Summit Hotel Properties (INN) 10-Q 4 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	1-May-15
Document and Entity Information
Entity Registrant Name	Summit Hotel Properties, Inc.
Entity Central Index Key	1497645
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		86,504,786
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ASSETS
Investment in hotel properties, net	$1,336,665	$1,339,415
Investment in hotel properties under development	319	253
Land held for development	8,183	8,183
Assets held for sale	1,292	300
Cash and cash equivalents	28,541	38,581
Restricted cash	34,192	34,395
Trade receivables	12,384	7,681
Prepaid expenses and other	6,563	6,181
Derivative financial instruments		66
Deferred charges, net	9,134	9,641
Deferred tax asset, net	190	176
Other assets	16,759	14,152
Total assets	1,454,222	1,459,024
Liabilities:
Debt	628,773	626,533
Accounts payable	6,130	7,271
Accrued expenses	35,814	38,062
Derivative financial instruments	2,653	1,957
Total liabilities	673,370	673,823
Commitments and contingencies (Note 7)
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Common stock, $.01 par value per share, 500,000,000 shares authorized, 86,392,180 and 86,149,720 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	864	861
Additional paid-in capital	888,515	888,191
Accumulated other comprehensive loss	-2,500	-1,746
Accumulated deficit and distributions	-111,521	-107,779
Total stockholders' equity	775,442	779,611
Noncontrolling interests in operating partnership	5,410	5,590
Total equity	780,852	785,201
Total liabilities and equity	1,454,222	1,459,024
9.25% Series A Preferred Stock
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Preferred stock	20	20
7.875% Series B Preferred Stock
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Preferred stock	30	30
7.125% Series C Preferred Stock
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Preferred stock	$34	$34

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
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	86,392,180	86,149,720
Common stock, outstanding	86,392,180	86,149,720
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, aggregate 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, aggregate 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, aggregate liquidation preference (in dollars)	$85,522	$85,522
Preferred stock, dividend rate (as a percent)	7.13%	7.13%

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Room	$101,425	$84,552
Other hotel operations revenue	6,223	4,992
Total revenues	107,648	89,544
Hotel operating expenses:
Room	25,506	23,692
Other direct	15,035	12,020
Other indirect	28,727	24,207
Total hotel operating expenses	69,268	59,919
Depreciation and amortization	15,264	15,061
Corporate general and administrative	4,515	4,205
Hotel property acquisition costs		692
Total expenses	89,047	79,877
Operating income	18,601	9,667
Other income (expense):
Interest expense	-7,247	-6,729
Other income (expense)	-264	87
Total other expense, net	-7,511	-6,642
Income from continuing operations before income taxes	11,090	3,025
Income tax expense	-499	-78
Income from continuing operations	10,591	2,947
Income from discontinued operations		378
Net income	10,591	3,325
Income (loss) attributable to non-controlling interests:
Operating partnership	57	-10
Joint venture		-123
Net income attributable to Summit Hotel Properties, Inc.	10,534	3,458
Preferred dividends	-4,147	-4,147
Net income (loss) attributable to common stockholders	$6,387	($689)
Earnings per share:
Basic and diluted net income (loss) per share from continuing operations (in dollars per share)	$0.07	($0.01)
Basic and diluted net income (loss) per share (in dollars per share)	$0.07	($0.01)
Weighted average common shares outstanding:
Basic (in Shares)	85,704	85,097
Diluted (in Shares)	86,875	85,097

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Net income	$10,591	$3,325
Other comprehensive loss, net of tax:
Changes in fair value of derivative financial instruments	-761	-68
Total other comprehensive loss	-761	-68
Comprehensive income	9,830	3,257
Comprehensive income attributable to non-controlling interest:
Comprehensive income attributable to Summit Hotel Properties, Inc.	9,780	3,391
Preferred dividends	-4,147	-4,147
Comprehensive income (loss) attributable to common stockholders	5,633	-756
Operating partnership
Comprehensive income attributable to non-controlling interest:
Comprehensive income (loss) attributable to non-controlling interest	50	-11
Joint venture
Comprehensive income attributable to non-controlling interest:
Comprehensive income (loss) attributable to non-controlling interest		($123)

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							Operating partnership	Joint venture
Balance at beginning 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		1	26			27	-27
Common stock redemption of common units (in shares)		126,155
Common units issued for acquisition							3,685		3,685
Dividends paid					-13,769	-13,769	-123		-13,892
Equity-based compensation			461			461	6		467
Other comprehensive loss				-67		-67	-1		-68
Net income					3,458	3,458	-10	-123	3,325
Balance at end of year at Mar. 31, 2014	84	855	883,345	-1,446	-82,888	799,950	8,252	7,693	815,895
Balance (in shares) at Mar. 31, 2014	8,400,000	85,528,563
Balance at beginning 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
Changes in equity
Common stock redemption of common units			147			147	-147
Common stock redemption of common units (in shares)		20,691
Dividends paid					-14,276	-14,276	-89		-14,365
Equity-based compensation		3	627			630	6		636
Equity-based compensation (in shares)		257,885
Other			-450			-450			-450
Other (in shares)		-36,116
Other comprehensive loss				-754		-754	-7		-761
Net income					10,534	10,534	57		10,591
Balance at end of year at Mar. 31, 2015	$84	$864	$888,515	($2,500)	($111,521)	$775,442	$5,410		$780,852
Balance (in shares) at Mar. 31, 2015	8,400,000	86,392,180

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
OPERATING ACTIVITIES
Net income	$10,591	$3,325
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,264	15,065
Amortization of prepaid lease	12	12
Equity-based compensation	636	467
Deferred tax asset	-14	-5
(Gain) loss on disposal of assets	503	-61
Loss on derivative financial instruments	1
Other	9
Changes in operating assets and liabilities:
Restricted cash - operating	-675	-1,689
Trade receivables	-4,702	-5,381
Prepaid expenses and other	223	2,899
Accounts payable and accrued expenses	-1,403	6,675
NET CASH PROVIDED BY OPERATING ACTIVITIES	20,445	21,307
INVESTING ACTIVITIES
Acquisitions of hotel properties		-88,993
Improvements and additions to hotel properties	-16,089	-19,037
Amounts drawn under note funding obligation	-2,634
Purchases of office furniture and equipment		-5
Investment in hotel properties under development	-66
Proceeds from asset dispositions, net of closing costs		2,681
Restricted cash - FF&E reserve	878	-452
NET CASH USED IN INVESTING ACTIVITIES	-17,911	-105,806
FINANCING ACTIVITIES
Proceeds from issuance of debt	25,000	90,998
Principal payments on debt	-22,759	-2,364
Financing fees on debt		-398
Dividends paid	-14,365	-13,892
Other	-450
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	-12,574	74,344
Net change in cash and cash equivalents	-10,040	-10,155
CASH AND CASH EQUIVALENTS
Beginning of period	38,581	46,706
End of period	28,541	36,551
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	6,912	6,028
Capitalized interest	66	45
Cash payments for income taxes, net of refunds	70	135
Mortgage debt assumed for acquisitions of hotel properties		43,172
Fair value of common units issued for acquisition of hotel		$3,685

DESCRIPTION_OF_BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Mar. 31, 2015
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.
	At March 31, 2015, our portfolio consists of 90 Upscale and Upper-midscale hotels with a total of 11,468 guestrooms located in 21 states. We have elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes commencing with our short taxable year ended December 31, 2011. To qualify as a REIT, we cannot operate or manage our hotels. Accordingly, substantially all of our hotels are leased to subsidiaries (“TRS Lessees”) of our taxable REIT subsidiary (“TRS”). We indirectly own 100% of the outstanding equity interests in all of our TRS Lessees.

BASIS_OF_PRESENTATION_AND_SIGN

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
	NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The accompanying consolidated financial statements of the Company consolidate the accounts of the Company and all entities that are controlled by ownership of a majority voting interest as well as variable interest entities for which the company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.
	We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Act of 1934 (the “Exchange Act”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the first quarter of 2015 may not be indicative of the results that may be expected for the full year 2015. For further information, please read the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014.
	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, as well as certain indirect internal costs related to the construction projects. We expense the cost of repairs and maintenance as incurred.
	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 formal 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 Accounting Standards Update (“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 other relevant factors including each 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.
	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 consolidated entity 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 information, 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 6 — 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 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 are included in discontinued operations for the three months ended March 31, 2014 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.
In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. This standard is effective for periods beginning after December 15, 2015 with early adoption permitted and will be applied on a retrospective basis. The new standard will be effective for the Company on January 1, 2016 and will not have a material effect on the Company’s financial position, results of operations or cash flows.

HOTEL_PROPERTY_ACQUISITIONS

HOTEL PROPERTY ACQUISITIONS	3 Months Ended
	Mar. 31, 2015
HOTEL PROPERTY ACQUISITIONS
HOTEL PROPERTY ACQUISITIONS
	NOTE 3 - HOTEL PROPERTY ACQUISITIONS
	The Company did not acquire any hotel properties during the three months ended March 31, 2015.  Hotel property acquisitions in the three months ended March 31, 2014 are as follows (in thousands):
	Date Acquired		Franchise/Brand		Location		Purchase Price			Debt Assumed
	January 9, 2014		Hilton Garden Inn		Houston, TX		$	37,500		$	17,846
	January 10, 2014		Hampton Inn		Santa Barbara (Goleta), CA		27,900		-1	12,037
	January 24, 2014		Four Points by Sheraton		San Francisco, CA		21,250			—
	March 14, 2014		DoubleTree by Hilton		San Francisco, CA		39,060			13,289
	Total				4 hotel properties		$	125,710		$	43,172
		-1		The purchase price for this hotel included the issuance of 412,174 Common Units in our Operating Partnership valued at the time of issuance at $3.7 million.
	The allocation of the aggregate purchase prices to the fair value of assets acquired and liabilities assumed for the above acquisitions is as follows (in thousands):
			March 31, 2014
	Land		$	8,600
	Hotel buildings and improvements		114,713
	Furniture, fixtures and equipment		3,389
	Other assets (1)		11,542
	Total assets acquired		138,244
	Less debt assumed		(43,172		)
	Less lease liability assumed		(992		)
	Less other liabilities (1)		(1,402		)
	Net assets acquired		$	92,678
		-1		In addition to the total purchase price, the Company also paid additional consideration at closing of $10.1 million for net assets acquired at settlement, including restricted cash escrow balances and other working capital items.
	For the three months ended March 31, 2015 and 2014, total revenues and net income for hotel properties acquired during the three months ended March 31, 2014, which are included in our consolidated statements of operations, are as follows (in thousands):
			For the Three Months Ended March 31,
			2015			2014
	Revenues		$	7,241		$	4,898
	Net income		$	536		$	233
	The results of operations of acquired hotel properties are included in the consolidated statements of operations beginning on their respective acquisition dates. The following unaudited condensed pro forma financial information presents the results of operations as if all acquisitions in 2014 had taken place on January 1, 2014. The unaudited condensed pro forma information excludes discontinued operations and disposed properties which were not classified as discontinued operations after the adoption of ASU 2014-08. The unaudited condensed pro forma financial information 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, 2014. This information does not purport to represent results of operations for future periods.
	The unaudited condensed pro forma financial information for the three months ended March 31, 2015 and 2014 are as follows (in thousands, except per share):
			For the Three Months Ended March 31,
			2015			2014
			(unaudited)
	Revenues		$	107,648		$	97,152
	Net income		$	10,591		$	4,298
	Net income attributable to common stockholders, net of amount allocated to participating securities		$	6,366		$	134
	Net income per share attributable to common stockholders - basic and diluted		$	0.07		$	—

INVESTMENT_IN_HOTEL_PROPERTIES

INVESTMENT IN HOTEL PROPERTIES, NET	3 Months Ended
	Mar. 31, 2015
INVESTMENT IN HOTEL PROPERTIES, NET
INVESTMENT IN HOTEL PROPERTIES, NET
	NOTE 4 - INVESTMENT IN HOTEL PROPERTIES, NET
	Investment in hotel properties, net are as follows (in thousands):
		March 31,		December 31,
		2015		2014
	Land	$	163,578	$	164,570
	Hotel buildings and improvements	1,203,228		1,202,451
	Construction in progress	12,676		15,609
	Furniture, fixtures and equipment	151,389		136,456
		1,530,871		1,519,086
	Less accumulated depreciation	194,206		179,671
		$	1,336,665	$	1,339,415

ASSETS_HELD_FOR_SALE

ASSETS HELD FOR SALE	3 Months Ended
	Mar. 31, 2015
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE
	NOTE 5 - ASSETS HELD FOR SALE
	At March 31, 2015, assets held for sale is comprised of land parcels in Flagstaff, AZ and Spokane, WA valued at $1.0 million and $0.3 million, respectively.
	At December 31, 2014, assets held for sale is comprised of a land parcel in Spokane, WA valued at $0.3 million.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2015
DEBT
DEBT
	NOTE 6 - DEBT
	At March 31, 2015 and December 31, 2014, our debt is comprised of a senior unsecured credit facility and mortgage loans secured by various hotel properties. The weighted average interest rate, after giving effect to our interest rate derivatives, for all borrowings was 4.33% at March 31, 2015 and 4.35% at December 31, 2014. Our total fixed-rate and variable-rate debt, after giving effect to our interest rate derivatives, follows (in thousands):
		March 31, 2015		December 31, 2014
	Fixed-rate debt	$	462,691	$	465,220
	Variable-rate debt	166,082		161,313
		$	628,773	$	626,533
	Information about the fair value of our fixed-rate debt that is not recorded at fair value follows (in thousands):
		March 31, 2015				December 31, 2014
		Carrying				Carrying
		Value		Fair Value		Value		Fair Value		Valuation Technique
	Fixed-rate debt	$	360,434	$	344,058	$	362,602	$	349,517	Level 2 - Market approach
	At March 31, 2015 and December 31, 2014, we had $102.3 million and $102.6 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 10 - Derivative Financial Instruments and Hedging.”
	Senior Unsecured Credit Facility
	At March 31, 2015, we have a $300.0 million senior unsecured credit facility. Deutsche Bank AG New York Branch (“Deutsche Bank”) is the administrative agent and Deutsche Bank Securities Inc. is the sole lead arranger. The syndication of lenders includes Deutsche Bank; Bank of America, N.A.; Royal Bank of Canada; Key Bank; Regions Bank; Fifth Third Bank; Raymond James Bank, N.A.; and U.S. Bank National Association. Our existing and future subsidiaries that own or lease a hotel property that is included in the unencumbered borrowing base supporting the facility are required to guaranty this credit facility.
	The senior unsecured credit facility is comprised of a $225.0 million revolving credit facility (the “$225 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”). This credit facility has an accordion feature which will allow us to increase the commitments by an aggregate of $100.0 million on the $225 Million Revolver and the $75 Million Term Loan prior to October 10, 2017. The $225 Million Revolver will mature on October 10, 2017, which can be extended to October 10, 2018 at our option, subject to certain conditions. The $75 Million Term Loan will mature on October 10, 2018.
	At March 31, 2015, the maximum amount of borrowing permitted under the senior unsecured credit facility was $300.0 million, of which, we had $205.0 million borrowed, $13.8 million in standby letters of credit, and $81.2 million available to borrow.
	Term Loans
	At March 31, 2015, we had $498.8 million in term loans outstanding (including the $75 Million Term Loan discussed above). These term loans are secured primarily by first mortgage liens on hotel properties.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
	NOTE 7 - COMMITMENTS AND CONTINGENCIES
	Pending Hotel Property Acquisitions
	At March 31, 2015, we had a purchase agreement with a hotel property developer to acquire a Hampton Inn & Suites in downtown Minneapolis, MN for $39.0 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. We completed the purchase of this hotel property on April 13, 2015 (See Note 15 - Subsequent Events).
	Litigation
	We are involved from time to time in litigation arising in the ordinary course of business; however, there are currently no actions pending against us that we believe would have a material effect on our financial condition or results of operations.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2015
EQUITY
EQUITY
	NOTE 8 - 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 three months ended March 31, 2015, we issued 20,691 shares of common stock to limited partners of the Operating Partnership upon redemption of their Common Units.  Additionally, 128,185 performance-based restricted shares granted to management vested on January 1, 2015 based on the achievement of certain performance targets.  The remaining 46,030 unvested performance-based restricted shares granted in 2012 expired.
	On March 3, 2015, we issued 303,915 shares of common stock to our executive officers and employees pursuant to our 2011 Equity Incentive Plan.
	During the three months ended March 31, 2014, we issued 126,155 shares of common stock to limited partners of the Operating Partnership upon redemption of their Common Units.
	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.
	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 March 31, 2015 and December 31, 2014, unaffiliated third parties owned 764,277 and 784,968, respectively, of Common Units of the Operating Partnership, representing an approximate 1% limited partnership interest in the Operating Partnership.
	We classify outstanding Common Units held by unaffiliated third parties as non-controlling interests in the Operating Partnership, a component of equity in the Company’s consolidated balance sheets. The portion of net income (loss) allocated to these Common Units is reported on the Company’s consolidated statement of operations as net income (loss) attributable to non-controlling interests of the Operating Partnership.
	Non-controlling Interests in Joint Venture
	On February 11, 2013, we formed a joint venture with an affiliate of IHG to purchase a Holiday Inn Express & Suites in San Francisco, CA. Prior to June 30, 2014, we owned an 81% controlling interest in the joint venture and our partner owned a 19% interest, which we classified as non-controlling interest in joint venture on our consolidated balance sheets. For the periods prior to June 30, 2014, the portion of net income (loss) allocated to our partner was reported on our consolidated statements of operations as net income (loss) attributable to non-controlling interests in joint venture. On June 30, 2014, we acquired the remaining non-controlling interest for $8.2 million and the hotel property became wholly-owned by us.
	Other Joint Venture Interests
	We own a majority interest in a joint venture that owns a fee simple interest in a hotel property and we also own a minority interest in a related joint venture (“Leasehold Venture”) that holds a leasehold interest in the property. We control the Leasehold Venture as we are the managing member of the entity. Additionally, the majority of the profits and losses of the Leasehold Venture are absorbed by us. As a result, we have concluded that the Leasehold Venture represents a variable interest entity that should be consolidated into our consolidated financial statements. As such, all of the net assets and operating results of the Leasehold Venture are included in our consolidated financial statements for the periods presented.

EQUITYBASED_COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2015
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION
	NOTE 9 - EQUITY-BASED COMPENSATION
	Our equity-based awards were issued under our 2011 Equity Incentive Plan which provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based award or incentive awards. Stock options granted may be either incentive stock options or nonqualified stock options. Vesting terms may vary with each grant, and stock option terms are generally five to ten years. We have outstanding equity-based awards in the form of stock options and restricted stock awards. All of our existing equity-based awards are classified as equity awards.
	Stock Options
	Stock option activity for the three months ended March 31, 2015 follows:
		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, 2014	846,000		$	9.75				$	2,276
	Granted	—		—
	Exercised	—		—
	Forfeited	—		—
	Outstanding at March 31, 2015	846,000		$	9.75		5.9		$	3,655
	Exercisable at March 31, 2015	676,800		$	9.75		5.9		$	2,924
	Time-Based Restricted Stock Awards
	On March 3, 2015, we awarded time-based restricted stock awards for 149,410 shares of common stock to our executive officers and management. Of the total awards issued, 37,230 vest based on continued service on March 9, 2018, or upon a change in control.  The remaining awards vest over a three year period based on continued service (25% on March 9, 2016 and 2017 and 50% on March 9, 2018), 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 the three months ended March 31, 2015:
		Number of Shares		Weighted Average			Aggregate Current
				Grant Date Fair			Value
				Value
				(per share)			(in thousands)
	Non-vested December 31, 2014	181,116		$	9.81		$	2,253
	Granted	149,410		13.53
	Vested	(21,963	)	9.78
	Forfeited	—		—
	Non-vested March 31, 2015	308,563		$	11.61		$	4,341
	Performance-Based Restricted Stock Awards
	On March 3, 2015, we awarded performance-based restricted stock awards for 154,505 shares of common stock to certain of our executive officers. Our performance-based restricted stock awards are market-based awards and are accounted for based on the fair value of our common stock on the grant date. The fair value of the performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model.
	These awards vest based the Company’s percentile ranking within the SNL U.S. REIT Hotel Index at the end of the period beginning on January 1, 2015 and ending on the earlier of December 31, 2017, or upon a change in control.  The awards require continued service during the measurement period and are subject to the other conditions described in our 2011 Equity Incentive Plan or award document.
	The number of shares the executive officers may earn under these awards range from zero shares to twice the number of shares granted based on the Company’s percentile ranking within the index at the end of the measurement period. The holders of these awards have the right to vote the granted shares of common stock and any dividends declared will be accumulated and will be subject to the same vesting conditions as the awards.  Further, if additional shares are earned based on the Company’s percentile ranking within the index, dividend payments will be issued as if the additional shares had been held throughout the measurement period.
	The following table summarizes performance-based restricted stock activity under our 2011 Equity Incentive Plan for the three months ended March 31, 2015:
		Number of Shares		Weighted Average			Aggregate Current
				Grant Date Fair Value			Value
				(per share)			(in thousands)
	Non-vested December 31, 2014	384,558		$	6.75		$	4,784
	Granted	154,505		18.78
	Vested	(128,185	)	6.75
	Forfeited	(46,030	)	5.1
	Non-vested March 31, 2015	364,848		$	12.05		$	5,133
	Director Stock Awards
	Our non-employee directors have the option to receive shares of our common stock in lieu of cash for their director fees. In the three months ended March 31, 2015, we did not issue any shares of common stock for director fees.
	Equity-Based Compensation Expense
	Equity-based compensation expense included in corporate general and administrative in the Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014 was (in thousands):
		For the Three Months Ended March 31,
		2015			2014
	Stock options	$	147		$	155
	Time-based restricted stock	222			167
	Performance-based restricted stock	267			145
		$	636		$	467
	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 $7.1 million at March 31, 2015. We expect to recognize this cost over a remaining weighted-average period of 1.2 years.

DERIVITIVE_FINANCIAL_INSTRUMEN

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING	3 Months Ended
	Mar. 31, 2015
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING
	NOTE 10 - DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING
	Information about our derivative financial instruments at March 31, 2015 and December 31, 2014 follows (dollars in thousands):
		March 31, 2015								December 31, 2014
		Number of		Notional			Fair Value			Number of	Notional		Fair Value
		Instruments		Amount						Instruments	Amount
	Interest rate swaps (asset)	—		$	—		$	—		3	$	28,002	$	66
	Interest rate swaps (liability)	4		102,681			(2,653		)	1	75,000		(1,957		)
		4		$	102,681		$	(2,653	)	4	$	103,002	$	(1,891	)
	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 March 31, 2015, all of our interest rate swaps were in a liability position.  At December 31, 2014, 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 March 31, 2015, we could have been required to settle our obligation under the agreements that were in a liability position at their termination value of $2.8 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).
		For the three months ended March 31,
		2015			2014
	Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$	(1,186	)	$	(495	)
	Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	$	(425	)	$	(427	)
	Loss recognized in loss on derivative financial instruments (ineffective portion)	$	(1	)	$	—
	Amounts reported in accumulated other comprehensive income related to derivative financial instruments will be reclassified to interest expense as interest payments are made on the hedged variable-rate debt.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2015
INCOME TAXES
INCOME TAXES
	NOTE 11 - INCOME TAXES
	Income taxes for the interim periods presented have been included in our consolidated financial statements on the basis of an estimated annual effective tax rate. Our effective tax rate is affected by the mix of earnings and losses by taxing jurisdictions. Our earnings (losses), other than in our TRS, are not generally subject to federal corporate and state income taxes due to our REIT election.
	Due to the decrease in cumulative losses over the past three years, management believes that sufficient positive evidence could become available in the future to reach a conclusion that the valuation allowance will no longer be needed, in whole or in part. Acceleration of improved operating results or significant taxable income from specific non-recurring transactions could further affect this assessment. The likelihood of realizing the benefit of deferred tax assets and the related need for a valuation allowance is assessed on an ongoing basis. This assessment requires estimates and significant management judgment as to future operating results, as well as an evaluation of the effectiveness of our tax planning strategies. At this time, we are not able to reasonably estimate when sufficient positive evidence will require reversal of the valuation allowance or the impact such reversal will have on our effective tax rate.
	For the first quarter of 2015 and 2014, we recorded an income tax provision attributable to continuing operations of $0.5 million and $0.1 million, respectively.  We had no unrecognized tax benefits at March 31, 2015. We expect no significant changes in unrecognized tax benefits within the next year.  We recognize interest expense and penalties associated with unrecognized tax benefits as a component of income tax expense.

FAIR_VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2015
FAIR VALUE.
FAIR VALUE
	NOTE 12 - FAIR VALUE
	The following table presents information about our financial instruments measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014. 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 March 31, 2015 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	1,292	$	—	$	1,292
	Liabilities:
	Interest rate swaps (liability)	—		2,653		—		2,653
		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
	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.  In determining the fair value of our interest rate swap derivatives, we use the present value of expected cash flows based on market observable interest rate yield curves commensurate with the term of each instrument.
	In addition to the assets and liabilities described above, our financial instruments also include 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 6 — Debt), the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates.
	There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2015 or 2014.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2015
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
	NOTE 13 - DISCONTINUED OPERATIONS
	We have adjusted our consolidated statement of operations for the three months ended March 31, 2014 to reflect the operations of hotel properties sold or classified as held for sale in discontinued operations. Discontinued operations include the following hotel properties that have been sold:
	AmericInn and Aspen Hotel & Suites in Fort Smith, AR - sold on 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):
		For the Three Months
		Ended March 31, 2014
	Revenues	$	1,088
	Hotel operating expenses	770
	Depreciation and amortization	4
	Operating income	314
	Other income	63
	Income before taxes	377
	Income tax benefit	1
	Income from discontinued operations	$	378
	Income from discontinued operations attributable to non-controlling interest	$	5
	Income from discontinued operations attributable to common stockholders	$	373

EARNINGS_LOSS_PER_SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2015
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE
	NOTE 14 - 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 non-forfeitable dividends do not have such an obligation so they are not allocated losses.
	At March 31, 2014, we had 893,000 stock options outstanding which were not included in the computation of diluted earnings per share, as the options’ exercise price was greater than the average market price of our common shares.
	Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share):
		For the Three Months Ended March 31,
		2015		2014
	Numerator:
	Income from continuing operations	$	10,591	$	2,947
	Less: Preferred dividends	4,147		4,147
	Allocation to participating securities	21		15
	Attributable to noncontrolling interest	57		(138		)
	Income (loss) from continuing operations attributable to common stockholders, net of amount allocated to participating securities	6,366		(1,077		)
	Income from discontinued operations attributable to common stockholders, net of amount allocated to participating securities	—		373
	Net income (loss) attributable to common stockholders, net of amount allocated to participating securities	$	6,366	$	(704	)
	Denominator:
	Weighted average common shares outstanding - basic	85,704		85,097
	Dilutive effect of equity-based compensation awards	1,171		—
	Weighted average common shares outstanding - diluted	86,875		85,097
	Earnings per share:
	Basic and diluted net income (loss) from continuing operations	$	0.07	$	(0.01	)
	Basic and diluted net income (loss) from discontinued operations	—		—
	Basic and diluted net income (loss)	$	0.07	$	(0.01	)

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
	NOTE 15 - SUBSEQUENT EVENTS
	Acquisitions
	On April 13, 2015, the Company closed on its previously announced acquisition of the Hampton Inn & Suites in Minneapolis, Minnesota.  The Company acquired the 211-guestroom hotel for a total purchase price of $39.0 million and entered into a management agreement with Interstate Hotels & Resorts for management of the hotel.  The purchase was completed with funds drawn under our $225 Million Revolver.
	Debt
	Unsecured Term Loan
	On April 7, 2015, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the term loan documentation as a subsidiary guarantor, entered into a $125.0 million unsecured term loan with KeyBank National Association, as administrative agent, Regions Bank and Raymond James Bank, N.A., as co-syndication agents, KeyBanc Capital Markets, Inc., Regions Capital Markets and Raymond James Bank, N.A., as co-lead arrangers, and a syndicate of lenders including KeyBank National Association, Regions Bank, Raymond James Bank, N.A., Branch Banking and Trust Company, and U.S. Bank National Association.
	The $125.0 million term loan matures on April 7, 2022 and has an accordion feature which will allow us to increase the total commitments by an aggregate of $75.0 million prior to the maturity date, subject to certain conditions.  Outstanding borrowings on the $125.0 million term loan are limited by certain measures related to consolidated unsecured indebtedness of the Company, unencumbered adjusted net operating income, and the aggregate value of the unencumbered assets.  In addition, we are subject to certain financial and other covenants. Borrowings under the term loan are limited by the value of hotel assets that qualify as unencumbered assets. As of the date of the term loan, 39 of our hotel properties qualified as, and are deemed to be, unencumbered assets.
	We are obligated to pay interest at the end of each selected interest period, but not less than quarterly, with all outstanding principal and accrued but unpaid interest due at the maturity of the loan. We have the right to repay all or any portion of the outstanding borrowings from time to time, subject to prepayment fees for the first two years of the term.  We pay interest on advances at varying rates based upon LIBOR or the administrative agent’s prime rate. We are currently paying interest at 2.12% based on LIBOR at April 24, 2015.
	The unsecured term loan permits the Operating Partnership and the Company to maintain unsecured credit facilities with other lenders. Furthermore, the term loan permits us to use those assets included in the unencumbered asset pool as unencumbered assets for credit facilities with other lenders, so long as all financial and other covenants are maintained.
	At closing we drew the full $125.0 million amount of the unsecured term loan and on April 21, 2015, the Company exercised $15.0 million of the $75.0 million accordion.  All proceeds were used to pay down the principal balance of our $225 Million Revolver, which resulted in $199.2 million of availability under our $225 Million Revolver.  The exercise of this feature increased the aggregate unsecured term loan commitments to $140.0 million under the unsecured term loan and does not affect any other terms or conditions of the credit agreement.  In conjunction with exercising the accordion feature, the Company has added American Bank, N.A. as a new lender under the facility.
	Equity Transactions
	On April 1, 2015, we redeemed 95,646 Common Units, which had been tendered February 2, 2015, for shares of our common stock.
	Dividends
	On April 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 are payable on May 29, 2015 to stockholders of record on May 15, 2015.

BASIS_OF_PRESENTATION_AND_SIGN1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2015
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
	Basis of Presentation
	The accompanying consolidated financial statements of the Company consolidate the accounts of the Company and all entities that are controlled by ownership of a majority voting interest as well as variable interest entities for which the company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.
	We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Act of 1934 (the “Exchange Act”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the first quarter of 2015 may not be indicative of the results that may be expected for the full year 2015. For further information, please read the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014.
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, as well as certain indirect internal costs related to the construction projects. We expense the cost of repairs and maintenance as incurred.
	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 formal 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 Accounting Standards Update (“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 other relevant factors including each 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.
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 consolidated entity 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 information, 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 6 — 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 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 are included in discontinued operations for the three months ended March 31, 2014 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.
	In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. This standard is effective for periods beginning after December 15, 2015 with early adoption permitted and will be applied on a retrospective basis. The new standard will be effective for the Company on January 1, 2016 and will not have a material effect on the Company’s financial position, results of operations or cash flows.

BASIS_OF_PRESENTATION_AND_SIGN2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2015
BASIS OF PRESENTATION AND 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)	3 Months Ended
	Mar. 31, 2015
HOTEL PROPERTY ACQUISITIONS
Schedule of hotel property acquisitions	Hotel property acquisitions in the three months ended March 31, 2014 are as follows (in thousands):
	Date Acquired		Franchise/Brand		Location		Purchase Price			Debt Assumed
	January 9, 2014		Hilton Garden Inn		Houston, TX		$	37,500		$	17,846
	January 10, 2014		Hampton Inn		Santa Barbara (Goleta), CA		27,900		-1	12,037
	January 24, 2014		Four Points by Sheraton		San Francisco, CA		21,250			—
	March 14, 2014		DoubleTree by Hilton		San Francisco, CA		39,060			13,289
	Total				4 hotel properties		$	125,710		$	43,172
		-1		The purchase price for this hotel included the issuance of 412,174 Common Units in our Operating Partnership valued at the time of issuance at $3.7 million.
Schedule of allocation of the aggregate purchase prices to the fair value of assets acquired and liabilities assumed
	The allocation of the aggregate purchase prices to the fair value of assets acquired and liabilities assumed for the above acquisitions is as follows (in thousands):
			March 31, 2014
	Land		$	8,600
	Hotel buildings and improvements		114,713
	Furniture, fixtures and equipment		3,389
	Other assets (1)		11,542
	Total assets acquired		138,244
	Less debt assumed		(43,172		)
	Less lease liability assumed		(992		)
	Less other liabilities (1)		(1,402		)
	Net assets acquired		$	92,678
		-1		In addition to the total purchase price, the Company also paid additional consideration at closing of $10.1 million for net assets acquired at settlement, including restricted cash escrow balances and other working capital items.
Schedule of total revenues and net income for hotel properties acquired during the period, which is included in consolidated statements of operations	For the three months ended March 31, 2015 and 2014, total revenues and net income for hotel properties acquired during the three months ended March 31, 2014, which are included in our consolidated statements of operations, are as follows (in thousands):
			For the Three Months Ended March 31,
			2015			2014
	Revenues		$	7,241		$	4,898
	Net income		$	536		$	233
Schedule of unaudited condensed pro forma financial information
	The unaudited condensed pro forma financial information for the three months ended March 31, 2015 and 2014 are as follows (in thousands, except per share):
			For the Three Months Ended March 31,
			2015			2014
			(unaudited)
	Revenues		$	107,648		$	97,152
	Net income		$	10,591		$	4,298
	Net income attributable to common stockholders, net of amount allocated to participating securities		$	6,366		$	134
	Net income per share attributable to common stockholders - basic and diluted		$	0.07		$	—

INVESTMENT_IN_HOTEL_PROPERTIES1

INVESTMENT IN HOTEL PROPERTIES, NET (Tables)	3 Months Ended
	Mar. 31, 2015
INVESTMENT IN HOTEL PROPERTIES, NET
Schedule of investment in hotel properties, net
	Investment in hotel properties, net are as follows (in thousands):
		March 31,		December 31,
		2015		2014
	Land	$	163,578	$	164,570
	Hotel buildings and improvements	1,203,228		1,202,451
	Construction in progress	12,676		15,609
	Furniture, fixtures and equipment	151,389		136,456
		1,530,871		1,519,086
	Less accumulated depreciation	194,206		179,671
		$	1,336,665	$	1,339,415

DEBT_Tables

DEBT (Tables)	3 Months Ended
	Mar. 31, 2015
DEBT
Schedule of total fixed-rate and variable-rate debt, after giving effect to interest rate derivatives	Our total fixed-rate and variable-rate debt, after giving effect to our interest rate derivatives, follows (in thousands):
		March 31, 2015		December 31, 2014
	Fixed-rate debt	$	462,691	$	465,220
	Variable-rate debt	166,082		161,313
		$	628,773	$	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 follows (in thousands):
		March 31, 2015				December 31, 2014
		Carrying				Carrying
		Value		Fair Value		Value		Fair Value		Valuation Technique
	Fixed-rate debt	$	360,434	$	344,058	$	362,602	$	349,517	Level 2 - Market approach

EQUITYBASED_COMPENSATION_Table

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2015
Equity-based compensation expense
Schedule of stock option activity
		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, 2014	846,000		$	9.75				$	2,276
	Granted	—		—
	Exercised	—		—
	Forfeited	—		—
	Outstanding at March 31, 2015	846,000		$	9.75		5.9		$	3,655
	Exercisable at March 31, 2015	676,800		$	9.75		5.9		$	2,924
Schedule of equity-based compensation expense
	Equity-based compensation expense included in corporate general and administrative in the Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014 was (in thousands):
		For the Three Months Ended March 31,
		2015			2014
	Stock options	$	147		$	155
	Time-based restricted stock	222			167
	Performance-based restricted stock	267			145
		$	636		$	467
Restricted Stock Awards | Time-Based
Equity-based compensation expense
Schedule of restricted stock awards
		Number of Shares		Weighted Average			Aggregate Current
				Grant Date Fair Value			Value
				(per share)			(in thousands)
	Non-vested December 31, 2014	181,116		$	9.81		$	2,253
	Granted	149,410		13.53
	Vested	(21,963	)	9.78
	Forfeited	—		—
	Non-vested March 31, 2015	364,848		$	11.61		$	4,341
Restricted Stock Awards | Performance-Based
Equity-based compensation expense
Schedule of restricted stock awards
		Number of Shares		Weighted Average			Aggregate Current
				Grant Date Fair Value			Value
				(per share)			(in thousands)
	Non-vested December 31, 2014	384,558		$	6.75		$	4,784
	Granted	154,505		18.78
	Vested	(128,185	)	6.75
	Forfeited	(46,030	)	5.1
	Non-vested March 31, 2015	364,848		$	12.05		$	5,133

DERIVITIVE_FINANCIAL_INSTRUMEN1

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	3 Months Ended
	Mar. 31, 2015
DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING
Schedule of derivative financial instruments
	Information about our derivative financial instruments at March 31, 2015 and December 31, 2014 follows (dollars in thousands):
		March 31, 2015								December 31, 2014
		Number of		Notional			Fair Value			Number of	Notional		Fair Value
		Instruments		Amount						Instruments	Amount
	Interest rate swaps (asset)	—		$	—		$	—		3	$	28,002	$	66
	Interest rate swaps (liability)	4		102,681			(2,653		)	1	75,000		(1,957		)
		4		$	102,681		$	(2,653	)	4	$	103,002	$	(1,891	)
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).
		For the three months ended March 31,
		2015			2014
	Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$	(1,186	)	$	(495	)
	Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	$	(425	)	$	(427	)
	Loss recognized in loss on derivative financial instruments (ineffective portion)	$	(1	)	$	—

FAIR_VALUE_Tables

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2015
FAIR VALUE.
Schedule of disclosures concerning financial instruments measured at fair value
	Disclosures concerning financial instruments measured at fair value are as follows (in thousands):
		Fair Value Measurements at March 31, 2015 using
		Level 1		Level 2		Level 3		Total
	Assets:
	Assets held for sale	$	—	$	1,292	$	—	$	1,292
	Liabilities:
	Interest rate swaps (liability)	—		2,653		—		2,653
		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

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2015
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):
		For the Three Months
		Ended March 31, 2014
	Revenues	$	1,088
	Hotel operating expenses	770
	Depreciation and amortization	4
	Operating income	314
	Other income	63
	Income before taxes	377
	Income tax benefit	1
	Income from discontinued operations	$	378
	Income from discontinued operations attributable to non-controlling interest	$	5
	Income from discontinued operations attributable to common stockholders	$	373

EARNINGS_LOSS_PER_SHARE_Tables

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2015
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):
		For the Three Months Ended March 31,
		2015		2014
	Numerator:
	Income from continuing operations	$	10,591	$	2,947
	Less: Preferred dividends	4,147		4,147
	Allocation to participating securities	21		15
	Attributable to noncontrolling interest	57		(138		)
	Income (loss) from continuing operations attributable to common stockholders, net of amount allocated to participating securities	6,366		(1,077		)
	Income from discontinued operations attributable to common stockholders, net of amount allocated to participating securities	—		373
	Net income (loss) attributable to common stockholders, net of amount allocated to participating securities	$	6,366	$	(704	)
	Denominator:
	Weighted average common shares outstanding - basic	85,704		85,097
	Dilutive effect of equity-based compensation awards	1,171		—
	Weighted average common shares outstanding - diluted	86,875		85,097
	Earnings per share:
	Basic and diluted net income (loss) from continuing operations	$	0.07	$	(0.01	)
	Basic and diluted net income (loss) from discontinued operations	—		—
	Basic and diluted net income (loss)	$	0.07	$	(0.01	)

DESCRIPTION_OF_BUSINESS_Detail

DESCRIPTION OF BUSINESS (Details)	Mar. 31, 2015
	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	11,468
TRS Lessees
Description of business
Ownership interest in joint venture (as a percent)	100.00%

BASIS_OF_PRESENTATION_AND_SIGN3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
	item
Segment Disclosure
Number of reportable segments	1
Noncontrolling Interest | Joint venture
Noncontrolling Interest [Abstract]
Third-party ownership (as a percent)		19.00%
Hotel building and improvements | Minimum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	25 years
Hotel building and improvements | Maximum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	40 years
Furniture, fixtures and equipment | Minimum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	2 years
Furniture, fixtures and equipment | Maximum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	15 years

HOTEL_PROPERTY_ACQUISITIONS_De

HOTEL PROPERTY ACQUISITIONS (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014
Hotel property acquisitions
Common units issued for acquisition	$3,685
2014 acquisitions
Hotel property acquisitions
Purchase Price	125,710
Debt Assumed	43,172
Number of hotel properties acquired	4
2014 acquisitions | Houston, TX | Hilton Garden Inn
Hotel property acquisitions
Purchase Price	37,500
Debt Assumed	17,846
2014 acquisitions | Santa Barbara (Goleta), CA | Hampton Inn
Hotel property acquisitions
Purchase Price	27,900
Debt Assumed	12,037
Common units issued for acquisition (in shares)	412,174
Common units issued for acquisition	3,700
2014 acquisitions | San Francisco, CA | Double Tree by Hilton
Hotel property acquisitions
Purchase Price	39,060
Debt Assumed	13,289
2014 acquisitions | South San Francisco, CA | Four Points by Sheraton
Hotel property acquisitions
Purchase Price	$21,250

HOTEL_PROPERTY_ACQUISITIONS_De1

HOTEL PROPERTY ACQUISITIONS (Details 2) (2014 acquisitions, USD $)	3 Months Ended
	Mar. 31, 2014
2014 acquisitions
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired
Land	$8,600,000
Hotel buildings and improvements	114,713,000
Furniture, fixtures and equipment	3,389,000
Other assets	11,542,000
Total assets acquired	138,244,000
Less debt assumed	-43,172,000
Less lease liability assumed	-992,000
Less other liabilities	-1,402,000
Net assets acquired	92,678,000
Additional consideration transferred	$10,100,000

HOTEL_PROPERTY_ACQUISITIONS_De2

HOTEL PROPERTY ACQUISITIONS (Details 3) (2014 acquisitions, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
2014 acquisitions
Hotel property acquisitions
Revenues	$7,241	$4,898
Net income	$536	$233

HOTEL_PROPERTY_ACQUISITIONS_De3

HOTEL PROPERTY ACQUISITIONS (Details 4) (2014 acquisitions, USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
2014 acquisitions
Hotel property acquisitions
Revenues	$107,648	$97,152
Net income	10,591	4,298
Net income attributable to common stockholders,net of amount allocated to participating securities	$6,366	$134
Net income per share attributable to common shareholders - basic (in dollars per share)	$0.07
Net income per share attributable to common shareholders - diluted (in dollars per share)	$0.07

INVESTMENT_IN_HOTEL_PROPERTIES2

INVESTMENT IN HOTEL PROPERTIES, NET (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Investment in hotel properties
Investment in hotel properties at cost	$1,530,871	$1,519,086
Less accumulated depreciation	194,206	179,671
Investment in hotel properties, net	1,336,665	1,339,415
Land
Investment in hotel properties
Investment in hotel properties at cost	163,578	164,570
Hotel building and improvements
Investment in hotel properties
Investment in hotel properties at cost	1,203,228	1,202,451
Construction in progress
Investment in hotel properties
Investment in hotel properties at cost	12,676	15,609
Furniture, fixtures and equipment
Investment in hotel properties
Investment in hotel properties at cost	$151,389	$136,456

ASSETS_HELD_FOR_SALE_Details

ASSETS HELD FOR SALE (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets held for sale
Assets held for sale	$1,292	$300
Land | Flagstaff, AZ
Assets held for sale
Assets held for sale	1,000
Land | Spokane, WA
Assets held for sale
Assets held for sale	$300	$300

DEBT_Details

DEBT (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Debt
Fixed-rate debt	$462,691	$465,220
Variable-rate debt	166,082	161,313
Total	$628,773	$626,533
Cash flow hedges | Interest rate derivatives
Debt
Weighted average interest rate, after giving effect to interest rate derivatives (as a percent)	4.33%	4.35%

DEBT_Details_2

DEBT (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Debt
Fixed-rate debt	$462,691	$465,220
Variable-rate debt	166,082	161,313
Not recorded at fair value
Debt
Fixed-rate debt	360,434	362,602
Fair Value | Level 2 - Market approach
Debt
Fixed-rate debt	344,058	349,517
Carried at fair value
Debt
Variable-rate debt	$102,300	$102,600

DEBT_Details_3

DEBT (Details 3) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Debt
Debt	$628,773,000	$626,533,000
Term loans
Debt
Debt	498,800,000
Senior Unsecured Credit Facility
Debt
Maximum borrowing capacity	300,000,000
Maximum increase in borrowing capacity available through accordion feature option	100,000,000
Line of credit outstanding	205,000,000
Amount available for borrowing	81,200,000
Senior Unsecured Credit Facility | $225 Million Revolver
Debt
Maximum borrowing capacity	225,000,000
Senior Unsecured Credit Facility | $75 Million Term Loan
Debt
Maximum borrowing capacity	75,000,000
Senior Unsecured Credit Facility | Standby letters of credit
Debt
Line of credit outstanding	$13,800,000

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (Pending hotel property acquisitions, Hampton Inn & Suites, Hotel properties, USD $)	Mar. 31, 2015
In Millions, unless otherwise specified
Pending hotel property acquisitions | Hampton Inn & Suites | Hotel properties
Commitments and contingencies
Aggregate amount of purchase agreements	$39

EQUITY_Details

EQUITY (Details) (USD $)	3 Months Ended	12 Months Ended	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Mar. 03, 2015	Jan. 01, 2015
Equity
Common stock, shares authorized	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$0.01	0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$0.01	0.01
Preferred stock, liquidation preference (in dollars per share)	$25
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%
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%
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
Preferred stock, shares authorized	3,400,000	3,400,000
Preferred stock, dividend rate (as a percent)	7.13%	7.13%
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
Common stock, shares authorized	500,000,000
Common stock, par value (in dollars per share)	$0.01
Shares of common stock issued to redeem common units	20,691		126,155
Equity-based compensation (in shares)	257,885
Restricted stock, shares withheld to cover employee tax obligations	36,116
Common Stock | Executive officers and employees
Equity
Equity-based compensation (in shares)				303,915
Performance-Based | Restricted Stock Awards
Equity
Vested (in shares)	128,185				128,185
Expired (in shares)	46,030

EQUITY_Details_2

EQUITY (Details 2) (Noncontrolling Interest, USD $)	3 Months Ended	12 Months Ended	0 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014
Operating partnership
Number of common units of operating partnership owned by unaffiliated third parties	764,277	784,968
Percentage of limited partnership interest in operating partnership	1.00%	1.00%
Number of shares of common stock issuable upon conversion of common units	1
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			$8.20

EQUITYBASED_COMPENSATION_Detai

EQUITY-BASED COMPENSATION (Details) (Stock Options)	3 Months Ended
	Mar. 31, 2015
Minimum
Equity-based compensation expense
Term of option	5 years
Maximum
Equity-based compensation expense
Term of option	10 years

EQUITYBASED_COMPENSATION_Detai1

EQUITY-BASED COMPENSATION (Details 2) (Stock Options, USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015
Stock Options
Number of Options
Outstanding at the beginning of period (in shares)	846,000
Outstanding at the end of period (in shares)	846,000
Exercisable at the end of period (in shares)	676,800
Weighted Average Exercise Price
Outstanding at the beginning of period (in dollars per share)	$9.75
Outstanding at the end of period (in dollars per share)	$9.75
Exercisable at the end of period (in dollars per share)	$9.75
Weighted Average Remaining Contractual Terms
Outstanding at the end of period	5 years 10 months 24 days
Exercisable at the end of period	5 years 10 months 24 days
Aggregate Intrinsic Value (Current Value Less Exercise Price)
Outstanding at the beginning of period	$2,276
Outstanding at the end of period	3,655
Exercisable at the end of period	$2,924

EQUITYBASED_COMPENSATION_Detai2

EQUITY-BASED COMPENSATION (Details 3) (Restricted Stock Awards, USD $)	0 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 03, 2015	Mar. 31, 2015
Time-based awards vesting period, one
Equity-based compensation expense
Vesting percentage	25.00%
Time-based awards vesting period, two
Equity-based compensation expense
Vesting percentage	25.00%
Time-based awards vesting period, three
Equity-based compensation expense
Vesting percentage	50.00%
Number of Shares
Granted (in shares)	37,230
Time-Based
Equity-based compensation expense
Vesting period	3 years
Number of Shares
Non-vested at the beginning of period (in shares)		181,116
Granted (in shares)	149,410	149,410
Vested (in shares)		-21,963
Non-vested at the end of period (in shares)		308,563
Weighted Average Grant Date Fair Value
Non-vested at the beginning of period (in dollars per share)		$9.81
Granted (in dollars per share)		$13.53
Vested (in dollars per share)		$9.78
Non-vested at the end of period (in dollars per share)		$11.61
Aggregate Current Value
Non-vested at the beginning of period		$2,253
Non-vested at the end of period		$4,341

EQUITYBASED_COMPENSATION_Detai3

EQUITY-BASED COMPENSATION (Details 4) (Restricted Stock Awards, Performance-Based, USD $)	0 Months Ended		3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 03, 2015	Jan. 01, 2015	Mar. 31, 2015
Number of Shares
Non-vested at the beginning of period (in shares)		384,558	384,558
Granted (in shares)	154,505		154,505
Vested (in shares)		-128,185	-128,185
Forfeited (in shares)			-46,030
Non-vested at the end of period (in shares)			364,848
Weighted Average Grant Date Fair Value
Non-vested at the beginning of period (in dollars per share)		$6.75	$6.75
Granted (in dollars per share)			$18.78
Vested (in dollars per share)			$6.75
Forfeited (in dollars per share)			$5.10
Non-vested at the end of period (in dollars per share)			$12.05
Aggregate Current Value
Non-vested at the beginning of period		$4,784	$4,784
Non-vested at the end of period			$5,133
Minimum
Performance-based restricted stock awards
Number of shares that may be earned	0

EQUITYBASED_COMPENSATION_Detai4

EQUITY-BASED COMPENSATION (Details 5) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Equity-based compensation expense
Share based compensation	$636,000	$467,000
Unrecognized compensation expense
Unrecognized compensation costs related to non-vested awards	7,100,000
Share based compensation non-vested awards period of recognition	1 year 2 months 12 days
Corporate general and administrative | Stock Options
Equity-based compensation expense
Share based compensation	147,000	155,000
Corporate general and administrative | Restricted Stock Awards | Time-Based
Equity-based compensation expense
Share based compensation	222,000	167,000
Corporate general and administrative | Restricted Stock Awards | Performance-Based
Equity-based compensation expense
Share based compensation	$267,000	$145,000

DERIVITIVE_FINANCIAL_INSTRUMEN2

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Fair Value
Assets		$66,000
Liability	-2,653,000	-1,957,000
Interest rate derivative financial instruments
Fair Value
Aggregate derivative contract termination value	2,800,000
Designated as a hedge | Interest rate derivative financial instruments
Number of Instruments
Asset		3
Liability	4	1
Total	4	4
Notional Amount
Assets		28,002,000
Liability	102,681,000	75,000,000
Total	102,681,000	103,002,000
Fair Value
Assets		66,000
Liability	-2,653,000	-1,957,000
Net liability	($2,653,000)	($1,891,000)

DERIVITIVE_FINANCIAL_INSTRUMEN3

DERIVITIVE FINANCIAL INSTRUMENTS AND HEDGING (Details 2) (Cash flow hedges, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Derivative instruments, gain (loss) recognized
Loss recognized in loss on derivative financial instruments (ineffective portion)	($1)
Interest rate derivative financial instruments
Derivative instruments, gain (loss) recognized
Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	-1,186	-495
Interest rate derivative financial instruments | Interest expense.
Derivative instruments, gain (loss) recognized
Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	($425)	($427)

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
INCOME TAXES
Income tax provision	$499	$78
Unrecognized tax benefits	$0

FAIR_VALUE_Details

FAIR VALUE (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets:
Assets held for sale	$1,292	$300
Derivative financial instruments		66
Liabilities:
Derivative liability	2,653	1,957
Asset transfers between Level 2 to Level 1	0
Asset transfers between Level 1 to Level 2	0
Liability transfers between Level 1 to Level 2	0
Liability transfers between Level 2 to Level 1	0
Recurring basis | Level 2 - Market approach
Assets:
Assets held for sale	1,292	300
Recurring basis | Level 2 - Market approach | Interest rate derivative financial instruments
Assets:
Derivative financial instruments		66
Liabilities:
Derivative liability	2,653	1,957
Recurring basis | Fair Value
Assets:
Assets held for sale	1,292	300
Recurring basis | Fair Value | Interest rate derivative financial instruments
Assets:
Derivative financial instruments		66
Liabilities:
Derivative liability	$2,653	$1,957

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Discontinued operations
Income from discontinued operations	$378
Income from discontinued operations attributable to common stockholders	373
Hotel properties
Discontinued operations
REVENUE	1,088
Hotel operating expenses	770
Depreciation and amortization	4
Operating income	314
Other income	63
Income before taxes	377
Income tax benefit	1
Income from discontinued operations	378
Income from discontinued operations attributable to noncontrolling interest	5
Income from discontinued operations attributable to common stockholders	$373

EARNINGS_LOSS_PER_SHARE_Detail

EARNINGS (LOSS) PER SHARE (Details) (Stock Options)	3 Months Ended
	Mar. 31, 2014
Stock Options
Anti-dilutive options excluded from computation of diluted earnings per share
Anti-dilutive options excluded from computation of diluted earnings per share (in shares)	893,000

EARNINGS_LOSS_PER_SHARE_Detail1

EARNINGS (LOSS) PER SHARE (Details 2) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Income (loss) from continuing operations	$10,591	$2,947
Less: Preferred dividends	4,147	4,147
Allocation to participating securities	21	15
Attributable to noncontrolling interest	57	-138
Income (loss) from continuing operations attributable to common stockholders, net of amount allocated to participating securities	6,366	-1,077
Income from discontinued operations attributable to common stockholders, net of amount allocated to participating securities		373
Net income (loss) attributable to common stockholders, net of amount allocated to participating securities	$6,366	($704)
Denominator:
Weighted average common shares outstanding - basic	85,704	85,097
Dilutive effect of equity-based compensation awards (in shares)	1,171
Weighted average common shares outstanding - diluted	86,875	85,097
Earnings per common share - basic and diluted:
Net income (loss) from continuing operations (in dollars per share)	$0.07	($0.01)
Basic and diluted net income (loss) per share (in dollars per share)	$0.07	($0.01)

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	3 Months Ended		0 Months Ended						12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Apr. 13, 2015	Apr. 07, 2015	Apr. 21, 2015	Apr. 24, 2015	Apr. 30, 2015	Apr. 02, 2014	Dec. 31, 2014
				property
Subsequent events
Debt paid off	$22,759,000	$2,364,000
Loan commitments	628,773,000								626,533,000
Subsequent Event | $225 Million Revolver
Subsequent events
Maximum borrowing capacity				225,000,000
Amount available for borrowing					199,200,000
Subsequent Event | Hotel properties | Minneapolis, MN | Hampton Inn & Suites
Subsequent events
Number of guestrooms			211
Purchase Price			39,000,000
Subsequent Event | Unsecured term loan
Subsequent events
Loan amount				125,000,000
Accordion feature additional commitment				75,000,000
Number of Real Estate Properties Unencumbered				39
Repayment term, subject to prepayment fees				2 years
Loan commitments					140,000,000
Subsequent Event | Unsecured term loan | $225 Million Revolver
Subsequent events
Debt paid off				$125,000,000	$15,000,000
Subsequent Event | Unsecured term loan | LIBOR
Subsequent events
Variable rate basis				LIBOR
Interest rate percentage						2.12%
Subsequent Event | Unsecured term loan | Prime rate
Subsequent events
Variable rate basis				prime rate
Subsequent Event | Common Stock
Subsequent events
Common units redeemed								95,646
Cash dividends declared, common stock (in dollars per share)							$0.12
9.25% Series A Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)	9.25%								9.25%
9.25% Series A Preferred Stock | Subsequent Event
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)							$0.58
7.875% Series B Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)	7.88%								7.88%
7.875% Series B Preferred Stock | Subsequent Event
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)							$0.49
7.125% Series C Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)	7.13%								7.13%
7.125% Series C Preferred Stock | Subsequent Event
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)							$0.45