Summit Hotel Properties (INN) 10-K2 Mar 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Feb. 20, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	Summit Hotel Properties, Inc.
Entity Central Index Key	1497645
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$886,350,906
Entity Common Stock, Shares Outstanding		86,088,265
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Investment in hotel properties, net	$1,339,415	$1,149,967
Investment in hotel properties under development	253
Land held for development	8,183	13,748
Assets held for sale	300	12,224
Cash and cash equivalents	38,581	46,706
Restricted cash	34,395	38,498
Trade receivables	7,681	7,231
Prepaid expenses and other	6,181	8,876
Derivative financial instruments	66	253
Deferred charges, net	9,641	10,270
Deferred tax asset, net	176	49
Other assets	14,152	6,654
Total assets	1,459,024	1,294,476
Liabilities:
Debt	626,533	435,589
Accounts payable	7,271	7,583
Accrued expenses	38,062	27,154
Derivative financial instruments	1,957	1,772
Total liabilities	673,823	472,098
Commitments and contingencies (Note 13)
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Common stock, $.01 par value per share, 500,000,000 shares authorized, 86,149,720 and 85,402,408 shares issued and outstanding at December 31, 2014 and 2013, respectively	861	854
Additional paid-in capital	888,191	882,858
Accumulated other comprehensive loss	-1,746	-1,379
Accumulated deficit and distributions	-107,779	-72,577
Total stockholders' equity	779,611	809,840
Noncontrolling interests in operating partnership	5,590	4,722
Noncontrolling interests in joint venture		7,816
Total equity	785,201	822,378
Total liabilities and equity	1,459,024	1,294,476
9.25% Series A Preferred Stock
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Preferred stock	20	20
7.875% Series B Preferred Stock
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Preferred stock	30	30
7.125% Series C Preferred Stock
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Preferred stock	$34	$34

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, issued	86,149,720	85,402,408
Common stock, outstanding	86,149,720	85,402,408
9.25% Series A Preferred Stock
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, liquidation preference (in dollars)	$50,398	$50,398
Preferred stock, dividend rate (as a percent)	9.25%	9.25%
7.875% Series B Preferred Stock
Preferred stock, shares 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, liquidation preference (in dollars)	75,324	75,324
Preferred stock, dividend rate (as a percent)	7.88%	7.88%
7.125% Series C Preferred Stock
Preferred stock, shares 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, liquidation preference (in dollars)	$85,522	$85,522
Preferred stock, dividend rate (as a percent)	7.13%	7.13%

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Room	$380,472	$283,279	$154,600
Other hotel operations revenue	22,994	15,679	7,100
Total revenues	403,466	298,958	161,700
Hotel operating expenses:
Room	101,150	80,391	45,130
Other direct	55,388	39,815	21,284
Other indirect	104,959	78,136	44,028
Total hotel operating expenses	261,497	198,342	110,442
Depreciation and amortization	65,312	51,184	30,645
Corporate general and administrative	19,884	12,929	9,573
Hotel property acquisition costs	769	1,886	3,050
Loss on impairment of assets	8,847	1,369	660
Total expenses	356,309	265,710	154,370
Operating income	47,157	33,248	7,330
Other income (expense):
Interest expense	-26,968	-20,137	-14,909
Other income (expense)	986	-1,592	-96
Total other expense, net	-25,982	-21,729	-15,005
Income (loss) from continuing operations before income taxes	21,175	11,519	-7,675
Income tax benefit (expense)	-744	-4,894	728
Income (loss) from continuing operations	20,431	6,625	-6,947
Income (loss) from discontinued operations	492	-728	4,677
Net income (loss)	20,923	5,897	-2,270
Income (loss) attributable to non-controlling interests:
Operating partnership	51	-297	-1,194
Joint venture	1	316
Net income (loss) attributable to Summit Hotel Properties, Inc.	20,871	5,878	-1,076
Preferred dividends	-16,588	-14,590	-4,625
Net income (loss) attributable to common stockholders	$4,283	($8,712)	($5,701)
Earnings per share:
Basic and diluted net income (loss) per share from continuing operations (in dollars per share)	$0.04	($0.11)	($0.28)
Basic and diluted net income (loss) per share from discontinued operations (in dollars per share)	$0.01	($0.01)	$0.11
Basic and diluted net income (loss) per share (in dollars per share)	$0.05	($0.12)	($0.17)
Weighted average common shares outstanding:
Basic (in Shares)	85,242	70,327	33,717
Diluted (in Shares)	85,566	70,327	33,717
Dividends per share (in dollars per share)	$0.46	$0.45	$0.45

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net income (loss)	$20,923	$5,897	($2,270)
Other comprehensive loss, net of tax:
Changes in fair value of derivative financial instruments	-371	-881	-639
Total other comprehensive loss	-371	-881	-639
Comprehensive income (loss)	20,552	5,016	-2,909
Comprehensive income (loss) attributable to non-controlling interest:
Comprehensive income (loss) attributable to Summit Hotel Properties, Inc.	20,504	5,027	-1,604
Preferred dividends	-16,588	-14,590	-4,625
Comprehensive income (loss) attributable to common stockholders	3,916	-9,563	-6,229
Operating partnership
Comprehensive income (loss) attributable to non-controlling interest:
Comprehensive income (loss) attributable to non-controlling interest	47	-327	-1,305
Joint venture
Comprehensive income (loss) attributable to non-controlling interest:
Comprehensive income (loss) attributable to non-controlling interest	$1	$316

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Equity (USD $)	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit and Distributions	Total Shareholders' Equity	Noncontrolling Interest	Noncontrolling Interest	Total
In Thousands, except Share data, unless otherwise specified	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit and Distributions	Total Shareholders' Equity	Operating partnership	Joint venture	Total
Balance at beginning of year at Dec. 31, 2011	$20	$273	$288,902		($11,020)	$278,175	$41,274		$319,449
Balance (in shares) at Dec. 31, 2011	2,000,000	27,278,000
Changes in equity
Net proceeds from sale of common stock		138	106,267			106,405			106,405
Net proceeds from sale of common stock (in shares)		13,800,000
Net proceeds from sale of preferred stock	30		72,423			72,453			72,453
Net proceeds from sale of preferred stock (in shares)	3,000,000
Common stock redemption of common units		49	205			254	-254
Common stock redemption of common units (in shares)		4,873,625
Dividends paid					-19,889	-19,889	-3,177		-23,066
Equity-based compensation		2	1,023			1,025	180		1,205
Equity-based compensation (in shares)		208,027
Other comprehensive income (loss)				-528		-528	-111		-639
Net income (loss)					-1,076	-1,076	-1,194		-2,270
Balance at end of year at Dec. 31, 2012	50	462	468,820	-528	-31,985	436,819	36,718		473,537
Balance (in shares) at Dec. 31, 2012	5,000,000	46,159,652
Changes in equity
Net proceeds from sale of common stock		345	299,727			300,072			300,072
Net proceeds from sale of common stock (in shares)		34,500,000
Net proceeds from sale of preferred stock	34		81,689			81,723			81,723
Net proceeds from sale of preferred stock (in shares)	3,400,000
Common stock redemption of common units		44	30,574			30,618	-30,618
Common stock redemption of common units (in shares)		4,414,950
Contribution by noncontrolling interests in joint venture								7,500	7,500
Dividends paid					-46,470	-46,470	-1,124		-47,594
Equity-based compensation		3	2,048			2,051	73		2,124
Equity-based compensation (in shares)		327,806
Other comprehensive income (loss)				-851		-851	-30		-881
Net income (loss)					5,878	5,878	-297	316	5,897
Balance at end of year at Dec. 31, 2013	84	854	882,858	-1,379	-72,577	809,840	4,722	7,816	822,378
Balance (in shares) at Dec. 31, 2013	8,400,000	85,402,408
Changes in equity
Common stock redemption of common units		4	2,425			2,429	-2,429
Common stock redemption of common units (in shares)		438,631
Common units issued for acquisition							3,685		3,685
Acquisition of non-controlling interest in joint venture			-415			-415		-7,817	-8,232
Dividends paid					-56,073	-56,073	-477		-56,550
Equity-based compensation		-3	-3,479			-3,482	-42		-3,524
Equity-based compensation (in shares)		321,269
Other			-156			-156			-156
Other (in shares)		-12,588
Other comprehensive income (loss)				-367		-367	-4		-371
Net income (loss)					20,871	20,871	51	1	20,923
Balance at end of year at Dec. 31, 2014	$84	$861	$888,191	($1,746)	($107,779)	$779,611	$5,590		$785,201
Balance (in shares) at Dec. 31, 2014	8,400,000	86,149,720

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
OPERATING ACTIVITIES
Net income (loss)	$20,923	$5,897	($2,270)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	65,325	53,143	34,871
Amortization of prepaid lease	47	47	73
Loss on impairment of assets	9,247	9,044	2,965
Equity-based compensation	3,524	2,124	1,205
Deferred tax asset	-127	3,948	-1,801
Gain on disposal of assets	-446	-4,308	-2,811
(Gain) loss on derivative financial instruments	1	-2	2
Changes in operating assets and liabilities:
Restricted cash - operating	-631	-1,309	-69
Trade receivables	-419	-1,753	-1,424
Prepaid expenses and other	3,618	-3,654	-1,043
Accounts payable and accrued expenses	1,077	9,259	5,005
NET CASH PROVIDED BY OPERATING ACTIVITIES	102,139	72,436	34,703
INVESTING ACTIVITIES
Acquisitions of hotel properties	-177,820	-441,573	-216,892
Acquisition of non-controlling interest in joint venture	-8,232
Investment in hotel properties under development	-253		-10,303
Acquisition of land held for development		-2,800
Improvements and additions to hotel properties	-42,432	-53,222	-29,396
Amounts extended under note funding obligation	-7,366
Purchases of office furniture and equipment		-398	-210
Proceeds from asset dispositions, net of closing costs	19,280	52,850	25,887
Restricted cash - FF&E reserve	16,275	-22,291	-2,091
NET CASH USED IN INVESTING ACTIVITIES	-200,548	-467,434	-233,005
FINANCING ACTIVITIES
Proceeds from issuance of debt	263,601	587,245	130,659
Principal payments on debt	-115,829	-497,801	-82,312
Financing fees on debt	-782	-3,421	-2,394
Proceeds from equity offerings, net of offering costs		381,795	178,858
Proceeds from contribution by joint venture partner		7,500
Dividends paid	-56,550	-47,594	-23,066
Other	-156
NET CASH PROVIDED BY FINANCING ACTIVITIES	90,284	427,724	201,745
Net change in cash and cash equivalents	-8,125	32,726	3,443
CASH AND CASH EQUIVALENTS
Beginning of period	46,706	13,980	10,537
End of period	38,581	46,706	13,980
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	26,744	19,989	15,592
Capitalized interest	253	400	53
Cash payments for income taxes, net of refunds	926	681	433
Mortgage debt assumed for acquisitions of hotel properties	43,172	33,532	47,162
Fair value of common units issued for acquisition of hotel	$3,685

DESCRIPTION_OF_BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
DESCRIPTION OF BUSINESS	Dec. 31, 2014
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS
	NOTE 1 - DESCRIPTION OF BUSINESS

	Summit Hotel Properties, Inc. (the “Company”) is a self-managed hotel investment company that was organized on June 30, 2010 as a Maryland corporation. The Company holds both general and limited partnership interests in Summit Hotel OP, LP (the “Operating Partnership”), a Delaware limited partnership also organized on June 30, 2010. On February 14, 2011, the Company closed on its initial public offering (“IPO”) and completed certain formation transactions, including the merger of Summit Hotel Properties, LLC (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.

	While the Operating Partnership was the survivor of and the legal acquirer of the Predecessor in the Merger, for accounting and financial reporting purposes, the Predecessor is considered the accounting acquirer in the Merger. As a result, the historical consolidated financial statements of the Predecessor are presented as the historical consolidated financial statements of the Company after completion of the Merger and the related transactions (collectively, the “Reorganization Transaction”).

	At December 31, 2014, our portfolio consists of 90 Upscale and Upper-midscale hotels with a total of 11,463 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.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Basis of Presentation

	The accompanying consolidated financial statements of the Company 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 prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates.

	Segment Disclosure

	Accounting Standards Codification (“ASC”), ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in real estate. Our investments in real estate are geographically diversified and the chief operating decision makers evaluate operating performance on an individual asset level. As each of our assets has similar economic characteristics, the assets have been aggregated into one reportable segment.

	Investment in Hotel Properties

	We allocate the purchase price of hotel acquisitions based on the fair value of the acquired assets and assumed liabilities. We determine the acquisition-date fair values of all assets and assumed liabilities using methods similar to those used by independent appraisers, for example, using a discounted cash flow analysis that uses appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. Acquisition costs are expensed as incurred.

	Our hotel properties and related assets are recorded at cost, less accumulated depreciation. We capitalize the costs of significant additions and improvements that materially extend a property’s life. These costs may include hotel refurbishment, renovation, and remodeling expenditures. We expense the cost of repairs and maintenance.

	We generally depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows:

	Classification		Estimated Useful Lives
	Buildings and improvements		25 to 40 years
	Furniture, fixtures and equipment		2 to 15 years

	We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense.

	When depreciable property and equipment is retired or disposed of, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations.

	On a limited basis, we provide financing to developers of hotel properties for development or major renovation projects. We evaluate these arrangements to determine if we participate in residual profits of the hotel property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the hotel property, we reflect the loan as an investment in hotel properties under development in our consolidated balance sheets. If classified as hotel properties under development, no interest income is recognized on the loan and interest expense is capitalized on our investment in the hotel property during the construction or renovation period.

	We monitor events and changes in circumstances for indicators that the carrying value of a hotel property or land held for development may be impaired. Additionally, we perform a quarterly formalized review to monitor the factors that could trigger an impairment. Factors that could trigger an impairment analysis include, among others: i) significant underperformance relative to historical or projected operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for hotel properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, and v) significant negative industry or economic trends. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the investment is recoverable. If impairment is indicated, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to fair value.

	Assets Held for Sale and Discontinued Operations

	We classify assets as held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value, less 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.

	Variable Interest Entities

	We consolidate variable interest entities (“VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider relevant factors of the entity’s design including the entity’s capital structure, contractual rights to earnings (losses), subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. Evaluating the accounting for a VIE requires the exercise of significant professional judgment.

	Cash and Cash Equivalents

	We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions.

	Restricted Cash

	Restricted cash consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lenders.

	Trade Receivables and Credit Policies

	We grant credit to qualified customers generally without collateral, in the form of trade accounts receivable. We believe our risk of loss is minimal due to our periodic evaluations of the credit worthiness of our customers.

	Trade receivables result from the rental of hotel rooms and the sales of food, beverage, and banquet services due under normal trade terms requiring payment upon receipt of the invoice. Trade receivables are stated at the amount billed to the customer and do not accrue interest.

	We review the collectability of our trade receivables monthly. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.1 million and $0.2 million at December 31, 2014 and 2013, respectively. Bad debt expense was $0.4 million in 2014, $0.6 million in 2013 and $0.2 million in 2012.

	Deferred Charges

	Our deferred charges consist of deferred financing fees and initial franchise fees. Costs incurred in obtaining financing are capitalized and amortized on the straight-line method over the term of the related debt, which approximates the interest method. Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method.

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.

Revenue Recognition

We recognize revenue when rooms are occupied and services have been rendered. Revenues are recorded net of any sales and other taxes collected from customers. All rebates or discounts are recorded as a reduction to revenue. Cash received prior to guest arrival is recorded as an advance from the customer and is recognized at the time of occupancy.

Sales and Other Taxes

We have operations in states and municipalities that impose sales and/or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted.

Equity-Based Compensation

Our 2011 Equity Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other stock-based awards. We account for equity-based compensation using the Black-Scholes option-pricing model for stock options and the grant date fair value of our common stock for all other awards. Restricted stock awards with performance-based vesting conditions are market-based awards and are valued using a Monte Carlo simulation model. We expense awards under our 2011 Equity Incentive Plan over the vesting period. The amount of the expense may be subject to adjustment in future periods due to a change in forfeiture assumptions.

Derivative Financial Instruments and Hedging

All derivative financial instruments are recorded at fair value and reported as a derivative financial instrument asset or liability in our consolidated balance sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include swaps, caps and floors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction.

For interest rate derivatives designated as cash flow hedges the effective portion of changes in fair value is initially reported as a component of accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets and reclassified to interest expense in our consolidated statements of operations in the period in which the hedged item affects earnings. The ineffective portion of changes in fair value is recognized directly in earnings through gain (loss) on derivative financial instruments in the consolidated statements of operations.

Income Taxes

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 (See Note 11 — Debt), the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Reclassifications

Certain amounts reported in previous periods have been reclassified to conform to the current presentation and industry practice.

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 us on January 1, 2017 and early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our 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 us on January 1, 2017.

HOTEL_PROPERTY_ACQUISITIONS

HOTEL PROPERTY ACQUISITIONS	12 Months Ended
HOTEL PROPERTY ACQUISITIONS	Dec. 31, 2014
HOTEL PROPERTY ACQUISITIONS
HOTEL PROPERTY ACQUISITIONS
	NOTE 3 - HOTEL PROPERTY ACQUISITIONS

	Hotel property acquisitions in 2014 and 2013 are as follows (in thousands):

	Date Acquired		Franchise/Brand		Location		Purchase Price			Debt Assumed

	2014:00:00
	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		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 2014				6 hotel properties		$	214,710		$	43,172

	2013:00:00
	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		Holiday Inn Express & Suites		Minneapolis (Minnetonka), MN		6,900			3,724
	May 21		Hilton Garden Inn		Minneapolis (Eden Prairie), MN		10,200			6,385
	May 23		Fairfield Inn & Suites by Marriott		Louisville, KY		25,023			—
	May 23		SpringHill Suites by Marriott		Louisville, KY		39,138			—
	May 23		Courtyard by Marriott		Indianapolis, IN		58,634			—
	May 23		SpringHill Suites by Marriott		Indianapolis, IN		30,205			—
	October 1		Hampton Inn & Suites		Ventura (Camarillo), CA		15,750			—
	October 8		Hampton Inn & Suites		San Diego (Poway), CA		15,150			—
	December 31		Hyatt Place		Minneapolis, MN		32,506			—

	Total 2013				19 hotel properties		$	475,615		$	33,532

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

			2014			2013

	Land		$	11,400		$	61,776
	Hotel buildings and improvements		199,573			395,543
	Furniture, fixtures and equipment		5,489			18,296
	Other assets		11,625			11,273
	Total assets acquired		228,087			486,888
	Less debt assumed		(43,172		)	(33,532		)
	Less lease liability assumed		(1,752		)	—
	Less other liabilities		(2,671		)	(1,480		)
	Net assets acquired		$	180,492		$	451,876

	In connection with our acquisition of the Hyatt Place in Minneapolis, MN on December 31, 2013, the outstanding principal balance of our first mortgage loan receivable and related capitalized interest, totaling $20.7 million, was credited to us as part of the purchase price consideration.

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

			2014 Acquisitions			2013 Acquisitions
			2014			2014			2013

	Revenues		$	37,655		$	122,732		$	76,675
	Net income		$	4,977		$	21,974		$	13,399

The results of operations of acquired hotel properties are included in the consolidated statements of operations beginning on their respective acquisition dates. The following unaudited condensed pro forma financial information presents the results of operations as if the 2014 and 2013 acquisitions had taken place on January 1, 2013. The unaudited condensed pro forma information excludes discontinued operations and disposed properties after the adoption of ASU 2014-08 which were not classified as discontinued operations, is for comparative purposes only, and is not necessarily indicative of what actual results of operations would have been had the hotel acquisitions taken place on January 1, 2013. This information does not purport to represent results of operations for future periods.

The unaudited condensed pro forma financial information for 2014 and 2013, assuming the hotel properties acquired in 2014 and 2013 were acquired at the beginning of 2013, are as follows (in thousands, except per share):

		2014			2013
		(unaudited)

Revenues		$	419,595		$	379,606

Net income		$	23,419		$	17,750
Net income attributable to common stockholders		$	6,656		$	2,979

Net income per share attributable to common stockholders - basic and diluted		$	0.08		$	0.04

INVESTMENT_IN_HOTEL_PROPERTIES

INVESTMENT IN HOTEL PROPERTIES	12 Months Ended
	Dec. 31, 2014
Investment in hotel properties
INVESTMENT IN HOTEL PROPERTIES
	NOTE 4 - INVESTMENT IN HOTEL PROPERTIES

	Investment in hotel properties at December 31, 2014 and 2013 are as follows (in thousands):

		2014		2013

	Land	$	164,570	$	154,831
	Hotel buildings and improvements	1,202,451		993,372
	Construction in progress	15,609		24,242
	Furniture, fixtures and equipment	136,456		142,976
		1,519,086		1,315,421
	Less accumulated depreciation	179,671		165,454
		$	1,339,415	$	1,149,967

	Depreciation expense was $63.3 million, $48.9 million and $28.0 million for 2014, 2013 and 2012, respectively.

INVESTMENT_IN_HOTEL_PROPERTIES1

INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT	12 Months Ended
INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT	Dec. 31, 2014
INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT
INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT
	NOTE 5 - INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT

	We have entered into 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. Therefore, there is no assurance that the acquisition will be completed. In January 2014, we issued a standby letter of credit for $13.1 million in support of this purchase agreement. This letter of credit was issued under our senior unsecured credit facility.

ASSETS_HELD_FOR_SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2014
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE
	NOTE 6 - ASSETS HELD FOR SALE

	Assets held for sale at December 31, 2014 and 2013 include (in thousands):

		2014		2013

	Land	$	300	$	1,183
	Hotel building and improvements	—		10,290
	Furniture, fixtures and equipment	—		751
		$	300	$	12,224

	At December 31, 2014, assets held for sale is comprised of 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.

RESTRICTED_CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2014
RESTRICTED CASH
RESTRICTED CASH
	NOTE 7 - RESTRICTED CASH

	Restricted cash at December 31, 2014 and 2013 includes (in thousands):

		2014		2013

	Property taxes	$	2,600	$	2,124
	Insurance	508		59
	FF&E reserves	30,301		35,823
	Other funds in escrow	986		492
		$	34,395	$	38,498

PREPAID_EXPENSES_AND_OTHER

PREPAID EXPENSES AND OTHER	12 Months Ended
	Dec. 31, 2014
PREPAID EXPENSES AND OTHER
PREPAID EXPENSES AND OTHER
	NOTE 8 - PREPAID EXPENSES AND OTHER

	Prepaid expenses and other at December 31, 2014 and 2013 include (in thousands):

		2014		2013

	Earnest money and funds in escrow	$	1,738	$	5,115
	Prepaid insurance	1,122		1,316
	Other	3,321		2,445
		$	6,181	$	8,876

DEFERRED_CHARGES

DEFERRED CHARGES	12 Months Ended
DEFERRED CHARGES	Dec. 31, 2014
DEFERRED CHARGES
DEFERRED CHARGES
	NOTE 9 - DEFERRED CHARGES

	Deferred charges at December 31, 2014 and 2013 include (in thousands):

		2014		2013

	Initial franchise fees	$	6,435	$	5,957
	Deferred financing costs	8,628		7,846
		15,063		13,803
	Less accumulated amortization	5,422		3,533
	Total	$	9,641	$	10,270

	Amortization expense for 2014, 2013 and 2012 was (in thousands):

		2014		2013		2012

	Initial franchise fees	$	485	$	411	$	355
	Deferred financing costs	1,549		1,854		2,288
		$	2,034	$	2,265	$	2,643

	Future amortization expense is expected to be (in thousands):

	2015	$	2,052
	2016	1,740
	2017	1,412
	2018	922
	2019	629
	Thereafter	2,886
		$	9,641

OTHER_ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2014
OTHER ASSETS.
OTHER ASSETS
	NOTE 10 - OTHER ASSETS

	Other assets at December 31, 2014 and 2013 include (in thousands):

		2014		2013

	Prepaid land lease	$	3,373	$	3,420
	Notes receivable	10,779		3,121
	Other	—		113
		$	14,152	$	6,654

	At December 31, 2014, the notes receivable balance detailed above includes amounts drawn under a note funding obligation carrying an interest rate of 10.0% per annum paid monthly, an initial maturity date of May 31, 2017 and an option to extend the maturity date until May 13, 2018. Of the total $10.0 million note funding obligation, $7.4 million had been advanced at December 31, 2014.

	On October 30, 2013, we sold the Fairfield Inn in Emporia, KS for $1.7 million and on December 19, 2013, we sold the Holiday Inn Express in Emporia, KS for $1.8 million. We provided seller financing in the form of mortgage loans on these sales totaling $2.4 million. These mortgage loans mature in the first quarter of 2015 and are included in notes receivable in the table above at December 31, 2014 and 2013.

DEBT

DEBT	12 Months Ended
DEBT	Dec. 31, 2014
DEBT
DEBT
	NOTE 11 - DEBT

	At December 31, 2014, our indebtedness is comprised of borrowings under a $300.0 million senior unsecured credit facility and indebtedness secured by first priority mortgage liens on various hotel properties. At December 31, 2014 and 2013 our outstanding indebtedness included (in thousands):

	Lender		Note		Interest Rate (a)		Amortization		Maturity Date	Number of Properties Encumbered		2014		2013
			Reference				Period			at December 31, 2014
							(Years)

	Senior Unsecured Credit Facility
	Deutsche Bank AG New York Branch		(b)
	$225 Million Revolver				2.07% Variable		n/a		October 10, 2017	n/a		$	125,000	$	—
	$75 Million Term Loan				3.94% Fixed		n/a		October 10, 2018	n/a		75,000		75,000
	Total Senior Unsecured Credit Facility											200,000		75,000

	Mortgage Loans
	ING Life Insurance and Annuity		(c)		6.10% Fixed		20		March 1, 2019	14		62,327		64,309
			(c)		4.55% Fixed		25		March 1, 2019	(cross-collateralized with other ING loan)		32,995		33,754
	KeyBank National Association		(d)		4.46% Fixed		30		February 1. 2023	4		28,489		28,965
			(e)		4.52% Fixed		30		April 1, 2023	3		22,061		22,421
			(f)		4.30% Fixed		30		April 1, 2023	3		21,403		21,767
			(g)		4.95% Fixed		30		August 1, 2023	2		37,939		38,497
	Bank of America Commercial Mortgage		(h)		6.41% Fixed		25		September 1, 2017	1		8,157		8,382
	Merrill Lynch Mortgage Lending Inc.		(i)		6.38% Fixed		30		August 1, 2016	1		5,151		5,249
	GE Capital Financial Inc.		(j)		5.39% Fixed		25		April 1, 2020	1		9,300		9,476
			(j)		5.39% Fixed		25		April 1, 2020	1		5,007		5,103
	MetaBank		(k)		4.25% Fixed		20		August 1, 2018	1		7,104		7,348
	Bank of Cascades		(l)		4.66% Fixed		25		September 30, 2021	n/a		—		11,986
			(l)		2.17% Variable		25		December 19, 2024	1		9,800		—
			(l)		4.30% Fixed		25		December 19, 2024	(cross-collateralized with other Bank of Cascades note)		9,800		—
	Goldman Sachs		(m)		5.67% Fixed		25		July 6, 2016	2		13,787		14,090
	Compass Bank		(n)		4.57% Fixed		20		May 17, 2018	1		12,505		13,325
			(o)		2.57% Variable		25		May 6, 2020	3		24,637		—
	General Electric Capital Corporation		(p)		5.39% Fixed		25		April 1, 2020	1		5,266		5,371
			(p)		5.39% Fixed		25		April 1, 2020	1		6,167		6,290
			(q)		4.82% Fixed		20		April 1, 2018	1		7,213		7,612
			(q)		5.03% Fixed		25		March 1, 2019	1		9,775		10,108
	AIG		(r)		6.11% Fixed		20		January 1, 2016	1		12,938		13,516
	Greenwich Capital Financial Products, Inc.		(s)		6.20% Fixed		30		January 6, 2016	1		22,711		23,107
	Wells Fargo Bank, National Association		(t)		5.53% Fixed		25		October 1, 2015	1		3,523		3,652
			(u)		5.57% Fixed		25		January 1, 2016	1		6,038		6,261
	U.S. Bank, NA		(v)		6.22% Fixed		30		November 1, 2016	1		17,536		—
			(w)		6.13% Fixed		25		November 11, 2021	1		11,819		—
			(x)		5.98% Fixed		30		March 8, 2016	1		13,085		—
	Total Mortgage Loans									49		426,533		360,589
	Total Debt									49		$	626,533	$	435,589

	Notes:
		(a)		Interest rates at December 31, 2014 give effect to our use of interest rate swaps, where applicable.

		(b)		On October 10, 2013, we replaced our $150.0 million senior secured revolving credit facility with a $300.0 million senior unsecured credit facility. The unsecured credit facility is comprised of a $225.0 million revolving credit facility (the “$225 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”), and has an accordion feature which will allow us to increase the commitments by an aggregate of $100.0 million on the $225 Million Revolver and the $75 Million Term Loan.

	The senior unsecured credit facility requires that no less than 20 of our hotel properties remain unencumbered, as defined in the credit facility documentation, and also requires compliance with covenants customary among our industry peers. The $225 Million Revolver matures on October 10, 2017 and can be extended to October 10, 2018 at our option, subject to certain conditions. The $75 Million Term Loan matures on October 10, 2018.

	We pay interest on advances at varying rates, based upon, at our option, either (i) 1, 2, 3, or 6-month LIBOR, plus a LIBOR margin between 1.75% and 2.50%, depending upon our leverage ratio (as defined in the credit facility documentation), or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, or 1-month LIBOR plus 1.00%, plus a base rate margin between 0.75% and 1.50%, depending upon our leverage ratio. Unused Fees are payable quarterly and are assessed at 0.30% per annum if the unused portion of the credit facility is equal to or greater than 50%, or 0.20% per annum if the unused portion of the credit facility is less than 50%.

	On December 27, 2013, we fully drew the $75 Million Term Loan. On September 5, 2013, we entered into an interest rate derivative with a notional value of $75.0 million that became effective on January 2, 2014 and matures on October 1, 2018. This interest rate derivative was designated a cash flow hedge and effectively fixes LIBOR at 2.04%. The interest rate on the $75 Million Term Loan was 3.94% at January 2, 2014.

	At December 31, 2014, 36 of our unencumbered hotel properties were included in the borrowing base for the senior unsecured credit facility, and are required to remain unencumbered. As a result, the maximum amount of borrowing permitted under the senior unsecured credit facility was $300.0 million, of which, we had $200.0 million borrowed, $13.8 million in standby letters of credit, and $86.2 million available to borrow.

		(c)		On August 1, 2013, we entered into a new $34.0 million loan with ING with a fixed rate of 4.55% and a maturity of August 1, 2038. ING has the right to call the loan in full on March 1st of 2019, 2024, 2029 and 2034. Simultaneously, we amended our existing loan with ING to (i) remove the Fairfield Inn & Suites and the Residence Inn, Germantown, TN; the Hampton Inn, Fort Smith, AR; and the Fairfield Inn, Lewisville, TX from the collateral and (ii) remove $3.9 million in letters of credit from the collateral. We also added the Courtyard by Marriott, Jackson, MS; the Hampton Inn & Suites, Ybor, FL; and the Courtyard by Marriott and the Residence Inn, Metairie, LA as collateral to the two notes, such that both ING loans are secured by the same 14 hotel properties and are cross-defaulted.

		(d)		On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by four of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; Denver (Englewood), CO; and Dallas (Arlington), TX. This loan is subject to defeasance if prepaid.

	(e)		On March 7, 2013, we closed on a $22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ. This loan is subject to defeasance if prepaid.

	(f)		On March 8, 2013, we closed on a $22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid.

	(g)		On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid.

	(h)		On May 16, 2012, we assumed a loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan is subject to defeasance if prepaid.

	(i)		On June 21, 2012, we assumed a loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan is subject to defeasance if prepaid.

	(j)		On March 28, 2014, we amended two loans with GE Capital Financial, which are cross-collateralized by the Courtyard by Marriott and the SpringHill Suites by Marriott, both located in Scottsdale, AZ. The loans were amended to bear interest at a fixed rate of 5.39% and the maturity dates were extended to April 1, 2020.

	(k)		On July 26, 2013, we closed on a $7.4 million loan with a fixed rate of 4.25% and a maturity of August 1, 2018. This loan is secured by the Hyatt Place in Atlanta, GA. We may receive additional proceeds of $1.3 million after the Hyatt Place attains a required performance level prior to November 2015. This loan has a prepayment penalty of: (i) 3% until July 26, 2015, (ii) 2% until July 26, 2017, and (iii) 1% until February 1, 2018.

	(l)		On December 19, 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million. As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.30%. Both notes have an outstanding balances of $9.8 million, amortization periods of 25 years and maturity dates of December 19, 2024.

	(m)		This loan is secured by the SpringHill Suites by Marriott and the Hampton Inn & Suites in Bloomington, MN. This loan is subject to defeasance if prepaid.

	(n)		This loan is secured by the Courtyard by Marriott in Flagstaff, AZ and has a variable interest rate of 30-day LIBOR plus 350 basis points (3.67% at December 31, 2014). On October 11, 2012, we entered into an interest rate derivative that effectively converted 85% of this loan to a fixed rate.

	(o)		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.

	(p)		On March 28, 2014, we amended two loans with General Electric Capital Corp., which are 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.

	(q)		These loans are secured by the SpringHill Suites by Marriott in Denver, CO and the Double Tree in Baton Rouge, LA. These loans have a variable interest rate of 90-day LIBOR plus 350 basis points. On May 4, 2012, we entered into interest rate derivatives that effectively converted these loans to a fixed rate. These loans are cross-defaulted and cross-collateralized.

	(r)		On December 20, 2012, we assumed a loan in our acquisition of the Residence Inn by Marriott in Salt Lake City, UT. This loan has a prepayment penalty of the greater of 1% or the yield maintenance premium.

	(s)		On February 11, 2013, we assumed a loan in our acquisition (through a joint venture) of the Holiday Inn Express & Suites in San Francisco, CA. This loan has an interest rate of 6.20% and a maturity date of January 6, 2016. This loan is subject to defeasance if prepaid.

	(t)		On May 21, 2013, we assumed a loan in our acquisition of the Holiday Inn Express & Suites in Minneapolis (Minnetonka), MN. This loan has an interest rate of 5.53% and a maturity date of October 1, 2015. This loan is subject to defeasance if prepaid.

	(u)		On May 21, 2013, we assumed a loan in our acquisition of the Hilton Garden Inn in Minneapolis (Eden Prairie), MN. This loan has an interest rate of 5.57% and a maturity date of January 1, 2016. This loan is subject to defeasance if prepaid.

	(v)		On January 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.

	(w)		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.

	(x)		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 May 23, 2013, we closed on a $92.0 million variable rate senior secured interim loan with KeyBank and Regions Bank, with a maturity of November 23, 2013. In the third quarter of 2013, we paid off the senior secured interim loan using proceeds from a new mortgage loan with KeyBank and proceeds from our September 19, 2013 common stock offering.

Our total fixed-rate and variable-rate debt at December 31, 2014 and 2013, after giving effect to our interest rate derivatives, are as follows (in thousands):

		2014			2013

Fixed-rate debt		$	465,220		$	358,590
Variable-rate debt		161,313			76,999
		$	626,533		$	435,589

Maturities of long-term debt for each of the next five years are as follows (in thousands):

2015		$	14,638
2016		98,021
2017		141,893
2018		105,310
2019		16,318
Thereafter		250,353
		$	626,533

The weighted average interest rate for all borrowings was 4.35% and 5.03% at December 31, 2014 and 2013, respectively.

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

		2014						2013
		Carrying			Fair Value			Carrying		Fair Value			Valuation Technique
		Value			Fair Value			Value		Fair Value			Valuation Technique

Fixed-rate debt		$	362,602		$	349,517		$	329,544	$	319,429		Level 2 - Market approach

At December 31, 2014 and 2013, we had $102.6 million and $104.0 million, respectively, of debt with variable interest rates that had been converted to fixed interest rates through derivative financial instruments which are carried at fair value. Differences between carrying value and fair value of our fixed-rate debt are primarily due to changes in interest rates. Inherently, fixed-rate debt is subject to fluctuations in fair value 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 18 - Derivative Financial Instruments and Hedging.”

ACCRUED_EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2014
ACCRUED EXPENSES
ACCRUED EXPENSES
	NOTE 12 - ACCRUED EXPENSES

	Accrued expenses at December 31, 2014 and 2013 include (in thousands):

		2014		2013

	Accrued taxes	$	13,346	$	10,359
	Accrued salaries and benefits	8,863		7,178
	Accrued interest	2,095		1,721
	Accrued expenses at hotels and other	13,758		7,896
		$	38,062	$	27,154

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
	NOTE 13 - COMMITMENTS AND CONTINGENCIES

	Ground Leases

	We lease land for one hotel property in Duluth, GA under the terms of an operating ground lease agreement expiring April 1, 2069. We also have two prepaid land leases for two hotel properties in Portland, OR which expire in June of 2084 and have a remaining prepaid balance of $3.4 million and $3.4 million at December 31, 2014 and 2013, respectively. We have one option to extend these leases for an additional 14 years. We lease land for one hotel property in Houston (Galleria Area), TX under the terms of an operating ground lease agreement with an initial termination date of April 20, 2053 with one option to extend for an additional 10 years. We lease land for one hotel property in Austin, TX with an initial lease termination date of May 31, 2050. Total rent expense for these leases for 2014, 2013 and 2012 was $1.1 million, $0.5 million and $0.5 million and, respectively.

	Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year are as follows (in thousands):

	2015	$	817
	2016	830
	2017	836
	2018	728
	2019	719
	Thereafter	50,660
		$	54,590

	In addition, we lease land for one hotel property in Garden City, NY under a PILOT (payment in lieu of taxes) lease. We pay a reduced amount of property tax each year of the lease as rent. The lease expires on December 31, 2019. Upon expiration of the lease, we expect to exercise our right to acquire a fee simple interest in the hotel for nominal consideration.

	Franchise Agreements

	All of our hotel properties operate under franchise agreements with major hotel franchisors. The terms of our franchise agreements generally range from 10 to 20 years with various extension provisions. Each franchisor receives franchise fees ranging from 2% to 6% of each hotel property’s gross revenue, and some agreements require that we pay marketing fees of up to 4% of gross revenue. In addition, some of these franchise agreements require that we deposit a percentage of the hotel property’s gross revenue, generally not more than 5%, into a reserve fund for capital expenditures. In 2014, 2013 and 2012, we expensed fees related to our franchise agreements of $33.6 million, $27.7 million and $20.7 million, respectively.

	Management Agreements

	Our hotel properties operate pursuant to management agreements with various third-party management companies. The terms of our management agreements range from three to twenty-five years with various extension provisions. Each management company receives a base management fee, generally a percentage of total hotel property revenues. In some cases there are also monthly fees for certain services, such as accounting, based on number of rooms. Generally there are also incentive fees based on attaining certain financial thresholds. In 2014, 2013 and 2012, we expensed fees related to our hotel management agreements of $16.1 million, $13.5 million and $9.2 million, respectively.

	Pending Hotel Property Acquisitions

	We have a purchase agreement with a hotel property developer to acquire a Hampton Inn & Suites in downtown Minneapolis, MN for
	$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 provided 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, we are not currently aware of any actions against us that we believe would have a material effect on our financial condition or results of operations.

EQUITY

EQUITY	12 Months Ended
EQUITY	Dec. 31, 2014
Equity
EQUITY
	NOTE 14 - EQUITY

	Common Stock

	The Company is authorized to issue up to 500,000,000 shares of common stock, $0.01 par value per share. Holders of our common stock are entitled to receive dividends on such stock when, as and if authorized by our board of directors out of assets legally available therefor and declared by us and to share ratably in the assets of our company legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding up after payment of or adequate provision is made for all known debts and liabilities of our company. Each outstanding share of our common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors and, except as may be provided with respect to any other class or series of stock, the holders of such shares possess the exclusive voting power.

	During the year ended December 31, 2014, we issued 438,631 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 2014. During the year ended December 31, 2014, we issued 32,317 shares of common stock to our directors pursuant to our 2011 Equity Incentive Plan, 7,539 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. Upon vesting of outstanding restricted stock, 12,588 shares were withheld to cover employee tax obligations.

	During the year ended December 31, 2013, we issued 4,414,950 shares of common stock to limited partners of the Operating Partnership upon redemption of their Common Units.

	On September 19, 2013, we completed an underwritten public offering of 17,250,000 shares of common stock. Net proceeds were $152.0 million, after the underwriting discount and offering-related expenses of $6.5 million. We used the proceeds to fund hotel property acquisitions, to pay off our senior secured interim loan, and to pay down our senior secured revolving credit facility.

	On March 1, 2013, we issued 292,090 shares of common stock to our executive officers and employees pursuant to our 2011 Equity
	Incentive Plan. During the year ended December 31, 2013, we issued 29,228 shares of common stock to our directors pursuant to our 2011 Equity Incentive Plan and 6,488 shares of common stock to one of our independent directors in lieu of cash for director fees.

	On January 14, 2013, we completed an underwritten public offering of 17,250,000 shares of common stock. Net proceeds were $148.1 million, after the underwriting discount and offering-related expenses of $7.2 million. We used the proceeds to fund hotel property acquisitions and to pay down our mortgage debt and our senior secured revolving credit facility.

	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 December 31, 2014 and 2013, unaffiliated third parties owned 784,968 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.

BENEFIT_PLANS

BENEFIT PLANS	12 Months Ended
BENEFIT PLANS	Dec. 31, 2014
BENEFIT PLANS
BENEFIT PLANS
	NOTE 15 - BENEFIT PLANS

	On August 1, 2011, we initiated a qualified contributory retirement plan (the “Plan”), under Section 401(k) of the Internal Revenue Code which covers all full-time employees who meet certain eligibility requirements. Voluntary contributions may be made to the Plan by employees. The Plan is a Safe Harbor Plan and requires a mandatory employer contribution. The employer contribution expense for the years ended December 31, 2014, 2013 and 2012 was $0.2 million, $0.1 million and $0.1 million, respectively.

EQUITYBASED_COMPENSATION

EQUITY-BASED COMPENSATION	12 Months Ended
EQUITY-BASED COMPENSATION	Dec. 31, 2014
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION
	NOTE 16 - EQUITY-BASED COMPENSATION

	Our equity-based awards were issued under our 2011 Equity Incentive Plan, which provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based awards or incentive

	awards. Stock options granted may be either incentive stock options or nonqualified stock options. Vesting terms may vary with each grant, and stock option terms are generally five to ten years. We have outstanding equity-based awards in the form of stock options and restricted stock awards. All of our existing equity-based awards are classified as equity awards.

	At December 31, 2014 and 2013, the Company had reserved 9,669,896 and 10,485,951 shares of common stock, respectively, for the issuance of common stock (i) upon the exercise of stock options, issuance of time-based restricted stock awards, issuance of performance-based restricted stock awards, grants of director stock awards, or other awards issued pursuant to the Company’s 2011 Equity Incentive Plan, (ii) upon redemption of Common Units, or (iii) under the ATM offering.

	Stock Options

	Concurrent with the completion of our IPO, we granted options to our executive officers to purchase 940,000 shares of common stock. These options have an exercise price of $9.75 per share, the market value of the common stock on the date of grant, and vest ratably over five years based on continued service, or upon a change in control.

	The fair value of stock options granted was estimated using a Black-Scholes valuation model and the following assumptions:

			2011

	Expected dividend yield		5.09		%
	Expected stock price volatility		56.6		%
	Risk-free interest rate		2.57		%
	Expected life of options (in years)		6.5

	Weighted average estimated fair value of options at grant date per share		$	3.48

	The expected dividend yield was calculated based on our annual expected dividend payments at the time the options were granted. The expected volatility was based on historical price changes of a peer group of comparable entities based on the expected life of the options at the date of grant. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the date of grant. The expected life of options is the average number of years we estimate that options will be outstanding.

	The following table summarizes stock option activity under our 2011 Equity Incentive Plan for 2014 and 2013:

			Number of Options		Weighted Average			Weighted Average		Aggregate Intrinsic
					Exercise Price			Remaining		Value (Current Value
								Contractual Terms		Less Exercise Price)
					(per share)			(in years)		(in thousands)
	Outstanding at December 31, 2012		893,000		9.75
	Granted		—		—
	Exercised		—		—
	Forfeited		—		—
	Outstanding at December 31, 2013		893,000		9.75
	Granted		—		—
	Exercised		(47,000	)	9.75
	Forfeited		—		—
	Outstanding at December 31, 2014		846,000		$	9.75		6.2		$	2,276
	Exercisable at December 31, 2014		507,600		$	9.75		6.2		$	1,365

	All stock options outstanding at December 31, 2014 are vested or expected to vest. During the years ended December 31, 2014, 2013, and 2012, the total fair value of stock options that vested was $0.7 million, $0.6 million and $0.6 million, respectively.

	The intrinsic value of outstanding options and exercisable options at December 31, 2014 was $2.3 million and $1.4 million, respectively. At December 31, 2013, the exercise price of our outstanding options exceeded the market price of our common stock, resulting in no intrinsic value.


	Time-Based Restricted Stock Awards

	On May 28, 2014, we awarded time-based restricted stock awards for 116,981 shares of common stock to our executive officers and management. These awards vest over a three year period based on continued service (25% on May 27, 2015 and 2016 and 50% on May 27, 2017), or upon a change in control.

	On March 1, 2013, we awarded time-based restricted stock awards for 106,518 shares of common stock to our executive officers. These awards vest over a three year period based on continued service (25% on February 28, 2014 and 2015 and 50% on February 28, 2016), or upon a change in control.

	On April, 25, 2012, we awarded time-based restricted stock awards for 110,137 shares of common stock to our executive officers. These awards vest over a three year period based on continued service (25% at December 31, 2012 and 2013 and 50% at December 31, 2014), or upon a change in control.

	The holders of these awards have the right to vote the related shares of common stock and receive all dividends declared and paid whether or not vested.

	The fair value of time-based restricted stock awards granted is calculated based on the market value on the date of grant.

	The following table summarizes time-based restricted stock activity under our 2011 Equity Incentive Plan for 2014 and 2013:

			Number of Shares		Weighted Average			Aggregate Current
					Grant Date Fair			Value
Value
					(per share)			(in thousands)
Non-vested December 31, 2012		82,603		$	7.78
Granted		106,518		9.78
Vested		(27,534	)	7.78
Forfeited		—		—
Non-vested December 31, 2013		161,587		9.1
Granted		116,981		9.82
Vested		(95,696	)	8.63
Forfeited		(1,756	)	9.82
Non-vested December 31, 2014		181,116		$	9.81		$	2,253

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.

During the years ended December 31, 2014, 2013, and 2012, the total fair value of time-based restricted stock awards that vested was $0.8 million, $0.2 million and $0.2 million, respectively.

Performance-Based Restricted Stock Awards

On May 28, 2014, March 1, 2013 and April 25, 2012 we awarded performance-based restricted stock awards for 161,935, 185,572 and 82,602 shares, respectively, of common stock to our executive officers. These awards vest ratably on January 1 in each year of 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.

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.

Other than the accelerated vesting detailed in the previous paragraph, no performance-based restricted stock awards vested during 2014 or 2013 because performance goals were not met. The holders of these awards have the right to vote the related shares of common stock and any dividends declared will be accumulated and will be subject to the same vesting conditions as the awards.

Our performance-based restricted stock awards are market-based awards and are accounted for based on the grant date fair value of our common stock. These awards vest based on a performance measurement that requires the Company’s total stockholder return

(“TSR”) to exceed the TSR for the SNL U.S. Lodging REIT Index for a designated one, two or three year performance period. The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions:

		2014			2013

Expected dividend yield		4.48%			4.52%
Expected stock price volatility		27.9%			38.5%
Risk-free interest rate		0.06 - 0.60%			0.147 - 0.513%
Monte Carlo iterations		100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards		$	7.12		$	7.09

The expected dividend yield was calculated based on our annual expected dividend payments at the time of grant. The expected volatility was based on historical price changes of our common stock for a period comparable to the performance period. The risk-free interest rates were interpolated from the Federal Reserve Bond Equivalent Yield rates for “on-the-run” U.S. Treasury securities.

The following table summarizes performance-based restricted stock activity under our 2011 Equity Incentive Plan for 2014 and 2013:

		Number of Shares		Weighted Average			Aggregate Current
		Number of Shares		Grant Date Fair Value			Value
				(per share)			(in thousands)

Non-vested December 31, 2012		82,602		$	7.78
Granted		185,572		7.09
Vested		—		—
Forfeited		—		—
Non-vested December 31, 2013		268,174		6.48
Granted		161,935		7.12
Vested		(45,551	)	6.5
Forfeited		—		—
Non-vested December 31, 2014		384,558		$	6.75		$	4,784

Director Stock Awards

In 2014 and 2013, we granted 32,317 and 29,228 shares of common stock, respectively, to our non-employee directors as a part of our director compensation program. These grants were made under our 2011 Equity Incentive Plan and were vested upon grant.

Our non-employee directors have the option to receive shares of our common stock in lieu of cash for their director fees. In 2014 and 2013, we issued 7,539 and 6,488 shares of common stock, respectively, for director fees.

Equity-Based Compensation Expense

Equity-based compensation expense included in corporate general and administrative in the Consolidated Statements of Operations for 2014, 2013, and 2012 was (in thousands):

		2014			2013			2012

Stock options		$	675		$	622		$	700
Time-based restricted stock		960			611			214
Performance-based restricted stock		1,483			548			171
Director stock		406			343			120
		$	3,524		$	2,124		$	1,205

We recognize equity-based compensation expense ratably over the vesting terms. The amount of expense may be subject to adjustment in future periods due to a change in the forfeiture assumptions.

Unrecognized equity-based compensation expense for all non-vested awards was $2.8 million at December 31, 2014. We expect to recognize this cost over a remaining weighted-average period of 0.9 years with $2.0 million, $0.7 million and $0.1 million being recognized in 2015, 2016 and 2017, respectively.

LOSS_ON_IMPAIRMENT_OF_ASSETS

LOSS ON IMPAIRMENT OF ASSETS	12 Months Ended
LOSS ON IMPAIRMENT OF ASSETS	Dec. 31, 2014
LOSS ON IMPAIRMENT OF ASSETS
LOSS ON IMPAIRMENT OF ASSETS
	NOTE 17 - LOSS ON IMPAIRMENT OF ASSETS

	In 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 2014, we recognized a loss on impairment of assets of $8.2 million related to the Country Inn & Suites and three adjacent land parcels totaling 5.64 acres in San Antonio, TX, which was sold in the fourth quarter of 2014, and 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.

	In 2013, we recognized a loss on impairment of assets totaling $7.7 million related to the Courtyard by Marriott in Memphis, TN; the SpringHill Suites in Lithia Springs, GA; the Hampton Inn, the AmericInn Hotel & Suites and the Aspen Hotel & Suites in Fort Smith, AR; the AmericInn Hotel & Suites in Salina, KS and the Fairfield Inn and Holiday Inn Express in Emporia, KS. These hotel properties were sold in 2013 or classified as held for sale at December 31, 2013, and their operating results, including the loss on impairment, are included in discontinued operations. In addition, we recognized a loss on impairment of assets related to a land parcel in El Paso, TX that was sold in 2013 and a land parcel in Spokane, WA that was held for sale at December 31, 2013. As a result, a loss on impairment of assets totaling $1.4 million was charged to operations.

	In 2012, we recognized a loss on impairment of assets totaling $2.3 million related to the AmericInns in Twin Falls, ID, Missoula, MT and Lakewood, CO. These hotel properties were sold in 2012 or 2013, and their operating results, including the loss on impairment, are included in discontinued operations. In addition, in conjunction with the sale of our Missoula, MT hotel properties, we determined that a land parcel in Missoula was impaired. As a result, a loss on impairment of assets totaling $0.7 million was charged to operations.

DERIVITIVE_FINANCIAL_INSTRUMEN

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	12 Months Ended
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	Dec. 31, 2014
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING
	NOTE 18 - DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING

	We are exposed to interest rate risk through our variable-rate debt. We manage this risk primarily by managing the amount, sources, and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage our exposure to known or expected cash payments related to our variable-rate debt. The maximum length of time over which we have hedged our exposure to variable interest rates with our existing derivative financial instruments is approximately six years.

	Our objectives in using derivative financial instruments are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Our interest rate swaps designated as cash flow hedges involve the receipt of variable-rate payments from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

	Our agreements with our derivative counterparties contain a provision where if we default, or are capable of being declared in default, on any of our indebtedness, then we could also be declared in default on our derivative financial instruments.

	On September 5, 2013, we entered into an interest rate swap with a notional value of $75.0 million that became effective on January 2, 2014 and matures on October 10, 2018. This interest rate derivative was designated a cash flow hedge and effectively fixes LIBOR at 2.04%. The interest rate on the $75 Million Term Loan was 3.94% at January 2, 2014.

	On October 31, 2013, we paid off a term loan and terminated a related interest rate swap that had a notional value of $10.3 million. We incurred termination costs of less than $0.1 million, which were charged to debt transaction costs.

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

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

	Interest rate swaps (asset)	3		$	28,002		$	66		3	$	29,273	$	253
	Interest rate swaps (liability)	1		75,000			(1,957		)	1	75,000		(1,772		)
		4		$	103,002		$	(1,891	)	4	$	104,273	$	(1,519	)

	All of our interest rate swaps have been designated as cash flow hedges and are valued using a market approach, which is a Level 2 valuation technique. At December 31, 2014 and 2013, three of our interest rate swaps were in an asset position and one was in a liability position. We have not posted any collateral related to these agreements and are not in breach of any financial provisions of the agreements. If we had breached any agreement provisions at December 31, 2014, we could have been required to settle our obligation under the agreement that was in a liability position at its termination value of $2.1 million.

	The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands).

		2014			2013			2012
	Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$	(2,112	)	$	(1,240	)	$	(786	)
	Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	$	(1,741	)	$	(359	)	$	(147	)
	Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion)	$	(1	)	$	2		$	(2	)

	Amounts reported in accumulated other comprehensive income related to derivative financial instruments will be reclassified to interest expense as interest payments are made on the hedged variable-rate debt. In 2015, we estimate that an additional $1.5 million will be reclassified from other comprehensive income as an increase to interest expense.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2014
INCOME TAXES
INCOME TAXES
	NOTE 19 - INCOME TAXES

	Our earnings (losses), other than from our TRS, are not generally subject to federal corporate and state income taxes due to our REIT election. At December 31, 2014 and 2013, the net operating loss carry forwards (“NOLs”) of our TRS for federal and state income tax reporting purposes were $7.6 million and $15.2 million (after a true-up of the prior year tax provision of approximately $1.0 million), respectively.

	We have a deferred tax asset at December 31, 2014 and 2013 of $3.8 million and $5.8 million, respectively, which relate primarily to the NOLs of our TRS. Our deferred tax liability at December 31, 2014 and 2013 of $1.1 million and $0.7 million, respectively, relate to differences in the carrying amounts of investments in joint ventures and franchise fees. In 2013, we recorded a valuation allowance of $5.0 million. During the year ended December 31, 2014, we reduced this valuation allowance by $2.6 million. ASC Topic 740, “Income Taxes” (“ASC Topic 740”) requires that deferred tax assets be reduced by a valuation allowance if, based on all available evidence, it is considered more-likely-than-not that some portion or all of the recorded deferred tax assets will not be realized in a future period. We have concluded that it is more-likely-than-not that our deferred tax assets will not be realized in their entirety, and therefore, we have retained a valuation allowance against substantially all the deferred tax assets. In our assessment of the need for a valuation allowance, we heavily weighed the following negative evidence: (i) a lack of a history of consistent operational profitability and (ii) the Company operates in a highly cyclical industry.

	Our NOLs will begin to expire in 2032 for federal tax purposes and in the period from 2017 to 2033 for state tax purposes, if not used. If our TRS were to experience a change in control as defined in Section 382 of the Internal Revenue Code, the ability to use NOLs after the change in control would be limited. There were $6.6 million of NOLs used during the year ended December 31, 2014. The valuation allowance at December 31, 2014 and 2013 was $2.4 million and $5.0 million, respectively.

	We had no unrecognized tax benefits at December 31, 2014 or in the three year period then ended. The Company recognizes interest expense and penalties associated with uncertain tax positions as a component of income tax expense. We have no material interest or penalties relating to unrecognized tax benefits in the consolidated statements of operations for 2014, 2013 or 2012 or in the consolidated balance sheets as of December 31, 2014 or 2013.

	Current tax liabilities related to the Operating Partnership of $0.5 million and $0.3 million at December 31, 2014 and 2013, respectively, are included in accrued expenses in the accompanying consolidated balance sheets and relate to state and local tax expense.

	A reconciliation of the federal statutory rate to the effective income tax rate for the TRS follows (in thousands):

		2014			2013

	Tax provision (benefit) at U.S. statutory rates on TRS income (loss) subject to tax	$	2,024		$	(809	)
	State income tax, net of federal income tax benefit	77			(120		)
	Effect of permanent differences and other	1,326			(152		)
	Increase (decrease) in valuation allowance	(2,580		)	5,029
	Other	(599		)	—
	TRS income tax expense (benefit)	$	248		$	3,948

	A reconciliation for 2012 is not presented herein as the tax expense differed from that computed using the statutory rate by less than 5% of income before tax in total and there were no components of the reconciliation over 5% of income before tax.

	The components of income tax expense (benefit) for 2014, 2013 and 2012 are as follows (in thousands):

		2014			2013			2012
	Current:
	Federal	$	133		$	—		$	—
	State and local	712			408			512
	Deferred:
	Federal	—			3,352			(1,531		)
	State and local	(127		)	597			(270		)
	Total provision (benefit)	$	718		$	4,357		$	(1,289	)

	Income tax expense (benefit)
	From continuing operations	$	744		$	4,894		$	(728	)
	From discontinued operations	(26		)	(537		)	(561		)
	Total provision (benefit)	$	718		$	4,357		$	(1,289	)

	For federal income tax purposes, the cash distributions paid to our common and preferred stockholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains.

	We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. We currently have no open audits related to our income tax returns. In general, we are not subject to tax examinations by tax authorities for years before 2012.

FAIR_VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2014
FAIR VALUE.
FAIR VALUE
	NOTE 20 - FAIR VALUE

	The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2014 and 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 December 31, 2014 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	300	$	—	$	300
	Interest rate swaps (asset)	—		66		—		66
	Liabilities:
	Interest rate swaps (liability)	—		1,957		—		1,957

		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

	There were no transfers between Level 1 and Level 2 of the fair value hierarchy during 2014 or 2013.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
DISCONTINUED OPERATIONS	Dec. 31, 2014
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
	NOTE 21 - DISCONTINUED OPERATIONS

	We have adjusted our consolidated statements of operations for 2014, 2013 and 2012 to reflect the operations of hotel properties that have been sold or are classified as held for sale in discontinued operations. Discontinued operations include the following hotel properties that have been sold:

		·		Hampton Inn, Holiday Inn Express and AmericInn in Twin Falls, ID — sold May 2012;
		·		AmericInn Hotel & Suites in Missoula, MT — sold August 2012;
		·		Courtyard by Marriott in Missoula, MT — sold December 2012;
		·		AmericInn Hotel & Suites in Golden, CO — sold January 2013;
		·		Hampton Inn in Denver, CO — sold February 2013;
		·		Holiday Inn and Holiday Inn Express in Boise, ID — sold May 2013;
		·		Courtyard by Marriott in Memphis, TN — sold May 2013;
		·		SpringHill Suites in Lithia Springs, GA — sold August 2013;
		·		Fairfield Inn in Lewisville, TX — sold August 2013;
		·		Fairfield Inn in Lakewood, CO — sold September 2013;
		·		Fairfield Inn in Emporia, KS — sold October 2013;
		·		SpringHill Suites in Little Rock, AR — sold November 2013;
		·		Fairfield Inn and AmericInn Hotel & Suites in Salina, KS — sold November 2013;
		·		Hampton Inn and Fairfield in Boise, ID — sold November 2013;
		·		Holiday Inn Express in Emporia, KS — sold December 2013;
		·		AmericInn Hotel & Suites and Aspen Hotel & Suites in Fort Smith, AR — sold January 17, 2014; and
		·		Hampton Inn in Fort Smith, AR — sold September 9, 2014.

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

			2014		2013			2012

	Revenues		$	3,128	$	19,458		$	33,193
	Hotel operating expenses		2,304		14,859			24,701
	Depreciation and amortization		13		1,960			4,226
	Loss on impairment of assets		400		7,675			2,305
	Operating income (loss)		411		(5,036		)	1,961
	Interest expense		—		(174		)	(855		)
	Other income		55		3,945			3,010
	Income (loss) before taxes		466		(1,265		)	4,116
	Income tax benefit		26		537			561
	Income (loss) from discontinued operations		$	492	$	(728	)	$	4,677

	Income (loss) from discontinued operations attributable to non-controlling interest		$	6	$	(25	)	$	807
	Income (loss) from discontinued operations attributable to common stockholders		$	486	$	(703	)	$	3,870

EARNINGS_LOSS_PER_SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2014
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE
	NOTE 22 - EARNINGS (LOSS) PER SHARE

	We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested time-based restricted stock awards with non-forfeitable dividends and for our common stock. Our non-vested time-based restricted stock awards with non-forfeitable 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 December 31, 2014, 2013 and 2012, we had 846,000, 893,000 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.

	In 2013 and 2012, our basic and diluted earnings per share are based on basic weighted average common shares outstanding due to our loss attributable to common stockholders, net of amount allocated to participating securities.

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

		2014		2013			2012
	Numerator:
	Income (loss) from continuing operations	$	20,431	$	6,625		$	(6,947	)
	Less: Preferred dividends	16,588		14,590			4,625
	Allocation to participating securities	94		73			37
	Attributable to noncontrolling interest	46		44			(2,001		)
	Income (loss) from continuing operations attributable to common stockholders	3,703		(8,082		)	(9,608		)
	Income (loss) from discontinued operations attributable to common stockholders	486		(703		)	3,870
	Net income (loss) attributable to common stockholders, net of amount allocated to participating securities	$	4,189	$	(8,785	)	$	(5,738	)
	Denominator:
	Weighted average common shares outstanding - basic	85,242		70,327			33,717
	Dilutive effect of equity-based compensation awards	324		—			—
	Weighted average common shares outstanding - diluted	85,566		70,327			33,717
	Earnings per common share - basic and diluted:
	Net income (loss) from continuing operations	$	0.04	$	(0.11	)	$	(0.28	)
	Net income (loss) from discontinued operations	0.01		(0.01		)	0.11
	Net income (loss)	$	0.05	$	(0.12	)	$	(0.17	)

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2014
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
	NOTE 23 - SUBSEQUENT EVENTS

	Equity Transactions

	On January 1, 2015, 128,185 of our outstanding performance-based restricted stock awards vested as the Company’s TSR for 2014 exceeded the TSR for the U.S. Lodging REIT Index. Additionally, accrued dividends of $0.1 million were paid as a result of this vesting.

	On January 2, 2015, we redeemed 20,691 Common Units, which had been tendered December 15, 2014, for shares of our common stock. On February 2, 2015, 94,256 Common Units were tendered for redemption, which we intend to redeem for shares of our common stock on April 1, 2015.

	On January 30, 2015, our board of directors declared cash dividends of $0.1175 per share of common stock, $0.578125 per share of 9.25% Series A Cumulative Redeemable Preferred Stock, $0.4921875 per share of 7.875% Series B Cumulative Redeemable Preferred Stock, and $0.4453125 per share of 7.125% Series C Cumulative Redeemable Preferred Stock. These dividends were paid February 27, 2015 to stockholders of record on February 16, 2015.

SELECTED_QUARTERLY_FINANCIAL_D

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	Dec. 31, 2014
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
	NOTE 24 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

	Selected consolidated quarterly financial data for 2014 and 2013 follows (in thousands, except per share):

		2014
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter

	Total revenues	$	89,544		$	105,525		$	109,256		$	99,141
	Income from continuing operations	$	2,947		$	9,201		$	3,766		$	4,517
	Income (loss) from discontinued operations	$	378		$	(41	)	$	(59	)	$	214
	Net income	$	3,325		$	9,160		$	3,707		$	4,731
	Net income attributable to Summit Hotel Properties, Inc.	$	3,458		$	8,975		$	3,713		$	4,725
	Earnings per share:
	Basic and diluted net income (loss) per share from continuing operations	$	(0.01	)	$	0.06		$	(0.01	)	$	0.01
	Basic and diluted net income (loss) per share from discontinued operations	—			—			—			—
	Basic and diluted net income (loss) per share	$	(0.01	)	$	0.06		$	(0.01	)	$	0.01

		2013
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter

	Total revenues	$	59,723		$	79,105		$	82,174		$	77,956
	Income (loss) from continuing operations	$	1,517		$	6,126		$	2,837		$	(3,855	)
	Income (loss) from discontinued operations	$	357		$	545		$	(3,410	)	$	1,780
	Net income (loss)	$	1,874		$	6,671		$	(573	)	$	(2,075	)
	Net income (loss) attributable to Summit Hotel Properties, Inc.	$	1,940		$	6,459		$	(662	)	$	(1,859	)
	Earnings per share:
	Basic and diluted net income (loss) per share from continuing operations	$	(0.03	)	$	0.03		$	(0.02	)	$	(0.09	)
	Basic and diluted net income (loss) per share from discontinued operations	0.01			0.01			(0.05		)	0.02
	Basic and diluted net (loss) income per share	$	(0.02	)	$	0.04		$	(0.07	)	$	(0.07	)

Schedule_III_Real_Estate_and_A

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
Schedule III - Real Estate and Accumulated Depreciation	Dec. 31, 2014
Schedule III - Real Estate and Accumulated Depreciation
Schedule III - Real Estate and Accumulated Depreciation
	Schedule III - Real Estate and Accumulated Depreciation
	December 31, 2014
	(in thousands)

							Initial Cost				Cost Capitalized		Total Cost								Total Cost Net of
	Location		Franchise		Year Acquired/		Land		Building &		Subsequent to		Land		Building &		Total		Accumulated		Accumulated		Mortgage
	Location		Franchise		Constructed		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Depreciation		Debt
	Arlington, TX		Hyatt Place		2012		650		8,405		1,370		650		9,775		10,425		(1,590	)	8,835		28,489	-4
	Arlington, TX		Courtyard by Marriott		2012		1,497		13,503		50		1,497		13,553		15,050		(1,202	)	13,848		—
	Arlington, TX		Residence Inn by Marriott		2012		1,646		13,854		107		1,646		13,961		15,607		(1,338	)	14,269		—
	Atlanta, GA		Hyatt Place		2006		1,154		9,605		2,504		1,154		12,109		13,263		(2,700	)	10,563		7,104
	Atlanta, GA		Courtyard by Marriott		2012		2,050		26,850		506		2,050		27,356		29,406		(2,905	)	26,501		—
	Austin, TX		Hampton Inn and Suites		2014		—		53,760		272		—		54,032		54,032		(403	)	53,629		—
	Baltimore, MD		Hyatt Place		2012		2,100		8,135		1,555		2,100		9,690		11,790		(1,238	)	10,552		22,061	-2
	Baton Rouge, LA		DoubleTree		2008		1,100		14,063		(1,833	)	1,100		12,230		13,330		(2,144	)	11,186		9,775
	Baton Rouge, LA		Fairfield Inn and Suites by Marriott		2004		345		3,057		2,170		345		5,227		5,572		(1,695	)	3,877		—
	Baton Rouge, LA		SpringHill Suites by Marriott		2004		448		3,729		2,037		448		5,766		6,214		(1,818	)	4,396		—
	Baton Rouge, LA		TownePlace Suites		2004		259		3,743		1,843		259		5,586		5,845		(1,723	)	4,122		—
	Bellevue, WA		Fairfield Inn and Suites by Marriott		2004		2,705		12,944		3,141		2,705		16,085		18,790		(5,546	)	13,244		—
	Birmingham, AL		Hilton Garden Inn		2012		1,400		7,225		1,760		1,400		8,985		10,385		(1,543	)	8,842		5,266
	Birmingham, AL		Hilton Garden Inn		2012		1,400		10,100		1,020		1,400		11,120		12,520		(1,434	)	11,086		6,167
	Bloomington, MN		SpringHill Suites by Marriott		2007		1,658		14,071		782		1,658		14,853		16,511		(2,771	)	13,740		13,787	-1
	Bloomington, MN		Hampton Inn and Suites		2007		1,658		14,596		699		1,658		15,295		16,953		(2,887	)	14,066		—	-1
	Charleston, WV		Country Inn & Suites		2004		1,042		3,489		1,581		1,042		5,070		6,112		(1,473	)	4,639		95,322	-5
	Charleston, WV		Holiday Inn Express		2004		907		2,903		2,109		907		5,012		5,919		(1,705	)	4,214		—	-5
	Denver, CO		Hyatt Place		2012		1,300		9,230		2,409		1,300		11,639		12,939		(1,672	)	11,267		—	-4
	Denver, CO		Fairfield Inn and Suites by Marriott		2004		1,566		6,783		3,379		1,566		10,162		11,728		(3,597	)	8,131		—
	Denver, CO		SpringHill Suites by Marriott		2007		1,076		11,079		(1,564	)	1,076		9,515		10,591		(1,837	)	8,754		7,213
	Denver, CO		Hyatt Place		2012		2,000		9,515		2,374		2,000		11,889		13,889		(1,652	)	12,237		—	-4
	Denver, CO		Hyatt House		2012		2,700		10,780		3,656		2,700		14,436		17,136		(1,293	)	15,843		—	-2
	Duluth, GA		Holiday Inn		2011		—		7,000		330		—		7,330		7,330		(1,224	)	6,106		—
	Duluth, GA		Hilton Garden Inn		2011		2,200		11,150		1,075		2,200		12,225		14,425		(1,738	)	12,687		—
	Eden Prairie, MN		Hilton Garden Inn		2013		1,800		8,400		2,453		1,800		10,853		12,653		(724	)	11,929		6,038
	El Paso, TX		Hampton Inn and Suites		2005		2,055		10,745		2,684		2,055		13,429		15,484		(4,116	)	11,368		—	-5
	El Paso, TX		Courtyard by Marriott		2011		1,640		10,710		878		1,640		11,588		13,228		(1,688	)	11,540		—
	Flagstaff, AZ		Courtyard by Marriott		2009		2,361		20,785		(2,864	)	2,361		17,921		20,282		(2,568	)	17,714		12,505

							Initial Cost				Cost Capitalized		Total Cost								Total Cost Net of
	Location		Franchise		Year Acquired/		Land		Building &		Subsequent to		Land		Building &		Total		Accumulated		Accumulated		Mortgage
	Location		Franchise		Constructed		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Depreciation		Debt
	Flagstaff, AZ		SpringHill Suites by Marriott		2008		1,398		9,352		4,897		1,398		14,249		15,647		(4,921	)	10,726		—	-5
	Ft. Collins, CO		Hampton Inn		2004		738		4,363		1,610		738		5,973		6,711		(1,859	)	4,852		—
	Ft. Collins, CO		Hilton Garden Inn		2007		1,300		11,804		(840	)	1,300		10,964		12,264		(1,722	)	10,542		—	-5
	Ft. Myers, FL		Hyatt Place		2009		1,878		16,583		(3,870	)	1,878		12,713		14,591		(1,813	)	12,778		—
	Ft. Wayne, IN		Hampton Inn and Suites		2006		786		6,564		1,732		786		8,296		9,082		(2,623	)	6,459		—	-5
	Ft. Wayne, IN		Residence Inn by Marriott		2006		914		6,736		2,518		914		9,254		10,168		(1,794	)	8,374		—
	Ft. Worth, TX		Hampton Inn		2007		1,500		8,184		1,263		1,500		9,447		10,947		(2,670	)	8,277		24,637	-3
	Ft. Worth, TX		SpringHill Suites by Marriott		2004		553		2,698		2,827		553		5,525		6,078		(1,700	)	4,378		—
	Ft. Worth, TX		Hilton Garden Inn		2012		903		6,226		3,134		903		9,360		10,263		(1,043	)	9,220		—
	Garden City, NY		Hyatt Place		2012		4,200		26,800		69		4,200		26,869		31,069		(1,789	)	29,280		—
	Germantown, TN		Courtyard by Marriott		2005		1,860		5,448		2,409		1,860		7,857		9,717		(2,627	)	7,090		—
	Germantown, TN		Fairfield Inn and Suites by Marriott		2005		767		2,700		2,124		767		4,824		5,591		(1,077	)	4,514		—
	Germantown, TN		Residence Inn by Marriott		2005		1,083		5,200		2,273		1,083		7,473		8,556		(1,892	)	6,664		—	-5
	Glendale, CO		Staybridge Suites		2011		2,100		7,900		1,682		2,100		9,582		11,682		(1,557	)	10,125		—
	Goleta, CA		Hampton Inn		2014		4,100		23,800		521		4,100		24,321		28,421		(1,132	)	27,289		11,819
	Greenville, SC		Hilton Garden Inn		2013		1,200		14,050		187		1,200		14,237		15,437		(917	)	14,520		—
	Hoffman Estates, IL		Hyatt Place		2013		1,900		7,330		1,088		1,900		8,418		10,318		(1,034	)	9,284		21,403	-6
	Houston, TX		Hilton Garden Inn		2014		—		38,492		1,682		—		40,174		40,174		(1,299	)	38,875		17,536
	Houston, TX		Hilton Garden Inn		2014		2,800		33,200		52		2,800		33,252		36,052		(330	)	35,722		—
	Indianapolis, IN		SpringHill Suites by Marriott		2013		4,012		26,193		32		4,012		26,225		30,237		(1,534	)	28,703		—
	Indianapolis, IN		Courtyard by Marriott		2013		7,788		50,846		63		7,788		50,909		58,697		(2,977	)	55,720		—
	Jackson, MS		Courtyard by Marriott		2005		1,301		7,322		2,424		1,301		9,746		11,047		(3,498	)	7,549		—	-5
	Jackson, MS		Staybridge Suites		2007		698		8,454		2,288		698		10,742		11,440		(2,829	)	8,611		—
Jacksonville, FL		Aloft		2009		1,700		15,775		268		1,700		16,043		17,743		(5,148	)	12,595		—
Las Colinas, TX		Hyatt Place		2007		781		5,729		2,696		781		8,425		9,206		(2,772	)	6,434		—
Las Colinas, TX		Holiday Inn Express and Suites		2007		898		6,689		1,385		898		8,074		8,972		(3,127	)	5,845		—
Lombard, IL		Hyatt Place		2012		1,550		15,475		1,679		1,550		17,154		18,704		(2,143	)	16,561		—	-4
Louisville, KY		Fairfield Inn and Suites by Marriott		2013		3,120		21,903		1,924		3,120		23,827		26,947		(1,392	)	25,555		37,939	-7
Louisville, KY		SpringHill Suites by Marriott		2013		4,880		34,258		2,656		4,880		36,914		41,794		(2,176	)	39,618		—	-7
Medford, OR		Hampton Inn		2004		1,230		4,788		1,625		1,230		6,413		7,643		(1,651	)	5,992		—
Minneapolis, MN		Hyatt Place		2013		—		32,506		3		—		32,509		32,509		(1,303	)	31,206		—
Minnetonka, MN		Holiday Inn Express and Suites		2013		1,000		5,900		1,674		1,000		7,574		8,574		(650	)	7,924		3,523
Nashville, TN		SpringHill Suites by Marriott		2004		777		3,576		1,713		777		5,289		6,066		(1,776	)	4,290		—
New Orleans, LA		Courtyard by Marriott		2013		1,944		23,739		207		1,944		23,946		25,890		(2,197	)	23,693		—
New Orleans, LA		Courtyard by Marriott		2013		1,860		21,679		3,108		1,860		24,787		26,647		(2,002	)	24,645		—	-5
New Orleans, LA		Courtyard by Marriott		2013		2,490		28,337		2,626		2,490		30,963		33,453		(2,592	)	30,861		—

						Initial Cost				Cost Capitalized		Total Cost								Total Cost Net of
Location		Franchise		Year Acquired/		Land		Building &		Subsequent to		Land		Building &		Total		Accumulated		Accumulated		Mortgage
Location		Franchise		Constructed		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Depreciation		Debt
New Orleans, LA		Residence Inn by Marriott		2013		1,790		18,099		362		1,790		18,462		20,252		(1,481	)	18,771		—	-5
New Orleans, LA		SpringHill Suites by Marriott		2013		2,046		31,049		207		2,046		31,256		33,302		(2,261	)	31,041		—
Orlando, FL		Hyatt Place		2013		3,100		9,152		2,024		3,100		11,176		14,276		(2,003	)	12,273		—	-6
Orlando, FL		Hyatt Place		2013		5,516		9,043		2,045		5,516		11,088		16,604		(1,990	)	14,614		—	-6
Phoenix, AZ		Hyatt Place		2012		582		4,438		147		582		4,585		5,167		(674	)	4,493		—
Portland, OR		Hyatt Place		2009		—		16,713		(3,594	)	—		13,119		13,119		(1,862	)	11,257		—
Portland, OR		Residence Inn by Marriott		2009		—		16,409		697		—		17,106		17,106		(4,864	)	12,242		19,600
Provo, UT		Hampton Inn		2004		909		2,862		2,106		909		4,968		5,877		(1,740	)	4,137		—
Ridgeland, MS		Residence Inn by Marriott		2007		1,050		10,040		(343	)	1,050		9,697		10,747		(1,734	)	9,013		—	-5
Ridgeland, MS		Homewood Suites		2011		1,314		6,036		1,580		1,314		7,616		8,930		(1,414	)	7,516		—
Salt Lake City, UT		Residence Inn by Marriott		2012		2,392		17,567		6,915		2,392		24,482		26,874		(2,250	)	24,624		12,938
San Diego, CA		Hampton Inn and Suites		2013		2,300		12,850		163		2,300		13,013		15,313		(779	)	14,534		—	-3
San Francisco, CA		Holiday Inn Express and Suites		2013		15,545		44,955		4,323		15,545		49,278		64,823		(3,924	)	60,899		22,711
San Francisco, CA		DoubleTree		2014		3,300		35,760		1,618		3,300		37,378		40,678		(1,881	)	38,797		13,085
San Francisco, CA		Four Points by Sheraton		2014		1,200		20,050		768		1,200		20,818		22,018		(1,065	)	20,953		—
Sandy, UT		Holiday Inn Express and Suites		2004		720		1,768		1,280		720		3,048		3,768		(960	)	2,808		—	-5
Scottsdale, AZ		Hyatt Place		2012		1,500		9,030		1,012		1,500		10,042		11,542		(1,552	)	9,990		—	-2
Scottsdale, AZ		Courtyard by Marriott		2004		3,225		10,152		2,254		3,225		12,406		15,631		(4,043	)	11,588		9,300
Scottsdale, AZ		SpringHill Suites by Marriott		2004		2,195		7,120		2,314		2,195		9,434		11,629		(3,216	)	8,413		5,007
Smyrna, TN		Hampton Inn and Suites		2012		1,145		6,855		787		1,145		7,642		8,787		(731	)	8,056		5,151
Smyrna, TN		Hilton Garden Inn		2012		1,188		10,312		872		1,188		11,184		12,372		(1,085	)	11,287		8,157
Spokane, WA		Fairfield Inn and Suites by Marriott		2004		1,637		3,669		2,263		1,637		5,932		7,569		(2,340	)	5,229		—
Ventura, CA		Hampton Inn and Suites		2013		2,200		13,550		1,535		2,200		15,085		17,285		(663	)	16,622		—	-3
Vernon Hills, IL		Holiday Inn Express		2005		1,198		6,099		203		1,198		6,302		7,500		(1,825	)	5,675		—	-5
Yrbor City, FL		Hampton Inn and Suites		2012		3,600		17,244		1,911		3,600		19,155		22,755		(1,358	)	21,397		—	-5
Austin, TX		Corporate Office		2012		—		210		1,014		—		1,224		1,224		(186	)	1,038		—
Land Parcels						6,675		—		—		6,675		—		6,675		—		6,675		—
						173,053		1,231,841		122,674		173,053		1,354,516		1,527,569		(179,671	)	1,347,898		426,533

	-1		Properties cross-collateralize the related loan.
	-2		Properties cross-collateralize the related loan.
	-3		Properties cross-collateralize the related loan.
	-4		Properties cross-collateralize the related loan.
	-5		Properties cross-collateralize the related loan.
	-6		Properties cross-collateralize the related loan.
	-7		Properties cross-collateralize the related loan.

Notes to Schedule III - Real Estate and Accumulated Depreciation
As of December 31, 2014
(in thousands)

		ASSET BASIS
(a)		Balance at December 31, 2011		$	645,339
		Additions to land, buildings and improvements		294,310
		Disposition of land, buildings and improvements		(35,477		)
		Impairment loss		(2,965		)
		Balance at December 31, 2012		$	901,207
		Additions to land, buildings and improvements		531,207
		Disposition of land, buildings and improvements		(74,282		)
		Impairment loss		(9,044		)
		Balance at December 31, 2013		$	1,349,088
		Additions to land, buildings and improvements		263,182
		Disposition of land, buildings and improvements		(75,454		)
		Impairment loss		(9,247		)
		Balance at December 31, 2014		$	1,527,569

		ACCUMULATED DEPRECIATION
(b)		Balance at December 31, 2011		$	126,168
		Depreciation for the period ended December 31, 2012		31,732
		Depreciation on assets sold or disposed		(11,693		)
		Balance at December 31, 2012		$	146,207
		Depreciation for the period ended December 31, 2013		50,445
		Depreciation on assets sold or disposed		(23,503		)
		Balance at December 31, 2013		$	173,149
		Depreciation for the period ended December 31, 2014		63,291
		Depreciation on assets sold or disposed		(56,769		)
		Balance at December 31, 2014		$	179,671

(c)		The aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes is approximately $1,168 million.

(d)		Depreciation is computed based upon the following useful lives:
		Buildings and improvements 25-40 years
		Furniture and equipment 2-15 years

(e)		We have mortgages payable on the properties as noted. Additional mortgage information can be found in Note 11 - Debt to the consolidated financial statements.

(f)		The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, disposal of assets, and impairment loss that was recorded.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
SUMMARY OF 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 prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates.

Segment Disclosure
	Segment Disclosure

	Accounting Standards Codification (“ASC”), ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in real estate. Our investments in real estate are geographically diversified and the chief operating decision makers evaluate operating performance on an individual asset level. As each of our assets has similar economic characteristics, the assets have been aggregated into one reportable segment.

Investment in Hotel Properties
	Investment in Hotel Properties

	We allocate the purchase price of hotel acquisitions based on the fair value of the acquired assets and assumed liabilities. We determine the acquisition-date fair values of all assets and assumed liabilities using methods similar to those used by independent appraisers, for example, using a discounted cash flow analysis that uses appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. Acquisition costs are expensed as incurred.

	Our hotel properties and related assets are recorded at cost, less accumulated depreciation. We capitalize the costs of significant additions and improvements that materially extend a property’s life. These costs may include hotel refurbishment, renovation, and remodeling expenditures. We expense the cost of repairs and maintenance.

	We generally depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows:

	Classification	Estimated Useful Lives
	Buildings and improvements	25 to 40 years
	Furniture, fixtures and equipment	2 to 15 years

	We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense.

	When depreciable property and equipment is retired or disposed of, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations.

	On a limited basis, we provide financing to developers of hotel properties for development or major renovation projects. We evaluate these arrangements to determine if we participate in residual profits of the hotel property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the hotel property, we reflect the loan as an investment in hotel properties under development in our consolidated balance sheets. If classified as hotel properties under development, no interest income is recognized on the loan and interest expense is capitalized on our investment in the hotel property during the construction or renovation period.

	We monitor events and changes in circumstances for indicators that the carrying value of a hotel property or land held for development may be impaired. Additionally, we perform a quarterly formalized review to monitor the factors that could trigger an impairment. Factors that could trigger an impairment analysis include, among others: i) significant underperformance relative to historical or projected operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for hotel properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, and v) significant negative industry or economic trends. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the investment is recoverable. If impairment is indicated, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to fair value.


Assets Held for Sale and Discontinued Operations
	Assets Held for Sale and Discontinued Operations

	We classify assets as held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value, less 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.


Variable Interest Entities
	Variable Interest Entities

	We consolidate variable interest entities (“VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider relevant factors of the entity’s design including the entity’s capital structure, contractual rights to earnings (losses), subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. Evaluating the accounting for a VIE requires the exercise of significant professional judgment.


Cash and Cash Equivalents
	Cash and Cash Equivalents

	We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions.


Restricted Cash
	Restricted Cash

	Restricted cash consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lenders.


Trade Receivables and Credit Policies
	Trade Receivables and Credit Policies

	We grant credit to qualified customers generally without collateral, in the form of trade accounts receivable. We believe our risk of loss is minimal due to our periodic evaluations of the credit worthiness of our customers.

	Trade receivables result from the rental of hotel rooms and the sales of food, beverage, and banquet services due under normal trade terms requiring payment upon receipt of the invoice. Trade receivables are stated at the amount billed to the customer and do not accrue interest.

	We review the collectability of our trade receivables monthly. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.1 million and $0.2 million at December 31, 2014 and 2013, respectively. Bad debt expense was $0.4 million in 2014, $0.6 million in 2013 and $0.2 million in 2012.


Deferred Charges
	Deferred Charges

	Our deferred charges consist of deferred financing fees and initial franchise fees. Costs incurred in obtaining financing are capitalized and amortized on the straight-line method over the term of the related debt, which approximates the interest method. Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method.


Noncontrolling Interests
	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.


Revenue Recognition
	Revenue Recognition

	We recognize revenue when rooms are occupied and services have been rendered. Revenues are recorded net of any sales and other taxes collected from customers. All rebates or discounts are recorded as a reduction to revenue. Cash received prior to guest arrival is recorded as an advance from the customer and is recognized at the time of occupancy.


Sales and Other Taxes
	Sales and Other Taxes

	We have operations in states and municipalities that impose sales and/or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted.


Equity-Based Compensation
	Equity-Based Compensation

	Our 2011 Equity Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other stock-based awards. We account for equity-based compensation using the Black-Scholes option-pricing model for stock options and the grant date fair value of our common stock for all other awards. Restricted stock awards with performance-based vesting conditions are market-based awards and are valued using a Monte Carlo simulation model. We expense awards under our 2011 Equity Incentive Plan over the vesting period. The amount of the expense may be subject to adjustment in future periods due to a change in forfeiture assumptions.


Derivative Financial Instruments and Hedging
	Derivative Financial Instruments and Hedging

	All derivative financial instruments are recorded at fair value and reported as a derivative financial instrument asset or liability in our consolidated balance sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include swaps, caps and floors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction.

	For interest rate derivatives designated as cash flow hedges the effective portion of changes in fair value is initially reported as a component of accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets and reclassified to interest expense in our consolidated statements of operations in the period in which the hedged item affects earnings. The ineffective portion of changes in fair value is recognized directly in earnings through gain (loss) on derivative financial instruments in the consolidated statements of operations.


Income Taxes
	Income Taxes

	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 (See Note 11 — Debt), the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates.


Use of estimates
	Use of Estimates

	The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.


Reclassifications
	Reclassifications

	Certain amounts reported in previous periods have been reclassified to conform to the current presentation and industry practice.


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 us on January 1, 2017 and early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our 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 us on January 1, 2017.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives of hotel properties	Classification	Estimated Useful Lives
	Buildings and improvements	25 to 40 years
	Furniture, fixtures and equipment	2 to 15 years

HOTEL_PROPERTY_ACQUISITIONS_Ta

HOTEL PROPERTY ACQUISITIONS (Tables)	12 Months Ended
HOTEL PROPERTY ACQUISITIONS (Tables)	Dec. 31, 2014
HOTEL PROPERTY ACQUISITIONS
Schedule of hotel property acquisitions
	Hotel property acquisitions in 2014 and 2013 are as follows (in thousands):

	Date Acquired	Franchise/Brand		Location		Purchase Price			Debt Assumed

	2014:00:00
	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		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 2014			6 hotel properties		$	214,710		$	43,172

	2013:00:00
	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	Holiday Inn Express & Suites		Minneapolis (Minnetonka), MN		6,900			3,724
	May 21	Hilton Garden Inn		Minneapolis (Eden Prairie), MN		10,200			6,385
	May 23	Fairfield Inn & Suites by Marriott		Louisville, KY		25,023			—
	May 23	SpringHill Suites by Marriott		Louisville, KY		39,138			—
	May 23	Courtyard by Marriott		Indianapolis, IN		58,634			—
	May 23	SpringHill Suites by Marriott		Indianapolis, IN		30,205			—
	October 1	Hampton Inn & Suites		Ventura (Camarillo), CA		15,750			—
	October 8	Hampton Inn & Suites		San Diego (Poway), CA		15,150			—
	December 31	Hyatt Place		Minneapolis, MN		32,506			—

	Total 2013			19 hotel properties		$	475,615		$	33,532


Schedule of allocation of the aggregate purchase prices to the 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 is as follows (in thousands):

		2014			2013

	Land	$	11,400		$	61,776
	Hotel buildings and improvements	199,573			395,543
	Furniture, fixtures and equipment	5,489			18,296
	Other assets	11,625			11,273
	Total assets acquired	228,087			486,888
	Less debt assumed	(43,172		)	(33,532		)
	Less lease liability assumed	(1,752		)	—
	Less other liabilities	(2,671		)	(1,480		)
	Net assets acquired	$	180,492		$	451,876


Schedule of total revenues and net income for hotel properties acquired during the period, which is included in consolidated statements of operations	Total revenues and net income for hotel properties acquired in 2014 and 2013, which are included in our consolidated statements of operations for the years ended December 31, 2014 and 2013, are as follows (in thousands):

		2014 Acquisitions			2013 Acquisitions
		2014			2014			2013

	Revenues	$	37,655		$	122,732		$	76,675
	Net income	$	4,977		$	21,974		$	13,399


Schedule of unaudited condensed pro forma financial information	The unaudited condensed pro forma financial information for 2014 and 2013, assuming the hotel properties acquired in 2014 and 2013 were acquired at the beginning of 2013, are as follows (in thousands, except per share):

		2014			2013
		(unaudited)

	Revenues	$	419,595		$	379,606

	Net income	$	23,419		$	17,750
	Net income attributable to common stockholders	$	6,656		$	2,979

	Net income per share attributable to common stockholders - basic and diluted	$	0.08		$	0.04

INVESTMENT_IN_HOTEL_PROPERTIES2

INVESTMENT IN HOTEL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2014
Investment in hotel properties
Schedule of investment in hotel properties	Investment in hotel properties at December 31, 2014 and 2013 are as follows (in thousands):

		2014		2013

	Land	$	164,570	$	154,831
	Hotel buildings and improvements	1,202,451		993,372
	Construction in progress	15,609		24,242
	Furniture, fixtures and equipment	136,456		142,976
		1,519,086		1,315,421
	Less accumulated depreciation	179,671		165,454
		$	1,339,415	$	1,149,967

ASSETS_HELD_FOR_SALE_Tables

ASSETS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2014
ASSETS HELD FOR SALE
Schedule of assets held for sale
	Assets held for sale at December 31, 2014 and 2013 include (in thousands):

		2014		2013

	Land	$	300	$	1,183
	Hotel building and improvements	—		10,290
	Furniture, fixtures and equipment	—		751
		$	300	$	12,224

RESTRICTED_CASH_Table

RESTRICTED CASH (Table)	12 Months Ended
	Dec. 31, 2014
RESTRICTED CASH
Schedule of restricted cash	Restricted cash at December 31, 2014 and 2013 includes (in thousands):

		2014		2013

	Property taxes	$	2,600	$	2,124
	Insurance	508		59
	FF&E reserves	30,301		35,823
	Other funds in escrow	986		492
		$	34,395	$	38,498

PREPAID_EXPENSES_AND_OTHER_Tab

PREPAID EXPENSES AND OTHER (Tables)	12 Months Ended
	Dec. 31, 2014
PREPAID EXPENSES AND OTHER
Schedule of prepaid expenses and other	Prepaid expenses and other at December 31, 2014 and 2013 include (in thousands):

		2014		2013

	Earnest money and funds in escrow	$	1,738	$	5,115
	Prepaid insurance	1,122		1,316
	Other	3,321		2,445
		$	6,181	$	8,876

DEFERRED_CHARGES_Tables

DEFERRED CHARGES (Tables)	12 Months Ended
DEFERRED CHARGES (Tables)	Dec. 31, 2014
DEFERRED CHARGES
Schedule of deferred charges
	Deferred charges at December 31, 2014 and 2013 include (in thousands):

		2014		2013

	Initial franchise fees	$	6,435	$	5,957
	Deferred financing costs	8,628		7,846
		15,063		13,803
	Less accumulated amortization	5,422		3,533
	Total	$	9,641	$	10,270


Schedule of amortization expense
	Amortization expense for 2014, 2013 and 2012 was (in thousands):

		2014		2013		2012

	Initial franchise fees	$	485	$	411	$	355
	Deferred financing costs	1,549		1,854		2,288
		$	2,034	$	2,265	$	2,643


Schedule of future amortization expense
	Future amortization expense is expected to be (in thousands):

	2015	$	2,052
	2016	1,740
	2017	1,412
	2018	922
	2019	629
	Thereafter	2,886
		$	9,641

OTHER_ASSETS_Tables

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2014
OTHER ASSETS.
Schedule of other assets
	Other assets at December 31, 2014 and 2013 include (in thousands):

		2014		2013

	Prepaid land lease	$	3,373	$	3,420
	Notes receivable	10,779		3,121
	Other	—		113
		$	14,152	$	6,654

DEBT_Tables

DEBT (Tables)	12 Months Ended
DEBT (Tables)	Dec. 31, 2014
DEBT
Schedule of debt comprised of a senior unsecured credit facility and mortgage loans secured by hotel properties	At December 31, 2014, our indebtedness is comprised of borrowings under a $300.0 million senior unsecured credit facility and indebtedness secured by first priority mortgage liens on various hotel properties. At December 31, 2014 and 2013 our outstanding indebtedness included (in thousands):

	Lender		Note		Interest Rate (a)		Amortization	Maturity Date		Number of Properties Encumbered		2014			2013
			Reference				Period			at December 31, 2014
							(Years)

	Senior Unsecured Credit Facility
	Deutsche Bank AG New York Branch		(b)
	$225 Million Revolver				2.07% Variable		n/a	October 10, 2017		n/a		$	125,000		$	—
	$75 Million Term Loan				3.94% Fixed		n/a	October 10, 2018		n/a		75,000			75,000
	Total Senior Unsecured Credit Facility											200,000			75,000

	Mortgage Loans
	ING Life Insurance and Annuity		(c)		6.10% Fixed		20	March 1, 2019		14		62,327			64,309
			(c)		4.55% Fixed		25	March 1, 2019		(cross-collateralized with other ING loan)		32,995			33,754
	KeyBank National Association		(d)		4.46% Fixed		30	February 1. 2023		4		28,489			28,965
			(e)		4.52% Fixed		30	April 1, 2023		3		22,061			22,421
			(f)		4.30% Fixed		30	April 1, 2023		3		21,403			21,767
			(g)		4.95% Fixed		30	August 1, 2023		2		37,939			38,497
	Bank of America Commercial Mortgage		(h)		6.41% Fixed		25	September 1, 2017		1		8,157			8,382
	Merrill Lynch Mortgage Lending Inc.		(i)		6.38% Fixed		30	August 1, 2016		1		5,151			5,249
	GE Capital Financial Inc.		(j)		5.39% Fixed		25	April 1, 2020		1		9,300			9,476
			(j)		5.39% Fixed		25	April 1, 2020		1		5,007			5,103
	MetaBank		(k)		4.25% Fixed		20	August 1, 2018		1		7,104			7,348
	Bank of Cascades		(l)		4.66% Fixed		25	September 30, 2021		n/a		—			11,986
			(l)		2.17% Variable		25	December 19, 2024		1		9,800			—
			(l)		4.30% Fixed		25	December 19, 2024		(cross-collateralized with other Bank of Cascades note)		9,800			—
	Goldman Sachs		(m)		5.67% Fixed		25	July 6, 2016		2		13,787			14,090
	Compass Bank		(n)		4.57% Fixed		20	May 17, 2018		1		12,505			13,325
			(o)		2.57% Variable		25	May 6, 2020		3		24,637			—
	General Electric Capital Corporation		(p)		5.39% Fixed		25	April 1, 2020		1		5,266			5,371
			(p)		5.39% Fixed		25	April 1, 2020		1		6,167			6,290
			(q)		4.82% Fixed		20	April 1, 2018		1		7,213			7,612
			(q)		5.03% Fixed		25	March 1, 2019		1		9,775			10,108
	AIG		(r)		6.11% Fixed		20	January 1, 2016		1		12,938			13,516
	Greenwich Capital Financial Products, Inc.		(s)		6.20% Fixed		30	January 6, 2016		1		22,711			23,107
	Wells Fargo Bank, National Association		(t)		5.53% Fixed		25	October 1, 2015		1		3,523			3,652
			(u)		5.57% Fixed		25	January 1, 2016		1		6,038			6,261
	U.S. Bank, NA		(v)		6.22% Fixed		30	November 1, 2016		1		17,536			—
			(w)		6.13% Fixed		25	November 11, 2021		1		11,819			—
			(x)		5.98% Fixed		30	March 8, 2016		1		13,085			—
	Total Mortgage Loans									49		426,533			360,589
	Total Debt									49		$	626,533		$	435,589

	Notes:
		(a)		Interest rates at December 31, 2014 give effect to our use of interest rate swaps, where applicable.

		(b)		On October 10, 2013, we replaced our $150.0 million senior secured revolving credit facility with a $300.0 million senior unsecured credit facility. The unsecured credit facility is comprised of a $225.0 million revolving credit facility (the “$225 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”), and has an accordion feature which will allow us to increase the commitments by an aggregate of $100.0 million on the $225 Million Revolver and the $75 Million Term Loan.

	The senior unsecured credit facility requires that no less than 20 of our hotel properties remain unencumbered, as defined in the credit facility documentation, and also requires compliance with covenants customary among our industry peers. The $225 Million Revolver matures on October 10, 2017 and can be extended to October 10, 2018 at our option, subject to certain conditions. The $75 Million Term Loan matures on October 10, 2018.

	We pay interest on advances at varying rates, based upon, at our option, either (i) 1, 2, 3, or 6-month LIBOR, plus a LIBOR margin between 1.75% and 2.50%, depending upon our leverage ratio (as defined in the credit facility documentation), or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, or 1-month LIBOR plus 1.00%, plus a base rate margin between 0.75% and 1.50%, depending upon our leverage ratio. Unused Fees are payable quarterly and are assessed at 0.30% per annum if the unused portion of the credit facility is equal to or greater than 50%, or 0.20% per annum if the unused portion of the credit facility is less than 50%.

	On December 27, 2013, we fully drew the $75 Million Term Loan. On September 5, 2013, we entered into an interest rate derivative with a notional value of $75.0 million that became effective on January 2, 2014 and matures on October 1, 2018. This interest rate derivative was designated a cash flow hedge and effectively fixes LIBOR at 2.04%. The interest rate on the $75 Million Term Loan was 3.94% at January 2, 2014.

	At December 31, 2014, 36 of our unencumbered hotel properties were included in the borrowing base for the senior unsecured credit facility, and are required to remain unencumbered. As a result, the maximum amount of borrowing permitted under the senior unsecured credit facility was $300.0 million, of which, we had $200.0 million borrowed, $13.8 million in standby letters of credit, and $86.2 million available to borrow.

		(c)		On August 1, 2013, we entered into a new $34.0 million loan with ING with a fixed rate of 4.55% and a maturity of August 1, 2038. ING has the right to call the loan in full on March 1st of 2019, 2024, 2029 and 2034. Simultaneously, we amended our existing loan with ING to (i) remove the Fairfield Inn & Suites and the Residence Inn, Germantown, TN; the Hampton Inn, Fort Smith, AR; and the Fairfield Inn, Lewisville, TX from the collateral and (ii) remove $3.9 million in letters of credit from the collateral. We also added the Courtyard by Marriott, Jackson, MS; the Hampton Inn & Suites, Ybor, FL; and the Courtyard by Marriott and the Residence Inn, Metairie, LA as collateral to the two notes, such that both ING loans are secured by the same 14 hotel properties and are cross-defaulted.

		(d)		On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by four of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; Denver (Englewood), CO; and Dallas (Arlington), TX. This loan is subject to defeasance if prepaid.

		(e)		On March 7, 2013, we closed on a $22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ. This loan is subject to defeasance if prepaid.

		(f)		On March 8, 2013, we closed on a $22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid.

	(g)		On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid.

	(h)		On May 16, 2012, we assumed a loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan is subject to defeasance if prepaid.

	(i)		On June 21, 2012, we assumed a loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan is subject to defeasance if prepaid.

	(j)		On March 28, 2014, we amended two loans with GE Capital Financial, which are cross-collateralized by the Courtyard by Marriott and the SpringHill Suites by Marriott, both located in Scottsdale, AZ. The loans were amended to bear interest at a fixed rate of 5.39% and the maturity dates were extended to April 1, 2020.

	(k)		On July 26, 2013, we closed on a $7.4 million loan with a fixed rate of 4.25% and a maturity of August 1, 2018. This loan is secured by the Hyatt Place in Atlanta, GA. We may receive additional proceeds of $1.3 million after the Hyatt Place attains a required performance level prior to November 2015. This loan has a prepayment penalty of: (i) 3% until July 26, 2015, (ii) 2% until July 26, 2017, and (iii) 1% until February 1, 2018.

	(l)		On December 19, 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million. As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.30%. Both notes have an outstanding balances of $9.8 million, amortization periods of 25 years and maturity dates of December 19, 2024.

	(m)		This loan is secured by the SpringHill Suites by Marriott and the Hampton Inn & Suites in Bloomington, MN. This loan is subject to defeasance if prepaid.

	(n)		This loan is secured by the Courtyard by Marriott in Flagstaff, AZ and has a variable interest rate of 30-day LIBOR plus 350 basis points (3.67% at December 31, 2014). On October 11, 2012, we entered into an interest rate derivative that effectively converted 85% of this loan to a fixed rate.

	(o)		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.

	(p)		On March 28, 2014, we amended two loans with General Electric Capital Corp., which are 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.

	(q)		These loans are secured by the SpringHill Suites by Marriott in Denver, CO and the Double Tree in Baton Rouge, LA. These loans have a variable interest rate of 90-day LIBOR plus 350 basis points. On May 4, 2012, we entered into interest rate derivatives that effectively converted these loans to a fixed rate. These loans are cross-defaulted and cross-collateralized.

	(r)		On December 20, 2012, we assumed a loan in our acquisition of the Residence Inn by Marriott in Salt Lake City, UT. This loan has a prepayment penalty of the greater of 1% or the yield maintenance premium.

	(s)		On February 11, 2013, we assumed a loan in our acquisition (through a joint venture) of the Holiday Inn Express & Suites in San Francisco, CA. This loan has an interest rate of 6.20% and a maturity date of January 6, 2016. This loan is subject to defeasance if prepaid.

	(t)		On May 21, 2013, we assumed a loan in our acquisition of the Holiday Inn Express & Suites in Minneapolis (Minnetonka), MN. This loan has an interest rate of 5.53% and a maturity date of October 1, 2015. This loan is subject to defeasance if prepaid.

	(u)		On May 21, 2013, we assumed a loan in our acquisition of the Hilton Garden Inn in Minneapolis (Eden Prairie), MN. This loan has an interest rate of 5.57% and a maturity date of January 1, 2016. This loan is subject to defeasance if prepaid.

	(v)		On January 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.

	(w)		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.

	(x)		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.


Schedule of total fixed-rate and variable-rate debt, after giving effect to interest rate derivatives	Our total fixed-rate and variable-rate debt at December 31, 2014 and 2013, after giving effect to our interest rate derivatives, are as follows (in thousands):

			2014			2013

	Fixed-rate debt		$	465,220		$	358,590
	Variable-rate debt		161,313			76,999
			$	626,533		$	435,589


Schedule of maturities of long-term debt for each of the next five years	Maturities of long-term debt for each of the next five years are as follows (in thousands):

	2015		$	14,638
	2016		98,021
	2017		141,893
	2018		105,310
	2019		16,318
	Thereafter		250,353
			$	626,533


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

			2014					2013
			Carrying			Fair Value		Carrying			Fair Value			Valuation Technique
			Value			Fair Value		Value			Fair Value			Valuation Technique

	Fixed-rate debt		$	362,602		$	349,517	$	329,544		$	319,429		Level 2 - Market approach

ACCRUED_EXPENSES_Table

ACCRUED EXPENSES (Table)	12 Months Ended
	Dec. 31, 2014
ACCRUED EXPENSES
Schedule of accrued expenses
	Accrued expenses at December 31, 2014 and 2013 include (in thousands):

		2014		2013

	Accrued taxes	$	13,346	$	10,359
	Accrued salaries and benefits	8,863		7,178
	Accrued interest	2,095		1,721
	Accrued expenses at hotels and other	13,758		7,896
		$	38,062	$	27,154

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES
Schedule of future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year	Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year are as follows (in thousands):

	2015	$	817
	2016	830
	2017	836
	2018	728
	2019	719
	Thereafter	50,660
		$	54,590

EQUITYBASED_COMPENSATION_Table

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
EQUITY-BASED COMPENSATION (Tables)	Dec. 31, 2014
Equity-based compensation expense
Schedule of equity-based compensation expense	Equity-based compensation expense included in corporate general and administrative in the Consolidated Statements of Operations for 2014, 2013, and 2012 was (in thousands):

		2014			2013			2012

	Stock options	$	675		$	622		$	700
	Time-based restricted stock	960			611			214
	Performance-based restricted stock	1,483			548			171
	Director stock	406			343			120
		$	3,524		$	2,124		$	1,205


Stock Options
Equity-based compensation expense
Schedule of assumptions used to compute the fair value of stock options granted was estimated using a Black-Scholes valuation model

		2011

	Expected dividend yield	5.09		%
	Expected stock price volatility	56.6		%
	Risk-free interest rate	2.57		%
	Expected life of options (in years)	6.5

	Weighted average estimated fair value of options at grant date per share	$	3.48


Schedule of stock option activity	The following table summarizes stock option activity under our 2011 Equity Incentive Plan for 2014 and 2013:

		Number of Options		Weighted Average			Weighted Average		Aggregate Intrinsic
				Exercise Price			Remaining		Value (Current Value
							Contractual Terms		Less Exercise Price)
				(per share)			(in years)		(in thousands)
	Outstanding at December 31, 2012	893,000		9.75
	Granted	—		—
	Exercised	—		—
	Forfeited	—		—
	Outstanding at December 31, 2013	893,000		9.75
	Granted	—		—
	Exercised	(47,000	)	9.75
	Forfeited	—		—
	Outstanding at December 31, 2014	846,000		$	9.75		6.2		$	2,276
	Exercisable at December 31, 2014	507,600		$	9.75		6.2		$	1,365


Restricted Stock Awards \| Time-Based
Equity-based compensation expense
Schedule of restricted stock awards	The following table summarizes time-based restricted stock activity under our 2011 Equity Incentive Plan for 2014 and 2013:

		Number of Shares		Weighted Average			Aggregate Current
				Grant Date Fair			Value
				Value
				(per share)			(in thousands)
	Non-vested December 31, 2012	82,603		$	7.78
	Granted	106,518		9.78
	Vested	(27,534	)	7.78
	Forfeited	—		—
	Non-vested December 31, 2013	161,587		9.1
	Granted	116,981		9.82
	Vested	(95,696	)	8.63
	Forfeited	(1,756	)	9.82
	Non-vested December 31, 2014	181,116		$	9.81		$	2,253


Restricted Stock Awards \| Performance-Based
Equity-based compensation expense
Schedule of restricted stock awards	The following table summarizes performance-based restricted stock activity under our 2011 Equity Incentive Plan for 2014 and 2013:

		Number of Shares		Weighted Average			Aggregate Current
		Number of Shares		Grant Date Fair Value			Value
				(per share)			(in thousands)

	Non-vested December 31, 2012	82,602		$	7.78
	Granted	185,572		7.09
	Vested	—		—
	Forfeited	—		—
	Non-vested December 31, 2013	268,174		6.48
	Granted	161,935		7.12
	Vested	(45,551	)	6.5
	Forfeited	—		—
	Non-vested December 31, 2014	384,558		$	6.75		$	4,784


Schedule of assumptions used to compute the fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model		2014			2013

	Expected dividend yield	4.48%			4.52%
	Expected stock price volatility	27.9%			38.5%
	Risk-free interest rate	0.06 - 0.60%			0.147 - 0.513%
	Monte Carlo iterations	100,000			100,000
	Weighted average estimated fair value of performance-based restricted stock awards	$	7.12		$	7.09

DERIVITIVE_FINANCIAL_INSTRUMEN1

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	12 Months Ended
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	Dec. 31, 2014
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING
Schedule of derivative financial instruments	Information about our derivative financial instruments at December 31, 2014 and 2013 follows (dollar amounts in thousands):

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

	Interest rate swaps (asset)	3		$	28,002		$	66		3	$	29,273	$	253
	Interest rate swaps (liability)	1		75,000			(1,957		)	1	75,000		(1,772		)
		4		$	103,002		$	(1,891	)	4	$	104,273	$	(1,519	)


Schedule of the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges	The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands).

		2014			2013			2012
	Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$	(2,112	)	$	(1,240	)	$	(786	)
	Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	$	(1,741	)	$	(359	)	$	(147	)
	Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion)	$	(1	)	$	2		$	(2	)

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2014
Schedule of components of income tax expense (benefit)	The components of income tax expense (benefit) for 2014, 2013 and 2012 are as follows (in thousands):

		2014			2013			2012
	Current:
	Federal	$	133		$	—		$	—
	State and local	712			408			512
	Deferred:
	Federal	—			3,352			(1,531		)
	State and local	(127		)	597			(270		)
	Total provision (benefit)	$	718		$	4,357		$	(1,289	)

	Income tax expense (benefit)
	From continuing operations	$	744		$	4,894		$	(728	)
	From discontinued operations	(26		)	(537		)	(561		)
	Total provision (benefit)	$	718		$	4,357		$	(1,289	)


TSRs
Schedule of reconciliation of the federal statutory rate to the effective income tax rate for the TRSs	A reconciliation of the federal statutory rate to the effective income tax rate for the TRS follows (in thousands):

		2014			2013

	Tax provision (benefit) at U.S. statutory rates on TRS income (loss) subject to tax	$	2,024		$	(809	)
	State income tax, net of federal income tax benefit	77			(120		)
	Effect of permanent differences and other	1,326			(152		)
	Increase (decrease) in valuation allowance	(2,580		)	5,029
	Other	(599		)	—
	TRS income tax expense (benefit)	$	248		$	3,948

FAIR_VALUE_Tables

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2014
FAIR VALUE.
Schedule of disclosures concerning financial instruments measured at fair value	Disclosures concerning financial instruments measured at fair value are as follows (in thousands):

		Fair Value Measurements at December 31, 2014 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	300	$	—	$	300
	Interest rate swaps (asset)	—		66		—		66
	Liabilities:
	Interest rate swaps (liability)	—		1,957		—		1,957

		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

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
DISCONTINUED OPERATIONS (Tables)	Dec. 31, 2014
DISCONTINUED OPERATIONS
Schedule of condensed results for the hotel properties included in discontinued operations	Condensed results for the hotel properties included in discontinued operations follows (in thousands):

		2014		2013			2012

	Revenues	$	3,128	$	19,458		$	33,193
	Hotel operating expenses	2,304		14,859			24,701
	Depreciation and amortization	13		1,960			4,226
	Loss on impairment of assets	400		7,675			2,305
	Operating income (loss)	411		(5,036		)	1,961
	Interest expense	—		(174		)	(855		)
	Other income	55		3,945			3,010
	Income (loss) before taxes	466		(1,265		)	4,116
	Income tax benefit	26		537			561
	Income (loss) from discontinued operations	$	492	$	(728	)	$	4,677

	Income (loss) from discontinued operations attributable to non-controlling interest	$	6	$	(25	)	$	807
	Income (loss) from discontinued operations attributable to common stockholders	$	486	$	(703	)	$	3,870

EARNINGS_LOSS_PER_SHARE_Tables

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2014
EARNINGS (LOSS) PER SHARE
Summary of the components used to calculate basic and diluted earnings per share	Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share):

		2014		2013			2012
	Numerator:
	Income (loss) from continuing operations	$	20,431	$	6,625		$	(6,947	)
	Less: Preferred dividends	16,588		14,590			4,625
	Allocation to participating securities	94		73			37
	Attributable to noncontrolling interest	46		44			(2,001		)
	Income (loss) from continuing operations attributable to common stockholders	3,703		(8,082		)	(9,608		)
	Income (loss) from discontinued operations attributable to common stockholders	486		(703		)	3,870
	Net income (loss) attributable to common stockholders, net of amount allocated to participating securities	$	4,189	$	(8,785	)	$	(5,738	)
	Denominator:
	Weighted average common shares outstanding - basic	85,242		70,327			33,717
	Dilutive effect of equity-based compensation awards	324		—			—
	Weighted average common shares outstanding - diluted	85,566		70,327			33,717
	Earnings per common share - basic and diluted:
	Net income (loss) from continuing operations	$	0.04	$	(0.11	)	$	(0.28	)
	Net income (loss) from discontinued operations	0.01		(0.01		)	0.11
	Net income (loss)	$	0.05	$	(0.12	)	$	(0.17	)

SELECTED_QUARTERLY_FINANCIAL_D1

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	Dec. 31, 2014
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Schedule of selected consolidated quarterly financial data	Selected consolidated quarterly financial data for 2014 and 2013 follows (in thousands, except per share):

		2014
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter

	Total revenues	$	89,544		$	105,525		$	109,256		$	99,141
	Income from continuing operations	$	2,947		$	9,201		$	3,766		$	4,517
	Income (loss) from discontinued operations	$	378		$	(41	)	$	(59	)	$	214
	Net income	$	3,325		$	9,160		$	3,707		$	4,731
	Net income attributable to Summit Hotel Properties, Inc.	$	3,458		$	8,975		$	3,713		$	4,725
	Earnings per share:
	Basic and diluted net income (loss) per share from continuing operations	$	(0.01	)	$	0.06		$	(0.01	)	$	0.01
	Basic and diluted net income (loss) per share from discontinued operations	—			—			—			—
	Basic and diluted net income (loss) per share	$	(0.01	)	$	0.06		$	(0.01	)	$	0.01

		2013
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter

	Total revenues	$	59,723		$	79,105		$	82,174		$	77,956
	Income (loss) from continuing operations	$	1,517		$	6,126		$	2,837		$	(3,855	)
	Income (loss) from discontinued operations	$	357		$	545		$	(3,410	)	$	1,780
	Net income (loss)	$	1,874		$	6,671		$	(573	)	$	(2,075	)
	Net income (loss) attributable to Summit Hotel Properties, Inc.	$	1,940		$	6,459		$	(662	)	$	(1,859	)
	Earnings per share:
	Basic and diluted net income (loss) per share from continuing operations	$	(0.03	)	$	0.03		$	(0.02	)	$	(0.09	)
	Basic and diluted net income (loss) per share from discontinued operations	0.01			0.01			(0.05		)	0.02
	Basic and diluted net (loss) income per share	$	(0.02	)	$	0.04		$	(0.07	)	$	(0.07	)

DESCRIPTION_OF_BUSINESS_Detail

DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2014
DESCRIPTION OF BUSINESS (Details)	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	90
Number of guestrooms	11,463
TRS Lessees
Description of business
Ownership interest in joint venture (as a percent)	100.00%

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2014
	item	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2014
Segment Disclosure
Number of reportable segments	1
Trade Receivables and Credit Policies
Allowance for Doubtful Accounts Receivable	$0.10	$0.20
Bad debt expense	$0.40	$0.60	$0.20
Hotel building and improvements \| Minimum
Investment in hotel properties
Estimated Useful Lives	25 years
Hotel building and improvements \| Maximum
Investment in hotel properties
Estimated Useful Lives	40 years
Furniture, fixtures and equipment \| Minimum
Investment in hotel properties
Estimated Useful Lives	2 years
Furniture, fixtures and equipment \| Maximum
Investment in hotel properties
Estimated Useful Lives	15 years
Joint venture \| Noncontrolling Interest
Non-controlling interests
Third-party ownership (as a percent)				19.00%

HOTEL_PROPERTY_ACQUISITIONS_De

HOTEL PROPERTY ACQUISITIONS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
	property	property
2014 acquisitions
Hotel property acquisitions
Purchase Price	$214,710
Number of hotel properties acquired	6
2014 acquisitions \| Mortgage Loans
Hotel property acquisitions
Debt Assumed	43,172
2014 acquisitions \| Houston, TX \| Hilton Garden Inn
Hotel property acquisitions
Purchase Price	37,500
2014 acquisitions \| Houston, TX \| Hilton Garden Inn \| Mortgage Loans
Hotel property acquisitions
Debt Assumed	17,846
2014 acquisitions \| Santa Barbara (Goleta), CA \| Hampton Inn
Hotel property acquisitions
Purchase Price	27,900
2014 acquisitions \| Santa Barbara (Goleta), CA \| Hampton Inn \| Mortgage Loans
Hotel property acquisitions
Debt Assumed	12,037
2014 acquisitions \| San Francisco, CA \| Four Points by Sheraton
Hotel property acquisitions
Purchase Price	21,250
2014 acquisitions \| San Francisco, CA \| Double Tree by Hilton
Hotel property acquisitions
Purchase Price	39,060
2014 acquisitions \| San Francisco, CA \| Double Tree by Hilton \| Mortgage Loans
Hotel property acquisitions
Debt Assumed	13,289
2014 acquisitions \| Houston (Energy Corridor), TX \| Hilton Garden Inn
Hotel property acquisitions
Purchase Price	36,000
2014 acquisitions \| Austin, TX \| Hampton Inn & Suites
Hotel property acquisitions
Purchase Price	53,000
2013 acquisitions
Hotel property acquisitions
Purchase Price		475,615
Number of hotel properties acquired		19
2013 acquisitions \| Mortgage Loans
Hotel property acquisitions
Debt Assumed		33,532
2013 acquisitions \| San Francisco, CA \| Holiday Inn Express & Suites
Hotel property acquisitions
Purchase Price		60,500
2013 acquisitions \| San Francisco, CA \| Holiday Inn Express & Suites \| Mortgage Loans
Hotel property acquisitions
Debt Assumed		23,423
2013 acquisitions \| Chicago (Hoffman Estates), IL \| Hyatt Place
Hotel property acquisitions
Purchase Price		9,230
2013 acquisitions \| Orlando (Convention), FL \| Hyatt Place
Hotel property acquisitions
Purchase Price		12,252
2013 acquisitions \| Orlando (Universal), FL \| Hyatt Place
Hotel property acquisitions
Purchase Price		11,843
2013 acquisitions \| New Orleans, LA \| Springhill Suites by Marriott
Hotel property acquisitions
Purchase Price		33,095
2013 acquisitions \| New Orleans (Convention), LA \| Courtyard by Marriott
Hotel property acquisitions
Purchase Price		30,827
2013 acquisitions \| New Orleans (French Quarter), LA \| Courtyard by Marriott
Hotel property acquisitions
Purchase Price		25,683
2013 acquisitions \| New Orleans (Metairie), LA \| Courtyard by Marriott
Hotel property acquisitions
Purchase Price		23,539
2013 acquisitions \| New Orleans (Metairie), LA \| Residence Inn by Marriott
Hotel property acquisitions
Purchase Price		19,890
2013 acquisitions \| Greenville, SC \| Hilton Garden Inn
Hotel property acquisitions
Purchase Price		15,250
2013 acquisitions \| Minneapolis (Minnetonka), MN \| Holiday Inn Express & Suites
Hotel property acquisitions
Purchase Price		6,900
2013 acquisitions \| Minneapolis (Minnetonka), MN \| Holiday Inn Express & Suites \| Mortgage Loans
Hotel property acquisitions
Debt Assumed		3,724
2013 acquisitions \| Minneapolis (Eden Prairie), MN \| Hilton Garden Inn
Hotel property acquisitions
Purchase Price		10,200
2013 acquisitions \| Minneapolis (Eden Prairie), MN \| Hilton Garden Inn \| Mortgage Loans
Hotel property acquisitions
Debt Assumed		6,385
2013 acquisitions \| Louisville, KY \| Springhill Suites by Marriott
Hotel property acquisitions
Purchase Price		39,138
2013 acquisitions \| Louisville, KY \| Fairfield Inn & Suites by Marriott
Hotel property acquisitions
Purchase Price		25,023
2013 acquisitions \| Indianapolis, IN \| Springhill Suites by Marriott
Hotel property acquisitions
Purchase Price		30,205
2013 acquisitions \| Indianapolis, IN \| Courtyard by Marriott
Hotel property acquisitions
Purchase Price		58,634
2013 acquisitions \| Ventura (Camarillo), CA \| Hampton Inn & Suites
Hotel property acquisitions
Purchase Price		15,750
2013 acquisitions \| San Diego (Poway), CA \| Hampton Inn & Suites
Hotel property acquisitions
Purchase Price		15,150
2013 acquisitions \| Minneapolis, MN \| Hyatt Place
Hotel property acquisitions
Purchase Price		$32,506

HOTEL_PROPERTY_ACQUISITIONS_De1

HOTEL PROPERTY ACQUISITIONS (Details 2) (USD $)	12 Months Ended
HOTEL PROPERTY ACQUISITIONS (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2014
Hotel property acquisitions
Investment in hotel properties under development		$253,000
Hyatt Place \| Minneapolis, MN
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired
First mortgage loan receivable and related capitalized interest credited as purchase price consideration	20,700,000
2014 acquisitions
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired
Land		11,400,000
Hotel buildings and improvements		199,573,000
Furniture, fixtures and equipment		5,489,000
Other assets		11,625,000
Total assets acquired		228,087,000
Less debt assumed		-43,172,000
Less lease liability assumed		-1,752,000
Less other liabilities		-2,671,000
Net assets acquired		180,492,000
2013 acquisitions
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired
Land	61,776,000
Hotel buildings and improvements	395,543,000
Furniture, fixtures and equipment	18,296,000
Other assets	11,273,000
Total assets acquired	486,888,000
Less debt assumed	-33,532,000
Less other liabilities	-1,480,000
Net assets acquired	$451,876,000

HOTEL_PROPERTY_ACQUISITIONS_De2

HOTEL PROPERTY ACQUISITIONS (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
2014 acquisitions
Hotel property acquisitions
Revenues	$37,655
Net income	4,977
2013 acquisitions
Hotel property acquisitions
Revenues	122,732	76,675
Net income	$21,974	$13,399

HOTEL_PROPERTY_ACQUISITIONS_De3

HOTEL PROPERTY ACQUISITIONS (Details 4) (All 2013 and 2014 Acquisitions, USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
All 2013 and 2014 Acquisitions
Hotel property acquisitions
Revenues	$419,595	$379,606
Net income	23,419	17,750
Net income attributable to common stockholders	$6,656	$2,979
Net income per share attributable to common shareholders - basic (in dollars per share)	$0.08	$0.04
Net income per share attributable to common shareholders - diluted (in dollars per share)	$0.08	$0.04

INVESTMENT_IN_HOTEL_PROPERTIES3

INVESTMENT IN HOTEL PROPERTIES (Details) (USD $)	12 Months Ended
INVESTMENT IN HOTEL PROPERTIES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investment in hotel properties
Investment in hotel properties at cost	$1,519,086,000	$1,315,421,000
Less accumulated depreciation	179,671,000	165,454,000
Investment in hotel properties, net	1,339,415,000	1,149,967,000
Depreciation expense	63,300,000	48,900,000	28,000,000
Land
Investment in hotel properties
Investment in hotel properties at cost	164,570,000	154,831,000
Hotel building and improvements
Investment in hotel properties
Investment in hotel properties at cost	1,202,451,000	993,372,000
Construction in progress
Investment in hotel properties
Investment in hotel properties at cost	15,609,000	24,242,000
Furniture, fixtures and equipment
Investment in hotel properties
Investment in hotel properties at cost	$136,456,000	$142,976,000

INVESTMENT_IN_HOTEL_PROPERTIES4

INVESTMENT IN HOTEL PROPERTIES UNDER DEVELOPMENT (Details) (USD $)	Dec. 31, 2014	Jan. 31, 2014
In Millions, unless otherwise specified	Dec. 31, 2014	Jan. 31, 2014
Pending hotel property acquisitions \| Hampton Inn & Suites \| Minneapolis, MN
Investment in hotel properties under development
Aggregate amount of purchase agreements	$38.70
Senior Unsecured Credit Facility
Investment in hotel properties under development
Line of credit	200
Standby letters of credit \| Senior Unsecured Credit Facility
Investment in hotel properties under development
Line of credit	13.8
Standby letters of credit \| Senior Unsecured Credit Facility \| Pending hotel property acquisitions
Investment in hotel properties under development
Line of credit		$13.10

ASSETS_HELD_FOR_SALE_Details

ASSETS HELD FOR SALE (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Assets held for sale
Assets held for sale	$300	$12,224
Land
Assets held for sale
Assets held for sale	300	1,183
Hotel building and improvements
Assets held for sale
Assets held for sale		10,290
Furniture, fixtures and equipment
Assets held for sale
Assets held for sale		$751

RESTRICTED_CASH_Details

RESTRICTED CASH (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Restricted cash
Restricted cash	$34,395	$38,498
Property taxes
Restricted cash
Restricted cash	2,600	2,124
Insurance
Restricted cash
Restricted cash	508	59
Furniture, fixtures and equipment
Restricted cash
Restricted cash	30,301	35,823
Other funds in escrow
Restricted cash
Restricted cash	$986	$492

PREPAID_EXPENSES_AND_OTHER_Det

PREPAID EXPENSES AND OTHER (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
PREPAID EXPENSES AND OTHER
Earnest money and funds in escrow	$1,738	$5,115
Prepaid insurance	1,122	1,316
Other	3,321	2,445
Prepaid expenses and other	$6,181	$8,876

DEFERRED_CHARGES_Details

DEFERRED CHARGES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
DEFERRED CHARGES
Initial franchise fees	$6,435	$5,957
Deferred financing costs	8,628	7,846
Deferred charges, gross	15,063	13,803
Less accumulated amortization	5,422	3,533
Deferred charges, net	9,641	10,270
Amortization expense
Initial franchise fees	485	411	355
Deferred financing costs	1,549	1,854	2,288
Amortization expense	2,034	2,265	2,643
Future amortization expense
2015	2,052
2016	1,740
2017	1,412
2018	922
2019	629
Thereafter	2,886
Deferred charges, net	$9,641	$10,270

OTHER_ASSETS_Details

OTHER ASSETS (Details) (USD $)	12 Months Ended	0 Months Ended
OTHER ASSETS (Details) (USD $)	Dec. 31, 2014	Oct. 30, 2013	Dec. 19, 2013	Dec. 31, 2013
Prepaid land lease	$3,373,000			$3,420,000
Notes receivable	10,779,000			3,121,000
Other				113,000
Total	14,152,000			6,654,000
Notes receivable
Amounts drawn under note funding obligation	7,366,000
Notes receivable
Notes receivable
Interest rate (as a percent)	10.00%
Total note funding obligation	10,000,000
Amounts drawn under note funding obligation	7,400,000
Mortgage loans receivable	2,400,000			2,400,000
Emporia, KS \| Fairfield Inn
Sale of property previously classified as held for sale		1,700,000
Emporia, KS \| Holiday Inn Express
Sale of property previously classified as held for sale			$1,800,000

DEBT_Details

DEBT (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Oct. 09, 2013	Mar. 07, 2013	Mar. 08, 2013	Jul. 22, 2013	Oct. 10, 2013	Jan. 02, 2014	Dec. 27, 2013
	item	Dec. 31, 2013	Oct. 09, 2013	item	item	item	Oct. 10, 2013	Jan. 02, 2014	Dec. 27, 2013
Debt
Number of Properties Encumbered	49
Debt	$626,533,000	$435,589,000
Senior Secured Revolving Credit Facility
Debt
Maximum borrowing capacity			150,000,000
Mortgage Loans
Debt
Number of Properties Encumbered	49
Debt	426,533,000	360,589,000
Mortgage loan with ING Life Insurance and Annuity at 6.10%
Debt
Interest Rate at end of period (as a percent)	6.10%
Amortization period	20 years
Number of Properties Encumbered	14
Debt	62,327,000	64,309,000
Mortgage loan with ING Life Insurance and Annuity at 4.55%
Debt
Interest Rate at end of period (as a percent)	4.55%
Amortization period	25 years
Debt	32,995,000	33,754,000
Mortgage loan with KeyBank National Association at 4.46%
Debt
Interest Rate at end of period (as a percent)	4.46%
Amortization period	30 years
Number of Properties Encumbered	4
Debt	28,489,000	28,965,000
Mortgage loan with KeyBank National Association at 4.52%
Debt
Interest Rate at end of period (as a percent)	4.52%
Amortization period	30 years
Number of Properties Encumbered	3			3
Debt	22,061,000	22,421,000
Mortgage loan with KeyBank National Association at 4.30%
Debt
Interest Rate at end of period (as a percent)	4.30%
Amortization period	30 years
Number of Properties Encumbered	3				3
Debt	21,403,000	21,767,000
Mortgage loan with KeyBank National Association at 4.95%
Debt
Interest Rate at end of period (as a percent)	4.95%
Amortization period	30 years
Number of Properties Encumbered	2					2
Debt	37,939,000	38,497,000
Mortgage loan with Bank of America Commercial Mortgage at 6.41%
Debt
Interest Rate at end of period (as a percent)	6.41%
Amortization period	25 years
Number of Properties Encumbered	1
Debt	8,157,000	8,382,000
Mortgage loan with Merrill Lynch Mortgage Lending Inc. at 6.38%
Debt
Interest Rate at end of period (as a percent)	6.38%
Amortization period	30 years
Number of Properties Encumbered	1
Debt	5,151,000	5,249,000
Mortgage loan with GE Capital Financial Inc due April 1, 2020 one
Debt
Interest Rate at end of period (as a percent)	5.39%
Amortization period	25 years
Number of Properties Encumbered	1
Debt	9,300,000	9,476,000
Mortgage loan with GE Capital Financial Inc due April 1, 2020 two
Debt
Interest Rate at end of period (as a percent)	5.39%
Amortization period	25 years
Number of Properties Encumbered	1
Debt	5,007,000	5,103,000
Mortgage loan with MetaBank due August 1, 2018
Debt
Interest Rate at end of period (as a percent)	4.25%
Amortization period	20 years
Number of Properties Encumbered	1
Debt	7,104,000	7,348,000
Mortgage loan with Bank of Cascades due September 30, 2021
Debt
Interest Rate at end of period (as a percent)	4.66%
Amortization period	25 years
Debt		11,986,000
Mortgage loan with Bank Of Cascades due December 19, 2024, Note A
Debt
Interest Rate at end of period (as a percent)	2.17%
Amortization period	25 years
Number of Properties Encumbered	1
Debt	9,800,000
Mortgage loan with Bank Of Cascades due December 19, 2024, Note B
Debt
Interest Rate at end of period (as a percent)	4.30%
Amortization period	25 years
Debt	9,800,000
Mortgage loan with Goldman Sachs at 5.67%
Debt
Interest Rate at end of period (as a percent)	5.67%
Amortization period	25 years
Number of Properties Encumbered	2
Debt	13,787,000	14,090,000
Mortgage loan with Compass Bank due May 17, 2018
Debt
Interest Rate at end of period (as a percent)	4.57%
Amortization period	20 years
Number of Properties Encumbered	1
Debt	12,505,000	13,325,000
Mortgage loan with Compass Bank due May 6, 2020
Debt
Interest Rate at end of period (as a percent)	2.57%
Amortization period	25 years
Number of Properties Encumbered	3
Debt	24,637,000
Mortgage loan with General Electric Capital Corporation due April 1, 2020, one
Debt
Interest Rate at end of period (as a percent)	5.39%
Amortization period	25 years
Number of Properties Encumbered	1
Debt	5,266,000	5,371,000
Mortgage loan with General Electric Capital Corporation due April 1, 2020, two
Debt
Interest Rate at end of period (as a percent)	5.39%
Amortization period	25 years
Number of Properties Encumbered	1
Debt	6,167,000	6,290,000
Mortgage loan with General Electric Capital Corporation due April 1, 2018
Debt
Interest Rate at end of period (as a percent)	4.82%
Amortization period	20 years
Number of Properties Encumbered	1
Debt	7,213,000	7,612,000
Mortgage loan with General Electric Capital Corporation due March 1, 2019
Debt
Interest Rate at end of period (as a percent)	5.03%
Amortization period	25 years
Number of Properties Encumbered	1
Debt	9,775,000	10,108,000
Mortgage loan with AIG at 6.11%
Debt
Interest Rate at end of period (as a percent)	6.11%
Amortization period	20 years
Number of Properties Encumbered	1
Debt	12,938,000	13,516,000
Mortgage loan with Greenwich Capital Financial Products Inc. due January 6, 2016
Debt
Interest Rate at end of period (as a percent)	6.20%
Amortization period	30 years
Number of Properties Encumbered	1
Debt	22,711,000	23,107,000
Mortgage loan with Wells Fargo Bank, National Association at 5.53%
Debt
Interest Rate at end of period (as a percent)	5.53%
Amortization period	25 years
Number of Properties Encumbered	1
Debt	3,523,000	3,652,000
Mortgage loan with Wells Fargo Bank, National Association at 5.57%
Debt
Interest Rate at end of period (as a percent)	5.57%
Amortization period	25 years
Number of Properties Encumbered	1
Debt	6,038,000	6,261,000
Mortgage loan with US Bank, NA at 6.22%
Debt
Interest Rate at end of period (as a percent)	6.22%
Amortization period	30 years
Number of Properties Encumbered	1
Debt	17,536,000
Mortgage loan with US Bank, NA at 6.13%
Debt
Interest Rate at end of period (as a percent)	6.13%
Amortization period	25 years
Number of Properties Encumbered	1
Debt	11,819,000
Mortgage loan with US Bank, NA at 5.98%
Debt
Interest Rate at end of period (as a percent)	5.98%
Amortization period	30 years
Number of Properties Encumbered	1
Debt	13,085,000
Senior Unsecured Credit Facility
Debt
Maximum borrowing capacity							300,000,000
Debt	200,000,000	75,000,000
Senior Unsecured Credit Facility \| $75 Million Term Loan
Debt
Maximum borrowing capacity	75,000,000						75,000,000	75,000,000	75,000,000
Interest Rate at end of period (as a percent)	3.94%							3.94%
Debt	75,000,000	75,000,000
Senior Unsecured Credit Facility \| $225 Million Revolver
Debt
Maximum borrowing capacity	225,000,000						225,000,000
Interest Rate at end of period (as a percent)	2.07%
Debt	$125,000,000

DEBT_Details_2

DEBT (Details 2) (USD $)

12 Months Ended

0 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Aug. 02, 2013

Jan. 25, 2013

Mar. 07, 2013

Mar. 08, 2013

Jul. 22, 2013

Mar. 28, 2014

Jul. 26, 2013

Dec. 19, 2014

6-May-14

Oct. 31, 2013

Jan. 09, 2014

Jan. 10, 2014

Mar. 14, 2014

Sep. 05, 2013

Oct. 09, 2013

Oct. 11, 2012

Oct. 30, 2013

23-May-13

Oct. 10, 2013

Jan. 02, 2014

Dec. 27, 2013

item

loan

Debt

Debt obligation incurred

$263,601,000

$587,245,000

$130,659,000

Number of hotel properties securing debt

Debt paid off

115,829,000

497,801,000

82,312,000

Designated as a hedge

Debt

Notional value of interest rate derivative

103,002,000

104,273,000

Senior Secured Revolving Credit Facility

Debt

Maximum borrowing capacity

150,000,000

Mortgage loan with ING Life Insurance and Annuity at 4.55%

Debt

Debt obligation incurred

34,000,000

Fixed interest rate (as a percent)

4.55%

Effective interest Rate (as a percent)

4.55%

Amortization period

25 years

Mortgage loan with ING Life Insurance and Annuity at 6.10%

Debt

Effective interest Rate (as a percent)

6.10%

Reduction in collateral

3,900,000

Number of hotel properties securing debt

Amortization period

20 years

Mortgage loans with ING Life Insurance and Annuity

Debt

Number of hotel properties securing debt

Number of loans

Mortgage loan with KeyBank National Association at 4.46%

Debt

Debt obligation incurred

29,400,000

Fixed interest rate (as a percent)

4.46%

Effective interest Rate (as a percent)

4.46%

Number of hotel properties to remain unencumbered

Number of hotel properties securing debt

Amortization period

30 years

Mortgage loan with KeyBank National Association at 4.52%

Debt

Debt obligation incurred

22,700,000

Fixed interest rate (as a percent)

4.52%

Effective interest Rate (as a percent)

4.52%

Number of hotel properties securing debt

Amortization period

30 years

Mortgage loan with KeyBank National Association at 4.30%

Debt

Debt obligation incurred

22,000,000

Fixed interest rate (as a percent)

4.30%

Effective interest Rate (as a percent)

4.30%

Number of hotel properties securing debt

Amortization period

30 years

Mortgage loan with KeyBank National Association at 4.95%

Debt

Debt obligation incurred

38,700,000

Fixed interest rate (as a percent)

4.95%

Effective interest Rate (as a percent)

4.95%

Number of hotel properties securing debt

Amortization period

30 years

Mortgage loan with GE Capital Financial Inc. amended

Debt

Number of loans

Mortgage loan with GE Capital Financial Inc due April 1, 2020 one

Debt

Fixed interest rate (as a percent)

5.39%

Effective interest Rate (as a percent)

5.39%

Number of hotel properties securing debt

Amortization period

25 years

Mortgage loan with GE Capital Financial Inc due April 1, 2020 two

Debt

Fixed interest rate (as a percent)

5.39%

Effective interest Rate (as a percent)

5.39%

Number of hotel properties securing debt

Amortization period

25 years

Mortgage loan with MetaBank due August 1, 2018

Debt

Debt obligation incurred

7,400,000

Fixed rate up to reset date

4.25%

Effective interest Rate (as a percent)

4.25%

Number of hotel properties securing debt

Additional proceeds to be received after attaining performance level

1,300,000

Amortization period

20 years

Mortgage loan with MetaBank due August 1, 2018 | Period until July 26, 2015

Debt

Prepayment penalties (as a percent)

3.00%

Mortgage loan with MetaBank due August 1, 2018 | Period from July 26, 2015 until July 26, 2017

Debt

Prepayment penalties (as a percent)

2.00%

Mortgage loan with MetaBank due August 1, 2018 | Period from July 26, 2017 until February 1, 2018

Debt

Prepayment penalties (as a percent)

1.00%

Mortgage loan with Bank of Cascades due September 30, 2021

Debt

Effective interest Rate (as a percent)

4.66%

Number of loans

Refinanced loan increase

7,900,000

Amortization period

25 years

Mortgage loan with Bank Of Cascades due December 19, 2024, Note A

Debt

Debt obligation incurred

9,800,000

Effective interest Rate (as a percent)

2.17%

Number of hotel properties securing debt

Amortization period

25 years

Mortgage loan with Bank Of Cascades due December 19, 2024, Note A | LIBOR

Debt

Variable rate basis

30-day Libor

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

2.00%

Mortgage loan with Bank Of Cascades due December 19, 2024, Note B

Debt

Debt obligation incurred

9,800,000

Fixed interest rate (as a percent)

4.30%

Effective interest Rate (as a percent)

4.30%

Amortization period

25 years

Mortgage loan with Compass Bank due May 17, 2018

Debt

Effective interest Rate (as a percent)

4.57%

Number of hotel properties securing debt

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

85.00%

Amortization period

20 years

Mortgage loan with Compass Bank due May 17, 2018 | LIBOR

Debt

Variable rate basis

30-day LIBOR

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

3.50%

Variable interest rate (as a percent)

3.67%

Mortgage loan with Compass Bank due May 6, 2020

Debt

Debt obligation incurred

25,000,000

Effective interest Rate (as a percent)

2.57%

Number of hotel properties securing debt

Amortization period

25 years

Mortgage loan with Compass Bank due May 6, 2020 | LIBOR

Debt

Variable rate basis

30-day LIBOR

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

2.40%

Mortgage Loans with General Electric Capital Corporation amended

Debt

Number of loans

Term mortgage loan | Interest rate derivative financial instruments

Debt

Notional value of interest rate derivative

10,300,000

Term mortgage loan | Interest rate derivative financial instruments | Maximum

Debt

Derivative termination costs

-100,000

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

Debt

Effective interest Rate (as a percent)

4.82%

Number of hotel properties securing debt

Amortization period

20 years

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

Debt

Variable rate basis

90-day LIBOR

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

3.50%

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

Debt

Effective interest Rate (as a percent)

5.03%

Number of hotel properties securing debt

Amortization period

25 years

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

Debt

Variable rate basis

90-day LIBOR

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

3.50%

Mortgage loan with AIG at 6.11%

Debt

Effective interest Rate (as a percent)

6.11%

Number of hotel properties securing debt

Amortization period

20 years

Mortgage loan with AIG at 6.11% | Minimum

Debt

Prepayment penalties (as a percent)

1.00%

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

Debt

Fixed interest rate (as a percent)

6.20%

Effective interest Rate (as a percent)

6.20%

Number of hotel properties securing debt

Amortization period

30 years

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

Debt

Fixed interest rate (as a percent)

5.53%

Effective interest Rate (as a percent)

5.53%

Number of hotel properties securing debt

Amortization period

25 years

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

Debt

Fixed interest rate (as a percent)

5.57%

Effective interest Rate (as a percent)

5.57%

Number of hotel properties securing debt

Amortization period

25 years

Mortgage loan with General Electric Capital Corporation due April 1, 2020, one

Debt

Fixed interest rate (as a percent)

5.39%

Effective interest Rate (as a percent)

5.39%

Number of hotel properties securing debt

Amortization period

25 years

Mortgage loan with General Electric Capital Corporation due April 1, 2020, two

Debt

Fixed interest rate (as a percent)

5.39%

Effective interest Rate (as a percent)

5.39%

Number of hotel properties securing debt

Amortization period

25 years

Mortgage loan with US Bank, NA at 6.22%

Debt

Fixed interest rate (as a percent)

6.22%

Effective interest Rate (as a percent)

6.22%

Number of hotel properties securing debt

Amortization period

30 years

Debt Assumed

17,800,000

Mortgage loan with US Bank, NA at 6.13%

Debt

Fixed interest rate (as a percent)

6.13%

Effective interest Rate (as a percent)

6.13%

Number of hotel properties securing debt

Amortization period

25 years

Debt Assumed

12,000,000

Mortgage loan with US Bank, NA at 5.98%

Debt

Fixed interest rate (as a percent)

5.98%

Effective interest Rate (as a percent)

5.98%

Number of hotel properties securing debt

Amortization period

30 years

Debt Assumed

13,300,000

Senior secured interim loan

Debt

Maximum borrowing capacity

92,000,000

Senior Unsecured Credit Facility

Debt

Maximum borrowing capacity

300,000,000

Maximum increase in borrowing capacity available through accordion feature option

100,000,000

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

0.30%

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

0.20%

Threshold for determining unused fees payable (as a percent)

50.00%

Line of credit current borrowing capacity

300,000,000

Number of unencumbered hotel properties

Line of credit outstanding

200,000,000

Amount available for borrowing

86,200,000

Senior Unsecured Credit Facility | Minimum

Debt

Number of unencumbered hotel properties

Senior Unsecured Credit Facility | LIBOR advances | LIBOR

Debt

Variable rate basis

1, 2, 3, or 6-month LIBOR

Senior Unsecured Credit Facility | LIBOR advances | LIBOR | Minimum

Debt

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

1.75%

Senior Unsecured Credit Facility | LIBOR advances | LIBOR | Maximum

Debt

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

2.50%

Senior Unsecured Credit Facility | Base rate advances | Base rate

Debt

Variable rate basis

base rate

Senior Unsecured Credit Facility | Base rate advances | Base rate | Minimum

Debt

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

0.75%

Senior Unsecured Credit Facility | Base rate advances | Base rate | Maximum

Debt

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

1.50%

Senior Unsecured Credit Facility | Base rate advances | LIBOR

Debt

Variable rate basis

1-month LIBOR

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

1.00%

Senior Unsecured Credit Facility | Base rate advances | Prime rate

Debt

Variable rate basis

prime rate

Senior Unsecured Credit Facility | Base rate advances | Federal funds rate

Debt

Variable rate basis

federal funds rate

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

0.50%

Senior Unsecured Credit Facility | $225 Million Revolver

Debt

Maximum borrowing capacity

225,000,000

Effective interest Rate (as a percent)

2.07%

Senior Unsecured Credit Facility | $75 Million Term Loan

Debt

Maximum borrowing capacity

75,000,000

Effective interest Rate (as a percent)

3.94%

Senior Unsecured Credit Facility | $75 Million Term Loan | Designated as a hedge | Interest rate derivative financial instruments

Debt

Notional value of interest rate derivative

75,000,000

Senior Unsecured Credit Facility | $75 Million Term Loan | LIBOR | Interest rate derivative financial instruments

Debt

Variable rate basis

LIBOR

Fixed rate with derivative (as a percent)

2.04%

Senior Unsecured Credit Facility | Standby letters of credit

Debt

Line of credit outstanding

$13,800,000

Houston, TX | Hilton Garden Inn

Debt

Number of guestrooms

182

Santa Barbara (Goleta), CA | Hampton Inn

Debt

Number of guestrooms

San Francisco, CA | Double Tree by Hilton

Debt

Number of guestrooms

210

DEBT_Details_3

DEBT (Details 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Maturities of long-term debt for each of the next five years
2015	$14,638
2016	98,021
2017	141,893
2018	105,310
2019	16,318
Thereafter	250,353
Total	626,533	435,589
Weighted average interest rate, after giving effect to interest rate derivatives (as a percent)	4.35%	5.03%
Debt
Fixed-rate debt	465,220	358,590
Variable-rate debt	161,313	76,999
Total	626,533	435,589
Not recorded at fair value
Debt
Fixed-rate debt	362,602	329,544
Fair Value \| Level 2 - Market approach
Debt
Fixed-rate debt	349,517	319,429
Carried at fair value
Debt
Variable-rate debt	$102,600	$104,000

ACCRUED_EXPENSES_Details

ACCRUED EXPENSES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
ACCRUED EXPENSES
Accrued taxes	$13,346	$10,359
Accrued salaries and benefits	8,863	7,178
Accrued interest	2,095	1,721
Accrued expenses at hotels and other	13,758	7,896
Total	$38,062	$27,154

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Commitments and contingencies
Remaining prepaid balance of land lease	$3,373,000	$3,420,000
Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year
2015	817,000
2016	830,000
2017	836,000
2018	728,000
2019	719,000
Thereafter	50,660,000
Total	54,590,000
Ground Leases
Commitments and contingencies
Total rent expense	1,100,000	500,000	500,000
Ground Leases \| Duluth, GA
Commitments and contingencies
Number of hotel properties for which land is leased	1
Ground Leases \| Portland, OR
Commitments and contingencies
Number of hotel properties for which land is leased	2
Remaining prepaid balance of land lease	$3,400,000	$3,400,000
Number of options to extend lease	1
Lease renewal period	14 years
Ground Leases \| Houston (Galleria Area), TX
Commitments and contingencies
Number of hotel properties for which land is leased	1
Number of options to extend lease	1
Lease renewal period	10 years
Ground Leases \| Austin, TX
Commitments and contingencies
Number of hotel properties for which land is leased	1
Ground Leases \| Long Island (Garden City), NY
Commitments and contingencies
Number of hotel properties for which land is leased	1

COMMITMENTS_AND_CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details 2) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Franchise agreements
Commitments and contingencies
Fees related to the agreement	$33.60	$27.70	$20.70
Franchise agreements \| Minimum
Commitments and contingencies
Agreement term	10 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	2.00%
Franchise agreements \| Maximum
Commitments and contingencies
Agreement term	20 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	6.00%
Marketing fees payable as a percentage of gross revenue	4.00%
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures	5.00%
Management agreements
Commitments and contingencies
Fees related to the agreement	$16.10	$13.50	$9.20
Management agreements \| Minimum
Commitments and contingencies
Agreement term	3 years
Management agreements \| Maximum
Commitments and contingencies
Agreement term	25 years

COMMITMENTS_AND_CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details 3) (USD $)	0 Months Ended	1 Months Ended
COMMITMENTS AND CONTINGENCIES (Details 3) (USD $)	Jun. 19, 2014	Jul. 31, 2014	Dec. 31, 2014
Mr. Becker \| Severance and release agreement
Commitments and contingencies
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
Pending hotel property acquisitions \| Hampton Inn & Suites \| Hotel properties
Commitments and contingencies
Aggregate amount of purchase agreements			$38,700,000

EQUITY_Details

EQUITY (Details) (USD $)	12 Months Ended			0 Months Ended
EQUITY (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Mar. 20, 2013	28-May-14	Mar. 01, 2013	Sep. 19, 2013	Jan. 14, 2013
Equity
Common stock, shares authorized	500,000,000		500,000,000
Common stock, par value (in dollars per share)	$0.01		$0.01
Proceeds from equity offerings, net of offering costs	$381,795,000	$178,858,000
Preferred stock, shares authorized	100,000,000		100,000,000
Preferred stock, par value (in dollars per share)	$0.01		$0.01
Stock Options
Equity
Exercise price (in dollars per share)			$9.75
9.25% Series A Preferred Stock
Equity
Preferred stock, shares authorized	2,000,000		2,000,000
Preferred stock, dividend rate (as a percent)	9.25%		9.25%
Preferred stock, liquidation preference (in dollars per share)	$25		$25
Annual dividend rate per share (in dollars per share)	$2.31
9.25% Series A Preferred Stock \| Maximum \| Change in control provision
Equity
Ratio for conversion			5.92417
7.875% Series B Preferred Stock
Equity
Preferred stock, shares authorized	3,000,000		3,000,000
Preferred stock, dividend rate (as a percent)	7.88%		7.88%
Preferred stock, liquidation preference (in dollars per share)	$25		$25
Annual dividend rate per share (in dollars per share)	$1.97
7.875% Series B Preferred Stock \| Maximum \| Change in control provision
Equity
Ratio for conversion			5.6497
7.125% Series C Preferred Stock
Equity
New issued stock (in shares)				3,400,000
Proceeds from equity offerings, net of offering costs				81,700,000
Underwriting discount and offering-related expenses				3,300,000
Preferred stock, shares authorized	3,400,000		3,400,000
Preferred stock, dividend rate (as a percent)	7.13%		7.13%
Preferred stock, liquidation preference (in dollars per share)	$25		$25
Annual dividend rate per share (in dollars per share)	$1.78
7.125% Series C Preferred Stock \| Maximum \| Change in control provision
Equity
Ratio for conversion			5.144
Common Stock
Equity
Shares of common stock issued to redeem common units	4,414,950	4,873,625	438,631
Equity-based compensation (in shares)	327,806	208,027	321,269
Restricted stock, shares withheld to cover employee tax obligations			12,588
Common Stock \| Stock Options
Equity
Equity-based compensation (in shares)			4,253
Common Stock \| Executive officers and employees
Equity
Stock issued to officers and directors (in shares)					278,916
Stock forfeited (in shares)			1,756
Common Stock \| Executive officers
Equity
Stock issued to officers and directors (in shares)						292,090
Common Stock \| Director
Equity
Stock issued to officers and directors (in shares)	29,228		32,317
Shares issued in lieu of cash for director fees	6,488		7,539
Common Stock \| Public offering
Equity
New issued stock (in shares)							17,250,000	17,250,000
Proceeds from equity offerings, net of offering costs							152,000,000	148,100,000
Underwriting discount and offering-related expenses							$6,500,000	$7,200,000

EQUITY_Details_2

EQUITY (Details 2) (USD $)	12 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014	Mar. 31, 2014
Remaining non-controlling interest acquired	$8,232
Noncontrolling Interest \| Operating partnership
Number of common units of operating partnership owned by unaffiliated third parties	784,968	811,425
Percentage of limited partnership interest in operating partnership	1.00%	1.00%
Noncontrolling Interest \| Joint venture
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			$8,200

BENEFIT_PLANS_Details

BENEFIT PLANS (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
BENEFIT PLANS
Employer contribution expense	$0.20	$0.10	$0.10

EQUITYBASED_COMPENSATION_Detai

EQUITY-BASED COMPENSATION (Details)	12 Months Ended
EQUITY-BASED COMPENSATION (Details)	Dec. 31, 2014	Dec. 31, 2013
Stock Options \| Minimum
Equity-based compensation expense
Term of option	5 years
Stock Options \| Maximum
Equity-based compensation expense
Term of option	10 years
2011 Equity Incentive Plan
Equity-based compensation expense
Shares reserved for issuance	9,669,896	10,485,951

EQUITYBASED_COMPENSATION_Detai1

EQUITY-BASED COMPENSATION (Details 2) (Stock Options, USD $)	0 Months Ended	11 Months Ended	12 Months Ended
	Feb. 15, 2011	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock Options
Equity-based compensation expense
Options granted (in shares)	940,000
Exercise price of options granted (in dollars per share)	$9.75
Vesting period			5 years
Assumptions used to compute the fair value of options granted was estimated using the Black-Scholes valuation model
Expected dividend yield (as a percent)		5.09%
Expected stock price volatility (as a percent)		56.60%
Risk-free interest rate (as a percent)		2.57%
Expected life of options		6 years 6 months
Weighted average estimated fair value of options at grant date per share (in dollars per share)		$3.48
Number of Options
Outstanding at the beginning of period (in shares)			893,000	893,000
Granted (in shares)	940,000
Exercised (in shares)			-47,000
Outstanding at the end of period (in shares)			846,000	893,000	893,000
Exercisable at the end of period (in shares)			507,600
Weighted Average Exercise Price
Outstanding at the beginning of period (in dollars per share)			$9.75	$9.75
Granted (in dollars per share)	$9.75
Exercised (in dollars per share)			$9.75
Outstanding at the end of period (in dollars per share)			$9.75	$9.75	$9.75
Exercisable at the end of period (in dollars per share)			$9.75
Weighted Average Remaining Contractual Terms
Outstanding at the end of period			6 years 2 months 12 days
Exercisable at the end of period			6 years 2 months 12 days
Aggregate Intrinsic Value (Current Value Less Exercise Price)
Outstanding at the end of period			$2,276,000	$0
Exercisable at the end of period			1,365,000
Stock options
Total fair value of options vested			$700,000	$600,000	$600,000

EQUITYBASED_COMPENSATION_Detai2

EQUITY-BASED COMPENSATION (Details 3) (Restricted Stock Awards, USD $)	0 Months Ended			12 Months Ended			0 Months Ended
	28-May-14	Mar. 02, 2013	Apr. 25, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 19, 2014
Time-based awards vesting period, one
Performance-based restricted stock awards
Vesting percentage	25.00%	25.00%	25.00%
Time-based awards vesting period, two
Performance-based restricted stock awards
Vesting percentage	25.00%	25.00%	25.00%
Time-based awards vesting period, three
Performance-based restricted stock awards
Vesting percentage	50.00%	50.00%	50.00%
Time-Based
Performance-based restricted stock awards
Vesting period	3 years	3 years	3 years
Number of Shares
Non-vested at the beginning of period (in shares)				161,587	82,603
Granted (in shares)	116,981	106,518	110,137	116,981	106,518
Vested (in shares)				-95,696	-27,534
Forfeited (in shares)				-1,756
Non-vested at the end of period (in shares)				181,116	161,587	82,603
Weighted Average Grant Date Fair Value
Non-vested at the beginning of period (in dollars per share)				$9.10	$8
Granted (in dollars per share)				$9.82	$9.78
Vested (in dollars per share)				$8.63	$7.78
Forfeited (in dollars per share)				$9.82
Non-vested at the end of period (in dollars per share)				$9.81	$9.10	$8
Aggregate Current Value
Non-vested at the end of period				$2,253,000
Total fair value of awards vested				$800,000	$200,000	$200,000
Severance and release agreement \| Mr. Becker \| Time-Based
Number of Shares
Vested (in shares)							23,035

EQUITYBASED_COMPENSATION_Detai3

EQUITY-BASED COMPENSATION (Details 4) (Restricted Stock Awards, Performance-Based, USD $)	0 Months Ended			12 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	28-May-14	Mar. 02, 2013	Apr. 25, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 19, 2014
	28-May-14	Mar. 02, 2013	Apr. 25, 2012	item	item	Jun. 19, 2014
Performance-based restricted stock awards
Vesting period	3 years	3 years	3 years
Assumptions used to compute the fair value of options granted was estimated using the Black-Scholes valuation model
Expected dividend yield (as a percent)				4.48%	4.52%
Expected stock price volatility (as a percent)				27.90%	38.50%
Risk-free interest rate, minimum (as a percent)				0.06%	0.15%
Risk-free interest rate, maximum (as a percent)				0.60%	0.51%
Monte Carlo iterations				100,000	100,000
Weighted average estimated fair value of options at grant date per share (in dollars per share)				$7.12	$7.09
Number of Shares
Non-vested at the beginning of period (in shares)				268,174	82,602
Granted (in shares)	161,935	185,572	82,602	161,935	185,572
Vested (in shares)				-45,551
Non-vested at the end of period (in shares)				384,558	268,174
Weighted Average Grant Date Fair Value
Non-vested at the beginning of period (in dollars per share)				$6.48	$7.78
Granted (in dollars per share)				$7.12	$7.09
Vested (in dollars per share)				$6.50
Non-vested at the end of period (in dollars per share)				$6.75	$6.48
Aggregate Current Value
Non-vested at the end of period				$4,784
Performance Period, one
Performance-based restricted stock awards
Designated performance period to measure performance based on which share based awards vests				1 year
Performance Period, two
Performance-based restricted stock awards
Designated performance period to measure performance based on which share based awards vests				2 years
Performance Period, three
Performance-based restricted stock awards
Designated performance period to measure performance based on which share based awards vests				3 years
Mr. Becker \| Severance and release agreement
Number of Shares
Vested (in shares)						45,551

EQUITYBASED_COMPENSATION_Detai4

EQUITY-BASED COMPENSATION (Details 5) (USD $)	12 Months Ended
EQUITY-BASED COMPENSATION (Details 5) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity-based compensation expense
Share based compensation	$3,524,000	$2,124,000	$1,205,000
Unrecognized compensation expense
Unrecognized compensation costs related to non-vested awards	2,800,000
Share based compensation non-vested awards period of recognition	10 months 24 days
Compensation expense to be recognized
2015	2,000,000
2016	700,000
2017	100,000
Corporate general and administrative
Equity-based compensation expense
Share based compensation		1,781,000	1,085,000
Corporate general and administrative \| Stock Options
Equity-based compensation expense
Share based compensation	675,000	622,000	700,000
Corporate general and administrative \| Restricted Stock Awards
Equity-based compensation expense
Share based compensation	1,483,000	548,000	171,000
Corporate general and administrative \| Restricted Stock Awards \| Time-Based
Equity-based compensation expense
Share based compensation	960,000	611,000	214,000
Corporate general and administrative \| Stock awards \| Director
Equity-based compensation expense
Share based compensation	$406,000	$343,000	$120,000
Common Stock \| Director
Equity-based compensation expense
Stock issued to officers and directors (in shares)	32,317	29,228
Shares issued in lieu of cash for director fees	7,539	6,488

LOSS_ON_IMPAIRMENT_OF_ASSETS_D

LOSS ON IMPAIRMENT OF ASSETS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets held for sale
Loss on impairment of assets	$8,847	$1,369	$660
San Antonio, TX \| Land
Assets held for sale
Number of properties	3
Area of land parcel	5.64
Hotel properties and land parcels \| San Antonio, TX
Assets held for sale
Loss on impairment of assets	8,200
Hotel properties
Assets held for sale
Discontinued operations, loss on impairment of assets	400	7,675	2,305
Land
Assets held for sale
Loss on impairment of assets		1,400	700
Land \| Spokane, WA
Assets held for sale
Loss on impairment of assets	$700

DERIVITIVE_FINANCIAL_INSTRUMEN2

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Details) (USD $)	12 Months Ended	0 Months Ended
	Dec. 31, 2014	Oct. 31, 2013	Sep. 05, 2013	Dec. 31, 2013	Oct. 10, 2013	Jan. 02, 2014	Dec. 27, 2013	Oct. 30, 2013
Derivative financial instruments and hedging
Maximum length of time over which instruments are hedged	6 years
Fair Value
Assets	$66,000			$253,000
Liability	-1,957,000			-1,772,000
Senior Unsecured Credit Facility
Derivative financial instruments and hedging
Maximum borrowing capacity					300,000,000
Senior Unsecured Credit Facility \| $75 Million Term Loan
Derivative financial instruments and hedging
Maximum borrowing capacity	75,000,000				75,000,000	75,000,000	75,000,000
Effective interest Rate (as a percent)	3.94%					3.94%
Interest rate derivative financial instruments
Fair Value
Aggregate derivative contract termination value	2,100,000
Interest rate derivative financial instruments \| Term mortgage loan
Notional Amount
Total								10,300,000
Interest rate derivative financial instruments \| Term mortgage loan \| Maximum
Derivative financial instruments and hedging
Termination costs		100,000
Interest rate derivative financial instruments \| Senior Unsecured Credit Facility \| $75 Million Term Loan \| LIBOR
Derivative financial instruments and hedging
Variable rate basis			LIBOR
Fixed rate with derivative (as a percent)			2.04%
Designated as a hedge
Number of Instruments
Total	4			4
Notional Amount
Total	103,002,000			104,273,000
Fair Value
Net liability	-1,891,000			-1,519,000
Designated as a hedge \| Interest rate derivative financial instruments
Number of Instruments
Asset	3			3
Liability	1			1
Notional Amount
Assets	28,002,000			29,273,000
Liability	75,000,000			75,000,000
Fair Value
Assets	66,000			253,000
Liability	-1,957,000			-1,772,000
Designated as a hedge \| Interest rate derivative financial instruments \| Senior Unsecured Credit Facility \| $75 Million Term Loan
Notional Amount
Total			75,000,000

DERIVITIVE_FINANCIAL_INSTRUMEN3

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Details 2) (Interest rate derivative financial instruments, USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative instruments, gain (loss) recognized
Estimated reclassification from other comprehensive income as an increase to interest expense in 2015	$1,500,000
Cash flow hedges
Derivative instruments, gain (loss) recognized
Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	-2,112,000	-1,240,000	-786,000
Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion)	-1,000	2,000	-2,000
Cash flow hedges \| Interest expense.
Derivative instruments, gain (loss) recognized
Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	($1,741,000)	($359,000)	($147,000)

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Income taxes
Deferred tax asset	$3.80	$5.80
Deferred tax liability	1.1	0.7
Valuation allowance related to NOL carryforwards	2.4	5
Decrease in valuation allowance related to NOL carryforwards	2.6
NOL carryforwards used	6.6
TSRs
Income taxes
Federal and state NOL carryforwards	7.6	15.2
Prior year tax provision	$1

INCOME_TAXES_Details_2

INCOME TAXES (Details 2) (USD $)	12 Months Ended
INCOME TAXES (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
INCOME TAXES
Unrecognized tax benefits	$0
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs
TSR income tax expense (benefit)	744,000	4,894,000	-728,000
Current:
Federal	133,000
State and local	712,000	408,000	512,000
Deferred:
Federal		3,352,000	-1,531,000
State and local	-127,000	597,000	-270,000
Total provision (benefit)	718,000	4,357,000	-1,289,000
Income tax expense (benefit)
From continuing operations	744,000	4,894,000	-728,000
From discontinued operations	-26,000	-537,000	-561,000
Total provision (benefit)	718,000	4,357,000	-1,289,000
TSRs
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs
Tax provision (benefit) at U.S. statutory rates on TRSs income (loss) subject to tax	2,024,000	-809,000
State income tax, net of federal income tax benefit	77,000	-120,000
Effect of permanent differences and other	1,326,000	-152,000
Increase (decrease) in valuation allowance	-2,580,000	5,029,000
Other	-599,000
TSR income tax expense (benefit)	248,000	3,948,000
Income tax expense (benefit)
From continuing operations	248,000	3,948,000
State and local \| Accrued expenses \| Operating partnership
Income taxes
Current tax liabilities	$500,000	$300,000

FAIR_VALUE_Details

FAIR VALUE (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Assets:
Assets held for sale	$300	$12,224
Derivative financial instruments	66	253
Liabilities:
Derivative liability	1,957	1,772
Fixed-rate debt	465,220	358,590
Asset transfers between Level 2 to Level 1	0	0
Asset transfers between Level 1 to Level 2	0	0
Liability transfers between Level 1 to Level 2	0	0
Liability transfers between Level 2 to Level 1	0	0
Recurring basis \| Level 2 - Market approach
Assets:
Assets held for sale	300	12,224
Recurring basis \| Level 2 - Market approach \| Interest rate derivative financial instruments
Assets:
Derivative financial instruments	66	253
Liabilities:
Derivative liability	1,957	1,772
Recurring basis \| Fair Value
Assets:
Assets held for sale	300	12,224
Recurring basis \| Fair Value \| Interest rate derivative financial instruments
Assets:
Derivative financial instruments	66	253
Liabilities:
Derivative liability	$1,957	$1,772

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Discontinued operations
Income tax benefit									$26	$537	$561
Income (loss) from discontinued operations	214	-59	-41	378	1,780	-3,410	545	357	492	-728	4,677
Income (loss) from discontinued operations attributable to common stockholders									486	-703	3,870
Hotel properties
Discontinued operations
REVENUE									3,128	19,458	33,193
Hotel operating expenses									2,304	14,859	24,701
Depreciation and amortization									13	1,960	4,226
Loss on impairment of assets									400	7,675	2,305
Income (loss) from hotel operations									411	-5,036	1,961
Interest expense										-174	-855
Other income									55	3,945	3,010
Income (loss) before taxes									466	-1,265	4,116
Income tax benefit									26	537	561
Income (loss) from discontinued operations									492	-728	4,677
Income (loss) from discontinued operations attributable to noncontrolling interest									6	-25	807
Income (loss) from discontinued operations attributable to common stockholders									$486	($703)	$3,870

EARNINGS_LOSS_PER_SHARE_Detail

EARNINGS (LOSS) PER SHARE (Details) (Stock Options)	12 Months Ended
EARNINGS (LOSS) PER SHARE (Details) (Stock Options)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock Options
Anti-dilutive options excluded from computation of diluted earnings per share
Anti-dilutive options excluded from computation of diluted earnings per share (in shares)	846,000	893,000	893,000

EARNINGS_LOSS_PER_SHARE_Detail1

EARNINGS (LOSS) PER SHARE (Details 2) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Numerator:
Income (loss) from continuing operations	$4,517	$3,766	$9,201	$2,947	($3,855)	$2,837	$6,126	$1,517	$20,431	$6,625	($6,947)
Less: Preferred dividends									16,588	14,590	4,625
Allocation to participating securities									94	73	37
Attributable to noncontrolling interest									46	44	-2,001
Income (loss) from continuing operations attributable to common stockholders									3,703	-8,082	-9,608
Income (loss) from discontinued operations attributable to common stockholders									486	-703	3,870
Net income (loss) attributable to common stockholders, net of amount allocated to participating securities									$4,189	($8,785)	($5,738)
Denominator:
Weighted average common shares outstanding - basic									85,242	70,327	33,717
Dilutive effect of equity-based compensation awards (in shares)									324
Weighted average common shares outstanding - diluted									85,566	70,327	33,717
Earnings per common share - basic and diluted:
Net income (loss) from continuing operations (in dollars per share)	$0.01	($0.01)	$0.06	($0.01)	($0.09)	($0.02)	$0.03	($0.03)	$0.04	($0.11)	($0.28)
Net income (loss) from discontinued operations (in dollars per share)					$0.02	($0.05)	$0.01	$0.01	$0.01	($0.01)	$0.11
Basic and diluted net income (loss) per share (in dollars per share)	$0.01	($0.01)	$0.06	($0.01)	($0.07)	($0.07)	$0.04	($0.02)	$0.05	($0.12)	($0.17)

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	12 Months Ended			0 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 30, 2015	Feb. 02, 2015	Jan. 02, 2015	Jan. 01, 2015
Subsequent events
Dividends paid	($56,550)	($47,594)	($23,066)
9.25% Series A Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)	9.25%	9.25%
7.875% Series B Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)	7.88%	7.88%
7.125% Series C Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)	7.13%	7.13%
Subsequent Event \| 9.25% Series A Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)				$0.58
Subsequent Event \| 7.875% Series B Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)				$0.49
Subsequent Event \| 7.125% Series C Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)				$0.45
Subsequent Event \| Common Stock
Subsequent events
Cash dividends declared, common stock (in dollars per share)				$0.12
Subsequent Event \| Noncontrolling Interest \| Common units
Subsequent events
Common units redeemed						20,691
Common units tendered					94,256
Performance-Based \| Restricted Stock Awards
Subsequent events
Vested (in shares)	-45,551
Performance-Based \| Restricted Stock Awards \| Subsequent Event
Subsequent events
Vested (in shares)							128,185
Dividends paid							$100

SELECTED_QUARTERLY_FINANCIAL_D2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Total revenues	$99,141	$109,256	$105,525	$89,544	$77,956	$82,174	$79,105	$59,723	$403,466	$298,958	$161,700
Net income (loss) from continuing operations	4,517	3,766	9,201	2,947	-3,855	2,837	6,126	1,517	20,431	6,625	-6,947
Net income (loss) from discontinued operations	214	-59	-41	378	1,780	-3,410	545	357	492	-728	4,677
Net income (loss)	4,731	3,707	9,160	3,325	-2,075	-573	6,671	1,874	20,923	5,897	-2,270
Net Income (Loss) Attributable to Parent	$4,725	$3,713	$8,975	$3,458	($1,859)	($662)	$6,459	$1,940	$20,871	$5,878	($1,076)
Earnings Per Share, Basic and Diluted [Abstract]
Net income (loss) from continuing operations (in dollars per share)	$0.01	($0.01)	$0.06	($0.01)	($0.09)	($0.02)	$0.03	($0.03)	$0.04	($0.11)	($0.28)
Net income (loss) from discontinued operations (in dollars per share)					$0.02	($0.05)	$0.01	$0.01	$0.01	($0.01)	$0.11
Basic and diluted net income (loss) per share (in dollars per share)	$0.01	($0.01)	$0.06	($0.01)	($0.07)	($0.07)	$0.04	($0.02)	$0.05	($0.12)	($0.17)

Schedule_III_Real_Estate_and_A1

Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Initial Cost
Land	$173,053
Building & Improvements	1,231,841
Cost Capitalized Subsequent to Acquisition	122,674
Total Cost
Land	173,053
Building & Improvements	1,354,516
Total	1,527,569	1,349,088	901,207	645,339
Accumulated Depreciation	-179,671	-173,149	-146,207	-126,168
Total Cost Net of Accumulated Depreciation	1,347,898
Debt	426,533
Land Parcels
Initial Cost
Land	6,675
Total Cost
Land	6,675
Total	6,675
Total Cost Net of Accumulated Depreciation	6,675
Arlington, TX \| Hyatt Place
Initial Cost
Land	650
Building & Improvements	8,405
Cost Capitalized Subsequent to Acquisition	1,370
Total Cost
Land	650
Building & Improvements	9,775
Total	10,425
Accumulated Depreciation	-1,590
Total Cost Net of Accumulated Depreciation	8,835
Debt	28,489
Arlington, TX \| Courtyard by Marriott
Initial Cost
Land	1,497
Building & Improvements	13,503
Cost Capitalized Subsequent to Acquisition	50
Total Cost
Land	1,497
Building & Improvements	13,553
Total	15,050
Accumulated Depreciation	-1,202
Total Cost Net of Accumulated Depreciation	13,848
Arlington, TX \| Residence Inn by Marriott
Initial Cost
Land	1,646
Building & Improvements	13,854
Cost Capitalized Subsequent to Acquisition	107
Total Cost
Land	1,646
Building & Improvements	13,961
Total	15,607
Accumulated Depreciation	-1,338
Total Cost Net of Accumulated Depreciation	14,269
Atlanta, GA \| Hyatt Place
Initial Cost
Land	1,154
Building & Improvements	9,605
Cost Capitalized Subsequent to Acquisition	2,504
Total Cost
Land	1,154
Building & Improvements	12,109
Total	13,263
Accumulated Depreciation	-2,700
Total Cost Net of Accumulated Depreciation	10,563
Debt	7,104
Atlanta, GA \| Courtyard by Marriott
Initial Cost
Land	2,050
Building & Improvements	26,850
Cost Capitalized Subsequent to Acquisition	506
Total Cost
Land	2,050
Building & Improvements	27,356
Total	29,406
Accumulated Depreciation	-2,905
Total Cost Net of Accumulated Depreciation	26,501
Austin, TX \| Hampton Inn & Suites
Initial Cost
Building & Improvements	53,760
Cost Capitalized Subsequent to Acquisition	272
Total Cost
Building & Improvements	54,032
Total	54,032
Accumulated Depreciation	-403
Total Cost Net of Accumulated Depreciation	53,629
Austin, TX \| Corporate Office
Initial Cost
Building & Improvements	210
Cost Capitalized Subsequent to Acquisition	1,014
Total Cost
Building & Improvements	1,224
Total	1,224
Accumulated Depreciation	-186
Total Cost Net of Accumulated Depreciation	1,038
Baltimore, MD \| Hyatt Place
Initial Cost
Land	2,100
Building & Improvements	8,135
Cost Capitalized Subsequent to Acquisition	1,555
Total Cost
Land	2,100
Building & Improvements	9,690
Total	11,790
Accumulated Depreciation	-1,238
Total Cost Net of Accumulated Depreciation	10,552
Debt	22,061
Baton Rouge, LA \| Double Tree by Hilton
Initial Cost
Land	1,100
Building & Improvements	14,063
Cost Capitalized Subsequent to Acquisition	-1,883
Total Cost
Land	1,100
Building & Improvements	12,230
Total	13,330
Accumulated Depreciation	-2,144
Total Cost Net of Accumulated Depreciation	11,186
Debt	9,775
Baton Rouge, LA \| Fairfield Inn & Suites by Marriott
Initial Cost
Land	345
Building & Improvements	3,057
Cost Capitalized Subsequent to Acquisition	2,170
Total Cost
Land	345
Building & Improvements	5,227
Total	5,572
Accumulated Depreciation	-1,695
Total Cost Net of Accumulated Depreciation	3,877
Baton Rouge, LA \| Springhill Suites by Marriott
Initial Cost
Land	448
Building & Improvements	3,729
Cost Capitalized Subsequent to Acquisition	2,037
Total Cost
Land	448
Building & Improvements	5,766
Total	6,214
Accumulated Depreciation	-1,818
Total Cost Net of Accumulated Depreciation	4,396
Baton Rouge, LA \| TownePlace Suites
Initial Cost
Land	259
Building & Improvements	3,743
Cost Capitalized Subsequent to Acquisition	1,843
Total Cost
Land	259
Building & Improvements	5,586
Total	5,845
Accumulated Depreciation	-1,723
Total Cost Net of Accumulated Depreciation	4,122
Bellevue, WA \| Fairfield Inn & Suites by Marriott
Initial Cost
Land	2,705
Building & Improvements	12,944
Cost Capitalized Subsequent to Acquisition	3,141
Total Cost
Land	2,705
Building & Improvements	16,085
Total	18,790
Accumulated Depreciation	-5,546
Total Cost Net of Accumulated Depreciation	13,244
Birmingham (Liberty Park), AL \| Hilton Garden Inn
Initial Cost
Land	1,400
Building & Improvements	10,100
Cost Capitalized Subsequent to Acquisition	1,020
Total Cost
Land	1,400
Building & Improvements	11,120
Total	12,520
Accumulated Depreciation	-1,434
Total Cost Net of Accumulated Depreciation	11,086
Debt	6,167
Birmingham (Lakeshore), AL \| Hilton Garden Inn
Initial Cost
Land	1,400
Building & Improvements	7,225
Cost Capitalized Subsequent to Acquisition	1,760
Total Cost
Land	1,400
Building & Improvements	8,985
Total	10,385
Accumulated Depreciation	-1,543
Total Cost Net of Accumulated Depreciation	8,842
Debt	5,266
Bloomington, MN \| Springhill Suites by Marriott
Initial Cost
Land	1,658
Building & Improvements	14,071
Cost Capitalized Subsequent to Acquisition	782
Total Cost
Land	1,658
Building & Improvements	14,853
Total	16,511
Accumulated Depreciation	-2,771
Total Cost Net of Accumulated Depreciation	13,740
Debt	13,787
Bloomington, MN \| Hampton Inn & Suites
Initial Cost
Land	1,658
Building & Improvements	14,596
Cost Capitalized Subsequent to Acquisition	699
Total Cost
Land	1,658
Building & Improvements	15,295
Total	16,953
Accumulated Depreciation	-2,887
Total Cost Net of Accumulated Depreciation	14,066
Charleston, WV \| Country Inn & Suites
Initial Cost
Land	1,042
Building & Improvements	3,489
Cost Capitalized Subsequent to Acquisition	1,581
Total Cost
Land	1,042
Building & Improvements	5,070
Total	6,112
Accumulated Depreciation	-1,473
Total Cost Net of Accumulated Depreciation	4,639
Debt	95,322
Charleston, WV \| Holiday Inn Express
Initial Cost
Land	907
Building & Improvements	2,903
Cost Capitalized Subsequent to Acquisition	2,109
Total Cost
Land	907
Building & Improvements	5,012
Total	5,919
Accumulated Depreciation	-1,705
Total Cost Net of Accumulated Depreciation	4,214
Denver (Lone Tree), CO \| Hyatt Place
Initial Cost
Land	1,300
Building & Improvements	9,230
Cost Capitalized Subsequent to Acquisition	2,409
Total Cost
Land	1,300
Building & Improvements	11,639
Total	12,939
Accumulated Depreciation	-1,672
Total Cost Net of Accumulated Depreciation	11,267
Denver, CO \| Fairfield Inn & Suites by Marriott
Initial Cost
Land	1,566
Building & Improvements	6,783
Cost Capitalized Subsequent to Acquisition	3,379
Total Cost
Land	1,566
Building & Improvements	10,162
Total	11,728
Accumulated Depreciation	-3,597
Total Cost Net of Accumulated Depreciation	8,131
Denver, CO \| Springhill Suites by Marriott
Initial Cost
Land	1,076
Building & Improvements	11,079
Cost Capitalized Subsequent to Acquisition	-1,564
Total Cost
Land	1,076
Building & Improvements	9,515
Total	10,591
Accumulated Depreciation	-1,837
Total Cost Net of Accumulated Depreciation	8,754
Debt	7,613
Denver (Englewood), CO \| Hyatt Place
Initial Cost
Land	2,000
Building & Improvements	9,515
Cost Capitalized Subsequent to Acquisition	2,374
Total Cost
Land	2,000
Building & Improvements	11,889
Total	13,889
Accumulated Depreciation	-1,652
Total Cost Net of Accumulated Depreciation	12,237
Denver (Englewood), CO \| Hyatt House
Initial Cost
Land	2,700
Building & Improvements	10,780
Cost Capitalized Subsequent to Acquisition	3,656
Total Cost
Land	2,700
Building & Improvements	14,436
Total	17,136
Accumulated Depreciation	-1,293
Total Cost Net of Accumulated Depreciation	15,843
Duluth, GA \| Hilton Garden Inn
Initial Cost
Land	2,200
Building & Improvements	11,150
Cost Capitalized Subsequent to Acquisition	1,075
Total Cost
Land	2,200
Building & Improvements	12,225
Total	14,425
Accumulated Depreciation	-1,738
Total Cost Net of Accumulated Depreciation	12,687
Duluth, GA \| Holiday Inn
Initial Cost
Building & Improvements	7,000
Cost Capitalized Subsequent to Acquisition	330
Total Cost
Building & Improvements	7,330
Total	7,330
Accumulated Depreciation	-1,224
Total Cost Net of Accumulated Depreciation	6,106
Minneapolis (Eden Prairie), MN \| Hilton Garden Inn
Initial Cost
Land	1,800
Building & Improvements	8,400
Cost Capitalized Subsequent to Acquisition	2,453
Total Cost
Land	1,800
Building & Improvements	10,853
Total	12,653
Accumulated Depreciation	-724
Total Cost Net of Accumulated Depreciation	11,929
Debt	6,038
ElPaso, TX \| Courtyard by Marriott
Initial Cost
Land	1,640
Building & Improvements	10,710
Cost Capitalized Subsequent to Acquisition	878
Total Cost
Land	1,640
Building & Improvements	11,588
Total	13,228
Accumulated Depreciation	-1,688
Total Cost Net of Accumulated Depreciation	11,540
ElPaso, TX \| Hampton Inn & Suites
Initial Cost
Land	2,055
Building & Improvements	10,745
Cost Capitalized Subsequent to Acquisition	2,684
Total Cost
Land	2,055
Building & Improvements	13,429
Total	15,484
Accumulated Depreciation	-4,116
Total Cost Net of Accumulated Depreciation	11,368
Flagstaff, AZ \| Courtyard by Marriott
Initial Cost
Land	2,361
Building & Improvements	20,785
Cost Capitalized Subsequent to Acquisition	-2,864
Total Cost
Land	2,361
Building & Improvements	17,921
Total	20,282
Accumulated Depreciation	-2,568
Total Cost Net of Accumulated Depreciation	17,714
Debt	12,505
Flagstaff, AZ \| Springhill Suites by Marriott
Initial Cost
Land	1,398
Building & Improvements	9,352
Cost Capitalized Subsequent to Acquisition	4,897
Total Cost
Land	1,398
Building & Improvements	14,249
Total	15,647
Accumulated Depreciation	-4,921
Total Cost Net of Accumulated Depreciation	10,726
Ft. Collins, CO \| Hilton Garden Inn
Initial Cost
Land	1,300
Building & Improvements	11,804
Cost Capitalized Subsequent to Acquisition	-840
Total Cost
Land	1,300
Building & Improvements	10,964
Total	12,264
Accumulated Depreciation	-1,722
Total Cost Net of Accumulated Depreciation	10,542
Ft. Collins, CO \| Hampton Inn
Initial Cost
Land	738
Building & Improvements	4,363
Cost Capitalized Subsequent to Acquisition	1,610
Total Cost
Land	738
Building & Improvements	5,973
Total	6,711
Accumulated Depreciation	-1,859
Total Cost Net of Accumulated Depreciation	4,852
Ft. Myers, FL \| Hyatt Place
Initial Cost
Land	1,878
Building & Improvements	16,583
Cost Capitalized Subsequent to Acquisition	-3,870
Total Cost
Land	1,878
Building & Improvements	12,713
Total	14,591
Accumulated Depreciation	-1,813
Total Cost Net of Accumulated Depreciation	12,778
Ft. Wayne, IN \| Residence Inn by Marriott
Initial Cost
Land	914
Building & Improvements	6,736
Cost Capitalized Subsequent to Acquisition	2,518
Total Cost
Land	914
Building & Improvements	9,254
Total	10,168
Accumulated Depreciation	-1,794
Total Cost Net of Accumulated Depreciation	8,374
Ft. Wayne, IN \| Hampton Inn & Suites
Initial Cost
Land	786
Building & Improvements	6,564
Cost Capitalized Subsequent to Acquisition	1,732
Total Cost
Land	786
Building & Improvements	8,296
Total	9,082
Accumulated Depreciation	-2,623
Total Cost Net of Accumulated Depreciation	6,459
Ft. Worth, TX \| Springhill Suites by Marriott
Initial Cost
Land	553
Building & Improvements	2,698
Cost Capitalized Subsequent to Acquisition	2,827
Total Cost
Land	553
Building & Improvements	5,525
Total	6,078
Accumulated Depreciation	-1,700
Total Cost Net of Accumulated Depreciation	4,378
Ft. Worth, TX \| Hilton Garden Inn
Initial Cost
Land	903
Building & Improvements	6,226
Cost Capitalized Subsequent to Acquisition	3,134
Total Cost
Land	903
Building & Improvements	9,360
Total	10,263
Accumulated Depreciation	-1,043
Total Cost Net of Accumulated Depreciation	9,220
Ft. Worth, TX \| Hampton Inn
Initial Cost
Land	1,500
Building & Improvements	8,184
Cost Capitalized Subsequent to Acquisition	1,263
Total Cost
Land	1,500
Building & Improvements	9,447
Total	10,947
Accumulated Depreciation	-2,670
Total Cost Net of Accumulated Depreciation	8,277
Debt	24,637
Long Island (Garden City), NY \| Hyatt Place
Initial Cost
Land	4,200
Building & Improvements	26,800
Cost Capitalized Subsequent to Acquisition	69
Total Cost
Land	4,200
Building & Improvements	26,869
Total	31,069
Accumulated Depreciation	-1,789
Total Cost Net of Accumulated Depreciation	29,280
Germantown, TN \| Courtyard by Marriott
Initial Cost
Land	1,860
Building & Improvements	5,448
Cost Capitalized Subsequent to Acquisition	2,409
Total Cost
Land	1,860
Building & Improvements	7,857
Total	9,717
Accumulated Depreciation	-2,627
Total Cost Net of Accumulated Depreciation	7,090
Germantown, TN \| Residence Inn by Marriott
Initial Cost
Land	1,083
Building & Improvements	5,200
Cost Capitalized Subsequent to Acquisition	2,273
Total Cost
Land	1,083
Building & Improvements	7,473
Total	8,556
Accumulated Depreciation	-1,892
Total Cost Net of Accumulated Depreciation	6,664
Germantown, TN \| Fairfield Inn & Suites by Marriott
Initial Cost
Land	767
Building & Improvements	2,700
Cost Capitalized Subsequent to Acquisition	2,124
Total Cost
Land	767
Building & Improvements	4,824
Total	5,591
Accumulated Depreciation	-1,077
Total Cost Net of Accumulated Depreciation	4,514
Glendale, CO \| Staybridge Suites
Initial Cost
Land	2,100
Building & Improvements	7,900
Cost Capitalized Subsequent to Acquisition	1,682
Total Cost
Land	2,100
Building & Improvements	9,582
Total	11,682
Accumulated Depreciation	-1,557
Total Cost Net of Accumulated Depreciation	10,125
Santa Barbara (Goleta), CA \| Hampton Inn
Initial Cost
Land	4,100
Building & Improvements	23,800
Cost Capitalized Subsequent to Acquisition	521
Total Cost
Land	4,100
Building & Improvements	24,321
Total	28,421
Accumulated Depreciation	-1,132
Total Cost Net of Accumulated Depreciation	27,289
Debt	11,819
Greenville, SC \| Hilton Garden Inn
Initial Cost
Land	1,200
Building & Improvements	14,050
Cost Capitalized Subsequent to Acquisition	187
Total Cost
Land	1,200
Building & Improvements	14,237
Total	15,437
Accumulated Depreciation	-917
Total Cost Net of Accumulated Depreciation	14,520
Chicago (Hoffman Estates), IL \| Hyatt Place
Initial Cost
Land	1,900
Building & Improvements	7,330
Cost Capitalized Subsequent to Acquisition	1,088
Total Cost
Land	1,900
Building & Improvements	8,418
Total	10,318
Accumulated Depreciation	-1,034
Total Cost Net of Accumulated Depreciation	9,284
Debt	21,403
Houston (Energy Corridor), TX \| Hilton Garden Inn
Initial Cost
Building & Improvements	38,492
Cost Capitalized Subsequent to Acquisition	1,682
Total Cost
Building & Improvements	40,174
Total	40,174
Accumulated Depreciation	-1,299
Total Cost Net of Accumulated Depreciation	38,875
Debt	17,536
Houston, TX \| Hilton Garden Inn
Initial Cost
Land	2,800
Building & Improvements	33,200
Cost Capitalized Subsequent to Acquisition	52
Total Cost
Land	2,800
Building & Improvements	33,252
Total	36,052
Accumulated Depreciation	-330
Total Cost Net of Accumulated Depreciation	35,722
Indianapolis, IN \| Courtyard by Marriott
Initial Cost
Land	7,788
Building & Improvements	50,846
Cost Capitalized Subsequent to Acquisition	63
Total Cost
Land	7,788
Building & Improvements	50,909
Total	58,697
Accumulated Depreciation	-2,977
Total Cost Net of Accumulated Depreciation	55,720
Indianapolis, IN \| Springhill Suites by Marriott
Initial Cost
Land	4,012
Building & Improvements	26,193
Cost Capitalized Subsequent to Acquisition	32
Total Cost
Land	4,012
Building & Improvements	26,225
Total	30,237
Accumulated Depreciation	-1,534
Total Cost Net of Accumulated Depreciation	28,703
Jackson, MS \| Courtyard by Marriott
Initial Cost
Land	1,301
Building & Improvements	7,322
Cost Capitalized Subsequent to Acquisition	2,424
Total Cost
Land	1,301
Building & Improvements	9,746
Total	11,047
Accumulated Depreciation	-3,498
Total Cost Net of Accumulated Depreciation	7,549
Jackson, MS \| Staybridge Suites
Initial Cost
Land	698
Building & Improvements	8,454
Cost Capitalized Subsequent to Acquisition	2,288
Total Cost
Land	698
Building & Improvements	10,742
Total	11,440
Accumulated Depreciation	-2,829
Total Cost Net of Accumulated Depreciation	8,611
Jacksonville, FL \| Aloft
Initial Cost
Land	1,700
Building & Improvements	15,775
Cost Capitalized Subsequent to Acquisition	268
Total Cost
Land	1,700
Building & Improvements	16,043
Total	17,743
Accumulated Depreciation	-5,148
Total Cost Net of Accumulated Depreciation	12,595
Las Colinas, TX \| Hyatt Place
Initial Cost
Land	781
Building & Improvements	5,729
Cost Capitalized Subsequent to Acquisition	2,696
Total Cost
Land	781
Building & Improvements	8,425
Total	9,206
Accumulated Depreciation	-2,772
Total Cost Net of Accumulated Depreciation	6,434
Las Colinas, TX \| Holiday Inn Express & Suites
Initial Cost
Land	898
Building & Improvements	6,689
Cost Capitalized Subsequent to Acquisition	1,385
Total Cost
Land	898
Building & Improvements	8,074
Total	8,972
Accumulated Depreciation	-3,127
Total Cost Net of Accumulated Depreciation	5,845
Lombard, IL \| Hyatt Place
Initial Cost
Land	1,550
Building & Improvements	15,475
Cost Capitalized Subsequent to Acquisition	1,679
Total Cost
Land	1,550
Building & Improvements	17,154
Total	18,704
Accumulated Depreciation	-2,143
Total Cost Net of Accumulated Depreciation	16,561
Louisville, KY \| Fairfield Inn & Suites by Marriott
Initial Cost
Land	3,120
Building & Improvements	21,903
Cost Capitalized Subsequent to Acquisition	1,924
Total Cost
Land	3,120
Building & Improvements	23,827
Total	26,947
Accumulated Depreciation	-1,392
Total Cost Net of Accumulated Depreciation	25,555
Debt	37,939
Louisville, KY \| Springhill Suites by Marriott
Initial Cost
Land	4,880
Building & Improvements	34,258
Cost Capitalized Subsequent to Acquisition	2,656
Total Cost
Land	4,880
Building & Improvements	36,914
Total	41,794
Accumulated Depreciation	-2,176
Total Cost Net of Accumulated Depreciation	39,618
Medford, OR \| Hampton Inn
Initial Cost
Land	1,230
Building & Improvements	4,788
Cost Capitalized Subsequent to Acquisition	1,625
Total Cost
Land	1,230
Building & Improvements	6,413
Total	7,643
Accumulated Depreciation	-1,651
Total Cost Net of Accumulated Depreciation	5,992
Minneapolis, MN \| Hyatt Place
Initial Cost
Building & Improvements	32,506
Cost Capitalized Subsequent to Acquisition	3
Total Cost
Building & Improvements	32,509
Total	32,509
Accumulated Depreciation	-1,303
Total Cost Net of Accumulated Depreciation	31,206
Minneapolis (Minnetonka), MN \| Holiday Inn Express & Suites
Initial Cost
Land	1,000
Building & Improvements	5,900
Cost Capitalized Subsequent to Acquisition	1,674
Total Cost
Land	1,000
Building & Improvements	7,574
Total	8,574
Accumulated Depreciation	-650
Total Cost Net of Accumulated Depreciation	7,924
Debt	3,523
Nashville, TN \| Springhill Suites by Marriott
Initial Cost
Land	777
Building & Improvements	3,576
Cost Capitalized Subsequent to Acquisition	1,713
Total Cost
Land	777
Building & Improvements	5,289
Total	6,066
Accumulated Depreciation	-1,776
Total Cost Net of Accumulated Depreciation	4,290
New Orleans (French Quarter), LA \| Courtyard by Marriott
Initial Cost
Land	1,944
Building & Improvements	23,739
Cost Capitalized Subsequent to Acquisition	207
Total Cost
Land	1,944
Building & Improvements	23,946
Total	25,890
Accumulated Depreciation	-2,197
Total Cost Net of Accumulated Depreciation	23,693
New Orleans (Metairie), LA \| Courtyard by Marriott
Initial Cost
Land	1,860
Building & Improvements	21,679
Cost Capitalized Subsequent to Acquisition	3,108
Total Cost
Land	1,860
Building & Improvements	24,787
Total	26,647
Accumulated Depreciation	-2,002
Total Cost Net of Accumulated Depreciation	24,645
New Orleans (Metairie), LA \| Residence Inn by Marriott
Initial Cost
Land	1,790
Building & Improvements	18,099
Cost Capitalized Subsequent to Acquisition	362
Total Cost
Land	1,790
Building & Improvements	18,462
Total	20,252
Accumulated Depreciation	-1,481
Total Cost Net of Accumulated Depreciation	18,771
New Orleans (Convention), LA \| Courtyard by Marriott
Initial Cost
Land	2,490
Building & Improvements	28,337
Cost Capitalized Subsequent to Acquisition	2,626
Total Cost
Land	2,490
Building & Improvements	30,963
Total	33,453
Accumulated Depreciation	-2,592
Total Cost Net of Accumulated Depreciation	30,861
New Orleans, LA \| Springhill Suites by Marriott
Initial Cost
Land	2,046
Building & Improvements	31,049
Cost Capitalized Subsequent to Acquisition	207
Total Cost
Land	2,046
Building & Improvements	31,256
Total	33,302
Accumulated Depreciation	-2,261
Total Cost Net of Accumulated Depreciation	31,041
Orlando (Convention), FL \| Hyatt Place
Initial Cost
Land	3,100
Building & Improvements	9,152
Cost Capitalized Subsequent to Acquisition	2,024
Total Cost
Land	3,100
Building & Improvements	11,176
Total	14,276
Accumulated Depreciation	-2,003
Total Cost Net of Accumulated Depreciation	12,273
Orlando (Universal), FL \| Hyatt Place
Initial Cost
Land	5,516
Building & Improvements	9,043
Cost Capitalized Subsequent to Acquisition	2,045
Total Cost
Land	5,516
Building & Improvements	11,088
Total	16,604
Accumulated Depreciation	-1,990
Total Cost Net of Accumulated Depreciation	14,614
Phoenix, AZ \| Hyatt Place
Initial Cost
Land	582
Building & Improvements	4,438
Cost Capitalized Subsequent to Acquisition	147
Total Cost
Land	582
Building & Improvements	4,585
Total	5,167
Accumulated Depreciation	-674
Total Cost Net of Accumulated Depreciation	4,493
Portland, OR \| Hyatt Place
Initial Cost
Building & Improvements	16,713
Cost Capitalized Subsequent to Acquisition	-3,594
Total Cost
Building & Improvements	13,119
Total	13,119
Accumulated Depreciation	-1,862
Total Cost Net of Accumulated Depreciation	11,257
Portland, OR \| Residence Inn by Marriott
Initial Cost
Building & Improvements	16,409
Cost Capitalized Subsequent to Acquisition	697
Total Cost
Building & Improvements	17,106
Total	17,106
Accumulated Depreciation	-4,864
Total Cost Net of Accumulated Depreciation	12,242
Debt	19,600
Provo, UT \| Hampton Inn
Initial Cost
Land	909
Building & Improvements	2,862
Cost Capitalized Subsequent to Acquisition	2,106
Total Cost
Land	909
Building & Improvements	4,968
Total	5,877
Accumulated Depreciation	-1,740
Total Cost Net of Accumulated Depreciation	4,137
Ridgeland, MS \| Residence Inn by Marriott
Initial Cost
Land	1,050
Building & Improvements	10,040
Cost Capitalized Subsequent to Acquisition	-343
Total Cost
Land	1,050
Building & Improvements	9,697
Total	10,747
Accumulated Depreciation	-1,734
Total Cost Net of Accumulated Depreciation	9,013
Ridgeland, MS \| Homewood Suites
Initial Cost
Land	1,314
Building & Improvements	6,036
Cost Capitalized Subsequent to Acquisition	1,580
Total Cost
Land	1,314
Building & Improvements	7,616
Total	8,930
Accumulated Depreciation	-1,414
Total Cost Net of Accumulated Depreciation	7,516
Salt Lake City, UT \| Residence Inn by Marriott
Initial Cost
Land	2,392
Building & Improvements	17,567
Cost Capitalized Subsequent to Acquisition	6,915
Total Cost
Land	2,392
Building & Improvements	24,482
Total	26,874
Accumulated Depreciation	-2,250
Total Cost Net of Accumulated Depreciation	24,624
Debt	12,938
San Diego (Poway), CA \| Hampton Inn & Suites
Initial Cost
Land	2,300
Building & Improvements	12,850
Cost Capitalized Subsequent to Acquisition	163
Total Cost
Land	2,300
Building & Improvements	13,013
Total	15,313
Accumulated Depreciation	-779
Total Cost Net of Accumulated Depreciation	14,534
San Francisco, CA \| Double Tree by Hilton
Initial Cost
Land	3,300
Building & Improvements	35,760
Cost Capitalized Subsequent to Acquisition	1,618
Total Cost
Land	3,300
Building & Improvements	37,378
Total	40,678
Accumulated Depreciation	-1,881
Total Cost Net of Accumulated Depreciation	38,797
Debt	13,085
San Francisco, CA \| Four Points by Sheraton
Initial Cost
Land	1,200
Building & Improvements	20,050
Cost Capitalized Subsequent to Acquisition	768
Total Cost
Land	1,200
Building & Improvements	20,818
Total	22,018
Accumulated Depreciation	-1,065
Total Cost Net of Accumulated Depreciation	20,953
San Francisco, CA \| Holiday Inn Express & Suites
Initial Cost
Land	15,545
Building & Improvements	44,955
Cost Capitalized Subsequent to Acquisition	4,323
Total Cost
Land	15,545
Building & Improvements	49,278
Total	64,823
Accumulated Depreciation	-3,924
Total Cost Net of Accumulated Depreciation	60,899
Debt	22,711
Sandy, UT \| Holiday Inn Express & Suites
Initial Cost
Land	720
Building & Improvements	1,768
Cost Capitalized Subsequent to Acquisition	1,280
Total Cost
Land	720
Building & Improvements	3,048
Total	3,768
Accumulated Depreciation	-960
Total Cost Net of Accumulated Depreciation	2,808
Scottsdale, AZ \| Hyatt Place
Initial Cost
Land	1,500
Building & Improvements	9,030
Cost Capitalized Subsequent to Acquisition	1,012
Total Cost
Land	1,500
Building & Improvements	10,042
Total	11,542
Accumulated Depreciation	-1,552
Total Cost Net of Accumulated Depreciation	9,990
Scottsdale, AZ \| Courtyard by Marriott
Initial Cost
Land	3,225
Building & Improvements	10,152
Cost Capitalized Subsequent to Acquisition	2,254
Total Cost
Land	3,225
Building & Improvements	12,406
Total	15,631
Accumulated Depreciation	-4,043
Total Cost Net of Accumulated Depreciation	11,588
Debt	9,300
Scottsdale, AZ \| Springhill Suites by Marriott
Initial Cost
Land	2,195
Building & Improvements	7,120
Cost Capitalized Subsequent to Acquisition	2,314
Total Cost
Land	2,195
Building & Improvements	9,434
Total	11,629
Accumulated Depreciation	-3,216
Total Cost Net of Accumulated Depreciation	8,413
Debt	5,007
Smyrna, TN \| Hilton Garden Inn
Initial Cost
Land	1,188
Building & Improvements	10,312
Cost Capitalized Subsequent to Acquisition	872
Total Cost
Land	1,188
Building & Improvements	11,184
Total	12,372
Accumulated Depreciation	-1,085
Total Cost Net of Accumulated Depreciation	11,287
Debt	8,157
Smyrna, TN \| Hampton Inn & Suites
Initial Cost
Land	1,145
Building & Improvements	6,855
Cost Capitalized Subsequent to Acquisition	787
Total Cost
Land	1,145
Building & Improvements	7,642
Total	8,787
Accumulated Depreciation	-731
Total Cost Net of Accumulated Depreciation	8,056
Debt	5,151
Spokane, WA \| Fairfield Inn & Suites by Marriott
Initial Cost
Land	1,637
Building & Improvements	3,669
Cost Capitalized Subsequent to Acquisition	2,263
Total Cost
Land	1,637
Building & Improvements	5,932
Total	7,569
Accumulated Depreciation	-2,340
Total Cost Net of Accumulated Depreciation	5,229
Ventura (Camarillo), CA \| Hampton Inn & Suites
Initial Cost
Land	2,200
Building & Improvements	13,550
Cost Capitalized Subsequent to Acquisition	1,535
Total Cost
Land	2,200
Building & Improvements	15,085
Total	17,285
Accumulated Depreciation	-663
Total Cost Net of Accumulated Depreciation	16,622
Vernon Hills, IL \| Holiday Inn Express
Initial Cost
Land	1,198
Building & Improvements	6,099
Cost Capitalized Subsequent to Acquisition	203
Total Cost
Land	1,198
Building & Improvements	6,302
Total	7,500
Accumulated Depreciation	-1,825
Total Cost Net of Accumulated Depreciation	5,675
Ybor City, FL \| Hampton Inn & Suites
Initial Cost
Land	3,600
Building & Improvements	17,244
Cost Capitalized Subsequent to Acquisition	1,911
Total Cost
Land	3,600
Building & Improvements	19,155
Total	22,755
Accumulated Depreciation	-1,358
Total Cost Net of Accumulated Depreciation	$21,397

Schedule_III_Real_Estate_and_A2

Schedule III - Real Estate and Accumulated Depreciation (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
ASSET BASIS
Balance at the beginning of the period	$1,349,088,000	$901,207,000	$645,339,000
Additions to land, buildings and improvements	263,182,000	531,207,000	294,310,000
Disposition of land, buildings and improvements	-75,454,000	-74,282,000	-35,477,000
Impairment loss	-9,247,000	-9,044,000	-2,965,000
Balance at the end of the period	1,527,569,000	1,349,088,000	901,207,000
ACCUMULATED DEPRECIATION
Balance at the beginning of the period	173,149,000	146,207,000	126,168,000
Depreciation	63,291,000	50,445,000	31,732,000
Depreciation on assets sold or disposed	-56,769,000	-23,503,000	-11,693,000
Balance at the end of the period	179,671,000	173,149,000	146,207,000
Real estate and accumulated depreciation
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes	$1,168,000,000
Hotel building and improvements \| Minimum
Real estate and accumulated depreciation
Useful lives	25 years
Hotel building and improvements \| Maximum
Real estate and accumulated depreciation
Useful lives	40 years
Furniture, fixtures and equipment \| Minimum
Real estate and accumulated depreciation
Useful lives	2 years
Furniture, fixtures and equipment \| Maximum
Real estate and accumulated depreciation
Useful lives	15 years