota
Hotel property acquisitions	'	'	'	'	'
Investment in hotel properties under development	$10,303,000	'	'	$10,300,000	'
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired	'	'	'	'	'
Land	'	'	61,776,000	'	33,874,000
Hotel buildings and improvements	'	'	395,543,000	'	220,599,000
Furniture, fixtures and equipment	'	'	18,296,000	'	10,945,000
Other assets	'	'	11,273,000	'	629,000
Total assets acquired	'	'	486,888,000	'	266,047,000
Debt assumed	'	'	33,532,000	'	47,162,000
Other liabilities	'	'	1,480,000	'	1,993,000
Net assets acquired	'	'	451,876,000	'	216,892,000
First mortgage loan receivable and related capitalized interest credited as purchase price consideration	'	$20,700,000	'	'	'

HOTEL_PROPERTY_ACQUISITIONS_De2

HOTEL PROPERTY ACQUISITIONS (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
2013 acquisitions	'	'
Hotel property acquisitions	'	'
Revenues	$76,675	'
Net income	13,399	'
2012 acquisitions	'	'
Hotel property acquisitions	'	'
Revenues	76,088	24,939
Net income	$9,073	$1,754

HOTEL_PROPERTY_ACQUISITIONS_De3

HOTEL PROPERTY ACQUISITIONS (Details 4) (All 2012 and 2013 Acquisitions, USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
All 2012 and 2013 Acquisitions	'	'
Hotel property acquisitions	'	'
Revenues	$328,595	$310,928
Net income	$16,701	$35,202
Net income per share attributable to common shareholders - basic and diluted (in dollars per share)	$0.03	$0.75

INVESTMENT_IN_HOTEL_PROPERTIES3

INVESTMENT IN HOTEL PROPERTIES (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investment in hotel properties	'	'	'
Investment in hotel properties at cost	$1,315,421,000	$879,655,000	'
Less accumulated depreciation	165,454,000	145,293,000	'
Investment in hotel properties, net	1,149,967,000	734,362,000	'
Depreciation expense	48,900,000	28,000,000	22,500,000
Land	'	'	'
Investment in hotel properties	'	'	'
Investment in hotel properties at cost	154,831,000	105,571,000	'
Hotel buildings and improvements	'	'	'
Investment in hotel properties	'	'	'
Investment in hotel properties at cost	993,372,000	649,699,000	'
Construction in progress	'	'	'
Investment in hotel properties	'	'	'
Investment in hotel properties at cost	24,242,000	'	'
Furniture, fixtures and equipment	'	'	'
Investment in hotel properties	'	'	'
Investment in hotel properties at cost	$142,976,000	$124,385,000	'

INVESTMENT_IN_HOTEL_PROPERTIES4

INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
Investment in hotel properties under development	'	'	'
Interest expense capitalized	'	$400	$53
Hyatt Place | Minneapolis, Minnesota	'	'	'
Investment in hotel properties under development	'	'	'
Amount funded in the form of a first mortgage loan	'	'	20,300
Purchase Price	32,600	'	'
Interest expense capitalized	'	$400	$100

ASSETS_HELD_FOR_SALE_Details

ASSETS HELD FOR SALE (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets held for sale	'	'
Assets held for sale	$12,224	$4,836
Land	'	'
Assets held for sale	'	'
Assets held for sale	1,183	3,092
Building	'	'
Assets held for sale	'	'
Assets held for sale	10,290	1,474
Furniture, fixtures and equipment	'	'
Assets held for sale	'	'
Assets held for sale	$751	$270

RESTRICTED_CASH_Details

RESTRICTED CASH (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Restricted cash	'	'
Restricted cash	$38,498	$3,624
Property taxes	'	'
Restricted cash	'	'
Restricted cash	2,124	1,185
Insurance	'	'
Restricted cash	'	'
Restricted cash	59	180
FF&E reserves	'	'
Restricted cash	'	'
Restricted cash	35,823	2,259
Other funds in escrow	'	'
Restricted cash	'	'
Restricted cash	$492	'

PREPAID_EXPENSES_AND_OTHER_Det

PREPAID EXPENSES AND OTHER (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
PREPAID EXPENSES AND OTHER	'	'
Deposits on pending acquisitions	$5,115	$2,759
Prepaid insurance	1,316	663
Other	2,445	1,889
Prepaid expenses and other	$8,876	$5,311

DEFERRED_CHARGES_Details

DEFERRED CHARGES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
DEFERRED CHARGES	'	'	'
Initial franchise fees	$5,957	$6,201	'
Deferred financing costs	7,846	9,500	'
Deferred charges, gross	13,803	15,701	'
Less accumulated amortization	3,533	6,806	'
Deferred charges, net	10,270	8,895	'
Amortization expense	'	'	'
Initial franchise fees	411	355	511
Deferred financing costs	1,854	2,288	1,293
Amortization expense	2,265	2,643	1,804
Future amortization expense	'	'	'
2014	1,862	'	'
2015	1,837	'	'
2016	1,573	'	'
2017	1,278	'	'
2018	812	'	'
Thereafter	2,908	'	'
Deferred charges, net	$10,270	$8,895	'

OTHER_ASSETS_Details

OTHER ASSETS (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
OTHER ASSETS.	'	'
Prepaid land lease	$3,420	$3,468
Seller financed noted receivable	3,121	733
Other	113	'
Total	$6,654	$4,201

DEBT_Details

DEBT (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Oct. 09, 2013

23-May-13

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 07, 2013

Dec. 31, 2013

Mar. 08, 2013

Dec. 31, 2013

Jul. 22, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Oct. 10, 2013

Jan. 02, 2014

Dec. 31, 2013

Dec. 27, 2013

Oct. 10, 2013

Dec. 31, 2013

Oct. 10, 2013

hotelproperty

Senior Secured Revolving Credit Facility

Senior Secured Revolving Credit Facility

Senior Secured Revolving Credit Facility

Mortgage Loans

Mortgage Loans

Mortgage loan with ING Life Insurance and Annuity at 6.10%

Mortgage loan with ING Life Insurance and Annuity at 6.10%

Mortgage loan with ING Life Insurance and Annuity at 4.55%

Mortgage loan with KeyBank National Association at 4.46%

Mortgage loan with KeyBank National Association at 4.52%

Mortgage loan with KeyBank National Association at 4.52%

Mortgage loan with KeyBank National Association at 4.3%

Mortgage loan with KeyBank National Association at 4.3%

Mortgage loan with KeyBank National Association at 4.95%

Mortgage loan with KeyBank National Association at 4.95%

Mortgage loan with Bank of America Commercial Mortgage at 6.41%

Mortgage loan with Bank of America Commercial Mortgage at 6.41%

Mortgage loan with Merrill Lynch Mortgage Lending Inc. at 6.38%

Mortgage loan with Merrill Lynch Mortgage Lending Inc. at 6.38%

Mortgage loan with GE Capital Financial Inc. at 6.03%

Mortgage loan with GE Capital Financial Inc. at 6.03%

Mortgage loan with MetaBank at 4.95%

Mortgage loan with MetaBank due Augustl 1, 2018

Mortgage loan with Bank of Cascades due September 30, 2021

Mortgage loan with Bank of Cascades due September 30, 2021

Mortgage loan with Goldman Sachs at 5.67%

Mortgage loan with Goldman Sachs at 5.67%

Mortgage loan with Compass Bank due May 17, 2018

Mortgage loan with Compass Bank due May 17, 2018

Mortgage loan with General Electric Capital Corporation due April 1, 2017, one

Mortgage loan with General Electric Capital Corporation due April 1, 2017, one

Mortgage loan with General Electric Capital Corporation due April 1, 2017, two

Mortgage loan with General Electric Capital Corporation due April 1, 2017, two

Mortgage loan with General Electric Capital Corporation due April 1, 2014

Mortgage loan with General Electric Capital Corporation at 4.82%

Mortgage loan with General Electric Capital Corporation at 4.82%

Mortgage loan with General Electric Capital Corporation at 5.03%

Mortgage loan with General Electric Capital Corporation at 5.03%

Mortgage loan with AIG at 6.11%

Mortgage loan with AIG at 6.11%

Mortgage loan with Greenwich Capital Financial Products Inc. due January 6, 2016

Mortgage loan with Wells Fargo Bank, National Association at 5.53%

Mortgage loan with Wells Fargo Bank, National Association at 5.57%

Mortgage loan with First National Bank of Omaha due February 1, 2014

Mortgage loan with First National Bank of Omaha due July 1, 2013

Mortgage loan with Chambers Bank at 6.5%

Mortgage loan with BNC National

Mortgage loan with Bank of the Ozarks due July 10, 2017

Mortgage loan with Empire Financial Services, Inc.

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

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$75 Million Term Loan

$75 Million Term Loan

$75 Million Term Loan

$75 Million Term Loan

$225 Million Revolver

$225 Million Revolver

Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

$150,000,000

$150,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$300,000,000

$75,000,000

$75,000,000

$75,000,000

$75,000,000

$225,000,000

$225,000,000

Interest Rate end of period (as a percent)

'

'

'

'

'

'

'

6.10%

'

4.55%

4.46%

4.52%

'

4.30%

'

4.95%

'

6.41%

'

6.38%

'

6.03%

'

'

4.25%

4.66%

'

5.67%

'

4.57%

'

5.46%

'

5.46%

'

'

4.82%

'

5.03%

'

6.11%

'

6.20%

5.53%

5.57%

'

'

'

'

'

'

'

'

'

4.15%

'

'

'

'

Amortization period

'

'

'

'

'

'

'

'20 years

'

'25 years

'30 years

'30 years

'

'30 years

'

'30 years

'

'25 years

'

'30 years

'

'25 years

'

'

'20 years

'25 years

'

'25 years

'

'20 years

'

'25 years

'

'25 years

'

'

'20 years

'

'25 years

'

'20 years

'

'30 years

'25 years

'25 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Properties Encumbered

43

'

'

'

'

43

'

14

'

'

4

3

3

3

3

2

2

1

'

1

'

2

'

2

1

1

'

2

'

1

'

1

'

1

'

1

1

'

1

'

1

'

1

1

1

'

'

1

1

1

1

'

'

'

'

'

'

'

'

Debt

$435,589,000

$312,613,000

'

'

$58,000,000

$360,589,000

$254,613,000

$64,309,000

$66,174,000

$33,754,000

$28,965,000

$22,421,000

'

$21,767,000

'

$38,497,000

'

$8,382,000

$8,593,000

$5,249,000

$5,341,000

$14,579,000

$14,851,000

$6,786,000

$7,348,000

$11,986,000

$12,283,000

$14,090,000

$14,376,000

$13,325,000

$14,144,000

$5,371,000

$5,481,000

$6,290,000

$6,419,000

$10,568,000

$7,612,000

$7,998,000

$10,108,000

$10,434,000

$13,516,000

$14,059,000

$23,107,000

$3,652,000

$6,261,000

$8,241,000

$14,663,000

$1,417,000

$5,308,000

$8,778,000

$18,699,000

$75,000,000

'

'

$75,000,000

'

'

'

'

DEBT_Details_2

DEBT (Details 2) (USD $)

12 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Oct. 09, 2013

23-May-13

Aug. 02, 2013

Aug. 02, 2013

Dec. 31, 2013

Aug. 02, 2013

Jan. 25, 2013

Dec. 31, 2013

Mar. 07, 2013

Dec. 31, 2013

Mar. 08, 2013

Dec. 31, 2013

Jul. 22, 2013

Dec. 31, 2013

Apr. 04, 2012

Dec. 31, 2013

2-May-13

Dec. 31, 2012

Jul. 26, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Oct. 11, 2012

Dec. 31, 2013

Mar. 02, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Oct. 31, 2013

Oct. 30, 2013

Dec. 31, 2012

Oct. 30, 2013

Oct. 31, 2013

Oct. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jan. 14, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Sep. 24, 2013

Dec. 31, 2012

Sep. 27, 2013

Dec. 31, 2012

Nov. 12, 2013

Dec. 31, 2012

Dec. 20, 2013

Dec. 31, 2012

23-May-13

Dec. 31, 2013

Oct. 10, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Oct. 10, 2013

Jan. 02, 2014

Dec. 31, 2013

Dec. 27, 2013

Oct. 10, 2013

Sep. 05, 2013

Sep. 05, 2013

Dec. 31, 2013

hotelproperty

Designated as a hedge

Designated as a hedge

Senior Secured Revolving Credit Facility

Senior Secured Revolving Credit Facility

Mortgage loan with ING Life Insurance and Annuity at 4.55%

Mortgage loan with ING Life Insurance and Annuity due March 1, 2032, as amended

Mortgage loan with ING Life Insurance and Annuity due March 1, 2032, as amended

Mortgage loans with ING Life Insurance and Annuity

Mortgage loan with KeyBank National Association at 4.46%

Mortgage loan with KeyBank National Association at 4.46%

Mortgage loan with KeyBank National Association at 4.52%

Mortgage loan with KeyBank National Association at 4.52%

Mortgage loan with KeyBank National Association at 4.3%

Mortgage loan with KeyBank National Association at 4.3%

Mortgage loan with KeyBank National Association at 4.95%

Mortgage loan with KeyBank National Association at 4.95%

Mortgage loan with GE Capital Financial Inc. at 6.03%

Mortgage loan with GE Capital Financial Inc. at 6.03%

Mortgage loan with MetaBank at 4.95%

Mortgage loan with MetaBank at 4.95%

Mortgage loan with MetaBank due Augustl 1, 2018

Mortgage loan with MetaBank due Augustl 1, 2018

Mortgage loan with MetaBank due Augustl 1, 2018

Mortgage loan with MetaBank due Augustl 1, 2018

Mortgage loan with MetaBank due Augustl 1, 2018

Mortgage loan with Bank of Cascades due September 30, 2021

Mortgage loan with Bank of Cascades due September 30, 2021

Mortgage loan with Bank of Cascades due September 30, 2021

Mortgage loan with Bank of Cascades due September 30, 2021

Mortgage loan with Bank of Cascades due September 30, 2021

Mortgage loan with Bank of Cascades due September 30, 2021

Mortgage loan with Compass Bank due May 17, 2018

Mortgage loan with Compass Bank due May 17, 2018

Mortgage loan with Compass Bank due May 17, 2018

Mortgage loans with General Electric Capital Corporation due April 1, 2017

Mortgage loan with General Electric Capital Corporation due April 1, 2017, one

Mortgage loan with General Electric Capital Corporation due April 1, 2017, one

Mortgage loan with General Electric Capital Corporation due April 1, 2017, one

Mortgage loan with General Electric Capital Corporation due April 1, 2017, one

Mortgage loan with General Electric Capital Corporation due April 1, 2017, two

Mortgage loan with General Electric Capital Corporation due April 1, 2017, two

Mortgage loan with General Electric Capital Corporation due April 1, 2017, two

Mortgage loan with General Electric Capital Corporation due April 1, 2017, two

Mortgage loan with General Electric Capital Corporation due April 1, 2014

Mortgage loan with General Electric Capital Corporation due April 1, 2014

Mortgage loan with General Electric Capital Corporation due April 1, 2014

Mortgage loan with General Electric Capital Corporation due April 1, 2014

Mortgage loan with General Electric Capital Corporation due April 1, 2014

Mortgage loans with General Electric Capital Corporation

Mortgage loan with General Electric Capital Corporation due April 1, 2018

Mortgage loan with General Electric Capital Corporation due April 1, 2018

Mortgage loan with General Electric Capital Corporation due March 1, 2019

Mortgage loan with General Electric Capital Corporation due March 1, 2019

Mortgage loan with AIG at 6.11%

Mortgage loan with AIG at 6.11%

Mortgage loan with Greenwich Capital Financial Products Inc. due January 6, 2016

Mortgage loan with Wells Fargo Bank, National Association at 5.53%

Mortgage loan with Wells Fargo Bank, National Association at 5.57%

Mortgage loans with First National Bank of Omaha

Mortgage loans with First National Bank of Omaha

Mortgage loans with First National Bank of Omaha

Mortgage loans with First National Bank of Omaha

Mortgage loan with Chambers Bank at 6.5%

Mortgage loan with Chambers Bank at 6.5%

Mortgage loan with BNC National

Mortgage loan with BNC National

Mortgage loan with Bank of the Ozarks due July 10, 2017

Mortgage loan with Bank of the Ozarks due July 10, 2017

Mortgage loan with Empire Financial Services, Inc.

Mortgage loan with Empire Financial Services, Inc.

Senior secured interim loan

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

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loan

item

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loan

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Period until July 26, 2015

Period from July 26, 2015 until July 26, 2017

Period from July 26, 2017 until February 1, 2018

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Period until October 1, 2015

Period from October 1, 2015 until October 1, 2017

Period from October 17, 2017 until October 1, 2019

Period from October 1, 2019 until July 2, 2021

Five-year Fixed Rate

hotelproperty

LIBOR

loan

hotelproperty

Second year

Third year

LIBOR

hotelproperty

Second year

Third year

LIBOR

hotelproperty

Interest rate derivative financial instruments

Interest rate derivative financial instruments

hotelproperty

hotelproperty

LIBOR

hotelproperty

LIBOR

hotelproperty

Minimum

hotelproperty

hotelproperty

hotelproperty

loan

hotelproperty

LIBOR

LIBOR

hotelproperty

hotelproperty

hotelproperty

hotelproperty

hotelproperty

Minimum

LIBOR advances

LIBOR advances

LIBOR advances

Base rate advances

Base rate advances

Base rate advances

Base rate advances

Base rate advances

Base rate advances

$225 Million Revolver

$225 Million Revolver

$75 Million Term Loan

$75 Million Term Loan

$75 Million Term Loan

$75 Million Term Loan

$75 Million Term Loan

$75 Million Term Loan

Standby letters of credit

hotelproperty

hotelproperty

Maximum

loan

Minimum

hotelproperty

LIBOR

LIBOR

LIBOR

Base rate

Base rate

Base rate

LIBOR

Prime rate

Federal funds rate

Designated as a hedge

LIBOR

Minimum

Maximum

Minimum

Maximum

Interest rate derivative financial instruments

Interest rate derivative financial instruments

Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

'

$150,000,000

$150,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$92,000,000

'

$300,000,000

'

'

'

'

'

'

'

'

'

'

$225,000,000

$225,000,000

$75,000,000

$75,000,000

$75,000,000

$75,000,000

'

'

'

Maximum increase in borrowing capacity available through accordion feature option

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'Five-year Fixed Rate

'

'

'30-day LIBOR

'

'

'

'

'90-day LIBOR

'

'

'

'90-day LIBOR

'

'

'

'

'

'

'

'90-day LIBOR

'

'90-day LIBOR

'

'

'

'

'

'

'

'90-day LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'1, 2, 3, or 6-month LIBOR

'

'

'base rate

'

'

'1-month LIBOR

'prime rate

'federal funds rate

'

'

'

'

'

'

'

'

'

Interest rate margin on variable rate basis (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

3.50%

'

'

'

'

5.28%

'

'

'

5.28%

'

'

'

'

'

'

'

3.50%

'

3.50%

'

'

'

'

'

'

'

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.75%

2.50%

'

0.75%

1.50%

1.00%

'

0.50%

'

'

'

'

'

'

'

'

'

Unused fees payable, if unused portion of credit facility is equal to or greater than 50% (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unused fees payable, if unused portion of credit facility is less than 50% (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Threshold for determining unused fees payable (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit current borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

270,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt obligation incurred

587,245,000

130,659,000

65,383,000

'

'

'

'

34,000,000

'

'

'

29,400,000

'

22,700,000

'

22,000,000

'

38,700,000

'

'

'

'

'

7,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed interest rate (as a percent)

'

'

'

'

'

'

'

4.55%

'

'

'

4.46%

'

4.52%

'

4.30%

'

4.95%

'

'

'

'

4.95%

'

'

'

'

'

4.66%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.20%

5.53%

5.57%

'

'

'

5.25%

'

6.50%

'

5.01%

'

5.75%

'

6.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed rate up to reset date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective interest Rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.10%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.94%

'

'

'

'

'

'

Variable rate basis of derivative instrument

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

Variable interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.67%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.15%

'

'

'

'

Number of unencumbered hotel properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

32

'

20

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotel properties to remain unencumbered

'

'

'

'

'

'

'

'

'

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000

Notional value of interest rate derivative

'

'

'

104,273,000

41,095,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75,000,000

'

'

Fixed rate with derivative (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.04%

'

Amount available for borrowing

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

195,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reduction in collateral

'

'

'

'

'

'

'

'

3,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotel properties securing debt

43

'

'

'

'

'

'

'

'

14

14

'

4

3

3

3

3

2

2

'

2

'

2

'

1

'

'

'

1

'

'

'

'

'

1

'

'

2

1

'

'

'

1

'

'

'

'

'

1

'

'

'

1

'

1

'

1

'

1

1

1

'

3

'

'

'

1

'

1

'

1

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Prepayment penalties (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

3.00%

2.00%

1.00%

'

4.00%

3.00%

2.00%

1.00%

'

'

'

'

'

'

2.00%

1.00%

'

'

2.00%

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt paid off

497,801,000

82,312,000

268,716,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,800,000

'

'

'

1,300,000

'

5,100,000

'

8,600,000

'

18,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional proceeds to be received after attaining performance level

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable rate debt converted to fixed rate debt (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

85.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period for which interest rate of loans is fixed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of additional properties released

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of additional loans for which collateral was released

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative termination costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Prepayment penalty

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

'

'

'

$0

'

$0

'

$0

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

DEBT_Details_3

DEBT (Details 3) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Maturities of long-term debt for each of the next five years	'	'
2014	$9,164	'
2015	13,036	'
2016	67,013	'
2017	39,211	'
2018	103,128	'
Thereafter	204,037	'
Total	435,589	312,613
Weighted average interest rate, after giving effect to interest rate derivatives (as a percent)	5.03%	5.15%
Debt	'	'
Fixed-rate debt	358,590	229,587
Variable-rate debt	76,999	83,026
Total	435,589	312,613
Not recorded at fair value	'	'
Debt	'	'
Fixed-rate debt	329,544	188,565
Fair Value | Level 2 - Market approach	'	'
Debt	'	'
Fixed-rate debt	319,429	193,448
Carried at fair value	'	'
Debt	'	'
Variable-rate debt	$104,000	$41,000

ACCRUED_EXPENSES_Details

ACCRUED EXPENSES (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
ACCRUED EXPENSES	'	'
Accrued sales and property taxes	$10,359	$8,893
Accrued salaries and benefits	7,178	5,562
Accrued interest	1,721	1,031
Other accrued expenses	7,896	3,499
Total	$27,154	$18,985

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Commitments and contingencies	'	'	'
Remaining prepaid balance of land lease	$3,420,000	$3,468,000	'
Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year	'	'	'
2014	569,000	'	'
2015	580,000	'	'
2016	591,000	'	'
2017	602,000	'	'
2018	474,000	'	'
Thereafter	30,918,000	'	'
Total	33,734,000	'	'
Ground Leases	'	'	'
Commitments and contingencies	'	'	'
Total rent expense	500,000	500,000	400,000
Ground Leases | Ft. Smith, AR	'	'	'
Commitments and contingencies	'	'	'
Number of hotel properties for which land is leased	2	'	'
Ground Leases | Ft. Smith, AR | Minimum	'	'	'
Commitments and contingencies	'	'	'
Lease renewal period	'5 years	'	'
Ground Leases | Ft. Smith, AR | Maximum	'	'	'
Commitments and contingencies	'	'	'
Lease renewal period	'30 years	'	'
Ground Leases | Duluth, GA	'	'	'
Commitments and contingencies	'	'	'
Number of hotel properties for which land is leased	1	'	'
Ground Leases | Portland, OR	'	'	'
Commitments and contingencies	'	'	'
Number of hotel properties for which land is leased	2	'	'
Remaining prepaid balance of land lease	$3,400,000	$3,500,000	'
Number of options to extend lease	1	'	'
Lease renewal period	'14 years	'	'
Ground Leases | Garden City, NY	'	'	'
Commitments and contingencies	'	'	'
Number of hotel properties for which land is leased	1	'	'

COMMITMENTS_AND_CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details 2) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Franchise agreements	'	'	'
Commitments and contingencies	'	'	'
Fees related to the agreement	$27.70	$20.70	$15.20
Franchise agreements | Minimum	'	'	'
Commitments and contingencies	'	'	'
Agreement term	'10 years	'	'
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	2.00%	'	'
Franchise agreements | Maximum	'	'	'
Commitments and contingencies	'	'	'
Agreement term	'20 years	'	'
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	6.00%	'	'
Marketing fees payable as a percentage of gross revenue	4.00%	'	'
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures	5.00%	'	'
Management agreements	'	'	'
Commitments and contingencies	'	'	'
Fees related to the agreement	$13.50	$9.20	$5.90
Management agreements | Minimum	'	'	'
Commitments and contingencies	'	'	'
Agreement term	'3 years	'	'
Management agreements | Maximum	'	'	'
Commitments and contingencies	'	'	'
Agreement term	'25 years	'	'

COMMITMENTS_AND_CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details 3) (Purchase agreement with hotel property developer, Hampton Inn & Suites, USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013
Purchase agreement with hotel property developer | Hampton Inn & Suites	'
Commitments and contingencies	'
Purchase agreement amount	$37.70

COMMITMENTS_AND_CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (Details 4) (Arbitration action filed against Choice, USD $)	0 Months Ended	1 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Apr. 30, 2012	Apr. 30, 2012	Dec. 31, 2011
		item	item
Arbitration action filed against Choice	'	'	'
Litigation	'	'	'
Number of hotel properties for which franchise agreements were terminated by Choice	'	11	11
Damages awarded by the penal as full settlement of all claims submitted in the arbitration	$0.30	'	'

EQUITY_Details

EQUITY (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Oct. 03, 2012

Oct. 28, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 11, 2012

Dec. 31, 2013

Dec. 31, 2012

Mar. 20, 2013

Dec. 31, 2013

Dec. 31, 2012

Feb. 15, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Feb. 15, 2011

Feb. 15, 2011

Sep. 19, 2013

Jan. 14, 2013

Oct. 03, 2012

Hotel properties

Series A Cumulative Redeemable Preferred Stock

Series A Cumulative Redeemable Preferred Stock

Series A Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

hotelproperty

Operating partnership

Operating partnership

Independent directors and executive officers

Independent directors and executive officers

IPO

Private placement

Public offering

Public offering

Public offering

Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

New issued stock (in shares)

'

'

'

'

2,000,000

'

'

3,000,000

'

'

3,400,000

'

'

'

'

'

'

'

'

'

26,000,000

1,274,000

17,250,000

17,250,000

13,800,000

Proceeds from equity offerings, net of offering costs

$381,795,000

$178,858,000

$288,716,000

'

$47,900,000

'

'

$72,500,000

'

'

$81,700,000

'

'

$240,800,000

'

'

'

'

'

'

'

'

$152,000,000

$148,100,000

$106,400,000

Underwriting discount and offering-related expenses

'

'

'

'

$2,100,000

'

'

$2,500,000

'

'

$3,300,000

'

'

$25,000,000

'

'

'

'

'

'

'

'

$6,500,000

$7,200,000

$6,100,000

Number of hotel properties acquired

'

'

'

10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares of common stock issued to redeem common units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,414,950

4,873,625

4,414,950

4,873,625

'

'

'

'

'

'

'

Stock issued to officers and directors (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

327,806

208,027

'

'

327,806

208,027

'

'

'

'

'

Preferred stock, dividend rate (as a percent)

'

'

'

'

9.25%

9.25%

9.25%

7.88%

7.88%

7.88%

7.13%

7.13%

7.13%

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, liquidation preference (in dollars per share)

'

'

'

'

'

$25

'

'

$25

'

'

$25

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual dividend rate per share (in dollars per share)

'

'

'

'

'

$2.31

'

'

$1.97

'

'

$1.78

'

'

'

'

'

'

'

'

'

'

'

'

'

EQUITY_Details_2

EQUITY (Details 2)	12 Months Ended					12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Feb. 13, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
	Noncontrolling interests	Noncontrolling interests	Noncontrolling interests	Noncontrolling interests	Noncontrolling interests	Common Stock	Common Stock	Common Stock	Common Stock
	SUMMIT HOTEL OP, LP	SUMMIT HOTEL OP, LP	SUMMIT HOTEL OP, LP	SUMMIT HOTEL OP, LP	Joint venture			SUMMIT HOTEL OP, LP	SUMMIT HOTEL OP, LP
			Common units	Common units
Number of common units of operating partnership owned by unaffiliated third parties	811,425	5,226,375	'	'	'	'	'	'	'
Percentage of limited partnership interest in operating partnership	1.00%	10.00%	'	'	'	'	'	'	'
Period after the date of issuance, unaffiliated limited partners of operating partnership have right to cause operating partnership to redeem common units for cash	'1 year	'	'	'	'	'	'	'	'
Number of shares of common stock issuable upon conversion of common units	1	'	'	'	'	'	'	'	'
Common units redeemed	'	'	4,414,950	4,873,625	'	'	'	'	'
Shares of common stock issued to redeem common units	'	'	'	'	'	4,414,950	4,873,625	4,414,950	4,873,625
Ownership interest in joint venture (as a percent)	'	'	'	'	80.00%	'	'	'	'
Ownership interest in joint venture by partners (as a percent)	'	'	'	'	20.00%	'	'	'	'

BENEFIT_PLANS_Details

BENEFIT PLANS (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
BENEFIT PLANS	'	'	'
Employer contribution expense	$0.10	$0.10	$0.10

EQUITYBASED_COMPENSATION_Detai

EQUITY-BASED COMPENSATION (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
	Stock Options	Stock Options	2011 Equity Incentive Plan	2011 Equity Incentive Plan
	Minimum	Maximum
Equity-based compensation expense	'	'	'	'
Term of option	'5 years	'10 years	'	'
Shares reserved for issuance	'	'	10,485,951	7,544,665

EQUITYBASED_COMPENSATION_Detai1

EQUITY-BASED COMPENSATION (Details 2) (Stock Options, USD $)	0 Months Ended	11 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Feb. 15, 2011	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012
Stock Options	'	'	'	'
Equity-based compensation expense	'	'	'	'
Options granted (in shares)	940,000	940,000	'	'
Forfeited (in shares)	'	'	'	47,000
Exercise price of options granted (in dollars per share)	$9.75	$9.75	'	'
Vesting period	'	'	'5 years	'
Assumptions used to compute the fair value of options granted was estimated using the Black-Scholes valuation model	'	'	'	'
Expected dividend yield (as a percent)	'	5.09%	'	'
Expected stock price volatility (as a percent)	'	56.60%	'	'
Risk-free interest rate (as a percent)	'	2.57%	'	'
Expected life of options	'	'6 years 6 months	'	'
Weighted average estimated fair value of options at grant date per share (in dollars per share)	'	$3.48	'	'
Number of Options	'	'	'	'
Outstanding at the beginning of period (in shares)	'	'	893,000	940,000
Granted (in shares)	940,000	940,000	'	'
Forfeited (in shares)	'	'	'	-47,000
Outstanding at the end of period (in shares)	'	940,000	893,000	893,000
Exercisable at the end of period (in shares)	'	'	357,200	'
Weighted Average Exercise Price	'	'	'	'
Outstanding at the beginning of period (in dollars per share)	'	'	$9.75	$9.75
Granted (in dollars per share)	$9.75	$9.75	'	'
Forfeited (in dollars per share)	'	'	'	$9.75
Outstanding at the end of period (in dollars per share)	'	$9.75	$9.75	$9.75
Exercisable at the end of period (in dollars per share)	'	'	$9.75	'
Weighted Average Remaining Contractual Terms	'	'	'	'
Outstanding at the end of period	'	'	'7 years 2 months 12 days	'
Exercisable at the end of period	'	'	'7 years 2 months 12 days	'
Stock options	'	'	'	'
Total fair value of options vested	'	$0	$1.20	$1.20

EQUITYBASED_COMPENSATION_Detai2

EQUITY-BASED COMPENSATION (Details 3) (Restricted Stock Awards, USD $)	0 Months Ended		11 Months Ended	12 Months Ended
	Mar. 02, 2013	Apr. 25, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012
Time-based awards vesting period, one	'	'	'	'	'
Time-based restricted stock awards	'	'	'	'	'
Vesting percentage	25.00%	25.00%	'	'	'
Time-based awards vesting period, two	'	'	'	'	'
Time-based restricted stock awards	'	'	'	'	'
Vesting percentage	25.00%	25.00%	'	'	'
Time-based awards vesting period, three	'	'	'	'	'
Time-based restricted stock awards	'	'	'	'	'
Vesting percentage	50.00%	50.00%	'	'	'
Time-Based	'	'	'	'	'
Time-based restricted stock awards	'	'	'	'	'
Vesting period	'3 years	'3 years	'	'	'
Number of Shares	'	'	'	'	'
Non-vested at the beginning of period (in shares)	'	'	'	82,603	'
Granted (in shares)	106,518	110,137	'	106,518	110,137
Vested (in shares)	'	'	'	-27,534	-27,534
Non-vested at the end of period (in shares)	'	'	'	161,587	82,603
Weighted Average Grant Date Fair Value	'	'	'	'	'
Non-vested at the beginning of period (in dollars per share)	'	'	'	$7.78	'
Granted (in dollars per share)	'	'	'	$9.78	$7.78
Vested (in dollars per share)	'	'	'	$7.78	$7.78
Non-vested at the end of period (in dollars per share)	'	'	'	$9.10	$7.78
Aggregate Current Value	'	'	'	'	'
Non-vested at the end of period	'	'	'	$1,454,000	'
Total fair value of awards vested	'	'	$0	$200,000	$200,000

EQUITYBASED_COMPENSATION_Detai3

EQUITY-BASED COMPENSATION (Details 4) (Restricted Stock Awards, Performance-Based, USD $)	0 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 02, 2013	Apr. 25, 2012	Dec. 31, 2013	Dec. 31, 2012
			item	item
Performance-based restricted stock awards	'	'	'	'
Vesting period	'3 years	'3 years	'	'
Assumptions used to compute the fair value of options granted was estimated using the Black-Scholes valuation model	'	'	'	'
Expected dividend yield (as a percent)	'	'	4.52%	5.58%
Expected stock price volatility (as a percent)	'	'	38.50%	44.70%
Risk-free interest rate, minimum (as a percent)	'	'	0.15%	0.15%
Risk-free interest rate, maximum (as a percent)	'	'	0.51%	0.43%
Monte Carlo iterations	'	'	100,000	100,000
Weighted average estimated fair value of options at grant date per share (in dollars per share)	'	'	$7.09	$5.10
Number of Shares	'	'	'	'
Non-vested at the beginning of period (in shares)	'	'	82,602	'
Granted (in shares)	185,572	82,602	185,572	82,602
Non-vested at the end of period (in shares)	'	'	268,174	82,602
Weighted Average Grant Date Fair Value	'	'	'	'
Non-vested at the beginning of period (in dollars per share)	'	'	$7.78	'
Granted (in dollars per share)	'	'	$7.09	$7.78
Non-vested at the end of period (in dollars per share)	'	'	$7.30	$7.78
Aggregate Current Value	'	'	'	'
Non-vested at the end of period	'	'	$2,414	'
Performance Period, one	'	'	'	'
Performance-based restricted stock awards	'	'	'	'
Designated performance period to measure performance based on which share based awards vests	'	'	'1 year	'
Performance Period, two	'	'	'	'
Performance-based restricted stock awards	'	'	'	'
Designated performance period to measure performance based on which share based awards vests	'	'	'2 years	'
Performance Period, three	'	'	'	'
Performance-based restricted stock awards	'	'	'	'
Designated performance period to measure performance based on which share based awards vests	'	'	'3 years	'

EQUITYBASED_COMPENSATION_Detai4

EQUITY-BASED COMPENSATION (Details 5) (USD $)	11 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012
Equity-based compensation expense	'	'	'
Share based compensation	$480,000	$2,124,000	$1,205,000
Unrecognized compensation expense	'	'	'
Unrecognized compensation costs related to non-vested awards	'	3,400,000	'
Share based compensation non-vested awards period of recognition	'	'1 year 6 months	'
Corporate general and administrative salaries and other compensation	'	'	'
Equity-based compensation expense	'	'	'
Share based compensation	441,000	1,781,000	1,085,000
Corporate general and administrative salaries and other compensation | Stock options	'	'	'
Equity-based compensation expense	'	'	'
Share based compensation	441,000	622,000	700,000
Corporate general and administrative salaries and other compensation | Restricted Stock Awards | Time-Based	'	'	'
Equity-based compensation expense	'	'	'
Share based compensation	'	611,000	214,000
Corporate general and administrative salaries and other compensation | Restricted Stock Awards | Performance-Based	'	'	'
Equity-based compensation expense	'	'	'
Share based compensation	'	548,000	171,000
Corporate general and administrative other | Stock awards | Non-employee director	'	'	'
Equity-based compensation expense	'	'	'
Share based compensation	$39,000	$343,000	$120,000
Common Stock | Non-employee director	'	'	'
Equity-based compensation expense	'	'	'
Stock issued to officers and directors (in shares)	4,000	29,228	15,288
Shares issued in lieu of cash for director fees	'	6,488	'

LOSS_ON_IMPAIRMENT_OF_ASSETS_D

LOSS ON IMPAIRMENT OF ASSETS (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Hotel properties	'	'
Assets held for sale	'	'
Discontinued operations, loss on impairment of assets	$7,675,000	$2,305,000
Land parcels	'	'
Assets held for sale	'	'
Loss on impairment of assets related to land parcels	$1,400,000	$700,000

DERIVITIVE_FINANCIAL_INSTRUMEN2

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Details) (USD $)

12 Months Ended

0 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Oct. 30, 2013

Oct. 10, 2013

Jan. 02, 2014

Dec. 31, 2013

Dec. 27, 2013

Oct. 10, 2013

Dec. 31, 2013

Oct. 30, 2013

Oct. 31, 2013

Sep. 05, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Sep. 05, 2013

instrument

Term mortgage loan

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Senior Unsecured Credit Facility

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Designated as a cash flow hedge

Designated as a cash flow hedge

Designated as a cash flow hedge

Designated as a cash flow hedge

Designated as a cash flow hedge

$75 Million Term Loan

$75 Million Term Loan

$75 Million Term Loan

$75 Million Term Loan

Term mortgage loan

Term mortgage loan

Senior Unsecured Credit Facility

instrument

instrument

Interest rate swaps

Interest rate swaps

Interest rate swaps

Maximum

$75 Million Term Loan

instrument

instrument

Senior Unsecured Credit Facility

LIBOR

$75 Million Term Loan

Derivative financial instruments and hedging

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum length of time over which instruments are hedged

'6 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'

'

'

Fixed rate with derivative (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

2.04%

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

$300,000,000

$75,000,000

$75,000,000

$75,000,000

$75,000,000

'

'

'

'

'

'

'

'

'

Variable interest rate (as a percent)

'

'

'

'

'

'

'

4.15%

'

'

'

'

'

'

'

'

'

'

Effective interest Rate (as a percent)

'

'

'

4.10%

'

3.94%

'

'

'

'

'

'

'

'

'

'

'

'

Termination costs

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

Number of Instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

Liability

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

4

'

Total

'

'

0

'

'

'

'

'

'

'

'

'

'

4

4

'

'

'

Notional Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

29,273,000

'

'

Liability

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75,000,000

41,095,000

'

Total

'

'

'

'

'

'

'

'

'

'

10,300,000

'

'

104,273,000

41,095,000

'

'

75,000,000

Fair Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets

253,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

253,000

'

'

Liability

-1,772,000

-641,000

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,772,000

-641,000

'

Net liability

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,519,000

-641,000

'

'

'

Aggregate derivative contract termination value

'

'

'

'

'

'

'

'

'

$1,700,000

'

'

'

'

'

'

'

'

DERIVITIVE_FINANCIAL_INSTRUMEN3

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Details 2) (USD $)	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
	instrument	Interest rate swaps	Cash flow hedges	Cash flow hedges	Cash flow hedges	Cash flow hedges
			Interest rate swaps	Interest rate swaps	Interest rate swaps	Interest rate swaps
					Interest expense	Interest expense
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	'	'	'	'	'	'
Number of derivative financial instruments held	0	'	'	'	'	'
Derivative instruments, gain (loss) recognized	'	'	'	'	'	'
Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	'	'	($1,240,000)	($786,000)	'	'
Gain (loss) reclassified from accumulated other comprehensive income (effective portion)	'	'	'	'	-359,000	-147,000
Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion)	'	'	2,000	-2,000	'	'
Estimated reclassification from other comprehensive income as an increase to interest expense in 2014	'	$1,700,000	'	'	'	'

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
INCOME TAXES	'	'
Deferred tax asset	$5.80	$4
Income taxes	'	'
Valuation allowance related to NOL carry forwards	5	'
Deferred tax liability	0.7	'
TRSs	'	'
Income taxes	'	'
Federal and state NOL carryforwards	$15.20	$12

INCOME_TAXES_Details_2

INCOME TAXES (Details 2) (USD $)	11 Months Ended	12 Months Ended			1 Months Ended
	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Feb. 13, 2011	Dec. 31, 2013	Dec. 31, 2012
				TRSs	Summit Hotel Properties, LLC	State and local	State and local
						Accrued expenses	Accrued expenses
						Operating partnership	Operating partnership
INCOME TAXES	'	'	'	'	'	'	'
Unrecognized tax benefits	'	$0	'	'	'	'	'
Income taxes	'	'	'	'	'	'	'
Current tax liabilities	'	'	'	'	'	300,000	200,000
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs	'	'	'	'	'	'	'
Tax benefit at U.S. statutory rates on TRSs income subject to tax	'	'	'	-809,000	'	'	'
State income tax, net of federal income tax benefit	'	'	'	-120,000	'	'	'
Effect of permanent differences and other	'	'	'	-152,000	'	'	'
Increase in valuation allowance	'	'	'	5,029,000	'	'	'
Provision for income tax expense/(benefit)	-2,259,000	4,894,000	-728,000	3,948,000	550,000	'	'
Current:	'	'	'	'	'	'	'
State and local	-129,000	408,000	512,000	'	339,000	'	'
Deferred:	'	'	'	'	'	'	'
Federal (34%)	-1,867,000	3,352,000	-1,531,000	'	'	'	'
State and local	-329,000	597,000	-270,000	'	'	'	'
Total provision	-2,325,000	4,357,000	-1,289,000	'	339,000	'	'
Federal tax rate (as a percent)	34.00%	34.00%	34.00%	'	34.00%	'	'
Income tax expense (benefit)	'	'	'	'	'	'	'
From continuing operations	-2,259,000	4,894,000	-728,000	3,948,000	550,000	'	'
From discontinued operations	-66,000	-537,000	-561,000	'	-211,000	'	'
Total provision	($2,325,000)	$4,357,000	($1,289,000)	'	$339,000	'	'

FAIR_VALUE_Details

FAIR VALUE (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'	'
Assets held for sale	$12,224	$4,836
Derivative asset	253	'
Liabilities:	'	'
Derivative liability	1,772	641
Fixed-rate debt	358,590	229,587
Asset transfers between Level 2 to Level 1	0	0
Asset transfers between Level 1 to Level 2	0	0
Liability transfers between Level 1 to Level 2	0	0
Liability transfers between Level 2 to Level 1	0	0
Recurring basis | Level 2	'	'
Assets:	'	'
Assets held for sale	12,224	4,836
Liabilities:	'	'
Fixed-rate debt	319,429	193,448
Recurring basis | Level 2 | Interest rate swaps	'	'
Assets:	'	'
Derivative asset	253	'
Liabilities:	'	'
Derivative liability	1,772	641
Recurring basis | Total fair value	'	'
Assets:	'	'
Assets held for sale	12,224	4,836
Liabilities:	'	'
Fixed-rate debt	319,429	193,448
Recurring basis | Total fair value | Interest rate swaps	'	'
Assets:	'	'
Derivative asset	253	'
Liabilities:	'	'
Derivative liability	$1,772	$641

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)

3 Months Ended

11 Months Ended

12 Months Ended

1 Months Ended

11 Months Ended

12 Months Ended

1 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Feb. 13, 2011

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Feb. 13, 2011

Summit Hotel Properties, LLC

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Summit Hotel Properties, LLC

Discontinued operations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

REVENUE

'

'

'

'

'

'

'

'

'

'

'

'

$30,265

$19,458

$33,193

$3,755

Hotel operating expenses

'

'

'

'

'

'

'

'

'

'

'

'

22,762

14,859

24,701

3,070

Depreciation and amortization

'

'

'

'

'

'

'

'

'

'

'

'

4,732

1,960

4,226

778

Loss on impairment of assets

'

'

'

'

'

'

'

'

'

'

'

'

'

7,675

2,305

'

Income (loss) from hotel operations

'

'

'

'

'

'

'

'

'

'

'

'

2,771

-5,036

1,961

-93

Interest expense

'

'

'

'

'

'

'

'

'

'

'

'

3,182

174

855

1,226

(Gain) loss on disposal of assets

'

'

'

'

'

'

'

'

'

'

'

'

'

-3,945

-3,010

'

Income (loss) before taxes

'

'

'

'

'

'

'

'

'

'

'

'

-411

-1,265

4,116

-1,319

Income tax (expense) benefit

'

'

'

'

'

'

'

'

66

537

561

211

66

537

561

211

Income (loss) from discontinued operations

1,780

-3,410

545

357

3,603

2,052

583

-1,561

-345

-728

4,677

-1,108

-345

-728

4,677

-1,108

Income (loss) from discontinued operations attributable to noncontrolling interest

'

'

'

'

'

'

'

'

'

'

'

'

-93

-25

807

'

Income (loss) from discontinued operations attributable to common shareholders/members

'

'

'

'

'

'

'

'

($252)

($703)

$3,870

'

($252)

($703)

$3,870

'

EARNINGS_LOSS_PER_SHARE_Detail

EARNINGS (LOSS) PER SHARE (Details) (Stock options)	11 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012
Stock options	'	'	'
Anti-dilutive options excluded from computation of diluted earnings per share	'	'	'
Anti-dilutive options excluded from computation of diluted earnings per share (in shares)	940,000	893,000	893,000

EARNINGS_LOSS_PER_SHARE_Detail1

EARNINGS (LOSS) PER SHARE (Details 2) (USD $)	3 Months Ended								11 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012
Numerator:	'	'	'	'	'	'	'	'	'	'	'
Income (loss) from continuing operations	($3,855)	$2,837	$6,126	$1,517	($4,352)	($411)	($939)	($1,245)	($3,832)	$6,625	($6,947)
Less: Preferred dividends	'	'	'	'	'	'	'	'	411	14,590	4,625
Allocation to participating securities	'	'	'	'	'	'	'	'	'	73	37
Attributable to noncontrolling interest	'	'	'	'	'	'	'	'	-1,147	44	-2,001
Income (loss) attributable to common shareholders from continuing operations	'	'	'	'	'	'	'	'	-3,096	-8,082	-9,608
Income (loss) attributable to common shareholders from discontinued operations	'	'	'	'	'	'	'	'	-252	-703	3,870
Net income (loss) attributable to common shareholders	'	'	'	'	'	'	'	'	($3,348)	($8,785)	($5,738)
Denominator:	'	'	'	'	'	'	'	'	'	'	'
Weighted average common shares outstanding - basic	'	'	'	'	'	'	'	'	27,278	70,327	33,717
Dilutive effect of equity-based compensation awards (in shares)	'	'	'	'	'	'	'	'	'	410	132
Weighted average common shares outstanding - diluted	'	'	'	'	'	'	'	'	27,278	70,737	33,849
Earnings per common share - basic and diluted:	'	'	'	'	'	'	'	'	'	'	'
Net income (loss) from continuing operations (in dollars per share)	($0.09)	($0.02)	$0.03	($0.03)	($0.11)	($0.04)	($0.06)	($0.07)	($0.11)	($0.11)	($0.28)
Net income (loss) from discontinued operations (in dollars per share)	$0.02	($0.05)	$0.01	$0.01	$0.07	$0.06	$0.02	($0.04)	($0.01)	($0.01)	$0.11
Basic and diluted net income (loss) per share (in dollars per share)	($0.07)	($0.07)	$0.04	($0.02)	($0.04)	$0.02	($0.04)	($0.11)	($0.12)	($0.12)	($0.17)

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

Dec. 31, 2013

Oct. 28, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 11, 2012

Dec. 31, 2013

Dec. 31, 2012

Mar. 20, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jan. 09, 2014

Jan. 10, 2014

Jan. 24, 2014

Mar. 14, 2014

Jan. 09, 2014

Jan. 10, 2014

Jan. 17, 2014

Mar. 14, 2014

Jan. 30, 2014

Jan. 30, 2014

Jan. 30, 2014

Jan. 30, 2014

Jan. 10, 2014

Jan. 02, 2014

Jan. 31, 2014

2013 acquisitions

Series A Cumulative Redeemable Preferred Stock

Series A Cumulative Redeemable Preferred Stock

Series A Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

SUMMIT HOTEL OP, LP

SUMMIT HOTEL OP, LP

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Noncontrolling interest

Noncontrolling interest

Hilton Garden Inn

Hampton Inn

Four Points by Sheraton

DoubleTree by Hilton

Mortgage loan due November 1, 2016

Mortgage loan due November 11, 2021

Mortgage loan due March 8, 2016

Mortgage loan due March 8, 2016

Series A Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Common stock

SUMMIT HOTEL OP, LP

SUMMIT HOTEL OP, LP

SUMMIT HOTEL OP, LP

Common units

Common units

Houston, TX

Santa Barbara (Goleta), CA

San Francisco, CA

San Francisco, CA

Hilton Garden Inn

Hampton Inn

AmericInn Hotel & Suites and the Aspen Hotel & Suites

DoubleTree by Hilton

Hampton Inn

Noncontrolling interest

Noncontrolling interest

Houston, TX

Santa Barbara (Goleta), CA

Fort Smith, AR

San Francisco, CA

Santa Barbara (Goleta), CA

Common units

Common units

Common units

Subsequent events

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common units redeemed

'

'

'

'

'

'

'

'

'

'

4,414,950

4,873,625

'

'

'

'

'

'

'

'

'

'

'

'

'

126,155

'

Common units tendered

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,570

Cash dividends declared, common stock (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.11

'

'

'

Cash dividends declared, preferred stock (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.58

$0.49

$0.45

'

'

'

'

Preferred stock, dividend rate (as a percent)

'

9.25%

9.25%

9.25%

7.88%

7.88%

7.88%

7.13%

7.13%

7.13%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase Price

$475,615,000

'

'

'

'

'

'

'

'

'

'

'

$37,500,000

$27,900,000

$21,300,000

$39,100,000

'

'

'

'

'

'

'

'

'

'

'

Debt assumed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

17,900,000

12,000,000

'

13,300,000

'

'

'

'

'

'

'

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.22%

6.13%

'

5.98%

'

'

'

'

'

'

'

Amortization period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

'25 years

'

'30 years

'

'

'

'

'

'

'

Issuance of common units (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

412,174

'

'

Issuance price of common units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,700,000

'

'

Cash consideration

'

'

'

'

'

'

'

'

'

'

'

'

'

12,200,000

'

29,000,000

'

'

'

'

'

'

'

'

'

'

'

Sale of property previously classified as held for sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$3,100,000

'

'

'

'

'

'

'

'

SELECTED_QUARTERLY_FINANCIAL_D2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $)	3 Months Ended								11 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	'	'	'	'	'	'	'	'	'	'	'	'
Total revenues	$77,956	$82,174	$79,105	$59,723	$45,109	$43,069	$39,580	$33,942	$106,388	$298,958	$161,700	'
Net income (loss) from continuing operations	-3,855	2,837	6,126	1,517	-4,352	-411	-939	-1,245	-3,832	6,625	-6,947	'
Net income (loss) from discontinued operations	1,780	-3,410	545	357	3,603	2,052	583	-1,561	-345	-728	4,677	'
Net income (loss)	-2,075	-573	6,671	1,874	-749	1,641	-356	-2,806	-4,177	5,897	-2,270	-10,384
Net income (loss) attributable to Summit Hotel Properties, Inc.	($1,859)	($662)	$6,459	$1,940	($821)	$1,562	($81)	($1,736)	($2,937)	$5,878	($1,076)	'
Earnings per share - basic and diluted:	'	'	'	'	'	'	'	'	'	'	'	'
Net income (loss) from continuing operations (in dollars per share)	($0.09)	($0.02)	$0.03	($0.03)	($0.11)	($0.04)	($0.06)	($0.07)	($0.11)	($0.11)	($0.28)	'
Net income (loss) from discontinued operations (in dollars per share)	$0.02	($0.05)	$0.01	$0.01	$0.07	$0.06	$0.02	($0.04)	($0.01)	($0.01)	$0.11	'
Basic and diluted net income (loss) per share (in dollars per share)	($0.07)	($0.07)	$0.04	($0.02)	($0.04)	$0.02	($0.04)	($0.11)	($0.12)	($0.12)	($0.17)	'

Schedule_III_Real_Estate_and_A1

Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified
Initial Cost	'	'	'	'
Land	$169,762	'	'	'
Building & Improvements	1,058,920	'	'	'
Cost Capitalized Subsequent to Acquisition	120,406	'	'	'
Total Cost	'	'	'	'
Land	169,762	'	'	'
Building & Improvements	1,179,326	'	'	'
Total	1,349,088	901,207	645,339	570,807
Accumulated Depreciation	-173,149	-146,207	-126,168	-104,797
Total Cost Net of Accumulated Depreciation	1,175,939	'	'	'
Debt	150,876	'	'	'
Land Parcels	'	'	'	'
Initial Cost	'	'	'	'
Land	14,708	'	'	'
Total Cost	'	'	'	'
Land	14,708	'	'	'
Total	14,708	'	'	'
Total Cost Net of Accumulated Depreciation	14,708	'	'	'
Arlington, TX | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	650	'	'	'
Building & Improvements	8,405	'	'	'
Cost Capitalized Subsequent to Acquisition	379	'	'	'
Total Cost	'	'	'	'
Land	650	'	'	'
Building & Improvements	8,784	'	'	'
Total	9,434	'	'	'
Accumulated Depreciation	-835	'	'	'
Total Cost Net of Accumulated Depreciation	8,599	'	'	'
Arlington, TX | Courtyard by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,497	'	'	'
Building & Improvements	13,503	'	'	'
Cost Capitalized Subsequent to Acquisition	25	'	'	'
Total Cost	'	'	'	'
Land	1,497	'	'	'
Building & Improvements	13,528	'	'	'
Total	15,025	'	'	'
Accumulated Depreciation	-736	'	'	'
Total Cost Net of Accumulated Depreciation	14,289	'	'	'
Arlington, TX | Residence Inn by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,646	'	'	'
Building & Improvements	13,854	'	'	'
Cost Capitalized Subsequent to Acquisition	30	'	'	'
Total Cost	'	'	'	'
Land	1,646	'	'	'
Building & Improvements	13,884	'	'	'
Total	15,530	'	'	'
Accumulated Depreciation	-799	'	'	'
Total Cost Net of Accumulated Depreciation	14,731	'	'	'
Atlanta, GA | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	1,154	'	'	'
Building & Improvements	9,605	'	'	'
Cost Capitalized Subsequent to Acquisition	4,335	'	'	'
Total Cost	'	'	'	'
Land	1,154	'	'	'
Building & Improvements	13,940	'	'	'
Total	15,094	'	'	'
Accumulated Depreciation	-4,494	'	'	'
Total Cost Net of Accumulated Depreciation	10,600	'	'	'
Debt	7,348	'	'	'
Atlanta, GA | Courtyard by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	2,050	'	'	'
Building & Improvements	26,850	'	'	'
Cost Capitalized Subsequent to Acquisition	479	'	'	'
Total Cost	'	'	'	'
Land	2,050	'	'	'
Building & Improvements	27,329	'	'	'
Total	29,379	'	'	'
Accumulated Depreciation	-1,912	'	'	'
Total Cost Net of Accumulated Depreciation	27,467	'	'	'
Baltimore, MD | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	2,100	'	'	'
Building & Improvements	8,135	'	'	'
Cost Capitalized Subsequent to Acquisition	976	'	'	'
Total Cost	'	'	'	'
Land	2,100	'	'	'
Building & Improvements	9,111	'	'	'
Total	11,211	'	'	'
Accumulated Depreciation	-667	'	'	'
Total Cost Net of Accumulated Depreciation	10,544	'	'	'
Baton Rouge, LA | DoubleTree	'	'	'	'
Initial Cost	'	'	'	'
Land	1,100	'	'	'
Building & Improvements	14,063	'	'	'
Cost Capitalized Subsequent to Acquisition	1,012	'	'	'
Total Cost	'	'	'	'
Land	1,100	'	'	'
Building & Improvements	15,075	'	'	'
Total	16,175	'	'	'
Accumulated Depreciation	-4,627	'	'	'
Total Cost Net of Accumulated Depreciation	11,548	'	'	'
Debt	10,108	'	'	'
Baton Rouge, LA | Fairfield Inn and Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	345	'	'	'
Building & Improvements	3,057	'	'	'
Cost Capitalized Subsequent to Acquisition	2,761	'	'	'
Total Cost	'	'	'	'
Land	345	'	'	'
Building & Improvements	5,818	'	'	'
Total	6,163	'	'	'
Accumulated Depreciation	-1,870	'	'	'
Total Cost Net of Accumulated Depreciation	4,293	'	'	'
Baton Rouge, LA | SpringHill Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	448	'	'	'
Building & Improvements	3,729	'	'	'
Cost Capitalized Subsequent to Acquisition	2,828	'	'	'
Total Cost	'	'	'	'
Land	448	'	'	'
Building & Improvements	6,557	'	'	'
Total	7,005	'	'	'
Accumulated Depreciation	-2,161	'	'	'
Total Cost Net of Accumulated Depreciation	4,844	'	'	'
Baton Rouge, LA | TownePlace Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	259	'	'	'
Building & Improvements	3,743	'	'	'
Cost Capitalized Subsequent to Acquisition	2,846	'	'	'
Total Cost	'	'	'	'
Land	259	'	'	'
Building & Improvements	6,589	'	'	'
Total	6,848	'	'	'
Accumulated Depreciation	-2,280	'	'	'
Total Cost Net of Accumulated Depreciation	4,568	'	'	'
Bellevue, WA | Fairfield Inn and Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	2,705	'	'	'
Building & Improvements	12,944	'	'	'
Cost Capitalized Subsequent to Acquisition	3,299	'	'	'
Total Cost	'	'	'	'
Land	2,705	'	'	'
Building & Improvements	16,243	'	'	'
Total	18,948	'	'	'
Accumulated Depreciation	-4,889	'	'	'
Total Cost Net of Accumulated Depreciation	14,059	'	'	'
Birmingham (Liberty Park), AL | Hilton Garden Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	1,400	'	'	'
Building & Improvements	10,100	'	'	'
Cost Capitalized Subsequent to Acquisition	217	'	'	'
Total Cost	'	'	'	'
Land	1,400	'	'	'
Building & Improvements	10,317	'	'	'
Total	11,717	'	'	'
Accumulated Depreciation	-916	'	'	'
Total Cost Net of Accumulated Depreciation	10,801	'	'	'
Debt	6,290	'	'	'
Birmingham (Lakeshore), AL | Hilton Garden Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	1,400	'	'	'
Building & Improvements	7,225	'	'	'
Cost Capitalized Subsequent to Acquisition	1,672	'	'	'
Total Cost	'	'	'	'
Land	1,400	'	'	'
Building & Improvements	8,897	'	'	'
Total	10,297	'	'	'
Accumulated Depreciation	-1,051	'	'	'
Total Cost Net of Accumulated Depreciation	9,246	'	'	'
Debt	5,371	'	'	'
Bloomington, MN | SpringHill Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,658	'	'	'
Building & Improvements	14,071	'	'	'
Cost Capitalized Subsequent to Acquisition	997	'	'	'
Total Cost	'	'	'	'
Land	1,658	'	'	'
Building & Improvements	15,068	'	'	'
Total	16,726	'	'	'
Accumulated Depreciation	-4,301	'	'	'
Total Cost Net of Accumulated Depreciation	12,425	'	'	'
Debt	2,114	'	'	'
Bloomington, MN | Hampton Inn and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	1,658	'	'	'
Building & Improvements	14,596	'	'	'
Cost Capitalized Subsequent to Acquisition	2,054	'	'	'
Total Cost	'	'	'	'
Land	1,658	'	'	'
Building & Improvements	16,650	'	'	'
Total	18,308	'	'	'
Accumulated Depreciation	-4,287	'	'	'
Total Cost Net of Accumulated Depreciation	14,021	'	'	'
Debt	11,976	'	'	'
Charleston, WV | Country Inn & Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	1,042	'	'	'
Building & Improvements	3,489	'	'	'
Cost Capitalized Subsequent to Acquisition	2,080	'	'	'
Total Cost	'	'	'	'
Land	1,042	'	'	'
Building & Improvements	5,569	'	'	'
Total	6,611	'	'	'
Accumulated Depreciation	-1,672	'	'	'
Total Cost Net of Accumulated Depreciation	4,939	'	'	'
Charleston, WV | Holiday Inn Express	'	'	'	'
Initial Cost	'	'	'	'
Land	907	'	'	'
Building & Improvements	2,903	'	'	'
Cost Capitalized Subsequent to Acquisition	2,248	'	'	'
Total Cost	'	'	'	'
Land	907	'	'	'
Building & Improvements	5,151	'	'	'
Total	6,058	'	'	'
Accumulated Depreciation	-1,527	'	'	'
Total Cost Net of Accumulated Depreciation	4,531	'	'	'
Denver, CO | Fairfield Inn and Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,566	'	'	'
Building & Improvements	6,783	'	'	'
Cost Capitalized Subsequent to Acquisition	3,534	'	'	'
Total Cost	'	'	'	'
Land	1,566	'	'	'
Building & Improvements	10,317	'	'	'
Total	11,883	'	'	'
Accumulated Depreciation	-3,096	'	'	'
Total Cost Net of Accumulated Depreciation	8,787	'	'	'
Denver, CO | SpringHill Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,076	'	'	'
Building & Improvements	11,079	'	'	'
Cost Capitalized Subsequent to Acquisition	114	'	'	'
Total Cost	'	'	'	'
Land	1,076	'	'	'
Building & Improvements	11,193	'	'	'
Total	12,269	'	'	'
Accumulated Depreciation	-3,402	'	'	'
Total Cost Net of Accumulated Depreciation	8,867	'	'	'
Debt	7,612	'	'	'
Denver (Englewood), CO | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	2,000	'	'	'
Building & Improvements	9,515	'	'	'
Cost Capitalized Subsequent to Acquisition	453	'	'	'
Total Cost	'	'	'	'
Land	2,000	'	'	'
Building & Improvements	9,968	'	'	'
Total	11,968	'	'	'
Accumulated Depreciation	-870	'	'	'
Total Cost Net of Accumulated Depreciation	11,098	'	'	'
Denver (Englewood), CO | Hyatt House	'	'	'	'
Initial Cost	'	'	'	'
Land	2,700	'	'	'
Building & Improvements	10,780	'	'	'
Cost Capitalized Subsequent to Acquisition	2,544	'	'	'
Total Cost	'	'	'	'
Land	2,700	'	'	'
Building & Improvements	13,324	'	'	'
Total	16,024	'	'	'
Accumulated Depreciation	-1,070	'	'	'
Total Cost Net of Accumulated Depreciation	14,954	'	'	'
Denver (Lone Tree), CO | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	1,300	'	'	'
Building & Improvements	9,230	'	'	'
Cost Capitalized Subsequent to Acquisition	479	'	'	'
Total Cost	'	'	'	'
Land	1,300	'	'	'
Building & Improvements	9,713	'	'	'
Total	11,013	'	'	'
Accumulated Depreciation	-853	'	'	'
Total Cost Net of Accumulated Depreciation	10,160	'	'	'
Duluth, GA | Hilton Garden Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	2,200	'	'	'
Building & Improvements	11,150	'	'	'
Cost Capitalized Subsequent to Acquisition	1,282	'	'	'
Total Cost	'	'	'	'
Land	2,200	'	'	'
Building & Improvements	12,432	'	'	'
Total	14,632	'	'	'
Accumulated Depreciation	-1,415	'	'	'
Total Cost Net of Accumulated Depreciation	13,217	'	'	'
Duluth, GA | Holiday Inn	'	'	'	'
Initial Cost	'	'	'	'
Building & Improvements	7,000	'	'	'
Cost Capitalized Subsequent to Acquisition	217	'	'	'
Total Cost	'	'	'	'
Building & Improvements	7,217	'	'	'
Total	7,217	'	'	'
Accumulated Depreciation	-872	'	'	'
Total Cost Net of Accumulated Depreciation	6,345	'	'	'
Eden Prairie, MN | Hilton Garden Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	1,800	'	'	'
Building & Improvements	8,400	'	'	'
Cost Capitalized Subsequent to Acquisition	1,144	'	'	'
Total Cost	'	'	'	'
Land	1,800	'	'	'
Building & Improvements	9,544	'	'	'
Total	11,344	'	'	'
Accumulated Depreciation	-238	'	'	'
Total Cost Net of Accumulated Depreciation	11,106	'	'	'
Debt	6,261	'	'	'
El Paso, TX | Courtyard by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,640	'	'	'
Building & Improvements	10,710	'	'	'
Cost Capitalized Subsequent to Acquisition	840	'	'	'
Total Cost	'	'	'	'
Land	1,640	'	'	'
Building & Improvements	11,550	'	'	'
Total	13,190	'	'	'
Accumulated Depreciation	-1,159	'	'	'
Total Cost Net of Accumulated Depreciation	12,031	'	'	'
El Paso, TX | Hampton Inn and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	2,055	'	'	'
Building & Improvements	10,745	'	'	'
Cost Capitalized Subsequent to Acquisition	3,600	'	'	'
Total Cost	'	'	'	'
Land	2,055	'	'	'
Building & Improvements	14,345	'	'	'
Total	16,400	'	'	'
Accumulated Depreciation	-4,247	'	'	'
Total Cost Net of Accumulated Depreciation	12,153	'	'	'
Flagstaff, AZ | Courtyard by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	2,361	'	'	'
Building & Improvements	20,785	'	'	'
Cost Capitalized Subsequent to Acquisition	93	'	'	'
Total Cost	'	'	'	'
Land	2,361	'	'	'
Building & Improvements	20,878	'	'	'
Total	23,239	'	'	'
Accumulated Depreciation	-4,615	'	'	'
Total Cost Net of Accumulated Depreciation	18,624	'	'	'
Debt	13,325	'	'	'
Flagstaff, AZ | SpringHill Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,398	'	'	'
Building & Improvements	9,352	'	'	'
Cost Capitalized Subsequent to Acquisition	4,981	'	'	'
Total Cost	'	'	'	'
Land	1,398	'	'	'
Building & Improvements	14,333	'	'	'
Total	15,731	'	'	'
Accumulated Depreciation	-4,458	'	'	'
Total Cost Net of Accumulated Depreciation	11,273	'	'	'
Ft. Collins, CO | Hilton Garden Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	1,300	'	'	'
Building & Improvements	11,804	'	'	'
Cost Capitalized Subsequent to Acquisition	496	'	'	'
Total Cost	'	'	'	'
Land	1,300	'	'	'
Building & Improvements	12,300	'	'	'
Total	13,600	'	'	'
Accumulated Depreciation	-4,446	'	'	'
Total Cost Net of Accumulated Depreciation	9,154	'	'	'
Ft. Collins, CO | Hampton Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	738	'	'	'
Building & Improvements	4,363	'	'	'
Cost Capitalized Subsequent to Acquisition	2,009	'	'	'
Total Cost	'	'	'	'
Land	738	'	'	'
Building & Improvements	6,372	'	'	'
Total	7,110	'	'	'
Accumulated Depreciation	-1,913	'	'	'
Total Cost Net of Accumulated Depreciation	5,197	'	'	'
Ft. Myers, FL | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	1,878	'	'	'
Building & Improvements	16,583	'	'	'
Cost Capitalized Subsequent to Acquisition	43	'	'	'
Total Cost	'	'	'	'
Land	1,878	'	'	'
Building & Improvements	16,626	'	'	'
Total	18,504	'	'	'
Accumulated Depreciation	-4,835	'	'	'
Total Cost Net of Accumulated Depreciation	13,669	'	'	'
Ft. Smith, AR | Hampton Inn	'	'	'	'
Initial Cost	'	'	'	'
Building & Improvements	12,401	'	'	'
Cost Capitalized Subsequent to Acquisition	730	'	'	'
Total Cost	'	'	'	'
Building & Improvements	13,131	'	'	'
Total	13,131	'	'	'
Accumulated Depreciation	-4,370	'	'	'
Total Cost Net of Accumulated Depreciation	8,761	'	'	'
Ft. Smith, AR | AmericInn Hotel and Suites	'	'	'	'
Initial Cost	'	'	'	'
Building & Improvements	3,718	'	'	'
Cost Capitalized Subsequent to Acquisition	-979	'	'	'
Total Cost	'	'	'	'
Building & Improvements	2,739	'	'	'
Total	2,739	'	'	'
Accumulated Depreciation	-1,536	'	'	'
Total Cost Net of Accumulated Depreciation	1,203	'	'	'
Ft. Smith, AR | Aspen Hotel and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	223	'	'	'
Building & Improvements	3,189	'	'	'
Cost Capitalized Subsequent to Acquisition	-322	'	'	'
Total Cost	'	'	'	'
Land	223	'	'	'
Building & Improvements	2,867	'	'	'
Total	3,090	'	'	'
Accumulated Depreciation	-1,790	'	'	'
Total Cost Net of Accumulated Depreciation	1,300	'	'	'
Ft. Wayne, IN | Residence Inn by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	914	'	'	'
Building & Improvements	6,736	'	'	'
Cost Capitalized Subsequent to Acquisition	1,923	'	'	'
Total Cost	'	'	'	'
Land	914	'	'	'
Building & Improvements	8,659	'	'	'
Total	9,573	'	'	'
Accumulated Depreciation	-2,394	'	'	'
Total Cost Net of Accumulated Depreciation	7,179	'	'	'
Ft. Wayne, IN | Hampton Inn and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	786	'	'	'
Building & Improvements	6,564	'	'	'
Cost Capitalized Subsequent to Acquisition	2,011	'	'	'
Total Cost	'	'	'	'
Land	786	'	'	'
Building & Improvements	8,575	'	'	'
Total	9,361	'	'	'
Accumulated Depreciation	-2,424	'	'	'
Total Cost Net of Accumulated Depreciation	6,937	'	'	'
Ft. Worth, TX | SpringHill Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	553	'	'	'
Building & Improvements	2,698	'	'	'
Cost Capitalized Subsequent to Acquisition	3,077	'	'	'
Total Cost	'	'	'	'
Land	553	'	'	'
Building & Improvements	5,775	'	'	'
Total	6,328	'	'	'
Accumulated Depreciation	-1,539	'	'	'
Total Cost Net of Accumulated Depreciation	4,789	'	'	'
Ft. Worth, TX | Hilton Garden Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	974	'	'	'
Building & Improvements	6,226	'	'	'
Cost Capitalized Subsequent to Acquisition	3,092	'	'	'
Total Cost	'	'	'	'
Land	974	'	'	'
Building & Improvements	9,318	'	'	'
Total	10,292	'	'	'
Accumulated Depreciation	-595	'	'	'
Total Cost Net of Accumulated Depreciation	9,697	'	'	'
Ft. Worth, TX | Hampton Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	1,500	'	'	'
Building & Improvements	8,184	'	'	'
Cost Capitalized Subsequent to Acquisition	1,902	'	'	'
Total Cost	'	'	'	'
Land	1,500	'	'	'
Building & Improvements	10,086	'	'	'
Total	11,586	'	'	'
Accumulated Depreciation	-2,898	'	'	'
Total Cost Net of Accumulated Depreciation	8,688	'	'	'
Garden City, NY | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	4,200	'	'	'
Building & Improvements	26,800	'	'	'
Cost Capitalized Subsequent to Acquisition	31	'	'	'
Total Cost	'	'	'	'
Land	4,200	'	'	'
Building & Improvements	26,831	'	'	'
Total	31,031	'	'	'
Accumulated Depreciation	-892	'	'	'
Total Cost Net of Accumulated Depreciation	30,139	'	'	'
Germantown, TN | Courtyard by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,860	'	'	'
Building & Improvements	5,448	'	'	'
Cost Capitalized Subsequent to Acquisition	1,961	'	'	'
Total Cost	'	'	'	'
Land	1,860	'	'	'
Building & Improvements	7,409	'	'	'
Total	9,269	'	'	'
Accumulated Depreciation	-2,685	'	'	'
Total Cost Net of Accumulated Depreciation	6,584	'	'	'
Germantown, TN | Residence Inn by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,083	'	'	'
Building & Improvements	5,200	'	'	'
Cost Capitalized Subsequent to Acquisition	1,617	'	'	'
Total Cost	'	'	'	'
Land	1,083	'	'	'
Building & Improvements	6,817	'	'	'
Total	7,900	'	'	'
Accumulated Depreciation	-2,072	'	'	'
Total Cost Net of Accumulated Depreciation	5,828	'	'	'
Germantown, TN | Fairfield Inn and Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	767	'	'	'
Building & Improvements	2,700	'	'	'
Cost Capitalized Subsequent to Acquisition	2,416	'	'	'
Total Cost	'	'	'	'
Land	767	'	'	'
Building & Improvements	5,116	'	'	'
Total	5,883	'	'	'
Accumulated Depreciation	-1,259	'	'	'
Total Cost Net of Accumulated Depreciation	4,624	'	'	'
Glendale, CO | Staybridge Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	2,100	'	'	'
Building & Improvements	7,900	'	'	'
Cost Capitalized Subsequent to Acquisition	1,638	'	'	'
Total Cost	'	'	'	'
Land	2,100	'	'	'
Building & Improvements	9,538	'	'	'
Total	11,638	'	'	'
Accumulated Depreciation	-1,120	'	'	'
Total Cost Net of Accumulated Depreciation	10,518	'	'	'
Greenville, SC | Hilton Garden Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	1,200	'	'	'
Building & Improvements	14,050	'	'	'
Cost Capitalized Subsequent to Acquisition	56	'	'	'
Total Cost	'	'	'	'
Land	1,200	'	'	'
Building & Improvements	14,106	'	'	'
Total	15,306	'	'	'
Accumulated Depreciation	-364	'	'	'
Total Cost Net of Accumulated Depreciation	14,942	'	'	'
Hoffman Estates, IL | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	1,900	'	'	'
Building & Improvements	7,330	'	'	'
Cost Capitalized Subsequent to Acquisition	19	'	'	'
Total Cost	'	'	'	'
Land	1,900	'	'	'
Building & Improvements	7,349	'	'	'
Total	9,249	'	'	'
Accumulated Depreciation	-478	'	'	'
Total Cost Net of Accumulated Depreciation	8,771	'	'	'
Indianapolis, IN | Courtyard by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	7,788	'	'	'
Building & Improvements	50,846	'	'	'
Total Cost	'	'	'	'
Land	7,788	'	'	'
Building & Improvements	50,846	'	'	'
Total	58,634	'	'	'
Accumulated Depreciation	-1,096	'	'	'
Total Cost Net of Accumulated Depreciation	57,538	'	'	'
Indianapolis, IN | SpringHill Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	4,012	'	'	'
Building & Improvements	26,193	'	'	'
Total Cost	'	'	'	'
Land	4,012	'	'	'
Building & Improvements	26,193	'	'	'
Total	30,205	'	'	'
Accumulated Depreciation	-564	'	'	'
Total Cost Net of Accumulated Depreciation	29,641	'	'	'
Jackson, MS | Courtyard by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,301	'	'	'
Building & Improvements	7,322	'	'	'
Cost Capitalized Subsequent to Acquisition	2,510	'	'	'
Total Cost	'	'	'	'
Land	1,301	'	'	'
Building & Improvements	9,832	'	'	'
Total	11,133	'	'	'
Accumulated Depreciation	-3,070	'	'	'
Total Cost Net of Accumulated Depreciation	8,063	'	'	'
Jackson, MS | Staybridge Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	698	'	'	'
Building & Improvements	8,454	'	'	'
Cost Capitalized Subsequent to Acquisition	2,232	'	'	'
Total Cost	'	'	'	'
Land	698	'	'	'
Building & Improvements	10,686	'	'	'
Total	11,384	'	'	'
Accumulated Depreciation	-2,309	'	'	'
Total Cost Net of Accumulated Depreciation	9,075	'	'	'
Jacksonville, FL | Aloft	'	'	'	'
Initial Cost	'	'	'	'
Land	1,700	'	'	'
Building & Improvements	15,775	'	'	'
Cost Capitalized Subsequent to Acquisition	100	'	'	'
Total Cost	'	'	'	'
Land	1,700	'	'	'
Building & Improvements	15,875	'	'	'
Total	17,575	'	'	'
Accumulated Depreciation	-4,278	'	'	'
Total Cost Net of Accumulated Depreciation	13,297	'	'	'
Las Colinas, TX | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	781	'	'	'
Building & Improvements	5,729	'	'	'
Cost Capitalized Subsequent to Acquisition	1,867	'	'	'
Total Cost	'	'	'	'
Land	781	'	'	'
Building & Improvements	7,596	'	'	'
Total	8,377	'	'	'
Accumulated Depreciation	-3,434	'	'	'
Total Cost Net of Accumulated Depreciation	4,943	'	'	'
Las Colinas, TX | Holiday Inn Express and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	898	'	'	'
Building & Improvements	6,689	'	'	'
Cost Capitalized Subsequent to Acquisition	1,729	'	'	'
Total Cost	'	'	'	'
Land	898	'	'	'
Building & Improvements	8,418	'	'	'
Total	9,316	'	'	'
Accumulated Depreciation	-3,386	'	'	'
Total Cost Net of Accumulated Depreciation	5,930	'	'	'
Lombard, IL | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	1,550	'	'	'
Building & Improvements	15,475	'	'	'
Cost Capitalized Subsequent to Acquisition	1,408	'	'	'
Total Cost	'	'	'	'
Land	1,550	'	'	'
Building & Improvements	16,883	'	'	'
Total	18,433	'	'	'
Accumulated Depreciation	-1,122	'	'	'
Total Cost Net of Accumulated Depreciation	17,311	'	'	'
Louisville, KY | Fairfield Inn and Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	3,120	'	'	'
Building & Improvements	21,903	'	'	'
Cost Capitalized Subsequent to Acquisition	23	'	'	'
Total Cost	'	'	'	'
Land	3,120	'	'	'
Building & Improvements	21,926	'	'	'
Total	25,046	'	'	'
Accumulated Depreciation	-511	'	'	'
Total Cost Net of Accumulated Depreciation	24,535	'	'	'
Louisville, KY | SpringHill Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	4,880	'	'	'
Building & Improvements	34,258	'	'	'
Cost Capitalized Subsequent to Acquisition	37	'	'	'
Total Cost	'	'	'	'
Land	4,880	'	'	'
Building & Improvements	34,295	'	'	'
Total	39,175	'	'	'
Accumulated Depreciation	-800	'	'	'
Total Cost Net of Accumulated Depreciation	38,375	'	'	'
Medford, OR | Hampton Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	1,230	'	'	'
Building & Improvements	4,788	'	'	'
Cost Capitalized Subsequent to Acquisition	2,265	'	'	'
Total Cost	'	'	'	'
Land	1,230	'	'	'
Building & Improvements	7,053	'	'	'
Total	8,283	'	'	'
Accumulated Depreciation	-2,046	'	'	'
Total Cost Net of Accumulated Depreciation	6,237	'	'	'
Minneapolis, MN | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Building & Improvements	32,506	'	'	'
Total Cost	'	'	'	'
Building & Improvements	32,506	'	'	'
Total	32,506	'	'	'
Total Cost Net of Accumulated Depreciation	32,506	'	'	'
Minnetonka, MN | Holiday Inn Express and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	1,000	'	'	'
Building & Improvements	5,900	'	'	'
Cost Capitalized Subsequent to Acquisition	1,095	'	'	'
Total Cost	'	'	'	'
Land	1,000	'	'	'
Building & Improvements	6,995	'	'	'
Total	7,995	'	'	'
Accumulated Depreciation	-198	'	'	'
Total Cost Net of Accumulated Depreciation	7,797	'	'	'
Debt	3,652	'	'	'
Nashville, TN | SpringHill Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	777	'	'	'
Building & Improvements	3,576	'	'	'
Cost Capitalized Subsequent to Acquisition	2,512	'	'	'
Total Cost	'	'	'	'
Land	777	'	'	'
Building & Improvements	6,088	'	'	'
Total	6,865	'	'	'
Accumulated Depreciation	-2,118	'	'	'
Total Cost Net of Accumulated Depreciation	4,747	'	'	'
New Orleans, LA | Courtyard by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,944	'	'	'
Building & Improvements	23,739	'	'	'
Cost Capitalized Subsequent to Acquisition	596	'	'	'
Total Cost	'	'	'	'
Land	1,944	'	'	'
Building & Improvements	24,335	'	'	'
Total	26,279	'	'	'
Accumulated Depreciation	-996	'	'	'
Total Cost Net of Accumulated Depreciation	25,283	'	'	'
New Orleans, LA | Courtyard by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,860	'	'	'
Building & Improvements	21,679	'	'	'
Cost Capitalized Subsequent to Acquisition	2,570	'	'	'
Total Cost	'	'	'	'
Land	1,860	'	'	'
Building & Improvements	24,249	'	'	'
Total	26,109	'	'	'
Accumulated Depreciation	-844	'	'	'
Total Cost Net of Accumulated Depreciation	25,265	'	'	'
New Orleans, LA | Residence Inn by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,791	'	'	'
Building & Improvements	18,099	'	'	'
Cost Capitalized Subsequent to Acquisition	186	'	'	'
Total Cost	'	'	'	'
Land	1,791	'	'	'
Building & Improvements	18,285	'	'	'
Total	20,076	'	'	'
Accumulated Depreciation	-660	'	'	'
Total Cost Net of Accumulated Depreciation	19,416	'	'	'
New Orleans, LA | Courtyard by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	2,490	'	'	'
Building & Improvements	28,337	'	'	'
Cost Capitalized Subsequent to Acquisition	2,394	'	'	'
Total Cost	'	'	'	'
Land	2,490	'	'	'
Building & Improvements	30,731	'	'	'
Total	33,221	'	'	'
Accumulated Depreciation	-1,111	'	'	'
Total Cost Net of Accumulated Depreciation	32,110	'	'	'
New Orleans, LA | SpringHill Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	2,046	'	'	'
Building & Improvements	31,050	'	'	'
Cost Capitalized Subsequent to Acquisition	26	'	'	'
Total Cost	'	'	'	'
Land	2,046	'	'	'
Building & Improvements	31,076	'	'	'
Total	33,122	'	'	'
Accumulated Depreciation	-1,032	'	'	'
Total Cost Net of Accumulated Depreciation	32,090	'	'	'
Orlando, FL | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	3,100	'	'	'
Building & Improvements	9,152	'	'	'
Cost Capitalized Subsequent to Acquisition	1,870	'	'	'
Total Cost	'	'	'	'
Land	3,100	'	'	'
Building & Improvements	11,022	'	'	'
Total	14,122	'	'	'
Accumulated Depreciation	-879	'	'	'
Total Cost Net of Accumulated Depreciation	13,243	'	'	'
Orlando, FL | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	2,800	'	'	'
Building & Improvements	9,043	'	'	'
Cost Capitalized Subsequent to Acquisition	1,908	'	'	'
Total Cost	'	'	'	'
Land	2,800	'	'	'
Building & Improvements	10,951	'	'	'
Total	13,751	'	'	'
Accumulated Depreciation	-871	'	'	'
Total Cost Net of Accumulated Depreciation	12,880	'	'	'
Phoenix, AZ | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	582	'	'	'
Building & Improvements	4,438	'	'	'
Cost Capitalized Subsequent to Acquisition	66	'	'	'
Total Cost	'	'	'	'
Land	582	'	'	'
Building & Improvements	4,504	'	'	'
Total	5,086	'	'	'
Accumulated Depreciation	-390	'	'	'
Total Cost Net of Accumulated Depreciation	4,696	'	'	'
Portland, OR | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Building & Improvements	16,713	'	'	'
Cost Capitalized Subsequent to Acquisition	43	'	'	'
Total Cost	'	'	'	'
Building & Improvements	16,756	'	'	'
Total	16,756	'	'	'
Accumulated Depreciation	-4,514	'	'	'
Total Cost Net of Accumulated Depreciation	12,242	'	'	'
Portland, OR | Residence Inn by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Building & Improvements	16,409	'	'	'
Cost Capitalized Subsequent to Acquisition	44	'	'	'
Total Cost	'	'	'	'
Building & Improvements	16,453	'	'	'
Total	16,453	'	'	'
Accumulated Depreciation	-4,045	'	'	'
Total Cost Net of Accumulated Depreciation	12,408	'	'	'
Debt	11,986	'	'	'
Provo, UT | Hampton Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	909	'	'	'
Building & Improvements	2,862	'	'	'
Cost Capitalized Subsequent to Acquisition	2,243	'	'	'
Total Cost	'	'	'	'
Land	909	'	'	'
Building & Improvements	5,105	'	'	'
Total	6,014	'	'	'
Accumulated Depreciation	-1,513	'	'	'
Total Cost Net of Accumulated Depreciation	4,501	'	'	'
Ridgeland, MS | Residence Inn by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,050	'	'	'
Building & Improvements	10,040	'	'	'
Cost Capitalized Subsequent to Acquisition	486	'	'	'
Total Cost	'	'	'	'
Land	1,050	'	'	'
Building & Improvements	10,526	'	'	'
Total	11,576	'	'	'
Accumulated Depreciation	-3,605	'	'	'
Total Cost Net of Accumulated Depreciation	7,971	'	'	'
Ridgeland, MS | Homewood Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	1,314	'	'	'
Building & Improvements	6,036	'	'	'
Cost Capitalized Subsequent to Acquisition	1,450	'	'	'
Total Cost	'	'	'	'
Land	1,314	'	'	'
Building & Improvements	7,486	'	'	'
Total	8,800	'	'	'
Accumulated Depreciation	-945	'	'	'
Total Cost Net of Accumulated Depreciation	7,855	'	'	'
Salt Lake City, UT | Residence Inn by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	2,392	'	'	'
Building & Improvements	17,567	'	'	'
Cost Capitalized Subsequent to Acquisition	4,040	'	'	'
Total Cost	'	'	'	'
Land	2,392	'	'	'
Building & Improvements	21,607	'	'	'
Total	23,999	'	'	'
Accumulated Depreciation	-1,042	'	'	'
Total Cost Net of Accumulated Depreciation	22,957	'	'	'
Debt	13,516	'	'	'
San Antonio, TX | Country Inn & Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	2,497	'	'	'
Building & Improvements	12,833	'	'	'
Cost Capitalized Subsequent to Acquisition	448	'	'	'
Total Cost	'	'	'	'
Land	2,497	'	'	'
Building & Improvements	13,281	'	'	'
Total	15,778	'	'	'
Accumulated Depreciation	-4,383	'	'	'
Total Cost Net of Accumulated Depreciation	11,395	'	'	'
San Diego, CA | Hampton Inn and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	2,300	'	'	'
Building & Improvements	12,850	'	'	'
Total Cost	'	'	'	'
Land	2,300	'	'	'
Building & Improvements	12,850	'	'	'
Total	15,150	'	'	'
Accumulated Depreciation	-156	'	'	'
Total Cost Net of Accumulated Depreciation	14,994	'	'	'
San Francisco, CA | Holiday Inn Express and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	15,545	'	'	'
Building & Improvements	44,955	'	'	'
Cost Capitalized Subsequent to Acquisition	2,045	'	'	'
Total Cost	'	'	'	'
Land	15,545	'	'	'
Building & Improvements	47,000	'	'	'
Total	62,545	'	'	'
Accumulated Depreciation	-1,622	'	'	'
Total Cost Net of Accumulated Depreciation	60,923	'	'	'
Debt	23,107	'	'	'
Sandy, UT | Holiday Inn Express and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	720	'	'	'
Building & Improvements	1,768	'	'	'
Cost Capitalized Subsequent to Acquisition	1,745	'	'	'
Total Cost	'	'	'	'
Land	720	'	'	'
Building & Improvements	3,513	'	'	'
Total	4,233	'	'	'
Accumulated Depreciation	-1,255	'	'	'
Total Cost Net of Accumulated Depreciation	2,978	'	'	'
Scottsdale, AZ | Hyatt Place	'	'	'	'
Initial Cost	'	'	'	'
Land	1,500	'	'	'
Building & Improvements	9,030	'	'	'
Cost Capitalized Subsequent to Acquisition	901	'	'	'
Total Cost	'	'	'	'
Land	1,500	'	'	'
Building & Improvements	9,931	'	'	'
Total	11,431	'	'	'
Accumulated Depreciation	-870	'	'	'
Total Cost Net of Accumulated Depreciation	10,561	'	'	'
Scottsdale, AZ | Courtyard by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	3,225	'	'	'
Building & Improvements	10,152	'	'	'
Cost Capitalized Subsequent to Acquisition	3,215	'	'	'
Total Cost	'	'	'	'
Land	3,225	'	'	'
Building & Improvements	13,367	'	'	'
Total	16,592	'	'	'
Accumulated Depreciation	-4,368	'	'	'
Total Cost Net of Accumulated Depreciation	12,224	'	'	'
Debt	9,476	'	'	'
Scottsdale, AZ | SpringHill Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	2,195	'	'	'
Building & Improvements	7,120	'	'	'
Cost Capitalized Subsequent to Acquisition	2,950	'	'	'
Total Cost	'	'	'	'
Land	2,195	'	'	'
Building & Improvements	10,070	'	'	'
Total	12,265	'	'	'
Accumulated Depreciation	-3,282	'	'	'
Total Cost Net of Accumulated Depreciation	8,983	'	'	'
Debt	5,103	'	'	'
Smyrna, TN | Hilton Garden Inn	'	'	'	'
Initial Cost	'	'	'	'
Land	1,188	'	'	'
Building & Improvements	10,312	'	'	'
Cost Capitalized Subsequent to Acquisition	366	'	'	'
Total Cost	'	'	'	'
Land	1,188	'	'	'
Building & Improvements	10,678	'	'	'
Total	11,866	'	'	'
Accumulated Depreciation	-684	'	'	'
Total Cost Net of Accumulated Depreciation	11,182	'	'	'
Debt	8,382	'	'	'
Smyrna, TN | Hampton Inn and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	1,145	'	'	'
Building & Improvements	6,855	'	'	'
Cost Capitalized Subsequent to Acquisition	433	'	'	'
Total Cost	'	'	'	'
Land	1,145	'	'	'
Building & Improvements	7,288	'	'	'
Total	8,433	'	'	'
Accumulated Depreciation	-450	'	'	'
Total Cost Net of Accumulated Depreciation	7,983	'	'	'
Debt	5,249	'	'	'
Spokane, WA | Fairfield Inn and Suites by Marriott	'	'	'	'
Initial Cost	'	'	'	'
Land	1,637	'	'	'
Building & Improvements	3,669	'	'	'
Cost Capitalized Subsequent to Acquisition	2,597	'	'	'
Total Cost	'	'	'	'
Land	1,637	'	'	'
Building & Improvements	6,266	'	'	'
Total	7,903	'	'	'
Accumulated Depreciation	-2,236	'	'	'
Total Cost Net of Accumulated Depreciation	5,667	'	'	'
Ventura, CA | Hampton Inn and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	2,200	'	'	'
Building & Improvements	13,550	'	'	'
Cost Capitalized Subsequent to Acquisition	7	'	'	'
Total Cost	'	'	'	'
Land	2,200	'	'	'
Building & Improvements	13,557	'	'	'
Total	15,757	'	'	'
Accumulated Depreciation	-137	'	'	'
Total Cost Net of Accumulated Depreciation	15,620	'	'	'
Vernon Hills, IL | Holiday Inn Express	'	'	'	'
Initial Cost	'	'	'	'
Land	1,198	'	'	'
Building & Improvements	6,099	'	'	'
Cost Capitalized Subsequent to Acquisition	1,242	'	'	'
Total Cost	'	'	'	'
Land	1,198	'	'	'
Building & Improvements	7,341	'	'	'
Total	8,539	'	'	'
Accumulated Depreciation	-2,652	'	'	'
Total Cost Net of Accumulated Depreciation	5,887	'	'	'
Ybor City, FL | Hampton Inn and Suites	'	'	'	'
Initial Cost	'	'	'	'
Land	3,600	'	'	'
Building & Improvements	17,244	'	'	'
Cost Capitalized Subsequent to Acquisition	1,117	'	'	'
Total Cost	'	'	'	'
Land	3,600	'	'	'
Building & Improvements	18,361	'	'	'
Total	21,961	'	'	'
Accumulated Depreciation	-669	'	'	'
Total Cost Net of Accumulated Depreciation	21,292	'	'	'
Austin, TX | Corporate Office	'	'	'	'
Initial Cost	'	'	'	'
Building & Improvements	210	'	'	'
Cost Capitalized Subsequent to Acquisition	397	'	'	'
Total Cost	'	'	'	'
Building & Improvements	607	'	'	'
Total	607	'	'	'
Accumulated Depreciation	-77	'	'	'
Total Cost Net of Accumulated Depreciation	$530	'	'	'

Schedule_III_Real_Estate_and_A2

Schedule III - Real Estate and Accumulated Depreciation (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
ASSET BASIS	'	'	'
Balance at the beginning of the period	$901,207,000	$645,339,000	$570,807,000
Additions to land, buildings and improvements	531,207,000	294,310,000	79,901,000
Disposition of land, buildings and improvements	-74,282,000	-35,477,000	-5,369,000
Impairment loss	-9,044,000	-2,965,000	'
Balance at the end of the period	1,349,088,000	901,207,000	645,339,000
ACCUMULATED DEPRECIATION	'	'	'
Balance at the beginning of the period	146,207,000	126,168,000	104,797,000
Depreciation	50,445,000	31,732,000	26,740,000
Depreciation on assets sold or disposed	-23,503,000	-11,693,000	-5,369,000
Balance at the end of the period	173,149,000	146,207,000	126,168,000
Real estate and accumulated depreciation	'	'	'
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes	$1,317,000,000	'	'
Buildings and improvements | Minimum	'	'	'
Real estate and accumulated depreciation	'	'	'
Useful lives	'25 years	'	'
Buildings and improvements | Maximum	'	'	'
Real estate and accumulated depreciation	'	'	'
Useful lives	'40 years	'	'
Furniture and equipment | Minimum	'	'	'
Real estate and accumulated depreciation	'	'	'
Useful lives	'2 years	'	'
Furniture and equipment | Maximum	'	'	'
Real estate and accumulated depreciation	'	'	'
Useful lives	'15 years	'	'