Summit Hotel Properties (INN) 10-Q3 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Oct. 31, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Summit Hotel Properties, Inc.	'
Entity Central Index Key	'0001497645	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-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	'	85,996,023
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
ASSETS	'	'
Investment in hotel properties, net	$1,343,199	$1,149,967
Investment in hotel properties under development	186	'
Land held for development	13,748	13,748
Assets held for sale	7,860	12,224
Cash and cash equivalents	34,778	46,706
Restricted cash	35,306	38,498
Trade receivables	11,924	7,231
Prepaid expenses and other	6,172	8,876
Derivative financial instruments	218	253
Deferred charges, net	10,128	10,270
Deferred tax asset	119	49
Other assets	8,988	6,654
Total assets	1,472,626	1,294,476
Liabilities:	'	'
Debt	624,303	435,589
Accounts payable	5,032	7,583
Accrued expenses	42,302	27,154
Derivative financial instruments	1,626	1,772
Total liabilities	673,263	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, 500,000,000 shares authorized, 85,920,290 and 85,402,408 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	859	854
Additional paid-in capital	885,830	882,858
Accumulated other comprehensive loss	-1,269	-1,379
Accumulated deficit and distributions	-93,736	-72,577
Total stockholders' equity	791,768	809,840
Noncontrolling interests in operating partnership	7,595	4,722
Noncontrolling interests in joint venture	'	7,816
Total equity	799,363	822,378
Total liabilities and equity	1,472,626	1,294,476
Series A preferred shares	'	'
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:	'	'
Preferred stock	20	20
Series B preferred shares	'	'
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:	'	'
Preferred stock	30	30
Series C preferred shares	'	'
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 $)	9 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 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	500,000,000	500,000,000
Common stock, issued	85,920,290	85,402,408
Common stock, outstanding	85,920,290	85,402,408
Series A preferred shares	'	'
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	2,000,000	2,000,000
Preferred stock, shares outstanding	2,000,000	2,000,000
Preferred stock, aggregate liquidation preference (in dollars)	$50,385	$50,398
Preferred stock, dividend rate (as a percent)	9.25%	9.25%
Series B preferred shares	'	'
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred stock, shares issued	3,000,000	3,000,000
Preferred stock, shares outstanding	3,000,000	3,000,000
Preferred stock, aggregate liquidation preference (in dollars)	75,492	75,324
Preferred stock, dividend rate (as a percent)	7.88%	7.88%
Series C preferred shares	'	'
Preferred stock, shares authorized	3,400,000	3,400,000
Preferred stock, shares issued	3,400,000	3,400,000
Preferred stock, shares outstanding	3,400,000	3,400,000
Preferred stock, aggregate liquidation preference (in dollars)	$85,505	$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		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Room	$103,155	$78,010	$287,387	$209,774
Other hotel operations revenue	6,101	4,164	16,938	11,228
Total revenues	109,256	82,174	304,325	221,002
Hotel operating expenses:	'	'	'	'
Room	26,365	21,927	76,042	59,181
Other direct	15,376	11,072	40,610	28,335
Other indirect	26,451	20,784	78,068	56,714
Total hotel operating expenses	68,192	53,783	194,720	144,230
Depreciation and amortization	16,831	13,872	48,906	37,250
Corporate general and administrative	5,742	2,954	15,364	10,054
Hotel property acquisition costs	69	114	778	1,554
Loss on impairment of assets	3,614	1,369	4,274	1,369
Total expenses	94,448	72,092	264,042	194,457
Operating income	14,808	10,082	40,283	26,545
Other income (expense):	'	'	'	'
Interest expense	-6,839	-5,948	-20,045	-14,877
Other income (expense)	797	-184	1,083	82
Total other expense, net	-6,042	-6,132	-18,962	-14,795
Income from continuing operations before income taxes	8,766	3,950	21,321	11,750
Income tax expense	-427	-1,120	-834	-1,269
Income from continuing operations	8,339	2,830	20,487	10,481
Income (loss) from discontinued operations	-59	-3,410	278	-2,508
Net income (loss)	8,280	-580	20,765	7,973
Income (loss) attributable to non-controlling interests:	'	'	'	'
Operating partnership	50	-213	101	-108
Joint venture	'	272	1	324
Net income attributable to Summit Hotel Properties, Inc.	8,230	-639	20,663	7,757
Preferred dividends	-4,147	-4,147	-12,441	-10,443
Net income (loss) attributable to common stockholders	$4,083	($4,786)	$8,222	($2,686)
Earnings per share:	'	'	'	'
Basic and diluted net income (loss) per share from continuing operations (in dollars per share)	$0.05	($0.02)	$0.09	($0.01)
Basic and diluted net income (loss) per share from discontinued operations (in dollars per share)	'	($0.05)	$0.01	($0.03)
Basic and diluted net income (loss) per share (in dollars per share)	$0.05	($0.07)	$0.10	($0.04)
Weighted average common shares outstanding:	'	'	'	'
Basic (in Shares)	85,303	68,157	85,192	65,460
Diluted (in Shares)	85,916	68,614	85,704	65,854

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net income (loss)	$8,280	($580)	$20,765	$7,973
Other comprehensive income (loss), net of tax:	'	'	'	'
Changes in fair value of derivative financial instruments	855	-2,127	111	-1,310
Total other comprehensive income (loss)	855	-2,127	111	-1,310
Comprehensive income (loss)	9,135	-2,707	20,876	6,663
Comprehensive income (loss) attributable to non-controlling interests:	'	'	'	'
Comprehensive income (loss) attributable to Summit Hotel Properties, Inc.	9,075	-2,671	20,773	6,504
Preferred dividends	-4,147	-4,147	-12,441	-10,443
Comprehensive income (loss) attributable to common stockholders	4,928	-6,818	8,332	-3,939
Operating partnership	'	'	'	'
Comprehensive income (loss) attributable to non-controlling interests:	'	'	'	'
Comprehensive income (loss) attributable to non-controlling interests	60	-308	102	-165
Joint venture	'	'	'	'
Comprehensive income (loss) attributable to non-controlling interests:	'	'	'	'
Comprehensive income (loss) attributable to non-controlling interests	'	$272	$1	$324

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 Stockholders' Equity	Non-controlling Interests	Non-controlling 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 Stockholders' 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	300,166	'	345	299,821	'	'	300,166	'	'
Net proceeds from sale of common stock (in shares)	'	'	34,500,000	'	'	'	'	'	'
Net proceeds from sale of preferred stock	81,723	34	'	81,689	'	'	81,723	'	'
Net proceeds from sale of preferred stock (in shares)	'	3,400,000	'	'	'	'	'	'	'
Common stock redemption of common units	'	'	25	15,365	'	'	15,390	-15,390	'
Common stock redemption of common units (in shares)	'	'	2,466,404	'	'	'	'	'	'
Contribution by non-controlling interests in joint venture	7,500	'	'	'	'	'	'	'	7,500
Dividends paid	-33,748	'	'	'	'	-32,735	-32,735	-1,013	'
Equity-based compensation	1,616	'	3	1,613	'	'	1,616	'	'
Equity-based compensation (in shares)	'	'	325,758	'	'	'	'	'	'
Other comprehensive (loss) income	-1,310	'	'	'	-1,253	'	-1,253	-57	'
Net income (loss)	7,973	'	'	'	'	7,757	7,757	-108	324
Balance at end of year at Sep. 30, 2013	837,457	84	835	867,308	-1,781	-56,963	809,483	20,150	7,824
Balance (in shares) at Sep. 30, 2013	'	8,400,000	83,451,814	'	'	'	'	'	'
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	'	'	2	581	'	'	583	-583	'
Common stock redemption of common units (in shares)	'	'	198,292	'	'	'	'	'	'
Common units issued for acquisition	3,685	'	'	'	'	'	'	3,685	'
Acquisition of non-controlling interest in joint venture	-8,232	'	'	-415	'	'	-415	'	-7,817
Dividends paid	-42,187	'	'	'	'	-41,822	-41,822	-365	'
Equity-based compensation	2,843	'	3	2,806	'	'	2,809	34	'
Equity-based compensation (in shares)	'	'	319,590	'	'	'	'	'	'
Other comprehensive (loss) income	111	'	'	'	110	'	110	1	'
Net income (loss)	20,765	'	'	'	'	20,663	20,663	101	1
Balance at end of year at Sep. 30, 2014	$799,363	$84	$859	$885,830	($1,269)	($93,736)	$791,768	$7,595	'
Balance (in shares) at Sep. 30, 2014	'	8,400,000	85,920,290	'	'	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Operating activities:	'	'
Net income	$20,765	$7,973
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation, Depletion and Amortization	48,919	39,240
Amortization of prepaid lease	36	36
Loss on impairment of assets	4,674	8,654
Equity-based compensation	2,843	1,616
Deferred tax asset	-70	-964
Gain on disposal of assets	-284	-888
Gain on derivative financial instruments	'	-2
Changes in operating assets and liabilities:	'	'
Restricted cash - operating	-3,437	-2,882
Trade receivables	-4,646	-4,207
Prepaid expenses and other	3,608	-15,694
Accounts payable and accrued expenses	6,605	13,365
Net cash provided by operating activities	79,013	46,247
Investing activities:	'	'
Acquisitions of hotel properties	-177,761	-388,456
Acquisition of non-controlling interest in joint venture	-8,232	'
Investment in hotel properties under development	-186	-10,246
Acquisition of land held for development	'	-2,800
Improvements and additions to hotel properties	-34,929	-33,840
Advances under note funding obligation	-2,221	'
Purchases of office furniture and equipment	'	-599
Proceeds from asset dispositions, net of closing costs	11,597	33,545
Restricted cash - FF&E reserve	18,170	-19,623
Net cash used in investing activities	-193,562	-422,019
Financing activities:	'	'
Proceeds from issuance of debt	216,001	375,745
Principal payments on debt	-70,459	-321,636
Financing fees on debt	-734	-2,484
Proceeds from equity offerings, net of offering costs	'	389,389
Dividends paid and distributions to members	-42,187	-33,748
Net cash provided by financing activities	102,621	407,266
Net change in cash and cash equivalents	-11,928	31,494
Cash and cash equivalents, beginning of year	46,706	13,980
Cash and cash equivalents, end of period	34,778	45,474
Supplemental disclosure of cash flow information:	'	'
Cash payments for interest	19,871	14,639
Capitalized interest	186	246
Cash payments for taxes, net of refunds	739	683
Mortgage debt from acquisitions of hotel properties	43,172	33,532
Common units issued for acquisition	$3,685	'

Description_of_Business

Description of Business	9 Months Ended
Description of Business	Sep. 30, 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 does not affect 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 September 30, 2014, our portfolio consisted of 91 upscale and upper midscale hotels with a total of 11,589 guestrooms located in 21 states. We have elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes commencing with our short taxable year ended December 31, 2011. To qualify as a REIT, we cannot operate or manage our hotels. Accordingly, substantially all of our hotels are leased to subsidiaries (“TRS Lessees”) of our taxable REIT subsidiary (“TRS”). We indirectly own 100% of the outstanding equity interests in all of our TRS Lessees.

Basis_of_Presentation_and_Sign

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 consolidate the accounts of the Company and all entities that are controlled by ownership of a majority voting interest as well as variable interest entities for which the company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

	We prepared 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 audited consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the three and nine months ended September 30, 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.

	Historically, we presented the results of operations of hotel properties that had been sold or otherwise qualified as assets held for sale in discontinued operations if the operations and cash flows of the hotel properties had been or would be eliminated from our ongoing operations. Following adoption of ASU 2014-08 (see “New Accounting Standards” below) in the first quarter of 2014, we anticipate that the majority of future property sales will not be classified as discontinued 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.

	Non-controlling Interests

	Non-controlling interests represent the portion of equity in a subsidiary held by owners other than the consolidating parent. Non-controlling 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 non-controlling interests are reported in the consolidated statements of operations.

	Our consolidated financial statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and, prior to the second quarter of 2014, third-party ownership of a 19% interest in a consolidated joint venture.

	Income Taxes

	We have elected to be taxed as a REIT under certain provisions of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders 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 distribute 100% of our REIT taxable income to our stockholders. 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 GAAP 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 in the first quarter of 2014, 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 AmericInn Hotel & Suites, Aspen Hotel & Suites and Hampton Inn in Fort Smith, AR will be included in discontinued operations as these hotels were classified as held for sale in our consolidated financial statements in prior periods. The AmericInn Hotel & Suites and Aspen Hotel & Suites were sold in January 2014. The Hampton Inn in Fort Smith, AR was sold in September 2014.

	On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017 and early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its consolidated financial statements.

	In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This guidance is effective for the Company on January 1, 2017.

Hotel_Property_Acquisitions

Hotel Property Acquisitions	9 Months Ended
Hotel Property Acquisitions	Sep. 30, 2014
Hotel Property Acquisitions	'
Hotel Property Acquisitions	'
	Note 3 — Hotel Property Acquisitions

	Hotel property acquisitions in the nine months ended September 30, 2014 and 2013 are as follows (in thousands):

	Date Acquired		Franchise/Brand		Location		Purchase Price			Debt Assumed

	Nine Months 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
	August 15		Hilton Garden Inn		Houston (Energy Corridor), TX		36,000			—
	September 9		Hampton Inn & Suites		Austin, TX		53,000			—
	Total Nine Months Ended September 30, 2014				6 hotel properties		$	214,710		$	43,172

	Nine Months 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		San Francisco, CA		60,500			23,423
	March 11		SpringHill Suites by Marriott		New Orleans, LA		33,095			—
	March 11		Courtyard by Marriott		New Orleans (Convention), LA		30,827			—
	March 11		Courtyard by Marriott		New Orleans (French Quarter), LA		25,683			—
	March 11		Courtyard by Marriott		New Orleans (Metairie), LA		23,539			—
	March 11		Residence Inn by Marriott		New Orleans (Metairie), LA		19,890			—
	April 30		Hilton Garden Inn		Greenville, SC		15,250			—
	May 21		IHG / Holiday Inn Express & Suites		Minneapolis (Minnetonka), MN		6,900			3,724
	May 21		Hilton Garden Inn		Minneapolis (Eden Prairie), MN		10,200			6,385
	May 23		Fairfield Inn & Suites by Marriott		Louisville, KY		25,023			—
	May 23		SpringHill Suites by Marriott		Louisville, KY		39,138			—
	May 23		Courtyard by Marriott		Indianapolis, IN		58,634			—
	May 23		SpringHill Suites by Marriott		Indianapolis, IN		30,205			—
	Total Nine Months Ended September 30, 2013				16 hotel properties		$	412,209		$	33,532

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

			For the Nine Months Ended September 30,
			2014			2013

	Land		$	11,400		$	57,276
	Hotel buildings and improvements		199,573			341,903
	Furniture, fixtures and equipment		5,489			14,996
	Land held for development		—			2,800
	Other assets		11,625			9,308
	Total assets acquired		228,087			426,283
	Less debt assumed		(43,172		)	(33,532		)
	Less lease liability assumed		(1,752		)	—
	Less other liabilities		(2,671		)	(1,495		)

	Net assets acquired		$	180,492		$	391,256

	The allocations for certain of the acquisitions for the three months ended September 30, 2014 are based on preliminary information and are, therefore, subject to change.

	Total revenues and net income for hotel properties acquired in the nine months ended September 30, 2014 and 2013, which are included in our consolidated statements of operations follows (in thousands):

			For the Three Months Ended September 30,									For the Nine Months Ended September 30,
			2014 Acquisitions			2013 Acquisitions						2014 Acquisitions		2013 Acquisitions
			2014			2014			2013			2014		2014		2013

	Revenues		$	11,358		$	27,546		$	23,449		$	24,808	$	80,990	$	50,862

	Net income		$	2,897		$	5,993		$	3,847		$	3,999	$	16,450	$	9,568

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 the first nine months of 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 and nine months ended September 30, 2014 and 2013 follows (in thousands, except per share amounts):

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2014			2013			2014			2013

Revenues		$	112,191		$	97,549		$	320,455		$	287,974

Net income (loss)		$	7,487		$	311		$	23,015		$	16,027
Net income (loss) attributable to common stockholders		$	3,274		$	(3,709	)	$	10,378		$	5,287
Net income (loss) per share attributable to common stockholders - basic and diluted		$	0.04		$	(0.05	)	$	0.12		$	0.08

Investment_in_Hotel_Properties

Investment in Hotel Properties	9 Months Ended
	Sep. 30, 2014
Investment in Hotel Properties	'
Investment in Hotel Properties	'
	Note 4 — Investment in Hotel Properties

	Investment in hotel properties includes (in thousands):

		September 30, 2014			December 31, 2013

	Land	$	163,578		$	154,831
	Hotel buildings and improvements	1,202,645			993,372
	Construction in progress	6,763			24,242
	Furniture, fixtures and equipment	178,440			142,976
		1,551,426			1,315,421
	Less accumulated depreciation	(208,227		)	(165,454		)

		$	1,343,199		$	1,149,967

Assets_Held_for_Sale

Assets Held for Sale	9 Months Ended
	Sep. 30, 2014
Assets Held for Sale	'
Assets Held for Sale	'
	Note 5 — Assets Held for Sale

	Assets held for sale include (in thousands):

		September 30, 2014		December 31, 2013

	Land	$	1,965	$	1,183
	Hotel building and improvements	5,656		10,290
	Furniture, fixtures and equipment	239		751

		$	7,860	$	12,224

	At September 30, 2014, assets held for sale include the Country Inn & Suites and an adjacent land parcel of 5.64 acres in San Antonio, TX which were sold on October 21, 2014, and a land parcel in Spokane, WA.

	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, the Hampton Inn in Fort Smith, AR, which was sold on September 9, 2014, and a land parcel in Spokane, WA.

Debt

9 Months Ended

Sep. 30, 2014

Debt

Note 6 - Debt

Our debt is comprised of a senior unsecured 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 4.40% at September 30, 2014 and 5.03% at December 31, 2013. Our total fixed-rate and variable-rate debt, after giving effect to our interest rate derivatives, follows (in thousands):

September 30, 2014

December 31, 2013

Fixed-rate debt

469,604

358,590

Variable-rate debt

154,699

76,999

624,303

435,589

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

September 30, 2014

December 31, 2013

Carrying Value

Fair Value

Carrying Value

Fair Value

Valuation Technique

Fixed-rate debt not recorded at fair value

366,627

353,076

329,544

319,429

Level 2 - Market approach

At September 30, 2014 and December 31, 2013, we had variable rate debt of $103.0 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 as a result of changes in the current market rate of interest on the valuation date. For additional information on our use of derivatives as interest rate hedges, refer to “Note 11 - Derivative Financial Instruments and Hedging.”

Senior Unsecured Credit Facility

At September 30, 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” are 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 under the $225 Million Revolver and the $75 Million Term Loan by an aggregate of $100.0 million 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 September 30, 2014, the maximum amount of borrowing permitted under the senior unsecured credit facility was $300.0 million, of which we had $203.0 million borrowed, $13.8 million in standby letters of credit, and $83.2 million available to borrow.

Term Loans

At September 30, 2014, we had $496.3 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 $17.8 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 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.

On May 6, 2014, we closed on a $25.0 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 San Diego (Poway), CA, Ventura (Camarillo), CA and Fort Worth, TX. The net proceeds from this loan were used to pay down the $225 Million Revolver.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	Note 7 — Commitments and Contingencies

	Pending Hotel Property Acquisition

	We have a purchase agreement with a hotel property developer to acquire a Hampton Inn & Suites in downtown Minneapolis, MN for $38.7 million, which price includes change orders to date. The purchase is subject to certain conditions including the completion of construction of the hotel in accordance with agreed upon architectural and engineering designs, receipt of a Hampton Inn & Suites franchise, and receipt of a certificate of occupancy. As this acquisition is contingent upon the satisfaction of these customary closing conditions, there is no assurance that it will be completed.

	Departure of Executive Officer

	As previously reported, at the end of May 2014, Stuart J. Becker resigned from his position as Executive Vice President, Chief Financial Officer and Treasurer of the Company. On June 16, 2014, in connection with Mr. Becker’s resignation, the Company entered into a severance and release agreement with Mr. Becker (the “Agreement”). The Agreement became effective on June 19, 2014 and provides for Mr. Becker’s resignation effective as of May 27, 2014. The Agreement also provides for the following: (i) a release by Mr. Becker of all claims against the Company, its affiliates and other parties; (ii) a covenant by Mr. Becker not to solicit the Company’s employees for employment for a period of one year, and confidentiality and non-disparagement covenants; (iii) a severance payment to Mr. Becker in the gross amount of $348,289 (equal to Mr. Becker’s 2013 base salary plus payment for all accrued and unused vacation), less applicable payroll deductions, all of which was paid in a single lump sum in July 2014; (iv) payment to Mr. Becker for up to twelve months of COBRA premiums; and (v) accelerated vesting of all restricted shares of common stock and options previously awarded to Mr. Becker.

	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 effect on our financial condition or results of operations.

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2014
Equity	'
Equity	'
	Note 8 - Equity

	Common Stock

	In the first nine months of 2014, we issued 198,292 shares of common stock to limited partners of the Operating Partnership upon redemption of their Common Units.

	On May 28, 2014, we issued 278,916 shares of common stock to our executive officers and employees pursuant to our 2011 Equity Incentive Plan. Of the total shares issued on May 28, 2014, 1,756 were forfeited during the third quarter of 2014. In the first nine months of 2014, we issued 32,317 shares of common stock to our directors pursuant to our 2011 Equity Incentive Plan, 5,860 shares of common stock to one of our independent directors in lieu of cash for director fees, and 4,253 shares of common stock upon the cashless exercise of outstanding stock options with an exercise price of $9.75 per share.

	In the first nine months of 2013, we issued 2,466,404 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 June 13, 2013, we issued 29,228 shares of common stock to our directors pursuant to our 2011 Equity Incentive Plan. In the first nine months of 2013, we issued 4,440 shares of common stock to one of our independent directors in lieu of cash for director fees.

	On September 19, 2013, we completed an underwritten public offering of 17,250,000 shares of common stock. Net proceeds were $152.0 million, after the underwriting discount and offering related expenses of $6.5 million.

	Preferred Stock

	The Company is authorized to issue up to 100,000,000 shares of preferred stock, $0.01 par value per share, of which 2,000,000 shares have been designated as 9.25% Series A Cumulative Redeemable Preferred Stock (the “Series A preferred shares”), 3,000,000 shares have been designated as 7.875% Series B Cumulative Redeemable Preferred Stock (the “Series B preferred shares”) and 3,400,000 shares have been designated as 7.125% Series C Cumulative Redeemable Preferred Stock (the “Series C preferred shares”).

	The Series A preferred shares, Series B preferred shares and Series C preferred shares (collectively, the “Preferred Shares”) rank senior to our common stock and on parity with each other with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Preferred Shares do not have any maturity date and are not subject to mandatory redemption or sinking fund requirement. The Company may not redeem the Series A preferred shares, Series B preferred shares or Series C preferred shares prior to October 28, 2016, December 11, 2017, and March 20, 2018, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or in connection with certain changes in control. After those dates, the Company may, at its option, redeem the applicable Preferred Shares, in whole or from time to time in part, by payment of $25 per share, plus any accumulated, accrued and unpaid distributions to, but not including, the date of redemption. If the Company does not exercise its rights to redeem the Preferred Shares upon certain changes in control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common stock based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each Series A preferred share is 5.92417 shares of common stock, each Series B preferred share is 5.6497 shares of common stock, and each Series C preferred share is 5.1440 shares of common stock, subject to certain adjustments.

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

	The Company pays dividends at an annual rate of $2.3125 for each Series A preferred share, $1.96875 for each Series B preferred share, and $1.78125 for each Series C preferred share. Dividend payments are made quarterly in arrears on or about the last day of February, May, August and November of each year.

	Non-controlling Interests in Operating Partnership

	Pursuant to the limited partnership agreement of our Operating Partnership, 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; however, the Company has the option to redeem with 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.

	At September 30, 2014 and December 31, 2013, unaffiliated third parties owned 1,025,307 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 non-controlling 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 non-controlling interests of the Operating Partnership.

	Non-controlling 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. Prior to June 30, 2014, we owned an 81% controlling interest in the joint venture and our partner owned a 19% interest, which we classified as non-controlling interest in joint venture on our consolidated balance sheets. For the periods prior to June 30, 2014, the portion of net income (loss) allocated to our partner was reported on our consolidated statements of operations as net income (loss) attributable to non-controlling interests in joint venture. On June 30, 2014, we acquired the remaining non-controlling interest for $8.2 million and the hotel property became wholly-owned by us.

	Other Joint Venture Interests

	We own a majority interest in a joint venture that owns a fee simple interest in a hotel property and we also own a minority interest in a related joint venture (“Leasehold Venture”) that holds a leasehold interest in the property. We control the Leasehold Venture as we are the managing member of the entity. Additionally, the majority of the profits and losses of the Leasehold Venture are absorbed by us. As a result, we have concluded that the Leasehold Venture represents a variable interest entity that should be consolidated into our consolidated financial statements. As such, all of the net assets and operating results of the Leasehold Venture are included in our consolidated financial statements for the periods presented.

EquityBased_Compensation

Equity-Based Compensation	9 Months Ended
Equity-Based Compensation	Sep. 30, 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 nine months ended September 30, 2014 follows:

			Number of	Weighted		Weighted		Aggregate
			Options	Average		Average		Intrinsic Value
				Exercise Price		Remaining		(Current Value
						Contractual		Less Exercise
						Terms		Price)
				(per share)		(in years)		(in thousands)
	Outstanding, December 31, 2013		893,000	$	9.75	7.2		$	—
	Granted		—	—
	Exercised		47,000	9.75
	Forfeited		—	—

	Outstanding, September 30, 2014		846,000	$	9.75	6.4		$	871

	Exercisable, September 30, 2014		507,600	$	9.75	6.4		$	523

	The severance and release agreement between the Company and Stuart J. Becker described above (see “Note 7-Commitments and Contingencies”), provided for accelerated vesting of all options previously granted to Mr. Becker. On the effective date of the severance and release agreement, the option became exercisable with respect to an additional 18,800 shares of common stock. The total option grant was exercised on August 7, 2014 and resulted in the issuance of 4,253 shares of common stock pursuant to a net share settlement. Accordingly, we did not receive any cash consideration upon the exercise of these options.

	Time-Based Restricted Stock Awards

	On May 28, 2014 and March 1, 2013, respectively, we awarded time-based restricted stock awards for 116,981 and 106,518 shares of common stock to our executive officers and management. These awards vest over a three-year period based on continued service (25%, 25%, and 50% upon completion of each sequential year of 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 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 nine months ended September 30, 2014 follows:

			Number of	Weighted		Aggregate
			Shares	Average Grant		Current Value
				Date Fair Value
				(per share)		(in thousands)
	Non-vested, December 31, 2013		161,587	$	9.1	$	1,454
	Granted		116,981	9.82
	Vested		49,665	9.42
	Forfeited		1,756	9.82
	Non-vested, September 30, 2014		227,147	$	9.39	$	2,449

	The severance and release agreement between the Company and Stuart J. Becker described above, provided for accelerated vesting of all restricted shares of common stock previously granted to Mr. Becker. On the effective date of the severance and release agreement, the restrictions lapsed on 23,035 common shares granted under time-based restricted stock awards.

	Performance-Based Restricted Stock Awards

	On May 28, 2014 and March 1, 2013, respectively, we awarded performance-based restricted stock awards for 161,935 and 185,572 shares of common stock to our executive officers. These awards vest ratably on January 1 of each year in the three-year period following the grant date 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 stockholder return (“TSR”) to exceed the TSR for the SNL U.S. REIT Hotel 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.

	Performance-based restricted stock activity for the nine months ended September 30, 2014 follows:

			Number of	Weighted		Aggregate
			Shares	Average Grant		Current
				Date Fair Value		Value
				(per share)		(in thousands)
	Non-vested, December 31, 2013		268,174	$	6.48	$	2,414
	Granted		161,935	7.12
	Vested		45,551	6.5
	Forfeited		—	—
	Non-vested, September 30, 2014		384,558	$	6.75	$	4,146

The severance and release agreement between the Company and Stuart J. Becker described above, provided for accelerated vesting of all restricted shares of common stock previously granted to Mr. Becker. On the effective date of the severance and release agreement, the restrictions lapsed on 45,551 common shares granted under performance-based restricted stock awards.

No other performance-based restricted stock awards vested during the nine months ended September 30, 2014.

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 nine months ended September 30, 2014, we issued 5,860 shares of common stock for director fees and an annual grant of 32,317 shares of common stock to our outside directors.

Equity-Based Compensation Expense

Equity-based compensation expense included in corporate general and administrative in the Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and 2013 follows (in thousands):

		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2014		2013		2014			2013
Stock options		$	146	$	155	$	527		$	466
Time-based restricted stock		233		167		727			443
Performance-based restricted stock		548		11		1,202			382
Director stock		148		13		387			325
		$	1,075	$	346	$	2,843		$	1,616

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 $3.5 million at September 30, 2014. We expect to recognize this cost over a remaining weighted-average period of 0.9 years.

Loss_on_Impairment_of_Assets

Loss on Impairment of Assets	9 Months Ended
Loss on Impairment of Assets	Sep. 30, 2014
Loss on Impairment of Assets	'
Loss on Impairment of Assets	'
	Note 10 — Loss on Impairment of Assets

	During the nine months ended September 30, 2014, we recognized a loss on impairment of assets of $0.4 million related to the Hampton Inn in Fort Smith, AR. This property was classified as held for sale prior to the Company’s adoption of ASU No. 2014-08 and its operating results, including impairment charges, were included in discontinued operations.

	In addition, during the three months ended September 30, 2014, we recognized a loss on impairment of assets of $3.6 million related to the Country Inn & Suites and an adjacent land parcel of 5.64 acres in San Antonio, TX. During the nine months ended September 30, 2014, we recognized a loss on impairment of $0.7 million related to a land parcel in Spokane, WA. These losses on impairment of assets were charged to operations.

	During the nine months ended September 30, 2013, we recognized a loss on impairment of assets of $7.3 million related to the Courtyard by Marriott in Memphis, TN; the SpringHill Suites in Lithia Springs, GA; the Hampton Inn, AmericInn and Aspen Hotel & Suites in Fort Smith, AR; the AmericInn in Salina, KS and the Fairfield Inn and Holiday Inn Express in Emporia, KS. The impairments were the result of a change in the estimated holding period for these hotel properties. The operating results of these hotel properties, including impairment charges, were included in discontinued operations.

	During the nine months ended September 30, 2013, we recognized a loss on impairment of assets of $1.4 million related to a land parcel in El Paso, TX that was sold in 2013 and a land parcel in Spokane, WA that is held for sale at September 30, 2014.

Derivative_Financial_Instrumen

Derivative Financial Instruments and Hedging	9 Months Ended
Derivative Financial Instruments and Hedging	Sep. 30, 2014
Derivative Financial Instruments and Hedging	'
Derivative Financial Instruments and Hedging	'
	Note 11 — Derivative Financial Instruments and Hedging

	Information about our derivative financial instruments at September 30, 2014 and December 31, 2013 follows (dollars in thousands):

		September 30, 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		$	28,322		$	218		3		$	29,273	$	253
	Interest rate swaps (liability)	1		75,000			(1,626		)	1		75,000		(1,772		)

		4		$	103,322		$	(1,408	)	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. At September 30, 2014, three of our interest rate swaps were in an asset position and one was in a liability position. We have not posted, and are not required under the terms of the swaps to post, any collateral related to these agreements and are not in breach of any financial provisions of the agreements. If we had breached any agreement provisions at September 30, 2014, we could have been required to settle our obligations under these agreements that were in a liability position at their aggregate termination value, including accrued interest, of $1.7 million at September 30, 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 September 30,						For the Nine Months Ended September 30,
		2014			2013			2014			2013

	Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$	414		$	(2,215	)	$	(1,192	)	$	(1,571	)

	Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	$	(441	)	$	(88	)	$	(1,303	)	$	(261	)

	Gain recognized in gain on derivative financial instruments (ineffective portion)	$	1		$	—		$	—		$	2

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

Income_Tax

Income Tax	9 Months Ended
Income Tax	Sep. 30, 2014
Income Tax	'
Income Tax	'
	Note 12 — Income Tax

	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 affected by the mix of earnings and losses by taxing jurisdictions. Our earnings (losses), other than in our TRS, 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 affect 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 reversals of the valuation allowance or the effect such reversal will have on our effective tax rate.

	We recorded an income tax provision attributable to continuing operations of $0.4 million, $1.1 million, $0.8 million and $1.3 million for the three month periods ended September 30, 2014 and 2013 and the nine month periods ended September 30, 2014 and 2013, respectively. We had no unrecognized tax benefits at September 30, 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 tax expense.

Fair_Value

Fair Value	9 Months Ended
	Sep. 30, 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 September 30, 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, we classify assets and liabilities based on the lowest level of input that is significant to the fair value measurement. 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 September 30, 2014 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	7,860	$	—	$	7,860
	Interest rate swaps (asset)	—		218		—		218
	Liabilities:
	Interest rate swaps (liability)	—		1,626		—		1,626
	Fixed-rate debt	—		353,076		—		353,076

		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 nine months ended September 30, 2014.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2014
Discontinued Operations	'
Discontinued Operations	'
	Note 14 — Discontinued Operations

	We have adjusted our consolidated statement of operations for the three and nine months ended September 30, 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.
	· Hampton Inn in Fort Smith, AR - sold on September 9, 2014.

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

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2014			2013			2014		2013

	Revenues	$	847		$	4,874		$	3,128	$	17,129
	Hotel operating expenses	746			3,653			2,304		12,915
	Depreciation and amortization	4			555			13		1,990
	Loss on impairment of assets	—			5,785			400		7,285
	Operating income (loss)	97			(5,119		)	411		(5,061		)
	Interest expense	—			24			—		174
	Other expense (income)	188			783			171		(877		)
	Income (loss) before taxes	(91		)	(5,926		)	240		(4,358		)
	Income tax benefit	32			2,516			38		1,850
	Income (loss) from discontinued operations	$	(59	)	$	(3,410	)	$	278	$	(2,508	)

	Income (loss) from discontinued operations attributable to non-controlling interest	$	(1	)	$	(152	)	$	3	$	(110	)
	Income (loss) from discontinued operations attributable to common stockholders	$	(58	)	$	(3,258	)	$	275	$	(2,398	)

	As discussed above, we have elected to early adopt ASU No. 2014-08 which changes the criteria for discontinued operations to include only disposals that represent a strategic shift in operations with a major effect on operations and results. While we have elected early adoption for our consolidated financial statements and footnote disclosures, hotels that were classified as held for sale in prior periods will continue to be reported in discontinued operations. Under this ASU, the Company anticipates that the majority of future property sales will not be classified as discontinued operations.

Earnings_per_Share

Earnings per Share	9 Months Ended
	Sep. 30, 2014
Earnings per Share	'
Earnings per Share	'
	Note 15 — Earnings per Share

	We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested time-based restricted stock awards 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 September 30, 2014 and 2013, we had 846,000 and 893,000 stock options outstanding, respectively, which were not included in the computation of diluted earnings per share as the effect would have been anti-dilutive.

	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 September 30,						For the Nine Months Ended September 30,
		2014			2013			2014		2013
	Numerator:
	Income from continuing operations	$	8,339		$	2,830		$	20,487	$	10,481
	Less: Preferred dividends	4,147			4,147			12,441		10,443
	Allocation to participating securities	27			21			68		52
	Attributable to noncontrolling interest	51			211			99		326
	Income (loss) from continuing operations attributable to common stockholders	4,114			(1,549		)	7,879		(340		)
	Income (loss) from discontinued operations attributable to common stockholders	(58		)	(3,258		)	275		(2,398		)
	Net income (loss) attributable to common stockholders	$	4,056		$	(4,807	)	$	8,154	$	(2,738	)

	Denominator:
	Weighted average common shares outstanding - basic	85,303			68,157			85,192		65,460
	Dilutive effect of equity-based compensation awards	613			457			512		394
	Weighted average common shares outstanding - diluted	85,916			68,614			85,704		65,854

	Earnings per common share - basic and diluted:
	Net income (loss) from continuing operations	$	0.05		$	(0.02	)	$	0.09	$	(0.01	)
	Net income (loss) from discontinued operations	—			(0.05		)	0.01		(0.03		)
	Net income (loss)	$	0.05		$	(0.07	)	$	0.1	$	(0.04	)

Subsequent_Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2014
Subsequent Events	'
Subsequent Events	'
	Note 16 — Subsequent Events

	On October 1, 2014, we issued 75,733 shares of common stock upon the redemption of an equivalent number of Common Units of our Operating Partnership which were tendered for redemption.

	On October 21, 2014, we sold the Country Inn & Suites and an adjacent land parcel of 5.64 acres in San Antonio, TX for $7.9 million. Proceeds were used to pay down the balance of the $225 Million Revolver.

	On October 31, 2014, our Board of Directors declared cash dividends of $0.1175 per share of common stock, $0.578125 per Series A Preferred share, $0.4921875 per Series B Preferred share, and $0.4453125 per Series C Preferred share. These dividends are payable on November 28, 2014 to holders of record on November 14, 2014.

Basis_of_Presentation_and_Sign1

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Basis of Presentation and Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation

	The accompanying consolidated financial statements of the Company consolidate the accounts of the Company and all entities that are controlled by ownership of a majority voting interest as well as variable interest entities for which the company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

	We prepared 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 audited consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the three and nine months ended September 30, 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.

	Historically, we presented the results of operations of hotel properties that had been sold or otherwise qualified as assets held for sale in discontinued operations if the operations and cash flows of the hotel properties had been or would be eliminated from our ongoing operations. Following adoption of ASU 2014-08 (see “New Accounting Standards” below) in the first quarter of 2014, we anticipate that the majority of future property sales will not be classified as discontinued 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	'
	Non-controlling Interests

	Non-controlling interests represent the portion of equity in a subsidiary held by owners other than the consolidating parent. Non-controlling 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 non-controlling interests are reported in the consolidated statements of operations.

	Our consolidated financial statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and, prior to the second quarter of 2014, third-party ownership of a 19% interest in a consolidated joint venture.
Income Taxes	'
	Income Taxes

	We have elected to be taxed as a REIT under certain provisions of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders 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 distribute 100% of our REIT taxable income to our stockholders. 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 GAAP 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 in the first quarter of 2014, 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 AmericInn Hotel & Suites, Aspen Hotel & Suites and Hampton Inn in Fort Smith, AR will be included in discontinued operations as these hotels were classified as held for sale in our consolidated financial statements in prior periods. The AmericInn Hotel & Suites and Aspen Hotel & Suites were sold in January 2014. The Hampton Inn in Fort Smith, AR was sold in September 2014.

	On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017 and early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its consolidated financial statements.

	In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This guidance is effective for the Company on January 1, 2017.

Hotel_Property_Acquisitions_Ta

Hotel Property Acquisitions (Tables)	6 Months Ended
Hotel Property Acquisitions (Tables)	Jun. 30, 2014
Hotel Property Acquisitions	'
Schedule of hotel property acquisitions	'
	Hotel property acquisitions in the nine months ended September 30, 2014 and 2013 are as follows (in thousands):

	Date Acquired	Franchise/Brand		Location		Purchase Price			Debt Assumed

	Nine Months 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
	August 15	Hilton Garden Inn		Houston (Energy Corridor), TX		36,000			—
	September 9	Hampton Inn & Suites		Austin, TX		53,000			—
	Total Nine Months Ended September 30, 2014			6 hotel properties		$	214,710		$	43,172

	Nine Months 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		San Francisco, CA		60,500			23,423
	March 11	SpringHill Suites by Marriott		New Orleans, LA		33,095			—
	March 11	Courtyard by Marriott		New Orleans (Convention), LA		30,827			—
	March 11	Courtyard by Marriott		New Orleans (French Quarter), LA		25,683			—
	March 11	Courtyard by Marriott		New Orleans (Metairie), LA		23,539			—
	March 11	Residence Inn by Marriott		New Orleans (Metairie), LA		19,890			—
	April 30	Hilton Garden Inn		Greenville, SC		15,250			—
	May 21	IHG / Holiday Inn Express & Suites		Minneapolis (Minnetonka), MN		6,900			3,724
	May 21	Hilton Garden Inn		Minneapolis (Eden Prairie), MN		10,200			6,385
	May 23	Fairfield Inn & Suites by Marriott		Louisville, KY		25,023			—
	May 23	SpringHill Suites by Marriott		Louisville, KY		39,138			—
	May 23	Courtyard by Marriott		Indianapolis, IN		58,634			—
	May 23	SpringHill Suites by Marriott		Indianapolis, IN		30,205			—
	Total Nine Months Ended September 30, 2013			16 hotel properties		$	412,209		$	33,532
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):

		For the Nine Months Ended September 30,
		2014			2013

	Land	$	11,400		$	57,276
	Hotel buildings and improvements	199,573			341,903
	Furniture, fixtures and equipment	5,489			14,996
	Land held for development	—			2,800
	Other assets	11,625			9,308
	Total assets acquired	228,087			426,283
	Less debt assumed	(43,172		)	(33,532		)
	Less lease liability assumed	(1,752		)	—
	Less other liabilities	(2,671		)	(1,495		)

	Net assets acquired	$	180,492		$	391,256
Schedule of total revenues and net income for hotel properties acquired	'
	Total revenues and net income for hotel properties acquired in the nine months ended September 30, 2014 and 2013, which are included in our consolidated statements of operations follows (in thousands):

		For the Three Months Ended September 30,									For the Nine Months Ended September 30,
		2014 Acquisitions			2013 Acquisitions						2014 Acquisitions		2013 Acquisitions
		2014			2014			2013			2014		2014		2013

	Revenues	$	11,358		$	27,546		$	23,449		$	24,808	$	80,990	$	50,862

	Net income	$	2,897		$	5,993		$	3,847		$	3,999	$	16,450	$	9,568
Schedule of unaudited condensed pro forma financial information	'
	The unaudited condensed pro forma financial information for the three and nine months ended September 30, 2014 and 2013 follows (in thousands, except per share amounts):

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2014			2013			2014			2013

	Revenues	$	112,191		$	97,549		$	320,455		$	287,974

	Net income (loss)	$	7,487		$	311		$	23,015		$	16,027
	Net income (loss) attributable to common stockholders	$	3,274		$	(3,709	)	$	10,378		$	5,287
	Net income (loss) per share attributable to common stockholders - basic and diluted	$	0.04		$	(0.05	)	$	0.12		$	0.08

Investment_in_Hotel_Properties1

Investment in Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2014
Investment in Hotel Properties	'
Schedule of investment in hotel properties	'
	Investment in hotel properties includes (in thousands):

		September 30, 2014			December 31, 2013

	Land	$	163,578		$	154,831
	Hotel buildings and improvements	1,202,645			993,372
	Construction in progress	6,763			24,242
	Furniture, fixtures and equipment	178,440			142,976
		1,551,426			1,315,421
	Less accumulated depreciation	(208,227		)	(165,454		)

		$	1,343,199		$	1,149,967

Assets_Held_for_Sale_Tables

Assets Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2014
Assets Held for Sale	'
Schedule of assets held for sale	'
	Assets held for sale include (in thousands):

		September 30, 2014		December 31, 2013

	Land	$	1,965	$	1,183
	Hotel building and improvements	5,656		10,290
	Furniture, fixtures and equipment	239		751

		$	7,860	$	12,224

Debt_Tables

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 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):

		September 30, 2014		December 31, 2013

	Fixed-rate debt	$	469,604	$	358,590
	Variable-rate debt	154,699		76,999

		$	624,303	$	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):

		September 30, 2014				December 31, 2013
		Carrying Value		Fair Value		Carrying Value		Fair Value		Valuation Technique

	Fixed-rate debt not recorded at fair value	$	366,627	$	353,076	$	329,544	$	319,429	Level 2 - Market approach

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	9 Months Ended
Equity-Based Compensation (Tables)	Sep. 30, 2014
Equity-based compensation	'
Schedule of stock option activity	'
	Stock option activity for the nine months ended September 30, 2014 follows:

		Number of		Weighted			Weighted		Aggregate
		Options		Average			Average		Intrinsic Value
				Exercise Price			Remaining		(Current Value
							Contractual		Less Exercise
							Terms		Price)
				(per share)			(in years)		(in thousands)
	Outstanding, December 31, 2013	893,000		$	9.75		7.2		$	—
	Granted	—		—
	Exercised	47,000		9.75
	Forfeited	—		—

	Outstanding, September 30, 2014	846,000		$	9.75		6.4		$	871

	Exercisable, September 30, 2014	507,600		$	9.75		6.4		$	523
Schedule of equity-based compensation expense included in corporate general and administrative in the Consolidated Statements of Operations	'
	Equity-based compensation expense included in corporate general and administrative in the Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and 2013 follows (in thousands):

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2014			2013			2014			2013
	Stock options	$	146		$	155		$	527		$	466
	Time-based restricted stock	233			167			727			443
	Performance-based restricted stock	548			11			1,202			382
	Director stock	148			13			387			325
		$	1,075		$	346		$	2,843		$	1,616
Restricted Stock Awards \| Time-based	'
Equity-based compensation	'
Schedule of restricted stock activity	'


		Number of		Weighted			Aggregate
		Shares		Average Grant			Current Value
				Date Fair Value
				(per share)			(in thousands)
	Non-vested, December 31, 2013	161,587		$	9.1		$	1,454
	Granted	116,981		9.82
	Vested	49,665		9.42
	Forfeited	1,756		9.82
	Non-vested, September 30, 2014	227,147		$	9.39		$	2,449
Restricted Stock Awards \| Performance-based	'
Equity-based compensation	'
Schedule of restricted stock activity	'


		Number of		Weighted			Aggregate
		Shares		Average Grant			Current
				Date Fair Value			Value
				(per share)			(in thousands)
	Non-vested, December 31, 2013	268,174		$	6.48		$	2,414
	Granted	161,935		7.12
	Vested	45,551		6.5
	Forfeited	—		—
	Non-vested, September 30, 2014	384,558		$	6.75		$	4,146

Derivative_Financial_Instrumen1

Derivative Financial Instruments and Hedging (Tables)	9 Months Ended
Derivative Financial Instruments and Hedging (Tables)	Sep. 30, 2014
Derivative Financial Instruments and Hedging	'
Schedule of information about derivative financial instruments	'
	Information about our derivative financial instruments at September 30, 2014 and December 31, 2013 follows (dollars in thousands):

		September 30, 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		$	28,322		$	218		3		$	29,273	$	253
	Interest rate swaps (liability)	1		75,000			(1,626		)	1		75,000		(1,772		)

		4		$	103,322		$	(1,408	)	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 September 30,						For the Nine Months Ended September 30,
		2014			2013			2014			2013

	Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$	414		$	(2,215	)	$	(1,192	)	$	(1,571	)

	Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	$	(441	)	$	(88	)	$	(1,303	)	$	(261	)

	Gain recognized in gain on derivative financial instruments (ineffective portion)	$	1		$	—		$	—		$	2

Fair_Value_Tables

Fair Value (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2014 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	7,860	$	—	$	7,860
	Interest rate swaps (asset)	—		218		—		218
	Liabilities:
	Interest rate swaps (liability)	—		1,626		—		1,626
	Fixed-rate debt	—		353,076		—		353,076

		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)	9 Months Ended
Discontinued Operations (Tables)	Sep. 30, 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 September 30,						For the Nine Months Ended September 30,
		2014			2013			2014		2013

	Revenues	$	847		$	4,874		$	3,128	$	17,129
	Hotel operating expenses	746			3,653			2,304		12,915
	Depreciation and amortization	4			555			13		1,990
	Loss on impairment of assets	—			5,785			400		7,285
	Operating income (loss)	97			(5,119		)	411		(5,061		)
	Interest expense	—			24			—		174
	Other expense (income)	188			783			171		(877		)
	Income (loss) before taxes	(91		)	(5,926		)	240		(4,358		)
	Income tax benefit	32			2,516			38		1,850
	Income (loss) from discontinued operations	$	(59	)	$	(3,410	)	$	278	$	(2,508	)

	Income (loss) from discontinued operations attributable to non-controlling interest	$	(1	)	$	(152	)	$	3	$	(110	)
	Income (loss) from discontinued operations attributable to common stockholders	$	(58	)	$	(3,258	)	$	275	$	(2,398	)

Earnings_per_Share_Tables

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings per Share	'
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 September 30,						For the Nine Months Ended September 30,
		2014			2013			2014		2013
	Numerator:
	Income from continuing operations	$	8,339		$	2,830		$	20,487	$	10,481
	Less: Preferred dividends	4,147			4,147			12,441		10,443
	Allocation to participating securities	27			21			68		52
	Attributable to noncontrolling interest	51			211			99		326
	Income (loss) from continuing operations attributable to common stockholders	4,114			(1,549		)	7,879		(340		)
	Income (loss) from discontinued operations attributable to common stockholders	(58		)	(3,258		)	275		(2,398		)
	Net income (loss) attributable to common stockholders	$	4,056		$	(4,807	)	$	8,154	$	(2,738	)

	Denominator:
	Weighted average common shares outstanding - basic	85,303			68,157			85,192		65,460
	Dilutive effect of equity-based compensation awards	613			457			512		394
	Weighted average common shares outstanding - diluted	85,916			68,614			85,704		65,854

	Earnings per common share - basic and diluted:
	Net income (loss) from continuing operations	$	0.05		$	(0.02	)	$	0.09	$	(0.01	)
	Net income (loss) from discontinued operations	—			(0.05		)	0.01		(0.03		)
	Net income (loss)	$	0.05		$	(0.07	)	$	0.1	$	(0.04	)

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)	Sep. 30, 2014
Description of Business (Details 2)	state
Description of business	'
Number of states in which hotel properties are located	21
Hotels	'
Description of business	'
Number of upscale and upper midscale hotel properties owned	91
Number of guestrooms	11,589
TRS Lessees	'
Description of business	'
Ownership interest in joint venture (as a percent)	100.00%

Basis_of_Presentation_and_Sign2

Basis of Presentation and Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2014	Mar. 31, 2014
	item	Non-controlling interests
		Joint venture
Segment Disclosure	'	'
Number of reportable segments	1	'
Non-controlling interests	'	'
Third-party ownership (as a percent)	'	19.00%

Hotel_Property_Acquisitions_De

Hotel Property Acquisitions (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Jan. 09, 2014

Sep. 30, 2014

Jan. 10, 2014

Sep. 30, 2014

Mar. 14, 2014

Sep. 30, 2014

Sep. 30, 2013

2014 acquisitions

2013 acquisitions

item

Mortgage loan

Hilton Garden Inn

Hampton Inn

Four Points by Sheraton

DoubleTree by Hilton

Hampton Inn & Suites

item

Mortgage loan

Hilton Garden Inn

Hyatt Place

Holiday Inn Express & Suites

SpringHill Suites by Marriott

Courtyard by Marriott

Residence Inn by Marriott

Fairfield Inn & Suites by Marriott

Houston, TX

Houston (Energy Corridor), TX

Santa Barbara (Goleta), CA

South San Francisco, CA

San Francisco, CA

Austin, TX

Greenville, SC

Minneapolis (Eden Prairie), MN

Chicago (Hoffman Estates), IL

Orlando (Convention), FL

Orlando (Universal), FL

San Francisco, CA

Minneapolis (Minnetonka), MN

New Orleans, LA

Louisville, KY

Indianapolis, IN

New Orleans (Convention), LA

New Orleans (French Quarter), LA

New Orleans (Metairie), LA

Indianapolis, IN

New Orleans (Metairie), LA

Louisville, KY

Mortgage loan

Hotel property acquisitions

Purchase Price

$214,710

$37,500

$36,000

$27,900

$21,250

$39,060

$53,000

$412,209

$15,250

$10,200

$9,230

$12,252

$11,843

$60,500

$6,900

$33,095

$39,138

$30,205

$30,827

$25,683

$23,539

$58,634

$19,890

$25,023

Debt Assumed

$43,172

$17,800

$17,846

$12,000

$12,037

$13,300

$13,289

$33,532

$6,385

$23,423

$3,724

Number of hotel properties acquired

Hotel_Property_Acquisitions_De1

Hotel Property Acquisitions (Details 2) (USD $)	Sep. 30, 2014	Sep. 30, 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	$11,400	$57,276
Hotel buildings and improvements	199,573	341,903
Furniture, fixtures and equipment	5,489	14,996
Land held for development	'	2,800
Other assets	11,625	9,308
Total assets acquired	228,087	426,283
Less debt assumed	-43,172	-33,532
Less lease liability assumed	-1,752	'
Less other liabilities	-2,671	-1,495
Net assets acquired	$180,492	$391,256

Hotel_Property_Acquisitions_De2

Hotel Property Acquisitions (Details 3) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
2014 acquisitions	'	'	'	'
Hotel property acquisitions	'	'	'	'
Revenues	$11,358	'	$24,808	'
Net income	2,897	'	3,999	'
2013 acquisitions	'	'	'	'
Hotel property acquisitions	'	'	'	'
Revenues	27,546	23,449	80,990	50,862
Net income	$5,993	$3,847	$16,450	$9,568

Hotel_Property_Acquisitions_De3

Hotel Property Acquisitions (Details 4) (All 2013 and 2014 Acquisitions, USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
All 2013 and 2014 Acquisitions	'	'	'	'
Hotel property acquisitions	'	'	'	'
Revenues	$112,191,000	$97,549,000	$320,455,000	$287,974,000
Net income (loss)	7,487,000	311,000	23,015,000	16,027,000
Net income (loss) attributable to common stockholders	$3,274,000	($3,709,000)	$10,378,000	$5,287,000
Net income (loss) per share attributable to common stockholders - basic (in dollars per share)	$0.04	($0.05)	$0.12	$0.08
Net income (loss) per share attributable to common stockholders - diluted (in dollars per share)	$0.04	($0.05)	$0.12	$0.08

Investment_in_Hotel_Properties2

Investment in Hotel Properties (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Investment in hotel properties	'	'
Investment in hotel properties at cost	$1,551,426	$1,315,421
Less accumulated depreciation	-208,227	-165,454
Investment in hotel properties, net	1,343,199	1,149,967
Land	'	'
Investment in hotel properties	'	'
Investment in hotel properties at cost	163,578	154,831
Hotel buildings and improvements	'	'
Investment in hotel properties	'	'
Investment in hotel properties at cost	1,202,645	993,372
Construction in progress	'	'
Investment in hotel properties	'	'
Investment in hotel properties at cost	6,763	24,242
Furniture, fixtures and equipment	'	'
Investment in hotel properties	'	'
Investment in hotel properties at cost	$178,440	$142,976

Assets_Held_for_Sale_Details

Assets Held for Sale (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Assets held for sale	'	'
Assets held for sale	$7,860	$12,224
Land	'	'
Assets held for sale	'	'
Assets held for sale	1,965	1,183
Land \| San Antonio, TX	'	'
Assets held for sale	'	'
Area of land parcel	5.64	'
Hotel buildings and improvements	'	'
Assets held for sale	'	'
Assets held for sale	5,656	10,290
Furniture, fixtures and equipment	'	'
Assets held for sale	'	'
Assets held for sale	$239	$751

Debt_Details

Debt (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Debt	'	'
Fixed-rate debt	$469,604	$358,590
Variable-rate debt	154,699	76,999
Total debt	$624,303	$435,589
Cash flow hedges \| Interest rate derivatives	'	'
Debt	'	'
Weighted average interest rate	4.40%	5.03%

Debt_Details_2

Debt (Details 2) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Debt	'	'
Fixed-rate debt	$469,604	$358,590
Variable-rate debt	154,699	76,999
Not recorded at fair value	'	'
Debt	'	'
Fixed-rate debt	366,627	329,544
Fair Value \| Level 2 - Market approach	'	'
Debt	'	'
Fixed-rate debt	353,076	319,429
Carried at fair value	'	'
Debt	'	'
Variable-rate debt	$103,000	$104,000

Debt_Details_3

Debt (Details 3) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Mar. 28, 2014

6-May-14

Sep. 30, 2014

6-May-14

Sep. 30, 2014

Jan. 09, 2014

Sep. 30, 2014

Jan. 10, 2014

Sep. 30, 2014

Mar. 14, 2014

Sep. 30, 2014

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

Mortgage loan with Compass Bank due May 6, 2020

Senior Unsecured Credit Facility

2014 acquisitions

item

LIBOR

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

624,303,000

435,589,000

496,300,000

Number of guestrooms

182

210

Assumption of debt

43,172,000

17,800,000

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

'25 years

'30 years

'25 years

'30 years

Number of loans

Line of credit outstanding

203,000,000

13,800,000

Amount available for borrowing

83,200,000

Loan amount

$25,000,000

Variable rate basis

'30-day LIBOR

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

2.40%

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	0 Months Ended	1 Months Ended
	Jun. 19, 2014	Jul. 31, 2014	Sep. 30, 2014
	Severance and release agreement	Severance and release agreement	Pending hotel property acquisitions
	Mr. Becker	Mr. Becker	Hampton Inn & Suites
			Hotel properties
Commitments and contingencies	'	'	'
Aggregate amount of purchase agreements	'	'	$38,700,000
Covenant period to not solicit Company's employees for employment	'1 year	'	'
Gross amount of severance payment	'	$348,289	'
Maximum period for payment of COBRA premiums	'12 months	'	'

Equity_Details

Equity (Details) (USD $)

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Mar. 20, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

28-May-14

Sep. 30, 2014

Mar. 01, 2013

Jun. 13, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 19, 2013

Jan. 14, 2013

Stock Options

Series A preferred shares

Series B preferred shares

Series C preferred shares

Common Stock

Change in control provision

Stock Options

Executive officers and employees

Executive officers

Director

Public offering

Maximum

Equity

Shares of common stock issued to redeem common units

198,292

2,466,404

New issued stock (in shares)

3,400,000

17,250,000

Stock issued to officers and directors (in shares)

278,916

292,090

29,228

32,317

Stock forfeited (in shares)

1,756

Shares issued

319,590

325,758

4,253

Shares issued in lieu of cash for director fees

5,860

4,440

Exercise price (in dollars per share)

$9.75

Proceeds from equity offerings, net of offering costs

$389,389,000

$81,700,000

$152,000,000

Underwriting discount and offering-related expenses

$3,300,000

$6,500,000

$7,200,000

Preferred stock, shares authorized

100,000,000

2,000,000

3,000,000

3,400,000

Preferred stock, par value (in dollars per share)

$0.01

Preferred stock, dividend rate (as a percent)

9.25%

7.88%

7.13%

Preferred stock, liquidation preference (in dollars per share)

$25

Ratio for conversion

5.92417

5.6497

5.144

Annual dividend rate per share (in dollars per share)

$2.31

$1.97

$1.78

Equity_Details_2

Equity (Details 2) (USD $)	9 Months Ended		12 Months Ended	0 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Mar. 31, 2014
		Non-controlling interests	Non-controlling interests	Non-controlling interests	Non-controlling interests
		SUMMIT HOTEL OP, LP	SUMMIT HOTEL OP, LP	Joint venture	Joint venture
Number of shares of common stock issuable upon conversion of common units	'	1	'	'	'
Number of common units of operating partnership owned by unaffiliated third parties	'	1,025,307	811,425	'	'
Approximate percentage of limited partnership interest in operating partnership	'	1.00%	1.00%	'	'
Ownership interest in joint venture (as a percent)	'	'	'	'	81.00%
Ownership interest in joint venture by partners (as a percent)	'	'	'	'	19.00%
Remaining non-controlling interest acquired	$8,232,000	'	'	$8,200,000	'

EquityBased_Compensation_Detai

Equity-Based Compensation (Details)	9 Months Ended
Equity-Based Compensation (Details)	Sep. 30, 2014
Stock Options \| Minimum	'
Equity-based compensation	'
Term of option	'5 years
Stock Options \| Maximum	'
Equity-based compensation	'
Term of option	'10 years
2011 Equity Incentive Plan	'
Equity-based compensation	'
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 $)	9 Months Ended	12 Months Ended	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Aug. 07, 2014	Jun. 19, 2014
			Severance and release agreement	Severance and release agreement
			Mr. Becker	Mr. Becker
Number of Options	'	'	'	'
Outstanding at the beginning of period (in shares)	893,000	'	'	'
Exercised (in shares)	47,000	'	'	'
Outstanding at the end of period (in shares)	846,000	893,000	'	'
Exercisable at the end of period (in shares)	507,600	'	'	'
Additional options that became exercisable	'	'	'	18,800
Shares issued	'	'	4,253	'
Weighted Average Exercise Price	'	'	'	'
Outstanding at the beginning of period (in dollars per share)	$9.75	'	'	'
Exercised (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 4 months 24 days	'7 years 2 months 12 days	'	'
Exercisable at the end of period	'6 years 4 months 24 days	'	'	'
Aggregate Intrinsic Value (Current Value Less Exercise Price)	'	'	'	'
Outstanding at the end of period	$871	'	'	'
Exercisable at the end of period	$523	'	'	'

EquityBased_Compensation_Detai2

Equity-Based Compensation (Details 3) (Restricted Stock Awards, USD $)	0 Months Ended		9 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	28-May-14	Mar. 02, 2013	Sep. 30, 2014	Dec. 31, 2013	Jun. 19, 2014	28-May-14	Mar. 02, 2013	28-May-14	Mar. 02, 2013	28-May-14	Mar. 02, 2013
	Time-Based	Time-Based	Time-Based	Time-Based	Time-Based	Time-based awards vesting period, one	Time-based awards vesting period, one	Time-based awards vesting period, two	Time-based awards vesting period, two	Time-based awards vesting period, three	Time-based awards vesting period, three
					Severance and release agreement
					Mr. Becker
Equity-based compensation	'	'	'	'	'	'	'	'	'	'	'
Vesting period	'3 years	'3 years	'	'	'	'	'	'	'	'	'
Vesting percentage	'	'	'	'	'	25.00%	25.00%	25.00%	25.00%	50.00%	50.00%
Number of Shares	'	'	'	'	'	'	'	'	'	'	'
Non-vested at the beginning of period (in shares)	'	'	161,587	'	'	'	'	'	'	'	'
Granted (in shares)	116,981	106,518	116,981	'	'	'	'	'	'	'	'
Vested (in shares)	'	'	49,665	'	23,035	'	'	'	'	'	'
Forfeited (in shares)	'	'	1,756	'	'	'	'	'	'	'	'
Non-vested at the end of period (in shares)	'	'	227,147	'	'	'	'	'	'	'	'
Weighted Average Grant Date Fair Value	'	'	'	'	'	'	'	'	'	'	'
Non-vested at the beginning of period (in dollars per share)	'	'	$9.10	'	'	'	'	'	'	'	'
Granted (in dollars per share)	'	'	$9.82	'	'	'	'	'	'	'	'
Vested (in dollars per share)	'	'	$9.42	'	'	'	'	'	'	'	'
Forfeited (in dollars per share)	'	'	$9.82	'	'	'	'	'	'	'	'
Non-vested at the end of period (in dollars per share)	'	'	$9.39	'	'	'	'	'	'	'	'
Aggregate Current Value	'	'	'	'	'	'	'	'	'	'	'
Non-vested at the end of period	'	'	$2,449	$1,454	'	'	'	'	'	'	'

EquityBased_Compensation_Detai3

Equity-Based Compensation (Details 4) (Restricted Stock Awards, Performance-Based, USD $)	0 Months Ended		9 Months Ended		0 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	28-May-14	Mar. 02, 2013	Sep. 30, 2014	Dec. 31, 2013	Jun. 19, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
					Severance and release agreement	Performance Period, one	Performance Period, two	Performance Period, three
					Mr. Becker
Equity-based compensation	'	'	'	'	'	'	'	'
Vesting period	'3 years	'3 years	'	'	'	'	'	'
Designated performance period to measure performance based on which share based awards vests	'	'	'	'	'	'1 year	'2 years	'3 years
Number of Shares	'	'	'	'	'	'	'	'
Non-vested at the beginning of period (in shares)	'	'	268,174	'	'	'	'	'
Granted (in shares)	161,935	185,572	161,935	'	'	'	'	'
Vested (in shares)	'	'	45,551	'	45,551	'	'	'
Non-vested at the end of period (in shares)	'	'	384,558	'	'	'	'	'
Weighted Average Grant Date Fair Value	'	'	'	'	'	'	'	'
Non-vested at the beginning of period (in dollars per share)	'	'	$6.48	'	'	'	'	'
Granted (in dollars per share)	'	'	$7.12	'	'	'	'	'
Vested (in dollars per share)	'	'	$6.50	'	'	'	'	'
Non-vested at the end of period (in dollars per share)	'	'	$6.75	'	'	'	'	'
Aggregate Current Value	'	'	'	'	'	'	'	'
Non-vested at the end of period	'	'	$4,146	$2,414	'	'	'	'

EquityBased_Compensation_Detai4

Equity-Based Compensation (Details 5) (USD $)

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jun. 13, 2013

Sep. 30, 2014

Sep. 30, 2013

Corporate general and administrative

Common Stock

Stock options

Restricted Stock Awards

Stock awards

Director

Time-Based

Performance-Based

Director

Equity-based compensation

Shares issued in lieu of cash for director fees

5,860

4,440

Grant of shares

29,228

32,317

Share based compensation

$1,075,000

$346,000

$2,843,000

$1,616,000

$146,000

$155,000

$527,000

$466,000

$233,000

$167,000

$727,000

$443,000

$548,000

$11,000

$1,202,000

$382,000

$148,000

$13,000

$387,000

$325,000

Unrecognized compensation expense

Unrecognized compensation costs related to non-vested awards

$3,500,000

Share based compensation non-vested awards period of recognition

'10 months 24 days

Loss_on_Impairment_of_Assets_D

Loss on Impairment of Assets (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Assets held for sale	'	'	'	'
Loss on impairment of assets	$3,614	$1,369	$4,274	$1,369
Hotel properties	'	'	'	'
Assets held for sale	'	'	'	'
Discontinued operations, loss on impairment of assets	'	5,785	400	7,285
Hotel properties \| Hampton Inn \| Fort Smith, AR	'	'	'	'
Assets held for sale	'	'	'	'
Discontinued operations, loss on impairment of assets	'	'	400	'
Hotel properties \| Country Inn & Suites \| San Antonio, TX	'	'	'	'
Assets held for sale	'	'	'	'
Loss on impairment of assets	3,600	'	'	'
Land parcels	'	'	'	'
Assets held for sale	'	'	'	'
Loss on impairment of assets	'	'	'	1,400
Land parcels \| San Antonio, TX	'	'	'	'
Assets held for sale	'	'	'	'
Area of Land	5.64	'	5.64	'
Land parcels \| Spokane, WA	'	'	'	'
Assets held for sale	'	'	'	'
Loss on impairment of assets	'	'	$700	'

Derivative_Financial_Instrumen2

Derivative Financial Instruments and Hedging (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value	'	'
Derivative financial instruments (asset)	$218,000	$253,000
Derivative financial instruments (liability)	1,626,000	1,772,000
Interest rate swaps	'	'
Fair Value	'	'
Aggregate derivative contract termination value, including accrued interest	1,700,000	'
Designated as cash flow hedges \| Interest rate swaps	'	'
Number of Instruments	'	'
Asset	3	3
Liability	1	1
Total	4	4
Notional Amount	'	'
Assets	28,322,000	29,273,000
Liability	75,000,000	75,000,000
Total	103,322,000	104,273,000
Fair Value	'	'
Derivative financial instruments (asset)	218,000	253,000
Derivative financial instruments (liability)	1,626,000	1,772,000
Net liability	($1,408,000)	($1,519,000)

Derivative_Financial_Instrumen3

Derivative Financial Instruments and Hedging (Details 2) (Cash flow hedges, Interest rate swaps, USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative instruments, gain (loss) recognized	'	'	'	'
Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$414	($2,215)	($1,192)	($1,571)
Gain recognized in gain on derivative financial instruments (ineffective portion)	1	'	'	2
Interest expense	'	'	'	'
Derivative instruments, gain (loss) recognized	'	'	'	'
Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	($441)	($88)	($1,303)	($261)

Income_Tax_Details

Income Tax (Details) (USD $)	3 Months Ended		9 Months Ended
Income Tax (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Tax	'	'	'	'
Income tax provision	$427,000	$1,120,000	$834,000	$1,269,000
Unrecognized tax benefits	$0	'	$0	'

Fair_Value_Details

Fair Value (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Assets:	'	'
Assets held for sale	$7,860	$12,224
Derivative financial instruments (asset)	218	253
Liabilities:	'	'
Derivative financial instruments (liability)	1,626	1,772
Fixed-rate debt	469,604	358,590
Asset transfers between Level 1 to Level 2	0	'
Asset transfers between Level 2 to Level 1	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	7,860	12,224
Liabilities:	'	'
Fixed-rate debt	353,076	319,429
Recurring basis \| Level 2 \| Interest rate swaps	'	'
Assets:	'	'
Derivative financial instruments (asset)	218	253
Liabilities:	'	'
Derivative financial instruments (liability)	1,626	1,772
Recurring basis \| Total fair value	'	'
Assets:	'	'
Assets held for sale	7,860	12,224
Liabilities:	'	'
Fixed-rate debt	353,076	319,429
Recurring basis \| Total fair value \| Interest rate swaps	'	'
Assets:	'	'
Derivative financial instruments (asset)	218	253
Liabilities:	'	'
Derivative financial instruments (liability)	$1,626	$1,772

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Discontinued operations	'	'	'	'
Income (loss) from discontinued operations	($59)	($3,410)	$278	($2,508)
Income (loss) from discontinued operations attributable to common stockholders	-58	-3,258	275	-2,398
Hotel properties	'	'	'	'
Discontinued operations	'	'	'	'
Revenues	847	4,874	3,128	17,129
Hotel operating expenses	746	3,653	2,304	12,915
Depreciation and amortization	4	555	13	1,990
Loss on impairment of assets	'	5,785	400	7,285
Operating income (loss)	97	-5,119	411	-5,061
Interest expense	'	24	'	174
Other expense (income)	188	783	171	-877
Income (loss) before taxes	-91	-5,926	240	-4,358
Income tax (expense) benefit	32	2,516	38	1,850
Income (loss) from discontinued operations	-59	-3,410	278	-2,508
Income (loss) from discontinued operations attributable to non-controlling interest	-1	-152	3	-110
Income (loss) from discontinued operations attributable to common stockholders	($58)	($3,258)	$275	($2,398)

Earnings_per_Share_Details

Earnings per Share (Details) (Stock options)	3 Months Ended		9 Months Ended
Earnings per Share (Details) (Stock options)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 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)	846,000	893,000	846,000	893,000

Earnings_per_Share_Details_2

Earnings per Share (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerator:	'	'	'	'
Income from continuing operations	$8,339	$2,830	$20,487	$10,481
Less: Preferred dividends	4,147	4,147	12,441	10,443
Allocation to participating securities	27	21	68	52
Attributable to noncontrolling interest	51	211	99	326
Income (loss) from continuing operations attributable to common stockholders	4,114	-1,549	7,879	-340
Income (loss) from discontinued operations attributable to common stockholders	-58	-3,258	275	-2,398
Net income (loss) attributable to common stockholders	$4,056	($4,807)	$8,154	($2,738)
Denominator:	'	'	'	'
Weighted average common shares outstanding - basic	85,303	68,157	85,192	65,460
Dilutive effect of equity-based compensation awards (in shares)	613	457	512	394
Weighted average common shares outstanding - diluted	85,916	68,614	85,704	65,854
Earnings per common share - basic and diluted:	'	'	'	'
Net income (loss) from continuing operations (in dollars per share)	$0.05	($0.02)	$0.09	($0.01)
Net income (loss) from discontinued operations (in dollars per share)	'	($0.05)	$0.01	($0.03)
Basic and diluted net income (loss) per share (in dollars per share)	$0.05	($0.07)	$0.10	($0.04)

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

Sep. 30, 2014

6-May-14

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Oct. 31, 2014

Oct. 01, 2014

Oct. 21, 2014

In Millions, except Share data, unless otherwise specified

Senior Unsecured Credit Facility

Common stock

Land

Subsequent Event

$225 Million Revolver

San Antonio, TX

Series A preferred shares

Series B preferred shares

Series C preferred shares

Common stock

Operating partnership

Hotel properties

Land

acre

Non-controlling Interests

Country Inn & Suites

San Antonio, TX

Common units

San Antonio, TX

acre

Subsequent events

Common stock issued upon redemption of common units (in shares)

198,292

2,466,404

75,733

Common units redeemed

75,733

Area of land parcel

5.64

Maximum borrowing capacity

$300

$225

Sale of property previously classified as held for sale

$7.90

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

$0.12

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

$0.58

$0.49

$0.45