Summit Hotel Properties (INN) 10-K 24 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	Summit Hotel Properties, Inc.
Entity Central Index Key	1,497,645
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,093,788,481
Entity Common Stock, Shares Outstanding		86,794,013
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Investment in hotel properties, net	$ 1,333,407	$ 1,339,415
Investment in hotel properties under development		253
Land held for development	5,742	8,183
Assets held for sale	133,138	300
Cash and cash equivalents	29,326	38,581
Restricted cash	23,073	34,395
Trade receivables	9,437	7,681
Prepaid expenses and other	15,281	6,181
Derivative financial instruments		66
Deferred charges, net	9,188	9,641
Deferred tax asset, net	112	176
Other assets	22,250	14,152
Total assets	1,580,954	1,459,024
Liabilities:
Debt	677,096	626,533
Accounts payable	2,947	7,271
Accrued expenses and other	42,174	38,062
Derivative financial instruments	1,811	1,957
Total liabilities	$ 724,028	$ 673,823
Commitments and contingencies (Note 9)
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Common stock, $.01 par value per share, 500,000,000 shares authorized, 86,793,521 and 86,149,720 shares issued and outstanding at December 31, 2015 and 2014, respectively	$ 868	$ 861
Additional paid-in capital	894,060	888,191
Accumulated other comprehensive loss	(1,666)	(1,746)
Accumulated deficit and distributions	(40,635)	(107,779)
Total stockholders' equity	852,711	779,611
Non-controlling interests in operating partnership	4,215	5,590
Total equity	856,926	785,201
Total liabilities and equity	1,580,954	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 ($) $ in Thousands	12 Months Ended
	Dec. 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, shares issued	86,793,521	86,149,720
Common stock, shares outstanding	86,793,521	86,149,720
9.25% Series A Preferred Stock
Preferred stock, shares authorized	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)	7.875%	7.875%
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)	7.125%	7.125%

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Room	$ 436,202	$ 380,472	$ 283,279
Other hotel operations revenue	27,253	22,994	15,679
Total revenues	463,455	403,466	298,958
Hotel operating expenses:
Room	109,844	101,150	80,391
Other direct	64,010	55,388	39,815
Other indirect	121,974	104,959	78,136
Total hotel operating expenses	295,828	261,497	198,342
Depreciation and amortization	64,052	63,763	49,330
Corporate general and administrative	21,204	19,884	12,929
Hotel property acquisition costs	1,246	769	1,886
Loss on impairment of assets	1,115	8,847	1,369
Total expenses	383,445	354,760	263,856
Operating income	80,010	48,706	35,102
Other income (expense):
Interest expense	(30,414)	(28,517)	(21,991)
Gain on disposal of assets, net	65,067	391	363
Other income (expense)	11,146	595	(1,955)
Total other income (expense)	45,799	(27,531)	(23,583)
Income from continuing operations before income taxes	125,809	21,175	11,519
Income tax expense	(553)	(744)	(4,894)
Income from continuing operations	125,256	20,431	6,625
Income (loss) from discontinued operations		492	(728)
Net income	125,256	20,923	5,897
Income (loss) attributable to non-controlling interests:
Operating partnership	819	51	(297)
Joint venture		1	316
Net income attributable to Summit Hotel Properties, Inc.	124,437	20,871	5,878
Preferred dividends	(16,588)	(16,588)	(14,590)
Net income (loss) attributable to common stockholders	$ 107,849	$ 4,283	$ (8,712)
Earnings (loss) per share - Basic:
Net income (loss) from continuing operations (in dollars per share)	$ 1.25	$ 0.04	$ (0.11)
Net income (loss) from discontinued operations (in dollars per share)		0.01	(0.01)
Net income (loss) (in dollars per share)	1.25	0.05	(0.12)
Earnings (loss) per share - Diluted
Net income (loss) from continuing operations (in dollars per share)	1.24	0.04	(0.11)
Net income (loss) from discontinued operations (in dollars per share)		0.01	(0.01)
Net income (loss) (in dollars per share)	$ 1.24	$ 0.05	$ (0.12)
Weighted average common shares outstanding:
Basic (in shares)	85,920	85,242	70,327
Diluted (in shares)	87,144	85,566	70,327
Dividends per share (in dollars per share)	$ 0.47	$ 0.46	$ 0.45

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net income	$ 125,256	$ 20,923	$ 5,897
Other comprehensive income (loss), net of tax:
Changes in fair value of derivative financial instruments	81	(371)	(881)
Total other comprehensive income (loss)	81	(371)	(881)
Comprehensive income	125,337	20,552	5,016
Comprehensive income (loss) attributable to non-controlling interest:
Comprehensive income attributable to Summit Hotel Properties, Inc.	124,517	20,504	5,027
Preferred dividends	(16,588)	(16,588)	(14,590)
Comprehensive income (loss) attributable to common stockholders	107,929	3,916	(9,563)
Operating Partnership
Comprehensive income (loss) attributable to non-controlling interest:
Comprehensive income (loss) attributable to non-controlling interest	$ 820	47	(327)
Joint Venture
Comprehensive income (loss) attributable to non-controlling interest:
Comprehensive income (loss) attributable to non-controlling interest		$ 1	$ 316

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Preferred StockPublic offering of preferred stock	Preferred Stock	Common StockUnderwritten public offering of common stock	Common Stock	Additional Paid-in CapitalUnderwritten public offering of common stock	Additional Paid-in CapitalPublic offering of preferred stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit and Distributions	Total Shareholders' EquityUnderwritten public offering of common stock	Total Shareholders' EquityPublic offering of preferred stock	Total Shareholders' Equity	Non-controlling InterestsOperating Partnership	Non-controlling InterestsJoint Venture	Underwritten public offering of common stock	Public offering of preferred stock	Total
Balance at beginning of year at Dec. 31, 2012		$ 50		$ 462			$ 468,820	$ (528)	$ (31,985)			$ 436,819	$ 36,718				$ 473,537
Balance (in shares) at Dec. 31, 2012		5,000,000		46,159,652
Changes in equity
Net proceeds from sale of stock	$ 34		$ 345		$ 299,727	$ 81,689				$ 300,072	$ 81,723				$ 300,072	$ 81,723
Sale of stock (in shares)	3,400,000		34,500,000
Common stock redemption of common units				$ 44			30,574					30,618	(30,618)
Common stock redemption of common units (in shares)				4,414,950
Contribution by non-controlling interests in joint venture														$ 7,500			7,500
Dividends paid									(46,470)			(46,470)	(1,124)				(47,594)
Equity-based compensation				$ 3			2,048					2,051	73				2,124
Equity-based compensation (in shares)				327,806
Other comprehensive income (loss)								(851)				(851)	(30)				(881)
Net income (loss)									5,878			5,878	(297)	316			5,897
Balance at end of year at Dec. 31, 2013		$ 84		$ 854			882,858	(1,379)	(72,577)			809,840	4,722	7,816			822,378
Balance (in shares) at Dec. 31, 2013		8,400,000		85,402,408
Changes in equity
Common stock redemption of common units				$ 4			2,425					2,429	(2,429)
Common stock redemption of common units (in shares)				438,631
Common units issued for acquisition													3,685				3,685
Acquisition of non-controlling interest in joint venture							(415)					(415)		(7,817)			(8,232)
Dividends paid									(56,073)			(56,073)	(477)				(56,550)
Equity-based compensation				$ 3			3,479					3,482	42				3,524
Equity-based compensation (in shares)				321,269
Other							(156)					(156)					(156)
Other (in shares)				(12,588)
Other comprehensive income (loss)								(367)				(367)	(4)				(371)
Net income (loss)									20,871			20,871	51	$ 1			20,923
Balance at end of year at Dec. 31, 2014		$ 84		$ 861			888,191	(1,746)	(107,779)			779,611	5,590				785,201
Balance (in shares) at Dec. 31, 2014		8,400,000		86,149,720
Changes in equity
Common stock redemption of common units				$ 3			1,919					1,922	(1,922)
Common stock redemption of common units (in shares)				268,947
Dividends paid									(57,293)			(57,293)	(309)				(57,602)
Equity-based compensation				$ 4			4,713					4,717	36				4,753
Equity-based compensation (in shares)				411,239
Other							(763)					(763)					(763)
Other (in shares)				(36,385)
Other comprehensive income (loss)								80				80	1				81
Net income (loss)									124,437			124,437	819				125,256
Balance at end of year at Dec. 31, 2015		$ 84		$ 868			$ 894,060	$ (1,666)	$ (40,635)			$ 852,711	$ 4,215				$ 856,926
Balance (in shares) at Dec. 31, 2015		8,400,000		86,793,521

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
OPERATING ACTIVITIES
Net income	$ 125,256	$ 20,923	$ 5,897
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64,052	63,776	51,289
Deferred finance cost amortization	1,723	1,549	1,854
Loss on impairment of assets	1,115	9,247	9,044
Equity-based compensation	4,753	3,524	2,124
Deferred tax asset, net	64	(127)	3,948
Gain on disposal of assets, net	(65,067)	(446)	(4,308)
Other	1,287	48	45
Changes in operating assets and liabilities:
Restricted cash - operating	18	(631)	(1,309)
Trade receivables, net	(1,727)	(419)	(1,753)
Prepaid expenses and other	28	3,618	(3,654)
Accounts payable and Accrued expenses and other	714	1,077	9,259
NET CASH PROVIDED BY OPERATING ACTIVITIES	132,216	102,139	72,436
INVESTING ACTIVITIES
Acquisitions of hotel properties	(236,518)	(177,820)	(441,573)
Acquisition of non-controlling interest in joint venture		(8,232)
Investment in hotel properties under development	(75)	(253)
Acquisition of land held for development			(2,800)
Improvements and additions to hotel properties	(43,197)	(42,432)	(53,222)
Escrow deposits for acquisition	(10,046)
Amounts drawn under note funding obligation	(2,634)	(7,366)
Purchases of office furniture and equipment			(398)
Proceeds from asset dispositions, net of closing costs	150,054	19,280	52,850
Restricted cash - FF&E reserve	11,304	16,275	(22,291)
NET CASH USED IN INVESTING ACTIVITIES	(131,112)	(200,548)	(467,434)
FINANCING ACTIVITIES
Proceeds from issuance of debt	600,407	263,601	587,245
Principal payments on debt	(550,150)	(115,829)	(497,801)
Financing fees on debt	(2,250)	(782)	(3,421)
Proceeds from equity offerings, net of offering costs			381,795
Proceeds from contribution by joint venture partner			7,500
Dividends paid	(57,602)	(56,550)	(47,594)
Other	(764)	(156)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(10,359)	90,284	427,724
Net change in cash and cash equivalents	(9,255)	(8,125)	32,726
CASH AND CASH EQUIVALENTS
Beginning of period	38,581	46,706	13,980
End of period	29,326	38,581	46,706
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	28,927	26,925	19,989
Capitalized interest	75	253	400
Cash payments for income taxes, net of refunds	$ 2,436	926	681
Mortgage debt assumed for acquisitions of hotel properties		43,172	$ 33,532
Fair value of common units issued for acquisition of hotel		$ 3,685

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 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 and completed certain formation transactions, including the merger of Summit Hotel Properties, LLC with and into the Operating Partnership. Unless the context otherwise requires, “we”, “us”, and “our” refer to the Company and its consolidated subsidiaries. At December 31, 2015, our portfolio consists of 87 Upscale and Upper-midscale hotels with a total of 11,420 guestrooms located in 24 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, all of our hotels are leased to subsidiaries (“TRS Lessees”) of our taxable REIT subsidiary (“TRS”). We indirectly own 100% of the outstanding equity interests in all of our TRS Lessees.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 –– SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Consolidated Financial Statements of the Company consolidate the accounts of the Company and all entities that are controlled by ownership of a majority voting interest as well as variable interest entities for which the company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. We prepare our Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates. Segment Disclosure Accounting Standards Codification (“ASC”), ASC 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in real estate. Our investments in real estate are geographically diversified and the chief operating decision makers evaluate operating performance on an individual asset level. As each of our assets has similar economic characteristics, the assets have been aggregated into one reportable segment. Investment in Hotel Properties The Company allocates the purchase price of acquired hotel properties based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Intangible assets may include certain value associated with the on-going operations of the hotel business being acquired as part of the hotel property acquisition. Acquired intangible assets that derive their values from real property or an interest in real property, are inseparable from that real property or interest in real property, and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, are recorded as a component of the related real estate asset in our Consolidated Financial Statements. Identifiable intangible assets or liabilities may also arise from assumed contractual arrangements as part of the acquisition of the hotel property, including terms that are above or below market compared to an estimated fair market value of the agreement at the acquisition date. We make adjustments, if and when necessary, to the recorded amounts of the acquired assets and liabilities within one year of consummation of the transaction in accordance with ASC 805, Business Combinations . We determine the acquisition-date fair values of all assets and assumed liabilities using methods similar to those used by independent appraisers, including using a discounted cash flow analysis that uses appropriate discount 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 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 6 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, 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 at least annual reviews 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. Intangible Assets We amortize intangible assets with determined finite useful lives using the straight-line method. We do not amortize intangible assets with indefinite useful lives, but we evaluate these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. 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. We elected for the early adoption of Accounting Standards Update (“ASU”) 2014-08 (see “New Accounting Standards” below) in the first quarter of 2014 and we currently anticipate that the majority of future properties for sale 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 that 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. Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a Qualified Intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to the Parked Assets prior to completion of the 1031 Exchanges. As such, the Parked Assets are included in our Consolidated Balance Sheets and Consolidated Statements of Operations as VIE’s until legal title is transferred to us upon completion of the 1031 Exchanges. 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. Trade receivables result from the rental of hotel guest rooms and the sales of food, beverage, and banquet services and are payable under normal trade terms. Trade receivables are stated at the amount billed to the customer and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.1 million at December 31, 2015 and 2014. Bad debt expense was $0.3 million, $0.4 million and $0.6 million for 2015, 2014 and 2013, respectively. Deferred Charges Deferred charges consist of deferred financing fees and initial franchise fees. Costs incurred to obtain financing are capitalized and amortized as a component of interest expense over the term of the related debt using the straight-line method, 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 i) common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties, and ii) prior to the second quarter of 2014, a 19% interest in a consolidated joint venture held by our joint venture partner, which we acquired from our joint venture partner in the second quarter of 2014. Revenue Recognition We recognize revenue when guestrooms 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 which was amended and restated effective June 15, 2015 (the “Equity 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 the stock options granted upon completion of our IPO at fair value using the Black-Scholes option-pricing model and we account for all other awards of equity, including time-based and performance-based stock awards, using the grant date fair value of those equity awards. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC Topic 718 “Compensation — Stock Compensation” (formerly SFAS 123R). We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to a change in forfeiture assumptions or modification of previously granted awards. 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 IRC. 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 at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions. We account for federal and state income taxes of our TRS using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and respective carrying amounts for tax purposes, and operating losses and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence, including future reversals of taxable temporary differences, future projected taxable income and tax planning strategies. Fair Value Measurement Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets. Level 3: Unobservable inputs in which there is little or no market data, which require a reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of the following valuation techniques: Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Cost approach: Amount required to replace the service capacity of an asset (replacement cost). Income approach: Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models). Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. We elected not to use the fair value option for cash and cash equivalents, restricted cash, trade receivables, prepaid expenses and other, debt, accounts payable, and accrued expenses and other. With the exception of our fixed-rate debt (See “Note 5 — 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 now include only disposals that represent a strategic shift in operations with a major effect on operations and financial results. ASU 2014-08 is to be applied on a prospective basis and had a required adoption date of January 1, 2015; however, we elected early adoption in the first quarter of 2014, which is permitted for disposals and classifications of assets as “held for sale,” provided such assets had not been reported previously in discontinued operations. On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for us on January 1, 2018 and early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our Consolidated Financial Statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our Consolidated Financial Statements. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This standard becomes effective for the Company on January 1, 2017. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which changes the way reporting enterprises evaluate the consolidation of limited partnerships, variable interests and similar entities. This standard will be effective for the first annual reporting period beginning after December 15, 2015 with early adoption permitted. We are evaluating the effect that ASU No. 2015-02 will have on our Consolidated Financial Statements and related disclosures, but we do not anticipate that adoption of this accounting standard will have a material effect on our consolidated financial position or our consolidated results of operations. 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 on 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 our fiscal year beginning on January 1, 2016. We are evaluating the effect that ASU No. 2015-03 will have on our Consolidated Financial Statements and related disclosures, but we do not anticipate that adoption of this accounting standard will have a material effect on our consolidated financial position or our consolidated results of operations. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which illustrates certain guidance governing adjustments to the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Such adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement amounts initially recognized or would have resulted in the recognition of additional assets and liabilities. ASU No. 2015-16 eliminates the requirement to retrospectively account for such adjustments. ASU No. 2015-16 is effective for our fiscal year commencing on January 1, 2016. We do not anticipate that the adoption of ASU No. 2015-16 will have a material effect on our consolidated financial position or our consolidated results of operations. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015-17 is effective for our fiscal year commencing on January 1, 2017. We do not anticipate that the adoption of ASU No. 2015-17 will have a material effect on our consolidated financial position or our consolidated results of operations.

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES	12 Months Ended
	Dec. 31, 2015
INVESTMENT IN HOTEL PROPERTIES
INVESTMENT IN HOTEL PROPERTIES	NOTE 3 –– INVESTMENT IN HOTEL PROPERTIES Investment in Hotel Properties, net Investment in hotel properties, net at December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Land $ $ Hotel buildings and improvements Construction in progress Furniture, fixtures and equipment Less accumulated depreciation $ $ Depreciation expense was $63.7 million, $63.3 million, and $48.9 million for 2015, 2014 and 2013, respectively. Assets Held for Sale Assets held for sale at December 31, 2015 and 2014 include (in thousands): 2015 2014 Land $ $ Hotel building and improvements — Furniture, fixtures and equipment — Construction in progress — Franchise fees — $ $ On June 2, 2015, the Operating Partnership and certain affiliated entities entered into two separate agreements (collectively, the “ARCH Agreement”), as amended on July 15, 2015, to sell a portfolio of 26 hotels containing an aggregate of 2,793 guestrooms to affiliates of American Realty Capital Hospitality Trust, Inc. (“ARCH”) for an aggregate cash purchase price of approximately $347.4 million (the “ARCH Sale”). The hotels were to be sold in three separate closings. As a result, the 26 hotels to be sold were reclassified as Assets Held for Sale upon execution of the ARCH Agreement. The first closing of 10 hotels consisting of 1,090 guestrooms was completed on October 15, 2015 for an aggregate cash payment of $150.1 million (the “First Closing”). The First Closing resulted in a gain on the sale of assets of $66.6 million that was recorded in the fourth quarter of 2015. The remaining 16 hotel properties are recorded as Assets Held for Sale at December 31, 2015 as follows: Hotel Location Guestrooms Fairfield Inn & Suites Denver, CO (1) Fairfield Inn & Suites Bellevue, WA (1) SpringHill Suites Denver, CO (1) Hilton Garden Inn Fort Collins, CO (1) Fairfield Inn & Suites Spokane, WA (1) Hampton Inn Fort Collins, CO (1) Aloft Jacksonville, FL (2) Holiday Inn Express Vernon Hills, IL (2) Courtyard Jackson, MS (2) Residence Inn Jackson, MS (2) Courtyard Germantown, TN (2) Staybridge Suites Ridgeland, MS (2) Homewood Suites Ridgeland, MS (2) Courtyard El Paso, TX (2) Fairfield Inn & Suites Germantown, TN (2) Residence Inn Germantown, TN (2) (1) These hotel properties were sold on February 11, 2016. See “Note 17 – Subsequent Events” to these Consolidated Financial Statements. (2) These hotel properties are currently under contract to be sold. See “Note 17 – Subsequent Events” to these Consolidated Financial Statements. We anticipate executing reverse and forward 1031 Exchanges for a substantial portion of the ARCH Sale to defer taxable gains that are expected to result from the sale. As such, certain hotels that we may purchase before the final closing of the ARCH Sale have been or will be consummated in a manner such that legal title is or will be held by a Qualified Intermediary engaged to execute the 1031 Exchanges until the ARCH Sale is consummated and the 1031 Exchanges are completed. We retain or will retain essentially all of the legal and economic benefits and obligations related to the Parked Assets. As such, the Parked Assets are or will be included in our Consolidated Balance Sheet and Consolidated Statements of Operations as VIE’s until legal title is transferred to us upon completion of the 1031 Exchanges. We completed 1031 Exchanges for four Parked Assets simultaneously with the First Closing. In addition to the assets of the 16 hotels noted above, assets held for sale at December 31, 2015 includes land parcels in Spokane, WA, Fort Myers, FL and Flagstaff, AZ, which are being actively marketed for sale. At December 31, 2014, assets held for sale was comprised of a land parcel in Spokane, WA. Hotel Property Acquisitions Hotel property acquisitions in 2015 and 2014 were as follows (in thousands): Date Acquired Franchise/Brand Location Purchase Price Debt Assumed 2015: April 13 Hampton Inn & Suites Minneapolis, MN $ $ — June 18 Hampton Inn Boston (Norwood), MA — June 30 Hotel Indigo Asheville, NC — July 24 Residence Inn Branchburg, NJ — July 24 Residence Inn Baltimore (Hunt Valley), MD — October 19 Hyatt House Miami, FL — October 20 Courtyard by Marriott Atlanta (Decatur), GA (1) — Total 2015 $ $ — 2014: January 9 Hilton Garden Inn Houston, TX $ $ January 10 Hampton Inn Santa Barbara (Goleta), CA (2) January 24 Four Points by Sheraton San Francisco, CA — March 14 DoubleTree by Hilton San Francisco, CA August 15 Hilton Garden Inn Houston (Energy Corridor), TX — September 9 Hampton Inn & Suites Austin, TX — Total 2014 $ $ (1) This hotel was a Parked Asset at December 31, 2015 pending the completion of a reverse 1031 Exchange related to the sale of certain properties to ARCH. See “Note 2 — Summary of Significant Accounting Policies — Variable Interest Entities” and “Note 4 — Supplemental Balance Sheet Information” to these Consolidated Financial Statements. As such, the legal title to this Parked Asset was held by a Qualified Intermediary engaged to execute the 1031 Exchange until the ARCH Sale was consummated on February 11, 2016 and the 1031 Exchange was completed. We retained essentially all of the legal and economic benefits and obligations related to the Parked Asset. As such, the Parked Asset was included in our Consolidated Balance Sheet at December 31, 2015 and Consolidated Statement of Operations for the year then ended as a VIE until legal title was transferred to us upon completion of the 1031 Exchange. (2) The purchase price for this hotel included the issuance by the Operating Partnership of 412,174 Common Units valued at the time of issuance at $3.7 million. As of December 31, 2015, 141,140 of the Common Units issued had been tendered for redemption and were redeemed for an equivalent number of shares of our common stock. The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands): 2015 2014 Land $ $ Hotel buildings and improvements Furniture, fixtures and equipment Other assets Total assets acquired Less debt assumed — ) Less lease liability assumed ) ) Less other liabilities ) ) Net assets acquired $ $ Total revenues and net income for hotel properties acquired in 2015 and 2014, which are included in our Consolidated Statements of Operations for the years ended December 31, 2015 and 2014, are as follows (in thousands): 2015 Acquisitions 2014 Acquisitions 2015 2015 2014 Revenues $ $ $ Net income $ $ $ 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 2015 and 2014 had taken place on January 1, 2014 and all dispositions had occurred prior to that date. Additionally, the unaudited condensed pro forma information excludes the operating results from 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 and dispositions taken place on or before January 1, 2014. This information does not purport to be indicative of or represent results of operations for future periods. The unaudited condensed pro forma financial information for 2015 and 2014 is as follows (in thousands, except per share): 2015 2014 (unaudited) Revenues $ $ Net income (1) $ $ Net income attributable to common stockholders, net of amount allocated to participating securities (1) $ $ Net income per share attributable to common stockholders (1): Basic $ $ Diluted $ $ (1) The pro forma amounts exclude the $66.6 million gain on the sale of hotel properties during the year ended December 31, 2015.

SUPPLEMENTAL BALANCE SHEET INFO

SUPPLEMENTAL BALANCE SHEET INFORMATION	12 Months Ended
	Dec. 31, 2015
SUPPLEMENTAL BALANCE SHEET INFORMATION
SUPPLEMENTAL BALANCE SHEET INFORMATION	NOTE 4 — SUPPLEMENTAL BALANCE SHEET INFORMATION Restricted Cash Restricted cash at December 31, 2015 and 2014 includes (in thousands): 2015 2014 Property taxes $ $ Insurance FF&E reserves Other funds in escrow $ $ Prepaid Expenses and Other Prepaid expenses and other at December 31, 2015 and 2014 include (in thousands): 2015 2014 Earnest money and funds in escrow $ $ Prepaid insurance Other $ $ Deferred Charges Deferred charges at December 31, 2015 and 2014 include (in thousands): 2015 2014 Initial franchise fees $ $ Deferred financing costs Less accumulated amortization Total $ $ Amortization expense for for the years ended December 31, 2015, 2014, and 2013 was (in thousands): 2015 2014 2013 Initial franchise fees $ $ $ Deferred financing costs $ $ $ Future amortization expense is expected to be (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter $ Other Assets Other assets at December 31, 2015 and 2014 include (in thousands): 2015 2014 Prepaid land lease $ $ Notes receivable Acquired intangible assets — $ $ At December 31, 2015 and 2014, the notes receivable balance detailed above includes amounts drawn under a note funding obligation carrying an interest rate of 10.0% per annum paid monthly, an initial maturity date of May 31, 2017 and an option to extend the maturity date until May 13, 2018. Of the total $10.0 million note funding obligation, $10.0 million and $7.4 million had been advanced at December 31, 2015 and 2014, respectively. At December 31, 2015, we have notes receivable totaling $2.7 million included in Other Assets on our Consolidated Balance Sheet related to seller-financing for the sale in a prior year of two hotel properties in Emporia, KS. The loans have matured and the buyer is currently in payment default under the terms of the loans. We have initiated proceedings to foreclose on the properties and we have received a judgment of foreclosure on one of the properties and proceedings concerning the other property are ongoing. We expect to reacquire the properties unless the buyer is able to repay the principal and interest, including default interest and fees, on the notes receivable in full prior to the completion of the foreclosure process. We believe the collateral value is sufficient to recover the carrying amounts of the notes receivable. If we reacquire the properties as a result of a foreclosure, then we will classify the properties as held for sale and market them for re-sale to recover the carrying amounts of our notes receivable. At December 31, 2015, intangible assets consisted of assumed contractual arrangements including terms that were above market compared to an estimated fair market value of the agreement at the acquisition date. These assets are being amortized using the straight-line method over a weighted average amortization period of 30.9 years. Amortization expense is expected to be $0.2 million for each of the next five years. Accrued Expenses and Other Accrued expenses and other at December 31, 2015 and 2014 include the following (in thousands): 2015 2014 Accrued sales, property and income taxes $ $ Accrued salaries and benefits Accrued interest Acquired unfavorable leases Accrued expenses at hotels and other $ $

DEBT

DEBT	12 Months Ended
	Dec. 31, 2015
DEBT
DEBT	NOTE 5 –– DEBT At December 31, 2015, our indebtedness is comprised of borrowings under a $300.0 million senior unsecured credit facility, the 2015 Term Loan (as defined below), and indebtedness secured by first priority mortgage liens on various hotel properties. At December 31, 2015 and 2014 our outstanding indebtedness included (in thousands): Amortization Number of Properties Outstanding Principal Balance Note Period Encumbered at December 31, Lender Reference Interest Rate (a) (Years) Maturity Date December 31, 2015 2015 2014 Senior Unsecured Credit Facility Deutsche Bank AG New York Branch (b) $225 Million Revolver 2.33% Variable n/a October 10, 2017 n/a $ $ $75 Million Term Loan 3.94% Fixed n/a October 10, 2018 n/a Total Senior Unsecured Credit Facility Unsecured Term Loan KeyBank National Association Term Loan (c) 2.38% Variable n/a April 7, 2022 n/a — Voya (formerly known as ING Life Insurance and Annuity) (d) 6.10% Fixed 20 March 1, 2019 n/a — (d) 4.55% Fixed 25 March 1, 2019 n/a — (d) 5.18% Fixed 20 March 1, 2019 2 — (d) 5.18% Fixed 20 March 1, 2019 4 — (d) 5.18% Fixed 20 March 1, 2019 3 — (d) 5.18% Fixed 20 March 1, 2019 1 — KeyBank National Association (e) 4.46% Fixed 30 February 1. 2023 4 (f) 4.52% Fixed 30 April 1, 2023 3 (g) 4.30% Fixed 30 April 1, 2023 3 (h) 4.95% Fixed 30 August 1, 2023 2 Bank of America Commercial Mortgage (i) 6.41% Fixed 25 September 1, 2017 1 Merrill Lynch Mortgage Lending Inc. (j) 6.38% Fixed 30 August 1, 2016 1 GE Capital Financial Inc. (k) 5.39% Fixed 25 April 1, 2020 1 (k) 5.39% Fixed 25 April 1, 2020 1 MetaBank (l) 4.25% Fixed 20 August 1, 2018 1 Bank of Cascades (m) 2.43% Variable 25 December 19, 2024 1 (m) 4.30% Fixed 25 December 19, 2024 — Goldman Sachs (n) 5.67% Fixed 25 July 6, 2016 2 Compass Bank (o) 4.57% Fixed 20 May 17, 2018 — — (p) 2.83% Variable 25 May 6, 2020 3 General Electric Capital Corporation (q) 5.39% Fixed 25 April 1, 2020 1 (q) 5.39% Fixed 25 April 1, 2020 1 (r) 4.11% Variable 20 April 1, 2018 1 (r) 5.03% Fixed 25 March 1, 2019 — — AIG (s) 6.11% Fixed 20 January 1, 2016 — — Greenwich Capital Financial Products, Inc. (t) 6.20% Fixed 30 January 6, 2016 — — Wells Fargo Bank, National Association (u) 5.53% Fixed 25 October 1, 2015 — — (v) 5.57% Fixed 25 January 1, 2016 — — U.S. Bank, NA (w) 6.22% Fixed 30 November 1, 2016 1 (x) 6.13% Fixed 25 November 11, 2021 1 (y) 5.98% Fixed 30 March 8, 2016 — — Total Mortgage Loans 38 Total Debt 38 $ $ Notes: (a) Interest rates at December 31, 2015 give effect to our use of interest rate swaps, where applicable. (b) On October 10, 2013, we replaced our $150.0 million senior secured revolving credit facility with a $300.0 million senior unsecured credit facility. The unsecured credit facility is comprised of a $225.0 million revolving credit facility (the “$225 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”), and has an accordion feature which will allow us to increase the commitments by an aggregate of $100.0 million on the $225 Million Revolver and the $75 Million Term Loan. The senior unsecured credit facility requires that no less than 20 of our hotel properties remain unencumbered, as defined in the credit facility documentation, and also requires compliance with covenants customary among our industry peers. The $225 Million Revolver matures on October 10, 2017 and can be extended to October 10, 2018 at our option, subject to certain conditions. The $75 Million Term Loan matures on October 10, 2018. We pay interest on advances at varying rates, based upon, at our option, either (i) 1, 2, 3, or 6-month LIBOR, plus a LIBOR margin between 1.75% and 2.50%, depending upon our leverage ratio (as defined in the credit facility documentation), or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, or 1-month LIBOR plus 1.00%, plus a base rate margin between 0.75% and 1.50%, depending upon our leverage ratio. Unused Fees are payable quarterly and are assessed at 0.30% per annum if the unused portion of the credit facility is equal to or greater than 50%, or 0.20% per annum if the unused portion of the credit facility is less than 50%. On December 27, 2013, we fully drew the $75 Million Term Loan. On September 5, 2013, we entered into an interest rate derivative with a notional value of $75.0 million that became effective on January 2, 2014 and matures on October 1, 2018. This interest rate derivative was designated a cash flow hedge and effectively fixes LIBOR at 2.04%. The interest rate on the $75 Million Term Loan was 3.94% at January 2, 2014. At December 31, 2015, 47 of our unencumbered hotel properties were included in the borrowing base for the senior unsecured credit facility, and are required to remain unencumbered. As a result, the maximum amount of borrowing permitted under the senior unsecured credit facility was $300.0 million, of which, we had $170.0 million borrowed and $130.0 million available to borrow. (c) 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 “2015 Term Loan”). The 2015 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. At closing, we drew the full $125.0 million amount of the 2015 Term Loan and on April 21, 2015, we exercised $15.0 million of the $75.0 million accordion. All proceeds were used to pay down the principal balance of the $225 Million Revolver. The exercise of this feature increased the aggregate unsecured term loan commitments to $140.0 million under the 2015 Term Loan and does not affect any other terms or conditions of the credit agreement. In conjunction with exercising the accordion feature, the Company added American Bank, N.A. as a new lender under the facility. (d) The First Closing of the ARCH Sale included eight properties that served as collateral for two term loans with Voya Retirement Insurance and Annuity Company (“Voya”), formerly known as ING Life Insurance and Annuity, totaling $93.4 million. To avoid significant yield maintenance costs associated with an early pay-off of the portion of these term loans related to the sale of the eight properties that were a part of the ARCH Sale, we modified the term loans to substitute certain existing collateral with properties that were not part of the ARCH Sale. The transaction was completed on September 24, 2015. We now have four term loans with Voya with an aggregate principal amount of $123.4 million, fixed interest rates of 5.18%, and a first call date of March 1, 2019. The ten hotel properties encumbered by the Voya mortgage loans are cross-collateralized, and the four mortgage loans are cross-defaulted. (e) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by four of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; Denver (Englewood), CO; and Dallas (Arlington), TX. This loan is subject to defeasance if prepaid. (f) On March 7, 2013, we closed on a $22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ. This loan is subject to defeasance if prepaid. (g) On March 8, 2013, we closed on a $22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid. (h) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid. (i) On May 16, 2012, we assumed a loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan is subject to defeasance if prepaid. (j) On June 21, 2012, we assumed a loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan is subject to defeasance if prepaid. (k) On March 28, 2014, we amended the loans with GE Capital Financial, which are cross-collateralized by the Courtyard by Marriott and the SpringHill Suites by Marriott, both located in Scottsdale, AZ. The loans were amended to bear interest at a fixed rate of 5.39% and the maturity dates were extended to April 1, 2020. (l) On July 26, 2013, we closed on a $7.4 million loan with a fixed rate of 4.25% and a maturity of August 1, 2018. This loan is secured by the Hyatt Place in Atlanta, GA. This loan has a prepayment penalty of: (i) 3% until July 26, 2015, (ii) 2% until July 26, 2017, and (iii) 1% until February 1, 2018. (m) On December 19, 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million. As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.30%. Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loans are cross-collateralized and cross-defaulted. (n) This loan is secured by the SpringHill Suites by Marriott and the Hampton Inn & Suites in Bloomington, MN. This loan is subject to defeasance if prepaid. (o) This loan was secured by the Courtyard by Marriott in Flagstaff, AZ and had a variable interest rate of 30-day LIBOR plus 350 basis points (3.67% at December 31, 2014). On October 11, 2012, we entered into an interest rate derivative that effectively converted 85% of this loan to a fixed rate. This loan was repaid and the interest rate swap was settled in 2015. There were no prepayment penalties incurred in this transaction. (p) On May 6, 2014, we closed on a $25.0 million loan with Compass Bank. The loan carries a variable rate of 30-day LIBOR plus 240 basis points, amortizes over 25 years, and has a May 6, 2020 maturity date. The loan is secured by first mortgage liens on the Hampton Inn & Suites hotels located in San Diego (Poway), CA, Ventura (Camarillo), CA and Fort Worth, TX. (q) On March 28, 2014, we amended two loans with General Electric Capital Corp., which are cross - collateralized by the Hilton Garden Inn (Lakeshore) and the Hilton Garden Inn (Liberty Park), both located in Birmingham, AL. Both loans were amended to bear interest at a fixed rate of 5.39% and the maturity dates were extended to April 1, 2020. (r) These loans are secured by the SpringHill Suites by Marriott in Denver, CO and the Double Tree in Baton Rouge, LA. These loans have a variable interest rate of 90-day LIBOR plus 350 basis points. On May 4, 2012, we entered into interest rate derivatives that effectively converted these loans to a fixed rate. These loans are cross-defaulted and cross-collateralized. In anticipation of the ARCH Sale these interest rate swaps were settled in 2015. Further, the loan secured by the Double Tree in Baton Rouge, LA was repaid in 2015. There were no prepayment penalties incurred in this transaction. (s) On December 20, 2012, we assumed a loan in our acquisition of the Residence Inn by Marriott in Salt Lake City, UT. This loan was repaid in 2015. There were no prepayment penalties incurred in this transaction. (t) On February 11, 2013, we assumed a loan in our acquisition (through a joint venture) of the Holiday Inn Express & Suites in San Francisco, CA. This loan had an interest rate of 6.20% and a maturity date of January 6, 2016. This loan was repaid in 2015. There were no prepayment penalties incurred in this transaction. (u) On May 21, 2013, we assumed a loan in our acquisition of the Holiday Inn Express & Suites in Minneapolis (Minnetonka), MN. This loan had an interest rate of 5.53% and a maturity date of October 1, 2015. This loan was repaid in 2015. There were no prepayment penalties incurred in this transaction. (v) On May 21, 2013, we assumed a loan in our acquisition of the Hilton Garden Inn in Minneapolis (Eden Prairie), MN. This loan had an interest rate of 5.57% and a maturity date of January 1, 2016. This loan was repaid in 2015. There were no prepayment penalties incurred in this transaction. (w) On January 9, 2014, as part of our acquisition of the 182-guestroom Hilton Garden Inn in Houston, TX, we assumed a $17.8 million mortgage loan with a fixed interest rate of 6.22%, an amortization period of 30 years, and a maturity date of November 1, 2016. (x) On January 10, 2014, as part of our acquisition of the 98-guestroom Hampton Inn in Santa Barbara (Goleta), CA, we assumed a $12.0 million mortgage loan with a fixed interest rate of 6.133%, an amortization period of 25 years, and a maturity date of November 11, 2021. (y) On March 14, 2014, as part of our acquisition of the 210-guestroom DoubleTree by Hilton in San Francisco, CA, we assumed a $13.3 million mortgage loan with a fixed interest rate of 5.98%, an amortization period of 30 years, and a maturity date of March 8, 2016. This loan was repaid in 2015. There were no prepayment penalties incurred in this transaction. Our total fixed-rate and variable-rate debt at December 31, 2015 and 2014, after giving effect to our interest rate derivatives, is as follows (in thousands): 2015 2014 Fixed-rate debt $ $ Variable-rate debt $ $ Principal payments for each of the next five years are as follows (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter $ The weighted average interest rate for all borrowings was 3.90% and 4.35% at December 31, 2015 and 2014, respectively. Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 2015 2014 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ $ $ $ Level 2 - Market approach At December 31, 2015 and 2014, we had $75.0 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 6 –– Derivative Financial Instruments and Hedging.”

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	12 Months Ended
	Dec. 31, 2015
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	NOTE 6 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING We are exposed to interest rate risk through our variable-rate debt. We manage this risk primarily by managing the amount, sources, and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage our exposure to known or expected cash payments related to our variable-rate debt. The maximum length of time over which we have hedged our exposure to variable interest rates with our existing derivative financial instruments is approximately six years. Our objectives in using derivative financial instruments are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Our interest rate swaps designated as cash flow hedges involve the receipt of variable-rate payments from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Our agreements with our derivative counterparties contain a provision where if we default, or are capable of being declared in default, on any of our indebtedness, then we could also be declared in default on our derivative financial instruments. During October 2015, we repaid in full mortgage loans secured by two of the 10 hotel properties sold to ARCH on October 15, 2015 and executed the early settlement of three interest rate swaps for a nominal amount. Information about our derivative financial instruments at December 31, 2015 and 2014 follows (dollar amounts in thousands): December 31, 2015 December 31, 2014 Number of Instruments Notional Amount Fair Value Number of Instruments Notional Amount Fair Value Interest rate swaps (asset) — $ — $ — $ $ Interest rate swaps (liability) ) ) $ $ ) $ $ ) All of our interest rate swaps have been designated as cash flow hedges and are valued using a market approach, which is a Level 2 valuation technique. At December 31, 2015 our remaining interest rate swap was 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 December 31, 2015, we could have been required to settle our obligation under the agreement that was in a liability position at its termination value of $1.9 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). 2015 2014 2013 Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion) $ ) $ ) $ ) Loss reclassified from accumulated other comprehensive income to interest expense (effective portion) $ ) $ ) $ ) Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion) $ ) $ ) $ Amounts reported in accumulated other comprehensive income related to derivative financial instruments will be reclassified to interest expense as interest payments are made on the hedged variable-rate debt. In 2016, we estimate that an additional $1.0 million will be reclassified from other comprehensive income as an increase to interest expense.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2015
EQUITY
EQUITY	NOTE 7 — EQUITY Common Stock The Company is authorized to issue up to 500,000,000 shares of common stock, $0.01 par value per share. Holders of our common stock are entitled to receive dividends on such stock when, as and if authorized by our board of directors out of assets legally available therefor and declared by us and to share ratably in the assets of our Company legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding up after payment of or adequate provision is made for all known debts and liabilities of our Company. Each outstanding share of our common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors and, except as may be provided with respect to any other class or series of stock, the holders of such shares possess the exclusive voting power. During the year ended December 31, 2015, we issued 268,947 shares of common stock to limited partners of the Operating Partnership upon redemption of their Common Units. Additionally, 128,185 performance-based restricted shares previously granted to management under our Equity Plan 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 to management under our Equity Plan were forfeited. On March 3, 2015 and April 24, 2015, we issued 303,915 and 16,930 shares of common stock, respectively, to our executive officers and employees pursuant to our Equity Plan . During the year ended December 31, 2015, we issued 6,246 shares of common stock for director fees, an annual grant of 30,440 shares of common stock to our outside directors , and 99,738 shares of common stock upon the cashless exercise of outstanding stock options with an exercise price of $9.75 per share. Upon vesting of outstanding restricted stock, 36,385 shares were withheld to cover employee tax obligations. During the year ended December 31, 2014, we issued 438,631 shares of common stock to limited partners of the Operating Partnership upon redemption of their Common Units. On May 28, 2014, we issued 278,916 shares of common stock to our executive officers and employees pursuant to our Equity Plan. Of the total shares issued on May 28, 2014, 1,756 were forfeited during 2014. During the year ended December 31, 2014, we issued 32,317 shares of common stock to our directors pursuant to our Equity Plan, 7,539 shares of common stock pursuant to our Equity Plan to one of our independent directors in lieu of cash for director fees, and 4,253 shares of common stock pursuant to our Equity Plan upon the cashless exercise of outstanding stock options with an exercise price of $9.75 per share. Upon vesting of outstanding restricted stock, 12,588 shares were withheld to cover employee tax obligations. At December 31, 2015 and 2014, the Company had reserved 14,691,018 and 9,669,896 shares of common stock, respectively, for the issuance of common stock (i) upon the exercise of stock options, issuance of time-based restricted stock awards, issuance of performance-based restricted stock awards, grants of director stock awards, or other awards issued pursuant to our Equity Plan, (ii) upon redemption of Common Units, or (iii) under the ATM offering. 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 91,600,000 is currently undesignated and 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 requirements. 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 up 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 shares 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 December 31, 2015 and 2014, unaffiliated third parties owned 516,021 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. We will have the option to purchase the remaining interest in the Leasehold Venture in 2016.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2015
FAIR VALUE
FAIR VALUE	NOTE 8 — FAIR VALUE The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2015 and 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 December 31, 2015 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ $ — $ Fair Value Measurements at December 31, 2014 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ $ — $ Liabilities: Interest rate swaps $ — $ $ — $ There were no transfers between Level 1 and Level 2 of the fair value hierarchy during 2015 or 2014.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 9 — COMMITMENTS AND CONTINGENCIES Ground Leases We lease land for one hotel property in Duluth, GA under the terms of an operating ground lease agreement expiring April 1, 2069. We also have two prepaid land leases for two hotel properties in Portland, OR which expire in June of 2084 and have a remaining prepaid balance of $3.3 million and $3.4 million at December 31, 2015 and 2014, respectively. We have one option to extend these leases for an additional 14 years. We lease land for one hotel property in Houston (Galleria Area), TX under the terms of an operating ground lease agreement with an initial termination date of April 20, 2053 with one option to extend for an additional 10 years. We lease land for one hotel property in Austin, TX with an initial lease termination date of May 31, 2050. We lease land for one hotel property in Baltimore (Hunt Valley), MD with a lease termination date of December 31, 2019 and twelve remaining options to extend for five additional years per extension. Total rent expense for these leases for 2015, 2014 and 2013 was $1.2 million, $1.1 million, and $0.5 million, respectively. Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year are as follows (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter $ In addition, we lease land for one hotel property in Garden City, NY under a PILOT (payment in lieu of taxes) lease. We pay a reduced amount of property tax each year of the lease as rent. The lease expires on December 31, 2019. Upon expiration of the lease, we expect to exercise our right to acquire a fee simple interest in the hotel for nominal consideration. Franchise Agreements All of our hotel properties operate under franchise agreements with major hotel franchisors. The terms of our franchise agreements generally range from 10 to 20 years with various extension provisions. Each franchisor receives franchise fees ranging from 2% to 6% of each hotel property’s gross revenue, and some agreements require that we pay marketing fees of up to 4% of gross revenue. In addition, some of these franchise agreements require that we deposit a percentage of the hotel property’s gross revenue, generally not more than 5%, into a reserve fund for capital expenditures. In 2015, 2014, and 2013, we expensed fees related to our franchise agreements of $37.8 million, $33.6 million, and $27.7 million, respectively. Management Agreements Our hotel properties operate pursuant to management agreements with various third-party management companies. The terms of our management agreements range from three to twenty-five years with various extension provisions. Each management company receives a base management fee, generally a percentage of total hotel property revenues. In some cases there are also monthly fees for certain services, such as accounting, based on number of guestrooms. Generally there are also incentive fees based on attaining certain financial thresholds. In 2015, 2014, and 2013, we expensed fees related to our hotel management agreements of $18.6 million, $16.1 million, and $13.5 million, respectively. Litigation We are involved from time to time in litigation arising in the ordinary course of business; however, we are not currently aware of any actions against us that we believe would have a material effect on our financial condition or results of operations.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2015
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION	NOTE 10 — EQUITY-BASED COMPENSATION Our currently outstanding equity-based awards were issued under our Equity Plan, which was amended and restated on June 15, 2015 and provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based awards or incentive awards. Stock options granted may be either incentive stock options or non-qualified 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. Stock Options Granted Under Our Equity Plan Concurrent with the completion of our IPO and pursuant to our Equity Plan, we granted options to our executive officers to purchase 940,000 shares of common stock. These options have an exercise price of $9.75 per share, the market value of the common stock on the date of grant, and vest ratably over five years based on continued service, or upon a change in control. The fair value of stock options granted was estimated using a Black-Scholes valuation model and the following assumptions: 2011 Expected dividend yield % Expected stock price volatility % Risk-free interest rate % Expected life of options (in years) Weighted average estimated fair value of options at grant date per share $ The expected dividend yield was calculated based on our annual expected dividend payments at the time the options were granted. The expected volatility was based on historical price changes of a peer group of comparable entities based on the expected life of the options at the date of grant. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the date of grant. The expected life of options is the average number of years we estimate that options will be outstanding. The following table summarizes stock option activity under our Equity Plan for 2015 and 2014: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Terms Aggregate Intrinsic Value (Current Value Less Exercise Price) (per share) (in years) (in thousands) Outstanding at December 31, 2013 $ Granted — — Exercised ) Forfeited — — Outstanding at December 31, 2014 Granted — — Exercised ) Forfeited — — Outstanding at December 31, 2015 $ $ Exercisable at December 31, 2015 $ $ All stock options outstanding at December 31, 2015 are vested or became vested on February 13, 2016. During the years ended December 31, 2015, 2014, and 2013, the total fair value of stock options that vested was $0.9 million, $0.7 million and $0.6 million, respectively. The intrinsic value of outstanding options and exercisable options at December 31, 2015 was $1.0 million and $0.8 million, respectively. The intrinsic value of outstanding options and exercisable options at December 31, 2014 was $2.3 million and $1.4 million, respectively. At December 31, 2013, the exercise price of our outstanding options exceeded the market price of our common stock, resulting in no intrinsic value. Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan On March 3, 2015, we granted 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. On April 24, 2015, we granted a time-based restricted stock award for 16,930 shares of common stock to one of our executive officers. The award vests ratably over a three year period based on continued service on the first, second and third anniversaries of the grant date. On May 28, 2014, we awarded time-based restricted stock awards for 116,981 shares of common stock to our executive officers and management. These awards vest over a three year period based on continued service (25% on May 27, 2015 and 2016 and 50% on May 27, 2017), or upon a change in control. On March 1, 2013, we awarded time-based restricted stock awards for 106,518 shares of common stock to our executive officers. These awards vest over a three year period based on continued service (25% on February 28, 2014 and 2015 and 50% on February 28, 2016), or upon a change in control. 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 Equity Plan for 2015 and 2014: Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested December 31, 2013 $ Granted Vested ) Forfeited ) Non-vested December 31, 2014 Granted Vested ) Non-vested December 31, 2015 $ $ During the years ended December 31, 2015, 2014, and 2013, the total fair value of time-based restricted stock awards that vested was $1.0 million, $0.8 million and $0.2 million, respectively. Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan On March 3, 2015, we granted 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 generally vest based on 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 the Equity 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 grants 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. On May 28, 2014 and March 1, 2013 we awarded performance-based restricted stock awards for 161,935 and 185,572 shares, respectively, of common stock to our executive officers. These awards vest ratably on January 1 in each year of the three-year period following the grant date subject to the attainment of certain performance goals and continued service, or upon a change in control. The 2014 and 2013 performance-based restricted stock awards are market-based awards and are accounted for based on the grant date fair value of our common stock. These awards vest based on a performance measurement that requires the Company’s total stockholder return (“TSR”) to exceed the TSR for the SNL U.S. Lodging REIT Index for a designated one, two or three year performance period. The holders of these awards have the right to vote the related shares of common stock and any dividends declared will be accumulated and will be subject to the same vesting conditions as the awards. The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions: 2015 2014 Expected dividend yield Expected stock price volatility Risk-free interest rate 0.06 - 0.60% Monte Carlo iterations Weighted average estimated fair value of performance-based restricted stock awards $ $ The expected dividend yield was calculated based on our annual expected dividend payments at the time of grant. The expected volatility was based on historical price changes of our common stock for a period comparable to the performance period. The risk-free interest rates were interpolated from the Federal Reserve Bond Equivalent Yield rates for “on-the-run” U.S. Treasury securities. On January 1, 2015, 128,185 performance-based restricted shares previously granted to management vested based on the achievement of certain performance targets. The remaining 46,030 unvested performance-based restricted shares granted in 2012 were forfeited. Other than the accelerated vesting upon Mr. Becker’s resignation, no performance-based restricted stock awards vested during 2014 or 2013 because performance goals were not met. The following table summarizes performance-based restricted stock activity under our Equity Plan for 2015 and 2014: Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested December 31, 2013 Granted Vested ) Forfeited — — Non-vested December 31, 2014 $ Granted Vested ) Forfeited ) Non-vested December 31, 2015 $ $ Director Stock Awards Made Pursuant to Our Equity Plan In 2015 and 2014, we granted 30,440 and 32,317 shares of common stock, respectively, to our non-employee directors as a part of our director compensation program. These grants were made pursuant to our Equity Plan and were vested upon grant. Our non-employee directors have the option to receive shares of our common stock in lieu of cash for their director fees. In 2015 and 2014, we issued 6,246 and 7,539 shares of common stock, respectively, for director fees. Equity-Based Compensation Expense Equity-based compensation expense included in corporate general and administrative in the Consolidated Statements of Operations for 2015, 2014, and 2013 was (in thousands): 2015 2014 2013 Stock options $ $ $ Time-based restricted stock Performance-based restricted stock Director stock $ $ $ 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 pursuant to our Equity Plan was $4.1 million at December 31, 2015 as follows (in thousands): Total 2016 2017 2018 Stock options $ $ $ — $ — Time-based restricted stock Performance-based restricted stock — $ $ $ $

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
	Dec. 31, 2015
BENEFIT PLANS
BENEFIT PLANS	NOTE 11 — BENEFIT PLANS On August 1, 2011, we initiated a qualified contributory retirement plan (the “Plan”) under Section 401(k) of the IRC, which covers all full-time employees who meet certain eligibility requirements. Voluntary contributions may be made to the Plan by employees. The Plan is a Safe Harbor Plan and requires a mandatory employer contribution. The employer contribution expense for the years ended December 31, 2015, 2014 and 2013 was $0.2 million, $0.2 million, and $0.1 million, respectively.

LOSS ON IMPAIRMENT OF ASSETS

LOSS ON IMPAIRMENT OF ASSETS	12 Months Ended
	Dec. 31, 2015
LOSS ON IMPAIRMENT OF ASSETS
LOSS ON IMPAIRMENT OF ASSETS	NOTE 12 — LOSS ON IMPAIRMENT OF ASSETS In 2015, we determined that the value of land parcels in San Antonio, TX, Fort Myers, FL and Flagstaff, AZ were impaired based on market conditions. As such, we recognized a loss on impairment of assets of $1.1 million in our Consolidated Statement of Operations. In 2014, we recognized a loss on impairment of assets of $0.4 million related to the Hampton Inn in Fort Smith, AR. This property was classified as held for sale prior to the Company’s adoption of ASU No. 2014-08 and its operating results, including impairment charges, were included in discontinued operations. In addition, during 2014, we recognized a loss on impairment of assets of $8.2 million related to the Country Inn & Suites and three adjacent land parcels totaling 5.64 acres in San Antonio, TX, which was sold in the fourth quarter of 2014, and a loss on impairment of $0.7 million related to a land parcel in Spokane, WA. These losses on impairment of assets were charged to operations. In 2013, we recognized a loss on impairment of assets totaling $7.7 million related to the Courtyard by Marriott in Memphis, TN; the SpringHill Suites in Lithia Springs, GA; the Hampton Inn, the AmericInn Hotel & Suites and the Aspen Hotel & Suites in Fort Smith, AR; the AmericInn Hotel & Suites in Salina, KS and the Fairfield Inn and Holiday Inn Express in Emporia, KS. These hotel properties were sold in 2013 or classified as held for sale at December 31, 2013, and their operating results, including the loss on impairment, are included in discontinued operations. In addition, we recognized a loss on impairment of assets related to a land parcel in El Paso, TX that was sold in 2013 and a land parcel in Spokane, WA that was held for sale at December 31, 2013. As a result, a loss on impairment of assets totaling $1.4 million was charged to operations.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
INCOME TAXES
INCOME TAXES	NOTE 13 — INCOME TAXES Our earnings (losses), other than from our TRS, are not generally subject to federal corporate and state income taxes due to our REIT election. We believe we have met the annual REIT distribution requirement by payment of at least 90% of our taxable income for 2015, 2014, and 2013. For federal income tax purposes, the cash distributions paid to our common and preferred stockholders may be characterized as ordinary income, return of capital (generally non-taxable), or capital gains. The components of income tax expense for for the years ended December 31, 2015, 2014, and 2013 are as follows (in thousands): 2015 2014 2013 Current: Federal $ $ $ — State and local Deferred Federal ) — State and local ) Total provision $ $ $ Income tax expense (benefit) From continuing operations $ $ $ From discontinued operations — ) ) Total provision $ $ $ A reconciliation of the federal statutory rate to the effective income tax rate for the TRS follows (in thousands): 2015 2014 2013 Tax provision (benefit) at U.S. statutory rates on TRS income (loss) subject to tax $ $ $ ) State Income tax, net of federal income tax benefit ) Effect of permanent differences and other ) ) Increase (decrease) in valuation allowance ) ) TRS income tax expense $ $ $ 2015 2014 2013 Total provision (benefit) for TRS and Operating Partnership TRS Income Tax Expense $ $ $ Operating Partnership state income tax expense Total provision $ $ $ Current tax liabilities are included in Accrued expenses and other in the accompanying Consolidated Balance Sheets. Significant components of deferred tax assets (liabilities) are as follows (in thousands): 2015 2014 Tax carryforwards $ $ Investments ) ) Accrued expenses — Other ) Total Valuation Allowance — ) Net Deferred Tax Assets $ $ Gross Deferred Tax Assets $ $ Gross Deferred Tax Liabilities ) ) Valuation Allowance — ) Net Deferred Tax Assets $ $ At December 31, 2014, we had a valuation allowance of $2.4 million to of fset deferred tax assets based o n our assessment of realizability. During the year ended December 31, 2014, the utilization of tax attributes to offset taxable income reduced the overall amount of deferred tax assets subject to the valuation allowance. At December 31, 2015, the Company had gross deferred tax assets of $1.5 million primarily related to net operating loss carryforwards and $1.3 million in deferred tax liabilities related to an investment in a joint venture. We have concluded that it is more-likely-than-not that our deferred tax assets will be realized and therefore, the valuation allowance has been reduced to zero at December 31, 2015. At December 31, 2015, we had (i) U.S. federal net operating losses of $3.2 million which expire in the years 2032 to 2033 (ii) state net operating losses of $2.9 million which expire beginning in 2026 and (iii) federal minimum tax credits of $0.2 million which do not expire. We had no unrecognized tax benefits at December 31, 2015 or in the three year period then ended. The Company recognizes interest expense and penalties associated with uncertain tax positions as a component of income tax expense. We have no material interest or penalties relating to unrecognized tax benefits in the Consolidated Statements of Operations for 2015, 2014 or 2013 or in the Consolidated Balance Sheets as of December 31, 2015 or 2014. We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. We currently have no open audits related to our income tax returns. In general, we are not subject to tax examinations by tax authorities for years before 2012.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2015
Discontinued operations, held for sale or sold
Discontinued operations
DISCONTINUED OPERATIONS	NOTE 14 — DISCONTINUED OPERATIONS We have adjusted our Consolidated Statements of Operations for 2014 and 2013 to reflect the operations of hotel properties that have been sold or are classified as held for sale in discontinued operations. No such adjustment was made in 2015 due to the adoption of ASU 2014-08. Discontinued operations include the following hotel properties that have been sold: · AmericInn Hotel & Suites in Golden, CO — sold January 2013; · Hampton Inn in Denver, CO — sold February 2013; · Holiday Inn and Holiday Inn Express in Boise, ID — sold May 2013; · Courtyard by Marriott in Memphis, TN — sold May 2013; · SpringHill Suites in Lithia Springs, GA — sold August 2013; · Fairfield Inn in Lewisville, TX — sold August 2013; · Fairfield Inn in Lakewood, CO — sold September 2013; · Fairfield Inn in Emporia, KS — sold October 2013; · SpringHill Suites in Little Rock, AR — sold November 2013; · Fairfield Inn and AmericInn Hotel & Suites in Salina, KS — sold November 2013; · Hampton Inn and Fairfield Inn & Suites in Boise, ID — sold November 2013; · Holiday Inn Express in Emporia, KS — sold December 2013; · AmericInn Hotel & Suites and Aspen Hotel & Suites in Fort Smith, AR - sold on January 17, 2014; and · Hampton Inn in Fort Smith, AR — sold on September 9, 2014. Condensed results for the hotel properties included in discontinued operations follows (in thousands): 2014 2013 Revenues $ $ Hotel operating expenses Depreciation and amortization Loss on impairment of assets Operating income (loss) ) Interest expense — ) Gain on disposal of assets Income (loss) before taxes ) Income tax benefit Income (loss) from discontinued operations $ $ ) Income (loss) from discontinued operations attributable to non-controlling interest $ $ ) Income (loss) from discontinued operations attributable to common stockholders $ $ )

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2015
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE	NOTE 15 — 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 December 31, 2014 and 2013, we had 846,000 and 893,000 stock options outstanding, respectively, which were not included in the computation of diluted earnings per share, as the effect would have been anti-dilutive. All outstanding stock options were included in the computation of diluted earnings per share for the year ended December 31, 2015 due to their dilutive effect. In 2013, our basic and diluted earnings per share are based on basic weighted average common shares outstanding due to our loss attributable to common stockholders, net of amount allocated to participating securities. Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts): 2015 2014 2013 Numerator: Income from continuing operations $ $ $ Less: Preferred dividends Allocation to participating securities Attributable to non-controlling interest Income (loss) from continuing operations attributable to common stockholders ) Income (loss) from discontinued operations attributable to common stockholders — ) Net income (loss) attributable to common stockholders, net of amount allocated to participating securities $ $ $ ) Denominator: Weighted average common shares outstanding - basic Dilutive effect of equity-based compensation awards — Weighted average common shares outstanding - diluted Earnings per common share - basic: Net income (loss) from continuing operations $ $ $ ) Net income (loss) from discontinued operations — ) Net income (loss) $ $ $ ) Earnings per common share - diluted: Net income (loss) from continuing operations $ $ $ ) Net income (loss) from discontinued operations — ) Net income (loss) $ $ $ )

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	NOTE 16 — SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected consolidated quarterly financial data for 2015 and 2014 follows (in thousands, except per share amounts): 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ $ $ $ Income from continuing operations $ $ $ $ Net income $ $ $ $ Net income attributable to Summit Hotel Properties, Inc. $ $ $ $ Earnings per share - Basic: Net income per share from continuing operations $ $ $ $ Net income per share from discontinued operations — — — — Net income per share $ $ $ $ Earnings per share - Diluted: Net income per share from continuing operations $ $ $ $ Net income per share from discontinued operations — — — — Net income per share $ $ $ $ 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ $ $ $ Income from continuing operations $ $ $ $ Income (loss) from discontinued operations $ $ ) $ ) $ Net income $ $ $ $ Net income attributable to Summit Hotel Properties, Inc. $ $ $ $ Earnings per share: Basic and diluted net income (loss) per share from continuing operations $ ) $ $ ) $ Basic and diluted net income per share from discontinued operations — — — — Basic and diluted net income (loss) per share $ ) $ $ ) $

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 17 — SUBSEQUENT EVENTS Equity Transactions On January 1, 2016, 113,903 of our outstanding performance-based restricted stock awards granted pursuant to our Equity Plan vested as the Company’s TSR exceeded the TSR for the U.S. Lodging REIT Index. Additionally, accrued dividends of $0.1 million were paid as a result of this vesting. On January 1, 2016, 31,042 Common Units were tendered for redemption and were redeemed for an equivalent number of shares of our common stock. On January 29, 2016, 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 February 29, 2016 to stockholders of record on February 16, 2016. Debt Transactions On January 15, 2016, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the loan documentation as a subsidiary guarantor entered into a $450 million senior unsecured facility (the “2016 Unsecured Credit Facility”) with Deutsche Bank AG New York Branch, as administrative agent, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Regions Capital Markets as joint lead arrangers and joint bookrunners, and a syndicate of lenders including Deutsche Bank AG New York Branch, Bank of America, N.A., Regions Bank, Royal Bank of Canada, U.S. Bank National Association, PNC Bank, National Association, KeyBank National Association, Raymond James Bank, N.A., and Branch Banking and Trust Company. The 2016 Unsecured Credit Facility is comprised of a $300 million revolving credit facility (the “$300 Million Revolver”) and a $150 million term loan (the “$150 Million Term Loan”) and replaces the former $300 million senior unsecured credit facility. The 2016 Unsecured Credit Facility has an accordion feature which will allow the Company to increase the total commitments by an aggregate of up to $150 million on the $300 Million Revolver and $150 Million Term Loan. The $300 Million Revolver will mature on March 31, 2020 and can be extended to March 31, 2021 at the Company’s option, subject to certain conditions. The $150 Million Term Loan will mature on March 31, 2021. Outstanding borrowings on the 2016 Unsecured Credit Facility are limited to the least of (1) the aggregate commitments of all of the lenders, (2) the aggregate value of the unencumbered assets, multiplied by 60%, less the consolidated unsecured indebtedness of the Company (exclusive of outstanding borrowings under the 2016 Unsecured Credit Facility), all as calculated pursuant to the terms of the 2016 Unsecured Credit Facility agreement, and (3) the principal amount that when drawn under the 2016 Unsecured Credit Facility would result in an unsecured interest expense, calculated on a pro forma basis for the next consecutive four fiscal quarters of the Company after taking such draws into account, equal to 50% of the net operating income of the unencumbered assets, as adjusted pursuant to the 2016 Unsecured Credit Facility agreement. A minimum of 20 of the Company’s hotel properties must qualify as unencumbered assets, as defined in the 2016 Unsecured Credit Facility agreement, or the aggregate value of the unencumbered assets will be deemed to be zero. Payment Terms . The Company is 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 respective facility. The Company has the right to repay all or any portion of the outstanding borrowings from time to time without penalty or premium, other than customary early payment fees if the Company repays a LIBOR loan before the end of the contract period. In addition, the Company will be required to make earlier principal reduction payments in the event of certain changes in the unencumbered asset availability. The Company pays interest on revolving credit advances at varying rates based upon, at the Company’s option, either (i) 1, 2, 3, or 6-month LIBOR, plus a LIBOR margin between 1.50% and 2.25%, depending upon the Company’s leverage ratio (as defined in the 2016 Unsecured Credit Facility agreement), or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, and 1-month LIBOR plus 1.00%, plus a base rate margin between 0.50% and 1.25%, depending upon the Company’s leverage ratio. The applicable margin for a term loan advance shall be 0.05% less than the revolving credit advances referenced above. In addition, on a quarterly basis, the Company will be required to pay a fee on the unused portion of the 2016 Unsecured Credit Facility equal to the unused amount multiplied by an annual rate of either (i) 0.25%, if the unused amount is greater than 50% of the maximum aggregate amount of the 2016 Unsecured Credit Facility, or (ii) 0.20%, if the unused amount is equal to or less than 50% of the maximum aggregate amount of the 2016 Unsecured Credit Facility. The Company will also be required to pay other fees, including customary arrangement and administrative fees. Financial and Other Covenants . The Company is required to comply with a series of financial and other covenants in order to borrow under this credit facility. The material financial covenants include a maximum leverage ratio, a minimum consolidated tangible net worth, a maximum dividend payout ratio, a minimum consolidated fixed charge coverage ratio, a maximum ratio of secured indebtedness to total asset value, a maximum ratio of secured recourse indebtedness to total asset value, a maximum ratio of consolidated unsecured indebtedness to total unencumbered asset value, and a maximum ratio of unencumbered adjusted net operating income to assumed unsecured interest expense. The Company is also subject to other customary covenants, including restrictions on investment, limitations on liens and maintenance of properties. This credit facility also contains customary events of default, including, among others, the failure to make payments when due under any of the credit facility documentation, breach of any covenant continuing beyond any cure period, and bankruptcy or insolvency. Unencumbered Assets . The 2016 Unsecured Credit Facility is unsecured. However, borrowings under the 2016 Unsecured Credit Facility are limited by the value of hotel assets that qualify as unencumbered assets. Among other conditions, unencumbered assets must not be subject to liens or security interests, and the owner and operating lessee of such unencumbered asset must execute a guaranty supplement pursuant to which the owner and operating lessee become subsidiary guarantors of the 2016 Unsecured Credit Facility. In addition, hotels may be added to or removed from the unencumbered asset pool at any time so long as there is a minimum of 20 hotels in the unencumbered asset pool and the then-current borrowings on the 2016 Unsecured Credit Facility do not exceed the maximum available under the 2016 Unsecured Credit Facility given the availability limitations described above. Further, to be eligible as an unencumbered asset, the anticipated property must: be franchised with a nationally-recognized franchisor; satisfy certain ownership, management and operating lessee criteria; and not be subject to material defects, such as liens, title defects, environmental contamination and other standard lender criteria. At February 19, 2016, 42 of our unencumbered hotel properties are included in the borrowing base supporting the 2016 Unsecured Credit Facility. Thus, none of these properties is available to be leveraged with other indebtedness while included in the borrowing base. The Company transferred to the 2016 Unsecured Credit Facility the outstanding principal balance of $170.0 million on the former $300 million senior unsecured credit facility and the former $300 million senior unsecured credit facility was paid off in full and terminated upon entry into the 2016 Unsecured Credit Facility described above. The interest rate swap entered into on September 5, 2013 with a notional value of $75.0 million, an effective date of January 2, 2014 and a maturity date of October 10, 2018 remains outstanding. This interest rate swap was designated as a cash flow hedge and effectively fixes LIBOR at 2.04% and the interest rate on borrowings under a portion of the $150 Million Term Loan to a fixed rate of 3.64%. Acquisitions On January 19, 2016, we acquired the 226-guestroom Courtyard by Marriott in the West End of Nashville, TN for $71.0 million. On January 20, 2016, we acquired the 160-guestroom Residence Inn in midtown Atlanta, GA for $38.0 million. Both hotels were Parked Assets in anticipation of completing reverse 1031 Exchanges with properties to be sold to ARCH as part of the ARCH Sale. The reverse 1031 Exchange related to the Courtyard by Marriott in the West End of Nashville, TN was completed upon the sale of six hotel properties to ARCH on February 11, 2016. The acquisitions were made using funds drawn on the Company’s revolving line of credit. Dispositions On December 29, 2015, the Company and ARCH agreed to terminate the ARCH Agreement with respect to ARCH’s right to acquire fee simple interests in ten hotels containing a total of 996 guestrooms for an aggregate purchase price of $89.1 million at a closing that had been scheduled to occur on December 29, 2015 (the “Terminated Purchase Agreement”). As a result of the termination, ARCH forfeited and the Company retained, the $9.1 million earnest money deposit made by ARCH under the ARCH Agreement related to the sale of these ten hotels and the parties were released from further obligations, except those which expressly survive the termination of the ARCH Agreement pursuant to its terms. This transaction had not been structured as a 1031 Exchange. On February 11, 2016, the Company and American Realty Capital Hospitality Portfolio SMT ALT, LLC, an affiliate of ARCH, as substitute purchaser (“New ARCH Purchaser”), entered into a letter agreement (the “Reinstatement Agreement”) and agreed, subject to the terms and conditions of the Reinstatement Agreement, to reinstate the Terminated Purchase Agreement in its entirety, except as modified by the Reinstatement Agreement (the Terminated Purchase Agreement, as reinstated and modified by the Reinstatement Agreement, is referred to herein as the “Reinstated Purchase Agreement”), to make null and void the prior termination of the Terminated Purchase Agreement and to proceed with the proposed sale of the ten hotels listed below (the “Reinstated Hotels”) pursuant to the Reinstated Purchase Agreement for an aggregate purchase price of $89.1 million. The Reinstated Hotels are being sold to the New ARCH Purchaser as part of the ARCH Sale. As stated above, the Company previously sold ten of the 26 hotels to ARCH at a closing that occurred on October 15, 2015 for a purchase price of $150.1 million. As disclosed below, the Company sold six of the 26 hotels to ARCH at a closing that occurred on February 11, 2016 for a purchase price of $108.3 million. The 16 hotels previously sold to ARCH were sold pursuant to a separate real estate purchase and sale agreement relating to the sale of those hotels. The Reinstated Hotels are as follows: Hotel Location Guestrooms Aloft Jacksonville, FL Holiday Inn Express Vernon Hills, IL Courtyard by Marriott Jackson, MS Residence Inn Jackson, MS Courtyard by Marriott Germantown, TN Staybridge Suites Ridgeland, MS Homewood Suites Ridgeland, MS Courtyard by Marriott El Paso, TX Fairfield Inn & Suites Germantown, TN Residence Inn Germantown, TN The Reinstatement Agreement requires the New ARCH Purchaser to deposit non-refundable earnest money in the amount of $7.5 million (the “New Deposit”) with an escrow agent to support the closing of the Reinstated Hotels. The New Deposit is non-refundable to the New ARCH Purchaser except in limited circumstances. The prior earnest money deposit in the amount of $9.1 million was retained by us in connection with the termination of the Terminated Purchase Agreement and will not be credited to the New ARCH Purchaser against the purchase price for the Reinstated Hotels. The closing of the sale of the Reinstated Hotels is scheduled to occur on or before December 30, 2016 (the “New Closing Date”), or at such later date as the closing may be adjourned or extended in accordance with the express terms of the Reinstatement Agreement. If the closing of the Reinstated Hotels does not occur as required by the Reinstatement Agreement because of a default by the New ARCH Purchaser, then the ARCH affiliated purchaser will forfeit the New Deposit to the Company as liquidated damages. Prior to the New Closing Date, we have the right to continue to market and ultimately sell, without the consent of the New ARCH Purchaser, any or all of the Reinstated Hotels to a bona fide third-party purchaser that is not an affiliate of the Company. If the Company sells some, but not all, of the Reinstated Hotels to a bona fide third-party purchaser, then the purchase price to be paid by the ARCH affiliated purchaser for the remaining Reinstated Hotels will be reduced accordingly (the “Revised Purchase Price”), but the New Deposit will remain with the escrow agent except in limited circumstances. On February 11, 2016, the Company completed the sale of the following six hotels as part of the ARCH Sale: Hotel Location Guestrooms Fairfield Inn & Suites Denver, CO Fairfield Inn & Suites Bellevue, WA SpringHill Suites Denver, CO Hilton Garden Inn Fort Collins, CO Fairfield Inn & Suites Spokane, WA Hampton Inn Fort Collins, CO The six hotels were sold to ARCH for an aggregate purchase price of $108.3 million, and proceeds from the sale of the six hotels were used to complete certain reverse 1031 Exchanges. The hotels acquired by the Company for the reverse 1031 Exchanges included the 179-guestroom Courtyard by Marriott in Atlanta (Decatur), GA on October 20, 2015 for $44.0 million and the 226-guestroom Courtyard by Marriott in the West End of Nashville, TN for $71.0 million on January 19, 2016. The completion of the reverse 1031 Exchanges resulted in the deferral of taxable gains of approximately $74.0 million and the pay-down of the Company’s unsecured revolving credit facility by $105.0 million, resulting in additional borrowing capacity under the unsecured revolving credit facility. Additionally, the Company repaid a mortgage loan totaling $5.8 million related to sale of the Springhill Suites in Denver, CO to ARCH. On February 11, 2016, the Operating Partnership, entered into a loan agreement with ARCH, as borrower, which provides for a loan by the Operating Partnership to ARCH in the amount of $27.5 million (the “Loan”). The proceeds of the Loan were required to be applied by ARCH as follows: (i) $20.0 million was applied toward the payment of a portion of the $108.3 million purchase price for the six hotels containing 707 guestrooms, which were acquired by an ARCH affiliated purchaser on February 11, 2016 as part of the ARCH Sale; and (ii) the remaining $7.5 million was applied by ARCH to fund the New Deposit under the Reinstated Purchase Agreement. The entire principal amount of the Loan, and any accrued and unpaid interest, will be due and payable on February 11, 2017 (the “Maturity Date”), unless extended pursuant to the Loan agreement. ARCH will repay a portion of the outstanding principal balance of the Loan in an aggregate amount equal to $5.0 million, to be paid in five equal installments of $1.0 million, on the last day of May, June, July, August and September 2016 (the “Amortization Payments”). The Loan may be prepaid in whole or in part at any time by ARCH, without payment of any penalty or premium. ARCH may extend the maturity date of the Loan under certain conditions by up to two years pursuant to two one-year extension options (each an “Extension Option”). Interest will accrue on the unpaid principal balance of the Loan at a rate of 13.0% per annum from the date of the Loan to the initial Maturity Date, 14.0% per annum during the first extension period and 15.0% per annum during the second extension period. An amount equal to 9.0% per annum is to be paid monthly. The remaining 4.0%, 5.0% and 6.0%, as the case may be, will accrue and be compounded monthly (the “PIK”). The PIK must be paid in order to exercise any Extension Option, otherwise the PIK is payable at the initial Maturity Date. The PIK may be paid in cash prior to the initial Maturity Date, or any extension thereof. To secure the payment of the Amortization Payments, ARCH will cause the rents from certain hotel properties or assets of its taxable REIT subsidiaries to be deposited to a separate controlled account (the “Control Account”) and ARCH has granted the Operating Partnership a continuing security interest in all of its right, title and interest in and to the Control Account until the Amortization Payments have been satisfied in full in accordance with the terms of the Loan agreement.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
Schedule III - Real Estate and Accumulated Depreciation
Schedule III - Real Estate and Accumulated Depreciation	SUMMIT HOTEL PROPERTIES, INC Schedule III - Real Estate and Accumulated Depreciation December 31, 2015 (in thousands) Initial Cost Cost Capitalized Total Cost Total Cost Net of Location Franchise Year Acquired/ Constructed Land Building & Improvements Subsequent to Acquisition Land Building & Improvements Total Accumulated Depreciation Accumulated Depreciation Mortgage Debt Arlington, TX Hyatt Place 2012 $ $ $ $ $ $ $ ) $ $ (1) Arlington, TX Courtyard by Marriott 2012 ) — Arlington, TX Residence Inn by Marriott 2012 ) — Asheville, NC Hotel Indigo 2015 ) — Atlanta, GA Hyatt Place 2006 ) Atlanta, GA Courtyard by Marriott 2012 ) — Atlanta, GA Courtyard by Marriott 2015 ) — Austin, TX Hampton Inn and Suites 2014 — — ) — Baltimore, MD Hyatt Place 2012 ) (4) Baltimore, MD Residence Inn by Marriott 2015 — — ) — Bellevue, WA Fairfield Inn and Suites by Marriott 2004 ) — Birmingham, AL Hilton Garden Inn 2012 ) Birmingham, AL Hilton Garden Inn 2012 ) Bloomington, MN SpringHill Suites by Marriott 2007 ) (2) Bloomington, MN Hampton Inn and Suites 2007 ) — (2) Boston, MA Hampton Inn 2015 ) — Branchburg, NJ Residence Inn by Marriott 2015 ) — Charleston, WV Country Inn & Suites 2004 ) — Charleston, WV Holiday Inn Express 2004 ) — Denver, CO Hyatt Place 2012 ) — (1) Denver, CO Fairfield Inn and Suites by Marriott 2004 ) — Denver, CO SpringHill Suites by Marriott 2007 ) ) Denver, CO Hyatt Place 2012 ) — (1) Denver, CO Hyatt House 2012 ) — (4) Duluth, GA Holiday Inn 2011 — — ) — Duluth, GA Hilton Garden Inn 2011 ) (3) Eden Prairie, MN Hilton Garden Inn 2013 ) — El Paso, TX Courtyard by Marriott 2011 ) — Ft. Collins, CO Hampton Inn 2004 ) — Ft. Collins, CO Hilton Garden Inn 2007 ) ) — Ft. Myers, FL Hyatt Place 2009 ) ) — Ft. Worth, TX Hampton Inn 2007 ) (6) Ft. Worth, TX SpringHill Suites by Marriott 2004 ) — Ft. Worth, TX Hilton Garden Inn 2012 ) — (3) Garden City, NY Hyatt Place 2012 ) — Germantown, TN Courtyard by Marriott 2005 ) — Germantown, TN Fairfield Inn and Suites by Marriott 2005 ) — Germantown, TN Residence Inn by Marriott 2005 ) — Glendale, CO Staybridge Suites 2011 ) — Goleta, CA Hampton Inn 2014 ) Greenville, SC Hilton Garden Inn 2013 ) — (3) Hoffman Estates, IL Hyatt Place 2013 ) (5) Houston, TX Hilton Garden Inn 2014 — — ) Houston, TX Hilton Garden Inn 2014 ) — (3) Indianapolis, IN SpringHill Suites by Marriott 2013 ) — (3) Indianapolis, IN Courtyard by Marriott 2013 ) — (3) Jackson, MS Courtyard by Marriott 2005 ) — Jackson, MS Staybridge Suites 2007 ) — Jacksonville, FL Aloft 2009 ) — Las Colinas, TX Hyatt Place 2007 ) — Las Colinas, TX Holiday Inn Express and Suites 2007 ) — Lombard, IL Hyatt Place 2012 ) — (1) Louisville, KY Fairfield Inn and Suites by Marriott 2013 ) (7) Louisville, KY SpringHill Suites by Marriott 2013 ) — (7) Miami, FL Hyatt House 2015 ) — Minneapolis, MN Hyatt Place 2013 — — ) — Minneapolis, MN Hampton Inn and Suites 2015 ) — Minnetonka, MN Holiday Inn Express and Suites 2013 ) — SUMMIT HOTEL PROPERTIES, INC. Notes to Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2015 (in thousands) Initial Cost Cost Capitalized Total Cost Total Cost Net of Location Franchise Year Acquired/ Constructed Land Building & Improvements Subsequent to Acquisition Land Building & Improvements Total Accumulated Depreciation Accumulated Depreciation Mortgage Debt Nashville, TN SpringHill Suites by Marriott 2004 ) — New Orleans, LA Courtyard by Marriott 2013 ) — New Orleans, LA Courtyard by Marriott 2013 ) — (3) New Orleans, LA Courtyard by Marriott 2013 ) — New Orleans, LA Residence Inn by Marriott 2013 ) — (3) New Orleans, LA SpringHill Suites by Marriott 2013 ) — Orlando, FL Hyatt Place 2013 ) — (5) Orlando, FL Hyatt Place 2013 ) — (5) Phoenix, AZ Hyatt Place 2012 ) — Portland, OR Hyatt Place 2009 — ) — ) — Portland, OR Residence Inn by Marriott 2009 — — ) Provo, UT Hampton Inn 2004 ) — Ridgeland, MS Residence Inn by Marriott 2007 ) ) — Ridgeland, MS Homewood Suites 2011 ) — Salt Lake City, UT Residence Inn by Marriott 2012 ) — San Diego, CA Hampton Inn and Suites 2013 ) — (6) San Francisco, CA Holiday Inn Express and Suites 2013 ) — San Francisco, CA DoubleTree 2014 ) — San Francisco, CA Four Points by Sheraton 2014 ) — Sandy, UT Holiday Inn Express and Suites 2004 ) — (3) Scottsdale, AZ Hyatt Place 2012 ) — (4) Scottsdale, AZ Courtyard by Marriott 2004 ) Scottsdale, AZ SpringHill Suites by Marriott 2004 ) Smyrna, TN Hampton Inn and Suites 2012 ) Smyrna, TN Hilton Garden Inn 2012 ) Spokane, WA Fairfield Inn and Suites by Marriott 2004 ) — Ventura, CA Hampton Inn and Suites 2013 ) — (6) Vernon Hills, IL Holiday Inn Express 2005 ) — Ybor City, FL Hampton Inn and Suites 2012 ) — (3) Austin, TX Corporate Office 2012 — — ) — Land Parcels — ) — — — $ $ $ $ $ $ $ ) $ $ (1) Properties cross-collateralize the related loan. (2) Properties cross-collateralize the related loan. (3) Properties cross-collateralize the related loan. (4) Properties cross-collateralize the related loan. (5) Properties cross-collateralize the related loan. (6) Properties cross-collateralize the related loan. (7) Properties cross-collateralize the related loan. SUMMIT HOTEL PROPERTIES, INC. Notes to Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2015 (in thousands) (a) ASSET BASIS Total Balance at December 31, 2012 $ Additions to land, buildings and improvements Disposition of land, buildings and improvements ) Impairment loss ) Balance at December 31, 2013 $ Additions to land, buildings and improvements Disposition of land, buildings and improvements ) Impairment loss ) Balance at December 31, 2014 $ Additions to land, buildings and improvements Disposition of land, buildings and improvements ) Impairment loss ) Balance at December 31, 2015 $ (b) ACCUMULATED DEPRECIATION Total Balance at December 31, 2012 $ Depreciation for the period ended December 31, 2013 Depreciation on assets sold or disposed ) Balance at December 31, 2013 $ Depreciation for the period ended December 31, 2014 Depreciation on assets sold or disposed ) Balance at December 31, 2014 $ Depreciation for the period ended December 31, 2015 Depreciation on assets sold or disposed ) Balance at December 31, 2015 $ (c) The aggregrate cost of land, buildings, furniture and equipment for Federal income tax purposes is aproximately $1,342 million. (d) Depreciation is computed based upon the following useful lives: Buildings and improvements 6-40 years Furniture and equipment 2-15 years (e) We have mortgages payable on the properties as noted. Additional mortgage information can be found in Note 5 to the consoldiated financial statements. (f) The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, disposal of assets, and impairment loss that was recorded. (g) The amounts presented in Schedule III exclude capitalized franchise costs that are included in Assets Held for Sale.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements of the Company consolidate the accounts of the Company and all entities that are controlled by ownership of a majority voting interest as well as variable interest entities for which the company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. We prepare our Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates.
Segment Disclosure	Segment Disclosure Accounting Standards Codification (“ASC”), ASC 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in real estate. Our investments in real estate are geographically diversified and the chief operating decision makers evaluate operating performance on an individual asset level. As each of our assets has similar economic characteristics, the assets have been aggregated into one reportable segment.
Investment in Hotel Properties	Investment in Hotel Properties The Company allocates the purchase price of acquired hotel properties based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Intangible assets may include certain value associated with the on-going operations of the hotel business being acquired as part of the hotel property acquisition. Acquired intangible assets that derive their values from real property or an interest in real property, are inseparable from that real property or interest in real property, and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, are recorded as a component of the related real estate asset in our Consolidated Financial Statements. Identifiable intangible assets or liabilities may also arise from assumed contractual arrangements as part of the acquisition of the hotel property, including terms that are above or below market compared to an estimated fair market value of the agreement at the acquisition date. We make adjustments, if and when necessary, to the recorded amounts of the acquired assets and liabilities within one year of consummation of the transaction in accordance with ASC 805, Business Combinations . We determine the acquisition-date fair values of all assets and assumed liabilities using methods similar to those used by independent appraisers, including using a discounted cash flow analysis that uses appropriate discount 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 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 6 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, 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 at least annual reviews 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.
Intangible Assets	Intangible Assets We amortize intangible assets with determined finite useful lives using the straight-line method. We do not amortize intangible assets with indefinite useful lives, but we evaluate these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
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. We elected for the early adoption of Accounting Standards Update (“ASU”) 2014-08 (see “New Accounting Standards” below) in the first quarter of 2014 and we currently anticipate that the majority of future properties for sale 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 that 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. Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a Qualified Intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to the Parked Assets prior to completion of the 1031 Exchanges. As such, the Parked Assets are included in our Consolidated Balance Sheets and Consolidated Statements of Operations as VIE’s until legal title is transferred to us upon completion of the 1031 Exchanges.
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. Trade receivables result from the rental of hotel guest rooms and the sales of food, beverage, and banquet services and are payable under normal trade terms. Trade receivables are stated at the amount billed to the customer and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.1 million at December 31, 2015 and 2014. Bad debt expense was $0.3 million, $0.4 million and $0.6 million for 2015, 2014 and 2013, respectively.
Deferred Charges	Deferred Charges Deferred charges consist of deferred financing fees and initial franchise fees. Costs incurred to obtain financing are capitalized and amortized as a component of interest expense over the term of the related debt using the straight-line method, 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 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 i) common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties, and ii) prior to the second quarter of 2014, a 19% interest in a consolidated joint venture held by our joint venture partner, which we acquired from our joint venture partner in the second quarter of 2014.
Revenue Recognition	Revenue Recognition We recognize revenue when guestrooms 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 which was amended and restated effective June 15, 2015 (the “Equity 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 the stock options granted upon completion of our IPO at fair value using the Black-Scholes option-pricing model and we account for all other awards of equity, including time-based and performance-based stock awards, using the grant date fair value of those equity awards. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC Topic 718 “Compensation — Stock Compensation” (formerly SFAS 123R). We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to a change in forfeiture assumptions or modification of previously granted awards.
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 IRC. 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 at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions. We account for federal and state income taxes of our TRS using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and respective carrying amounts for tax purposes, and operating losses and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence, including future reversals of taxable temporary differences, future projected taxable income and tax planning strategies.
Fair Value Measurement	Fair Value Measurement Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets. Level 3: Unobservable inputs in which there is little or no market data, which require a reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of the following valuation techniques: Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Cost approach: Amount required to replace the service capacity of an asset (replacement cost). Income approach: Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models). Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. We elected not to use the fair value option for cash and cash equivalents, restricted cash, trade receivables, prepaid expenses and other, debt, accounts payable, and accrued expenses and other. With the exception of our fixed-rate debt (See “Note 5 — 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 now include only disposals that represent a strategic shift in operations with a major effect on operations and financial results. ASU 2014-08 is to be applied on a prospective basis and had a required adoption date of January 1, 2015; however, we elected early adoption in the first quarter of 2014, which is permitted for disposals and classifications of assets as “held for sale,” provided such assets had not been reported previously in discontinued operations. On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for us on January 1, 2018 and early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our Consolidated Financial Statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our Consolidated Financial Statements. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This standard becomes effective for the Company on January 1, 2017. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which changes the way reporting enterprises evaluate the consolidation of limited partnerships, variable interests and similar entities. This standard will be effective for the first annual reporting period beginning after December 15, 2015 with early adoption permitted. We are evaluating the effect that ASU No. 2015-02 will have on our Consolidated Financial Statements and related disclosures, but we do not anticipate that adoption of this accounting standard will have a material effect on our consolidated financial position or our consolidated results of operations. 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 on 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 our fiscal year beginning on January 1, 2016. We are evaluating the effect that ASU No. 2015-03 will have on our Consolidated Financial Statements and related disclosures, but we do not anticipate that adoption of this accounting standard will have a material effect on our consolidated financial position or our consolidated results of operations. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which illustrates certain guidance governing adjustments to the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Such adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement amounts initially recognized or would have resulted in the recognition of additional assets and liabilities. ASU No. 2015-16 eliminates the requirement to retrospectively account for such adjustments. ASU No. 2015-16 is effective for our fiscal year commencing on January 1, 2016. We do not anticipate that the adoption of ASU No. 2015-16 will have a material effect on our consolidated financial position or our consolidated results of operations. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015-17 is effective for our fiscal year commencing on January 1, 2017. We do not anticipate that the adoption of ASU No. 2015-17 will have a material effect on our consolidated financial position or our consolidated results of operations.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives of hotel properties and related assets	Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of investment in hotel properties, net	Investment in hotel properties, net at December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Land $ $ Hotel buildings and improvements Construction in progress Furniture, fixtures and equipment Less accumulated depreciation $ $
Schedule of hotel property acquisitions	Hotel property acquisitions in 2015 and 2014 were as follows (in thousands): Date Acquired Franchise/Brand Location Purchase Price Debt Assumed 2015: April 13 Hampton Inn & Suites Minneapolis, MN $ $ — June 18 Hampton Inn Boston (Norwood), MA — June 30 Hotel Indigo Asheville, NC — July 24 Residence Inn Branchburg, NJ — July 24 Residence Inn Baltimore (Hunt Valley), MD — October 19 Hyatt House Miami, FL — October 20 Courtyard by Marriott Atlanta (Decatur), GA (1) — Total 2015 $ $ — 2014: January 9 Hilton Garden Inn Houston, TX $ $ January 10 Hampton Inn Santa Barbara (Goleta), CA (2) January 24 Four Points by Sheraton San Francisco, CA — March 14 DoubleTree by Hilton San Francisco, CA August 15 Hilton Garden Inn Houston (Energy Corridor), TX — September 9 Hampton Inn & Suites Austin, TX — Total 2014 $ $ (1) This hotel was a Parked Asset at December 31, 2015 pending the completion of a reverse 1031 Exchange related to the sale of certain properties to ARCH. See “Note 2 — Summary of Significant Accounting Policies — Variable Interest Entities” and “Note 4 — Supplemental Balance Sheet Information” to these Consolidated Financial Statements. As such, the legal title to this Parked Asset was held by a Qualified Intermediary engaged to execute the 1031 Exchange until the ARCH Sale was consummated on February 11, 2016 and the 1031 Exchange was completed. We retained essentially all of the legal and economic benefits and obligations related to the Parked Asset. As such, the Parked Asset was included in our Consolidated Balance Sheet at December 31, 2015 and Consolidated Statement of Operations for the year then ended as a VIE until legal title was transferred to us upon completion of the 1031 Exchange. (2) The purchase price for this hotel included the issuance by the Operating Partnership of 412,174 Common Units valued at the time of issuance at $3.7 million. As of December 31, 2015, 141,140 of the Common Units issued had been tendered for redemption and were redeemed for an equivalent number of shares of our common stock.
Schedule of allocation of aggregate purchase prices to fair value of assets and liabilities acquired	The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands): 2015 2014 Land $ $ Hotel buildings and improvements Furniture, fixtures and equipment Other assets Total assets acquired Less debt assumed — ) Less lease liability assumed ) ) Less other liabilities ) ) Net assets acquired $ $
Schedule of total revenues and net income for hotel properties acquired	Total revenues and net income for hotel properties acquired in 2015 and 2014, which are included in our Consolidated Statements of Operations for the years ended December 31, 2015 and 2014, are as follows (in thousands): 2015 Acquisitions 2014 Acquisitions 2015 2015 2014 Revenues $ $ $ Net income $ $ $
Schedule of unaudited condensed pro forma financial information	The unaudited condensed pro forma financial information for 2015 and 2014 is as follows (in thousands, except per share): 2015 2014 (unaudited) Revenues $ $ Net income (1) $ $ Net income attributable to common stockholders, net of amount allocated to participating securities (1) $ $ Net income per share attributable to common stockholders (1): Basic $ $ Diluted $ $ (1) The pro forma amounts exclude the $66.6 million gain on the sale of hotel properties during the year ended December 31, 2015.
Assets held for sale | Hotel properties and land parcels
Schedule of assets held for sale	Assets held for sale at December 31, 2015 and 2014 include (in thousands): 2015 2014 Land $ $ Hotel building and improvements — Furniture, fixtures and equipment — Construction in progress — Franchise fees — $ $
Assets held for sale | Portfolio of Hotels, ARCH Agreements
Schedule of assets held for sale	The remaining 16 hotel properties are recorded as Assets Held for Sale at December 31, 2015 as follows: Hotel Location Guestrooms Fairfield Inn & Suites Denver, CO (1) Fairfield Inn & Suites Bellevue, WA (1) SpringHill Suites Denver, CO (1) Hilton Garden Inn Fort Collins, CO (1) Fairfield Inn & Suites Spokane, WA (1) Hampton Inn Fort Collins, CO (1) Aloft Jacksonville, FL (2) Holiday Inn Express Vernon Hills, IL (2) Courtyard Jackson, MS (2) Residence Inn Jackson, MS (2) Courtyard Germantown, TN (2) Staybridge Suites Ridgeland, MS (2) Homewood Suites Ridgeland, MS (2) Courtyard El Paso, TX (2) Fairfield Inn & Suites Germantown, TN (2) Residence Inn Germantown, TN (2) (1) These hotel properties were sold on February 11, 2016. See “Note 17 – Subsequent Events” to these Consolidated Financial Statements. (2) These hotel properties are currently under contract to be sold. See “Note 17 – Subsequent Events” to these Consolidated Financial Statements.

SUPPLEMENTAL BALANCE SHEET IN29

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2015
SUPPLEMENTAL BALANCE SHEET INFORMATION
Schedule of restricted cash	Restricted cash at December 31, 2015 and 2014 includes (in thousands): 2015 2014 Property taxes $ $ Insurance FF&E reserves Other funds in escrow $ $
Schedule of prepaid expenses and other	Prepaid expenses and other at December 31, 2015 and 2014 include (in thousands): 2015 2014 Earnest money and funds in escrow $ $ Prepaid insurance Other $ $
Schedule of deferred charges	Deferred charges at December 31, 2015 and 2014 include (in thousands): 2015 2014 Initial franchise fees $ $ Deferred financing costs Less accumulated amortization Total $ $
Schedule of amortization expense	Amortization expense for for the years ended December 31, 2015, 2014, and 2013 was (in thousands): 2015 2014 2013 Initial franchise fees $ $ $ Deferred financing costs $ $ $
Schedule of future amortization expense	Future amortization expense is expected to be (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter $
Schedule of other assets	Other assets at December 31, 2015 and 2014 include (in thousands): 2015 2014 Prepaid land lease $ $ Notes receivable Acquired intangible assets — $ $
Schedule of accrued expenses	Accrued expenses and other at December 31, 2015 and 2014 include the following (in thousands): 2015 2014 Accrued sales, property and income taxes $ $ Accrued salaries and benefits Accrued interest Acquired unfavorable leases Accrued expenses at hotels and other $ $

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
DEBT
Schedule of outstanding indebtedness	At December 31, 2015 and 2014 our outstanding indebtedness included (in thousands): Amortization Number of Properties Outstanding Principal Balance Note Period Encumbered at December 31, Lender Reference Interest Rate (a) (Years) Maturity Date December 31, 2015 2015 2014 Senior Unsecured Credit Facility Deutsche Bank AG New York Branch (b) $225 Million Revolver 2.33% Variable n/a October 10, 2017 n/a $ $ $75 Million Term Loan 3.94% Fixed n/a October 10, 2018 n/a Total Senior Unsecured Credit Facility Unsecured Term Loan KeyBank National Association Term Loan (c) 2.38% Variable n/a April 7, 2022 n/a — Voya (formerly known as ING Life Insurance and Annuity) (d) 6.10% Fixed 20 March 1, 2019 n/a — (d) 4.55% Fixed 25 March 1, 2019 n/a — (d) 5.18% Fixed 20 March 1, 2019 2 — (d) 5.18% Fixed 20 March 1, 2019 4 — (d) 5.18% Fixed 20 March 1, 2019 3 — (d) 5.18% Fixed 20 March 1, 2019 1 — KeyBank National Association (e) 4.46% Fixed 30 February 1. 2023 4 (f) 4.52% Fixed 30 April 1, 2023 3 (g) 4.30% Fixed 30 April 1, 2023 3 (h) 4.95% Fixed 30 August 1, 2023 2 Bank of America Commercial Mortgage (i) 6.41% Fixed 25 September 1, 2017 1 Merrill Lynch Mortgage Lending Inc. (j) 6.38% Fixed 30 August 1, 2016 1 GE Capital Financial Inc. (k) 5.39% Fixed 25 April 1, 2020 1 (k) 5.39% Fixed 25 April 1, 2020 1 MetaBank (l) 4.25% Fixed 20 August 1, 2018 1 Bank of Cascades (m) 2.43% Variable 25 December 19, 2024 1 (m) 4.30% Fixed 25 December 19, 2024 — Goldman Sachs (n) 5.67% Fixed 25 July 6, 2016 2 Compass Bank (o) 4.57% Fixed 20 May 17, 2018 — — (p) 2.83% Variable 25 May 6, 2020 3 General Electric Capital Corporation (q) 5.39% Fixed 25 April 1, 2020 1 (q) 5.39% Fixed 25 April 1, 2020 1 (r) 4.11% Variable 20 April 1, 2018 1 (r) 5.03% Fixed 25 March 1, 2019 — — AIG (s) 6.11% Fixed 20 January 1, 2016 — — Greenwich Capital Financial Products, Inc. (t) 6.20% Fixed 30 January 6, 2016 — — Wells Fargo Bank, National Association (u) 5.53% Fixed 25 October 1, 2015 — — (v) 5.57% Fixed 25 January 1, 2016 — — U.S. Bank, NA (w) 6.22% Fixed 30 November 1, 2016 1 (x) 6.13% Fixed 25 November 11, 2021 1 (y) 5.98% Fixed 30 March 8, 2016 — — Total Mortgage Loans 38 Total Debt 38 $ $ Notes: (a) Interest rates at December 31, 2015 give effect to our use of interest rate swaps, where applicable. (b) On October 10, 2013, we replaced our $150.0 million senior secured revolving credit facility with a $300.0 million senior unsecured credit facility. The unsecured credit facility is comprised of a $225.0 million revolving credit facility (the “$225 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”), and has an accordion feature which will allow us to increase the commitments by an aggregate of $100.0 million on the $225 Million Revolver and the $75 Million Term Loan. The senior unsecured credit facility requires that no less than 20 of our hotel properties remain unencumbered, as defined in the credit facility documentation, and also requires compliance with covenants customary among our industry peers. The $225 Million Revolver matures on October 10, 2017 and can be extended to October 10, 2018 at our option, subject to certain conditions. The $75 Million Term Loan matures on October 10, 2018. We pay interest on advances at varying rates, based upon, at our option, either (i) 1, 2, 3, or 6-month LIBOR, plus a LIBOR margin between 1.75% and 2.50%, depending upon our leverage ratio (as defined in the credit facility documentation), or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, or 1-month LIBOR plus 1.00%, plus a base rate margin between 0.75% and 1.50%, depending upon our leverage ratio. Unused Fees are payable quarterly and are assessed at 0.30% per annum if the unused portion of the credit facility is equal to or greater than 50%, or 0.20% per annum if the unused portion of the credit facility is less than 50%. On December 27, 2013, we fully drew the $75 Million Term Loan. On September 5, 2013, we entered into an interest rate derivative with a notional value of $75.0 million that became effective on January 2, 2014 and matures on October 1, 2018. This interest rate derivative was designated a cash flow hedge and effectively fixes LIBOR at 2.04%. The interest rate on the $75 Million Term Loan was 3.94% at January 2, 2014. At December 31, 2015, 47 of our unencumbered hotel properties were included in the borrowing base for the senior unsecured credit facility, and are required to remain unencumbered. As a result, the maximum amount of borrowing permitted under the senior unsecured credit facility was $300.0 million, of which, we had $170.0 million borrowed and $130.0 million available to borrow. (c) 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 “2015 Term Loan”). The 2015 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. At closing, we drew the full $125.0 million amount of the 2015 Term Loan and on April 21, 2015, we exercised $15.0 million of the $75.0 million accordion. All proceeds were used to pay down the principal balance of the $225 Million Revolver. The exercise of this feature increased the aggregate unsecured term loan commitments to $140.0 million under the 2015 Term Loan and does not affect any other terms or conditions of the credit agreement. In conjunction with exercising the accordion feature, the Company added American Bank, N.A. as a new lender under the facility. (d) The First Closing of the ARCH Sale included eight properties that served as collateral for two term loans with Voya Retirement Insurance and Annuity Company (“Voya”), formerly known as ING Life Insurance and Annuity, totaling $93.4 million. To avoid significant yield maintenance costs associated with an early pay-off of the portion of these term loans related to the sale of the eight properties that were a part of the ARCH Sale, we modified the term loans to substitute certain existing collateral with properties that were not part of the ARCH Sale. The transaction was completed on September 24, 2015. We now have four term loans with Voya with an aggregate principal amount of $123.4 million, fixed interest rates of 5.18%, and a first call date of March 1, 2019. The ten hotel properties encumbered by the Voya mortgage loans are cross-collateralized, and the four mortgage loans are cross-defaulted. (e) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by four of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; Denver (Englewood), CO; and Dallas (Arlington), TX. This loan is subject to defeasance if prepaid. (f) On March 7, 2013, we closed on a $22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ. This loan is subject to defeasance if prepaid. (g) On March 8, 2013, we closed on a $22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid. (h) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid. (i) On May 16, 2012, we assumed a loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan is subject to defeasance if prepaid. (j) On June 21, 2012, we assumed a loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan is subject to defeasance if prepaid. (k) On March 28, 2014, we amended the loans with GE Capital Financial, which are cross-collateralized by the Courtyard by Marriott and the SpringHill Suites by Marriott, both located in Scottsdale, AZ. The loans were amended to bear interest at a fixed rate of 5.39% and the maturity dates were extended to April 1, 2020. (l) On July 26, 2013, we closed on a $7.4 million loan with a fixed rate of 4.25% and a maturity of August 1, 2018. This loan is secured by the Hyatt Place in Atlanta, GA. This loan has a prepayment penalty of: (i) 3% until July 26, 2015, (ii) 2% until July 26, 2017, and (iii) 1% until February 1, 2018. (m) On December 19, 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million. As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.30%. Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loans are cross-collateralized and cross-defaulted. (n) This loan is secured by the SpringHill Suites by Marriott and the Hampton Inn & Suites in Bloomington, MN. This loan is subject to defeasance if prepaid. (o) This loan was secured by the Courtyard by Marriott in Flagstaff, AZ and had a variable interest rate of 30-day LIBOR plus 350 basis points (3.67% at December 31, 2014). On October 11, 2012, we entered into an interest rate derivative that effectively converted 85% of this loan to a fixed rate. This loan was repaid and the interest rate swap was settled in 2015. There were no prepayment penalties incurred in this transaction. (p) On May 6, 2014, we closed on a $25.0 million loan with Compass Bank. The loan carries a variable rate of 30-day LIBOR plus 240 basis points, amortizes over 25 years, and has a May 6, 2020 maturity date. The loan is secured by first mortgage liens on the Hampton Inn & Suites hotels located in San Diego (Poway), CA, Ventura (Camarillo), CA and Fort Worth, TX. (q) On March 28, 2014, we amended two loans with General Electric Capital Corp., which are cross - collateralized by the Hilton Garden Inn (Lakeshore) and the Hilton Garden Inn (Liberty Park), both located in Birmingham, AL. Both loans were amended to bear interest at a fixed rate of 5.39% and the maturity dates were extended to April 1, 2020. (r) These loans are secured by the SpringHill Suites by Marriott in Denver, CO and the Double Tree in Baton Rouge, LA. These loans have a variable interest rate of 90-day LIBOR plus 350 basis points. On May 4, 2012, we entered into interest rate derivatives that effectively converted these loans to a fixed rate. These loans are cross-defaulted and cross-collateralized. In anticipation of the ARCH Sale these interest rate swaps were settled in 2015. Further, the loan secured by the Double Tree in Baton Rouge, LA was repaid in 2015. There were no prepayment penalties incurred in this transaction. (s) On December 20, 2012, we assumed a loan in our acquisition of the Residence Inn by Marriott in Salt Lake City, UT. This loan was repaid in 2015. There were no prepayment penalties incurred in this transaction. (t) On February 11, 2013, we assumed a loan in our acquisition (through a joint venture) of the Holiday Inn Express & Suites in San Francisco, CA. This loan had an interest rate of 6.20% and a maturity date of January 6, 2016. This loan was repaid in 2015. There were no prepayment penalties incurred in this transaction. (u) On May 21, 2013, we assumed a loan in our acquisition of the Holiday Inn Express & Suites in Minneapolis (Minnetonka), MN. This loan had an interest rate of 5.53% and a maturity date of October 1, 2015. This loan was repaid in 2015. There were no prepayment penalties incurred in this transaction. (v) On May 21, 2013, we assumed a loan in our acquisition of the Hilton Garden Inn in Minneapolis (Eden Prairie), MN. This loan had an interest rate of 5.57% and a maturity date of January 1, 2016. This loan was repaid in 2015. There were no prepayment penalties incurred in this transaction. (w) On January 9, 2014, as part of our acquisition of the 182-guestroom Hilton Garden Inn in Houston, TX, we assumed a $17.8 million mortgage loan with a fixed interest rate of 6.22%, an amortization period of 30 years, and a maturity date of November 1, 2016. (x) On January 10, 2014, as part of our acquisition of the 98-guestroom Hampton Inn in Santa Barbara (Goleta), CA, we assumed a $12.0 million mortgage loan with a fixed interest rate of 6.133%, an amortization period of 25 years, and a maturity date of November 11, 2021. (y) On March 14, 2014, as part of our acquisition of the 210-guestroom DoubleTree by Hilton in San Francisco, CA, we assumed a $13.3 million mortgage loan with a fixed interest rate of 5.98%, an amortization period of 30 years, and a maturity date of March 8, 2016. This loan was repaid in 2015. There were no prepayment penalties incurred in this transaction.
Schedule of total fixed-rate and variable-rate debt, after giving effect to interest rate derivatives	Our total fixed-rate and variable-rate debt at December 31, 2015 and 2014, after giving effect to our interest rate derivatives, is as follows (in thousands): 2015 2014 Fixed-rate debt $ $ Variable-rate debt $ $
Schedule of principal payments for each of the next five years	Principal payments for each of the next five years are as follows (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter $
Schedule of the fair value of fixed-rate debt that is not recorded at fair value	Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 2015 2014 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ $ $ $ Level 2 - Market approach

DERIVATIVE FINANCIAL INSTRUME31

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	12 Months Ended
	Dec. 31, 2015
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING
Schedule of derivative financial instruments	Information about our derivative financial instruments at December 31, 2015 and 2014 follows (dollar amounts in thousands): December 31, 2015 December 31, 2014 Number of Instruments Notional Amount Fair Value Number of Instruments Notional Amount Fair Value Interest rate swaps (asset) — $ — $ — $ $ Interest rate swaps (liability) ) ) $ $ ) $ $ )
Schedule of location in financial statements of 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). 2015 2014 2013 Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion) $ ) $ ) $ ) Loss reclassified from accumulated other comprehensive income to interest expense (effective portion) $ ) $ ) $ ) Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion) $ ) $ ) $

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 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 December 31, 2015 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ $ — $ Fair Value Measurements at December 31, 2014 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ $ — $ Liabilities: Interest rate swaps $ — $ $ — $

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES
Schedule of future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year	Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year are as follows (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter $

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2015
Equity-based compensation
Schedule of assumptions used to estimate fair value of stock options granted	2011 Expected dividend yield % Expected stock price volatility % Risk-free interest rate % Expected life of options (in years) Weighted average estimated fair value of options at grant date per share $
Summary of stock option activity	Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Terms Aggregate Intrinsic Value (Current Value Less Exercise Price) (per share) (in years) (in thousands) Outstanding at December 31, 2013 $ Granted — — Exercised ) Forfeited — — Outstanding at December 31, 2014 Granted — — Exercised ) Forfeited — — Outstanding at December 31, 2015 $ $ Exercisable at December 31, 2015 $ $
Schedule of equity-based compensation expense	Equity-based compensation expense included in corporate general and administrative in the Consolidated Statements of Operations for 2015, 2014, and 2013 was (in thousands): 2015 2014 2013 Stock options $ $ $ Time-based restricted stock Performance-based restricted stock Director stock $ $ $
Schedule of unrecognized equity-based compensation expense for all non-vested awards	Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $4.1 million at December 31, 2015 as follows (in thousands): Total 2016 2017 2018 Stock options $ $ $ — $ — Time-based restricted stock Performance-based restricted stock — $ $ $ $
Restricted Stock Awards | Time-Based
Equity-based compensation
Summary of restricted stock activity	Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested December 31, 2013 $ Granted Vested ) Forfeited ) Non-vested December 31, 2014 Granted Vested ) Non-vested December 31, 2015 $ $
Restricted Stock Awards | Performance-Based
Equity-based compensation
Schedule of assumptions used estimate fair value of performance-based restricted stock awards granted	2015 2014 Expected dividend yield Expected stock price volatility Risk-free interest rate 0.06 - 0.60% Monte Carlo iterations Weighted average estimated fair value of performance-based restricted stock awards $ $
Summary of restricted stock activity	Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested December 31, 2013 Granted Vested ) Forfeited — — Non-vested December 31, 2014 $ Granted Vested ) Forfeited ) Non-vested December 31, 2015 $ $

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income taxes
Schedule of components of income tax expense and total provision (benefit) for TRS and Operating Partnership	The components of income tax expense for for the years ended December 31, 2015, 2014, and 2013 are as follows (in thousands): 2015 2014 2013 Current: Federal $ $ $ — State and local Deferred Federal ) — State and local ) Total provision $ $ $ Income tax expense (benefit) From continuing operations $ $ $ From discontinued operations — ) ) Total provision $ $ $
Schedule of significant components of deferred tax assets (liabilities)	Significant components of deferred tax assets (liabilities) are as follows (in thousands): 2015 2014 Tax carryforwards $ $ Investments ) ) Accrued expenses — Other ) Total Valuation Allowance — ) Net Deferred Tax Assets $ $ Gross Deferred Tax Assets $ $ Gross Deferred Tax Liabilities ) ) Valuation Allowance — ) Net Deferred Tax Assets $ $
TRS
Income taxes
Schedule of reconciliation of federal statutory rate to effective income tax rate for TRS	A reconciliation of the federal statutory rate to the effective income tax rate for the TRS follows (in thousands): 2015 2014 2013 Tax provision (benefit) at U.S. statutory rates on TRS income (loss) subject to tax $ $ $ ) State Income tax, net of federal income tax benefit ) Effect of permanent differences and other ) ) Increase (decrease) in valuation allowance ) ) TRS income tax expense $ $ $
TRS and Operating Partnership
Income taxes
Schedule of components of income tax expense and total provision (benefit) for TRS and Operating Partnership	2015 2014 2013 Total provision (benefit) for TRS and Operating Partnership TRS Income Tax Expense $ $ $ Operating Partnership state income tax expense Total provision $ $ $

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued operations, held for sale or sold | Hotel properties
Discontinued operations
Schedule of condensed results for hotel properties included in discontinued operations	Condensed results for the hotel properties included in discontinued operations follows (in thousands): 2014 2013 Revenues $ $ Hotel operating expenses Depreciation and amortization Loss on impairment of assets Operating income (loss) ) Interest expense — ) Gain on disposal of assets Income (loss) before taxes ) Income tax benefit Income (loss) from discontinued operations $ $ ) Income (loss) from discontinued operations attributable to non-controlling interest $ $ ) Income (loss) from discontinued operations attributable to common stockholders $ $ )

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
EARNINGS (LOSS) PER SHARE
Summary of 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 amounts): 2015 2014 2013 Numerator: Income from continuing operations $ $ $ Less: Preferred dividends Allocation to participating securities Attributable to non-controlling interest Income (loss) from continuing operations attributable to common stockholders ) Income (loss) from discontinued operations attributable to common stockholders — ) Net income (loss) attributable to common stockholders, net of amount allocated to participating securities $ $ $ ) Denominator: Weighted average common shares outstanding - basic Dilutive effect of equity-based compensation awards — Weighted average common shares outstanding - diluted Earnings per common share - basic: Net income (loss) from continuing operations $ $ $ ) Net income (loss) from discontinued operations — ) Net income (loss) $ $ $ ) Earnings per common share - diluted: Net income (loss) from continuing operations $ $ $ ) Net income (loss) from discontinued operations — ) Net income (loss) $ $ $ )

SELECTED QUARTERLY FINANCIAL 38

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Schedule of selected consolidated quarterly financial data	Selected consolidated quarterly financial data for 2015 and 2014 follows (in thousands, except per share amounts): 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ $ $ $ Income from continuing operations $ $ $ $ Net income $ $ $ $ Net income attributable to Summit Hotel Properties, Inc. $ $ $ $ Earnings per share - Basic: Net income per share from continuing operations $ $ $ $ Net income per share from discontinued operations — — — — Net income per share $ $ $ $ Earnings per share - Diluted: Net income per share from continuing operations $ $ $ $ Net income per share from discontinued operations — — — — Net income per share $ $ $ $ 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ $ $ $ Income from continuing operations $ $ $ $ Income (loss) from discontinued operations $ $ ) $ ) $ Net income $ $ $ $ Net income attributable to Summit Hotel Properties, Inc. $ $ $ $ Earnings per share: Basic and diluted net income (loss) per share from continuing operations $ ) $ $ ) $ Basic and diluted net income per share from discontinued operations — — — — Basic and diluted net income (loss) per share $ ) $ $ ) $

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Schedule of assets held for sale	Hotel Location Guestrooms Aloft Jacksonville, FL Holiday Inn Express Vernon Hills, IL Courtyard by Marriott Jackson, MS Residence Inn Jackson, MS Courtyard by Marriott Germantown, TN Staybridge Suites Ridgeland, MS Homewood Suites Ridgeland, MS Courtyard by Marriott El Paso, TX Fairfield Inn & Suites Germantown, TN Residence Inn Germantown, TN
Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Schedule of assets held for sale	On February 11, 2016, the Company completed the sale of the following six hotels as part of the ARCH Sale: Hotel Location Guestrooms Fairfield Inn & Suites Denver, CO Fairfield Inn & Suites Bellevue, WA SpringHill Suites Denver, CO Hilton Garden Inn Fort Collins, CO Fairfield Inn & Suites Spokane, WA Hampton Inn Fort Collins, CO

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2015roomstateproperty
Properties
Number of states in which hotel properties are located | state	24
Hotels
Properties
Number of upscale and upper midscale hotel properties owned | property	87
Number of guestrooms | room	11,420
Operating Partnership | TRS Lessees
Properties
Ownership interest (as a percent)	100.00%

SUMMARY OF SIGNIFICANT ACCOUN41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reportable Segment (Details)	12 Months Ended
	Dec. 31, 2015segment
Segment Disclosure
Number of reportable segments	1

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Hotel Properties and Related Assets (Details 2)	12 Months Ended
	Dec. 31, 2015
Buildings and improvements | Minimum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	6 years
Buildings 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

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Doubtful Accounts and Bad Debt Expense (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Trade Receivables and Credit Policies
Allowance for Doubtful Accounts Receivable	$ 0.1	$ 0.1
Bad debt expense	$ 0.3	$ 0.4	$ 0.6

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-controlling Interest in Consolidated Joint Venture Expense (Details 4)	Mar. 31, 2014
Joint Venture
Non-controlling interests
Non-controlling interest held by joint venture partner (as a percent)	19.00%

INVESTMENT IN HOTEL PROPERTIE45

INVESTMENT IN HOTEL PROPERTIES - Investment in Hotel Properties, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 1,501,900	$ 1,519,086
Less accumulated depreciation	168,493	179,671
Investment in hotel properties, net	1,333,407	1,339,415
Depreciation expense	63,700	63,300	$ 48,900
Land
Investment in Hotel Properties, net
Investment in hotel properties at cost	149,996	164,570
Buildings and improvements
Investment in Hotel Properties, net
Investment in hotel properties at cost	1,222,017	1,202,451
Construction in progress
Investment in Hotel Properties, net
Investment in hotel properties at cost	6,555	15,609
Furniture, fixtures and equipment
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 123,332	$ 136,456

INVESTMENT IN HOTEL PROPERTIE46

INVESTMENT IN HOTEL PROPERTIES - Assets Held for Sale (Details 2) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)roomitem	Dec. 31, 2015USD ($)roomitem	Oct. 15, 2015USD ($)roomproperty	Jun. 02, 2015USD ($)roomcontractClosingproperty	Dec. 31, 2014USD ($)
Assets held for sale
Assets held for sale | $	$ 133,138	$ 133,138			$ 300
Assets held for sale | Hotel properties and land parcels
Assets held for sale
Assets held for sale | $	$ 133,138	$ 133,138			300
Assets held for sale | Portfolio of Hotels, ARCH Agreements
Assets held for sale
Number of agreements | contract				2
Number of closings | Closing				3
Number of hotels	16	16		26
Number of guestrooms	1,703	1,703		2,793
Aggregate price | $				$ 347,400
Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Assets held for sale
Number of guestrooms	707	707
Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Assets held for sale
Number of guestrooms	996	996
Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, October 15, 2015 closing
Assets held for sale
Number of hotels | property			10
Number of guestrooms			1,090
Aggregate price | $			$ 150,100
Gain on sale | $	$ 66,600	$ 66,600
Land | Assets held for sale | Hotel properties and land parcels
Assets held for sale
Assets held for sale | $	24,250	24,250			$ 300
Buildings and improvements | Assets held for sale | Hotel properties and land parcels
Assets held for sale
Assets held for sale | $	97,249	97,249
Furniture, fixtures and equipment | Assets held for sale | Hotel properties and land parcels
Assets held for sale
Assets held for sale | $	10,906	10,906
Construction in progress | Assets held for sale | Hotel properties and land parcels
Assets held for sale
Assets held for sale | $	42	42
Franchise fees | Assets held for sale | Hotel properties and land parcels
Assets held for sale
Assets held for sale | $	$ 691	$ 691
Reverse and forward 1031 Exchanges
Assets held for sale
Number of hotels | property			4
Fairfield Inn and Suites | Denver, CO | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Assets held for sale
Number of guestrooms	160	160
Fairfield Inn and Suites | Bellevue, WA | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Assets held for sale
Number of guestrooms	144	144
Fairfield Inn and Suites | Spokane, WA | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Assets held for sale
Number of guestrooms	84	84
Fairfield Inn and Suites | Germantown, TN | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Assets held for sale
Number of guestrooms	80	80
SpringHill Suites | Denver, CO | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Assets held for sale
Number of guestrooms	124	124
Hilton Garden Inn | Ft. Collins, CO | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Assets held for sale
Number of guestrooms	120	120
Hampton Inn | Ft. Collins, CO | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Assets held for sale
Number of guestrooms	75	75
Aloft | Jacksonville, FL | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Assets held for sale
Number of guestrooms	136	136
Holiday Inn Express | Vernon Hills, IL | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Assets held for sale
Number of guestrooms	119	119
Courtyard by Marriott | Jackson, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Assets held for sale
Number of guestrooms	117	117
Courtyard by Marriott | Germantown, TN | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Assets held for sale
Number of guestrooms	93	93
Courtyard by Marriott | El Paso, TX | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Assets held for sale
Number of guestrooms	90	90
Residence Inn | Jackson, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Assets held for sale
Number of guestrooms	100	100
Residence Inn | Germantown, TN | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Assets held for sale
Number of guestrooms	78	78
Staybridge Suites | Ridgeland, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Assets held for sale
Number of guestrooms	92	92
Homewood Suites | Ridgeland, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Assets held for sale
Number of guestrooms	91	91

INVESTMENT IN HOTEL PROPERTIE47

INVESTMENT IN HOTEL PROPERTIES - Hotel Property Acquisitions in 2015 and 2014 (Details 3) $ in Thousands	Oct. 20, 2015USD ($)	Jan. 10, 2014USD ($)shares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015shares	Oct. 15, 2015property
Reverse and forward 1031 Exchanges
Hotel property acquisitions
Number of hotels | property						4
2015 acquisitions
Hotel property acquisitions
Purchase Price			$ 237,751
2015 acquisitions | Hampton Inn and Suites | Minneapolis, MN
Hotel property acquisitions
Purchase Price			38,951
2015 acquisitions | Hampton Inn | Boston (Norwood), MA
Hotel property acquisitions
Purchase Price			24,000
2015 acquisitions | Hotel Indigo | Asheville, NC
Hotel property acquisitions
Purchase Price			35,000
2015 acquisitions | Residence Inn | Branchburg, NJ
Hotel property acquisitions
Purchase Price			25,700
2015 acquisitions | Residence Inn | Baltimore (Hunt Valley), MD
Hotel property acquisitions
Purchase Price			31,100
2015 acquisitions | Hyatt House | Miami, FL
Hotel property acquisitions
Purchase Price			39,000
2015 acquisitions | Courtyard by Marriott | Atlanta (Decatur), GA | Reverse and forward 1031 Exchanges
Hotel property acquisitions
Purchase Price	$ 44,000		$ 44,000
2014 acquisitions
Hotel property acquisitions
Purchase Price				$ 214,710
2014 acquisitions | Mortgage loans
Hotel property acquisitions
Debt Assumed				43,172
2014 acquisitions | Hampton Inn and Suites | Austin, TX
Hotel property acquisitions
Purchase Price				53,000
2014 acquisitions | Hampton Inn | Santa Barbara (Goleta), CA
Hotel property acquisitions
Purchase Price				27,900
2014 acquisitions | Hampton Inn | Santa Barbara (Goleta), CA | Mortgage loans
Hotel property acquisitions
Debt Assumed				12,037
2014 acquisitions | Hilton Garden Inn | Houston, TX
Hotel property acquisitions
Purchase Price				37,500
2014 acquisitions | Hilton Garden Inn | Houston, TX | Mortgage loans
Hotel property acquisitions
Debt Assumed				17,846
2014 acquisitions | Hilton Garden Inn | Houston (Energy Corridor), TX
Hotel property acquisitions
Purchase Price				36,000
2014 acquisitions | Four Points by Sheraton | San Francisco, CA
Hotel property acquisitions
Purchase Price				21,250
2014 acquisitions | DoubleTree by Hilton | San Francisco, CA
Hotel property acquisitions
Purchase Price				39,060
2014 acquisitions | DoubleTree by Hilton | San Francisco, CA | Mortgage loans
Hotel property acquisitions
Debt Assumed				$ 13,289
Operating Partnership | Limited partner
Hotel property acquisitions
Common units redeemed (in units) | shares					141,140
Operating Partnership | 2014 acquisitions | Hampton Inn | Santa Barbara (Goleta), CA | Partnership interest
Hotel property acquisitions
Common units issued for acquisition (in units) | shares		412,174
Common units issued for acquisition		$ 3,700

INVESTMENT IN HOTEL PROPERTIE48

INVESTMENT IN HOTEL PROPERTIES - Hotel Property Acquisitions - Allocation of aggregate purchase price (Details 4) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
2015 acquisitions
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired
Land	$ 18,947
Hotel buildings and improvements	208,864
Furniture, fixtures and equipment	6,803
Other assets	7,072
Total assets acquired	241,686
Less lease liability assumed	(3,250)
Less other liabilities	(577)
Net assets acquired	$ 237,859
2014 acquisitions
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired
Land		$ 11,400
Hotel buildings and improvements		199,573
Furniture, fixtures and equipment		5,489
Other assets		11,625
Total assets acquired		228,087
Less debt assumed		(43,172)
Less lease liability assumed		(1,752)
Less other liabilities		(2,671)
Net assets acquired		$ 180,492

INVESTMENT IN HOTEL PROPERTIE49

INVESTMENT IN HOTEL PROPERTIES - Hotel Property Acquisitions - Revenue and Income (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
2015 acquisitions
Hotel property acquisitions
Revenues	$ 22,811
Net income	3,317
2014 acquisitions
Hotel property acquisitions
Revenues	53,876	$ 37,655
Net income	$ 7,927	$ 4,977

INVESTMENT IN HOTEL PROPERTIE50

INVESTMENT IN HOTEL PROPERTIES - Hotel Property Acquisitions - Proforma Information (Details 6) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, October 15, 2015 closing
Excluded from pro forma amounts
Gain on sale	$ 66,600	$ 66,600
All 2014 and 2015 Acquisitions
Pro forma financial information
Revenues		461,454	$ 424,553
Net income		58,268	35,345
Net income attributable to common stockholders, net of amount allocated to participating securities		$ 41,248	$ 18,442
Net income per share attributable to common stockholders:
Basic (in dollars per share)		$ 0.48	$ 0.22
Diluted (in dollars per share)		$ 0.47	$ 0.22

SUPPLEMENTAL BALANCE SHEET IN51

SUPPLEMENTAL BALANCE SHEET INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Restricted cash
Restricted cash	$ 23,073	$ 34,395
Property taxes
Restricted cash
Restricted cash	2,758	2,600
Insurance
Restricted cash
Restricted cash	322	508
Furniture, fixtures and equipment reserves
Restricted cash
Restricted cash	18,997	30,301
Other funds in escrow
Restricted cash
Restricted cash	$ 996	$ 986

SUPPLEMENTAL BALANCE SHEET IN52

SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid Expenses and Other (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Prepaid expenses and other
Earnest money and funds in escrow	$ 10,046	$ 1,738
Prepaid insurance	813	1,122
Other	4,422	3,321
Prepaid expenses and other	$ 15,281	$ 6,181

SUPPLEMENTAL BALANCE SHEET IN53

SUPPLEMENTAL BALANCE SHEET INFORMATION - Deferred Charges (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred charges
Initial franchise fees	$ 4,760	$ 6,435
Deferred financing costs	9,804	8,628
Deferred charges, gross	14,564	15,063
Less accumulated amortization	5,376	5,422
Deferred charges, net	9,188	9,641
Amortization expense
Initial franchise fees	377	485	$ 411
Deferred financing costs	1,723	1,549	1,854
Amortization expense	2,100	2,034	$ 2,265
Future amortization expense
2,016	2,056
2,017	1,747
2,018	1,255
2,019	757
2,020	647
Thereafter	2,726
Deferred charges, net	$ 9,188	$ 9,641

SUPPLEMENTAL BALANCE SHEET IN54

SUPPLEMENTAL BALANCE SHEET INFORMATION - Other Assets (Details 4) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)
Other assets
Prepaid land lease	$ 3,325	$ 3,373
Notes receivable	12,803	10,779
Acquired intangible assets	6,122
Total	$ 22,250	$ 14,152
Assumed contractual arrangements
Intangible assets
Weighted average amortization period (in years)	30 years 10 months 24 days
Expected amortization expenses:
2,016	$ 200
2,017	200
2,018	200
2,019	200
2,020	$ 200
Note funding obligation receivable
Notes receivable
Interest rate (as a percent)	10.00%	10.00%
Note funding obligation	$ 10,000	$ 10,000
Amount advanced	$ 10,000	$ 7,400
Emporia, KS | Foreclosed property
Notes receivable
Number of hotels | property	1
Emporia, KS | Hotel properties | Assets held for sale, sold
Notes receivable
Number of hotels | property	2
Emporia, KS | Hotel properties | Other Assets | Payment default | Assets held for sale, sold
Other assets
Notes receivable	$ 2,700

SUPPLEMENTAL BALANCE SHEET IN55

SUPPLEMENTAL BALANCE SHEET INFORMATION - Accrued expenses and Other (Details 5) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued expenses and other
Accrued sales, property and income taxes	$ 12,901	$ 13,346
Accrued salaries and benefits	9,366	8,863
Accrued interest	1,862	2,095
Acquired unfavorable leases	4,907	1,722
Accrued expenses at hotels and other	13,138	12,036
Total	$ 42,174	$ 38,062

DEBT - Summary outstanding inde

DEBT - Summary outstanding indebtedness (Details)

Dec. 19, 2014

May. 06, 2014

Mar. 14, 2014

Jan. 10, 2014

Jan. 09, 2014

Dec. 31, 2015USD ($)itemproperty

Dec. 31, 2014USD ($)

Jan. 02, 2014

Oct. 10, 2013USD ($)

Jul. 22, 2013property

Mar. 08, 2013property

Mar. 07, 2013property

Jan. 25, 2013property

Debt

Number of Properties Encumbered | item

38

Outstanding Principal Balance

$ 677,096,000

$ 626,533,000

Senior Unsecured Credit Facility dated October 10, 2013

Debt

Maximum borrowing capacity

300,000,000

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013

Debt

Maximum borrowing capacity

300,000,000

$ 300,000,000

Outstanding Principal Balance

$ 170,000,000

200,000,000

Unsecured debt | KeyBank National Association Term Loan due April 7, 2022

Debt

Interest Rate (as a percent)

2.38%

Outstanding Principal Balance

$ 140,000,000

Unsecured debt | Revolving credit facility | Senior Unsecured Credit Facility dated October 10, 2013

Debt

Maximum borrowing capacity

$ 225,000,000

225,000,000

Interest Rate (as a percent)

2.33%

Outstanding Principal Balance

$ 95,000,000

125,000,000

Unsecured debt | Term loan | Senior Unsecured Credit Facility dated October 10, 2013

Debt

Maximum borrowing capacity

$ 75,000,000

$ 75,000,000

Interest Rate (as a percent)

3.94%

3.94%

Outstanding Principal Balance

$ 75,000,000

75,000,000

Mortgage loans

Debt

Number of Properties Encumbered | property

38

Outstanding Principal Balance

$ 367,096,000

$ 426,533,000

Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) 6.10% Fixed due March 1, 2019

Debt

Interest Rate (as a percent)

6.10%

Amortization Period

20 years

Outstanding Principal Balance

$ 62,327,000

Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) 4.55% Fixed due March 1, 2019

Debt

Interest Rate (as a percent)

4.55%

Amortization Period

25 years

Outstanding Principal Balance

$ 32,995,000

Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) 5.18% Fixed due March 1, 2019 One

Debt

Interest Rate (as a percent)

5.18%

Amortization Period

20 years

Number of Properties Encumbered | property

2

Outstanding Principal Balance

$ 42,574,000

Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) 5.18% Fixed due March 1, 2019 Two

Debt

Interest Rate (as a percent)

5.18%

Amortization Period

20 years

Number of Properties Encumbered | property

4

Outstanding Principal Balance

$ 38,159,000

Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) 5.18% Fixed due March 1, 2019 Three

Debt

Interest Rate (as a percent)

5.18%

Amortization Period

20 years

Number of Properties Encumbered | property

3

Outstanding Principal Balance

$ 24,610,000

Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) 5.18% Fixed due March 1, 2019 Four

Debt

Interest Rate (as a percent)

5.18%

Amortization Period

20 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 17,482,000

Mortgage loans | KeyBank National Association 4.46% Fixed due February 1, 2023

Debt

Interest Rate (as a percent)

4.46%

Amortization Period

30 years

Number of Properties Encumbered | property

4

4

Outstanding Principal Balance

$ 27,991,000

28,489,000

Mortgage loans | KeyBank National Association 4.52% Fixed due April 1, 2023

Debt

Interest Rate (as a percent)

4.52%

Amortization Period

30 years

Number of Properties Encumbered | property

3

3

Outstanding Principal Balance

$ 21,683,000

22,061,000

Mortgage loans | KeyBank National Association 4.30% Fixed due April 1, 2023

Debt

Interest Rate (as a percent)

4.30%

Amortization Period

30 years

Number of Properties Encumbered | property

3

3

Outstanding Principal Balance

$ 21,022,000

21,403,000

Mortgage loans | KeyBank National Association 4.95% Fixed due August 1, 2023

Debt

Interest Rate (as a percent)

4.95%

Amortization Period

30 years

Number of Properties Encumbered | property

2

2

Outstanding Principal Balance

$ 37,352,000

37,939,000

Mortgage loans | Bank of America Commercial Mortgage 6.41% Fixed due September 1, 2017

Debt

Interest Rate (as a percent)

6.41%

Amortization Period

25 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 7,916,000

8,157,000

Mortgage loans | Merrill Lynch Mortgage Lending Inc. 6.38% Fixed due August 1, 2016

Debt

Interest Rate (as a percent)

6.38%

Amortization Period

30 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 5,047,000

5,151,000

Mortgage loans | GE Capital Financial Inc. 5.39% Fixed due April 1, 2020 one

Debt

Interest Rate (as a percent)

5.39%

Amortization Period

25 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 9,110,000

9,300,000

Mortgage loans | GE Capital Financial Inc. 5.39% Fixed due April 1, 2020 two

Debt

Interest Rate (as a percent)

5.39%

Amortization Period

25 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 4,905,000

5,007,000

Mortgage loans | MetaBank 4.25% Fixed due August 1, 2018

Debt

Interest Rate (as a percent)

4.25%

Amortization Period

20 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 6,852,000

7,104,000

Mortgage loans | Bank Of Cascades Variable due December 19, 2024, Note A

Debt

Interest Rate (as a percent)

2.43%

Amortization Period

25 years

25 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 9,556,000

9,800,000

Mortgage loans | Bank Of Cascades 4.30% Fixed due December 19, 2024, Note B

Debt

Interest Rate (as a percent)

4.30%

Amortization Period

25 years

25 years

Outstanding Principal Balance

$ 9,556,000

9,800,000

Mortgage loans | Goldman Sachs 5.67% Fixed due July 6, 2016

Debt

Interest Rate (as a percent)

5.67%

Amortization Period

25 years

Number of Properties Encumbered | property

2

Outstanding Principal Balance

$ 13,467,000

$ 13,787,000

Mortgage loans | Compass Bank 4.57% Fixed due May 17, 2018

Debt

Interest Rate (as a percent)

4.57%

Amortization Period

20 years

Outstanding Principal Balance

$ 12,505,000

Mortgage loans | Compass Bank Variable due May 6, 2020

Debt

Interest Rate (as a percent)

2.83%

Amortization Period

25 years

25 years

Number of Properties Encumbered | property

3

Outstanding Principal Balance

$ 24,015,000

24,637,000

Mortgage loans | General Electric Capital Corporation 5.39% Fixed due April 1, 2020, one

Debt

Interest Rate (as a percent)

5.39%

Amortization Period

25 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 5,160,000

5,266,000

Mortgage loans | General Electric Capital Corporation 5.39% Fixed due April 1, 2020, two

Debt

Interest Rate (as a percent)

5.39%

Amortization Period

25 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 6,041,000

6,167,000

Mortgage loans | General Electric Capital Corporation Variable due April 1, 2018

Debt

Interest Rate (as a percent)

4.11%

Amortization Period

20 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 5,852,000

$ 7,213,000

Mortgage loans | General Electric Capital Corporation 5.03% Fixed due March 1, 2019

Debt

Interest Rate (as a percent)

5.03%

Amortization Period

25 years

Outstanding Principal Balance

$ 9,775,000

Mortgage loans | AIG 6.11% Fixed due January 1, 2016

Debt

Interest Rate (as a percent)

6.11%

Amortization Period

20 years

Outstanding Principal Balance

$ 12,938,000

Mortgage loans | Greenwich Capital Financial Products, Inc. 6.20% Fixed due January 6, 2016

Debt

Interest Rate (as a percent)

6.20%

Amortization Period

30 years

Outstanding Principal Balance

$ 22,711,000

Mortgage loans | Wells Fargo Bank National Association 5.53% Fixed due October 1, 2015

Debt

Interest Rate (as a percent)

5.53%

Amortization Period

25 years

Outstanding Principal Balance

$ 3,523,000

Mortgage loans | Wells Fargo Bank National Association 5.57% due January 1, 2016

Debt

Interest Rate (as a percent)

5.57%

Amortization Period

25 years

Outstanding Principal Balance

$ 6,038,000

Mortgage loans | U.S. Bank, NA 6.22% Fixed due November 1, 2016

Debt

Interest Rate (as a percent)

6.22%

Amortization Period

30 years

30 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 17,179,000

17,536,000

Mortgage loans | U.S. Bank, NA 6.13% Fixed due November 11, 2021

Debt

Interest Rate (as a percent)

6.13%

Amortization Period

25 years

25 years

Number of Properties Encumbered | property

1

Outstanding Principal Balance

$ 11,567,000

$ 11,819,000

Mortgage loans | U.S. Bank, NA 5.98% Fixed due March 8, 2016

Debt

Interest Rate (as a percent)

5.98%

Amortization Period

30 years

30 years

Outstanding Principal Balance

$ 13,085,000

DEBT - Information about Credit

DEBT - Information about Credit Facilities, 2015 Term Loan and Mortgage Term Loans (Details 2)

Sep. 24, 2015USD ($)loanproperty

Sep. 23, 2015USD ($)loan

Apr. 21, 2015USD ($)

Apr. 07, 2015USD ($)

Dec. 19, 2014USD ($)loan

May. 06, 2014USD ($)

Mar. 28, 2014loan

Mar. 14, 2014USD ($)room

Jan. 10, 2014USD ($)room

Jan. 09, 2014USD ($)room

Jan. 02, 2014USD ($)

Dec. 27, 2013USD ($)

Jul. 26, 2013USD ($)

Dec. 31, 2015USD ($)roomitemproperty

Dec. 31, 2014USD ($)

Jun. 02, 2015roomproperty

Oct. 10, 2013USD ($)

Oct. 09, 2013USD ($)

Jul. 22, 2013USD ($)property

Mar. 08, 2013USD ($)property

Mar. 07, 2013USD ($)property

Jan. 25, 2013USD ($)property

Oct. 11, 2012

Debt

Number of hotel properties securing debt | item

38

Portfolio of Hotels, ARCH Agreements | Assets held for sale

Debt

Number of guestrooms | room

1,703

2,793

Designated as hedges | Interest rate swaps

Debt

Notional value of derivative

$ 75,000,000

$ 75,000,000

$ 103,002,000

LIBOR | Interest rate swaps

Debt

Derivative fixed rate (as a percent)

2.04%

Senior Unsecured Credit Facility dated October 10, 2013

Debt

Maximum borrowing capacity

$ 300,000,000

Senior Unsecured Credit Facility dated October 10, 2013 | Term loan | LIBOR | Interest rate swaps

Debt

Variable rate basis

LIBOR

GE Capital Financial Inc. 5.39% Fixed due April 1, 2020 two

Debt

Fixed interest rate (as a percent)

5.39%

General Electric Capital Corporation Variable due April 1, 2018 | LIBOR

Debt

Variable rate basis

90-day LIBOR

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

3.50%

Secured debt | $150.0 million Senior Secured Revolving Credit Facility

Debt

Maximum borrowing capacity

$ 150,000,000

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013

Debt

Maximum borrowing capacity

$ 300,000,000

$ 300,000,000

Maximum increase in borrowing capacity available through accordion feature option

100,000,000

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

0.30%

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

0.20%

Threshold for determining unused fees payable (as a percent)

50.00%

Number of unencumbered hotel properties | property

47

Line of credit current permitted borrowing capacity

$ 300,000,000

Line of credit outstanding

170,000,000

Amount available for borrowing

$ 130,000,000

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | Minimum

Debt

Number of hotel properties to remain unencumbered | property

20

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | Revolving credit facility

Debt

Maximum borrowing capacity

$ 225,000,000

225,000,000

Effective interest rate (as a percent)

2.33%

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | Term loan

Debt

Maximum borrowing capacity

$ 75,000,000

$ 75,000,000

Amount drawn

$ 75,000,000

Effective interest rate (as a percent)

3.94%

3.94%

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | LIBOR advances | LIBOR

Debt

Variable rate basis

1, 2, 3, or 6-month LIBOR

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | LIBOR advances | LIBOR | Minimum

Debt

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

1.75%

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | LIBOR advances | LIBOR | Maximum

Debt

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

2.50%

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | Base rate advances | LIBOR

Debt

Variable rate basis

1-month LIBOR

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

1.00%

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | Base rate advances | Base rate

Debt

Variable rate basis

base rate

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | Base rate advances | Base rate | Minimum

Debt

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

0.75%

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | Base rate advances | Base rate | Maximum

Debt

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

1.50%

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | Base rate advances | Prime rate

Debt

Variable rate basis

prime rate

Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | Base rate advances | Federal funds rate

Debt

Variable rate basis

federal funds rate

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

0.50%

Unsecured debt | KeyBank National Association Term Loan due April 7, 2022

Debt

Amount drawn

$ 15,000,000

$ 125,000,000

Effective interest rate (as a percent)

2.38%

Loan amount

$ 140,000,000

125,000,000

Accordion feature increase to total commitment

$ 75,000,000

Mortgage loans

Debt

Number of hotel properties securing debt | property

38

Mortgage loans | 2014 acquisitions

Debt

Debt Assumed

$ 43,172,000

Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) term loans

Debt

Number of unencumbered hotel properties | property

10

Number of loans | loan

4

2

Debt outstanding

$ 123,400,000

$ 93,400,000

Fixed interest rate (as a percent)

5.18%

Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) term loans | Portfolio of Hotels, ARCH Agreements, October 15, 2015 closing | Assets held for sale

Debt

Number of hotel properties securing debt | property

8

Mortgage loans | KeyBank National Association 4.46% Fixed due February 1, 2023

Debt

Effective interest rate (as a percent)

4.46%

Loan amount

$ 29,400,000

Number of hotel properties securing debt | property

4

4

Amortization Period

30 years

Fixed interest rate (as a percent)

4.46%

Mortgage loans | KeyBank National Association 4.52% Fixed due April 1, 2023

Debt

Effective interest rate (as a percent)

4.52%

Loan amount

$ 22,700,000

Number of hotel properties securing debt | property

3

3

Amortization Period

30 years

Fixed interest rate (as a percent)

4.52%

Mortgage loans | KeyBank National Association 4.30% Fixed due April 1, 2023

Debt

Effective interest rate (as a percent)

4.30%

Loan amount

$ 22,000,000

Number of hotel properties securing debt | property

3

3

Amortization Period

30 years

Fixed interest rate (as a percent)

4.30%

Mortgage loans | KeyBank National Association 4.95% Fixed due August 1, 2023

Debt

Effective interest rate (as a percent)

4.95%

Loan amount

$ 38,700,000

Number of hotel properties securing debt | property

2

2

Amortization Period

30 years

Fixed interest rate (as a percent)

4.95%

Mortgage loans | GE Capital Financial Inc. 5.39% Fixed due April 1, 2020 one

Debt

Effective interest rate (as a percent)

5.39%

Number of hotel properties securing debt | property

1

Amortization Period

25 years

Fixed interest rate (as a percent)

5.39%

Mortgage loans | GE Capital Financial Inc. 5.39% Fixed due April 1, 2020 two

Debt

Effective interest rate (as a percent)

5.39%

Number of hotel properties securing debt | property

1

Amortization Period

25 years

Mortgage loans | MetaBank 4.25% Fixed due August 1, 2018

Debt

Effective interest rate (as a percent)

4.25%

Loan amount

$ 7,400,000

Number of hotel properties securing debt | property

1

Amortization Period

20 years

Fixed interest rate (as a percent)

4.25%

Mortgage loans | MetaBank 4.25% Fixed due August 1, 2018 | Prepayment penalty period until July 26, 2015

Debt

Prepayment penalties (as a percent)

3.00%

Mortgage loans | MetaBank 4.25% Fixed due August 1, 2018 | Prepayment penalty period after July 26, 2015 until July 26 2017

Debt

Prepayment penalties (as a percent)

2.00%

Mortgage loans | MetaBank 4.25% Fixed due August 1, 2018 | Prepayment penalty period after July 26, 2017 until February 1, 2018

Debt

Prepayment penalties (as a percent)

1.00%

Mortgage loans | Bank of Cascades loan(s)

Debt

Number of loans | loan

2

Loan increase

$ 7,900,000

Mortgage loans | Bank Of Cascades Variable due December 19, 2024, Note A

Debt

Effective interest rate (as a percent)

2.43%

Number of hotel properties securing debt | property

1

Amortization Period

25 years

25 years

Mortgage loans | Bank Of Cascades Variable due December 19, 2024, Note A | LIBOR

Debt

Variable rate basis

30-day LIBOR

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

2.00%

Mortgage loans | Bank Of Cascades 4.30% Fixed due December 19, 2024, Note B

Debt

Effective interest rate (as a percent)

4.30%

Amortization Period

25 years

25 years

Fixed interest rate (as a percent)

4.30%

Mortgage loans | Compass Bank 4.57% Fixed due May 17, 2018

Debt

Effective interest rate (as a percent)

4.57%

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

85.00%

Prepayment penalties

$ 0

Amortization Period

20 years

Mortgage loans | Compass Bank 4.57% Fixed due May 17, 2018 | LIBOR

Debt

Variable rate basis

30-day LIBOR

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

3.50%

Variable interest rate (as a percent)

3.67%

Mortgage loans | Compass Bank Variable due May 6, 2020

Debt

Effective interest rate (as a percent)

2.83%

Loan amount

$ 25,000,000

Number of hotel properties securing debt | property

3

Amortization Period

25 years

25 years

Mortgage loans | Compass Bank Variable due May 6, 2020 | LIBOR

Debt

Variable rate basis

30-day LIBOR

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

2.40%

Mortgage loans | Mortgage Loans with General Electric Capital Corporation

Debt

Number of loans | loan

2

Mortgage loans | General Electric Capital Corporation 5.39% Fixed due April 1, 2020, one

Debt

Effective interest rate (as a percent)

5.39%

Number of hotel properties securing debt | property

1

Amortization Period

25 years

Fixed interest rate (as a percent)

5.39%

Mortgage loans | General Electric Capital Corporation 5.39% Fixed due April 1, 2020, two

Debt

Effective interest rate (as a percent)

5.39%

Number of hotel properties securing debt | property

1

Amortization Period

25 years

Fixed interest rate (as a percent)

5.39%

Mortgage loans | General Electric Capital Corporation Variable due April 1, 2018

Debt

Effective interest rate (as a percent)

4.11%

Number of hotel properties securing debt | property

1

Amortization Period

20 years

Mortgage loans | General Electric Capital Corporation Variable due April 1, 2018 | LIBOR

Debt

Variable rate basis

90-day LIBOR

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

3.50%

Mortgage loans | General Electric Capital Corporation 5.03% Fixed due March 1, 2019

Debt

Effective interest rate (as a percent)

5.03%

Prepayment penalties

$ 0

Amortization Period

25 years

Mortgage loans | General Electric Capital Corporation 5.03% Fixed due March 1, 2019 | LIBOR

Debt

Variable rate basis

90-day LIBOR

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

0.035%

Mortgage loans | AIG 6.11% Fixed due January 1, 2016

Debt

Effective interest rate (as a percent)

6.11%

Prepayment penalties

$ 0

Amortization Period

20 years

Mortgage loans | Greenwich Capital Financial Products, Inc. 6.20% Fixed due January 6, 2016

Debt

Effective interest rate (as a percent)

6.20%

Prepayment penalties

0

Amortization Period

30 years

Fixed interest rate (as a percent)

6.20%

Mortgage loans | Wells Fargo Bank National Association 5.53% Fixed due October 1, 2015

Debt

Effective interest rate (as a percent)

5.53%

Prepayment penalties

0

Amortization Period

25 years

Fixed interest rate (as a percent)

5.53%

Mortgage loans | Wells Fargo Bank National Association 5.57% due January 1, 2016

Debt

Effective interest rate (as a percent)

5.57%

Prepayment penalties

$ 0

Amortization Period

25 years

Fixed interest rate (as a percent)

5.57%

Mortgage loans | U.S. Bank, NA 6.22% Fixed due November 1, 2016

Debt

Effective interest rate (as a percent)

6.22%

Number of hotel properties securing debt | property

1

Amortization Period

30 years

30 years

Fixed interest rate (as a percent)

6.22%

Mortgage loans | U.S. Bank, NA 6.13% Fixed due November 11, 2021

Debt

Effective interest rate (as a percent)

6.13%

Number of hotel properties securing debt | property

1

Amortization Period

25 years

25 years

Fixed interest rate (as a percent)

6.133%

Mortgage loans | U.S. Bank, NA 5.98% Fixed due March 8, 2016

Debt

Effective interest rate (as a percent)

5.98%

Prepayment penalties

$ 0

Amortization Period

30 years

30 years

Fixed interest rate (as a percent)

5.98%

Houston, TX | Hilton Garden Inn | 2014 acquisitions

Debt

Number of guestrooms | room

182

Houston, TX | Mortgage loans | Hilton Garden Inn | 2014 acquisitions

Debt

Debt Assumed

$ 17,846,000

Houston, TX | Mortgage loans | U.S. Bank, NA 6.22% Fixed due November 1, 2016 | Hilton Garden Inn | 2014 acquisitions

Debt

Debt Assumed

$ 17,800,000

Santa Barbara (Goleta), CA | Hampton Inn | 2014 acquisitions

Debt

Number of guestrooms | room

98

Santa Barbara (Goleta), CA | Mortgage loans | Hampton Inn | 2014 acquisitions

Debt

Debt Assumed

12,037,000

Santa Barbara (Goleta), CA | Mortgage loans | U.S. Bank, NA 6.13% Fixed due November 11, 2021 | Hampton Inn | 2014 acquisitions

Debt

Debt Assumed

$ 12,000,000

San Francisco, CA | DoubleTree by Hilton | 2014 acquisitions

Debt

Number of guestrooms | room

210

San Francisco, CA | Mortgage loans | DoubleTree by Hilton | 2014 acquisitions

Debt

Debt Assumed

$ 13,289,000

San Francisco, CA | Mortgage loans | U.S. Bank, NA 5.98% Fixed due March 8, 2016 | DoubleTree by Hilton | 2014 acquisitions

Debt

Debt Assumed

$ 13,300,000

DEBT - Fixed-Rate and Variable-

DEBT - Fixed-Rate and Variable-Rate Debt, after Giving Effect to Interest Rate Derivatives (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
DEBT
Fixed-rate debt	$ 402,673	$ 465,220
Variable-rate debt	274,423	161,313
Total	$ 677,096	$ 626,533

DEBT - Principal Payments for E

DEBT - Principal Payments for Each of the Next Five Years and Weighted Average Interest Rate (Details 4) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Principal payments for each of the next five years
2,015	$ 44,193
2,016	111,275
2,017	94,408
2,018	8,568
2,019	51,870
Thereafter	366,782
Long-term Debt	$ 677,096	$ 626,533
All borrowings
Weighted average interest rate for all borrowings (as a percent)	3.90%	4.35%

DEBT - Fair Value of Fixed-Rate

DEBT - Fair Value of Fixed-Rate Debt not Recorded at Fair Value (Details 5) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Interest rate swaps
Debt
Variable rate debt converted to fixed rate debt	$ 75,000	$ 102,600
Carrying value | Fixed-rate debt
Debt
Debt	327,673	362,602
Fair Value | Level 2 | Fixed-rate debt
Debt
Debt	$ 321,841	$ 349,517

DERIVATIVE FINANCIAL INSTRUME61

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Early Settlement of Interest Rate Swaps and Information about Derivative Financial Instruments Outstanding (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2015instrumentproperty	Dec. 31, 2015USD ($)instrument	Oct. 15, 2015property	Dec. 31, 2014USD ($)instrument	Jan. 02, 2014USD ($)
Derivative financial instruments and hedging
Maximum length of time over which instruments are hedged		6 years
Fair Value
Derivative asset				$ 66
Derivative liability		$ (1,811)		$ (1,957)
Interest rate swaps
Derivative financial instruments and hedging
Number of derivative instruments for which early settlement was executed | instrument	3
Derivatives in a liability position
Termination value of derivative agreements in a liability position		$ 1,900
Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, October 15, 2015 closing
Derivative financial instruments and hedging
Number of hotel properties that secured mortgage loans repaid | property	2
Number of hotels | property			10
Designated as hedges | Interest rate swaps
Number of Instruments
Asset | instrument				3
Liability | instrument		1		1
Total | instrument		1		4
Notional Amount
Assets				$ 28,002
Liability		$ 75,000		75,000
Total		75,000		103,002	$ 75,000
Fair Value
Derivative asset				66
Derivative liability		(1,811)		(1,957)
Derivative asset (liability), net		$ 1,811		$ 1,891

DERIVATIVE FINANCIAL INSTRUME62

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Gain or Loss Recognized (Details 2) - Interest rate swaps - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative instruments, gain (loss) recognized
Estimated reclassification from other comprehensive income as an increase to interest expense in 2016	$ 1,000
Cash flow hedges
Derivative instruments, gain (loss) recognized
Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	(1,846)	$ (2,112)	$ (1,240)
Gain (loss) recognized in gain (loss) on derivative financial instruments (ineffective portion)	(1)	(1)	2
Cash flow hedges | Interest expense
Derivative instruments, gain (loss) recognized
Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	$ (1,927)	$ (1,741)	$ (359)

EQUITY - Common Stock and Prefe

EQUITY - Common Stock and Preferred Stock (Details)	Apr. 24, 2015shares	Mar. 03, 2015shares	Jan. 01, 2015shares	May. 28, 2014shares	Dec. 31, 2015Vote$ / sharesshares	Dec. 31, 2014$ / sharesshares	Dec. 31, 2013shares
Equity
Common stock, shares authorized					500,000,000	500,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Number of votes a share of outstanding common stock is entitled | Vote					1
Shares reserved for issuance					14,691,018	9,669,896
Preferred stock, shares authorized					100,000,000	100,000,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Stock options
Equity
Exercise price (in dollars per share) | $ / shares					$ 9.75	$ 9.75
Undesignated preferred stock
Equity
Preferred stock, shares authorized					91,600,000
9.25% Series A Preferred Stock
Equity
Preferred stock, shares authorized					2,000,000
Preferred stock, dividend rate (as a percent)					9.25%	9.25%
Preferred stock, liquidation preference (in dollars per share) | $ / shares					$ 25	$ 25
Annual dividend rate per share (in dollars per share) | $ / shares					$ 2.3125
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)					7.875%	7.875%
Preferred stock, liquidation preference (in dollars per share) | $ / shares					$ 25	$ 25
Annual dividend rate per share (in dollars per share) | $ / shares					$ 1.96875
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)					7.125%	7.125%
Preferred stock, liquidation preference (in dollars per share) | $ / shares					$ 25	$ 25
Annual dividend rate per share (in dollars per share) | $ / shares					$ 1.78125
7.125% Series C Preferred Stock | Maximum | Change in control provision
Equity
Ratio for conversion					5.1440
Common Stock
Equity
Shares of common stock issued to redeem common units					268,947	438,631	4,414,950
Stock issued, net on cashless exercise (in shares)					411,239	321,269	327,806
Common Stock | Restricted Stock Awards
Equity
Restricted stock, shares withheld to cover employee tax obligations					36,385	12,588
Common Stock | Stock options
Equity
Stock issued, net on cashless exercise (in shares)					99,738	4,253
Common Stock | Executive officers and employees
Equity
Stock issued (in shares)	16,930	303,915		278,916
Stock forfeited (in shares)						1,756
Common Stock | Outside directors
Equity
Stock issued in lieu of cash for director fees (in shares)					6,246	7,539
Stock issued (in shares)					30,440	32,317
Performance-Based | Restricted Stock Awards
Equity
Vested (in shares)					184,666	45,551	0
Forfeited (in shares)					46,030
Performance-Based | Management | Restricted Stock Awards
Equity
Vested (in shares)			128,185
Forfeited (in shares)			46,030

EQUITY - Non-controlling Intere

EQUITY - Non-controlling Interests and Other Joint Venture Interests (Details 2) $ in Thousands	Jun. 30, 2014USD ($)	Dec. 31, 2015shares	Dec. 31, 2014USD ($)shares	Mar. 31, 2014
Non-controlling Interests and Other Joint Venture Interests
Remaining non-controlling interest acquired			$ 8,232
Operating Partnership | Unaffiliated third parties
Non-controlling Interests and Other Joint Venture Interests
Conversion ratio of limited partner common units into common stock		1
Number of common units of operating partnership owned by unaffiliated third parties | shares		516,021	784,968
Percentage of limited partnership interest in operating partnership		1.00%	1.00%
Joint Venture
Non-controlling Interests and Other Joint Venture Interests
Non-controlling interest held by joint venture partner (as a percent)				19.00%
Remaining non-controlling interest acquired	$ 8,200
Non-controlling Interests | Joint Venture
Non-controlling Interests and Other Joint Venture Interests
Ownership interest (as a percent)				81.00%
Non-controlling interest held by joint venture partner (as a percent)				19.00%

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets:
Derivative asset		$ 66
Liabilities:
Derivative Liability	$ 1,811	1,957
Transfers between Level 1 and Level 2
Asset transfers between Level 2 to Level 1	0	0
Asset transfers between Level 1 to Level 2	0	0
Liability transfers between Level 1 to Level 2	0	0
Liability transfers between Level 2 to Level 1	0	0
Recurring basis | Interest rate swaps
Assets:
Derivative asset		66
Liabilities:
Derivative Liability	1,811	1,957
Recurring basis | Level 2 | Interest rate swaps
Assets:
Derivative asset		66
Liabilities:
Derivative Liability	$ 1,811	$ 1,957

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Ground Leases and Future Minimum Rental Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Optionproperty	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Ground Leases
Prepaid rent	$ 3,325	$ 3,373
Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year
2,016	1,241
2,017	1,247
2,018	1,138
2,019	1,129
2,020	1,198
Thereafter	106,928
Total	112,881
Ground operating leases
Ground Leases
Total rent expense	$ 1,200	1,100	$ 500
Ground operating leases | Duluth, GA
Ground Leases
Number of hotel properties for which land is leased | property	1
Ground operating leases | Portland, OR
Ground Leases
Number of hotel properties for which land is leased | property	2
Prepaid rent	$ 3,300	$ 3,400
Number of options to extend lease | Option	1
Lease renewal period	14 years
Ground operating leases | Houston (Galleria Area), TX
Ground Leases
Number of hotel properties for which land is leased | property	1
Number of options to extend lease | Option	1
Lease renewal period	10 years
Ground operating leases | Austin, TX
Ground Leases
Number of hotel properties for which land is leased | property	1
Ground operating leases | Baltimore (Hunt Valley), MD
Ground Leases
Number of hotel properties for which land is leased | property	1
Number of options to extend lease | Option	12
Lease renewal period	5 years
Ground operating leases | Garden City, NY
Ground Leases
Number of hotel properties for which land is leased | property	1

COMMITMENTS AND CONTINGENCIES67

COMMITMENTS AND CONTINGENCIES - Franchise Agreements and Management Agreements (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Franchise Agreements
Commitments and contingencies
Fees related to the agreement	$ 37.8	$ 33.6	$ 27.7
Franchise Agreements | Minimum
Commitments and contingencies
Agreement term	10 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	2.00%
Franchise Agreements | Maximum
Commitments and contingencies
Agreement term	20 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	6.00%
Marketing fees payable as a percentage of gross revenue	4.00%
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures	5.00%
Management Agreements
Commitments and contingencies
Fees related to the agreement	$ 18.6	$ 16.1	$ 13.5
Management Agreements | Minimum
Commitments and contingencies
Agreement term	3 years
Management Agreements | Maximum
Commitments and contingencies
Agreement term	25 years

EQUITY-BASED COMPENSATION - Ame

EQUITY-BASED COMPENSATION - Amended and Restated Equity Plan (Details) - Stock options	12 Months Ended
	Dec. 31, 2015
Minimum
Equity-based compensation
Term of award	5 years
Maximum
Equity-based compensation
Term of award	10 years

EQUITY-BASED COMPENSATION - Sto

EQUITY-BASED COMPENSATION - Stock Options Granted under Equity Plan (Details 2) - Stock options - USD ($) $ / shares in Units, $ in Thousands	Feb. 14, 2011	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011
Equity-based compensation
Granted (in shares)	940,000
Exercise price of options granted (in dollars per share)	$ 9.75
Vesting period	5 years
Assumptions used to estimate the fair value of options granted
Expected dividend yield (as a percent)					5.09%
Expected stock price volatility (as a percent)					56.60%
Risk-free interest rate (as a percent)					2.57%
Expected life of options					6 years 6 months
Weighted average estimated fair value of options at grant date per share (in dollars per share)					$ 3.48
Number of Options
Outstanding at the beginning of year (in shares)		846,000	893,000
Exercised (in shares)		(376,000)	(47,000)
Outstanding at end of year (in shares)		470,000	846,000	893,000
Exercisable at end of year (in shares)		376,000
Weighted Average Exercise Price
Outstanding at beginning of year (in dollars per share)		$ 9.75	$ 9.75
Exercised (in dollars per share)		9.75	9.75
Outstanding at end of year (in dollars per share)		9.75	$ 9.75	$ 9.75
Exercisable at end of year (in dollars per share)		$ 9.75
Weighted Average Remaining Contractual Terms
Outstanding		5 years 2 months 12 days
Exercisable		5 years 2 months 12 days
Aggregate Intrinsic Value (Current Value Less Exercise Price)
Outstanding		$ 1,034	$ 2,300	$ 0
Exercisable		827	1,400
Stock options
Total fair value of options vested		$ 900	$ 700	$ 600

EQUITY-BASED COMPENSATION - Tim

EQUITY-BASED COMPENSATION - Time-Based Restricted Stock Awards (Details 3) - Restricted Stock Awards - Time-Based - USD ($) $ / shares in Units, $ in Thousands	Apr. 24, 2015	Mar. 03, 2015	May. 28, 2014	Mar. 01, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of Shares
Non-vested at the beginning of year (in shares)					181,116	161,587
Granted (in shares)					166,340	116,981
Vested (in shares)					(97,445)	(95,696)
Forfeited (in shares)						(1,756)
Non-vested at end of year (in shares)					250,011	181,116	161,587
Weighted Average Grant Date Fair Value
Non-vested at beginning of year (in dollars per share)					$ 9.81	$ 9.10
Granted (in dollars per share)					13.53	9.82
Vested (in dollars per share)					10.46	8.63
Forfeited (in dollars per share)						9.82
Non-vested at end of year (in dollars per share)					$ 12.03	$ 9.81	$ 9.10
Aggregate Current Value
Non-vested outstanding					$ 2,988
Total fair value of awards vested					$ 1,000	$ 800	$ 200
Executive officers and management
Equity-based compensation
Vesting period		3 years	3 years
Number of Shares
Granted (in shares)		149,410	116,981
Executive officers and management | Continued service on March 9, 2018, or upon a change in control
Number of Shares
Granted (in shares)		37,230
Executive officers and management | Period one
Equity-based compensation
Vesting percentage		25.00%	25.00%	25.00%
Executive officers and management | Period two
Equity-based compensation
Vesting percentage		25.00%	25.00%	25.00%
Executive officers and management | Period three
Equity-based compensation
Vesting percentage		50.00%	50.00%	50.00%
Executive officers
Equity-based compensation
Vesting period	3 years			3 years
Number of Shares
Granted (in shares)	16,930			106,518

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Awards (Details 4) - Restricted Stock Awards - Performance-Based $ / shares in Units, $ in Thousands	Mar. 03, 2015shares	Jan. 01, 2015$ / sharesshares	May. 28, 2014shares	Mar. 01, 2013shares	Dec. 31, 2015USD ($)item$ / sharesshares	Dec. 31, 2014item$ / sharesshares	Dec. 31, 2013$ / sharesshares	May. 28, 2014
Assumptions used to estimate the fair value of options granted
Expected dividend yield (as a percent)					3.42%	4.48%
Expected stock price volatility (as a percent)					22.20%	27.90%
Risk-free interest rate (as a percent)					1.02%
Risk-free interest rate, minimum (as a percent)						0.06%
Risk-free interest rate, maximum (as a percent)						0.60%
Monte Carlo iterations | item					100,000	100,000
Weighted average estimated fair value of awards granted | $ / shares					$ 18.78	$ 7.12
Number of Shares
Non-vested at the beginning of year (in shares)		384,558			384,558	268,174
Granted (in shares)					154,505	161,935
Vested (in shares)					(184,666)	(45,551)	0
Forfeited (in shares)					(46,030)
Non-vested at end of year (in shares)					308,367	384,558	268,174
Weighted Average Grant Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares		$ 6.75			$ 6.75	$ 6.48
Granted (in dollars per share) | $ / shares					18.78	7.12
Vested (in dollars per share) | $ / shares					6.86	6.50
Forfeited (in dollars per share) | $ / shares					5.10
Non-vested at end of year (in dollars per share) | $ / shares					$ 12.95	$ 6.75	$ 6.48
Aggregate Current Value
Non-vested outstanding | $					$ 3,685
Executive officers
Equity-based compensation
Vesting period			3 years	3 years
Number of Shares
Granted (in shares)	154,505		161,935	185,572
Executive officers | Minimum
Equity-based compensation
Shares earned (as a percent)	0.00%
Executive officers | Maximum
Equity-based compensation
Shares earned (as a percent)	200.00%
Executive officers | Period one
Equity-based compensation
Designated performance period to measure performance based on which share based awards vests			1 year	1 year
Executive officers | Period two
Equity-based compensation
Designated performance period to measure performance based on which share based awards vests								2 years
Executive officers | Period three
Equity-based compensation
Designated performance period to measure performance based on which share based awards vests								3 years
Management
Number of Shares
Vested (in shares)		(128,185)
Forfeited (in shares)		(46,030)

EQUITY-BASED COMPENSATION - Dir

EQUITY-BASED COMPENSATION - Director Stock Awards (Details 5) - Common Stock - Outside directors - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Equity-based compensation
Grant of stock (in shares)	30,440	32,317
Stock issued in lieu of cash for director fees (in shares)	6,246	7,539

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity-Based Compensation Expense (Details 6) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unrecognized compensation expense
Unrecognized compensation costs related to non-vested awards	$ 4,131
Compensation expense to be recognized
2,016	2,196
2,017	1,823
2,018	112
Stock options
Unrecognized compensation expense
Unrecognized compensation costs related to non-vested awards	55
Compensation expense to be recognized
2,016	55
Restricted Stock Awards | Time-Based
Unrecognized compensation expense
Unrecognized compensation costs related to non-vested awards	1,919
Compensation expense to be recognized
2,016	1,008
2,017	799
2,018	112
Restricted Stock Awards | Performance-Based
Unrecognized compensation expense
Unrecognized compensation costs related to non-vested awards	2,157
Compensation expense to be recognized
2,016	1,133
2,017	1,024
Corporate general and administrative
Equity-based compensation expense
Share based compensation expense	4,753	$ 3,524	$ 2,124
Corporate general and administrative | Stock options
Equity-based compensation expense
Share based compensation expense	633	675	622
Corporate general and administrative | Restricted Stock Awards | Time-Based
Equity-based compensation expense
Share based compensation expense	1,691	960	611
Corporate general and administrative | Restricted Stock Awards | Performance-Based
Equity-based compensation expense
Share based compensation expense	1,957	1,483	548
Corporate general and administrative | Stock compensation | Outside directors
Equity-based compensation expense
Share based compensation expense	$ 472	$ 406	$ 343

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
BENEFIT PLANS
Employer contribution expense	$ 0.2	$ 0.2	$ 0.1

LOSS ON IMPAIRMENT OF ASSETS (D

LOSS ON IMPAIRMENT OF ASSETS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)aproperty	Dec. 31, 2013USD ($)
Properties
Loss on impairment of assets	$ 1,115	$ 8,847	$ 1,369
Land | San Antonio, TX, Ft. Myers, Fl, and Flagstaff, AZ
Properties
Impairment of assets	$ 1,100
Discontinued operations, held for sale | Hampton Inn | Hotel properties | Fort Smith, AR
Properties
Discontinued operations, loss on impairment of assets		400
Assets held for sale, sold | Hotel properties and land parcels | San Antonio, TX
Properties
Loss on impairment of assets		$ 8,200
Assets held for sale, sold | Land parcels | San Antonio, TX
Properties
Number of properties | property		3
Area of land parcel | a		5.64
Assets held for sale | Land parcels | Spokane, WA
Properties
Loss on impairment of assets		$ 700
Discontinued operations, held for sale or sold | Hotel properties
Properties
Discontinued operations, loss on impairment of assets		$ 400	7,675
Assets held for sale or sold | Land parcels
Properties
Loss on impairment of assets			$ 1,400

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 81	$ 133
State and local	408	712	$ 408
Deferred:
Federal	(159)		3,352
State and local	223	(127)	597
Total provision (benefit)	553	718	4,357
Income tax expense (benefit)
From continuing operations	553	744	4,894
From discontinued operations		(26)	(537)
Total provision (benefit)	$ 553	$ 718	$ 4,357

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Tax Rate for TRS and Total Provision for TRS and Operating Partnership (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs
Income tax expense (benefit)	$ 553	$ 744	$ 4,894
Income Tax Expense (Benefit), Combined Operating Partnership And TRSs Abstract
Total provision	553	718	4,357
TRS
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs
Tax provision (benefit) at U.S. statutory rates on TRSs income (loss) subject to tax	2,345	2,024	(809)
State income tax, net of federal income tax benefit	486	77	(120)
Effect of permanent differences and other	(161)	727	(152)
Increase (decrease) in valuation allowance	(2,448)	(2,580)	5,029
Income tax expense (benefit)	222	248	3,948
Income Tax Expense (Benefit), Combined Operating Partnership And TRSs Abstract
Total provision	222	248	3,948
Operating Partnership | State
Income Tax Expense (Benefit), Combined Operating Partnership And TRSs Abstract
Total provision	$ 331	$ 470	$ 409

INCOME TAXES - Significant Comp

INCOME TAXES - Significant Components of Deferred Tax Assets (Liabilities) (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Significant components of the Company's deferred tax assets and liabilities
Tax carryforwards	$ 1,481	$ 3,187
Investments	(1,349)	(1,298)
Accrued expenses		580
Other	(20)
Other		155
Total	112	2,624
Valuation allowance		(2,448)
Net Deferred Tax Assets	112	176
Net Deferred Tax Assets
Gross Deferred Tax Assets	1,515	3,943
Gross Deferred Tax Liabilities	(1,403)	(1,319)
Valuation allowance		(2,448)
Net Deferred Tax Assets	$ 112	$ 176

INCOME TAXES - Net Operating Lo

INCOME TAXES - Net Operating Loss Carryforwards and Unrecognized Tax Benefits (Details 4) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income taxes
Valuation allowance		$ 2,448,000
Unrecognized tax benefits	$ 0
State
Income taxes
Operating loss carryforwards	2,900,000
U.S. Federal
Income taxes
Operating loss carryforwards	3,200,000
U.S. Federal | Minimum tax credit carryforwards
Income taxes
Tax credit amount	$ 200,000

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Discontinued operations
Income tax benefit					$ 26	$ 537
Income (loss) from discontinued operations	$ 214	$ (59)	$ (41)	$ 378	492	(728)
Income (loss) from discontinued operations attributable to common stockholders					486	(703)
Discontinued operations, held for sale or sold | Hotel properties
Discontinued operations
Revenues					3,128	19,458
Hotel operating expenses					2,304	14,859
Depreciation and amortization					13	1,960
Loss on impairment of assets					400	7,675
Operating income (loss)					411	(5,036)
Interest expense						(174)
Gain on disposal of assets					55	3,945
Income (loss) before taxes					466	(1,265)
Income tax benefit					26	537
Income (loss) from discontinued operations					492	(728)
Income (loss) from discontinued operations attributable to non-controlling interest					6	(25)
Income (loss) from discontinued operations attributable to common stockholders					$ 486	$ (703)

EARNINGS PER SHARE - Anti-Dilut

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

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Components Used to Calculate Basic and Diluted (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Income from continuing operations	$ 84,758	$ 13,606	$ 16,301	$ 10,591	$ 4,517	$ 3,766	$ 9,201	$ 2,947	$ 125,256	$ 20,431	$ 6,625
Less: Preferred dividends									16,588	16,588	14,590
Allocation to participating securities									118	94	73
Attributable to non-controlling interest									819	46	44
Income (loss) from continuing operations attributable to common stockholders									107,731	3,703	(8,082)
Income (loss) from discontinued operations attributable to common stockholders										486	(703)
Net income (loss) attributable to common stockholders, net of amount allocated to participating securities									$ 107,731	$ 4,189	$ (8,785)
Denominator:
Weighted average common shares outstanding - basic									85,920	85,242	70,327
Dilutive effect of equity-based compensation awards (in shares)									1,224	324
Weighted average common shares outstanding - diluted									87,144	85,566	70,327
Earnings per common share - basic:
Net income (loss) from continuing operations (in dollars per share)	$ 0.93	$ 0.11	$ 0.14	$ 0.07					$ 1.25	$ 0.04	$ (0.11)
Net income (loss) from discontinued operations (in dollars per share)										0.01	(0.01)
Net income (loss) (in dollars per share)	0.93	0.11	0.14	0.07					1.25	0.05	(0.12)
Earnings per common share - diluted:
Net income (loss) from continuing operations (in dollars per share)	0.92	0.11	0.14	0.07					1.24	0.04	(0.11)
Net income (loss) from discontinued operations (in dollars per share)										0.01	(0.01)
Net income (loss) (in dollars per share)	$ 0.92	$ 0.11	$ 0.14	$ 0.07					$ 1.24	$ 0.05	$ (0.12)

SELECTED QUARTERLY FINANCIAL 83

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Total revenues	$ 110,039	$ 125,091	$ 120,677	$ 107,648	$ 99,141	$ 109,256	$ 105,525	$ 89,544	$ 463,455	$ 403,466	$ 298,958
Income from continuing operations	84,758	13,606	16,301	10,591	4,517	3,766	9,201	2,947	125,256	20,431	6,625
Income (loss) from discontinued operations					214	(59)	(41)	378		492	(728)
Net income	84,758	13,606	16,301	10,591	4,731	3,707	9,160	3,325	125,256	20,923	5,897
Net income attributable to Summit Hotel Properties, Inc.	$ 84,159	$ 13,540	$ 16,204	$ 10,534	$ 4,725	$ 3,713	$ 8,975	$ 3,458	$ 124,437	$ 20,871	$ 5,878
Earnings (loss) per share - Basic:
Net income per share from continuing operations (in dollars per share)	$ 0.93	$ 0.11	$ 0.14	$ 0.07					$ 1.25	$ 0.04	$ (0.11)
Net income per share from discontinued operations (in dollars per share)										0.01	(0.01)
Net income per share (in dollars per share)	0.93	0.11	0.14	0.07					1.25	0.05	(0.12)
Earnings (loss) per share - Diluted
Net income per share from continuing operations (in dollars per share)	0.92	0.11	0.14	0.07					1.24	0.04	(0.11)
Net income per share from discontinued operations (in dollars per share)										0.01	(0.01)
Net income per share (in dollars per share)	$ 0.92	$ 0.11	$ 0.14	$ 0.07					$ 1.24	$ 0.05	$ (0.12)
Earnings per share - Basic and diluted:
Basic and diluted net income (loss) per share from continuing operations (in dollars per share)					$ 0.01	$ (0.01)	$ 0.06	$ (0.01)
Basic and diluted net income (loss) per share (in dollars per share)					$ 0.01	$ (0.01)	$ 0.06	$ (0.01)

SUBSEQUENT EVENTS - Equity Tran

SUBSEQUENT EVENTS - Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 29, 2016	Jan. 01, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent events
Dividend paid			$ 57,602	$ 56,550	$ 47,594
Restricted Stock Awards | Performance-Based
Subsequent events
Vested (in shares)			184,666	45,551	0
9.25% Series A Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)			9.25%	9.25%
7.875% Series B Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)			7.875%	7.875%
7.125% Series C Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)			7.125%	7.125%
Common Stock
Subsequent events
Common stock redemption of common units (in shares)			268,947	438,631	4,414,950
Subsequent events
Subsequent events
Dividend paid		$ 100
Cash dividends declared, common stock (in dollars per share)	$ 0.1175
Subsequent events | Restricted Stock Awards | Performance-Based
Subsequent events
Vested (in shares)		113,903
Subsequent events | 9.25% Series A Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	0.578125
Subsequent events | 7.875% Series B Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	0.4921875
Subsequent events | 7.125% Series C Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	$ 0.4453125
Subsequent events | Common Stock
Subsequent events
Common stock redemption of common units (in shares)		31,042

SUBSEQUENT EVENTS - Debt Transa

SUBSEQUENT EVENTS - Debt Transactions (Details 2)	Feb. 19, 2016property	Jan. 15, 2016USD ($)property	Jan. 02, 2014USD ($)	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Oct. 10, 2013USD ($)
Interest rate swaps | Designated as hedges
Subsequent events
Notional value of derivative			$ 75,000,000	$ 75,000,000	$ 103,002,000
LIBOR | Interest rate swaps
Subsequent events
Derivative fixed rate (as a percent)			2.04%
Senior Unsecured Credit Facility dated October 10, 2013
Subsequent events
Maximum borrowing capacity				300,000,000
Term loan | Senior Unsecured Credit Facility dated October 10, 2013 | LIBOR | Interest rate swaps
Subsequent events
Variable rate basis			LIBOR
Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013
Subsequent events
Maximum borrowing capacity				$ 300,000,000		$ 300,000,000
Maximum increase in borrowing capacity available through accordion feature option						100,000,000
Unused fees payable, if unused portion of credit facility is equal to or greater than 50% (as a percent)				0.30%
Unused fees payable, if unused portion of credit facility is less than 50% (as a percent)				0.20%
Threshold for determining unused fees payable (as a percent)				50.00%
Number of Real Estate Properties Unencumbered | property				47
Number of unencumbered hotel properties | property				47
Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013 | Minimum
Subsequent events
Number of hotel properties to remain unencumbered | property				20
Unsecured debt | Revolving credit facility | Senior Unsecured Credit Facility dated October 10, 2013
Subsequent events
Maximum borrowing capacity				$ 225,000,000		225,000,000
Effective interest rate (as a percent)				2.33%
Unsecured debt | Term loan | Senior Unsecured Credit Facility dated October 10, 2013
Subsequent events
Maximum borrowing capacity				$ 75,000,000		$ 75,000,000
Effective interest rate (as a percent)			3.94%	3.94%
Unsecured debt | LIBOR advances | Senior Unsecured Credit Facility dated October 10, 2013 | LIBOR
Subsequent events
Variable rate basis				1, 2, 3, or 6-month LIBOR
Unsecured debt | LIBOR advances | Senior Unsecured Credit Facility dated October 10, 2013 | LIBOR | Minimum
Subsequent events
Interest rate margin on variable rate basis (as a percent)				1.75%
Unsecured debt | LIBOR advances | Senior Unsecured Credit Facility dated October 10, 2013 | LIBOR | Maximum
Subsequent events
Interest rate margin on variable rate basis (as a percent)				2.50%
Unsecured debt | Base rate advances | Senior Unsecured Credit Facility dated October 10, 2013 | LIBOR
Subsequent events
Variable rate basis				1-month LIBOR
Interest rate margin on variable rate basis (as a percent)				1.00%
Unsecured debt | Base rate advances | Senior Unsecured Credit Facility dated October 10, 2013 | Prime rate
Subsequent events
Variable rate basis				prime rate
Unsecured debt | Base rate advances | Senior Unsecured Credit Facility dated October 10, 2013 | Federal funds rate
Subsequent events
Variable rate basis				federal funds rate
Interest rate margin on variable rate basis (as a percent)				0.50%
Unsecured debt | Base rate advances | Senior Unsecured Credit Facility dated October 10, 2013 | Base rate
Subsequent events
Variable rate basis				base rate
Unsecured debt | Base rate advances | Senior Unsecured Credit Facility dated October 10, 2013 | Base rate | Minimum
Subsequent events
Interest rate margin on variable rate basis (as a percent)				0.75%
Unsecured debt | Base rate advances | Senior Unsecured Credit Facility dated October 10, 2013 | Base rate | Maximum
Subsequent events
Interest rate margin on variable rate basis (as a percent)				1.50%
Subsequent events | Unsecured debt | 2016 Unsecured Credit Facility
Subsequent events
Maximum increase in borrowing capacity available through accordion feature option		$ 150,000,000
Multiplying factor on unencumbered assets		60.00%
Percent on net operating income of unencumbered assets		50.00%
Number of hotel properties to remain unencumbered | property	42
Unused fees payable, if unused portion of credit facility is equal to or greater than 50% (as a percent)		0.25%
Unused fees payable, if unused portion of credit facility is less than 50% (as a percent)		0.20%
Threshold for determining unused fees payable (as a percent)		50.00%
Number of Real Estate Properties Unencumbered | property	42
Number of unencumbered hotel properties | property	42
Outstanding principal balance transferred to new credit facility		$ 170,000,000
Subsequent events | Unsecured debt | 2016 Unsecured Credit Facility | Minimum
Subsequent events
Number of hotel properties to remain unencumbered | property		20
Subsequent events | Unsecured debt | Senior Unsecured Credit Facility dated October 10, 2013
Subsequent events
Principal balance paid off with transfer to new credit facility		$ 170,000,000
Subsequent events | Unsecured debt | Revolving credit facility | 2016 Unsecured Credit Facility
Subsequent events
Maximum borrowing capacity		300,000,000
Subsequent events | Unsecured debt | Term loan
Subsequent events
Maximum borrowing capacity		150,000,000
Subsequent events | Unsecured debt | Term loan | 2016 Unsecured Credit Facility
Subsequent events
Maximum borrowing capacity		$ 150,000,000
Reduction from revolving credit advance margin for tem loan margin (as a percent)		0.05%
Subsequent events | Unsecured debt | Term loan | 2016 Unsecured Credit Facility | Interest rate swaps
Subsequent events
Effective interest rate (as a percent)		3.64%
Subsequent events | Unsecured debt | Term loan | 2016 Unsecured Credit Facility | Base rate | Maximum
Subsequent events
Interest rate margin on variable rate basis (as a percent)		1.25%
Subsequent events | Unsecured debt | LIBOR advances | 2016 Unsecured Credit Facility | LIBOR
Subsequent events
Variable rate basis		1, 2, 3, or 6-month LIBOR
Subsequent events | Unsecured debt | LIBOR advances | 2016 Unsecured Credit Facility | LIBOR | Minimum
Subsequent events
Interest rate margin on variable rate basis (as a percent)		1.50%
Subsequent events | Unsecured debt | LIBOR advances | 2016 Unsecured Credit Facility | LIBOR | Maximum
Subsequent events
Interest rate margin on variable rate basis (as a percent)		2.25%
Subsequent events | Unsecured debt | Base rate advances | 2016 Unsecured Credit Facility | LIBOR
Subsequent events
Variable rate basis		1-month LIBOR
Interest rate margin on variable rate basis (as a percent)		1.00%
Subsequent events | Unsecured debt | Base rate advances | 2016 Unsecured Credit Facility | Prime rate
Subsequent events
Variable rate basis		prime rate
Subsequent events | Unsecured debt | Base rate advances | 2016 Unsecured Credit Facility | Federal funds rate
Subsequent events
Variable rate basis		federal funds
Interest rate margin on variable rate basis (as a percent)		0.50%
Subsequent events | Unsecured debt | Base rate advances | 2016 Unsecured Credit Facility | Base rate
Subsequent events
Variable rate basis		base rate
Subsequent events | Unsecured debt | Base rate advances | 2016 Unsecured Credit Facility | Base rate | Minimum
Subsequent events
Interest rate margin on variable rate basis (as a percent)		0.50%
Operating Partnership | Subsequent events | Unsecured debt | 2016 Unsecured Credit Facility
Subsequent events
Maximum borrowing capacity		$ 450,000,000

SUBSEQUENT EVENTS - Acquisition

SUBSEQUENT EVENTS - Acquisitions and Dispositions (Details 3) $ in Thousands	Feb. 11, 2016USD ($)roominstallmentitemproperty	Jan. 20, 2016USD ($)room	Jan. 19, 2016USD ($)room	Dec. 29, 2015USD ($)roomproperty	Oct. 20, 2015USD ($)room	Dec. 31, 2015USD ($)roomitem	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Oct. 15, 2015USD ($)roomproperty	Jun. 02, 2015USD ($)roomproperty
Subsequent events
Proceeds from sale of hotels | $						$ 150,054	$ 19,280	$ 52,850
Unsecured debt | 2016 Unsecured Credit Facility
Subsequent events
Pay-down of credit facility | $	$ 105,000
Mortgage loans
Subsequent events
Mortgage loan repaid | $	5,800
Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, October 15, 2015 closing
Subsequent events
Number of guestrooms									1,090
Number of hotels | property									10
Aggregate price | $									$ 150,100
Assets held for sale | Portfolio of Hotels, ARCH Agreements
Subsequent events
Number of guestrooms						1,703				2,793
Number of hotels						16				26
Aggregate price | $										$ 347,400
Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms						707
Assets held for sale | Terminated Purchase Agreement
Subsequent events
Number of guestrooms				996
Number of hotels | property				10
Aggregate price | $				$ 89,100
Earnest money forfeited by ARCH | $				$ 9,100
Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms						996
Assets held for sale or sold | Portfolio of Hotels, ARCH Agreements
Subsequent events
Number of hotels | property										26
Reverse and forward 1031 Exchanges
Subsequent events
Number of hotels | property									4
Aloft | Jacksonville, FL | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms						136
Holiday Inn Express | Vernon Hills, IL | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms						119
Courtyard by Marriott | Jackson, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms						117
Courtyard by Marriott | Germantown, TN | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms						93
Courtyard by Marriott | El Paso, TX | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms						90
Staybridge Suites | Ridgeland, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms						92
Homewood Suites | Ridgeland, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms						91
Fairfield Inn and Suites | Germantown, TN | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms						80
Fairfield Inn and Suites | Denver, CO | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms						160
Fairfield Inn and Suites | Bellevue, WA | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms						144
Fairfield Inn and Suites | Spokane, WA | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms						84
SpringHill Suites | Denver, CO | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms						124
Hilton Garden Inn | Ft. Collins, CO | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms						120
Hampton Inn | Ft. Collins, CO | Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms						75
2015 acquisitions
Subsequent events
Purchase consideration | $						$ 237,751
2015 acquisitions | Courtyard by Marriott | Atlanta (Decatur), GA | Reverse and forward 1031 Exchanges
Subsequent events
Number of guestrooms					179
Purchase consideration | $					$ 44,000	$ 44,000
Subsequent events | ARCH | Loans
Loan receivable
Repayment of loan | $	$ 5,000
Number of installments for repayment of loan | installment	5
Loan maturity, repayments | $	$ 1,000
Maximum maturity date extension	2 years
Number of extension option | item	2
Term of extension option	1 year
Accrued interest rate on unpaid principal balance from loan date to initial maturity date (as a percent)	13.00%
Accrued interest rate on unpaid principal balance for first extension period (as a percent)	14.00%
Accrued interest rate on unpaid principal balance for second extension period (as a percent)	15.00%
Interest rate on outstanding loan balance required to be paid monthly (as a percent)	9.00%
Subsequent events | Assets held for sale, sold | Portfolio of Hotels, one separate ARCH agreement
Subsequent events
Number of hotels | property	16
Subsequent events | Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms	707
Number of hotels | property	6
Aggregate price | $	$ 108,300
Subsequent events | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms	996
Number of hotels | property	10
Aggregate price | $	$ 89,100
Subsequent events | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser | ARCH
Subsequent events
Earnest money deposits | $	7,500
Subsequent events | Reverse and forward 1031 Exchanges
Subsequent events
Deferral of taxable gains | $			$ 74,000
Subsequent events | Reverse and forward 1031 Exchanges | Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing | ARCH
Subsequent events
Proceeds from sale of hotels | $	$ 20,000
Subsequent events | Aloft | Jacksonville, FL | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms	136
Subsequent events | Holiday Inn Express | Vernon Hills, IL | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms	119
Subsequent events | Courtyard by Marriott | Jackson, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms	117
Subsequent events | Courtyard by Marriott | Germantown, TN | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms	93
Subsequent events | Courtyard by Marriott | El Paso, TX | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms	90
Subsequent events | Residence Inn | Jackson, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms	100
Subsequent events | Residence Inn | Germantown, TN | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms	78
Subsequent events | Staybridge Suites | Ridgeland, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms	92
Subsequent events | Homewood Suites | Ridgeland, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms	91
Subsequent events | Fairfield Inn and Suites | Germantown, TN | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Subsequent events
Number of guestrooms	80
Subsequent events | Fairfield Inn and Suites | Denver, CO | Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms	160
Subsequent events | Fairfield Inn and Suites | Bellevue, WA | Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms	144
Subsequent events | Fairfield Inn and Suites | Spokane, WA | Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms	84
Subsequent events | SpringHill Suites | Denver, CO | Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms	124
Subsequent events | Hilton Garden Inn | Ft. Collins, CO | Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms	120
Subsequent events | Hampton Inn | Ft. Collins, CO | Assets held for sale, sold | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Subsequent events
Number of guestrooms	75
Subsequent events | 2016 acquisitions | Courtyard by Marriott | West End of Nashville, TN | Reverse and forward 1031 Exchanges
Subsequent events
Number of guestrooms			226
Purchase consideration | $			$ 71,000
Subsequent events | 2016 acquisitions | Residence Inn | Midtown Atlanta, GA | Reverse and forward 1031 Exchanges
Subsequent events
Number of guestrooms		160
Purchase consideration | $		$ 38,000
Operating Partnership | Subsequent events | ARCH | Loans
Subsequent events
Loan amount | $	$ 27,500
First Scenario | Subsequent events | ARCH | Loans
Loan receivable
Remaining percentage of amount to be compounded monthly of accrued interest (as a percent)	4.00%
Second Scenario | Subsequent events | ARCH | Loans
Loan receivable
Remaining percentage of amount to be compounded monthly of accrued interest (as a percent)	5.00%
Third Scenario | Subsequent events | ARCH | Loans
Loan receivable
Remaining percentage of amount to be compounded monthly of accrued interest (as a percent)	6.00%

Schedule III - Real Estate an87

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Initial Cost
Land		$ 181,103
Building & Improvements		1,363,945
Cost Capitalized Subsequent to Acquisition		138,755
Total Cost
Land	$ 179,988
Building & Improvements	1,503,815
Total	1,683,803	1,527,569	$ 1,349,088	$ 901,207
Accumulated Depreciation	(212,207)	(179,455)	$ (173,149)	$ (146,207)
Total Cost Net of Accumulated Depreciation	1,471,596
Debt	367,096
Land parcels
Initial Cost
Land		6,675
Cost Capitalized Subsequent to Acquisition		(1,115)
Total Cost
Land	5,560
Total	5,560
Total Cost Net of Accumulated Depreciation	5,560
Arlington, TX | Courtyard by Marriott
Initial Cost
Land	1,497
Building & Improvements	13,503
Cost Capitalized Subsequent to Acquisition	1,451
Total Cost
Land	1,497
Building & Improvements	14,954
Total	16,451
Accumulated Depreciation	(1,688)
Total Cost Net of Accumulated Depreciation	14,763
Arlington, TX | Hyatt Place
Initial Cost
Land	650
Building & Improvements	8,405
Cost Capitalized Subsequent to Acquisition	1,535
Total Cost
Land	650
Building & Improvements	9,940
Total	10,590
Accumulated Depreciation	(2,165)
Total Cost Net of Accumulated Depreciation	8,425
Debt	27,991
Arlington, TX | Residence Inn
Initial Cost
Land	1,646
Building & Improvements	13,854
Cost Capitalized Subsequent to Acquisition	908
Total Cost
Land	1,646
Building & Improvements	14,762
Total	16,408
Accumulated Depreciation	(1,845)
Total Cost Net of Accumulated Depreciation	14,563
Asheville, NC | Hotel Indigo
Initial Cost
Land	2,100
Building & Improvements	32,783
Cost Capitalized Subsequent to Acquisition	89
Total Cost
Land	2,100
Building & Improvements	32,872
Total	34,972
Accumulated Depreciation	(1,195)
Total Cost Net of Accumulated Depreciation	33,777
Atlanta, GA | Courtyard by Marriott
Initial Cost
Land	2,050
Building & Improvements	26,850
Cost Capitalized Subsequent to Acquisition	594
Total Cost
Land	2,050
Building & Improvements	27,444
Total	29,494
Accumulated Depreciation	(3,904)
Total Cost Net of Accumulated Depreciation	25,590
Atlanta, GA | Hyatt Place
Initial Cost
Land	1,154
Building & Improvements	9,605
Cost Capitalized Subsequent to Acquisition	2,555
Total Cost
Land	1,154
Building & Improvements	12,160
Total	13,314
Accumulated Depreciation	(3,228)
Total Cost Net of Accumulated Depreciation	10,086
Debt	6,852
Atlanta (Decatur), GA | Courtyard by Marriott
Initial Cost
Land	4,046
Building & Improvements	33,795
Cost Capitalized Subsequent to Acquisition	23
Total Cost
Land	4,046
Building & Improvements	33,818
Total	37,864
Accumulated Depreciation	(254)
Total Cost Net of Accumulated Depreciation	37,610
Austin, TX | Hampton Inn and Suites
Initial Cost
Building & Improvements	53,760
Cost Capitalized Subsequent to Acquisition	2,072
Total Cost
Building & Improvements	55,832
Total	55,832
Accumulated Depreciation	(1,998)
Total Cost Net of Accumulated Depreciation	53,834
Austin, TX | Corporate Office
Initial Cost
Building & Improvements		210
Cost Capitalized Subsequent to Acquisition		1,531
Total Cost
Building & Improvements	1,741
Total	1,741
Accumulated Depreciation	(306)
Total Cost Net of Accumulated Depreciation	1,435
Baltimore, MD | Hyatt Place
Initial Cost
Land	2,100
Building & Improvements	8,135
Cost Capitalized Subsequent to Acquisition	1,581
Total Cost
Land	2,100
Building & Improvements	9,716
Total	11,816
Accumulated Depreciation	(1,756)
Total Cost Net of Accumulated Depreciation	10,060
Debt	21,683
Baltimore (Hunt Valley), MD | Residence Inn
Initial Cost
Building & Improvements	34,350
Cost Capitalized Subsequent to Acquisition	233
Total Cost
Building & Improvements	34,583
Total	34,583
Accumulated Depreciation	(1,153)
Total Cost Net of Accumulated Depreciation	33,430
Bellevue, WA | Fairfield Inn and Suites
Initial Cost
Land	2,705
Building & Improvements	12,944
Cost Capitalized Subsequent to Acquisition	3,174
Total Cost
Land	2,705
Building & Improvements	16,118
Total	18,823
Accumulated Depreciation	(5,915)
Total Cost Net of Accumulated Depreciation	12,908
Birmingham Liberty Park, AL | Hilton Garden Inn
Initial Cost
Land	1,400
Building & Improvements	10,100
Cost Capitalized Subsequent to Acquisition	1,836
Total Cost
Land	1,400
Building & Improvements	11,936
Total	13,336
Accumulated Depreciation	(1,511)
Total Cost Net of Accumulated Depreciation	11,825
Debt	6,041
Birmingham Lakeshore, AL | Hilton Garden Inn
Initial Cost
Land	1,400
Building & Improvements	7,225
Cost Capitalized Subsequent to Acquisition	1,818
Total Cost
Land	1,400
Building & Improvements	9,043
Total	10,443
Accumulated Depreciation	(2,009)
Total Cost Net of Accumulated Depreciation	8,434
Debt	5,160
Bloomington, MN | Hampton Inn and Suites
Initial Cost
Land	1,658
Building & Improvements	14,596
Cost Capitalized Subsequent to Acquisition	654
Total Cost
Land	1,658
Building & Improvements	15,250
Total	16,908
Accumulated Depreciation	(3,671)
Total Cost Net of Accumulated Depreciation	13,237
Bloomington, MN | SpringHill Suites
Initial Cost
Land	1,658
Building & Improvements	14,071
Cost Capitalized Subsequent to Acquisition	731
Total Cost
Land	1,658
Building & Improvements	14,802
Total	16,460
Accumulated Depreciation	(3,505)
Total Cost Net of Accumulated Depreciation	12,955
Debt	13,467
Boston (Norwood), MA | Hampton Inn
Initial Cost
Land	2,000
Building & Improvements	22,000
Cost Capitalized Subsequent to Acquisition	48
Total Cost
Land	2,000
Building & Improvements	22,048
Total	24,048
Accumulated Depreciation	(1,049)
Total Cost Net of Accumulated Depreciation	22,999
Branchburg, NJ | Residence Inn
Initial Cost
Land	2,374
Building & Improvements	23,326
Cost Capitalized Subsequent to Acquisition	244
Total Cost
Land	2,374
Building & Improvements	23,570
Total	25,944
Accumulated Depreciation	(869)
Total Cost Net of Accumulated Depreciation	25,075
Charleston, WV | Country Inn and Suites
Initial Cost
Land	1,042
Building & Improvements	3,489
Cost Capitalized Subsequent to Acquisition	1,594
Total Cost
Land	1,042
Building & Improvements	5,083
Total	6,125
Accumulated Depreciation	(1,822)
Total Cost Net of Accumulated Depreciation	4,303
Charleston, WV | Holiday Inn Express
Initial Cost
Land	907
Building & Improvements	2,903
Cost Capitalized Subsequent to Acquisition	2,149
Total Cost
Land	907
Building & Improvements	5,052
Total	5,959
Accumulated Depreciation	(2,058)
Total Cost Net of Accumulated Depreciation	3,901
Denver, CO | Fairfield Inn and Suites
Initial Cost
Land	1,566
Building & Improvements	6,783
Cost Capitalized Subsequent to Acquisition	3,607
Total Cost
Land	1,566
Building & Improvements	10,390
Total	11,956
Accumulated Depreciation	(3,766)
Total Cost Net of Accumulated Depreciation	8,190
Denver, CO | Hyatt House
Initial Cost
Land	2,700
Building & Improvements	10,780
Cost Capitalized Subsequent to Acquisition	5,250
Total Cost
Land	2,700
Building & Improvements	16,030
Total	18,730
Accumulated Depreciation	(2,269)
Total Cost Net of Accumulated Depreciation	16,461
Denver, CO | SpringHill Suites
Initial Cost
Land	1,076
Building & Improvements	11,079
Cost Capitalized Subsequent to Acquisition	(1,482)
Total Cost
Land	1,076
Building & Improvements	9,597
Total	10,673
Accumulated Depreciation	(1,918)
Total Cost Net of Accumulated Depreciation	8,755
Debt	5,852
Denver (Englewood), CO | Hyatt Place
Initial Cost
Land	2,000
Building & Improvements	9,515
Cost Capitalized Subsequent to Acquisition	2,417
Total Cost
Land	2,000
Building & Improvements	11,932
Total	13,932
Accumulated Depreciation	(2,289)
Total Cost Net of Accumulated Depreciation	11,643
Denver (Lone Tree), CO | Hyatt Place
Initial Cost
Land	1,300
Building & Improvements	9,230
Cost Capitalized Subsequent to Acquisition	2,453
Total Cost
Land	1,300
Building & Improvements	11,683
Total	12,983
Accumulated Depreciation	(2,350)
Total Cost Net of Accumulated Depreciation	10,633
Duluth, GA | Hilton Garden Inn
Initial Cost
Land	2,200
Building & Improvements	11,150
Cost Capitalized Subsequent to Acquisition	1,307
Total Cost
Land	2,200
Building & Improvements	12,457
Total	14,657
Accumulated Depreciation	(2,502)
Total Cost Net of Accumulated Depreciation	12,155
Debt	122,825
Duluth, GA | Holiday Inn
Initial Cost
Building & Improvements	7,000
Cost Capitalized Subsequent to Acquisition	437
Total Cost
Building & Improvements	7,437
Total	7,437
Accumulated Depreciation	(1,614)
Total Cost Net of Accumulated Depreciation	5,823
Minneapolis (Eden Prairie), MN | Hilton Garden Inn
Initial Cost
Land	1,800
Building & Improvements	8,400
Cost Capitalized Subsequent to Acquisition	2,628
Total Cost
Land	1,800
Building & Improvements	11,028
Total	12,828
Accumulated Depreciation	(1,364)
Total Cost Net of Accumulated Depreciation	11,464
El Paso, TX | Courtyard by Marriott
Initial Cost
Land	1,640
Building & Improvements	10,710
Cost Capitalized Subsequent to Acquisition	897
Total Cost
Land	1,640
Building & Improvements	11,607
Total	13,247
Accumulated Depreciation	(1,911)
Total Cost Net of Accumulated Depreciation	11,336
Ft. Collins, CO | Hampton Inn
Initial Cost
Land	738
Building & Improvements	4,363
Cost Capitalized Subsequent to Acquisition	1,725
Total Cost
Land	738
Building & Improvements	6,088
Total	6,826
Accumulated Depreciation	(1,985)
Total Cost Net of Accumulated Depreciation	4,841
Ft. Collins, CO | Hilton Garden Inn
Initial Cost
Land		1,300
Building & Improvements		11,804
Cost Capitalized Subsequent to Acquisition		(560)
Total Cost
Land	1,300
Building & Improvements	11,244
Total	12,544
Accumulated Depreciation	(1,932)
Total Cost Net of Accumulated Depreciation	10,612
Ft. Myers, FL | Hyatt Place
Initial Cost
Land		1,878
Building & Improvements		16,583
Cost Capitalized Subsequent to Acquisition		(3,830)
Total Cost
Land	1,878
Building & Improvements	12,753
Total	14,631
Accumulated Depreciation	(2,174)
Total Cost Net of Accumulated Depreciation	12,457
Ft. Worth, TX | Hampton Inn
Initial Cost
Land		1,500
Building & Improvements		8,184
Cost Capitalized Subsequent to Acquisition		1,356
Total Cost
Land	1,500
Building & Improvements	9,540
Total	11,040
Accumulated Depreciation	(3,093)
Total Cost Net of Accumulated Depreciation	7,947
Debt	24,015
Ft. Worth, TX | Hilton Garden Inn
Initial Cost
Land		903
Building & Improvements		6,226
Cost Capitalized Subsequent to Acquisition		3,340
Total Cost
Land	903
Building & Improvements	9,566
Total	10,469
Accumulated Depreciation	(1,612)
Total Cost Net of Accumulated Depreciation	8,857
Ft. Worth, TX | SpringHill Suites
Initial Cost
Land		553
Building & Improvements		2,698
Cost Capitalized Subsequent to Acquisition		2,849
Total Cost
Land	553
Building & Improvements	5,547
Total	6,100
Accumulated Depreciation	(2,123)
Total Cost Net of Accumulated Depreciation	3,977
Garden City, NY | Hyatt Place
Initial Cost
Land		4,200
Building & Improvements		26,800
Cost Capitalized Subsequent to Acquisition		997
Total Cost
Land	4,200
Building & Improvements	27,797
Total	31,997
Accumulated Depreciation	(2,704)
Total Cost Net of Accumulated Depreciation	29,293
Germantown, TN | Courtyard by Marriott
Initial Cost
Land		1,860
Building & Improvements		5,448
Cost Capitalized Subsequent to Acquisition		2,490
Total Cost
Land	1,860
Building & Improvements	7,938
Total	9,798
Accumulated Depreciation	(2,822)
Total Cost Net of Accumulated Depreciation	6,976
Germantown, TN | Fairfield Inn and Suites
Initial Cost
Land		767
Building & Improvements		2,700
Cost Capitalized Subsequent to Acquisition		2,188
Total Cost
Land	767
Building & Improvements	4,888
Total	5,655
Accumulated Depreciation	(1,221)
Total Cost Net of Accumulated Depreciation	4,434
Germantown, TN | Residence Inn
Initial Cost
Land		1,083
Building & Improvements		5,200
Cost Capitalized Subsequent to Acquisition		2,337
Total Cost
Land	1,083
Building & Improvements	7,537
Total	8,620
Accumulated Depreciation	(2,107)
Total Cost Net of Accumulated Depreciation	6,513
Glendale, CO | Staybridge Suites
Initial Cost
Land		2,100
Building & Improvements		7,900
Cost Capitalized Subsequent to Acquisition		1,693
Total Cost
Land	2,100
Building & Improvements	9,593
Total	11,693
Accumulated Depreciation	(2,193)
Total Cost Net of Accumulated Depreciation	9,500
Greenville, SC | Hilton Garden Inn
Initial Cost
Land		1,200
Building & Improvements		14,050
Cost Capitalized Subsequent to Acquisition		217
Total Cost
Land	1,200
Building & Improvements	14,267
Total	15,467
Accumulated Depreciation	(1,490)
Total Cost Net of Accumulated Depreciation	13,977
Chicago (Hoffman Estates), IL | Hyatt Place
Initial Cost
Land		1,900
Building & Improvements		7,330
Cost Capitalized Subsequent to Acquisition		1,533
Total Cost
Land	1,900
Building & Improvements	8,863
Total	10,763
Accumulated Depreciation	(1,587)
Total Cost Net of Accumulated Depreciation	9,176
Debt	21,022
Houston (Energy Corridor), TX | Hilton Garden Inn
Initial Cost
Building & Improvements		38,492
Cost Capitalized Subsequent to Acquisition		3,221
Total Cost
Building & Improvements	41,713
Total	41,713
Accumulated Depreciation	(3,179)
Total Cost Net of Accumulated Depreciation	38,534
Debt	17,179
Houston, TX | Hilton Garden Inn
Initial Cost
Land		2,800
Building & Improvements		33,200
Cost Capitalized Subsequent to Acquisition		111
Total Cost
Land	2,800
Building & Improvements	33,311
Total	36,111
Accumulated Depreciation	(1,327)
Total Cost Net of Accumulated Depreciation	34,784
Indianapolis, IN | Courtyard by Marriott
Initial Cost
Land		7,788
Building & Improvements		50,846
Cost Capitalized Subsequent to Acquisition		186
Total Cost
Land	7,788
Building & Improvements	51,032
Total	58,820
Accumulated Depreciation	(4,886)
Total Cost Net of Accumulated Depreciation	53,934
Indianapolis, IN | SpringHill Suites
Initial Cost
Land		4,012
Building & Improvements		26,193
Cost Capitalized Subsequent to Acquisition		62
Total Cost
Land	4,012
Building & Improvements	26,255
Total	30,267
Accumulated Depreciation	(2,513)
Total Cost Net of Accumulated Depreciation	27,754
Jackson, MS | Courtyard by Marriott
Initial Cost
Land		1,301
Building & Improvements		7,322
Cost Capitalized Subsequent to Acquisition		2,456
Total Cost
Land	1,301
Building & Improvements	9,778
Total	11,079
Accumulated Depreciation	(3,737)
Total Cost Net of Accumulated Depreciation	7,342
Jackson, MS | Staybridge Suites
Initial Cost
Land		698
Building & Improvements		8,454
Cost Capitalized Subsequent to Acquisition		2,333
Total Cost
Land	698
Building & Improvements	10,787
Total	11,485
Accumulated Depreciation	(3,050)
Total Cost Net of Accumulated Depreciation	8,435
Jacksonville, FL | Aloft
Initial Cost
Land		1,700
Building & Improvements		15,775
Cost Capitalized Subsequent to Acquisition		338
Total Cost
Land	1,700
Building & Improvements	16,113
Total	17,813
Accumulated Depreciation	(5,322)
Total Cost Net of Accumulated Depreciation	12,491
Las Colinas, TX | Holiday Inn Express and Suites
Initial Cost
Land		898
Building & Improvements		6,689
Cost Capitalized Subsequent to Acquisition		1,423
Total Cost
Land	898
Building & Improvements	8,112
Total	9,010
Accumulated Depreciation	(3,416)
Total Cost Net of Accumulated Depreciation	5,594
Las Colinas, TX | Hyatt Place
Initial Cost
Land		781
Building & Improvements		5,729
Cost Capitalized Subsequent to Acquisition		3,053
Total Cost
Land	781
Building & Improvements	8,782
Total	9,563
Accumulated Depreciation	(3,278)
Total Cost Net of Accumulated Depreciation	6,285
Lombard, ILL | Hyatt Place
Initial Cost
Land		1,550
Building & Improvements		15,475
Cost Capitalized Subsequent to Acquisition		1,846
Total Cost
Land	1,550
Building & Improvements	17,321
Total	18,871
Accumulated Depreciation	(2,991)
Total Cost Net of Accumulated Depreciation	15,880
Louisville, KY | Fairfield Inn and Suites
Initial Cost
Land		3,120
Building & Improvements		21,903
Cost Capitalized Subsequent to Acquisition		2,129
Total Cost
Land	3,120
Building & Improvements	24,032
Total	27,152
Accumulated Depreciation	(2,498)
Total Cost Net of Accumulated Depreciation	24,654
Debt	37,352
Louisville, KY | SpringHill Suites
Initial Cost
Land		4,880
Building & Improvements		34,258
Cost Capitalized Subsequent to Acquisition		2,964
Total Cost
Land	4,880
Building & Improvements	37,222
Total	42,102
Accumulated Depreciation	(4,081)
Total Cost Net of Accumulated Depreciation	38,021
Miami, FL | Hyatt House
Initial Cost
Land		4,926
Building & Improvements		34,074
Cost Capitalized Subsequent to Acquisition		21
Total Cost
Land	4,926
Building & Improvements	34,095
Total	39,021
Accumulated Depreciation	(487)
Total Cost Net of Accumulated Depreciation	38,534
Minneapolis, MN | Hampton Inn and Suites
Initial Cost
Land		3,500
Building & Improvements		35,339
Cost Capitalized Subsequent to Acquisition		71
Total Cost
Land	3,500
Building & Improvements	35,410
Total	38,910
Accumulated Depreciation	(1,223)
Total Cost Net of Accumulated Depreciation	37,687
Minneapolis, MN | Hyatt Place
Initial Cost
Building & Improvements		32,506
Cost Capitalized Subsequent to Acquisition		834
Total Cost
Building & Improvements	33,340
Total	33,340
Accumulated Depreciation	(2,624)
Total Cost Net of Accumulated Depreciation	30,716
Minneapolis (Minnetonka), MN | Holiday Inn Express and Suites
Initial Cost
Land		1,000
Building & Improvements		5,900
Cost Capitalized Subsequent to Acquisition		1,729
Total Cost
Land	1,000
Building & Improvements	7,629
Total	8,629
Accumulated Depreciation	(1,124)
Total Cost Net of Accumulated Depreciation	7,505
Nashville, TN | SpringHill Suites
Initial Cost
Land		777
Building & Improvements		3,576
Cost Capitalized Subsequent to Acquisition		1,907
Total Cost
Land	777
Building & Improvements	5,483
Total	6,260
Accumulated Depreciation	(2,237)
Total Cost Net of Accumulated Depreciation	4,023
New Orleans, LA | Residence Inn
Initial Cost
Land		1,790
Building & Improvements		18,099
Cost Capitalized Subsequent to Acquisition		1,484
Total Cost
Land	1,790
Building & Improvements	19,583
Total	21,373
Accumulated Depreciation	(2,436)
Total Cost Net of Accumulated Depreciation	18,937
New Orleans, LA | SpringHill Suites
Initial Cost
Land		2,046
Building & Improvements		31,049
Cost Capitalized Subsequent to Acquisition		1,073
Total Cost
Land	2,046
Building & Improvements	32,122
Total	34,168
Accumulated Depreciation	(3,629)
Total Cost Net of Accumulated Depreciation	30,539
New Orleans (French Quarter), LA | Courtyard by Marriott
Initial Cost
Land		1,944
Building & Improvements		23,739
Cost Capitalized Subsequent to Acquisition		974
Total Cost
Land	1,944
Building & Improvements	24,713
Total	26,657
Accumulated Depreciation	(3,446)
Total Cost Net of Accumulated Depreciation	23,211
New Orleans (Metairie), LA | Courtyard by Marriott
Initial Cost
Land		1,860
Building & Improvements		21,679
Cost Capitalized Subsequent to Acquisition		3,310
Total Cost
Land	1,860
Building & Improvements	24,989
Total	26,849
Accumulated Depreciation	(3,180)
Total Cost Net of Accumulated Depreciation	23,669
New Orleans (Convention), LA | Courtyard by Marriott
Initial Cost
Land		2,490
Building & Improvements		28,337
Cost Capitalized Subsequent to Acquisition		5,772
Total Cost
Land	2,490
Building & Improvements	34,109
Total	36,599
Accumulated Depreciation	(3,925)
Total Cost Net of Accumulated Depreciation	32,674
Orlando (Convention), FL | Hyatt Place
Initial Cost
Land		3,100
Building & Improvements		9,152
Cost Capitalized Subsequent to Acquisition		2,131
Total Cost
Land	3,100
Building & Improvements	11,283
Total	14,383
Accumulated Depreciation	(2,664)
Total Cost Net of Accumulated Depreciation	11,719
Orlando (Universal), FL | Hyatt Place
Initial Cost
Land		5,516
Building & Improvements		9,043
Cost Capitalized Subsequent to Acquisition		2,108
Total Cost
Land	5,516
Building & Improvements	11,151
Total	16,667
Accumulated Depreciation	(2,630)
Total Cost Net of Accumulated Depreciation	14,037
Phoenix, AZ | Hyatt Place
Initial Cost
Land		582
Building & Improvements		4,438
Cost Capitalized Subsequent to Acquisition		195
Total Cost
Land	582
Building & Improvements	4,633
Total	5,215
Accumulated Depreciation	(868)
Total Cost Net of Accumulated Depreciation	4,347
Portland, OR | Hyatt Place
Initial Cost
Building & Improvements		16,713
Cost Capitalized Subsequent to Acquisition		(2,506)
Total Cost
Building & Improvements	14,207
Total	14,207
Accumulated Depreciation	(2,263)
Total Cost Net of Accumulated Depreciation	11,944
Portland, OR | Residence Inn
Initial Cost
Building & Improvements		16,409
Cost Capitalized Subsequent to Acquisition		1,356
Total Cost
Building & Improvements	17,765
Total	17,765
Accumulated Depreciation	(4,627)
Total Cost Net of Accumulated Depreciation	13,138
Debt	19,112
Provo, UT | Hampton Inn
Initial Cost
Land		909
Building & Improvements		2,862
Cost Capitalized Subsequent to Acquisition		2,146
Total Cost
Land	909
Building & Improvements	5,008
Total	5,917
Accumulated Depreciation	(2,150)
Total Cost Net of Accumulated Depreciation	3,767
Ridgeland, MS | Homewood Suites
Initial Cost
Land		1,314
Building & Improvements		6,036
Cost Capitalized Subsequent to Acquisition		1,737
Total Cost
Land	1,314
Building & Improvements	7,773
Total	9,087
Accumulated Depreciation	(1,615)
Total Cost Net of Accumulated Depreciation	7,472
Ridgeland, MS | Residence Inn
Initial Cost
Land		1,050
Building & Improvements		10,040
Cost Capitalized Subsequent to Acquisition		(304)
Total Cost
Land	1,050
Building & Improvements	9,736
Total	10,786
Accumulated Depreciation	(1,965)
Total Cost Net of Accumulated Depreciation	8,821
Salt Lake City, UT | Residence Inn
Initial Cost
Land		2,392
Building & Improvements		17,567
Cost Capitalized Subsequent to Acquisition		7,006
Total Cost
Land	2,392
Building & Improvements	24,573
Total	26,965
Accumulated Depreciation	(3,561)
Total Cost Net of Accumulated Depreciation	23,404
San Diego (Poway) CA | Hampton Inn and Suites
Initial Cost
Land		2,300
Building & Improvements		12,850
Cost Capitalized Subsequent to Acquisition		230
Total Cost
Land	2,300
Building & Improvements	13,080
Total	15,380
Accumulated Depreciation	(1,263)
Total Cost Net of Accumulated Depreciation	14,117
San Francisco, CA | DoubleTree by Hilton
Initial Cost
Land		3,300
Building & Improvements		35,760
Cost Capitalized Subsequent to Acquisition		3,485
Total Cost
Land	3,300
Building & Improvements	39,245
Total	42,545
Accumulated Depreciation	(3,082)
Total Cost Net of Accumulated Depreciation	39,463
San Francisco, CA | Four Points by Sheraton
Initial Cost
Land		1,200
Building & Improvements		20,050
Cost Capitalized Subsequent to Acquisition		1,281
Total Cost
Land	1,200
Building & Improvements	21,331
Total	22,531
Accumulated Depreciation	(1,827)
Total Cost Net of Accumulated Depreciation	20,704
San Francisco, CA | Holiday Inn Express and Suites
Initial Cost
Land		15,545
Building & Improvements		44,955
Cost Capitalized Subsequent to Acquisition		4,619
Total Cost
Land	15,545
Building & Improvements	49,574
Total	65,119
Accumulated Depreciation	(6,247)
Total Cost Net of Accumulated Depreciation	58,872
Sandy. UT | Holiday Inn Express and Suites
Initial Cost
Land		720
Building & Improvements		1,768
Cost Capitalized Subsequent to Acquisition		1,379
Total Cost
Land	720
Building & Improvements	3,147
Total	3,867
Accumulated Depreciation	(1,212)
Total Cost Net of Accumulated Depreciation	2,655
Santa Barbara (Goleta), CA | Hampton Inn
Initial Cost
Land		4,100
Building & Improvements		23,800
Cost Capitalized Subsequent to Acquisition		628
Total Cost
Land	4,100
Building & Improvements	24,428
Total	28,528
Accumulated Depreciation	(1,683)
Total Cost Net of Accumulated Depreciation	26,845
Debt	11,567
Scottsdale, AZ | Courtyard by Marriott
Initial Cost
Land		3,225
Building & Improvements		10,152
Cost Capitalized Subsequent to Acquisition		2,316
Total Cost
Land	3,225
Building & Improvements	12,468
Total	15,693
Accumulated Depreciation	(4,738)
Total Cost Net of Accumulated Depreciation	10,955
Debt	9,110
Scottsdale, AZ | Hyatt Place
Initial Cost
Land		1,500
Building & Improvements		9,030
Cost Capitalized Subsequent to Acquisition		1,100
Total Cost
Land	1,500
Building & Improvements	10,130
Total	11,630
Accumulated Depreciation	(1,998)
Total Cost Net of Accumulated Depreciation	9,632
Scottsdale, AZ | SpringHill Suites
Initial Cost
Land		2,195
Building & Improvements		7,120
Cost Capitalized Subsequent to Acquisition		2,350
Total Cost
Land	2,195
Building & Improvements	9,470
Total	11,665
Accumulated Depreciation	(3,864)
Total Cost Net of Accumulated Depreciation	7,801
Debt	4,905
Smyrna, TN | Hampton Inn and Suites
Initial Cost
Land		1,145
Building & Improvements		6,855
Cost Capitalized Subsequent to Acquisition		2,406
Total Cost
Land	1,145
Building & Improvements	9,261
Total	10,406
Accumulated Depreciation	(1,132)
Total Cost Net of Accumulated Depreciation	9,274
Debt	5,047
Smyrna, TN | Hilton Garden Inn
Initial Cost
Land		1,188
Building & Improvements		10,312
Cost Capitalized Subsequent to Acquisition		2,037
Total Cost
Land	1,188
Building & Improvements	12,349
Total	13,537
Accumulated Depreciation	(1,528)
Total Cost Net of Accumulated Depreciation	12,009
Debt	7,916
Spokane, WA | Fairfield Inn and Suites
Initial Cost
Land		1,637
Building & Improvements		3,669
Cost Capitalized Subsequent to Acquisition		2,295
Total Cost
Land	1,637
Building & Improvements	5,964
Total	7,601
Accumulated Depreciation	(2,531)
Total Cost Net of Accumulated Depreciation	5,070
Ventura (Camarillo) CA | Hampton Inn and Suites
Initial Cost
Land		2,200
Building & Improvements		13,550
Cost Capitalized Subsequent to Acquisition		3,599
Total Cost
Land	2,200
Building & Improvements	17,149
Total	19,349
Accumulated Depreciation	(1,228)
Total Cost Net of Accumulated Depreciation	18,121
Vernon Hills, IL | Holiday Inn Express
Initial Cost
Land		1,198
Building & Improvements		6,099
Cost Capitalized Subsequent to Acquisition		257
Total Cost
Land	1,198
Building & Improvements	6,356
Total	7,554
Accumulated Depreciation	(1,920)
Total Cost Net of Accumulated Depreciation	5,634
Ybor City, FL | Hampton Inn and Suites
Initial Cost
Land		3,600
Building & Improvements		17,244
Cost Capitalized Subsequent to Acquisition		$ 2,053
Total Cost
Land	3,600
Building & Improvements	19,297
Total	22,897
Accumulated Depreciation	(2,095)
Total Cost Net of Accumulated Depreciation	$ 20,802

Schedule III - Real Estate an88

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
ASSET BASIS
Balance at the beginning of the period	$ 1,527,569	$ 1,349,088	$ 901,207
Additions to land, buildings and improvements	273,902	263,182	531,207
Disposition of land, buildings and improvements	(116,553)	(75,454)	(74,282)
Impairment loss	(1,115)	(9,247)	(9,044)
Balance at the end of the period	1,683,803	1,527,569	1,349,088
ACCUMULATED DEPRECIATION
Balance at the beginning of the period	179,455	173,149	146,207
Depreciation	63,675	63,669	50,445
Depreciation on assets sold or disposed	(30,923)	(57,363)	(23,503)
Balance at the end of the period	212,207	$ 179,455	$ 173,149
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes	$ 1,342,000
Buildings and improvements | Minimum
ACCUMULATED DEPRECIATION
Useful lives	6 years
Buildings and improvements | Maximum
ACCUMULATED DEPRECIATION
Useful lives	40 years
Furniture, fixtures and equipment | Minimum
ACCUMULATED DEPRECIATION
Useful lives	2 years
Furniture, fixtures and equipment | Maximum
ACCUMULATED DEPRECIATION
Useful lives	15 years