Summit Hotel Properties (INN) 10-Q12 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2014	9-May-14
Document Information [Line Items]	'	'
Entity Registrant Name	'Summit Hotel Properties, Inc.	'
Entity Central Index Key	'0001497645	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	85,555,856
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
ASSETS	'	'
Investment in hotel properties, net	$1,280,255	$1,149,967
Investment in hotel properties under development	90	'
Land held for development	13,748	13,748
Assets held for sale	9,723	12,224
Cash and cash equivalents	36,551	46,706
Restricted cash	52,181	38,498
Trade receivables	12,611	7,231
Prepaid expenses and other	6,305	8,876
Derivative financial instruments	208	253
Deferred charges, net	10,585	10,270
Deferred tax asset	54	49
Other assets	6,581	6,654
TOTAL ASSETS	1,428,892	1,294,476
LIABILITIES	'	'
Debt	567,396	435,589
Accounts payable	10,277	7,583
Accrued expenses	33,528	27,154
Derivative financial instruments	1,796	1,772
TOTAL LIABILITIES	612,997	472,098
COMMITMENTS AND CONTINGENCIES (Note 7)	'	'
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:	'	'
Common stock, $.01 par value per share, 450,000,000 shares authorized, 85,528,563 and 85,402,408 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	855	854
Additional paid-in capital	883,345	882,858
Accumulated other comprehensive loss	-1,446	-1,379
Accumulated deficit and distributions	-82,888	-72,577
Total stockholders' equity	799,950	809,840
Noncontrolling interests in operating partnership	8,252	4,722
Noncontrolling interests in joint venture	7,693	7,816
TOTAL EQUITY	815,895	822,378
TOTAL LIABILITIES AND EQUITY	1,428,892	1,294,476
9.25% Series A Preferred Stock	'	'
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:	'	'
Preferred stock	20	20
7.875% Series B Preferred Stock	'	'
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:	'	'
Preferred stock	30	30
7.125% Series C Preferred Stock	'	'
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:	'	'
Preferred stock	$34	$34

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	100,000,000	100,000,000
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	85,528,563	85,402,408
Common stock, outstanding	85,528,563	85,402,408
9.25% Series A Preferred Stock	'	'
Preferred stock, shares issued	2,000,000	2,000,000
Preferred stock, shares outstanding	2,000,000	2,000,000
Preferred stock, liquidation preference (in dollars)	$50,398	$50,398
Preferred stock, dividend rate (as a percent)	9.25%	9.25%
7.875% Series B Preferred Stock	'	'
Preferred stock, shares issued	3,000,000	3,000,000
Preferred stock, shares outstanding	3,000,000	3,000,000
Preferred stock, liquidation preference (in dollars)	75,324	75,324
Preferred stock, dividend rate (as a percent)	7.88%	7.88%
7.125% Series C Preferred Stock	'	'
Preferred stock, shares issued	3,400,000	3,400,000
Preferred stock, shares outstanding	3,400,000	3,400,000
Preferred stock, liquidation preference (in dollars)	$85,522	$85,522
Preferred stock, dividend rate (as a percent)	7.13%	7.13%

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
REVENUES	'	'
Room revenue	$84,552	$56,641
Other hotel operations revenue	4,992	3,082
Total Revenues	89,544	59,723
Hotel operating expenses:	'	'
Rooms	23,692	16,510
Other direct	12,020	7,780
Other indirect	23,859	15,303
Other	348	167
Total hotel operating expenses	59,919	39,760
Depreciation and amortization	15,430	10,651
Corporate general and administrative:	'	'
Salaries and other compensation	2,159	2,421
Other	2,046	656
Hotel property acquisition costs	692	654
Total Expenses	80,246	54,142
INCOME FROM OPERATIONS	9,298	5,581
OTHER INCOME (EXPENSE)	'	'
Interest income	50	17
Other income	40	160
Interest expense	-6,360	-4,050
Gain (loss) on disposal of assets	-3	6
Total Other Expense, net	-6,273	-3,867
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	3,025	1,714
INCOME TAX EXPENSE	-78	-188
INCOME FROM CONTINUING OPERATIONS	2,947	1,526
INCOME FROM DISCONTINUED OPERATIONS	378	357
NET INCOME	3,325	1,883
LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'
Operating partnership	-10	-28
Joint venture	-123	-37
NET INCOME ATTRIBUTABLE TO SUMMIT HOTEL PROPERTIES, INC.	3,458	1,948
PREFERRED DIVIDENDS	-4,147	-2,452
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	($689)	($504)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	'	'
Basic (in Shares)	85,097	62,684
Diluted (in Shares)	85,527	62,950
Basic and diluted net income (loss) per share from:	'	'
Basic and diluted net loss per share from continuing operations	($0.01)	($0.01)
Basic and diluted net loss per share	($0.01)	($0.01)

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
NET INCOME	$3,325	$1,883
Other comprehensive income (loss), net of tax:	'	'
Changes in unrealized loss on derivatives	-68	107
Total other comprehensive income (loss)	-68	107
COMPREHENSIVE INCOME	3,257	1,990
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'
COMPREHENSIVE INCOME ATTRIBUTABLE TO SUMMIT HOTEL PROPERTIES, INC.	3,391	2,050
PREFERRED DIVIDENDS	-4,147	-2,452
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	-756	-402
Operating partnership	'	'
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	-11	-23
Joint venture	'	'
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	'	'
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	($123)	($37)

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $)	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit and Distributions	Total Shareholders' Equity	Noncontrolling Interests	Noncontrolling Interests
In Thousands, except Share data, unless otherwise specified	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit and Distributions	Total Shareholders' Equity	Operating partnership	Joint venture
Balance at beginning 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	148,153	'	172	147,981	'	'	148,153	'	'
Net proceeds from sale of common stock (in shares)	'	'	17,250,000	'	'	'	'	'	'
Net proceeds from sale of preferred stock	81,951	34	'	81,917	'	'	81,951	'	'
Net proceeds from sale of preferred stock (in shares)	'	3,400,000	'	'	'	'	'	'	'
Common stock redemption of common units	'	'	20	6,547	'	'	6,567	-6,567	'
Common stock redemption of common units (in shares)	'	'	1,974,669	'	'	'	'	'	'
Contribution by noncontrolling interests in joint venture	7,500	'	'	'	'	'	'	'	7,500
Dividends paid	-10,245	'	'	'	'	-9,879	-9,879	-366	'
Equity-based compensation	421	'	3	418	'	'	421	'	'
Equity-based compensation (in shares)	'	'	293,704	'	'	'	'	'	'
Other comprehensive income (loss)	107	'	'	'	102	'	102	5	'
Net income (loss)	1,883	'	'	'	'	1,948	1,948	-28	-37
Balance at end of year at Mar. 31, 2013	703,307	84	657	705,683	-426	-39,916	666,082	29,762	7,463
Balance (in shares) at Mar. 31, 2013	'	8,400,000	65,678,025	'	'	'	'	'	'
Balance at beginning of year at Dec. 31, 2013	'	84	854	'	'	'	'	'	'
Balance (in shares) at Dec. 31, 2013	'	8,400,000	85,402,408	'	'	'	'	'	'
Changes in equity	'	'	'	'	'	'	'	'	'
Common stock redemption of common units (in shares)	'	'	126,155	'	'	'	'	'	'
Balance at end of year at Jan. 02, 2014	'	'	'	'	'	'	'	'	'
Balance at beginning 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	'	'	'	'	'	'
Changes in equity	'	'	'	'	'	'	'	'	'
Common stock redemption of common units	'	'	1	26	'	'	27	-27	'
Common stock redemption of common units (in shares)	'	'	126,155	'	'	'	'	'	'
Common units issued for acquisition	3,685	'	'	'	'	'	'	3,685	'
Dividends paid	-13,892	'	'	'	'	-13,769	-13,769	-123	'
Equity-based compensation	467	'	'	461	'	'	461	6	'
Other comprehensive income (loss)	-68	'	'	'	-67	'	-67	-1	'
Net income (loss)	3,325	'	'	'	'	3,458	3,458	-10	-123
Balance at end of year at Mar. 31, 2014	$815,895	$84	$855	$883,345	($1,446)	($82,888)	$799,950	$8,252	$7,693
Balance (in shares) at Mar. 31, 2014	'	8,400,000	85,528,563	'	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
OPERATING ACTIVITIES	'	'
Net income	$3,325	$1,883
Adjustments to reconcile net income to net cash from operating activities:	'	'
Depreciation and amortization	15,434	11,490
Amortization of prepaid lease	12	12
Loss on impairment of assets	'	1,500
Equity-based compensation	467	421
Deferred tax asset	-5	104
Gain on disposal of assets	-61	-1,640
Changes in operating assets and liabilities:	'	'
Restricted cash - operating	-1,689	871
Trade receivables	-5,381	-7,199
Prepaid expenses and other	2,530	2,423
Accounts payable and accrued expenses	7,667	1,220
NET CASH PROVIDED BY OPERATING ACTIVITIES	22,299	11,085
INVESTING ACTIVITIES	'	'
Acquisitions of hotel properties	-89,985	-210,335
Investment in hotel properties under development	'	-77
Acquisition of land held for development	'	-2,800
Improvements and additions to hotel properties	-19,037	-8,520
Purchases of office furniture and equipment	-5	-224
Proceeds from asset dispositions, net of closing costs	2,681	9,198
Restricted cash - FF and E reserve	-452	-14,030
NET CASH USED IN INVESTING ACTIVITIES	-106,798	-226,788
FINANCING ACTIVITIES	'	'
Proceeds from issuance of debt	90,998	74,000
Principal payments on debt	-2,364	-77,649
Financing fees on debt	-398	-1,196
Proceeds from equity offerings, net of offering costs	'	237,603
Dividends paid and distributions to members	-13,892	-10,245
NET CASH PROVIDED BY FINANCING ACTIVITIES	74,344	222,513
NET CHANGE IN CASH AND CASH EQUIVALENTS	-10,155	6,810
CASH AND CASH EQUIVALENTS	'	'
BEGINNING OF PERIOD	46,706	13,980
END OF PERIOD	36,551	20,790
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	'	'
Cash payments for interest	6,028	3,925
Capitalized interest	45	77
Cash payments for income taxes, net of refunds	135	81
Noncash or Part Noncash Acquisition, Debt Assumed	43,172	23,423
Common units issued for acquisition	$3,685	'

DESCRIPTION_OF_BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
DESCRIPTION OF BUSINESS	Mar. 31, 2014
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,” “us” and “our” refer to the Company and its subsidiaries.

	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 to voluntarily deregister its common units of limited partnership interest under 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 did 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 March 31, 2014, our portfolio consists of 90 upscale and upper midscale hotels with a total of 11,353 guestrooms located in 22 states. The hotels are leased to subsidiaries (“TRS Lessees”) of our taxable REIT subsidiary (“TRS”). 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.

BASIS_OF_PRESENTATION_AND_SIGN

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2014
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	'
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 2 - BASIS OF PRESENTATION AND 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 these consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Exchange Act. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the first quarter of 2014 may not be indicative of the results that may be expected for the full year 2014. For further information, please read the financial statements included in our Form 10-K for the year ended December 31, 2013.

	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.

	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 selling costs.

	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.

	Noncontrolling Interests

	Noncontrolling interests represent 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 stockholders’ equity. Revenue, expenses and net income (loss) attributable to both the Company and the 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 held by unaffiliated third parties and third-party ownership of joint ventures.

	Income Taxes

	We are 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 GAAP. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRS) 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 TRS 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 carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence, 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 April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The ASU changed the criteria for reporting discontinued operations while enhancing related disclosures. Criteria for discontinued operations will now include only disposals that represent a strategic shift in operations with a major effect on operations and financial results. The ASU is to be applied on a prospective basis and would be effective for us beginning January 1, 2015; however, we have elected early adoption, which is permitted for disposals, and classifications as held for sale, which have not been reported previously. While we have elected early adoption for our consolidated financial statements and footnote disclosures, the sale of the AmericInn, Aspen Hotel & Suites and Hampton Inn in Fort Smith, AR are included in discontinued operations as these hotels were classified as held for sale in our consolidated financial statements for the year ended December 31, 2013. The AmericInn and Aspen Hotel & Suites were sold in January 2014.

HOTEL_PROPERTY_ACQUISITIONS

HOTEL PROPERTY ACQUISITIONS	3 Months Ended
HOTEL PROPERTY ACQUISITIONS	Mar. 31, 2014
HOTEL PROPERTY ACQUISITIONS	'
HOTEL PROPERTY ACQUISITIONS	'
	NOTE 3 - HOTEL PROPERTY ACQUISITIONS

	Hotel property acquisitions in the three months ended March 31, 2014 and 2013 include (in thousands):

	Date Acquired		Franchise/Brand		Location		Purchase Price			Debt Assumed

	First Quarter 2014
	January 9		Hilton Garden Inn		Houston, TX		$	37,500		$	17,846
	January 10		Hampton Inn		Santa Barbara (Goleta), CA		27,900			12,037
	January 24		Four Points by Sheraton		South San Francisco, CA		21,250			—
	March 14		DoubleTree by Hilton		San Francisco, CA		39,060			13,289

	Total Three Months Ended March 31, 2014				4 hotel properties		$	125,710		$	43,172

	First Quarter 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		Holiday Inn Express & Suites (1)		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			—

	Total Three Months Ended March 31, 2013				9 hotel properties		$	226,859		$	23,423

	(1) This hotel property was acquired by a joint venture in which we own an 80% controlling interest.

	The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions follows (in thousands):

			March 31,
			2014			2013

	Land		$	8,600		$	33,476
	Hotel buildings and improvements		114,713			187,754
	Furniture, fixtures and equipment		3,389			5,629
	Other assets		11,542			7,443
	Total assets acquired		138,244			234,302
	Less debt assumed		(43,172		)	(23,423		)
	Less other liabilities		(1,402		)	(545		)
	Net assets acquired		$	93,670		$	210,334

	The allocations for certain of the acquisitions for the three months ended March 31, 2014 are based on preliminary information and are, therefore, subject to change.

	Total revenues and net income for hotel properties acquired for the three months ended March 31, 2014 and 2013, which are included in our consolidated statements of operations follows (in thousands):

			For the Three Months Ended March 31,
			2014 Acquisitions			2013 Acquisitions
			2014			2014			2013

	Revenues		$	4,898		$	15,741		$	6,779

	Net income		$	233		$	2,076		$	1,136

	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 all acquisitions in 2013 and first quarter 2014 had taken place on January 1, 2013. 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 property acquisitions taken place on January 1, 2013. This information does not purport to represent results of operations for future periods.

	The unaudited condensed pro forma financial information for the three months ended March 31, 2014 and 2013 follows (in thousands, except per share amounts):

			For the Three Months Ended March 31,
			2014			2013

	Revenues		$	91,659		$	85,342

Net income		$	2,990		$	3,794

Net income (loss) per share attributable to common stockholders - basic and diluted		$	(0.01	)	$	0.02

INVESTMENT_IN_HOTEL_PROPERTIES

INVESTMENT IN HOTEL PROPERTIES	3 Months Ended
	Mar. 31, 2014
INVESTMENT IN HOTEL PROPERTIES	'
INVESTMENT IN HOTEL PROPERTIES	'
	NOTE 4 - INVESTMENT IN HOTEL PROPERTIES

	Investment in hotel properties includes (in thousands):

		March 31,			December 31,
		2014			2013

	Land	$	163,359		$	154,831
	Hotel buildings and improvements	1,112,152			993,372
	Construction in progress	33,188			24,242
	Furniture, fixtures and equipment	151,955			142,976
		1,460,654			1,315,421
	Less accumulated depreciation	(180,399		)	(165,454		)

		$	1,280,255		$	1,149,967

ASSETS_HELD_FOR_SALE

ASSETS HELD FOR SALE	3 Months Ended
	Mar. 31, 2014
ASSETS HELD FOR SALE	'
ASSETS HELD FOR SALE	'
	NOTE 5 - ASSETS HELD FOR SALE

	Assets held for sale and related debt include (in thousands):

		March 31,		December 31,
		2014		2013

	Land	$	960	$	1,183
	Hotel building and improvements	8,369		10,290
	Furniture, fixtures and equipment	394		751

		$	9,723	$	12,224

	At March 31, 2014, assets held for sale include a land parcel in Spokane, WA, which is under contract to sell and the Hampton Inn in Fort Smith, AR.

	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 a land parcel in Spokane, WA, which is under contract to sell and the Hampton Inn in Fort Smith, AR.

DEBT

3 Months Ended

Mar. 31, 2014

DEBT

NOTE 6 - DEBT

Our debt is comprised of a senior unsecured revolving credit facility and mortgage loans secured by various hotel properties. The weighted average interest rate, after giving effect to our interest rate derivatives, for all borrowings was 4.61% at March 31, 2014 and 5.03% at December 31, 2013, respectively. Our total fixed-rate and variable-rate debt, after giving effect to our interest rate derivatives, follows (in thousands):

March 31,

December 31,

2014

2013

Fixed-rate debt

474,428

358,590

Variable-rate debt

92,968

76,999

567,396

435,589

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

March 31, 2014

December 31, 2013

Carrying

Fair Value

Carrying

Fair Value

Valuation Technique

Value

Fixed-rate debt not recorded at fair value

370,737

359,006

329,544

319,429

Level 2 - Market approach

At March 31, 2014 and December 31, 2013, we had variable rate debt of $194.7 million and $104.0 million, respectively, which had effectively 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.

Senior Unsecured Credit Facility

At March 31, 2014, we have a $300.0 million senior unsecured credit facility. Deutsche Bank AG New York Branch (“Deutsche Bank”) is the administrative agent and Deutsche Bank Securities Inc. is the sole lead arranger. The syndication of lenders includes Deutsche Bank; Bank of America, N.A.; Royal Bank of Canada; Key Bank; Regions Bank; Fifth Third Bank; Raymond James Bank, N.A.; and U.S. Bank National Association. Certain of our existing and future subsidiaries that own or lease an “unencumbered asset” will be required to guaranty this credit facility.

The senior 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”). This credit facility 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 prior to October 10, 2017. The $225 Million Revolver will mature on October 10, 2017, which can be extended to October 10, 2018 at our option, subject to certain conditions. The $75 Million Term Loan will mature on October 10, 2018.

At March 31, 2014, the maximum amount of borrowing permitted under the senior unsecured credit facility was $300.0 million, of which, we had $166.0 million borrowed, $13.9 million in standby letters of credit, and $120.1 million available to borrow.

Term Loans

At March 31, 2014, we had $476.4 million in term loans outstanding. These term loans are secured primarily by first mortgage liens on hotel properties.

On January 9, 2014, as part of our acquisition of the 182-guestroom Hilton Garden Inn in Houston, TX, we assumed a $17.9 million mortgage loan with a fixed interest rate of 6.22%, an amortization period of 30 years, and a maturity date of November 1, 2016.

On January 10, 2014, as part of our acquisition of the 98-guestroom Hampton Inn in Santa Barbara (Goleta), CA, we assumed a $12.0 million mortgage loan with a fixed interest rate of 6.133%, an amortization period of 25 years, and a maturity date of November 11, 2021.

On March 14, 2014, as part of our acquisition of the 210-guestroom DoubleTree by Hilton in San Francisco, CA, we assumed 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.

On March 28, 2014, we amended our loan with GE Capital Financial cross-collateralized by the Courtyard by Marriott and the SpringHill Suites by Marriott, both located in Scottsdale, AZ. The loan was amended to bear interest at a fixed rate of 5.39% and the maturity date was extended to April 1, 2020.

On March 28, 2014, we amended two loans with General Electric Capital Corp. cross-collateralized by the Hilton Garden Inn (Lakeshore) and the Hilton Garden Inn (Liberty Park), both located in Birmingham, AL. Both loans were amended to bear interest at a fixed rate of 5.39% and the maturity dates were extended to April 1, 2020.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2014
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE 7 - COMMITMENTS AND CONTINGENCIES

	Pending Hotel Property Acquisitions

	At March 31, 2014, we had a purchase agreement for $37.7 million that has not been closed as of the issuance of these financial statements. This acquisition is contingent upon customary closing conditions; therefore, there is no assurance that it will be completed.

	Litigation

	We are involved from time to time in litigation arising in the ordinary course of business; however, there are currently no actions pending against us that we believe would have a material impact on our financial condition or results of operations.

EQUITY

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2014
EQUITY	'
EQUITY	'
	NOTE 8 - EQUITY

	Common Stock

	On January 3, 2013, we issued 1,974,669 shares of common stock to limited partners of the Operating Partnership upon redemption of their Common Units.

	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.

	On March 1, 2013, we issued 292,090 shares of common stock to our executive officers pursuant to our 2011 Equity Incentive Plan. On March 22, 2013, we issued 1,614 shares of common stock to one of our independent directors in lieu of cash for director fees.

	Preferred Stock

	On March 20, 2013, we completed a public offering of 3,400,000 shares of 7.125% Series C Cumulative Redeemable Preferred Stock for net proceeds of $81.7 million, after the underwriting discount and offering-related expenses of $3.3 million.

	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

	Pursuant to the limited partnership agreement, beginning on February 14, 2012, the unaffiliated third parties who hold Common Units in our Operating Partnership have the right to cause us to redeem their Common Units in exchange for cash based upon the fair value of an equivalent number of our shares of common stock at the time of redemption, or at our option, shares of our common stock on a one-for-one basis. The number of shares of our common stock issuable upon redemption of Common Units may be adjusted upon the occurrence of certain events such as share dividend payments, share subdivisions or combinations.

	On January 3, 2013, we redeemed 1,974,669 Common Units for 1,974,669 shares of our common stock.
	On January 2, 2014, we redeemed 126,155 Common Units for 126,155 shares of our common stock.

	On January 10, 2014, as part of our acquisition of the Hampton Inn in Santa Barbara (Goleta), CA, we issued 412,174 Common Units in our Operating Partnership valued at $3.7 million.

	At March 31, 2014 and December 31, 2013, unaffiliated third parties owned 1,097,444 and 811,425, respectively, of Common Units of the Operating Partnership, representing an approximate 1% limited partnership interest in the Operating Partnership.

	We classify outstanding Common Units held by unaffiliated third parties as noncontrolling interests in the Operating Partnership, a component of equity in the Company’s consolidated balance sheets. The portion of net income (loss) allocated to these Common Units is reported on the Company’s consolidated statement of operations as net income (loss) attributable to noncontrolling interests of the 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 of joint venture.

EQUITYBASED_COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
EQUITY-BASED COMPENSATION	Mar. 31, 2014
EQUITY-BASED COMPENSATION	'
EQUITY-BASED COMPENSATION	'
	NOTE 9 - 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 award or incentive awards up to an aggregate of 2,318,290 shares of common stock. 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.

	Stock Options

	Stock option activity for the three months ended March 31, 2014 follows:

			Number of	Weighted Average		Weighted Average		Aggregate
			Options	Exercise Price		Remaining		Intrinsic Value
						Contractual Terms		(Current Value
								Less Exercise
								Price)
				(Per share)		(In years)		(in thousands)
	Outstanding, December 31, 2013		893,000	$	9.75	7.2		$	—
	Granted		—
	Exercised		—
	Forfeited		—

	Outstanding, March 31, 2014		893,000	$	9.75	6.9		$	—

	Exercisable, March 31, 2014		535,800	$	9.75	6.9		$	—

	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, and are subject to the other conditions described in our 2011 Equity Incentive Plan. 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.

	Time-based restricted stock activity for the three months ended March 31, 2014 follows:

			Number of Shares	Weighted Average		Aggregate Current
				Grant Date Fair		Value
				Value
				(Per share)		(In thousands)
	Non-vested, December 31, 2013		161,587	$	9.1	$	1,454
	Granted		—	$	—	—
	Vested		26,630	$	9.78	—
	Forfeited		—	$	—	—

	Non-vested, March 31, 2014		134,957	$	9.1	$	1,252

	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 the next three years (2013, 2014 and 2015) subject to the attainment of certain performance goals and continued service, or upon a change in control, and are subject to the other conditions described in our 2011 Equity Incentive Plan. 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 fair value of our common stock on the grant date. 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.

	No performance-based restricted stock awards vested during the three months ended March 31, 2014 because performance goals were not met.

	Performance-based restricted stock activity for the three months ended March 31, 2014 follows:

			Number of Shares	Weighted Average		Aggregate Current
				Grant Date Fair		Value
				Value
				(Per share)		(In thousands)
	Non-vested, December 31, 2013		268,174	$	7.3	$	2,414
	Granted		—	$	—	—
	Vested		—	$	—	—
	Forfeited		—	$	—	—

	Non-vested, March 31, 2014		268,174	$	7.3	$	2,489

Director Stock Awards

Our directors have the option to receive shares of our common stock in lieu of cash for their director fees. In the three months ended March 31, 2014, we issued no shares of common stock for director fees.

Equity-Based Compensation Expense

Equity-based compensation expense for the three months ended March 31, 2014 and 2013 follows (in thousands):

		For the Three Months Ended March 31,
		2014		2013

Included in corporate general and administrative salaries and other compensation in the statements of operations:
Stock options		$	155	$	156
Time-based restricted stock		167		109
Performance-based restricted stock		145		140

		467		405
Included in corporate general and administrative other in the statements of operations:
Director stock		—		16

		$	467	$	421

The amount of expense may be subject to adjustment in future periods depending upon the attainment of specific goals, which affect the vesting of the performance-based restricted stock, or a change in the forfeiture assumptions.

Unrecognized equity-based compensation expense for all non-vested awards was $3.0 million at March 31, 2014. 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	3 Months Ended
LOSS ON IMPAIRMENT OF ASSETS	Mar. 31, 2014
LOSS ON IMPAIRMENT OF ASSETS	'
LOSS ON IMPAIRMENT OF ASSETS	'
	NOTE 10 - LOSS ON IMPAIRMENT OF ASSETS

	In the three months ended March 31, 2013, we recognized a loss on impairment of assets of $1.5 million related to the SpringHill Suites in Lithia Springs, GA and the Courtyard by Marriott in Memphis, TN. These hotel properties were classified as held for sale at March 31, 2013 and subsequently sold in 2013. Their operating results, including impairment charges, are included in discontinued operations.

DERIVITIVE_FINANCIAL_INSTRUMEN

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	3 Months Ended
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	Mar. 31, 2014
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	'
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	'
	NOTE 11 - DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING

	Information about our derivative financial instruments at March 31, 2014 and December 31, 2013 follows (dollars in thousands):

		March 31, 2014								December 31, 2013
		Number of		Notional			Fair Value			Number of	Notional		Fair Value
		Instruments		Amount			Fair Value			Instruments	Amount		Fair Value

	Interest rate swaps (asset)	3		$	28,957		$	208		3	$	29,273	$	253
	Interest rate swaps (liability)	1		75,000			(1,796		)	1	75,000		(1,772		)

		4		$	103,957		$	(1,588	)	4	$	104,273	$	(1,519	)

	Our interest rate swaps are designated as cash flow hedges and are valued using a market approach, which is a Level 2 valuation technique, and are all in a liability position. At March 31, 2014, we had not posted any collateral related to these agreements and were not in breach of any financial provisions of the agreements. If we had breached any agreement provisions, we could have been required to settle our obligations under these agreements at their aggregate termination value of $1.8 million at March 31, 2014.

	Details of the location in the financial statements of the loss recognized on derivative financial instruments designated as cash flow hedges follows (in thousands):

		For the Three Months Ended March 31,
		2014			2013

	Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$	(495	)	$	21

	Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	$	(427	)	$	(86	)

	Amounts reported in accumulated other comprehensive income (loss) related to derivative financial instruments will be reclassified to interest expense as interest payments are made on the hedged variable-rate debt.

INCOME_TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2014
INCOME TAXES	'
INCOME TAXES	'
	NOTE 12 — INCOME TAXES

	Income taxes for the interim periods presented have been included in our consolidated financial statements on the basis of an estimated annual effective tax rate. Our effective tax rate is impacted by the mix of earnings and losses by taxing jurisdictions. Our earnings (losses), other than in our TRSs, are not generally subject to federal corporate and state income taxes due to our REIT election.

	Due to the decrease in cumulative losses over the past three years, management believes that sufficient positive evidence could become available in the future to reach a conclusion that the valuation allowance will no longer be needed, in whole or in part. Acceleration of improved operating results or significant taxable income from specific non-recurring transactions could further impact this assessment. The likelihood of realizing the benefit of deferred tax assets and the related need for a valuation allowance is assessed on an ongoing basis. This assessment requires estimates and significant management judgment as to future operating results, as well as an evaluation of the effectiveness of our tax planning strategies. At this time, we are not able to reasonably estimate when sufficient positive evidence will require reversal of the valuation allowance or the impact such reversal will have on our effective tax rate.

	For the first quarter of 2014 and 2013, we recorded an income tax provision attributable to continuing operations of $0.1 million and $0.2 million, respectively. We had no unrecognized tax benefits at March 31, 2014. We expect no significant changes in unrecognized tax benefits within the next year. We recognize interest expense and penalties associated with unrecognized tax benefits as a component of income tax expense.

FAIR_VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2014
FAIR VALUE	'
FAIR VALUE	'
	NOTE 13 — FAIR VALUE

	The following table presents information about our financial instruments measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013. In instances in which the inputs used to measure fair value 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 (in thousands):

		Fair Value Measurements at March 31, 2014 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	9,723	$	—	$	9,723
	Interest rate swaps (asset)	—		208		—		208
	Liabilities:
	Interest rate swaps (liability)	—		1,796		—		1,796
	Fixed-rate debt	—		359,006		—		359,006


		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



	There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the first quarter of 2014.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2014
DISCONTINUED OPERATIONS	'
DISCONTINUED OPERATIONS	'
	NOTE 14 - DISCONTINUED OPERATIONS

	We have adjusted our consolidated statement of operations for the three months ended March 31, 2014 and 2013 to reflect the operations of hotel properties sold or classified as held for sale in discontinued operations. Discontinued operations include the following hotel properties that have been sold:

	· AmericInn & 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 in Salina, KS — sold November 2013;
	· Hampton Inn and Fairfield Inn & Suites in Boise, ID — sold November 2013;
	· Holiday Inn Express in Emporia, KS — sold December 2013; and
	· AmericInn and Aspen Hotel & Suites in Fort Smith, AR - sold on January 17, 2014.

	In addition, discontinued operations also include the following hotel property that is classified as held for sale at March 31, 2014:

	· Hampton Inn in Fort Smith, AR.

	Condensed results of operations for the hotel properties included in discontinued operations follow (in thousands):

		For the Three Months Ended March 31,
		2014			2013

	REVENUE	$	1,088		$	6,292

	Hotel operating expenses	770			4,863
	Depreciation and amortization	4			839
	Loss on impairment of assets	—			1,500

	INCOME (LOSS) FROM HOTEL OPERATIONS	314			(910		)
	Interest expense	—			103
	Gain on disposal of assets	(63		)	(1,634		)

	INCOME BEFORE TAXES	377			621

	INCOME TAX BENEFIT (EXPENSE)	1			(264		)

	INCOME FROM DISCONTINUED OPERATIONS	$	378		$	357

	INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO NONCONTROLLING INTEREST	$	5		$	18

	INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	373		$	339

EARNINGS_LOSS_PER_SHAREUNIT

EARNINGS (LOSS) PER SHARE/UNIT	3 Months Ended
	Mar. 31, 2014
EARNINGS (LOSS) PER SHARE/UNIT	'
EARNINGS (LOSS) PER SHARE/UNIT	'
	NOTE 15 - EARNINGS (LOSS) PER SHARE/UNIT

	We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested time-based restricted stock awards with nonforfeitable dividends and for our common stock. Our non-vested time-based restricted stock awards with nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested time-based restricted stock awards with nonforfeitable dividends do not have such an obligation so they are not allocated losses.

	At March 31, 2014 and 2013, we had 893,000 stock options outstanding 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.

	For the three months ended March 31, 2013, our basic and diluted earnings per share are based on basic weighted average common shares outstanding due to our loss attributable to common stockholders.

	A summary of the components used to calculate basic and diluted earnings per share follows (in thousands, except per share):

		For the Three Months Ended March 31,
		2014			2013
	Numerator:
	Income from continuing operations	$	2,947		$	1,526
	Less: Preferred dividends	4,147			2,452
	Allocation to participating securities	15			21
	Attributable to noncontrolling interest	(138		)	(83		)
	Loss from continuing operations attributable to common stockholders	(1,077		)	(864		)
	Income from discontinued operations attributable to common stockholders	373			339

	Net loss attributable to common stockholders	$	(704	)	$	(525	)

	Denominator:
	Weighted average common shares outstanding - basic	85,097			62,684
	Dilutive effect of equity-based compensation awards	430			266

	Weighted average common shares outstanding - diluted	85,527			62,950

	Earnings per common share - basic and diluted:
	Net loss from continuing operations	$	(0.01	)	$	(0.01	)
	Net income (loss) from discontinued operations	—			—

	Net loss	$	(0.01	)	$	(0.01	)

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	NOTE 16 — SUBSEQUENT EVENTS

	Equity Transactions

	On April 1, 2014, we issued 22,570 shares of common stock for Common Units of our Operating Partnership which were tendered for redemption on January 31, 2014.

	On May 6, 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 are payable May 30, 2014.

	On May 6, 2014, we closed on a $25 million loan with Compass Bank. The loan carries a variable rate of 30-day LIBOR plus 240 basis points, amortizes over 25 years, and has a May 6, 2020 maturity date. The loan is secured by first mortgage liens on the Hampton Inn & Suites hotels located in Poway, CA, Camarillo, CA and Fort Worth, TX. The net proceeds from this loan were used to pay down our senior unsecured credit facility.

BASIS_OF_PRESENTATION_AND_SIGN1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2014
BASIS OF PRESENTATION AND 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 these consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Exchange Act. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the first quarter of 2014 may not be indicative of the results that may be expected for the full year 2014. For further information, please read the financial statements included in our Form 10-K for the year ended December 31, 2013.
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.
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 selling costs.

	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.
Noncontrolling Interests	'
	Noncontrolling Interests

	Noncontrolling interests represent 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 stockholders’ equity. Revenue, expenses and net income (loss) attributable to both the Company and the 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 held by unaffiliated third parties and third-party ownership of joint ventures.
Income Taxes	'
	Income Taxes

	We are 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 GAAP. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRS) 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 TRS 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 carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence, 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 April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The ASU changed the criteria for reporting discontinued operations while enhancing related disclosures. Criteria for discontinued operations will now include only disposals that represent a strategic shift in operations with a major effect on operations and financial results. The ASU is to be applied on a prospective basis and would be effective for us beginning January 1, 2015; however, we have elected early adoption, which is permitted for disposals, and classifications as held for sale, which have not been reported previously. While we have elected early adoption for our consolidated financial statements and footnote disclosures, the sale of the AmericInn, Aspen Hotel & Suites and Hampton Inn in Fort Smith, AR are included in discontinued operations as these hotels were classified as held for sale in our consolidated financial statements for the year ended December 31, 2013. The AmericInn and Aspen Hotel & Suites were sold in January 2014.

HOTEL_PROPERTY_ACQUISITIONS_Ta

HOTEL PROPERTY ACQUISITIONS (Tables)	3 Months Ended
HOTEL PROPERTY ACQUISITIONS (Tables)	Mar. 31, 2014
HOTEL PROPERTY ACQUISITIONS	'
Schedule of hotel property acquisitions	'
	Hotel property acquisitions in the three months ended March 31, 2014 and 2013 include (in thousands):

	Date Acquired	Franchise/Brand		Location		Purchase Price			Debt Assumed

	First Quarter 2014
	January 9	Hilton Garden Inn		Houston, TX		$	37,500		$	17,846
	January 10	Hampton Inn		Santa Barbara (Goleta), CA		27,900			12,037
	January 24	Four Points by Sheraton		South San Francisco, CA		21,250			—
	March 14	DoubleTree by Hilton		San Francisco, CA		39,060			13,289

	Total Three Months Ended March 31, 2014			4 hotel properties		$	125,710		$	43,172

	First Quarter 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	Holiday Inn Express & Suites (1)		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			—

	Total Three Months Ended March 31, 2013			9 hotel properties		$	226,859		$	23,423

	(1) This hotel property was acquired by a joint venture in which we own an 80% controlling interest.
Schedule of allocation of aggregate purchase prices to fair value of assets and liabilities acquired	'
	The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions follows (in thousands):

		March 31,
		2014			2013

	Land	$	8,600		$	33,476
	Hotel buildings and improvements	114,713			187,754
	Furniture, fixtures and equipment	3,389			5,629
	Other assets	11,542			7,443
	Total assets acquired	138,244			234,302
	Less debt assumed	(43,172		)	(23,423		)
	Less other liabilities	(1,402		)	(545		)
	Net assets acquired	$	93,670		$	210,334
Schedule of total revenues and net income for hotel properties acquired	'
	Total revenues and net income for hotel properties acquired for the three months ended March 31, 2014 and 2013, which are included in our consolidated statements of operations follows (in thousands):

		For the Three Months Ended March 31,
		2014 Acquisitions			2013 Acquisitions
		2014			2014			2013

	Revenues	$	4,898		$	15,741		$	6,779

	Net income	$	233		$	2,076		$	1,136
Schedule of unaudited condensed pro forma financial information	'
	The unaudited condensed pro forma financial information for the three months ended March 31, 2014 and 2013 follows (in thousands, except per share amounts):

		For the Three Months Ended March 31,
		2014			2013

	Revenues	$	91,659		$	85,342

	Net income	$	2,990		$	3,794

	Net income (loss) per share attributable to common stockholders - basic and diluted	$	(0.01	)	$	0.02

INVESTMENT_IN_HOTEL_PROPERTIES1

INVESTMENT IN HOTEL PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2014
INVESTMENT IN HOTEL PROPERTIES	'
Schedule of investment in hotel properties	'
	Investment in hotel properties includes (in thousands):

		March 31,			December 31,
		2014			2013

	Land	$	163,359		$	154,831
	Hotel buildings and improvements	1,112,152			993,372
	Construction in progress	33,188			24,242
	Furniture, fixtures and equipment	151,955			142,976
		1,460,654			1,315,421
	Less accumulated depreciation	(180,399		)	(165,454		)

		$	1,280,255		$	1,149,967

ASSETS_HELD_FOR_SALE_Tables

ASSETS HELD FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2014
ASSETS HELD FOR SALE	'
Schedule of assets held for sale and related debt	'
	Assets held for sale and related debt include (in thousands):

		March 31,		December 31,
		2014		2013

	Land	$	960	$	1,183
	Hotel building and improvements	8,369		10,290
	Furniture, fixtures and equipment	394		751

		$	9,723	$	12,224

DEBT_Tables

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Mar. 31, 2014
DEBT	'
Schedule of total fixed-rate and variable-rate debt, after giving effect to interest rate derivatives	'
	Our total fixed-rate and variable-rate debt, after giving effect to our interest rate derivatives, follows (in thousands):

		March 31,		December 31,
		2014		2013

	Fixed-rate debt	$	474,428	$	358,590
	Variable-rate debt	92,968		76,999

		$	567,396	$	435,589
Schedule of information about fair value of fixed-rate debt 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):

		March 31, 2014				December 31, 2013
		Carrying		Fair Value		Carrying		Fair Value		Valuation Technique
		Value		Fair Value		Value		Fair Value		Valuation Technique

	Fixed-rate debt not recorded at fair value	$	370,737	$	359,006	$	329,544	$	319,429	Level 2 - Market approach

EQUITYBASED_COMPENSATION_Table

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
EQUITY-BASED COMPENSATION (Tables)	Mar. 31, 2014
Equity-based compensation	'
Schedule of stock option activity	'

		Number of		Weighted Average			Weighted Average		Aggregate
		Options		Exercise Price			Remaining		Intrinsic Value
							Contractual Terms		(Current Value
									Less Exercise
									Price)
				(Per share)			(In years)		(in thousands)
	Outstanding, December 31, 2013	893,000		$	9.75		7.2		$	—
	Granted	—
	Exercised	—
	Forfeited	—

	Outstanding, March 31, 2014	893,000		$	9.75		6.9		$	—

	Exercisable, March 31, 2014	535,800		$	9.75		6.9		$	—
Schedule of equity-based compensation expense	'
	Equity-based compensation expense for the three months ended March 31, 2014 and 2013 follows (in thousands):

		For the Three Months Ended March 31,
		2014			2013

	Included in corporate general and administrative salaries and other compensation in the statements of operations:
	Stock options	$	155		$	156
	Time-based restricted stock	167			109
	Performance-based restricted stock	145			140

		467			405
	Included in corporate general and administrative other in the statements of operations:
	Director stock	—			16

		$	467		$	421
Restricted Stock Awards \| Time-based	'
Equity-based compensation	'
Schedule of restricted stock activity	'

		Number of Shares		Weighted Average			Aggregate Current
				Grant Date Fair			Value
				Value
				(Per share)			(In thousands)
	Non-vested, December 31, 2013	161,587		$	9.1		$	1,454
	Granted	—		$	—		—
	Vested	26,630		$	9.78		—
	Forfeited	—		$	—		—

	Non-vested, March 31, 2014	134,957		$	9.1		$	1,252
Restricted Stock Awards \| Performance-based	'
Equity-based compensation	'
Schedule of restricted stock activity	'

		Number of Shares		Weighted Average			Aggregate Current
				Grant Date Fair			Value
				Value
				(Per share)			(In thousands)
	Non-vested, December 31, 2013	268,174		$	7.3		$	2,414
	Granted	—		$	—		—
	Vested	—		$	—		—
	Forfeited	—		$	—		—

	Non-vested, March 31, 2014	268,174		$	7.3		$	2,489

DERIVITIVE_FINANCIAL_INSTRUMEN1

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	3 Months Ended
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	Mar. 31, 2014
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	'
Schedule of information about derivative financial instruments	'
	Information about our derivative financial instruments at March 31, 2014 and December 31, 2013 follows (dollars in thousands):

		March 31, 2014								December 31, 2013
		Number of		Notional			Fair Value			Number of	Notional		Fair Value
		Instruments		Amount			Fair Value			Instruments	Amount		Fair Value

	Interest rate swaps (asset)	3		$	28,957		$	208		3	$	29,273	$	253
	Interest rate swaps (liability)	1		75,000			(1,796		)	1	75,000		(1,772		)

		4		$	103,957		$	(1,588	)	4	$	104,273	$	(1,519	)
Schedule of location in financial statements of loss recognized on derivative financial instruments designated as cash flow hedges	'
	Details of the location in the financial statements of the loss recognized on derivative financial instruments designated as cash flow hedges follows (in thousands):

		For the Three Months Ended March 31,
		2014			2013

	Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$	(495	)	$	21

	Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	$	(427	)	$	(86	)

FAIR_VALUE_Tables

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2014
FAIR VALUE	'
Schedule of disclosures concerning financial instruments measured at fair value	'
	Disclosures concerning financial instruments measured at fair value are as follows (in thousands):

		Fair Value Measurements at March 31, 2014 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	9,723	$	—	$	9,723
	Interest rate swaps (asset)	—		208		—		208
	Liabilities:
	Interest rate swaps (liability)	—		1,796		—		1,796
	Fixed-rate debt	—		359,006		—		359,006


		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

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
DISCONTINUED OPERATIONS (Tables)	Mar. 31, 2014
DISCONTINUED OPERATIONS	'
Schedule of condensed results of operations for hotel properties included in discontinued operations	'
	Condensed results of operations for the hotel properties included in discontinued operations follow (in thousands):

		For the Three Months Ended March 31,
		2014			2013

	REVENUE	$	1,088		$	6,292

	Hotel operating expenses	770			4,863
	Depreciation and amortization	4			839
	Loss on impairment of assets	—			1,500

	INCOME (LOSS) FROM HOTEL OPERATIONS	314			(910		)
	Interest expense	—			103
	Gain on disposal of assets	(63		)	(1,634		)

	INCOME BEFORE TAXES	377			621

	INCOME TAX BENEFIT (EXPENSE)	1			(264		)

	INCOME FROM DISCONTINUED OPERATIONS	$	378		$	357

	INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO NONCONTROLLING INTEREST	$	5		$	18

	INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	373		$	339

EARNINGS_LOSS_PER_SHAREUNIT_Ta

EARNINGS (LOSS) PER SHARE/UNIT (Tables)	3 Months Ended
EARNINGS (LOSS) PER SHARE/UNIT (Tables)	Mar. 31, 2014
EARNINGS (LOSS) PER SHARE/UNIT	'
Summary of components used to calculate basic and diluted earnings per share	'
	A summary of the components used to calculate basic and diluted earnings per share follows (in thousands, except per share):

		For the Three Months Ended March 31,
		2014			2013
	Numerator:
	Income from continuing operations	$	2,947		$	1,526
	Less: Preferred dividends	4,147			2,452
	Allocation to participating securities	15			21
	Attributable to noncontrolling interest	(138		)	(83		)
	Loss from continuing operations attributable to common stockholders	(1,077		)	(864		)
	Income from discontinued operations attributable to common stockholders	373			339

	Net loss attributable to common stockholders	$	(704	)	$	(525	)

	Denominator:
	Weighted average common shares outstanding - basic	85,097			62,684
	Dilutive effect of equity-based compensation awards	430			266

	Weighted average common shares outstanding - diluted	85,527			62,950

	Earnings per common share - basic and diluted:
	Net loss from continuing operations	$	(0.01	)	$	(0.01	)
	Net income (loss) from discontinued operations	—			—

	Net loss	$	(0.01	)	$	(0.01	)

DESCRIPTION_OF_BUSINESS_Detail

DESCRIPTION OF BUSINESS (Details) (Common stock)	0 Months Ended
DESCRIPTION OF BUSINESS (Details) (Common stock)	Feb. 14, 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)	Mar. 31, 2014
	guestroom
	state
Description of business	'
Number of guestrooms	11,353
Number of states in which hotel properties are located	22
Hotels	'
Description of business	'
Number of upscale and upper midscale hotel properties owned	90
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%

BASIS_OF_PRESENTATION_AND_SIGN2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2014
	item
Segment Disclosure	'
Number of reportable segments	1

HOTEL_PROPERTY_ACQUISITIONS_De

HOTEL PROPERTY ACQUISITIONS (Details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Mar. 31, 2014

Jan. 09, 2014

Mar. 31, 2014

Jan. 10, 2014

Mar. 31, 2014

Mar. 14, 2014

Mar. 31, 2014

Mar. 31, 2013

2014 acquisitions

2013 acquisitions

Joint venture

item

Mortgage loan

Houston, TX

Santa Barbara (Goleta), CA

South San Francisco, CA

San Francisco, CA

item

Mortgage loan

San Francisco, CA

Chicago (Hoffman Estates), IL

Orlando (Convention), FL

Orlando (Universal), FL

New Orleans, LA

New Orleans (Convention), LA

New Orleans (French Quarter), LA

New Orleans (Metairie), LA

2013 acquisitions

Hilton Garden Inn

Hampton Inn

Four Points by Sheraton

DoubleTree by Hilton

Holiday Inn Express & Suites

Hyatt Place

SpringHill Suites by Marriott

Courtyard by Marriott

Residence Inn by Marriott

San Francisco, CA

Mortgage loan

Holiday Inn Express & Suites

Hotel property acquisitions

Purchase Price

$125,710

$37,500

$27,900

$21,250

$39,060

$226,859

$60,500

$9,230

$12,252

$11,843

$33,095

$30,827

$25,683

$23,539

$19,890

Debt Assumed

$43,172

$17,900

$17,846

$12,000

$12,037

$13,300

$13,289

$23,423

Number of hotel properties acquired

Controlling interest owned (as a percent)

80.00%

HOTEL_PROPERTY_ACQUISITIONS_De1

HOTEL PROPERTY ACQUISITIONS (Details 2) (USD $)	Mar. 31, 2014	Mar. 31, 2013
In Thousands, unless otherwise specified	2014 acquisitions	2013 acquisitions
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired	'	'
Land	$8,600	$33,476
Hotel buildings and improvements	114,713	187,754
Furniture, fixtures and equipment	3,389	5,629
Other assets	11,542	7,443
Total assets acquired	138,244	234,302
Less debt assumed	-43,172	-23,423
Less other liabilities	-1,402	-545
Net assets acquired	$93,670	$210,334

HOTEL_PROPERTY_ACQUISITIONS_De2

HOTEL PROPERTY ACQUISITIONS (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
2014 acquisitions	'	'
Hotel property acquisitions	'	'
Revenues	$4,898	'
Net income	233	'
2013 acquisitions	'	'
Hotel property acquisitions	'	'
Revenues	15,741	6,779
Net income	$2,076	$1,136

HOTEL_PROPERTY_ACQUISITIONS_De3

HOTEL PROPERTY ACQUISITIONS (Details 4) (All 2013 and 2014 Acquisitions, USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
All 2013 and 2014 Acquisitions	'	'
Hotel property acquisitions	'	'
Revenues	$91,659	$85,342
Net income	$2,990	$3,794
Net income (loss) per share attributable to common shareholders - basic (in dollars per share)	($0.01)	$0.02
Net income (loss) per share attributable to common shareholders - (in dollars per share)	($0.01)	$0.02

INVESTMENT_IN_HOTEL_PROPERTIES2

INVESTMENT IN HOTEL PROPERTIES (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investment in hotel properties	'	'
Investment in hotel properties at cost	$1,460,654	$1,315,421
Less accumulated depreciation	-180,399	-165,454
Investment in hotel properties, net	1,280,255	1,149,967
Land	'	'
Investment in hotel properties	'	'
Investment in hotel properties at cost	163,359	154,831
Hotel buildings and improvements	'	'
Investment in hotel properties	'	'
Investment in hotel properties at cost	1,112,152	993,372
Construction in progress	'	'
Investment in hotel properties	'	'
Investment in hotel properties at cost	33,188	24,242
Furniture, fixtures and equipment	'	'
Investment in hotel properties	'	'
Investment in hotel properties at cost	$151,955	$142,976

ASSETS_HELD_FOR_SALE_Details

ASSETS HELD FOR SALE (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Assets held for sale	'	'
Assets held for sale	$9,723	$12,224
Land	'	'
Assets held for sale	'	'
Assets held for sale	960	1,183
Hotel buildings and improvements	'	'
Assets held for sale	'	'
Assets held for sale	8,369	10,290
Furniture, fixtures and equipment	'	'
Assets held for sale	'	'
Assets held for sale	$394	$751

DEBT_Details

DEBT (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Debt	'	'
Fixed-rate debt	$474,428	$358,590
Variable-rate debt	92,968	76,999
Total debt	$567,396	$435,589
Weighted average	'	'
Debt	'	'
Weighted average interest rate, after giving effect to interest rate derivatives (as a percent)	4.61%	5.03%

DEBT_Details_2

DEBT (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Debt	'	'
Fixed-rate debt	$474,428	$358,590
Variable-rate debt	92,968	76,999
Not recorded at fair value	'	'
Debt	'	'
Fixed-rate debt	370,737	329,544
Fair Value \| Level 2 - Market approach	'	'
Debt	'	'
Fixed-rate debt	359,006	319,429
Carried at fair value	'	'
Debt	'	'
Variable-rate debt	$194,700	$104,000

DEBT_Details_3

DEBT (Details 3) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 28, 2014

Mar. 31, 2014

Jan. 09, 2014

Mar. 31, 2014

Jan. 10, 2014

Mar. 31, 2014

Mar. 14, 2014

Mar. 31, 2014

guestroom

Term loans

Mortgage loan with GE Capital Financial Inc. at 5.39%, as amended

Mortgage loan with General Electric Capital Corp due April 1, 2020, as amended

Senior Unsecured Credit Facility

2014 acquisitions

item

Standby letters of credit

$225 Million Revolver

$75 Million Term Loan

Mortgage loan

Hilton Garden Inn

Hampton Inn

DoubleTree by Hilton

Houston, TX

Santa Barbara (Goleta), CA

San Francisco, CA

guestroom

Mortgage loan

guestroom

Mortgage loan

guestroom

Mortgage loan

Debt

Maximum borrowing capacity

$300,000,000

$225,000,000

$75,000,000

Maximum increase in borrowing capacity available through accordion feature option

100,000,000

Debt outstanding

567,396,000

435,589,000

476,400,000

Number of guestrooms

11,353

182

210

Assumption of debt

43,172,000

17,900,000

17,846,000

12,000,000

12,037,000

13,300,000

13,289,000

Fixed interest rate (as a percent)

5.39%

6.22%

6.13%

5.98%

Amortization period

'30 years

'25 years

'30 years

Number of loans

Line of credit outstanding

166,000,000

13,900,000

Amount available for borrowing

$120,100,000

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (Pending hotel property acquisitions, Hotel properties, USD $)	Mar. 31, 2014
In Millions, unless otherwise specified	Mar. 31, 2014
Pending hotel property acquisitions \| Hotel properties	'
Commitments and contingencies	'
Aggregate amount of purchase agreements	$37.70

EQUITY_Details

EQUITY (Details) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 20, 2013

Mar. 31, 2014

Dec. 31, 2013

Jan. 02, 2014

Jan. 03, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 02, 2013

Mar. 22, 2013

Mar. 31, 2014

Jan. 14, 2013

Feb. 14, 2011

Series A Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Common Stock

Executive officers

Director

Public offering

Private placement

Equity

New issued stock (in shares)

3,400,000

17,250,000

1,274,000

Proceeds from equity offerings, net of offering costs

$237,603,000

$81,700,000

$148,100,000

Underwriting discount and offering-related expenses

$3,300,000

$7,200,000

Shares of common stock issued to redeem common units

126,155

1,974,669

126,155

1,974,669

Stock issued to officers and directors (in shares)

293,704

292,090

Shares issued in lieu of cash for director fees

1,614

Preferred stock, dividend rate (as a percent)

9.25%

7.88%

7.13%

Preferred stock, liquidation preference (in dollars per share)

$25

Annual dividend rate per share (in dollars per share)

$2.31

$1.97

$1.78

EQUITY_Details_2

EQUITY (Details 2) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

In Millions, except Share data, unless otherwise specified

Jan. 10, 2014

Mar. 31, 2014

Dec. 31, 2013

Jan. 02, 2014

Jan. 03, 2013

Jan. 10, 2014

Mar. 31, 2014

Jan. 02, 2014

Jan. 03, 2013

Mar. 31, 2014

Mar. 31, 2013

Jan. 02, 2014

Jan. 03, 2013

Noncontrolling interests

Common Stock

SUMMIT HOTEL OP, LP

Joint venture

SUMMIT HOTEL OP, LP

Common units

2014 acquisitions

Hampton Inn

Santa Barbara (Goleta), CA

Number of shares of common stock issuable upon conversion of common units

Common units redeemed

412,174

126,155

1,974,669

126,155

1,974,669

Common units issued for acquisition (in shares)

412,174

Common units issued for acquisition

$3.70

Shares of common stock issued to redeem common units

126,155

1,974,669

126,155

1,974,669

Number of common units of operating partnership owned by unaffiliated third parties

1,097,444

811,425

Percentage of limited partnership interest in operating partnership

1.00%

Ownership interest in joint venture (as a percent)

80.00%

Ownership interest in joint venture by partners (as a percent)

20.00%

EQUITYBASED_COMPENSATION_Detai

EQUITY-BASED COMPENSATION (Details)	3 Months Ended
EQUITY-BASED COMPENSATION (Details)	Mar. 31, 2014
Stock Options \| Minimum	'
Equity-based compensation expense	'
Term of option	'5 years
Stock Options \| Maximum	'
Equity-based compensation expense	'
Term of option	'10 years
2011 Equity Incentive Plan	'
Equity-based compensation expense	'
Aggregate equity based or incentive awards authorized for grant (in shares)	2,318,290

EQUITYBASED_COMPENSATION_Detai1

EQUITY-BASED COMPENSATION (Details 2) (Stock Options, USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Stock Options	'	'
Number of Options	'	'
Outstanding at the beginning of period (in shares)	893,000	'
Outstanding at the end of period (in shares)	893,000	893,000
Exercisable at the end of period (in shares)	535,800	'
Weighted Average Exercise Price	'	'
Outstanding at the beginning of period (in dollars per share)	$9.75	'
Outstanding at the end of period (in dollars per share)	$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	'6 years 10 months 24 days	'7 years 2 months 12 days
Exercisable at the end of period	'6 years 10 months 24 days	'

EQUITYBASED_COMPENSATION_Detai2

EQUITY-BASED COMPENSATION (Details 3) (Restricted Stock Awards, USD $)	0 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 02, 2013	Mar. 31, 2014	Dec. 31, 2013
Time-Based	'	'	'
Time-based restricted stock awards	'	'	'
Vesting period	'3 years	'	'
Number of Shares	'	'	'
Non-vested at the beginning of period (in shares)	'	161,587	'
Granted (in shares)	106,518	'	'
Vested (in shares)	'	26,630	'
Non-vested at the end of period (in shares)	'	134,957	'
Weighted Average Grant Date Fair Value	'	'	'
Non-vested at the beginning of period (in dollars per share)	'	$9.10	'
Vested (in dollars per share)	'	$9.78	'
Non-vested at the end of period (in dollars per share)	'	$9.10	'
Aggregate Current Value	'	'	'
Non-vested at the end of period	'	$1,252	$1,454
Time-based awards vesting period, one	'	'	'
Time-based restricted stock awards	'	'	'
Vesting percentage	25.00%	'	'
Time-based awards vesting period, two	'	'	'
Time-based restricted stock awards	'	'	'
Vesting percentage	25.00%	'	'
Time-based awards vesting period, three	'	'	'
Time-based restricted stock awards	'	'	'
Vesting percentage	50.00%	'	'

EQUITYBASED_COMPENSATION_Detai3

EQUITY-BASED COMPENSATION (Details 4) (Restricted Stock Awards, Performance-Based, USD $)	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 02, 2013	Mar. 31, 2014	Dec. 31, 2013
Restricted Stock Awards \| Performance-Based	'	'	'
Performance-based restricted stock awards	'	'	'
Vesting period	'3 years	'	'
Number of Shares	'	'	'
Non-vested at the beginning of period (in shares)	'	268,174	268,174
Granted (in shares)	185,572	'	'
Non-vested at the end of period (in shares)	'	268,174	268,174
Weighted Average Grant Date Fair Value	'	'	'
Non-vested at the beginning of period (in dollars per share)	'	$7.30	$7.30
Non-vested at the end of period (in dollars per share)	'	$7.30	$7.30
Aggregate Current Value	'	'	'
Non-vested at the end of period	'	$2,489	$2,414

EQUITYBASED_COMPENSATION_Detai4

EQUITY-BASED COMPENSATION (Details 5) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 22, 2013

Mar. 31, 2014

Corporate general and administrative salaries and other compensation

Corporate general and administrative other

Common Stock

Stock options

Restricted Stock Awards

Stock awards

Non-employee director

Time-Based

Performance-Based

Non-employee director

Equity-based compensation expense

Shares issued in lieu of cash for director fees

1,614

Share based compensation

$467,000

$421,000

$467,000

$405,000

$155,000

$156,000

$167,000

$109,000

$145,000

$140,000

$16,000

Unrecognized compensation expense

Unrecognized compensation costs related to non-vested awards

$3,000,000

Share based compensation non-vested awards period of recognition

'1 year 6 months

LOSS_ON_IMPAIRMENT_OF_ASSETS_D

LOSS ON IMPAIRMENT OF ASSETS (Details) (Hotel properties, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2013
Hotel properties	'
Assets held for sale	'
Discontinued operations, loss on impairment of assets	$1,500

DERIVITIVE_FINANCIAL_INSTRUMEN2

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Fair Value	'	'
Assets	$208,000	$253,000
Liability	-1,796,000	-1,772,000
Interest rate swaps	'	'
Fair Value	'	'
Aggregate derivative contract termination value	1,800,000	'
Designated as cash flow hedges \| Interest rate swaps	'	'
Number of Instruments	'	'
Asset	3	3
Liability	1	1
Total	4	4
Notional Amount	'	'
Assets	28,957,000	29,273,000
Liability	75,000,000	75,000,000
Total	103,957,000	104,273,000
Fair Value	'	'
Assets	208,000	253,000
Liability	-1,796,000	-1,772,000
Net liability	($1,588,000)	($1,519,000)

DERIVITIVE_FINANCIAL_INSTRUMEN3

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Details 2) (Cash flow hedges, Interest rate swaps, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Derivative instruments, gain (loss) recognized	'	'
Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	($495)	$21
Interest expense	'	'
Derivative instruments, gain (loss) recognized	'	'
Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	($427)	($86)

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
INCOME TAXES	'	'
Income tax provision	$78	$188
Unrecognized tax benefits	$0	'

FAIR_VALUE_Details

FAIR VALUE (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Assets:	'	'
Assets held for sale	$9,723	$12,224
Derivative asset	208	253
Liabilities:	'	'
Derivative liability	1,796	1,772
Fixed-rate debt	474,428	358,590
Asset transfers between Level 2 to Level 1	0	'
Asset transfers between Level 1 to Level 2	0	'
Liability transfers between Level 1 to Level 2	0	'
Liability transfers between Level 2 to Level 1	0	'
Recurring basis \| Level 2	'	'
Assets:	'	'
Assets held for sale	9,723	12,224
Liabilities:	'	'
Fixed-rate debt	359,006	319,429
Recurring basis \| Level 2 \| Interest rate swaps	'	'
Assets:	'	'
Derivative asset	208	253
Liabilities:	'	'
Derivative liability	1,796	1,772
Recurring basis \| Total fair value	'	'
Assets:	'	'
Assets held for sale	9,723	12,224
Liabilities:	'	'
Fixed-rate debt	359,006	319,429
Recurring basis \| Total fair value \| Interest rate swaps	'	'
Assets:	'	'
Derivative asset	208	253
Liabilities:	'	'
Derivative liability	$1,796	$1,772

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Discontinued operations	'	'
INCOME FROM DISCONTINUED OPERATIONS	$378	$357
INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS	373	339
Hotel properties	'	'
Discontinued operations	'	'
REVENUE	1,088	6,292
Hotel operating expenses	770	4,863
Depreciation and amortization	4	839
Loss on impairment of assets	'	1,500
INCOME (LOSS) FROM HOTEL OPERATIONS	314	-910
Interest expense	'	103
(Gain) loss on disposal of assets	-63	-1,634
INCOME BEFORE TAXES	377	621
INCOME TAX BENEFIT (EXPENSE)	1	-264
INCOME FROM DISCONTINUED OPERATIONS	378	357
INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO NONCONTROLLING INTEREST	5	18
INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$373	$339

EARNINGS_LOSS_PER_SHAREUNIT_De

EARNINGS (LOSS) PER SHARE/UNIT (Details) (Stock options)	3 Months Ended
EARNINGS (LOSS) PER SHARE/UNIT (Details) (Stock options)	Mar. 31, 2014	Mar. 31, 2013
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)	893,000	893,000

EARNINGS_LOSS_PER_SHAREUNIT_De1

EARNINGS (LOSS) PER SHARE/UNIT (Details 2) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Numerator:	'	'
Income from continuing operations	$2,947	$1,526
Less: Preferred dividends	4,147	2,452
Allocation to participating securities	15	21
Attributable to noncontrolling interest	-138	-83
Loss from continuing operations attributable to common stockholders	-1,077	-864
Income from discontinued operations attributable to common stockholders	373	339
Net loss attributable to common stockholders	($704)	($525)
Denominator:	'	'
Weighted average common shares outstanding - basic	85,097	62,684
Dilutive effect of equity-based compensation awards (in shares)	430	266
Weighted average common shares outstanding - diluted	85,527	62,950
Earnings per common share - basic and diluted:	'	'
Net loss from continuing operations (in dollars per share)	($0.01)	($0.01)
Basic and diluted net loss per share	($0.01)	($0.01)

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 20, 2013

Mar. 31, 2014

Dec. 31, 2013

Jan. 02, 2014

Jan. 03, 2013

Mar. 31, 2014

Mar. 31, 2013

6-May-14

Apr. 02, 2014

Series A Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Common stock

Subsequent Event

Mortgage loan with Compass Bank due May 6, 2020

Series A Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Common stock

LIBOR

Subsequent events

Shares of common stock issued to redeem common units

126,155

1,974,669

126,155

1,974,669

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%

7.88%

7.13%

Loan amount

$25,000,000

Debt obligation incurred

$90,998,000

$74,000,000

Variable rate basis

'30-day LIBOR

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

2.40%

Amortization period

'20 years