Summit Hotel Properties (INN) 10-K 23 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 15, 2017	Jun. 30, 2016
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, 2016
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			$ 1,138,214,625
Entity Common Stock, Shares Outstanding		93,513,014
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Investment in hotel properties, net	$ 1,538,868	$ 1,333,407
Land held for development	5,742	5,742
Assets held for sale	62,695	133,138
Investment in real estate loans, net	17,585	12,803
Cash and cash equivalents	34,694	29,326
Restricted cash	24,881	23,073
Trade receivables, net	11,807	9,437
Prepaid expenses and other	6,474	15,281
Deferred charges, net	3,727	3,628
Other assets	12,032	9,559
Total assets	1,718,505	1,575,394
Liabilities:
Debt, net of debt issuance costs	652,414	671,536
Accounts payable	4,623	2,947
Accrued expenses and other	46,880	42,174
Derivative financial instruments	1,118	1,811
Total liabilities	705,035	718,468
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, 93,525,469 and 86,793,521 shares issued and outstanding at December 31, 2016 and 2015, respectively	935	868
Additional paid-in capital	1,011,412	894,060
Accumulated other comprehensive loss	(977)	(1,666)
Accumulated deficit and distributions	(1,422)	(40,635)
Total stockholders’ equity	1,010,042	852,711
Non-controlling interests in operating partnership	3,428	4,215
Total equity	1,013,470	856,926
Total liabilities and equity	1,718,505	1,575,394
9.25% Series A Preferred Stock
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Preferred stock	0	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
6.45% Series D Preferred Stock
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Preferred stock	$ 30	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
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	93,525,469	86,793,521
Common stock, shares outstanding	93,525,469	86,793,521
9.25% Series A Preferred Stock
Preferred stock, shares authorized	2,000,000
Preferred stock, shares issued		2,000,000
Preferred stock, shares outstanding		2,000,000
Preferred stock, aggregate liquidation preference (in dollars)		$ 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
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)	$ 75,509	$ 75,509
Preferred stock, dividend rate (as a percent)	7.875%	7.875%
7.125% Series C Preferred Stock
Preferred stock, shares authorized	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%
6.45% Series D Preferred Stock
Preferred stock, shares authorized	3,000,000
Preferred stock, shares issued	3,000,000
Preferred stock, shares outstanding	3,000,000
Preferred stock, aggregate liquidation preference (in dollars)	$ 75,417
Preferred stock, dividend rate (as a percent)	6.45%

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Room	$ 443,270	$ 436,202	$ 380,472
Other hotel operations revenue	30,665	27,253	22,994
Total revenues	473,935	463,455	403,466
Hotel operating expenses:
Room	110,221	109,844	101,150
Other direct	64,608	64,010	55,388
Other indirect	120,852	121,974	104,959
Total hotel operating expenses	295,681	295,828	261,497
Depreciation and amortization	72,406	64,052	63,763
Corporate general and administrative	19,292	21,204	19,884
Hotel property acquisition costs	3,492	1,246	769
Loss on impairment of assets	577	1,115	8,847
Total expenses	391,448	383,445	354,760
Operating income	82,487	80,010	48,706
Other income (expense):
Interest expense	(28,091)	(30,414)	(28,517)
Gain on disposal of assets, net	49,855	65,067	391
Other income, net	2,560	11,146	595
Total other income (expense)	24,324	45,799	(27,531)
Income from continuing operations before income taxes	106,811	125,809	21,175
Income tax benefit (expense)	1,450	(553)	(744)
Income from continuing operations	108,261	125,256	20,431
Income from discontinued operations, net of taxes	0	0	492
Net income	108,261	125,256	20,923
Less - income attributable to non-controlling interests:
Operating partnership	(456)	(819)	(51)
Joint venture	0	0	(1)
Net income attributable to Summit Hotel Properties, Inc.	107,805	124,437	20,871
Preferred dividends	(18,232)	(16,588)	(16,588)
Premium on redemption of Series A Preferred Stock	(2,125)	0	0
Net income attributable to common stockholders	$ 87,448	$ 107,849	$ 4,283
Earnings per share - Basic:
Net income per share from continuing operations (in dollars per share)	$ 1	$ 1.25	$ 0.04
Net income per share from discontinued operations (in dollars per share)	0	0	0.01
Net income per common share (in dollars per share)	1	1.25	0.05
Earnings per share - Diluted:
Net income from continuing operations (in dollars per share)	1	1.24	0.04
Net income from discontinued operations (in dollars per share)	0	0	0.01
Net income per share (in dollars per share)	$ 1	$ 1.24	$ 0.05
Weighted average common shares outstanding:
Basic (in shares)	86,874	85,920	85,242
Diluted (in shares)	87,343	87,144	85,566
Dividends per share (in dollars per share)	$ 0.545	$ 0.47	$ 0.46

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 108,261	$ 125,256	$ 20,923
Other comprehensive income (loss), net of tax:
Changes in fair value of derivative financial instruments	693	81	(371)
Comprehensive income	108,954	125,337	20,552
Less - Comprehensive income attributable to non-controlling interests:
Comprehensive income attributable to Summit Hotel Properties, Inc.	108,494	124,517	20,504
Preferred dividends	(18,232)	(16,588)	(16,588)
Premium on redemption of Series A Preferred Stock	(2,125)	0	0
Comprehensive income attributable to common stockholders	88,137	107,929	3,916
Operating partnership
Less - Comprehensive income attributable to non-controlling interests:
Comprehensive income (loss) attributable to non-controlling interest	(460)	(820)	(47)
Joint venture
Less - Comprehensive income attributable to non-controlling interests:
Comprehensive income (loss) attributable to non-controlling interest	$ 0	$ 0	$ (1)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit and Distributions	Total Shareholders’ Equity	Non-controlling InterestsOperating Partnership state and local income tax expense	Non-controlling InterestsJoint venture	Preferred Stock	Preferred StockPreferred Stock	Preferred StockAdditional Paid-In Capital	Preferred StockTotal Shareholders’ Equity	Common Stock	Common StockCommon Stock	Common StockAdditional Paid-In Capital	Common StockTotal Shareholders’ Equity
Balance at beginning of year at Dec. 31, 2013	$ 822,378	$ 84	$ 854	$ 882,858	$ (1,379)	$ (72,577)	$ 809,840	$ 4,722	$ 7,816
Balance (in shares) at Dec. 31, 2013		8,400,000	85,402,408
Changes in equity
Common stock redemption of common units			$ 4	2,425			2,429	(2,429)
Common stock redemptions of common stock (in shares)			438,631
Common units issued for acquisition	3,685							3,685
Acquisition of non-controlling interest in joint venture	(8,232)			(415)			(415)		(7,817)
Dividends paid	(56,550)					(56,073)	(56,073)	(477)
Equity-based compensation	3,524		$ 3	3,479			3,482	42
Equity-based compensation (in shares)			321,269
Other	(156)			(156)			(156)
Other (in shares)			(12,588)
Other comprehensive loss	(371)				(367)		(367)	(4)
Net income	20,923					20,871	20,871	51	$ 1
Balance at end of year at Dec. 31, 2014	$ 785,201	$ 84	$ 861	888,191	(1,746)	(107,779)	779,611	5,590
Balance (in shares) at Dec. 31, 2014		8,400,000	86,149,720
Changes in equity
Sale of stock (in shares)	0
Common stock redemption of common units			$ 3	1,919			1,922	(1,922)
Common stock redemptions of common stock (in shares)	268,947		268,947
Dividends paid	$ (57,602)					(57,293)	(57,293)	(309)
Equity-based compensation	4,753		$ 4	4,713			4,717	36
Equity-based compensation (in shares)			411,239
Other	(763)			(763)			(763)
Other (in shares)			(36,385)
Other comprehensive loss	81				80		80	1
Net income	125,256					124,437	124,437	819
Balance at end of year at Dec. 31, 2015	$ 856,926	$ 84	$ 868	894,060	(1,666)	(40,635)	852,711	4,215
Balance (in shares) at Dec. 31, 2015		8,400,000	86,793,521
Changes in equity
Sale of stock										$ 72,290	$ 30	$ 72,260	$ 72,290	$ 89,057	$ 62	$ 88,995	$ 89,057
Sale of stock (in shares)	6,151,514										3,000,000				6,151,514
Redemption of preferred shares	$ (50,000)	$ (20)		(47,855)		(2,125)	(50,000)
Redemption of preferred shares (in shares)		(2,000,000)
Common stock redemption of common units			$ 1	1,022			1,023	(1,023)
Common stock redemptions of common stock (in shares)	119,308		119,308
Dividends paid	$ (66,713)					(66,467)	(66,467)	(246)
Equity-based compensation	4,221		$ 5	4,194			4,199	22
Equity-based compensation (in shares)			522,748
Other	(1,265)		$ (1)	(1,264)			(1,265)
Other (in shares)			(61,622)
Other comprehensive loss	693				689		689	4
Net income	108,261					107,805	107,805	456
Balance at end of year at Dec. 31, 2016	$ 1,013,470	$ 94	$ 935	$ 1,011,412	$ (977)	$ (1,422)	$ 1,010,042	$ 3,428
Balance (in shares) at Dec. 31, 2016		9,400,000	93,525,469

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
OPERATING ACTIVITIES
Net income	$ 108,261	$ 125,256	$ 20,923
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	72,406	64,052	63,776
Amortization of deferred financing costs	2,143	1,723	1,549
Loss on impairment of assets	577	1,115	9,247
Equity-based compensation	4,221	4,753	3,524
Deferred tax asset, net	(2,391)	64	(127)
Gain on disposal of assets, net	(49,855)	(65,067)	(446)
Other	180	1,287	48
Changes in operating assets and liabilities:
Restricted cash - operating	1,195	18	(631)
Trade receivables, net	(2,655)	(1,727)	(419)
Prepaid expenses and other	(626)	28	3,618
Accounts payable	1,676	(4,324)	(312)
Accrued expenses and other	2,803	5,038	1,389
NET CASH PROVIDED BY OPERATING ACTIVITIES	137,935	132,216	102,139
INVESTING ACTIVITIES
Acquisitions of hotel properties	(244,714)	(236,518)	(177,820)
Improvements to hotel properties	(42,433)	(43,197)	(42,432)
Proceeds from asset dispositions, net of closing costs	145,347	150,054	19,280
Funding of real estate loans	(27,500)	(2,634)	(7,366)
Proceeds from repayment or sale of real estate loans	7,814	0	0
(Increase) decrease in restricted cash - FF&E reserve	(3,003)	11,304	16,275
Decrease (increase) in escrow deposits for acquisitions	10,046	(10,046)	0
Acquisition of non-controlling interest in joint venture	0	0	(8,232)
Investment in hotel properties under development	0	(75)	(253)
NET CASH USED IN INVESTING ACTIVITIES	(154,443)	(131,112)	(200,548)
FINANCING ACTIVITIES
Proceeds from issuance of debt	405,000	600,407	263,601
Principal payments on debt	(424,545)	(550,150)	(115,829)
Proceeds from equity offerings, net of offering costs	161,347	0	0
Redemption of preferred shares	(50,000)	0	0
Dividends paid	(66,713)	(57,602)	(56,550)
Financing fees on debt	(1,948)	(2,250)	(782)
Other	(1,265)	(764)	(156)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	21,876	(10,359)	90,284
Net change in cash and cash equivalents	5,368	(9,255)	(8,125)
CASH AND CASH EQUIVALENTS
Beginning of period	29,326	38,581	46,706
End of period	34,694	29,326	38,581
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	26,156	28,927	26,925
Capitalized interest	0	75	253
Cash payments for income taxes, net of refunds	1,228	2,436	926
Mortgage debt assumed for acquisitions of hotel properties	0	0	43,172
Fair value of common units issued for acquisition of hotel	$ 0	$ 0	$ 3,685

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	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. We focus primarily on owning premium-branded, select-service hotels. At December 31, 2016 , our portfolio consisted of 81 hotels with a total of 10,957 guestrooms located in 23 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, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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 on the acquisition date. 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. 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 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 as part of our investment in the hotel property during the construction 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 we consider for an impairment analysis include, among others: i) significant underperformance relative to historical or anticipated 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 carrying amount of the asset is recoverable. If an impairment is identified, 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 its estimated 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 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. Based on our review, we periodically market properties for sale that no longer meet our investment criteria. Variable Interest Entities 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 real estate 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 a VIE until legal title is transferred to us upon completion of the 1031 Exchange. 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 lender or other party requiring the restricted cash reserves. 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 guestrooms 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, 2016 and 2015 . Bad debt expense was $0.6 million , $0.3 million and $0.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Deferred Charges, net Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method. Deferred Financing Fees In accordance with ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , debt issuance costs are presented as a direct deduction from the carrying value of the debt liability on the Consolidated Balance Sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method. All periods have been reclassified to conform to this presentation. 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 attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations. Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties. Revenue Recognition We recognize revenue when guestrooms are occupied and services have been rendered or fees are earned. Revenues are recorded net of any sales and other taxes collected from customers. All 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. Occupancy, Sales and Other Taxes We have operations in states and municipalities that impose occupancy, sales and 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 (as amended, 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 time-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 . 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 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 in current earnings in Other Income (Expense) in the Consolidated Statements of Operations. Income Taxes 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 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, such as the reporting of deferred financing costs, have been reclassified to conform to the current presentation primarily as a result of adopting new accounting standards in the current year. Reclassifications had no net effect on the Company’s previously reported financial position or results of operations. New Accounting Standards In May 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. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. We have begun to evaluate each of our revenue streams under the new model. Based on preliminary assessments, we do not expect the adoption of ASU No. 2014-09 to have a material effect on our financial position or our results of operations. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which enhances the reporting requirements surrounding the measurement of financial instruments and requires equity securities to be measured at fair value with changes in the fair value recognized through net income for the period. ASU No. 2016-01 is effective for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2016-01 will not have a material effect on our financial position or our results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases , which changes lessee accounting to reflect the financial liability and right-of-use assets that are inherent to leasing an asset on the balance sheet. ASU No. 2016-02 is effective for our fiscal year commencing on January 1, 2019, but early adoption is permitted. We anticipate that we will adopt ASU No. 2016-02 for our fiscal year commencing on January 1, 2019. We expect to apply the modified retrospective approach such that we will account for leases that commenced before the effective date of ASU No. 2016-02 in accordance with previous GAAP unless the lease is modified, except we will recognize right-of-use assets and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The effect that the adoption of ASU No. 2016-02 will have on our financial position or results of operations is not currently reasonably estimable. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies the accounting for income taxes for certain equity-based awards to employees. ASU No. 2016-09 is effective for our fiscal year commencing on January 1, 2017. The adoption of ASU No. 2016-09 will not have a material effect on our financial position or our results of operations. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses the Statement of Cash Flow classification and presentation of certain cash transactions. ASU No. 2016-15 is effective for our fiscal year commencing on January 1, 2018. The effect of this amendment is to be applied retrospectively where practical and early adoption is permitted. We expect to adopt ASU No. 2016-15 for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2016-15 will not have a material effect on our financial position or our results of operations. In October 2016, the FASB issued ASU No. 2016-17, Interest Held Through Related Parties That Are Under Common Control , which amends the accounting guidance when determining the treatment of certain VIEs to include the interest of related parties under common control in a VIE when considering whether or not the reporting entity is the primary beneficiary of the VIE when considering consolidation. ASU No. 2016-17 is effective for our fiscal year commencing on January 1, 2017. The adoption of ASU No. 2016-17 will not have a material effect on our financial position or our results of operations. In November 2016, the FASB issued ASU No. 2016-18, Classification of Restricted Cash , which addresses the Statement of Cash Flow classification and presentation of restricted cash transactions. ASU No. 2016-18 is effective for our fiscal year commencing on January 1, 2018. The effect of this amendment is to be applied retrospectively and early adoption is permitted. We expect to adopt ASU No. 2016-18 for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2016-18 will not have a material effect on our financial position or our results of operations. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as an acquisition of assets or a business. ASU No. 2017-01 is effective for our fiscal year commencing on January 1, 2018. The effect of this guidance is to be applied prospectively and early adoption is permitted. We are evaluating early adoption of ASU No. 2017-01 for our fiscal year commencing on January 1, 2017. The adoption of ASU No. 2017-01 will not have a material effect on our financial position or our results of operations.

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
INVESTMENT IN HOTEL PROPERTIES	INVESTMENT IN HOTEL PROPERTIES Investment in Hotel Properties, net Investment in hotel properties, net at December 31, 2016 and 2015 include (in thousands): 2016 2015 Land $ 178,423 $ 149,996 Hotel buildings and improvements 1,433,389 1,222,017 Construction in progress 22,490 6,555 Furniture, fixtures and equipment 129,437 123,332 1,763,739 1,501,900 Less - accumulated depreciation (224,871 ) (168,493 ) $ 1,538,868 $ 1,333,407 Depreciation expense was $72.1 million , $63.7 million , and $63.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Assets Held for Sale Assets held for sale at December 31, 2016 and 2015 include the following (in thousands): 2016 2015 Land $ 10,907 $ 24,250 Hotel building and improvements 44,718 97,249 Furniture, fixtures and equipment 6,649 10,906 Construction in progress 29 42 Franchise fees 392 691 $ 62,695 $ 133,138 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 sales 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 . On February 11, 2016, we completed the sale of six hotels to ARCH for an aggregate selling price of $108.3 million , with the proceeds from the sale of the hotels being used to complete certain reverse 1031 Exchanges (the “ARCH Second Closing”). The hotels acquired by us for the reverse 1031 Exchanges included the 179 -guestroom Courtyard by Marriott, Atlanta (Decatur), GA on October 20, 2015, for a purchase price of $44.0 million and the 226 -guestroom Courtyard by Marriott, Nashville, TN for a purchase price of $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 our unsecured revolving credit facility by $105.0 million . Additionally, we repaid a mortgage loan totaling $5.8 million related to sale of the Springhill Suites, Denver, CO to ARCH. The sale to ARCH resulted in a $56.8 million gain, of which $20.0 million was initially deferred related to the seller financing described below. Through December 31, 2016, we have recognized as income $5.0 million of the deferred gain upon receipt of scheduled repayments of the principal balance of the loan from 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” or “Loan Agreement”) as further described below. 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 acquired by ARCH as part of the ARCH Second Closing; and (ii) the remaining $7.5 million was applied by ARCH to fund the escrow deposit required by the Reinstatement Agreement described below. As previously disclosed by us in a Current Report on 8-K filed on February 16, 2016, and a Current Report on 8-K filed on January 6, 2017, we and American Realty Capital Hospitality Portfolio SMT ALT, LLC (“ARCH Purchaser”), an affiliate of ARCH, entered into a letter agreement (the “Reinstatement Agreement”) to reinstate the Real Estate Purchase and Sale Agreement, dated as of June 2, 2015, (the “Purchase Agreement”) in its entirety, except as modified by the Reinstatement Agreement and further amended by the 2017 Letter Agreement defined below. Pursuant to the Purchase Agreement, the ARCH Purchaser had the right to acquire from us fee simple interests in the eight hotels (the “Remaining Hotels”) listed below containing a total of 741 guestrooms for an aggregate purchase price of $77.2 million with a closing that was required to occur by January 10, 2017. On January 10, 2017, the Company and ARCH Purchaser entered into a letter agreement to extend the required closing date of the Purchase Agreement to January 12, 2017. Hotel Location Guestrooms Courtyard by Marriott Jackson, MS 117 Courtyard by Marriott Germantown, TN 93 Courtyard by Marriott El Paso, TX 90 Fairfield Inn & Suites Germantown, TN 80 Homewood Suites Ridgeland, MS 91 Residence Inn Jackson, MS 100 Residence Inn Germantown, TN 78 Staybridge Suites Ridgeland, MS 92 741 On January 12, 2017, the Company and the ARCH Purchaser entered into a letter agreement (the “2017 Letter Agreement”) to amend the terms of the Purchase Agreement as follows: The closing date of the sale of the Remaining Hotels, except the Courtyard by Marriott, El Paso, TX (the “El Paso Courtyard”), is scheduled to occur on or before April 27, 2017 (the “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. The closing date for the El Paso Courtyard is scheduled to occur on October 24, 2017 (the “El Paso Closing Date”). If, on the El Paso Closing Date, the El Paso Courtyard is under contract to be sold to a bona fide third party purchaser that is not an affiliate of the Company, the ARCH Purchaser will not be obligated to purchase the hotel. We continue to have the right to market and ultimately sell, without the consent of the ARCH Purchaser, any or all of the Remaining Hotels to a bona fide third party purchaser that is not an affiliate of ours. If we sell some, but not all, of the Remaining Hotels to a bona fide third party purchaser, then the purchase price to be paid by the ARCH Purchaser for the Remaining Hotels will be reduced accordingly. 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. In addition to the assets of the eight hotels noted above, Assets Held for Sale at December 31, 2016 includes land parcels in Spokane, WA and Flagstaff, AZ, which are being actively marketed for sale. In addition to the assets of the hotels subject to the ARCH Sale, Assets Held for Sale at December 31, 2015 , included land parcels in Spokane, WA, Fort Meyers, FL, and Flagstaff, AZ. Modification of $27.5 million Loan Agreement On January 12, 2017, we entered into a First Amendment to Loan Agreement with ARCH modifying the terms of the Loan. The outstanding principal amount of the Loan, and any accrued and unpaid interest, will be due and payable on February 11, 2018 (the “Maturity Date”), unless extended pursuant to the Loan Agreement. Any payment-in-kind (“PIK”) interest accrued as of January 12, 2017, under the terms of the Loan Agreement will be deferred until the earlier of the Closing Date or the termination of the Purchase Agreement as the result of a breach by the ARCH Purchaser. However, if the sale of the Remaining Hotels occurs on the Closing Date, the entire principal amount of the Loan and any accrued and unpaid interest, including the PIK interest accrued through the Closing Date, will be due and payable on the Closing Date. If the sale of the Remaining Hotels does not occur on the Closing Date, ARCH is required to immediately pay the outstanding PIK accrued through February 11, 2017, and to repay a portion of the outstanding principal balance of the Loan in an aggregate amount of $2.0 million , to be paid in two equal installments of $1.0 million , on the last day of August and September 2017. The Loan may be prepaid in whole or in part at any time by ARCH without payment of any penalty or premium. ARCH shall be deemed to be in default of the Second Loan Agreement (as defined below) if it is in default under the terms of the Loan Agreement. Execution of $3.0 Million Loan Agreement On January 12, 2017, we entered into a loan agreement with ARCH, as borrower, which provides for a loan to ARCH in the amount of $3.0 million (the “Second Loan” or “Second Loan Agreement”). The proceeds of the Second Loan will be deemed as consideration for the 2017 Letter Agreement, but shall not be collectible by us unless the Purchase Agreement is terminated as a result of a breach by the ARCH Purchaser. The outstanding principal amount of the Second Loan, and any accrued and unpaid interest, shall be due and payable on July 31, 2017 (the “Maturity Date”). However, if the sale of the Remaining Hotels occurs on the Closing Date, the entire principal amount of the Second Loan shall be deemed paid in full and ARCH shall have no further obligations to us except for payment of any unpaid interest accrued and payable as of the Closing Date. If the sale of the Remaining Hotels does not occur on the Closing Date, ARCH is required to repay the principal amount of the Second Loan in installments of $1.0 million on the last day of each of May, June and July 2017. The Second Loan may be prepaid in whole or in part at any time, without payment of any penalty or premium. The ARCH Borrower shall be deemed to be in default of the Loan Agreement if it is in default of the Second Loan Agreement. Interest will accrue on the unpaid principal balance of the Second Loan at a rate of 13.0% per annum from the date of the Second Loan to February 11, 2017, and at 14.0% per annum from February 11, 2017, to the earlier of the Closing Date or the Maturity Date. An amount equal to 9.0% per annum is to be paid monthly beginning January 31, 2017. The remaining 4.0% , 5.0% and any other unpaid interest, as the case may be, will accrue and be compounded monthly. Other Dispositions On May 13, 2016, we completed the sale of the Holiday Inn Express & Suites in Irving (Las Colinas), TX for $10.5 million . We also completed the sale of two properties previously contracted for sale to the ARCH Purchaser to third parties unrelated to the ARCH Purchaser under the terms of the Reinstatement Agreement. The first sale was the Aloft in Jacksonville, FL for $8.6 million on June 1, 2016. The second sale was the Holiday Inn Express in Vernon Hills, IL for $5.9 million on June 7, 2016. The proceeds from the sale of the Holiday Inn Express & Suites in Irving (Las Colinas), TX and the Holiday Inn Express in Vernon Hills, IL were used to complete a reverse 1031 Exchange with the acquisition of the 160 -guestroom Residence Inn by Marriott in Atlanta, GA on January 20, 2016 for a purchase price of $38.0 million . The completion of the reverse 1031 Exchange resulted in the deferral of taxable gains of approximately $5.1 million . On July 6, 2016, we completed the sale of the Hyatt Place in Irving (Las Colinas), TX for $14.0 million . The proceeds from the sale of this property were used to complete a 1031 Exchange related to the purchase of the 157 -guestroom Marriott in Boulder, CO on August 9, 2016 for a purchase price of $61.4 million . The completion of the 1031 Exchange resulted in the deferral of taxable gains of approximately $7.5 million . The sale of the ten properties during the year ended December 31, 2016 resulted in the realization of a combined net gain of $49.8 million . Hotel Property Acquisitions Hotel property acquisitions in 2016 and 2015 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Price Year Ended December 31, 2016 January 19 Courtyard by Marriott Nashville, TN 226 $ 71,000 January 20 Residence Inn Atlanta, GA 160 38,000 August 9 Marriott Boulder, CO 157 61,400 October 28 Hyatt Place (1) Chicago, IL 206 73,750 749 $ 244,150 (2) Year Ended December 31, 2015 April 13 Hampton Inn & Suites Minneapolis, MN 211 $ 38,951 June 18 Hampton Inn Boston (Norwood), MA 139 24,000 June 30 Hotel Indigo Asheville, NC 115 35,000 July 24 Residence Inn Branchburg, NJ 101 25,700 July 24 Residence Inn Baltimore (Hunt Valley), MD 141 31,100 October 19 Hyatt House Miami, FL 156 39,000 October 20 Courtyard by Marriott Atlanta (Decatur), GA 179 44,000 1,042 $ 237,751 (3) (1) This hotel was a Parked Asset at December 31, 2016 pending the completion of a reverse 1031 Exchange related to the sale of certain properties. See “Note 2 — Summary of Significant Accounting Policies — Variable Interest Entities” to these Consolidated Financial Statements. As such, the legal title to this Parked Asset was held by a qualified intermediary engaged to execute 1031 Exchanges. We retain 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, 2016 and Consolidated Statement of Operations for the year then ended as a VIE until legal title is transferred to us upon completion of the 1031 Exchange. (2) The net assets acquired totaled $244.7 million due to the purchase at settlement of $0.6 million of net working capital assets. (3) The net assets acquired totaled $237.9 million due to the purchase at settlement of $0.1 million of net working capital assets. 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): 2016 2015 Land $ 28,683 $ 18,947 Hotel buildings and improvements 207,433 208,864 Furniture, fixtures and equipment 8,081 6,803 Other assets 1,240 7,072 Total assets acquired 245,437 241,686 Less lease liability assumed — (3,250 ) Less other liabilities (723 ) (577 ) Net assets acquired $ 244,714 $ 237,859 Total revenues and net income for hotel properties acquired in 2016 and 2015 , which are included in our Consolidated Statements of Operations for the years ended December 31, 2016 and 2015 , are as follows (in thousands): 2016 Acquisitions 2015 Acquisitions 2016 2016 2015 Revenues $ 28,560 $ 52,196 $ 22,811 Net income $ 6,992 $ 5,816 $ 3,317 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 2016 and 2015 had taken place on January 1, 2015 and all dispositions had occurred prior to that date. 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, 2015 . 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 2016 and 2015 is as follows (in thousands, except per share): 2016 2015 (unaudited) Revenues $ 484,989 $ 460,422 Net income (1) $ 66,099 $ 62,432 Net income attributable to common stockholders, net of amount allocated to participating securities (1) $ 45,319 $ 45,381 Net income per share attributable to common stockholders (1) : Basic $ 0.52 $ 0.53 Diluted $ 0.52 $ 0.52 (1) The pro forma amounts exclude the $49.8 million and $66.6 million pre-tax gain on the sale of hotel properties during the years ended December 31, 2016 and 2015, respectively.

SUPPLEMENTAL BALANCE SHEET INFO

SUPPLEMENTAL BALANCE SHEET INFORMATION	12 Months Ended
	Dec. 31, 2016
Balance Sheet Related Disclosures [Abstract]
SUPPLEMENTAL BALANCE SHEET INFORMATION	SUPPLEMENTAL BALANCE SHEET INFORMATION Investment in Real Estate Loans Investment in real estate loans, net at December 31, 2016 and 2015 includes (in thousands): 2016 2015 Real estate loan $ 10,085 $ 10,085 ARCH Loan (net of deferred gain of $15.0 million at December 31, 2016) 7,500 — Seller-financing note — 2,718 $ 17,585 $ 12,803 At December 31, 2016 and 2015 , the real estate loan totaling $10.1 million had an interest rate of 10.0% per annum paid monthly and an initial maturity date of May 31, 2017. On January 12, 2017, the borrower exercised an option to extend the maturity date until May 13, 2018. The interest rate remains 10.0% per annum during the extension period and principal payments will be made based on a 25 -year amortization schedule. At December 31, 2016 , the outstanding PIK interest related to the ARCH Loan totaled $0.9 million . We will recognize the PIK interest as payments are received from ARCH. At December 31, 2015, we held two notes receivable totaling $2.7 million related to seller-financing for the sale in a prior year of two hotel properties in Emporia, KS (each an "Emporia Property"). The loans had matured and the buyer was in payment default under the terms of the loans. We were awarded legal title to one Emporia Property through foreclosure. We also purchased an additional note receivable from the first priority lien holder for the Emporia Property for which foreclosure proceedings were ongoing to facilitate the completion of the reacquisition of this Emporia Property through a foreclosure. On April 15, 2016, we completed the sale of the reacquired Emporia Property to a third party purchaser that was unrelated to the prior owner. On May 18, 2016, we completed the sale of the first and second lien notes related to the remaining Emporia Property to the same purchaser. The aggregate selling price of the Emporia Properties was approximately $4.5 million . As a result of the foreclosure activities and the sale of the notes, we have no further interest in either Emporia Property. Restricted Cash Restricted cash at December 31, 2016 and 2015 was as follows (in thousands): 2016 2015 FF&E reserves $ 22,000 $ 18,997 Property taxes 2,220 2,758 Other 661 1,318 $ 24,881 $ 23,073 Prepaid Expenses and Other Prepaid expenses and other at December 31, 2016 and 2015 was as follows (in thousands): 2016 2015 Prepaid insurance $ 2,218 $ 813 Escrow deposits — 10,046 Other 4,256 4,422 $ 6,474 $ 15,281 Deferred Charges Deferred charges at December 31, 2016 and 2015 were as follows (in thousands): 2016 2015 Initial franchise fees $ 5,101 $ 4,760 Less - accumulated amortization (1,374 ) (1,132 ) Total $ 3,727 $ 3,628 Amortization expense for the years ended December 31, 2016 , 2015 , and 2014 was $0.3 million , $0.4 million and $0.5 million , respectively. Other Assets Other assets at December 31, 2016 and 2015 was as follows (in thousands): 2016 2015 Acquired intangible assets $ 6,254 $ 6,122 Prepaid land lease 3,275 3,325 Deferred tax asset, net 2,503 112 $ 12,032 $ 9,559 At December 31, 2016 , 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 29.0 years. Future amortization expense is expected to be as follows (in thousands): 2017 $ 471 2018 350 2019 213 2020 190 2021 190 Thereafter 4,840 $ 6,254 Accrued Expenses and Other Accrued expenses and other at December 31, 2016 and 2015 was as follows (in thousands): 2016 2015 Accrued property, sales and income taxes $ 11,171 $ 12,901 Accrued salaries and benefits 10,802 9,366 Accrued interest 1,655 1,862 Acquired unfavorable leases 4,812 4,907 Accrued expenses at hotels 12,356 10,536 Other 6,084 2,602 $ 46,880 $ 42,174

DEBT

DEBT	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
DEBT	NOTE 5 –– DEBT At December 31, 2016 , our indebtedness is comprised of borrowings under a $450 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, our indebtedness was comprised of borrowings under the former $300.0 million senior unsecured credit facility, the 2015 Term Loan, and indebtedness secured by first priority mortgage liens on various hotel properties. The weighted average interest rate, after giving affect to our interest rate derivative, for all borrowings was 3.69% and 3.90% at December 31, 2016 and 2015 , respectively. Former $300 Million Senior Unsecured Credit Facility At December 31, 2015, we had a $300.0 million senior unsecured credit facility. The senior unsecured credit facility was comprised of a $225.0 million revolving credit facility (the “ $225 million Revolver”) and a $75.0 million term loan. At December 31, 2015, the maximum amount of borrowing permitted under the senior unsecured credit facility was $300.0 million , of which we had borrowed $170.0 million and $130.0 million was available to borrow. The $300.0 million senior unsecured credit facility was replaced by the $450.0 million senior unsecured credit facility as described below. The outstanding principal balance of $170.0 million on the former $300.0 million senior unsecured credit facility was transferred to the $450.0 million senior unsecured credit facility and the former $300.0 million senior unsecured credit facility was paid off in full and terminated. $450 Million Senior Unsecured Credit Facility 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 $450.0 million senior unsecured facility (the “2016 Unsecured Credit Facility”). The 2016 Unsecured Credit Facility is comprised of a $300.0 million revolving credit facility (the “ $300 million Revolver”) and a $150.0 million term loan (the “ $150 million Term Loan”). At December 31, 2016, the maximum amount of borrowing provided by the 2016 Unsecured Credit Facility was $450.0 million , of which we had $200.0 million borrowed and $250.0 million available to borrow. 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 $150.0 million . 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. 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 interest rate at December 31, 2016 was 2.27% . 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. At December 31, 2016, the Company had 46 unencumbered hotel properties supporting the 2016 Unsecured Credit Facility. An 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 1, 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 3.49% . Unsecured Term Loan On April 7, 2015, our 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 (the “2015 Term Loan”). The 2015 Term Loan matures on April 7, 2022 and has an accordion feature which allows us to increase the total commitments by an aggregate of $75.0 million prior to the maturity date, subject to certain conditions. On April 21, 2015, the Company exercised $15.0 million of the accordion and added American Bank, N.A. as a lender under the facility. At closing, we were advanced the full $125.0 million amount of the 2015 Term Loan and on April 21, 2015, we were advanced the $15.0 million exercised on the accordion. All proceeds were used to pay down the principal balance of our $225 million Revolver provided under the former $300.0 million senior unsecured credit facility. We pay interest on advances equal to the sum of LIBOR or the administrative agent’s prime rate and the applicable margin. We are currently paying interest at 2.57% based on LIBOR at December 31, 2016. Borrowings under the 2015 Term Loan are limited by the value of hotel assets that qualify as unencumbered assets. As of December 31, 2016, 46 of our hotel properties qualified as, and are deemed to be, unencumbered assets supporting the 2015 Term Loan. At December 31, 2016 and 2015 our outstanding indebtedness was as follows (in thousands): Lender Reference Interest Rate Amortization Period (Years) Maturity Date Number of Properties Encumbered Balance at December 31, 12/31/2016 2016 2015 $450 Million Senior Unsecured Credit Facility Deutsche Bank AG New York Branch $300 Million Revolver 2.27% Variable n/a March 31, 2020 n/a $ 50,000 $ — $150 Million Term Loan (1) 2.86% Variable n/a March 31, 2021 n/a 150,000 — Total Senior Unsecured Credit Facility 200,000 — $300 Million Senior Unsecured Credit Facility Deutsche Bank AG New York Branch $225 Million Revolver n/a n/a October 10, 2017 n/a $ — $ 95,000 $75 Million Term Loan n/a n/a October 10, 2018 n/a — 75,000 Total Former Unsecured Credit Facility — 170,000 Unsecured Term Loan KeyBank National Association, as Administrative Agent Term Loan 2.57% Variable n/a April 7, 2022 n/a 140,000 140,000 Secured Mortgage Indebtedness Voya (formerly ING Life Insurance and Annuity) (2) 5.18% Fixed 20 March 1, 2019 2 41,328 42,574 (2) 5.18% Fixed 20 March 1, 2019 4 37,042 38,159 (2) 5.18% Fixed 20 March 1, 2019 3 23,889 24,610 (2) 5.18% Fixed 20 March 1, 2019 1 16,970 17,482 KeyBank National Association (3) 4.46% Fixed 30 February 1, 2023 4 27,473 27,991 (4) 4.52% Fixed 30 April 1, 2023 3 21,291 21,683 (5) 4.30% Fixed 30 April 1, 2023 3 20,626 21,022 (6) 4.95% Fixed 30 August 1, 2023 2 36,741 37,352 Bank of America Commercial Mortgage (7) 6.41% Fixed 25 September 1, 2017 1 7,661 7,916 Merrill Lynch Mortgage Lending Inc. (8) n/a 30 August 1, 2016 n/a — 5,047 Western Alliance Bank (formerly GE Capital Financial Inc.) (9) 5.39% Fixed 25 April 1, 2020 1 8,912 9,110 (9) 5.39% Fixed 25 April 1, 2020 1 4,798 4,905 MetaBank (10) 4.25% Fixed 20 August 1, 2018 1 6,588 6,852 Bank of Cascades (11) 2.77% Variable 25 December 19, 2024 1 9,289 9,556 (11) 4.30% Fixed 25 December 19, 2024 — 9,289 9,556 Goldman Sachs (12) n/a 25 July 6, 2016 n/a — 13,467 Compass Bank (13) 3.17% Variable 25 May 6, 2020 3 23,394 24,015 Western Alliance Bank (formerly GE Capital Corp) (14) 5.39% Fixed 25 April 1, 2020 1 5,910 5,160 (14) 5.39% Fixed 25 April 1, 2020 1 5,046 6,041 (15) n/a 20 April 1, 2018 n/a — 5,852 U.S. Bank, NA (16) n/a 30 November 1, 2016 n/a — 17,179 (17) 6.13% Fixed 25 November 11, 2021 1 11,303 11,567 Total Mortgage Loans 33 317,550 367,096 Total Debt 657,550 677,096 Unamortized debt issuance costs (5,136 ) (5,560 ) Debt, net of issuance costs $ 652,414 $ 671,536 (1) Our interest rate swap fixed a portion of the interest on this loan. See "Note 6 - Derivative Financial Instruments and Hedging." (2) On September 24, 2015, we modified an existing term loan collateralized by properties sold in 2015 to substitute collateral with properties not included in the sale in order to avoid significant yield maintenance costs associated with an early pay-off. We now have four term loans with Voya with an aggregate principal amount of $119.2 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. (3) 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. (4) 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. (5) 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. (6) 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. (7) 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. (8) On June 21, 2012, we assumed a loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan was repaid in 2016. There were no prepayment penalties incurred in this transaction. (9) 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. (10) 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. (11) 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 4.3% . Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loans are secured by the same collateral and cross-defaulted. (12) This loan was secured by the SpringHill Suites by Marriott and the Hampton Inn & Suites in Bloomington, MN. This loan was repaid in 2016. There were no prepayment penalties incurred in this transaction. (13) 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. (14) 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. (15) This loan was secured by the SpringHill Suites by Marriott in Denver, CO. In anticipation of the ARCH Second Closing the interest rate swap was settled in 2015. This loan was repaid in 2016. There were no prepayment penalties incurred in this transaction. (16) 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. This loan was repaid in 2016. There were no prepayment penalties incurred in this transaction. (17) 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. Our outstanding indebtedness requires us to comply with a series of financial and other covenants. At December 31, 2016, we were in compliance with all required covenants. Our total fixed-rate and variable-rate debt at December 31, 2016 and 2015 , after giving effect to our $75.0 million interest rate derivative, is as follows (in thousands): 2016 2015 Fixed-rate debt $ 359,867 $ 402,673 Variable-rate debt 297,683 274,423 $ 657,550 $ 677,096 Principal payments for each of the next five years are as follows (in thousands): 2017 $ 15,828 2018 14,557 2019 166,136 2020 197,049 2021 13,017 Thereafter 250,963 $ 657,550 Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 2016 2015 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ 284,867 $ 283,416 $ 327,673 $ 321,841 Level 2 - Market approach At both December 31, 2016 and 2015 , we had $75.0 million 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, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	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 swap is designated as a cash flow hedge and involves the receipt of variable-rate payments from a counterparty in exchange for making fixed-rate payments over the life of the agreement without exchange of the underlying notional amount. Our agreement with our derivative counterparty contains 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 instrument. Information about our derivative financial instrument at December 31, 2016 and 2015 is as follows (dollar amounts in thousands): December 31, 2016 December 31, 2015 Number of Notional Fair Value Number of Notional Fair Value Interest rate swaps (liability) 1 $ 75,000 $ (1,118 ) 1 $ 75,000 $ (1,811 ) 1 $ 75,000 $ (1,118 ) 1 $ 75,000 $ (1,811 ) Our interest rate swap has been designated as a cash flow hedge and is valued using a market approach, which is a Level 2 valuation technique. At December 31, 2016 and 2015 , our interest rate swap was in a liability position. The interest rate swap expires on October 1, 2018. We are not required to post any collateral related to this agreement and are not in breach of any financial provisions of the agreement. 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): 2016 2015 2014 Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion) $ (497 ) $ (1,846 ) $ (2,112 ) Loss reclassified from accumulated other comprehensive income to interest expense (effective portion) $ (1,190 ) $ (1,927 ) $ (1,741 ) Loss recognized in Other Expense (ineffective portion) $ — $ (1 ) $ (1 ) Amounts reported in accumulated other comprehensive income related to derivative financial instruments will be reclassified to interest expense as interest payments are made on the hedged variable-rate debt. In 2017 , we estimate that an additional $0.8 million will be reclassified from other comprehensive income as an increase to interest expense.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
EQUITY	EQUITY Common Stock The Company is authorized to issue up to 500,000,000 shares of common stock, $ 0.01 par value per share. 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. On August 2, 2016, the Company and the Operating Partnership entered into separate sales agreements (the “Sales Agreements”) with each of Robert W. Baird & Co. Incorporated, Raymond James & Associates, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., RBC Capital Markets, LLC, KeyBanc Capital Markets Inc., Canaccord Genuity Inc. and Jefferies LLC (collectively, the “Bank Group”), pursuant to which the Company may issue and sell from time to time up to $125.0 million in shares of its common stock, $0.01 par value per share, and shares of its 6.45% Series D Preferred Stock, $0.01 par value per share (collectively, the “Shares”), through members of the Bank Group, acting as agents or principals (the “2016 ATM Program”). At the same time, the Company terminated the sales agreement entered into in connection with its prior ATM offering program, which was established in August 2015 and under which no shares were sold. Pursuant to the Sales Agreements, the Shares may be offered and sold through members of the Bank Group in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange or, with the prior consent of the Company, in privately negotiated transactions. Members of the Bank Group will be entitled to compensation of up to 2.0% of the gross proceeds of Shares sold through members of the Bank Group from time to time under the Sales Agreements. The Company has no obligation to sell any of the Shares under the Sales Agreements and may at any time suspend solicitations and offers under, or terminate, the Sales Agreements. During the year ended December 31, 2016 , we sold 6,151,514 shares of our common stock under the 2016 ATM Program for net proceeds of $89.1 million . The proceeds were used to pay down our revolving line of credit which had been used for acquisitions and other general corporate purposes. Changes in common stock during the years ended December 31, 2016 and 2015 were as follows: 2016 2015 Beginning common shares outstanding 86,793,521 86,149,720 Common stock issued 6,151,514 — Grants under the Equity Plan 446,686 320,845 Common Unit redemptions 119,308 268,947 Exercise of stock options 37,684 99,738 Annual grants to independent directors 32,180 30,440 Common stock issued for director fees 7,618 6,246 Forfeitures (1,420 ) (46,030 ) Shares retained for employee tax withholding requirements (61,622 ) (36,385 ) Ending common shares outstanding 93,525,469 86,793,521 At December 31, 2016 and 2015 , the Company had reserved 6,332,307 and 14,691,018 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 2016 ATM Program. 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 88,600,000 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”), 3,400,000 shares have been designated as 7.125% Series C Cumulative Redeemable Preferred Stock (the “Series C preferred shares”) and 3,000,000 shares have been designated as 6.45% Series D Cumulative Redeemable Preferred Stock (the "Series D preferred shares"). The Company completed the offering of 3,000,000 Series D preferred shares on June 28, 2016 for net proceeds of $72.3 million , after the underwriting discount and offering-related expenses of $2.7 million . On October 28, 2016, the Company paid $50.7 million to redeem all 2,000,000 of its outstanding Series A preferred shares at a redemption price of $25 per share plus accrued and unpaid dividends. The Company's preferred shares (collectively, “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 B preferred shares, Series C preferred shares or Series D preferred shares prior to December 11, 2017, March 20, 2018 and June 28, 2021, 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 B preferred share is 5.6497 shares of common stock, each Series C preferred share is 5.1440 shares of common stock and each Series D preferred share is 3.9216 shares of common stock, all subject to certain adjustments. The Company pays dividends at an annual rate of $1.96875 for each Series B preferred share, $1.78125 for each Series C preferred share and $1.6125 for each Series D 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, 2016 and 2015 , unaffiliated third parties owned 396,713 and 516,021 , respectively, of Common Units of the Operating Partnership, representing less than a 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 allocated to these Common Units is reported on the Company’s Consolidated Statement of Operations as net income attributable to non-controlling interests of the Operating Partnership. Leasehold Venture At December 31, 2015, we owned a majority interest in a joint venture that owned a fee simple interest in a hotel property and we also owned a minority interest in a related joint venture (“Leasehold Venture”) that held a leasehold interest in the property. On June 30, 2016, our joint venture partner in the Leasehold Venture exercised a put option to sell its joint venture interest in the Leasehold Venture to us for $0.4 million . We finalized the transaction in July 2016 and we own 100% of the fee simple interest and leasehold interest in the hotel property effective July 31, 2016.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	NOTE 8 — FAIR VALUE MEASUREMENT The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2016 and 2015 . 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 Measurement at December 31, 2016 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 1,118 $ — $ 1,118 Fair Value Measurement at December 31, 2015 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 1,811 $ — $ 1,811 There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2016 or 2015 .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 at December 31, 2016 and 2015 . 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 the years ended December 31, 2016 , 2015 and 2014 was $1.7 million , $1.2 million , and $1.1 million , respectively. Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year are as follows (in thousands): 2017 $ 1,505 2018 1,757 2019 1,748 2020 1,817 2021 1,831 Thereafter 106,232 $ 114,890 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 2016 , 2015 , and 2014 , we expensed fees related to our franchise agreements of $37.2 million , $37.8 million , and $33.6 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 2016 , 2015 , and 2014 , we expensed fees related to our hotel management agreements of $18.8 million , $18.6 million , and $ 16.1 million , respectively. Litigation We are involved from time to time in litigation arising in the ordinary course of business. We are currently involved in litigation related to the settlement of a contractual obligation related to the purchase of a hotel property in 2012. We have accrued the amount of our expected liability to settle the contractual obligation at December 31, 2016. We are not currently aware of any actions against us that would have a material effect on our financial condition or results of operations.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Our currently outstanding equity-based awards were issued under our Equity Plan which provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based awards or incentive awards. Stock options granted may be either incentive stock options or 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. All of our outstanding equity-based awards are classified as equity 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: Expected dividend yield 5.09 % Expected stock price volatility 56.6 % Risk-free interest rate 2.57 % Expected life of options (in years) 6.5 Weighted average estimated fair value of options at grant date per share 3.48 The expected dividend yield was calculated based on our annual expected dividend payments at the time the options were granted. The expected volatility was based on historical price changes of a peer group of comparable entities based on the expected life of the options at the date of grant. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the date of grant. The expected life of the options is the average number of years we estimate that the options will be outstanding. The following table summarizes stock option activity under our Equity Plan: 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, 2014 846,000 $ 9.75 Exercised (376,000 ) 9.75 Outstanding at December 31, 2015 470,000 9.75 Exercised (235,000 ) 9.75 Outstanding at December 31, 2016 235,000 $ 9.75 4.2 $ 1,476 Exercisable at December 31, 2016 235,000 $ 9.75 4.2 $ 1,476 All stock options outstanding at December 31, 2016 are vested. During the years ended December 31, 2016 , 2015 , and 2014 , the total fair value of stock options that vested was $0.3 million , $0.9 million and $0.7 million , respectively. The intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was $1.0 million , $1.3 million and $0.1 million , respectively. The intrinsic value of outstanding and exercisable options at December 31, 2016 was $1.5 million . The intrinsic value of outstanding options and exercisable options at December 31, 2015 was $1.0 million and $0.8 million , respectively. At December 31, 2014 , the intrinsic value of outstanding options and exercisable options was $2.3 million and $1.4 million , respectively. Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan On February 24, 2016, we granted time-based restricted stock awards for 22,010 shares of common stock to certain of our non-executive employees. The awards vest over a four -year period based on continued service ( 20% on March 9, 2017, 2018 and 2019, and 40% on March 9, 2020). On March 8, 2016, we granted time-based restricted stock awards for 169,707 shares of common stock to our executive officers. The awards vest 25% on March 9, 2017, 25% on March 9, 2018 and 50% on March 9, 2019, based on continuous service through the vesting dates or in certain circumstances upon a change in control. On September 2, 2016, we granted time-based restricted stock awards for 406 shares of common stock to certain of our non-executive employees. The awards vest over a four -year period based on continued service ( 20% on September 3, 2017, 2018 and 2019, and 40% on September 3, 2020). 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. This award vested during the third quarter of 2015. 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. 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 of our common stock on the date of grant. The following table summarizes time-based restricted stock activity under our Equity Plan for 2016 and 2015 : Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested December 31, 2014 181,116 $ 9.81 Granted 166,340 13.53 Vested (97,445 ) 10.46 Non-vested December 31, 2015 250,011 12.03 Granted 192,123 11.36 Vested (82,869 ) 11.06 Forfeited (1,420 ) 10.27 Non-vested December 31, 2016 357,845 $ 11.90 $ 5,736 During the years ended December 31, 2016 , 2015 , and 2014 , the total fair value of time-based restricted stock awards that vested was $0.9 million , $1.0 million and $0.8 million , respectively. Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan On March 8, 2016, we granted performance-based restricted stock awards for 254,563 shares of common stock to 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 our percentile ranking within the SNL U.S. REIT Hotel Index at the end of the period beginning on March 8, 2016 and ending on the earlier of March 8, 2019 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. On March 3, 2015, we granted performance-based restricted stock awards for 154,505 shares of common stock to certain of our executive officers. The fair value of the performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model. These awards vest based on our 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 our percentile ranking within the index at the end of the measurement period. In addition, a portion of the performance-based shares may be earned based on the Company's absolute total shareholder return calculated during the performance 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 our 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 we awarded performance-based restricted stock awards for 161,935 shares 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 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: 2016 2015 Expected dividend yield 4.01 % 3.42 % Expected stock price volatility 24.2 % 22.2 % Risk-free interest rate 1.04 % 1.02 % Monte Carlo iterations 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 13.77 $ 18.78 The expected dividend yield was calculated based on our annual expected dividend payments at the time of grant. The expected volatility was based on historical price changes of our common stock for a period comparable to the performance period. The risk-free interest rates were interpolated from the Federal Reserve Bond Equivalent Yield rates for “on-the-run” U.S. Treasury securities. The following table summarizes performance-based restricted stock activity under our Equity Plan for 2016 and 2015 : Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested December 31, 2014 384,558 $ 6.75 Granted 154,505 18.78 Vested (184,666 ) 6.86 Forfeited (46,030 ) 5.10 Non-vested December 31, 2015 308,367 12.95 Granted 254,563 13.77 Vested (113,903 ) 7.10 Non-vested December 31, 2016 449,027 $ 14.90 $ 7,198 Director Stock Awards Made Pursuant to Our Equity Plan During the years ended December 31, 2016 and 2015 , we granted 32,180 and 30,440 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 2016 and 2015 , we issued 7,618 and 6,246 shares of common stock, respectively, for director fees. The fair value of director stock awards is calculated based on the market value of our common stock on the date of grant. Equity-Based Compensation Expense Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations for the years ended December 31, 2016 , 2015 , and 2014 was as follows (in thousands): 2016 2015 2014 Stock options $ 55 $ 633 $ 675 Time-based restricted stock 1,594 1,691 960 Performance-based restricted stock 2,107 1,957 1,483 Director stock 465 472 406 $ 4,221 $ 4,753 $ 3,524 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 $6.0 million at December 31, 2016 as follows (in thousands): Total 2017 2018 2019 2020 Time-based restricted stock $ 2,493 $ 1,503 $ 817 $ 163 $ 10 Performance-based restricted stock 3,555 2,192 1,168 195 — $ 6,048 $ 3,695 $ 1,985 $ 358 $ 10

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
BENEFIT PLANS	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, 2016 , 2015 and 2014 was $0.3 million , $0.2 million , and $0.2 million , respectively.

LOSS ON IMPAIRMENT OF ASSETS

LOSS ON IMPAIRMENT OF ASSETS	12 Months Ended
	Dec. 31, 2016
Asset Impairment Charges [Abstract]
LOSS ON IMPAIRMENT OF ASSETS	LOSS ON IMPAIRMENT OF ASSETS At December 31, 2016, we were under contract to sell the Courtyard by Marriott in El Paso, TX for $11.0 million . We recorded a loss on impairment of assets of $0.6 million related to this transaction during 2016. This hotel is one of the eight remaining Reinstated Hotels and is under contract to be sold to a third party that is unrelated to ARCH. During the year ended December 31, 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. During the year ended December 31, 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 our adoption of ASU No. 2014-08 and its operating results, including impairment charges, were included in discontinued operations. During the year ended December 31, 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 assets of $0.7 million related to a land parcel in Spokane, WA. These losses on impairment of assets were charged to operations.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We have elected to be taxed as a REIT. As a REIT, we are generally not subject to corporate level income taxes on taxable income we distribute to our shareholders. We believe we have met the annual REIT distribution requirement by distribution of at least 90% of our taxable income to our shareholders. Income related to our TRS is subject to federal, state and local taxes at applicable tax rates. Our consolidated tax provision includes the income tax provision related to the operations of the TRS as well as state and local income taxes related to the Operating Partnership. The components of income tax expense (benefit) for the years ended December 31, 2016 , 2015 , and 2014 are as follows (in thousands): 2016 2015 2014 Current: Federal $ 37 $ 81 $ 133 State and local 904 408 712 Deferred Federal (1,918 ) (159 ) — State and local (473 ) 223 (127 ) Income tax expense (benefit) $ (1,450 ) $ 553 $ 718 Income tax expense (benefit) From continuing operations $ (1,450 ) $ 553 $ 744 From discontinued operations — — (26 ) Income tax expense (benefit) $ (1,450 ) $ 553 $ 718 A reconciliation of the federal statutory rate to the effective income tax rate for the TRS is as follows (in thousands): 2016 2015 2014 Tax provision (benefit) at U.S. statutory rates on TRS income (loss) subject to tax $ (1,157 ) $ 2,345 $ 2,024 State income tax, net of federal income tax benefit 65 486 77 Provision to return and deferred adjustment (872 ) — — Effect of permanent differences and other 31 (161 ) 727 Decrease in valuation allowance — (2,448 ) (2,580 ) TRS income tax expense (benefit) $ (1,933 ) $ 222 $ 248 2016 2015 2014 Total provision (benefit) for TRS and Operating Partnership: TRS income tax expense (benefit) $ (1,933 ) $ 222 $ 248 Operating Partnership state and local income tax expense 483 331 470 Income tax expense (benefit) $ (1,450 ) $ 553 $ 718 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): 2016 2015 Tax carryforwards $ 767 $ 1,481 Investments — (1,349 ) Accrued expenses 1,744 — Other (8 ) (20 ) Net deferred tax assets $ 2,503 $ 112 Gross deferred tax assets $ 2,580 $ 1,515 Gross deferred tax liabilities (77 ) (1,403 ) Net deferred tax assets $ 2,503 $ 112 At December 31, 2015 , we reduced our valuation allowance to zero as we determined that it was more likely than not that our net deferred tax assets would be realized. The release of the valuation allowance resulted in a non-cash tax benefit of $0.1 million . During the year ended December 31, 2015, the TRS profits were offset by net operating loss carryforwards. As we had a valuation allowance against substantially all of our net deferred tax assets at December 31, 2014, the utilization of tax attributes to offset profits reduced the overall level of deferred tax assets subject to the valuation allowance. At December 31, 2015 , we had gross deferred tax assets of $1.5 million primarily related to net operating loss carryforwards and a $1.3 million deferred tax liability related to an investment in a joint venture. At December 31, 2016 , we had (i) U.S. federal net operating losses of $1.1 million which expire in 2033 (ii) state net operating losses of $2.6 million which expire beginning in 2027 and (iii) federal minimum tax credits of $0.2 million which do not expire. We had no unrecognized tax benefits at December 31, 2016 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 the years ended December 31, 2016 , 2015 or 2014 or in the Consolidated Balance Sheets as of December 31, 2016 or 2015 . 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 2013 .

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2016
Discontinued operations, held for sale or sold
Discontinued operations
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS We have adjusted our Consolidated Statements of Operations for the year ended December 31, 2014 to reflect the operations of hotel properties sold or classified as held for sale in discontinued operations. No such adjustment was made during the years ended December 31, 2016 or 2015 due to the adoption of ASU No. 2014-08. Discontinued operations for the year ended December 31, 2014 include the following hotel properties that have been sold: • 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 for the year ended December 31, 2014 is as follows (in thousands): 2014 Revenues $ 3,128 Hotel operating expenses (2,304 ) Depreciation and amortization (13 ) Loss on impairment of assets (400 ) Operating income 411 Gain on disposal of assets 55 Income before taxes 466 Income tax benefit 26 Income from discontinued operations $ 492 Income from discontinued operations attributable to non-controlling interest $ 6 Income from discontinued operations attributable to common stockholders $ 486

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested time-based restricted stock awards with 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, we had 846,000 stock options outstanding 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 years ended December 31, 2016 and 2015 due to their dilutive effect. The Common Units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income would also be added to derive net income attributable to common stockholders. For the years ended December 31, 2016, 2015, and 2014, we had unvested performance-based restricted stock awards of 409,068 shares, 194,463 shares and 256,373 shares, respectively, which were excluded from the denominator of the diluted earnings per share as the awards had not achieved the requisite performance conditions for vesting at each period end. Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts): 2016 2015 2014 Numerator: Income from continuing operations $ 108,261 $ 125,256 $ 20,431 Less: Preferred dividends (18,232 ) (16,588 ) (16,588 ) Premium on redemption of Series A Preferred Stock (2,125 ) — — Allocation to participating securities (342 ) (118 ) (94 ) Attributable to non-controlling interest (456 ) (819 ) (46 ) Income from continuing operations attributable to common stockholders 87,106 107,731 3,703 Income from discontinued operations attributable to common stockholders — — 486 Net income attributable to common stockholders, net of amount allocated to participating securities $ 87,106 $ 107,731 $ 4,189 Denominator: Weighted average common shares outstanding - basic 86,874 85,920 85,242 Dilutive effect of equity-based compensation awards 469 1,224 324 Weighted average common shares outstanding - diluted 87,343 87,144 85,566 Earnings per common share - basic: Net income from continuing operations $ 1.00 $ 1.25 $ 0.04 Net income from discontinued operations — — 0.01 Net income per common share $ 1.00 $ 1.25 $ 0.05 Earnings per common share - diluted: Net income from continuing operations $ 1.00 $ 1.24 $ 0.04 Net income from discontinued operations — — 0.01 Net income per common share $ 1.00 $ 1.24 $ 0.05

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data for the years ended December 31, 2016 and 2015 are as follows (in thousands, except per share amounts): 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 118,082 $ 127,195 $ 118,336 $ 110,322 Income from continuing operations $ 48,734 $ 21,955 $ 27,198 $ 10,374 Net income $ 48,734 $ 21,955 $ 27,198 $ 10,374 Net income attributable to Summit Hotel Properties, Inc. $ 48,485 $ 21,865 $ 27,083 $ 10,372 Earnings per share - Basic and diluted $ 0.51 $ 0.20 $ 0.25 $ 0.04 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 107,648 $ 120,677 $ 125,091 $ 110,039 Income from continuing operations $ 10,591 $ 16,301 $ 13,606 $ 84,758 Net income $ 10,591 $ 16,301 $ 13,606 $ 84,758 Net income attributable to Summit Hotel Properties, Inc. $ 10,534 $ 16,204 $ 13,540 $ 84,159 Earnings per share: Basic $ 0.07 $ 0.14 $ 0.11 $ 0.93 Diluted $ 0.07 $ 0.14 $ 0.11 $ 0.92

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Equity Transactions On January 1, 2017, we had 39,959 of our outstanding performance-based restricted stock awards granted pursuant to our Equity Plan vest. On January 24, 2017, our Board of Directors declared cash dividends of $0.1625 per share of common stock, $0.4921875 per share of 7.875% Series B Cumulative Redeemable Preferred Stock, $0.4453125 per share of 7.125% Series C Cumulative Redeemable Preferred Stock, and $0.403125 per share of 6.45% Series D Cumulative Redeemable Preferred Stock. These dividends are payable February 28, 2017 to stockholders of record on February 14, 2017.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Initial Cost Cost Capitalized Subsequent to Acquisition Total Cost Location Franchise Year Acquired/ Constructed Land Building & Improvements Land, Building & Improvements Land Building & Improvements Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation Mortgage Debt Arlington, TX Hyatt Place 2012 $ 650 $ 8,405 $ 1,541 $ 650 $ 9,946 $ 10,596 $ (2,721 ) $ 7,875 $ 27,473 (1) Arlington, TX Courtyard by Marriott 2012 1,497 13,503 2,070 1,497 15,573 17,070 (2,368 ) 14,702 Arlington, TX Residence Inn by Marriott 2012 1,646 13,854 1,586 1,646 15,440 17,086 (1,866 ) 15,220 Asheville, NC Hotel Indigo 2015 2,100 32,783 1,972 2,100 34,755 36,855 (1,924 ) 34,931 Atlanta, GA Hyatt Place 2006 1,154 9,605 2,600 1,154 12,205 13,359 (3,749 ) 9,610 6,588 Atlanta, GA Courtyard by Marriott 2012 2,050 26,850 1,119 2,050 27,969 30,019 (4,934 ) 25,085 Atlanta, GA Courtyard by Marriott 2015 4,046 33,795 356 4,046 34,151 38,197 (1,799 ) 36,398 Atlanta, GA Residence Inn by Marriott 2016 3,381 34,619 201 3,381 34,820 38,201 (1,115 ) 37,086 Austin, TX Hampton Inn and Suites 2014 — (2) 53,760 2,634 — 56,394 56,394 (4,250 ) 52,144 Baltimore, MD Hyatt Place 2012 2,100 8,135 1,664 2,100 9,799 11,899 (2,281 ) 9,618 21,291 (1) Baltimore, MD Residence Inn by Marriott 2015 — (2) 34,350 1,086 — 35,436 35,436 (1,863 ) 33,573 Birmingham, AL Hilton Garden Inn 2012 1,400 7,225 1,906 1,400 9,131 10,531 (2,485 ) 8,046 5,046 Birmingham, AL Hilton Garden Inn 2012 1,400 10,100 1,921 1,400 12,021 13,421 (2,404 ) 11,017 5,910 Bloomington, MN SpringHill Suites by Marriott 2007 1,658 14,071 690 1,658 14,761 16,419 (4,118 ) 12,301 Bloomington, MN Hampton Inn and Suites 2007 1,658 14,596 627 1,658 15,223 16,881 (4,409 ) 12,472 Boston, MA Hampton Inn 2015 2,000 22,000 1,922 2,000 23,922 25,922 (3,157 ) 22,765 Boulder, CO Marriott 2016 11,115 48,843 361 11,115 49,204 60,319 (800 ) 59,519 Branchburg, NJ Residence Inn by Marriott 2015 2,374 23,326 1,085 2,374 24,411 26,785 (1,316 ) 25,469 Charleston, WV Country Inn and Suites 2004 1,042 3,489 1,686 1,042 5,175 6,217 (2,140 ) 4,077 Charleston, WV Holiday Inn Express 2004 907 2,903 2,150 907 5,053 5,960 (2,351 ) 3,609 Chicago, IL Hyatt Place 2016 5,395 68,355 — 5,395 68,355 73,750 (511 ) 73,239 Denver, CO Hyatt Place 2012 1,300 9,230 2,474 1,300 11,704 13,004 (3,008 ) 9,996 (1) Denver, CO Hyatt Place 2012 2,000 9,515 2,435 2,000 11,950 13,950 (2,903 ) 11,047 (1) Denver, CO Hyatt House 2012 2,700 10,780 5,487 2,700 16,267 18,967 (3,419 ) 15,548 (1) Duluth, GA Holiday Inn 2011 — (2) 7,000 466 — 7,466 7,466 (1,896 ) 5,570 Duluth, GA Hilton Garden Inn 2011 2,200 11,150 1,544 2,200 12,694 14,894 (3,145 ) 11,749 (1) Eden Prairie, MN Hilton Garden Inn 2013 1,800 8,400 2,811 1,800 11,211 13,011 (2,030 ) 10,981 El Paso, TX Courtyard by Marriott 2011 1,640 10,710 368 1,640 11,078 12,718 (1,920 ) 10,798 Ft. Myers, FL Hyatt Place 2009 1,878 16,583 (3,917 ) 1,878 12,666 14,544 (2,425 ) 12,119 Ft. Worth, TX Hampton Inn 2007 1,500 8,184 953 1,500 9,137 10,637 (2,442 ) 8,195 23,394 (1) Ft. Worth, TX Fairfield Inn and Suites by Marriott 2004 553 2,698 3,177 553 5,875 6,428 (2,576 ) 3,852 Ft. Worth, TX Hilton Garden Inn 2012 903 6,226 3,584 903 9,810 10,713 (2,229 ) 8,484 23,889 (1) Garden City, NY (3) Hyatt Place 2012 4,200 26,800 975 4,200 27,775 31,975 (2,922 ) 29,053 Germantown, TN Courtyard by Marriott 2005 1,860 5,448 2,014 1,860 7,462 9,322 (2,315 ) 7,007 Germantown, TN Fairfield Inn and Suites by Marriott 2005 767 2,700 2,206 767 4,906 5,673 (1,175 ) 4,498 Germantown, TN Residence Inn by Marriott 2005 1,083 5,200 2,281 1,083 7,481 8,564 (1,981 ) 6,583 Initial Cost Cost Capitalized Subsequent to Acquisition Total Cost Location Franchise Year Acquired/ Constructed Land Building & Improvements Land, Building & Improvements Land Building & Improvements Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation Mortgage Debt Glendale, CO Staybridge Suites 2011 2,100 7,900 2,251 2,100 10,151 12,251 (2,541 ) 9,710 Goleta, CA Hampton Inn 2014 4,100 23,800 2,391 4,100 26,191 30,291 (2,591 ) 27,700 11,303 Greenville, SC Hilton Garden Inn 2013 1,200 14,050 516 1,200 14,566 15,766 (2,079 ) 13,687 (1) Hoffman Estates, IL Hyatt Place 2013 1,900 7,330 1,587 1,900 8,917 10,817 (2,162 ) 8,655 20,626 (1) Houston, TX Hilton Garden Inn 2014 — (2) 38,492 3,346 — 41,838 41,838 (5,278 ) 36,560 Houston, TX Hilton Garden Inn 2014 2,800 33,200 577 2,800 33,777 36,577 (2,343 ) 34,234 16,970 Indianapolis, IN SpringHill Suites by Marriott 2013 4,012 26,193 1,717 4,012 27,910 31,922 (3,500 ) 28,422 41,328 (1) Indianapolis, IN Courtyard by Marriott 2013 7,788 50,846 3,538 7,788 54,384 62,172 (6,838 ) 55,334 (1) Jackson, MS Courtyard by Marriott 2005 1,301 7,322 2,332 1,301 9,654 10,955 (3,572 ) 7,383 Jackson, MS Staybridge Suites 2007 698 8,454 1,766 698 10,220 10,918 (2,428 ) 8,490 Lombard, IL Hyatt Place 2012 1,550 15,475 1,876 1,550 17,351 18,901 (3,831 ) 15,070 (1) Louisville, KY Fairfield Inn and Suites by Marriott 2013 3,120 21,903 2,328 3,120 24,231 27,351 (3,814 ) 23,537 36,741 (1) Louisville, KY SpringHill Suites by Marriott 2013 4,880 34,258 3,103 4,880 37,361 42,241 (6,295 ) 35,946 (1) Miami, FL Hyatt House 2015 4,926 34,074 6,013 4,926 40,087 45,013 (2,819 ) 42,194 Minneapolis, MN Hyatt Place 2013 — 32,506 1,520 — 34,026 34,026 (3,955 ) 30,071 Minneapolis, MN Hampton Inn and Suites 2015 3,500 35,339 96 3,500 35,435 38,935 (3,063 ) 35,872 Minnetonka, MN Holiday Inn Express and Suites 2013 1,000 5,900 1,762 1,000 7,662 8,662 (1,556 ) 7,106 Nashville, TN SpringHill Suites by Marriott 2004 777 3,576 2,022 777 5,598 6,375 (2,672 ) 3,703 Nashville, TN Courtyard by Marriott 2016 8,792 62,869 (110 ) 8,792 62,759 71,551 (2,002 ) 69,549 New Orleans, LA Courtyard by Marriott 2013 1,944 23,739 1,381 1,944 25,120 27,064 (4,768 ) 22,296 New Orleans, LA Courtyard by Marriott 2013 1,860 21,679 3,489 1,860 25,168 27,028 (4,367 ) 22,661 (1) New Orleans, LA Courtyard by Marriott 2013 2,490 28,337 5,883 2,490 34,220 36,710 (5,759 ) 30,951 New Orleans, LA Residence Inn by Marriott 2013 1,790 18,099 5,287 1,790 23,386 25,176 (3,197 ) 21,979 (1) New Orleans, LA SpringHill Suites by Marriott 2013 2,046 31,049 2,221 2,046 33,270 35,316 (5,165 ) 30,151 Orlando, FL Hyatt Place 2013 3,100 9,152 2,191 3,100 11,343 14,443 (3,270 ) 11,173 (1) Orlando, FL Hyatt Place 2013 5,516 9,043 2,178 5,516 11,221 16,737 (3,226 ) 13,511 (1) Phoenix, AZ Hyatt Place 2012 582 4,438 709 582 5,147 5,729 (1,091 ) 4,638 Portland, OR Hyatt Place 2009 — (2) 16,713 (2,013 ) — 14,700 14,700 (2,525 ) 12,175 Portland, OR Residence Inn by Marriott 2009 — (2) 16,409 (780 ) — 15,629 15,629 (3,300 ) 12,329 18,578 Provo, UT Hampton Inn 2004 909 2,862 2,154 909 5,016 5,925 (2,568 ) 3,357 Ridgeland, MS Residence Inn by Marriott 2007 1,050 10,040 (387 ) 1,050 9,653 10,703 (1,868 ) 8,835 Ridgeland, MS Homewood Suites 2011 1,314 6,036 1,786 1,314 7,822 9,136 (1,630 ) 7,506 Salt Lake City, UT Residence Inn by Marriott 2012 2,392 17,567 7,152 2,392 24,719 27,111 (4,892 ) 22,219 San Diego, CA Hampton Inn and Suites 2013 2,300 12,850 1,878 2,300 14,728 17,028 (1,667 ) 15,361 (1) San Francisco, CA Holiday Inn Express and Suites 2013 15,545 44,955 4,514 15,545 49,469 65,014 (8,240 ) 56,774 San Francisco, CA DoubleTree 2014 3,300 35,760 3,926 3,300 39,686 42,986 (5,342 ) 37,644 San Francisco, CA Four Points by Sheraton 2014 1,200 20,050 1,347 1,200 21,397 22,597 (3,145 ) 19,452 Initial Cost Cost Capitalized Subsequent to Acquisition Total Cost Location Franchise Year Acquired/ Constructed Land Building & Improvements Land, Building & Improvements Land Building & Improvements Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation Mortgage Debt Sandy, UT Holiday Inn Express and Suites 2004 720 1,768 1,437 720 3,205 3,925 (1,467 ) 2,458 37,042 Scottsdale, AZ Hyatt Place 2012 1,500 9,030 1,141 1,500 10,171 11,671 (2,458 ) 9,213 (1) Scottsdale, AZ Courtyard by Marriott 2004 3,225 10,152 2,419 3,225 12,571 15,796 (5,352 ) 10,444 8,912 Scottsdale, AZ SpringHill Suites by Marriott 2004 2,195 7,120 2,376 2,195 9,496 11,691 (4,464 ) 7,227 4,798 Smyrna, TN Hampton Inn and Suites 2012 1,145 6,855 2,430 1,145 9,285 10,430 (1,873 ) 8,557 Smyrna, TN Hilton Garden Inn 2012 1,188 10,312 2,099 1,188 12,411 13,599 (2,263 ) 11,336 7,661 Ventura, CA Hampton Inn and Suites 2013 2,200 13,550 3,816 2,200 17,366 19,566 (2,334 ) 17,232 (1) Yrbor City, FL Hampton Inn and Suites 2012 3,600 17,244 3,122 3,600 20,366 23,966 (2,771 ) 21,195 (1) Austin, TX Corporate Office 2012 — 210 3,482 — 3,692 3,692 (472 ) 3,220 Land Parcels 8,105 — (2,545 ) 5,560 — 5,560 — 5,560 $ 197,617 $ 1,493,697 $ 157,359 $ 195,072 $ 1,653,601 $ 1,848,673 $ (241,760 ) $ 1,606,913 $ 317,550 (1) Properties cross-collateralize the related loan, refer to "Note 5 - Debt" in the Consolidated Financial Statements. (2) Properties subject to ground lease, refer to "Note 9 - Commitments and Contingencies" in the Consolidated Financial Statements. (3) Property subject to a PILOT lease, refer to "Note 9 - Commitments and Contingencies" in the Consolidated Financial Statements. (a) ASSET BASIS 2016 2015 2014 Reconciliation of land, buildings and improvements: Balance at beginning of period $ 1,683,803 $ 1,527,569 $ 1,349,088 Additions to land, buildings and improvements 290,486 273,902 263,182 Disposition of land, buildings and improvements (125,039 ) (116,553 ) (75,454 ) Impairment loss (577 ) (1,115 ) (9,247 ) Balance at end of period $ 1,848,673 $ 1,683,803 $ 1,527,569 (b) ACCUMULATED DEPRECIATION 2016 2015 2014 Reconciliation of accumulated depreciation: Balance at beginning of period $ 212,207 $ 179,455 $ 173,149 Depreciation 72,063 63,675 63,669 Depreciation on assets sold or disposed (42,510 ) (30,923 ) (57,363 ) Balance at end of period $ 241,760 $ 212,207 $ 179,455 (c) The aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes is approximately $1,384.1 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 - Debt" to the Consolidated Financial Statements. (f) The negative balance for costs capitalized subsequent to acquisition include out-parcels sold, disposal of assets, and recorded impairment losses. (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, 2016
Accounting Policies [Abstract]
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 on the acquisition date. 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. 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 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 as part of our investment in the hotel property during the construction 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 we consider for an impairment analysis include, among others: i) significant underperformance relative to historical or anticipated 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 carrying amount of the asset is recoverable. If an impairment is identified, 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 its estimated 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	Assets Held for Sale 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. Based on our review, we periodically market properties for sale that no longer meet our investment criteria.
Variable Interest Entities	Variable Interest Entities 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 real estate 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 a VIE until legal title is transferred to us upon completion of the 1031 Exchange.
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 lender or other party requiring the restricted cash reserves.
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 guestrooms 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
Deferred Charges, net	Deferred Charges, net Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method.
Deferred Financing Fees	Deferred Financing Fees In accordance with ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , debt issuance costs are presented as a direct deduction from the carrying value of the debt liability on the Consolidated Balance Sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method. All periods have been reclassified to conform to this presentation.
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 attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations. Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties.
Revenue Recognition	Revenue Recognition We recognize revenue when guestrooms are occupied and services have been rendered or fees are earned. Revenues are recorded net of any sales and other taxes collected from customers. All 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.
Occupancy, Sales and Other Taxes	Occupancy, Sales and Other Taxes We have operations in states and municipalities that impose occupancy, sales and 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 (as amended, 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 time-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 . 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 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 in current earnings in Other Income (Expense) in the Consolidated Statements of Operations.
Income Taxes	Income Taxes Fai
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 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, such as the reporting of deferred financing costs, have been reclassified to conform to the current presentation primarily as a result of adopting new accounting standards in the current year. Reclassifications had no net effect on the Company’s previously reported financial position or results of operations.
New Accounting Standards	New Accounting Standards In May 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. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. We have begun to evaluate each of our revenue streams under the new model. Based on preliminary assessments, we do not expect the adoption of ASU No. 2014-09 to have a material effect on our financial position or our results of operations. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which enhances the reporting requirements surrounding the measurement of financial instruments and requires equity securities to be measured at fair value with changes in the fair value recognized through net income for the period. ASU No. 2016-01 is effective for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2016-01 will not have a material effect on our financial position or our results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases , which changes lessee accounting to reflect the financial liability and right-of-use assets that are inherent to leasing an asset on the balance sheet. ASU No. 2016-02 is effective for our fiscal year commencing on January 1, 2019, but early adoption is permitted. We anticipate that we will adopt ASU No. 2016-02 for our fiscal year commencing on January 1, 2019. We expect to apply the modified retrospective approach such that we will account for leases that commenced before the effective date of ASU No. 2016-02 in accordance with previous GAAP unless the lease is modified, except we will recognize right-of-use assets and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The effect that the adoption of ASU No. 2016-02 will have on our financial position or results of operations is not currently reasonably estimable. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies the accounting for income taxes for certain equity-based awards to employees. ASU No. 2016-09 is effective for our fiscal year commencing on January 1, 2017. The adoption of ASU No. 2016-09 will not have a material effect on our financial position or our results of operations. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses the Statement of Cash Flow classification and presentation of certain cash transactions. ASU No. 2016-15 is effective for our fiscal year commencing on January 1, 2018. The effect of this amendment is to be applied retrospectively where practical and early adoption is permitted. We expect to adopt ASU No. 2016-15 for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2016-15 will not have a material effect on our financial position or our results of operations. In October 2016, the FASB issued ASU No. 2016-17, Interest Held Through Related Parties That Are Under Common Control , which amends the accounting guidance when determining the treatment of certain VIEs to include the interest of related parties under common control in a VIE when considering whether or not the reporting entity is the primary beneficiary of the VIE when considering consolidation. ASU No. 2016-17 is effective for our fiscal year commencing on January 1, 2017. The adoption of ASU No. 2016-17 will not have a material effect on our financial position or our results of operations. In November 2016, the FASB issued ASU No. 2016-18, Classification of Restricted Cash , which addresses the Statement of Cash Flow classification and presentation of restricted cash transactions. ASU No. 2016-18 is effective for our fiscal year commencing on January 1, 2018. The effect of this amendment is to be applied retrospectively and early adoption is permitted. We expect to adopt ASU No. 2016-18 for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2016-18 will not have a material effect on our financial position or our results of operations. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as an acquisition of assets or a business. ASU No. 2017-01 is effective for our fiscal year commencing on January 1, 2018. The effect of this guidance is to be applied prospectively and early adoption is permitted. We are evaluating early adoption of ASU No. 2017-01 for our fiscal year commencing on January 1, 2017. The adoption of ASU No. 2017-01 will not have a material effect on our financial position or our results of operations.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of estimated useful lives of hotel properties and related assets	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

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of investment in hotel properties, net	Investment in hotel properties, net at December 31, 2016 and 2015 include (in thousands): 2016 2015 Land $ 178,423 $ 149,996 Hotel buildings and improvements 1,433,389 1,222,017 Construction in progress 22,490 6,555 Furniture, fixtures and equipment 129,437 123,332 1,763,739 1,501,900 Less - accumulated depreciation (224,871 ) (168,493 ) $ 1,538,868 $ 1,333,407
Schedule of hotel property acquisitions	Hotel property acquisitions in 2016 and 2015 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Price Year Ended December 31, 2016 January 19 Courtyard by Marriott Nashville, TN 226 $ 71,000 January 20 Residence Inn Atlanta, GA 160 38,000 August 9 Marriott Boulder, CO 157 61,400 October 28 Hyatt Place (1) Chicago, IL 206 73,750 749 $ 244,150 (2) Year Ended December 31, 2015 April 13 Hampton Inn & Suites Minneapolis, MN 211 $ 38,951 June 18 Hampton Inn Boston (Norwood), MA 139 24,000 June 30 Hotel Indigo Asheville, NC 115 35,000 July 24 Residence Inn Branchburg, NJ 101 25,700 July 24 Residence Inn Baltimore (Hunt Valley), MD 141 31,100 October 19 Hyatt House Miami, FL 156 39,000 October 20 Courtyard by Marriott Atlanta (Decatur), GA 179 44,000 1,042 $ 237,751 (3) (1) This hotel was a Parked Asset at December 31, 2016 pending the completion of a reverse 1031 Exchange related to the sale of certain properties. See “Note 2 — Summary of Significant Accounting Policies — Variable Interest Entities” to these Consolidated Financial Statements. As such, the legal title to this Parked Asset was held by a qualified intermediary engaged to execute 1031 Exchanges. We retain 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, 2016 and Consolidated Statement of Operations for the year then ended as a VIE until legal title is transferred to us upon completion of the 1031 Exchange. (2) The net assets acquired totaled $244.7 million due to the purchase at settlement of $0.6 million of net working capital assets. (3) The net assets acquired totaled $237.9 million due to the purchase at settlement of $0.1 million of net working capital assets.
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): 2016 2015 Land $ 28,683 $ 18,947 Hotel buildings and improvements 207,433 208,864 Furniture, fixtures and equipment 8,081 6,803 Other assets 1,240 7,072 Total assets acquired 245,437 241,686 Less lease liability assumed — (3,250 ) Less other liabilities (723 ) (577 ) Net assets acquired $ 244,714 $ 237,859
Schedule of total revenues and net income for hotel properties acquired	Total revenues and net income for hotel properties acquired in 2016 and 2015 , which are included in our Consolidated Statements of Operations for the years ended December 31, 2016 and 2015 , are as follows (in thousands): 2016 Acquisitions 2015 Acquisitions 2016 2016 2015 Revenues $ 28,560 $ 52,196 $ 22,811 Net income $ 6,992 $ 5,816 $ 3,317
Schedule of unaudited condensed pro forma financial information	The unaudited condensed pro forma financial information for 2016 and 2015 is as follows (in thousands, except per share): 2016 2015 (unaudited) Revenues $ 484,989 $ 460,422 Net income (1) $ 66,099 $ 62,432 Net income attributable to common stockholders, net of amount allocated to participating securities (1) $ 45,319 $ 45,381 Net income per share attributable to common stockholders (1) : Basic $ 0.52 $ 0.53 Diluted $ 0.52 $ 0.52 (1) The pro forma amounts exclude the $49.8 million and $66.6 million pre-tax gain on the sale of hotel properties during the years ended December 31, 2016 and 2015, respectively.
Assets held for sale | Hotel properties and land parcels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of assets held for sale	Assets held for sale at December 31, 2016 and 2015 include the following (in thousands): 2016 2015 Land $ 10,907 $ 24,250 Hotel building and improvements 44,718 97,249 Furniture, fixtures and equipment 6,649 10,906 Construction in progress 29 42 Franchise fees 392 691 $ 62,695 $ 133,138
Assets held for sale | Portfolio of Hotels, ARCH Agreements
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of assets held for sale	Hotel Location Guestrooms Courtyard by Marriott Jackson, MS 117 Courtyard by Marriott Germantown, TN 93 Courtyard by Marriott El Paso, TX 90 Fairfield Inn & Suites Germantown, TN 80 Homewood Suites Ridgeland, MS 91 Residence Inn Jackson, MS 100 Residence Inn Germantown, TN 78 Staybridge Suites Ridgeland, MS 92 741

SUPPLEMENTAL BALANCE SHEET IN29

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Schedule of Investment in Real Estate Loans	Investment in real estate loans, net at December 31, 2016 and 2015 includes (in thousands): 2016 2015 Real estate loan $ 10,085 $ 10,085 ARCH Loan (net of deferred gain of $15.0 million at December 31, 2016) 7,500 — Seller-financing note — 2,718 $ 17,585 $ 12,803
Schedule of restricted cash	Restricted cash at December 31, 2016 and 2015 was as follows (in thousands): 2016 2015 FF&E reserves $ 22,000 $ 18,997 Property taxes 2,220 2,758 Other 661 1,318 $ 24,881 $ 23,073
Schedule of prepaid expenses and other	Prepaid expenses and other at December 31, 2016 and 2015 was as follows (in thousands): 2016 2015 Prepaid insurance $ 2,218 $ 813 Escrow deposits — 10,046 Other 4,256 4,422 $ 6,474 $ 15,281
Schedule of deferred charges	Deferred charges at December 31, 2016 and 2015 were as follows (in thousands): 2016 2015 Initial franchise fees $ 5,101 $ 4,760 Less - accumulated amortization (1,374 ) (1,132 ) Total $ 3,727 $ 3,628
Schedule of other assets	Other assets at December 31, 2016 and 2015 was as follows (in thousands): 2016 2015 Acquired intangible assets $ 6,254 $ 6,122 Prepaid land lease 3,275 3,325 Deferred tax asset, net 2,503 112 $ 12,032 $ 9,559
Schedule of future amortization expense	Future amortization expense is expected to be as follows (in thousands): 2017 $ 471 2018 350 2019 213 2020 190 2021 190 Thereafter 4,840 $ 6,254
Schedule of accrued expenses	Accrued expenses and other at December 31, 2016 and 2015 was as follows (in thousands): 2016 2015 Accrued property, sales and income taxes $ 11,171 $ 12,901 Accrued salaries and benefits 10,802 9,366 Accrued interest 1,655 1,862 Acquired unfavorable leases 4,812 4,907 Accrued expenses at hotels 12,356 10,536 Other 6,084 2,602 $ 46,880 $ 42,174

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	At December 31, 2016 and 2015 our outstanding indebtedness was as follows (in thousands): Lender Reference Interest Rate Amortization Period (Years) Maturity Date Number of Properties Encumbered Balance at December 31, 12/31/2016 2016 2015 $450 Million Senior Unsecured Credit Facility Deutsche Bank AG New York Branch $300 Million Revolver 2.27% Variable n/a March 31, 2020 n/a $ 50,000 $ — $150 Million Term Loan (1) 2.86% Variable n/a March 31, 2021 n/a 150,000 — Total Senior Unsecured Credit Facility 200,000 — $300 Million Senior Unsecured Credit Facility Deutsche Bank AG New York Branch $225 Million Revolver n/a n/a October 10, 2017 n/a $ — $ 95,000 $75 Million Term Loan n/a n/a October 10, 2018 n/a — 75,000 Total Former Unsecured Credit Facility — 170,000 Unsecured Term Loan KeyBank National Association, as Administrative Agent Term Loan 2.57% Variable n/a April 7, 2022 n/a 140,000 140,000 Secured Mortgage Indebtedness Voya (formerly ING Life Insurance and Annuity) (2) 5.18% Fixed 20 March 1, 2019 2 41,328 42,574 (2) 5.18% Fixed 20 March 1, 2019 4 37,042 38,159 (2) 5.18% Fixed 20 March 1, 2019 3 23,889 24,610 (2) 5.18% Fixed 20 March 1, 2019 1 16,970 17,482 KeyBank National Association (3) 4.46% Fixed 30 February 1, 2023 4 27,473 27,991 (4) 4.52% Fixed 30 April 1, 2023 3 21,291 21,683 (5) 4.30% Fixed 30 April 1, 2023 3 20,626 21,022 (6) 4.95% Fixed 30 August 1, 2023 2 36,741 37,352 Bank of America Commercial Mortgage (7) 6.41% Fixed 25 September 1, 2017 1 7,661 7,916 Merrill Lynch Mortgage Lending Inc. (8) n/a 30 August 1, 2016 n/a — 5,047 Western Alliance Bank (formerly GE Capital Financial Inc.) (9) 5.39% Fixed 25 April 1, 2020 1 8,912 9,110 (9) 5.39% Fixed 25 April 1, 2020 1 4,798 4,905 MetaBank (10) 4.25% Fixed 20 August 1, 2018 1 6,588 6,852 Bank of Cascades (11) 2.77% Variable 25 December 19, 2024 1 9,289 9,556 (11) 4.30% Fixed 25 December 19, 2024 — 9,289 9,556 Goldman Sachs (12) n/a 25 July 6, 2016 n/a — 13,467 Compass Bank (13) 3.17% Variable 25 May 6, 2020 3 23,394 24,015 Western Alliance Bank (formerly GE Capital Corp) (14) 5.39% Fixed 25 April 1, 2020 1 5,910 5,160 (14) 5.39% Fixed 25 April 1, 2020 1 5,046 6,041 (15) n/a 20 April 1, 2018 n/a — 5,852 U.S. Bank, NA (16) n/a 30 November 1, 2016 n/a — 17,179 (17) 6.13% Fixed 25 November 11, 2021 1 11,303 11,567 Total Mortgage Loans 33 317,550 367,096 Total Debt 657,550 677,096 Unamortized debt issuance costs (5,136 ) (5,560 ) Debt, net of issuance costs $ 652,414 $ 671,536 (1) Our interest rate swap fixed a portion of the interest on this loan. See "Note 6 - Derivative Financial Instruments and Hedging." (2) On September 24, 2015, we modified an existing term loan collateralized by properties sold in 2015 to substitute collateral with properties not included in the sale in order to avoid significant yield maintenance costs associated with an early pay-off. We now have four term loans with Voya with an aggregate principal amount of $119.2 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. (3) 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. (4) 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. (5) 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. (6) 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. (7) 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. (8) On June 21, 2012, we assumed a loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan was repaid in 2016. There were no prepayment penalties incurred in this transaction. (9) 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. (10) 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. (11) 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 4.3% . Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loans are secured by the same collateral and cross-defaulted. (12) This loan was secured by the SpringHill Suites by Marriott and the Hampton Inn & Suites in Bloomington, MN. This loan was repaid in 2016. There were no prepayment penalties incurred in this transaction. (13) 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. (14) 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. (15) This loan was secured by the SpringHill Suites by Marriott in Denver, CO. In anticipation of the ARCH Second Closing the interest rate swap was settled in 2015. This loan was repaid in 2016. There were no prepayment penalties incurred in this transaction. (16) 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. This loan was repaid in 2016. There were no prepayment penalties incurred in this transaction. (17) 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.
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, 2016 and 2015 , after giving effect to our $75.0 million interest rate derivative, is as follows (in thousands): 2016 2015 Fixed-rate debt $ 359,867 $ 402,673 Variable-rate debt 297,683 274,423 $ 657,550 $ 677,096
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): 2017 $ 15,828 2018 14,557 2019 166,136 2020 197,049 2021 13,017 Thereafter 250,963 $ 657,550
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): 2016 2015 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ 284,867 $ 283,416 $ 327,673 $ 321,841 Level 2 - Market approach

DERIVATIVE FINANCIAL INSTRUME31

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative financial instruments	Information about our derivative financial instrument at December 31, 2016 and 2015 is as follows (dollar amounts in thousands): December 31, 2016 December 31, 2015 Number of Notional Fair Value Number of Notional Fair Value Interest rate swaps (liability) 1 $ 75,000 $ (1,118 ) 1 $ 75,000 $ (1,811 ) 1 $ 75,000 $ (1,118 ) 1 $ 75,000 $ (1,811 )
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): 2016 2015 2014 Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion) $ (497 ) $ (1,846 ) $ (2,112 ) Loss reclassified from accumulated other comprehensive income to interest expense (effective portion) $ (1,190 ) $ (1,927 ) $ (1,741 ) Loss recognized in Other Expense (ineffective portion) $ — $ (1 ) $ (1 )

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Schedule of Common Stock Activity	Changes in common stock during the years ended December 31, 2016 and 2015 were as follows: 2016 2015 Beginning common shares outstanding 86,793,521 86,149,720 Common stock issued 6,151,514 — Grants under the Equity Plan 446,686 320,845 Common Unit redemptions 119,308 268,947 Exercise of stock options 37,684 99,738 Annual grants to independent directors 32,180 30,440 Common stock issued for director fees 7,618 6,246 Forfeitures (1,420 ) (46,030 ) Shares retained for employee tax withholding requirements (61,622 ) (36,385 ) Ending common shares outstanding 93,525,469 86,793,521

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
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 Measurement at December 31, 2016 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 1,118 $ — $ 1,118 Fair Value Measurement at December 31, 2015 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 1,811 $ — $ 1,811

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
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): 2017 $ 1,505 2018 1,757 2019 1,748 2020 1,817 2021 1,831 Thereafter 106,232 $ 114,890

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2016
Equity-based compensation
Schedule of assumptions used to estimate fair value of stock options granted	The fair value of stock options granted was estimated using a Black-Scholes valuation model and the following assumptions: Expected dividend yield 5.09 % Expected stock price volatility 56.6 % Risk-free interest rate 2.57 % Expected life of options (in years) 6.5 Weighted average estimated fair value of options at grant date per share 3.48
Summary of stock option activity	The following table summarizes stock option activity under our Equity Plan: 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, 2014 846,000 $ 9.75 Exercised (376,000 ) 9.75 Outstanding at December 31, 2015 470,000 9.75 Exercised (235,000 ) 9.75 Outstanding at December 31, 2016 235,000 $ 9.75 4.2 $ 1,476 Exercisable at December 31, 2016 235,000 $ 9.75 4.2 $ 1,476
Schedule of equity-based compensation expense	Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations for the years ended December 31, 2016 , 2015 , and 2014 was as follows (in thousands): 2016 2015 2014 Stock options $ 55 $ 633 $ 675 Time-based restricted stock 1,594 1,691 960 Performance-based restricted stock 2,107 1,957 1,483 Director stock 465 472 406 $ 4,221 $ 4,753 $ 3,524
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 $6.0 million at December 31, 2016 as follows (in thousands): Total 2017 2018 2019 2020 Time-based restricted stock $ 2,493 $ 1,503 $ 817 $ 163 $ 10 Performance-based restricted stock 3,555 2,192 1,168 195 — $ 6,048 $ 3,695 $ 1,985 $ 358 $ 10
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, 2014 181,116 $ 9.81 Granted 166,340 13.53 Vested (97,445 ) 10.46 Non-vested December 31, 2015 250,011 12.03 Granted 192,123 11.36 Vested (82,869 ) 11.06 Forfeited (1,420 ) 10.27 Non-vested December 31, 2016 357,845 $ 11.90 $ 5,736
Restricted Stock Awards | Performance-Based
Equity-based compensation
Schedule of assumptions used estimate fair value of performance-based restricted stock awards granted	The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions: 2016 2015 Expected dividend yield 4.01 % 3.42 % Expected stock price volatility 24.2 % 22.2 % Risk-free interest rate 1.04 % 1.02 % Monte Carlo iterations 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 13.77 $ 18.78
Summary of restricted stock activity	The following table summarizes performance-based restricted stock activity under our Equity Plan for 2016 and 2015 : Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested December 31, 2014 384,558 $ 6.75 Granted 154,505 18.78 Vested (184,666 ) 6.86 Forfeited (46,030 ) 5.10 Non-vested December 31, 2015 308,367 12.95 Granted 254,563 13.77 Vested (113,903 ) 7.10 Non-vested December 31, 2016 449,027 $ 14.90 $ 7,198

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income taxes
Schedule of components of income tax expense and total provision (benefit) for TRS and Operating Partnership	The components of income tax expense (benefit) for the years ended December 31, 2016 , 2015 , and 2014 are as follows (in thousands): 2016 2015 2014 Current: Federal $ 37 $ 81 $ 133 State and local 904 408 712 Deferred Federal (1,918 ) (159 ) — State and local (473 ) 223 (127 ) Income tax expense (benefit) $ (1,450 ) $ 553 $ 718 Income tax expense (benefit) From continuing operations $ (1,450 ) $ 553 $ 744 From discontinued operations — — (26 ) Income tax expense (benefit) $ (1,450 ) $ 553 $ 718
Schedule of significant components of deferred tax assets (liabilities)	Significant components of deferred tax assets (liabilities) are as follows (in thousands): 2016 2015 Tax carryforwards $ 767 $ 1,481 Investments — (1,349 ) Accrued expenses 1,744 — Other (8 ) (20 ) Net deferred tax assets $ 2,503 $ 112 Gross deferred tax assets $ 2,580 $ 1,515 Gross deferred tax liabilities (77 ) (1,403 ) Net deferred tax assets $ 2,503 $ 112
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 is as follows (in thousands): 2016 2015 2014 Tax provision (benefit) at U.S. statutory rates on TRS income (loss) subject to tax $ (1,157 ) $ 2,345 $ 2,024 State income tax, net of federal income tax benefit 65 486 77 Provision to return and deferred adjustment (872 ) — — Effect of permanent differences and other 31 (161 ) 727 Decrease in valuation allowance — (2,448 ) (2,580 ) TRS income tax expense (benefit) $ (1,933 ) $ 222 $ 248
TRS and Operating Partnership
Income taxes
Schedule of components of income tax expense and total provision (benefit) for TRS and Operating Partnership	2016 2015 2014 Total provision (benefit) for TRS and Operating Partnership: TRS income tax expense (benefit) $ (1,933 ) $ 222 $ 248 Operating Partnership state and local income tax expense 483 331 470 Income tax expense (benefit) $ (1,450 ) $ 553 $ 718

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
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 for the year ended December 31, 2014 is as follows (in thousands): 2014 Revenues $ 3,128 Hotel operating expenses (2,304 ) Depreciation and amortization (13 ) Loss on impairment of assets (400 ) Operating income 411 Gain on disposal of assets 55 Income before taxes 466 Income tax benefit 26 Income from discontinued operations $ 492 Income from discontinued operations attributable to non-controlling interest $ 6 Income from discontinued operations attributable to common stockholders $ 486

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
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): 2016 2015 2014 Numerator: Income from continuing operations $ 108,261 $ 125,256 $ 20,431 Less: Preferred dividends (18,232 ) (16,588 ) (16,588 ) Premium on redemption of Series A Preferred Stock (2,125 ) — — Allocation to participating securities (342 ) (118 ) (94 ) Attributable to non-controlling interest (456 ) (819 ) (46 ) Income from continuing operations attributable to common stockholders 87,106 107,731 3,703 Income from discontinued operations attributable to common stockholders — — 486 Net income attributable to common stockholders, net of amount allocated to participating securities $ 87,106 $ 107,731 $ 4,189 Denominator: Weighted average common shares outstanding - basic 86,874 85,920 85,242 Dilutive effect of equity-based compensation awards 469 1,224 324 Weighted average common shares outstanding - diluted 87,343 87,144 85,566 Earnings per common share - basic: Net income from continuing operations $ 1.00 $ 1.25 $ 0.04 Net income from discontinued operations — — 0.01 Net income per common share $ 1.00 $ 1.25 $ 0.05 Earnings per common share - diluted: Net income from continuing operations $ 1.00 $ 1.24 $ 0.04 Net income from discontinued operations — — 0.01 Net income per common share $ 1.00 $ 1.24 $ 0.05

SELECTED QUARTERLY FINANCIAL 39

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of selected consolidated quarterly financial data	Selected quarterly financial data for the years ended December 31, 2016 and 2015 are as follows (in thousands, except per share amounts): 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 118,082 $ 127,195 $ 118,336 $ 110,322 Income from continuing operations $ 48,734 $ 21,955 $ 27,198 $ 10,374 Net income $ 48,734 $ 21,955 $ 27,198 $ 10,374 Net income attributable to Summit Hotel Properties, Inc. $ 48,485 $ 21,865 $ 27,083 $ 10,372 Earnings per share - Basic and diluted $ 0.51 $ 0.20 $ 0.25 $ 0.04 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 107,648 $ 120,677 $ 125,091 $ 110,039 Income from continuing operations $ 10,591 $ 16,301 $ 13,606 $ 84,758 Net income $ 10,591 $ 16,301 $ 13,606 $ 84,758 Net income attributable to Summit Hotel Properties, Inc. $ 10,534 $ 16,204 $ 13,540 $ 84,159 Earnings per share: Basic $ 0.07 $ 0.14 $ 0.11 $ 0.93 Diluted $ 0.07 $ 0.14 $ 0.11 $ 0.92

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2016RoomStateProperty
Properties
Number of states in which hotel properties are located | State	23
Hotels
Properties
Number of upscale and upper midscale hotel properties owned | Property	81
Number of guestrooms | Room	10,957
Operating Partnership state and local income tax expense | 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, 2016Segment
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, 2016
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 - Trade Receivables and Credit Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.1	$ 0.1
Bad debt expense	$ 0.6	$ 0.3	$ 0.4

INVESTMENT IN HOTEL PROPERTIE44

INVESTMENT IN HOTEL PROPERTIES - Investment in Hotel Properties, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 1,763,739	$ 1,501,900
Less accumulated depreciation	(224,871)	(168,493)
Investment in hotel properties, net	1,538,868	1,333,407
Depreciation expense	72,100	63,700	$ 63,300
Land
Investment in Hotel Properties, net
Investment in hotel properties at cost	178,423	149,996
Hotel buildings and improvements
Investment in Hotel Properties, net
Investment in hotel properties at cost	1,433,389	1,222,017
Construction in progress
Investment in Hotel Properties, net
Investment in hotel properties at cost	22,490	6,555
Furniture, fixtures and equipment
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 129,437	$ 123,332

INVESTMENT IN HOTEL PROPERTIE45

INVESTMENT IN HOTEL PROPERTIES - Assets Held for Sale (Details 2) $ in Thousands	Feb. 11, 2016USD ($)Property	Jan. 20, 2016USD ($)Room	Jan. 19, 2016USD ($)Room	Oct. 20, 2015USD ($)Room	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)RoomProperty	Dec. 31, 2016USD ($)RoomProperty	Dec. 31, 2015USD ($)	Jan. 12, 2017USD ($)	Jul. 06, 2016USD ($)	Jun. 07, 2016USD ($)	Oct. 15, 2015USD ($)RoomProperty	Jun. 02, 2015USD ($)contractRoomClosingProperty
Assets held for sale
Assets held for sale					$ 133,138	$ 62,695	$ 62,695	$ 133,138
Gain on sale						5,000	49,800
Total realized and deferred gain (loss) on disposal	$ 56,800
Deferred gain on sale of property	20,000
Portfolio of Hotels, ARCH Agreements
Assets held for sale
Loan amount	27,500
Financing receivable portion applied toward sale of hotel properties transaction by borrower	20,000
Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser [Member]
Assets held for sale
Earnest money deposits applied	$ 7,500
Assets held for sale | Hotel properties and land parcels
Assets held for sale
Assets held for sale					133,138	$ 62,695	$ 62,695	133,138
Assets held for sale | Portfolio of Hotels, ARCH Agreements
Assets held for sale
Number of agreements | contract													2
Number of hotels | Property													26
Number of guestrooms | Room													2,793
Aggregate sale price													$ 347,400
Number of closings | Closing													3
Assets held for sale | Portfolio of Hotels, ARCH Agreements, February 11, 2016 closing
Assets held for sale
Number of hotels | Property	6
Aggregate sale price	$ 108,300
Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser [Member]
Assets held for sale
Number of hotels | Property						8	8
Number of guestrooms | Room						741	741
Aggregate sale price						$ 77,200	$ 77,200
Assets held for sale, sold
Assets held for sale
Gain on sale							49,800	66,600
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 | Room												1,090
Aggregate sale price												$ 150,100
Gain on sale					66,600
Land | Assets held for sale | Hotel properties and land parcels
Assets held for sale
Assets held for sale					24,250	10,907	10,907	24,250
Hotel buildings and improvements | Assets held for sale | Hotel properties and land parcels
Assets held for sale
Assets held for sale					97,249	44,718	44,718	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	6,649	6,649	10,906
Construction in progress | Assets held for sale | Hotel properties and land parcels
Assets held for sale
Assets held for sale					42	29	29	42
Franchise fees | Assets held for sale | Hotel properties and land parcels
Assets held for sale
Assets held for sale					$ 691	$ 392	$ 392	$ 691
Reverse and forward 1031 Exchanges
Assets held for sale
Deferral of taxable gains			$ 74,000							$ 7,500	$ 5,100
Courtyard by Marriott | Atlanta, GA | Reverse and forward 1031 Exchanges
Assets held for sale
Number of guestrooms | Room				179
Purchase consideration				$ 44,000
Courtyard by Marriott | Jackson, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser [Member]
Assets held for sale
Number of guestrooms | Room						117	117
Courtyard by Marriott | Germantown, TN | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser [Member]
Assets held for sale
Number of guestrooms | Room						93	93
Courtyard by Marriott | El Paso, TX | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser [Member]
Assets held for sale
Number of guestrooms | Room						90	90
Courtyard by Marriott | Nashville, TN | Reverse and forward 1031 Exchanges
Assets held for sale
Number of guestrooms | Room			226
Purchase consideration			$ 71,000
Residence Inn | Atlanta, GA | Reverse and forward 1031 Exchanges
Assets held for sale
Number of guestrooms | Room		160
Purchase consideration		$ 38,000
Residence Inn | Jackson, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser [Member]
Assets held for sale
Number of guestrooms | Room						100	100
Residence Inn | Germantown, TN | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser [Member]
Assets held for sale
Number of guestrooms | Room						78	78
Fairfield Inn and Suites | Germantown, TN | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser [Member]
Assets held for sale
Number of guestrooms | Room						80	80
Homewood Suites | Ridgeland, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser [Member]
Assets held for sale
Number of guestrooms | Room						91	91
Staybridge Suites | Ridgeland, MS | Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser [Member]
Assets held for sale
Number of guestrooms | Room						92	92
Unsecured debt | Revolving credit facility | Reverse and forward 1031 Exchanges
Assets held for sale
Pay-down of credit facility	105,000
Mortgage loans
Assets held for sale
Mortgage loan repaid	$ 5,800
Subsequent events | Portfolio of Hotels, ARCH Agreements
Assets held for sale
Loan amount									$ 3,000

INVESTMENT IN HOTEL PROPERTIE46

INVESTMENT IN HOTEL PROPERTIES - Modification and Execution of Loan Agreement (Details 3) - Portfolio of Hotels, ARCH Agreements $ in Millions	Jan. 31, 2017	Jan. 12, 2017USD ($)installment	Feb. 11, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loan amount			$ 27.5
Subsequent events
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loan amount		$ 3
Loan agreement amendment, required repayment amount of principal balance		$ 2
Loan agreement amendment, number of installments for repayment of principal balance | installment		2
Loan agreement amendment, repayment of principal balance installment amount		$ 1
Loan receivable, fixed interest rate	9.00%
Loan receivable, PIK interest tranche one		4.00%
Loan receivable, PIK interest tranche two		5.00%
Before February 11, 2017 | Subsequent events
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loan receivable, fixed interest rate		13.00%
After February 11, 2017 | Subsequent events
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loan receivable, fixed interest rate		14.00%

INVESTMETN IN HOTEL PROPERTIES

INVESTMETN IN HOTEL PROPERTIES - Other Dispositions (Details 4) $ in Millions	Aug. 09, 2016USD ($)Room	Jan. 20, 2016USD ($)Room	Dec. 31, 2016USD ($)Property	Dec. 31, 2016USD ($)Property	Jul. 06, 2016USD ($)	Jun. 07, 2016USD ($)	Jun. 01, 2016USD ($)	May 13, 2016USD ($)	Jan. 19, 2016USD ($)
Hotel property acquisitions
Gain on sale			$ 5	$ 49.8
Reverse and forward 1031 Exchanges
Hotel property acquisitions
Deferral of taxable gains					$ 7.5	$ 5.1			$ 74
Reverse and forward 1031 Exchanges | Hyatt Place
Hotel property acquisitions
Aggregate sale price					$ 14
Reverse and forward 1031 Exchanges | Las Colinas, TX | Holiday Inn Express
Hotel property acquisitions
Aggregate sale price								$ 10.5
Reverse and forward 1031 Exchanges | Jacksonville, FL | Aloft
Hotel property acquisitions
Aggregate sale price							$ 8.6
Reverse and forward 1031 Exchanges | Vernon Hills, IL | Holiday Inn Express
Hotel property acquisitions
Aggregate sale price						$ 5.9
Reverse and forward 1031 Exchanges | Atlanta, GA | Residence Inn
Hotel property acquisitions
Number of guestrooms | Room		160
Purchase consideration		$ 38
Reverse and forward 1031 Exchanges | Boulder, CO | Marriott
Hotel property acquisitions
Number of guestrooms | Room	157
Purchase consideration	$ 61.4
Assets held for sale
Hotel property acquisitions
Number of hotels | Property			10	10

INVESTMENT IN HOTEL PROPERTIE48

INVESTMENT IN HOTEL PROPERTIES - Hotel Property Acquisitions in 2016 and 2015 (Details 5) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)Room	Dec. 31, 2015USD ($)Room
2016 Acquisitions
Hotel property acquisitions
Number of guestrooms | Room	749
Purchase Price	$ 244,150
Net assets acquired	244,714
Settlement amount of net working capital assets	$ 600
2016 Acquisitions | Residence Inn | Atlanta, GA
Hotel property acquisitions
Number of guestrooms | Room	160
Purchase Price	$ 38,000
2016 Acquisitions | Marriott | Boulder, CO
Hotel property acquisitions
Number of guestrooms | Room	157
Purchase Price	$ 61,400
2016 Acquisitions | Hyatt Place | Chicago, IL
Hotel property acquisitions
Number of guestrooms | Room	206
Purchase Price	$ 73,750
2016 Acquisitions | Courtyard by Marriott | Nashville, TN
Hotel property acquisitions
Number of guestrooms | Room	226
Purchase Price	$ 71,000
2015 acquisitions
Hotel property acquisitions
Number of guestrooms | Room		1,042
Purchase Price		$ 237,751
Net assets acquired		237,859
Settlement amount of net working capital assets		$ 100
2015 acquisitions | Hampton Inn and Suites | Minneapolis, MN
Hotel property acquisitions
Number of guestrooms | Room		211
Purchase Price		$ 38,951
2015 acquisitions | Hampton Inn | Boston (Norwood), MA
Hotel property acquisitions
Number of guestrooms | Room		139
Purchase Price		$ 24,000
2015 acquisitions | Hyatt House | Miami, FL
Hotel property acquisitions
Number of guestrooms | Room		156
Purchase Price		$ 39,000
2015 acquisitions | Courtyard by Marriott | Atlanta (Decatur), GA
Hotel property acquisitions
Number of guestrooms | Room		179
Purchase Price		$ 44,000
2015 acquisitions | Indigo Hotel | Asheville, NC
Hotel property acquisitions
Number of guestrooms | Room		115
Purchase Price		$ 35,000
2015 acquisitions | Residence Inn | Branchburg, NJ
Hotel property acquisitions
Number of guestrooms | Room		101
Purchase Price		$ 25,700
2015 acquisitions | Residence Inn | Baltimore (Hunt Valley), MD
Hotel property acquisitions
Number of guestrooms | Room		141
Purchase Price		$ 31,100

INVESTMENT IN HOTEL PROPERTIE49

INVESTMENT IN HOTEL PROPERTIES - Hotel Property Acquisitions - Allocation of aggregate purchase price (Details 6) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
2016 Acquisitions
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired
Land	$ 28,683
Hotel buildings and improvements	207,433
Furniture, fixtures and equipment	8,081
Other assets	1,240
Total assets acquired	245,437
Less lease liability assumed	0
Less other liabilities	(723)
Net assets acquired	$ 244,714
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

INVESTMENT IN HOTEL PROPERTIE50

INVESTMENT IN HOTEL PROPERTIES - Hotel Property Acquisitions - Revenue and Income (Details 7) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
2016 Acquisitions
Hotel property acquisitions
Revenues	$ 28,560
Net income	6,992
2015 acquisitions
Hotel property acquisitions
Revenues	52,196	$ 22,811
Net income	$ 5,816	$ 3,317

INVESTMENT IN HOTEL PROPERTIE51

INVESTMENT IN HOTEL PROPERTIES - Hotel Property Acquisitions - Proforma Information (Details 8) - USD ($) $ / shares in Units, $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Excluded from pro forma amounts
Gain on sale	$ 5,000	$ 49,800
Assets held for sale, sold
Excluded from pro forma amounts
Gain on sale		49,800	$ 66,600
Business Acquisitions 2016 and 2015 [Member]
Pro forma financial information
Revenues		484,989	460,422
Net income		66,099	62,432
Net income attributable to common stockholders, net of amount allocated to participating securities		$ 45,319	$ 45,381
Net income per share attributable to common stockholders:
Basic (in dollars per share)		$ 0.52	$ 0.53
Diluted (in dollars per share)		$ 0.52	$ 0.52

SUPPLEMENTAL BALANCE SHEET IN52

SUPPLEMENTAL BALANCE SHEET INFORMATION - Investment in Real Estate Loans (Details) $ in Thousands	Jan. 12, 2017	Dec. 31, 2016USD ($)Property	May 18, 2016USD ($)	Feb. 11, 2016USD ($)	Dec. 31, 2015USD ($)contract
Financing Receivable, Impaired [Line Items]
Deferral of taxable gains				$ 20,000
Investment in real estate loans, net		$ 17,585			$ 12,803
Real estate loan
Financing Receivable, Impaired [Line Items]
Investment in real estate loans, net		$ 10,085			$ 10,085
Interest rate (as a percent)					10.00%
Receivable with Imputed Interest, Effective Yield (Interest Rate)		10.00%
ARCH Loan
Financing Receivable, Impaired [Line Items]
Deferral of taxable gains		$ 15,000
Investment in real estate loans, net		7,500			$ 0
PIK interest outstanding		900
Seller-financing note
Financing Receivable, Impaired [Line Items]
Investment in real estate loans, net		0			$ 2,718
Subsequent events | Real estate loan
Financing Receivable, Impaired [Line Items]
Receivable with Imputed Interest, Effective Yield (Interest Rate)	10.00%
Financing receivable, payment amortization term	25 years
Assets held for sale, sold | Hotel properties | Emporia, KS | Seller-financing note
Financing Receivable, Impaired [Line Items]
Investment in real estate loans, net		$ 2,700
Number of notes receivable | contract					2
Number of hotels | Property		2
Aggregate sale price			$ 4,500

SUPPLEMENTAL BALANCE SHEET IN53

SUPPLEMENTAL BALANCE SHEET INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Restricted cash
Restricted cash	$ 24,881	$ 23,073
FF&E reserves
Restricted cash
Restricted cash	22,000	18,997
Property taxes
Restricted cash
Restricted cash	2,220	2,758
Other
Restricted cash
Restricted cash	$ 661	$ 1,318

SUPPLEMENTAL BALANCE SHEET IN54

SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid Expenses and Other (Details 2) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Prepaid expenses and other
Prepaid insurance	$ 2,218	$ 813
Escrow deposits	0	10,046
Other	4,256	4,422
Prepaid expenses and other	$ 6,474	$ 15,281

SUPPLEMENTAL BALANCE SHEET IN55

SUPPLEMENTAL BALANCE SHEET INFORMATION - Deferred Charges (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred charges
Initial franchise fees	$ 5,101	$ 4,760
Less - accumulated amortization	(1,374)	(1,132)
Total	3,727	3,628
Amortization expense	$ 300	$ 400	$ 500

SUPPLEMENTAL BALANCE SHEET IN56

SUPPLEMENTAL BALANCE SHEET INFORMATION - Other Assets (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Other assets
Acquired intangible assets	$ 6,254	$ 6,122
Prepaid land lease	3,275	3,325
Deferred tax asset, net	2,503	112
Total	12,032	9,559
Expected amortization expenses:
2,017	471
2,018	350
2,019	213
2,020	190
2,021	190
Thereafter	4,840
Acquired intangible assets	$ 6,254	$ 6,122
Assumed contractual arrangements
Intangible assets
Weighted average amortization period (in years)	29 years

SUPPLEMENTAL BALANCE SHEET IN57

SUPPLEMENTAL BALANCE SHEET INFORMATION - Accrued expenses and Other (Details 5) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accrued expenses and other
Accrued property, sales and income taxes	$ 11,171	$ 12,901
Accrued salaries and benefits	10,802	9,366
Accrued interest	1,655	1,862
Acquired unfavorable leases	4,812	4,907
Accrued expenses at hotels	12,356	10,536
Other	6,084	2,602
Total	$ 46,880	$ 42,174

DEBT - Narrative (Details)

DEBT - Narrative (Details)	Apr. 21, 2015USD ($)	Dec. 31, 2016USD ($)Property	Jan. 15, 2016USD ($)	Dec. 31, 2015USD ($)	Apr. 07, 2015USD ($)	Sep. 05, 2013USD ($)
Debt Instrument [Line Items]
Weighted average interest rate for all borrowings (as a percent)		3.69%		3.90%
Debt instrument, collateral, number of real estate properties | Property		46
Term Loan $150 Million
Debt Instrument [Line Items]
Fixed interest rate (as a percent)		3.49%
Unsecured debt | Senior unsecured credit facility $450 Million
Debt Instrument [Line Items]
Loan amount		$ 450,000,000
Maximum borrowing capacity		450,000,000	$ 450,000,000
Line of credit outstanding		200,000,000
Amount available for borrowing		250,000,000
Maximum increase in borrowing capacity available through accordion feature option		$ 150,000,000
Unsecured debt | Senior unsecured credit facility $300 Million
Debt Instrument [Line Items]
Loan amount				$ 300,000,000
Maximum borrowing capacity				300,000,000
Line of credit outstanding				170,000,000
Amount available for borrowing				130,000,000
Unsecured debt | Term Loan $150 Million
Debt Instrument [Line Items]
Loan amount			150,000,000
Unsecured debt | 2015 Term Loan
Debt Instrument [Line Items]
Loan amount					$ 125,000,000
Amount drawn	$ 15,000,000
Maximum increase in borrowing capacity available through accordion feature option					$ 75,000,000
Accordion feature increase to total commitment	$ 15,000,000
Effective interest rate (as a percent)		2.57%
Unsecured debt | Revolving credit facility $300 Million
Debt Instrument [Line Items]
Loan amount			$ 300,000,000
Unsecured debt | Revolving credit facility $225 Million
Debt Instrument [Line Items]
Loan amount				225,000,000
Unsecured debt | Term Loan $75 Million
Debt Instrument [Line Items]
Loan amount				75,000,000
Revolving credit facility
Debt Instrument [Line Items]
Effective interest rate (as a percent)		2.27%
Revolving credit facility | Unsecured debt | Senior unsecured credit facility $450 Million
Debt Instrument [Line Items]
Effective interest rate (as a percent)		2.27%
Option One | Revolving credit facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin on variable rate basis (as a percent)		1.50%
Option One | Revolving credit facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin on variable rate basis (as a percent)		2.25%
Option Two | Revolving credit facility | Minimum
Debt Instrument [Line Items]
Debt instrument, base rate margin		0.50%
Option Two | Revolving credit facility | Maximum
Debt Instrument [Line Items]
Debt instrument, base rate margin		1.25%
Option Two | Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Interest rate margin on variable rate basis (as a percent)		1.00%
Option Two | Revolving credit facility | Federal funds rate
Debt Instrument [Line Items]
Interest rate margin on variable rate basis (as a percent)		0.50%
Interest rate swaps | Designated as hedges
Debt Instrument [Line Items]
Notional value of derivative		$ 75,000,000		$ 75,000,000
Cash flow hedges | Interest rate swaps | Designated as hedges
Debt Instrument [Line Items]
Notional value of derivative						$ 75,000,000
Fixed interest rate (as a percent)		2.04%

DEBT - Summary of outstanding i

DEBT - Summary of outstanding indebtedness (Details 2)

Sep. 24, 2015USD ($)PropertyLoan

Dec. 19, 2014USD ($)contract

May 06, 2014USD ($)

Mar. 28, 2014Loan

Jan. 10, 2014USD ($)Room

Jan. 09, 2014USD ($)Room

Jul. 26, 2013USD ($)

Dec. 31, 2016USD ($)Property

Dec. 31, 2015USD ($)

Jul. 22, 2013USD ($)Property

Mar. 08, 2013USD ($)Property

Mar. 07, 2013USD ($)Property

Jan. 25, 2013USD ($)Property

Debt Instrument [Line Items]

Debt outstanding

$ 657,550,000

$ 677,096,000

Unamortized debt issuance costs

(5,136,000)

(5,560,000)

Debt, net of issuance costs

$ 652,414,000

671,536,000

Revolving credit facility

Debt Instrument [Line Items]

Interest Rate (as a percent)

2.27%

Unsecured debt | Senior unsecured credit facility $450 Million

Debt Instrument [Line Items]

Debt outstanding

$ 200,000,000

Loan amount

450,000,000

Unsecured debt | Senior unsecured credit facility $300 Million

Debt Instrument [Line Items]

Debt outstanding

170,000,000

Loan amount

300,000,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 140,000,000

140,000,000

Interest Rate (as a percent)

2.57%

Unsecured debt | Revolving credit facility | Senior unsecured credit facility $450 Million

Debt Instrument [Line Items]

Debt outstanding

$ 50,000,000

Interest Rate (as a percent)

2.27%

Unsecured debt | Revolving credit facility | Senior unsecured credit facility $300 Million

Debt Instrument [Line Items]

Debt outstanding

95,000,000

Unsecured debt | Term loan | Senior unsecured credit facility $450 Million

Debt Instrument [Line Items]

Debt outstanding

$ 150,000,000

Interest Rate (as a percent)

2.86%

Unsecured debt | Term loan | Senior unsecured credit facility $300 Million

Debt Instrument [Line Items]

Debt outstanding

75,000,000

Mortgage loans

Debt Instrument [Line Items]

Debt outstanding

$ 317,550,000

367,096,000

Number of Properties Encumbered | Property

33

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

Debt Instrument [Line Items]

Number of Properties Encumbered | Property

10

Number of loans | Loan

4

Fixed interest rate (as a percent)

5.18%

Loan amount

$ 119,200,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 41,328,000

42,574,000

Interest Rate (as a percent)

5.18%

Amortization Period (Years)

20 years

Number of Properties Encumbered | Property

2

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

Debt Instrument [Line Items]

Debt outstanding

$ 37,042,000

38,159,000

Interest Rate (as a percent)

5.18%

Amortization Period (Years)

20 years

Number of Properties Encumbered | Property

4

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

Debt Instrument [Line Items]

Debt outstanding

$ 23,889,000

24,610,000

Interest Rate (as a percent)

5.18%

Amortization Period (Years)

20 years

Number of Properties Encumbered | Property

3

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

Debt Instrument [Line Items]

Debt outstanding

$ 16,970,000

17,482,000

Interest Rate (as a percent)

5.18%

Amortization Period (Years)

20 years

Number of Properties Encumbered | Property

1

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

Debt Instrument [Line Items]

Debt outstanding

$ 27,473,000

27,991,000

Interest Rate (as a percent)

4.46%

4.46%

Amortization Period (Years)

30 years

Number of Properties Encumbered | Property

4

4

Loan amount

$ 29,400,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 21,291,000

21,683,000

Interest Rate (as a percent)

4.52%

Amortization Period (Years)

30 years

Number of Properties Encumbered | Property

3

3

Loan amount

$ 22,700,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 20,626,000

21,022,000

Interest Rate (as a percent)

4.30%

Amortization Period (Years)

30 years

Number of Properties Encumbered | Property

3

3

Fixed interest rate (as a percent)

4.30%

Loan amount

$ 22,000,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 36,741,000

37,352,000

Interest Rate (as a percent)

4.95%

Amortization Period (Years)

30 years

Number of Properties Encumbered | Property

2

2

Fixed interest rate (as a percent)

4.95%

Loan amount

$ 38,700,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 7,661,000

7,916,000

Interest Rate (as a percent)

6.41%

Amortization Period (Years)

25 years

Number of Properties Encumbered | Property

1

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

Debt Instrument [Line Items]

Debt outstanding

5,047,000

Amortization Period (Years)

30 years

Prepayment penalties

$ 0

Mortgage loans | West Alliance Bank (formerly GE Capital Financial Inc.) 5.39% Fixed due April 1, 2020 one

Debt Instrument [Line Items]

Debt outstanding

$ 8,912,000

9,110,000

Interest Rate (as a percent)

5.39%

Amortization Period (Years)

25 years

Number of Properties Encumbered | Property

1

Fixed interest rate (as a percent)

5.39%

Mortgage loans | West Alliance Bank (formerly GE Capital Financial Inc.) 5.39% Fixed due April 1, 2020 two

Debt Instrument [Line Items]

Debt outstanding

$ 4,798,000

4,905,000

Interest Rate (as a percent)

5.39%

Amortization Period (Years)

25 years

Number of Properties Encumbered | Property

1

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

Debt Instrument [Line Items]

Debt outstanding

$ 6,588,000

6,852,000

Interest Rate (as a percent)

4.25%

Amortization Period (Years)

20 years

Number of Properties Encumbered | Property

1

Fixed interest rate (as a percent)

4.25%

Loan amount

$ 7,400,000

Mortgage loans | Bank of Cascades loan(s)

Debt Instrument [Line Items]

Amortization Period (Years)

25 years

Number of loans | contract

2

Loan increase

$ 7,900,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 9,289,000

9,556,000

Interest Rate (as a percent)

2.77%

Amortization Period (Years)

25 years

Number of Properties Encumbered | Property

1

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

Debt Instrument [Line Items]

Debt outstanding

$ 9,289,000

9,556,000

Interest Rate (as a percent)

4.30%

Amortization Period (Years)

25 years

Fixed interest rate (as a percent)

4.30%

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

Debt Instrument [Line Items]

Debt outstanding

13,467,000

Amortization Period (Years)

25 years

Mortgage loans | Compass Bank 3.17% Variable due May 6, 2020

Debt Instrument [Line Items]

Debt outstanding

$ 23,394,000

24,015,000

Interest Rate (as a percent)

3.17%

Amortization Period (Years)

25 years

25 years

Number of Properties Encumbered | Property

3

Loan amount

$ 25,000,000

Mortgage loans | Mortgage Loans with General Electric Capital Corporation

Debt Instrument [Line Items]

Number of loans | Loan

2

Mortgage loans | West Alliance Bank (formerly GE Capital Corp) 5.39% Fixed due April 1, 2020, one

Debt Instrument [Line Items]

Debt outstanding

$ 5,910,000

5,160,000

Interest Rate (as a percent)

5.39%

Amortization Period (Years)

25 years

Number of Properties Encumbered | Property

1

Fixed interest rate (as a percent)

5.39%

Mortgage loans | West Alliance Bank (formerly GE Capital Corp) 5.39% Fixed due April 1, 2020, two

Debt Instrument [Line Items]

Debt outstanding

$ 5,046,000

6,041,000

Interest Rate (as a percent)

5.39%

Amortization Period (Years)

25 years

Number of Properties Encumbered | Property

1

Mortgage loans | West Alliance Bank (formerly GE Capital Corp) Variable due April 1, 2018

Debt Instrument [Line Items]

Debt outstanding

5,852,000

Amortization Period (Years)

20 years

Prepayment penalties

$ 0

Mortgage loans | U.S. Bank, NA Variable due November 1, 2016

Debt Instrument [Line Items]

Debt outstanding

17,179,000

Interest Rate (as a percent)

6.22%

Amortization Period (Years)

30 years

30 years

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

Debt Instrument [Line Items]

Debt outstanding

$ 11,303,000

$ 11,567,000

Interest Rate (as a percent)

6.13%

Amortization Period (Years)

25 years

25 years

Number of Properties Encumbered | Property

1

Fixed interest rate (as a percent)

6.133%

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

Debt Instrument [Line Items]

Prepayment penalties (as a percent)

3.00%

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

Debt Instrument [Line Items]

Prepayment penalties (as a percent)

2.00%

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

Debt Instrument [Line Items]

Prepayment penalties (as a percent)

1.00%

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

Debt Instrument [Line Items]

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

2.00%

LIBOR | Mortgage loans | Compass Bank 3.17% Variable due May 6, 2020

Debt Instrument [Line Items]

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

2.40%

2014 acquisitions | Hilton Garden Inn | Houston, TX

Debt Instrument [Line Items]

Number of guestrooms | Room

182

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

Debt Instrument [Line Items]

Debt assumed

$ 17,800,000

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

Debt Instrument [Line Items]

Number of guestrooms | Room

98

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

Debt Instrument [Line Items]

Debt assumed

$ 12,000,000

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, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Fixed-rate debt	$ 359,867	$ 402,673
Variable-rate debt	297,683	274,423
Debt, gross	$ 657,550	$ 677,096

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, 2016	Dec. 31, 2015
Principal payments for each of the next five years
2,017	$ 15,828
2,018	14,557
2,019	166,136
2,020	197,049
2,021	13,017
Thereafter	250,963
Debt, gross	$ 657,550	$ 677,096
All borrowings
Weighted average interest rate for all borrowings (as a percent)	3.69%	3.90%

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, 2016	Dec. 31, 2015
Interest rate swaps
Debt
Variable rate debt converted to fixed rate debt	$ 75,000	$ 75,000
Carrying value | Fixed-rate debt
Debt
Debt	284,867	327,673
Fair Value | Level 2 | Fixed-rate debt
Debt
Debt	$ 283,416	$ 321,841

DERIVATIVE FINANCIAL INSTRUME63

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Early Settlement of Interest Rate Swaps and Information about Derivative Financial Instruments Outstanding (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)Instrument	Dec. 31, 2015USD ($)Instrument
Derivative financial instruments and hedging
Maximum length of time over which instruments are hedged	6 years
Fair Value
Derivative liability	$ (1,118)	$ (1,811)
Designated as hedges | Interest rate swaps
Number of Instruments
Liability | Instrument	1	1
Total | Instrument	1	1
Notional Amount
Liability	$ 75,000	$ 75,000
Total	75,000	75,000
Fair Value
Derivative liability	(1,118)	(1,811)
Total	$ (1,118)	$ (1,811)

DERIVATIVE FINANCIAL INSTRUME64

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Gain or Loss Recognized (Details 2) - Interest rate swaps - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative instruments, gain (loss) recognized
Estimated reclassification from other comprehensive income as an increase to interest expense in 2017	$ 800
Cash flow hedges
Derivative instruments, gain (loss) recognized
Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	(497)	$ (1,846)	$ (2,112)
Loss recognized in Other Expense (ineffective portion)	0	(1)	(1)
Cash flow hedges | Interest expense
Derivative instruments, gain (loss) recognized
Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	$ (1,190)	$ (1,927)	$ (1,741)

EQUITY - Common Stock and Prefe

EQUITY - Common Stock and Preferred Stock (Details)	Oct. 28, 2016USD ($)$ / sharesshares	Jun. 28, 2016USD ($)shares	Dec. 31, 2016USD ($)Vote$ / sharesshares	Dec. 31, 2015$ / sharesshares	Aug. 02, 2016USD ($)
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
Restricted stock, shares withheld to cover employee tax obligations			61,622	36,385
Shares reserved for issuance			6,332,307	14,691,018
Preferred stock, shares authorized			100,000,000	100,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Common stock issued (in shares)			6,151,514	0
Undesignated preferred stock
Equity
Preferred stock, shares authorized			88,600,000
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%
Payments to redeem outstanding preferred stock | $	$ 50,700,000
Preferred stock, shares outstanding	2,000,000			2,000,000
Preferred stock, redemption price per share | $ / shares	$ 25		$ 25
7.875% Series B Preferred Stock
Equity
Preferred stock, shares authorized			3,000,000
Preferred stock, dividend rate (as a percent)			7.875%	7.875%
Preferred stock, shares outstanding			3,000,000	3,000,000
Preferred stock, redemption price per share | $ / shares			$ 25
Annual dividend rate per share (in dollars per share) | $ / shares			$ 1.96875
7.875% Series B Preferred Stock | Maximum
Equity
Ratio for conversion			5.6497
7.125% Series C Preferred Stock
Equity
Preferred stock, shares authorized			3,400,000
Preferred stock, dividend rate (as a percent)			7.125%	7.125%
Preferred stock, shares outstanding			3,400,000	3,400,000
Preferred stock, redemption price per share | $ / shares			$ 25
Annual dividend rate per share (in dollars per share) | $ / shares			$ 1.78125
7.125% Series C Preferred Stock | Maximum
Equity
Ratio for conversion			5.1440
6.45% Series D Preferred Stock
Equity
Preferred stock, shares authorized			3,000,000
Preferred stock, dividend rate (as a percent)			6.45%
Common stock issued (in shares)		3,000,000
Net proceeds from sale of stock | $		$ 72,300,000
Underwriting discount and offering-related expenses | $		$ 2,700,000
Preferred stock, shares outstanding			3,000,000
Preferred stock, redemption price per share | $ / shares			$ 25
Annual dividend rate per share (in dollars per share) | $ / shares			$ 1.6125
6.45% Series D Preferred Stock | Maximum
Equity
Ratio for conversion			3.9216
2016 ATM Program
Equity
Common stock, par value (in dollars per share) | $ / shares			$ 0.01
Common stock, shares authorized, amount (up to) | $					$ 125,000,000
Compensation entitled as percentage of gross proceeds of shares sold under sales agreements					2.00%
Common stock issued (in shares)			6,151,514
Net proceeds from sale of stock | $			$ 89,100,000
2016 ATM Program | 6.45% Series D Preferred Stock
Equity
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01
Preferred stock, dividend rate (as a percent)			6.45%

EQUITY - Changes in common stoc

EQUITY - Changes in common stock (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Equity
Beginning common shares outstanding	86,793,521	86,149,720
Common stock issued	6,151,514	0
Common Unit redemptions	119,308	268,947
Forfeitures	(1,420)	(46,030)
Shares retained for employee tax withholding requirements	(61,622)	(36,385)
Ending common shares outstanding	93,525,469	86,793,521
Equity Plan
Equity
Grants under the Equity Plan	446,686	320,845
Exercise of stock options	37,684	99,738
Outside directors
Equity
Grants under the Equity Plan	32,180	30,440
Common stock issued for director fees	7,618	6,246

EQUITY - Non-controlling Intere

EQUITY - Non-controlling Interests and Other Joint Venture Interests (Details 2) $ in Millions	Jun. 30, 2016USD ($)	Dec. 31, 2016shares	Dec. 31, 2015shares	Jul. 31, 2016
Operating Partnership state and local income tax expense | 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		396,713	516,021
Percentage of limited partnership interest in operating partnership		1.00%	1.00%
Leasehold Venture
Non-controlling Interests and Other Joint Venture Interests
Payments to Acquire Interest in Joint Venture | $	$ 0.4
Ownership interest (as a percent)				100.00%

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Liabilities:
Derivative Liability	$ 1,118,000	$ 1,811,000
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
Liabilities:
Derivative Liability	1,118,000	1,811,000
Recurring basis | Level 2 | Interest rate swaps
Liabilities:
Derivative Liability	$ 1,118,000	$ 1,811,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Ground Leases and Future Minimum Rental Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)Propertyoption	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Ground Leases
Prepaid rent	$ 3,275	$ 3,325
Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year
2,017	1,505
2,018	1,757
2,019	1,748
2,020	1,817
2,021	1,831
Thereafter	106,232
Total	114,890
Ground operating leases
Ground Leases
Total rent expense	$ 1,700	1,200	$ 1,100
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	$ 3,300
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 CONTINGENCIES70

COMMITMENTS AND CONTINGENCIES - Franchise Agreements and Management Agreements (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Franchise Agreements
Commitments and contingencies
Fees related to the agreement	$ 37.2	$ 37.8	$ 33.6
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	$ 18.8	$ 18.6	$ 16.1
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, 2016
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, 2016	Dec. 31, 2015	Dec. 31, 2014	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)		470,000	846,000
Exercised (in shares)		(235,000)	(376,000)
Outstanding at end of year (in shares)		235,000	470,000	846,000
Exercisable at end of year (in shares)		235,000
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		4 years 2 months 12 days
Exercisable		4 years 2 months 12 days
Aggregate Intrinsic Value (Current Value Less Exercise Price)
Outstanding		$ 1,476	$ 1,000	$ 2,300
Exercisable		1,476	800	1,400
Stock options
Total fair value of options vested		300	900	700
Intrinsic value of options exercised		$ 1,000	$ 1,300	$ 100

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	Sep. 02, 2016	Mar. 08, 2016	Feb. 24, 2016	Apr. 24, 2015	Mar. 03, 2015	May 28, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of Shares
Non-vested at the beginning of year (in shares)							250,011	181,116
Granted (in shares)							192,123	166,340
Vested (in shares)							(82,869)	(97,445)
Forfeited (in shares)							(1,420)
Non-vested at end of year (in shares)							357,845	250,011	181,116
Weighted Average Grant Date Fair Value
Non-vested at beginning of year (in dollars per share)							$ 12.03	$ 9.81
Granted (in dollars per share)							11.36	13.53
Vested (in dollars per share)							11.06	10.46
Forfeited (in dollars per share)							10.27
Non-vested at end of year (in dollars per share)							$ 11.90	$ 12.03	$ 9.81
Aggregate Current Value
Non-vested outstanding							$ 5,736
Total fair value of awards vested							$ 900	$ 1,000	$ 800
Employees [Member]
Equity-based compensation
Vesting period	4 years		4 years
Number of Shares
Granted (in shares)	406		22,010
Employees [Member] | Period one
Equity-based compensation
Vesting percentage	20.00%		20.00%
Employees [Member] | Period two
Equity-based compensation
Vesting percentage	20.00%		20.00%
Employees [Member] | Period three
Equity-based compensation
Vesting percentage	20.00%		20.00%
Employees [Member] | Period four
Equity-based compensation
Vesting percentage	40.00%		40.00%
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%
Executive officers and management | Period two
Equity-based compensation
Vesting percentage					25.00%	25.00%
Executive officers and management | Period three
Equity-based compensation
Vesting percentage					50.00%	50.00%
Executive officers
Number of Shares
Granted (in shares)		169,707		16,930
Executive officers | Period one
Equity-based compensation
Vesting percentage		25.00%
Executive officers | Period two
Equity-based compensation
Vesting percentage		25.00%
Executive officers | Period three
Equity-based compensation
Vesting percentage		50.00%

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. 08, 2016shares	Mar. 03, 2015shares	May 28, 2014shares	Dec. 31, 2016USD ($)Value$ / sharesshares	Dec. 31, 2015$ / sharesshares
Assumptions used to estimate the fair value of options granted
Expected dividend yield (as a percent)				4.01%	3.42%
Expected stock price volatility (as a percent)				24.20%	22.20%
Risk-free interest rate (as a percent)				1.04%	1.02%
Monte Carlo iterations				100,000	100,000
Weighted average estimated fair value of awards granted | $ / shares				$ 13.77	$ 18.78
Number of Shares
Non-vested at the beginning of year (in shares) | shares				308,367	384,558
Granted (in shares) | shares				254,563	154,505
Vested (in shares) | shares				(113,903)	(184,666)
Forfeited (in shares) | shares					(46,030)
Non-vested at end of year (in shares) | shares				449,027	308,367
Weighted Average Grant Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares				$ 12.95	$ 6.75
Granted (in dollars per share) | $ / shares				13.77	18.78
Vested (in dollars per share) | $ / shares				7.10	6.86
Forfeited (in dollars per share) | $ / shares					5.10
Non-vested at end of year (in dollars per share) | $ / shares				$ 14.90	$ 12.95
Aggregate Current Value
Non-vested outstanding | $				$ 7,198
Executive officers
Equity-based compensation
Vesting period			3 years
Number of Shares
Granted (in shares) | shares	254,563	154,505	161,935
Executive officers | Period one
Equity-based compensation
Designated performance period to measure performance based on which share based awards vests			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

EQUITY-BASED COMPENSATION - Dir

EQUITY-BASED COMPENSATION - Director Stock Awards (Details 5) - Outside directors - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Equity-based compensation
Grant of stock (in shares)	32,180	30,440
Common stock issued for director fees	7,618	6,246
Common Stock
Equity-based compensation
Grant of stock (in shares)	32,180	30,440
Common stock issued for director fees	7,618	6,246

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity-Based Compensation Expense (Details 6) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Compensation expense to be recognized
2,017	$ 3,695
2,018	1,985
2,019	358
2,020	10
Total	6,048
Restricted Stock Awards | Time-Based
Compensation expense to be recognized
2,017	1,503
2,018	817
2,019	163
2,020	10
Total	2,493
Restricted Stock Awards | Performance-Based
Compensation expense to be recognized
2,017	2,192
2,018	1,168
2,019	195
2,020	0
Total	3,555
Corporate general and administrative
Equity-based compensation expense
Share based compensation expense	4,221	$ 4,753	$ 3,524
Corporate general and administrative | Stock options
Equity-based compensation expense
Share based compensation expense	55	633	675
Corporate general and administrative | Restricted Stock Awards | Time-Based
Equity-based compensation expense
Share based compensation expense	1,594	1,691	960
Corporate general and administrative | Restricted Stock Awards | Performance-Based
Equity-based compensation expense
Share based compensation expense	2,107	1,957	1,483
Corporate general and administrative | Director stock | Outside directors
Equity-based compensation expense
Share based compensation expense	$ 465	$ 472	$ 406

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Employer contribution expense	$ 0.3	$ 0.2	$ 0.2

LOSS ON IMPAIRMENT OF ASSETS (D

LOSS ON IMPAIRMENT OF ASSETS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)aLand_Parcel
Properties
Loss on impairment of assets	$ 577	$ 1,115	$ 8,847
Courtyard by Marriott | El Paso, TX [Member]
Properties
Aggregate sale price	11,000
Impairment of assets	600
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 | Land_Parcel			3
Area of land parcel | a			5.64
Assets held for sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser [Member]
Properties
Aggregate sale price	$ 77,200
Number of properties | Property	8
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

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ 37	$ 81	$ 133
State and local	904	408	712
Deferred
Federal	(1,918)	(159)	0
State and local	(473)	223	(127)
Income tax expense (benefit)	(1,450)	553	718
Income tax expense (benefit)
From continuing operations	(1,450)	553	744
From discontinued operations	0	0	(26)
Income tax expense (benefit)	$ (1,450)	$ 553	$ 718

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs
Decrease in valuation allowance		$ 100
Income tax expense (benefit)	$ (1,450)	553	$ 744
Income Tax Expense (Benefit), Combined Operating Partnership And TRSs Abstract
Total provision	(1,450)	553	718
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 TRS income (loss) subject to tax	(1,157)	2,345	2,024
State income tax, net of federal income tax benefit	65	486	77
Provision to return and deferred adjustment	(872)	0	0
Effect of permanent differences and other	31	(161)	727
Decrease in valuation allowance	0	(2,448)	(2,580)
Income tax expense (benefit)	(1,933)	222	248
Income Tax Expense (Benefit), Combined Operating Partnership And TRSs Abstract
Total provision	(1,933)	222	248
Operating Partnership state and local income tax expense | State
Income Tax Expense (Benefit), Combined Operating Partnership And TRSs Abstract
Total provision	$ 483	$ 331	$ 470

INCOME TAXES - Significant Comp

INCOME TAXES - Significant Components of Deferred Tax Assets (Liabilities) (Details 3) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Significant components of the Company's deferred tax assets and liabilities
Tax carryforwards	$ 767	$ 1,481
Investments	0	(1,349)
Accrued expenses	1,744	0
Other	(8)	(20)
Net deferred tax assets	2,503	112
Net Deferred Tax Assets
Gross deferred tax assets	2,580	1,515
Gross deferred tax liabilities	(77)	(1,403)
Net deferred tax assets	$ 2,503	$ 112

INCOME TAXES - Net Operating Lo

INCOME TAXES - Net Operating Loss Carryforwards and Unrecognized Tax Benefits (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Income taxes
Valuation allowance	$ 0
Decrease in valuation allowance	100,000
Gross deferred tax assets related to net operating loss carryforwards	1,500,000
Deferred tax liability related to investment in joint venture	$ 1,349,000	$ 0
Unrecognized tax benefits		0
State
Income taxes
Operating loss carryforwards		2,600,000
U.S. Federal
Income taxes
Operating loss carryforwards		1,100,000
U.S. Federal | Minimum tax credit carryforwards
Income taxes
Tax credit amount		$ 200,000

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Discontinued operations
Income tax benefit	$ 0	$ 0	$ 26
Income from discontinued operations	0	0	492
Income from discontinued operations attributable to common stockholders	$ 0	$ 0	486
Discontinued operations, held for sale or sold | Hotel properties
Discontinued operations
Revenues			3,128
Hotel operating expenses			(2,304)
Depreciation and amortization			(13)
Loss on impairment of assets			(400)
Operating income			411
Gain on disposal of assets			55
Income before taxes			466
Income tax benefit			26
Income from discontinued operations			492
Income from discontinued operations attributable to non-controlling interest			6
Income from discontinued operations attributable to common stockholders			$ 486

EARNINGS PER SHARE - Anti-Dilut

EARNINGS PER SHARE - Anti-Dilutive Stock Options (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock options
Anti-dilutive options excluded from computation of diluted earnings per share
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares)			846,000
Restricted Stock Awards
Anti-dilutive options excluded from computation of diluted earnings per share
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares)	409,068	194,463	256,373

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Income from continuing operations	$ 10,374	$ 27,198	$ 21,955	$ 48,734	$ 84,758	$ 13,606	$ 16,301	$ 10,591	$ 108,261	$ 125,256	$ 20,431
Less: Preferred dividends									(18,232)	(16,588)	(16,588)
Premium on redemption of Series A Preferred Stock									(2,125)	0	0
Allocation to participating securities									(342)	(118)	(94)
Attributable to non-controlling interest									(456)	(819)	(46)
Income from continuing operations attributable to common stockholders									87,106	107,731	3,703
Income from discontinued operations attributable to common stockholders									0	0	486
Net income attributable to common stockholders, net of amount allocated to participating securities									$ 87,106	$ 107,731	$ 4,189
Denominator:
Weighted average common shares outstanding - basic									86,874	85,920	85,242
Dilutive effect of equity-based compensation awards (in shares)									469	1,224	324
Weighted average common shares outstanding - diluted									87,343	87,144	85,566
Earnings per common share - basic:
Net income per share from continuing operations (in dollars per share)									$ 1	$ 1.25	$ 0.04
Net income per share from discontinued operations (in dollars per share)									0	0	0.01
Net income per common share (in dollars per share)					$ 0.93	$ 0.11	$ 0.14	$ 0.07	1	1.25	0.05
Earnings per common share - diluted:
Net income from continuing operations (in dollars per share)									1	1.24	0.04
Net income from discontinued operations (in dollars per share)									0	0	0.01
Net income per share (in dollars per share)					$ 0.92	$ 0.11	$ 0.14	$ 0.07	$ 1	$ 1.24	$ 0.05

SELECTED QUARTERLY FINANCIAL 86

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 110,322	$ 118,336	$ 127,195	$ 118,082	$ 110,039	$ 125,091	$ 120,677	$ 107,648	$ 473,935	$ 463,455	$ 403,466
Income from continuing operations	10,374	27,198	21,955	48,734	84,758	13,606	16,301	10,591	108,261	125,256	20,431
Net income	10,374	27,198	21,955	48,734	84,758	13,606	16,301	10,591	108,261	125,256	20,923
Net income attributable to Summit Hotel Properties, Inc.	$ 10,372	$ 27,083	$ 21,865	$ 48,485	$ 84,159	$ 13,540	$ 16,204	$ 10,534	$ 107,805	$ 124,437	$ 20,871
Earnings per share - Basic and diluted	$ 0.04	$ 0.25	$ 0.20	$ 0.51
Basic (in dollars per share)					$ 0.93	$ 0.11	$ 0.14	$ 0.07	$ 1	$ 1.25	$ 0.05
Diluted (in dollars per share)					$ 0.92	$ 0.11	$ 0.14	$ 0.07	$ 1	$ 1.24	$ 0.05

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	Jan. 24, 2017	Jan. 01, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock Awards | Performance-Based
Subsequent events
Vested (in shares)			113,903	184,666
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%
6.45% Series D Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)			6.45%
Subsequent events
Subsequent events
Cash dividends declared, common stock (in dollars per share)	$ 0.1625
Subsequent events | Restricted Stock Awards | Performance-Based
Subsequent events
Vested (in shares)		39,959
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 | 6.45% Series D Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	$ 0.403125

Schedule III - Real Estate an88

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Initial Cost
Land	$ 197,617
Building & Improvements	1,493,697
Cost Capitalized Subsequent to Acquisition	157,359
Total Cost
Land	195,072
Building & Improvements	1,653,601
Total	1,848,673	$ 1,683,803	$ 1,527,569	$ 1,349,088
Accumulated Depreciation	(241,760)	(212,207)	$ (179,455)	$ (173,149)
Total Cost Net of Accumulated Depreciation	1,606,913
Debt	317,550
Land parcels
Initial Cost
Land	8,105
Building & Improvements	0
Cost Capitalized Subsequent to Acquisition	(2,545)
Total Cost
Land	5,560
Building & Improvements	0
Total	5,560
Accumulated Depreciation	0
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	2,070
Total Cost
Land	1,497
Building & Improvements	15,573
Total	17,070
Accumulated Depreciation	(2,368)
Total Cost Net of Accumulated Depreciation	14,702
Arlington, TX | Hyatt Place
Initial Cost
Land	650
Building & Improvements	8,405
Cost Capitalized Subsequent to Acquisition	1,541
Total Cost
Land	650
Building & Improvements	9,946
Total	10,596
Accumulated Depreciation	(2,721)
Total Cost Net of Accumulated Depreciation	7,875
Debt	27,473
Arlington, TX | Residence Inn
Initial Cost
Land	1,646
Building & Improvements	13,854
Cost Capitalized Subsequent to Acquisition	1,586
Total Cost
Land	1,646
Building & Improvements	15,440
Total	17,086
Accumulated Depreciation	(1,866)
Total Cost Net of Accumulated Depreciation	15,220
Asheville, NC | Hotel Indigo
Initial Cost
Land	2,100
Building & Improvements	32,783
Cost Capitalized Subsequent to Acquisition	1,972
Total Cost
Land	2,100
Building & Improvements	34,755
Total	36,855
Accumulated Depreciation	(1,924)
Total Cost Net of Accumulated Depreciation	34,931
Atlanta, GA | Courtyard by Marriott
Initial Cost
Land	2,050
Building & Improvements	26,850
Cost Capitalized Subsequent to Acquisition	1,119
Total Cost
Land	2,050
Building & Improvements	27,969
Total	30,019
Accumulated Depreciation	(4,934)
Total Cost Net of Accumulated Depreciation	25,085
Atlanta, GA | Hyatt Place
Initial Cost
Land	1,154
Building & Improvements	9,605
Cost Capitalized Subsequent to Acquisition	2,600
Total Cost
Land	1,154
Building & Improvements	12,205
Total	13,359
Accumulated Depreciation	(3,749)
Total Cost Net of Accumulated Depreciation	9,610
Debt	6,588
Atlanta (Decatur), GA | Courtyard by Marriott
Initial Cost
Land	4,046
Building & Improvements	33,795
Cost Capitalized Subsequent to Acquisition	356
Total Cost
Land	4,046
Building & Improvements	34,151
Total	38,197
Accumulated Depreciation	(1,799)
Total Cost Net of Accumulated Depreciation	36,398
Atlanta (Decatur), GA | Residence Inn
Initial Cost
Land	3,381
Building & Improvements	34,619
Cost Capitalized Subsequent to Acquisition	201
Total Cost
Land	3,381
Building & Improvements	34,820
Total	38,201
Accumulated Depreciation	(1,115)
Total Cost Net of Accumulated Depreciation	37,086
Austin, TX | Hampton Inn and Suites
Initial Cost
Land	0
Building & Improvements	53,760
Cost Capitalized Subsequent to Acquisition	2,634
Total Cost
Land	0
Building & Improvements	56,394
Total	56,394
Accumulated Depreciation	(4,250)
Total Cost Net of Accumulated Depreciation	52,144
Austin, TX | Corporate Office
Initial Cost
Land	0
Building & Improvements	210
Cost Capitalized Subsequent to Acquisition	3,482
Total Cost
Land	0
Building & Improvements	3,692
Total	3,692
Accumulated Depreciation	(472)
Total Cost Net of Accumulated Depreciation	3,220
Baltimore, MD | Hyatt Place
Initial Cost
Land	2,100
Building & Improvements	8,135
Cost Capitalized Subsequent to Acquisition	1,664
Total Cost
Land	2,100
Building & Improvements	9,799
Total	11,899
Accumulated Depreciation	(2,281)
Total Cost Net of Accumulated Depreciation	9,618
Debt	21,291
Baltimore, MD | Residence Inn
Initial Cost
Land	0
Building & Improvements	34,350
Cost Capitalized Subsequent to Acquisition	1,086
Total Cost
Land	0
Building & Improvements	35,436
Total	35,436
Accumulated Depreciation	(1,863)
Total Cost Net of Accumulated Depreciation	33,573
Birmingham Liberty Park, AL | Hilton Garden Inn
Initial Cost
Land	1,400
Building & Improvements	10,100
Cost Capitalized Subsequent to Acquisition	1,921
Total Cost
Land	1,400
Building & Improvements	12,021
Total	13,421
Accumulated Depreciation	(2,404)
Total Cost Net of Accumulated Depreciation	11,017
Debt	5,910
Birmingham Lakeshore, AL | Hilton Garden Inn
Initial Cost
Land	1,400
Building & Improvements	7,225
Cost Capitalized Subsequent to Acquisition	1,906
Total Cost
Land	1,400
Building & Improvements	9,131
Total	10,531
Accumulated Depreciation	(2,485)
Total Cost Net of Accumulated Depreciation	8,046
Debt	5,046
Bloomington, MN | Hampton Inn and Suites
Initial Cost
Land	1,658
Building & Improvements	14,596
Cost Capitalized Subsequent to Acquisition	627
Total Cost
Land	1,658
Building & Improvements	15,223
Total	16,881
Accumulated Depreciation	(4,409)
Total Cost Net of Accumulated Depreciation	12,472
Bloomington, MN | SpringHill Suites
Initial Cost
Land	1,658
Building & Improvements	14,071
Cost Capitalized Subsequent to Acquisition	690
Total Cost
Land	1,658
Building & Improvements	14,761
Total	16,419
Accumulated Depreciation	(4,118)
Total Cost Net of Accumulated Depreciation	12,301
Boston (Norwood), MA | Hampton Inn
Initial Cost
Land	2,000
Building & Improvements	22,000
Cost Capitalized Subsequent to Acquisition	1,922
Total Cost
Land	2,000
Building & Improvements	23,922
Total	25,922
Accumulated Depreciation	(3,157)
Total Cost Net of Accumulated Depreciation	22,765
Boulder, CO | Marriott
Initial Cost
Land	11,115
Building & Improvements	48,843
Cost Capitalized Subsequent to Acquisition	361
Total Cost
Land	11,115
Building & Improvements	49,204
Total	60,319
Accumulated Depreciation	(800)
Total Cost Net of Accumulated Depreciation	59,519
Branchburg, NJ | Residence Inn
Initial Cost
Land	2,374
Building & Improvements	23,326
Cost Capitalized Subsequent to Acquisition	1,085
Total Cost
Land	2,374
Building & Improvements	24,411
Total	26,785
Accumulated Depreciation	(1,316)
Total Cost Net of Accumulated Depreciation	25,469
Charleston, WV | Country Inn and Suites
Initial Cost
Land	1,042
Building & Improvements	3,489
Cost Capitalized Subsequent to Acquisition	1,686
Total Cost
Land	1,042
Building & Improvements	5,175
Total	6,217
Accumulated Depreciation	(2,140)
Total Cost Net of Accumulated Depreciation	4,077
Charleston, WV | Holiday Inn Express
Initial Cost
Land	907
Building & Improvements	2,903
Cost Capitalized Subsequent to Acquisition	2,150
Total Cost
Land	907
Building & Improvements	5,053
Total	5,960
Accumulated Depreciation	(2,351)
Total Cost Net of Accumulated Depreciation	3,609
Chicago (Hoffman Estates), IL | Hyatt Place
Initial Cost
Land	5,395
Building & Improvements	68,355
Cost Capitalized Subsequent to Acquisition	0
Total Cost
Land	5,395
Building & Improvements	68,355
Total	73,750
Accumulated Depreciation	(511)
Total Cost Net of Accumulated Depreciation	73,239
Denver, CO | Hyatt House
Initial Cost
Land	2,700
Building & Improvements	10,780
Cost Capitalized Subsequent to Acquisition	5,487
Total Cost
Land	2,700
Building & Improvements	16,267
Total	18,967
Accumulated Depreciation	(3,419)
Total Cost Net of Accumulated Depreciation	15,548
Denver, CO | Hyatt Place
Initial Cost
Land	1,300
Building & Improvements	9,230
Cost Capitalized Subsequent to Acquisition	2,474
Total Cost
Land	1,300
Building & Improvements	11,704
Total	13,004
Accumulated Depreciation	(3,008)
Total Cost Net of Accumulated Depreciation	9,996
Denver (Englewood), CO | Hyatt Place
Initial Cost
Land	2,000
Building & Improvements	9,515
Cost Capitalized Subsequent to Acquisition	2,435
Total Cost
Land	2,000
Building & Improvements	11,950
Total	13,950
Accumulated Depreciation	(2,903)
Total Cost Net of Accumulated Depreciation	11,047
Duluth, GA | Hilton Garden Inn
Initial Cost
Land	2,200
Building & Improvements	11,150
Cost Capitalized Subsequent to Acquisition	1,544
Total Cost
Land	2,200
Building & Improvements	12,694
Total	14,894
Accumulated Depreciation	(3,145)
Total Cost Net of Accumulated Depreciation	11,749
Duluth, GA | Holiday Inn
Initial Cost
Building & Improvements	7,000
Cost Capitalized Subsequent to Acquisition	466
Total Cost
Building & Improvements	7,466
Total	7,466
Accumulated Depreciation	(1,896)
Total Cost Net of Accumulated Depreciation	5,570
El Paso, TX | Courtyard by Marriott
Initial Cost
Land	1,640
Building & Improvements	10,710
Cost Capitalized Subsequent to Acquisition	368
Total Cost
Land	1,640
Building & Improvements	11,078
Total	12,718
Accumulated Depreciation	(1,920)
Total Cost Net of Accumulated Depreciation	10,798
Ft. Myers, FL | Hyatt Place
Initial Cost
Land	1,878
Building & Improvements	16,583
Cost Capitalized Subsequent to Acquisition	(3,917)
Total Cost
Land	1,878
Building & Improvements	12,666
Total	14,544
Accumulated Depreciation	(2,425)
Total Cost Net of Accumulated Depreciation	12,119
Ft. Worth, TX | Fairfield Inn and Suites
Initial Cost
Land		553
Building & Improvements		2,698
Cost Capitalized Subsequent to Acquisition		3,177
Total Cost
Land	553
Building & Improvements	5,875
Total	6,428
Accumulated Depreciation	(2,576)
Total Cost Net of Accumulated Depreciation	3,852
Ft. Worth, TX | Hampton Inn and Suites
Initial Cost
Land		1,500
Building & Improvements		8,184
Cost Capitalized Subsequent to Acquisition		953
Total Cost
Land	1,500
Building & Improvements	9,137
Total	10,637
Accumulated Depreciation	(2,442)
Total Cost Net of Accumulated Depreciation	8,195
Debt	23,394
Ft. Worth, TX | Hilton Garden Inn
Initial Cost
Land		903
Building & Improvements		6,226
Cost Capitalized Subsequent to Acquisition		3,584
Total Cost
Land	903
Building & Improvements	9,810
Total	10,713
Accumulated Depreciation	(2,229)
Total Cost Net of Accumulated Depreciation	8,484
Debt	23,889
Garden City, NY | Hyatt Place
Initial Cost
Land		4,200
Building & Improvements		26,800
Cost Capitalized Subsequent to Acquisition		975
Total Cost
Land	4,200
Building & Improvements	27,775
Total	31,975
Accumulated Depreciation	(2,922)
Total Cost Net of Accumulated Depreciation	29,053
Germantown, TN | Courtyard by Marriott
Initial Cost
Land		1,860
Building & Improvements		5,448
Cost Capitalized Subsequent to Acquisition		2,014
Total Cost
Land	1,860
Building & Improvements	7,462
Total	9,322
Accumulated Depreciation	(2,315)
Total Cost Net of Accumulated Depreciation	7,007
Germantown, TN | Fairfield Inn and Suites
Initial Cost
Land		767
Building & Improvements		2,700
Cost Capitalized Subsequent to Acquisition		2,206
Total Cost
Land	767
Building & Improvements	4,906
Total	5,673
Accumulated Depreciation	(1,175)
Total Cost Net of Accumulated Depreciation	4,498
Germantown, TN | Residence Inn
Initial Cost
Land		1,083
Building & Improvements		5,200
Cost Capitalized Subsequent to Acquisition		$ 2,281
Total Cost
Land	1,083
Building & Improvements	7,481
Total	8,564
Accumulated Depreciation	(1,981)
Total Cost Net of Accumulated Depreciation	6,583
Glendale, CO | Staybridge Suites
Initial Cost
Land	2,100
Building & Improvements	7,900
Cost Capitalized Subsequent to Acquisition	2,251
Total Cost
Land	2,100
Building & Improvements	10,151
Total	12,251
Accumulated Depreciation	(2,541)
Total Cost Net of Accumulated Depreciation	9,710
Goleta, CA | Hampton Inn and Suites
Initial Cost
Land	4,100
Building & Improvements	23,800
Cost Capitalized Subsequent to Acquisition	2,391
Total Cost
Land	4,100
Building & Improvements	26,191
Total	30,291
Accumulated Depreciation	(2,591)
Total Cost Net of Accumulated Depreciation	27,700
Debt	11,303
Greenville, SC | Hilton Garden Inn
Initial Cost
Land	1,200
Building & Improvements	14,050
Cost Capitalized Subsequent to Acquisition	516
Total Cost
Land	1,200
Building & Improvements	14,566
Total	15,766
Accumulated Depreciation	(2,079)
Total Cost Net of Accumulated Depreciation	13,687
Hoffman Estates, IL | Hyatt Place
Initial Cost
Land	1,900
Building & Improvements	7,330
Cost Capitalized Subsequent to Acquisition	1,587
Total Cost
Land	1,900
Building & Improvements	8,917
Total	10,817
Accumulated Depreciation	(2,162)
Total Cost Net of Accumulated Depreciation	8,655
Debt	20,626
Houston (Energy Corridor), TX | Hilton Garden Inn
Initial Cost
Land	2,800
Building & Improvements	33,200
Cost Capitalized Subsequent to Acquisition	577
Total Cost
Land	2,800
Building & Improvements	33,777
Total	36,577
Accumulated Depreciation	(2,343)
Total Cost Net of Accumulated Depreciation	34,234
Debt	16,970
Houston, TX | Hilton Garden Inn
Initial Cost
Land	0
Building & Improvements	38,492
Cost Capitalized Subsequent to Acquisition	3,346
Total Cost
Land	0
Building & Improvements	41,838
Total	41,838
Accumulated Depreciation	(5,278)
Total Cost Net of Accumulated Depreciation	36,560
Indianapolis, IN | Courtyard by Marriott
Initial Cost
Land	7,788
Building & Improvements	50,846
Cost Capitalized Subsequent to Acquisition	3,538
Total Cost
Land	7,788
Building & Improvements	54,384
Total	62,172
Accumulated Depreciation	(6,838)
Total Cost Net of Accumulated Depreciation	55,334
Indianapolis, IN | SpringHill Suites
Initial Cost
Land	4,012
Building & Improvements	26,193
Cost Capitalized Subsequent to Acquisition	1,717
Total Cost
Land	4,012
Building & Improvements	27,910
Total	31,922
Accumulated Depreciation	(3,500)
Total Cost Net of Accumulated Depreciation	28,422
Debt	41,328
Jackson, MS | Courtyard by Marriott
Initial Cost
Land	1,301
Building & Improvements	7,322
Cost Capitalized Subsequent to Acquisition	2,332
Total Cost
Land	1,301
Building & Improvements	9,654
Total	10,955
Accumulated Depreciation	(3,572)
Total Cost Net of Accumulated Depreciation	7,383
Jackson, MS | Staybridge Suites
Initial Cost
Land	698
Building & Improvements	8,454
Cost Capitalized Subsequent to Acquisition	1,766
Total Cost
Land	698
Building & Improvements	10,220
Total	10,918
Accumulated Depreciation	(2,428)
Total Cost Net of Accumulated Depreciation	8,490
Lombard, IL | Hyatt Place
Initial Cost
Land	1,550
Building & Improvements	15,475
Cost Capitalized Subsequent to Acquisition	1,876
Total Cost
Land	1,550
Building & Improvements	17,351
Total	18,901
Accumulated Depreciation	(3,831)
Total Cost Net of Accumulated Depreciation	15,070
Louisville, KY | Fairfield Inn and Suites
Initial Cost
Land	3,120
Building & Improvements	21,903
Cost Capitalized Subsequent to Acquisition	2,328
Total Cost
Land	3,120
Building & Improvements	24,231
Total	27,351
Accumulated Depreciation	(3,814)
Total Cost Net of Accumulated Depreciation	23,537
Debt	36,741
Louisville, KY | SpringHill Suites
Initial Cost
Land	4,880
Building & Improvements	34,258
Cost Capitalized Subsequent to Acquisition	3,103
Total Cost
Land	4,880
Building & Improvements	37,361
Total	42,241
Accumulated Depreciation	(6,295)
Total Cost Net of Accumulated Depreciation	35,946
Miami, FL | Hyatt House
Initial Cost
Land	4,926
Building & Improvements	34,074
Cost Capitalized Subsequent to Acquisition	6,013
Total Cost
Land	4,926
Building & Improvements	40,087
Total	45,013
Accumulated Depreciation	(2,819)
Total Cost Net of Accumulated Depreciation	42,194
Minneapolis, MN | Hampton Inn
Initial Cost
Land	3,500
Building & Improvements	35,339
Cost Capitalized Subsequent to Acquisition	96
Total Cost
Land	3,500
Building & Improvements	35,435
Total	38,935
Accumulated Depreciation	(3,063)
Total Cost Net of Accumulated Depreciation	35,872
Minneapolis, MN | Holiday Inn Express and Suites
Initial Cost
Land	1,000
Building & Improvements	5,900
Cost Capitalized Subsequent to Acquisition	1,762
Total Cost
Land	1,000
Building & Improvements	7,662
Total	8,662
Accumulated Depreciation	(1,556)
Total Cost Net of Accumulated Depreciation	7,106
Minneapolis, MN | Hyatt Place
Initial Cost
Land	0
Building & Improvements	32,506
Cost Capitalized Subsequent to Acquisition	1,520
Total Cost
Land	0
Building & Improvements	34,026
Total	34,026
Accumulated Depreciation	(3,955)
Total Cost Net of Accumulated Depreciation	30,071
Minneapolis (Eden Prairie), MN | Hilton Garden Inn
Initial Cost
Land	1,800
Building & Improvements	8,400
Cost Capitalized Subsequent to Acquisition	2,811
Total Cost
Land	1,800
Building & Improvements	11,211
Total	13,011
Accumulated Depreciation	(2,030)
Total Cost Net of Accumulated Depreciation	10,981
Nashville, TN | Courtyard by Marriott
Initial Cost
Land	8,792
Building & Improvements	62,869
Cost Capitalized Subsequent to Acquisition	(110)
Total Cost
Land	8,792
Building & Improvements	62,759
Total	71,551
Accumulated Depreciation	(2,002)
Total Cost Net of Accumulated Depreciation	69,549
Nashville, TN | SpringHill Suites
Initial Cost
Land	777
Building & Improvements	3,576
Cost Capitalized Subsequent to Acquisition	2,022
Total Cost
Land	777
Building & Improvements	5,598
Total	6,375
Accumulated Depreciation	(2,672)
Total Cost Net of Accumulated Depreciation	3,703
New Orleans, LA | Courtyard by Marriott
Initial Cost
Land	1,944
Building & Improvements	23,739
Cost Capitalized Subsequent to Acquisition	1,381
Total Cost
Land	1,944
Building & Improvements	25,120
Total	27,064
Accumulated Depreciation	(4,768)
Total Cost Net of Accumulated Depreciation	22,296
New Orleans (French Quarter), LA | Courtyard by Marriott
Initial Cost
Land	1,860
Building & Improvements	21,679
Cost Capitalized Subsequent to Acquisition	3,489
Total Cost
Land	1,860
Building & Improvements	25,168
Total	27,028
Accumulated Depreciation	(4,367)
Total Cost Net of Accumulated Depreciation	22,661
New Orleans (Metairie), LA | Courtyard by Marriott
Initial Cost
Land	2,490
Building & Improvements	28,337
Cost Capitalized Subsequent to Acquisition	5,883
Total Cost
Land	2,490
Building & Improvements	34,220
Total	36,710
Accumulated Depreciation	(5,759)
Total Cost Net of Accumulated Depreciation	30,951
New Orleans (Metairie), LA | Residence Inn
Initial Cost
Land	1,790
Building & Improvements	18,099
Cost Capitalized Subsequent to Acquisition	5,287
Total Cost
Land	1,790
Building & Improvements	23,386
Total	25,176
Accumulated Depreciation	(3,197)
Total Cost Net of Accumulated Depreciation	21,979
New Orleans (Metairie), LA | SpringHill Suites
Initial Cost
Land	2,046
Building & Improvements	31,049
Cost Capitalized Subsequent to Acquisition	2,221
Total Cost
Land	2,046
Building & Improvements	33,270
Total	35,316
Accumulated Depreciation	(5,165)
Total Cost Net of Accumulated Depreciation	30,151
Orlando (Convention), FL | Hyatt Place
Initial Cost
Land	3,100
Building & Improvements	9,152
Cost Capitalized Subsequent to Acquisition	2,191
Total Cost
Land	3,100
Building & Improvements	11,343
Total	14,443
Accumulated Depreciation	(3,270)
Total Cost Net of Accumulated Depreciation	11,173
Orlando (Universal), FL | Hampton Inn
Initial Cost
Land	909
Building & Improvements	2,862
Cost Capitalized Subsequent to Acquisition	2,154
Total Cost
Land	909
Building & Improvements	5,016
Total	5,925
Accumulated Depreciation	(2,568)
Total Cost Net of Accumulated Depreciation	3,357
Orlando (Universal), FL | Hyatt Place
Initial Cost
Land	5,516
Building & Improvements	9,043
Cost Capitalized Subsequent to Acquisition	2,178
Total Cost
Land	5,516
Building & Improvements	11,221
Total	16,737
Accumulated Depreciation	(3,226)
Total Cost Net of Accumulated Depreciation	13,511
Phoenix, AZ | Hyatt Place
Initial Cost
Land	582
Building & Improvements	4,438
Cost Capitalized Subsequent to Acquisition	709
Total Cost
Land	582
Building & Improvements	5,147
Total	5,729
Accumulated Depreciation	(1,091)
Total Cost Net of Accumulated Depreciation	4,638
Portland, OR | Hyatt Place
Initial Cost
Land	0
Building & Improvements	16,713
Cost Capitalized Subsequent to Acquisition	(2,013)
Total Cost
Land	0
Building & Improvements	14,700
Total	14,700
Accumulated Depreciation	(2,525)
Total Cost Net of Accumulated Depreciation	12,175
Portland, OR | Residence Inn
Initial Cost
Land	0
Building & Improvements	16,409
Cost Capitalized Subsequent to Acquisition	(780)
Total Cost
Land	0
Building & Improvements	15,629
Total	15,629
Accumulated Depreciation	(3,300)
Total Cost Net of Accumulated Depreciation	12,329
Debt	18,578
Ridgeland, MS | Homewood Suites
Initial Cost
Land	1,314
Building & Improvements	6,036
Cost Capitalized Subsequent to Acquisition	1,786
Total Cost
Land	1,314
Building & Improvements	7,822
Total	9,136
Accumulated Depreciation	(1,630)
Total Cost Net of Accumulated Depreciation	7,506
Ridgeland, MS | Residence Inn
Initial Cost
Land	1,050
Building & Improvements	10,040
Cost Capitalized Subsequent to Acquisition	(387)
Total Cost
Land	1,050
Building & Improvements	9,653
Total	10,703
Accumulated Depreciation	(1,868)
Total Cost Net of Accumulated Depreciation	8,835
Salt Lake City, UT | Residence Inn
Initial Cost
Land	2,392
Building & Improvements	17,567
Cost Capitalized Subsequent to Acquisition	7,152
Total Cost
Land	2,392
Building & Improvements	24,719
Total	27,111
Accumulated Depreciation	(4,892)
Total Cost Net of Accumulated Depreciation	22,219
San Diego (Poway) CA | Hampton Inn
Initial Cost
Land	2,300
Building & Improvements	12,850
Cost Capitalized Subsequent to Acquisition	1,878
Total Cost
Land	2,300
Building & Improvements	14,728
Total	17,028
Accumulated Depreciation	(1,667)
Total Cost Net of Accumulated Depreciation	15,361
San Francisco, CA | DoubleTree by Hilton
Initial Cost
Land	3,300
Building & Improvements	35,760
Cost Capitalized Subsequent to Acquisition	3,926
Total Cost
Land	3,300
Building & Improvements	39,686
Total	42,986
Accumulated Depreciation	(5,342)
Total Cost Net of Accumulated Depreciation	37,644
San Francisco, CA | Four Points by Sheraton
Initial Cost
Land	1,200
Building & Improvements	20,050
Cost Capitalized Subsequent to Acquisition	1,347
Total Cost
Land	1,200
Building & Improvements	21,397
Total	22,597
Accumulated Depreciation	(3,145)
Total Cost Net of Accumulated Depreciation	19,452
San Francisco, CA | Holiday Inn Express and Suites
Initial Cost
Land	15,545
Building & Improvements	44,955
Cost Capitalized Subsequent to Acquisition	4,514
Total Cost
Land	15,545
Building & Improvements	49,469
Total	65,014
Accumulated Depreciation	(8,240)
Total Cost Net of Accumulated Depreciation	56,774
Sandy. UT | Holiday Inn Express and Suites
Initial Cost
Land	720
Building & Improvements	1,768
Cost Capitalized Subsequent to Acquisition	1,437
Total Cost
Land	720
Building & Improvements	3,205
Total	3,925
Accumulated Depreciation	(1,467)
Total Cost Net of Accumulated Depreciation	2,458
Debt	37,042
Scottsdale, AZ | Courtyard by Marriott
Initial Cost
Land	3,225
Building & Improvements	10,152
Cost Capitalized Subsequent to Acquisition	2,419
Total Cost
Land	3,225
Building & Improvements	12,571
Total	15,796
Accumulated Depreciation	(5,352)
Total Cost Net of Accumulated Depreciation	10,444
Debt	8,912
Scottsdale, AZ | Hyatt Place
Initial Cost
Land	1,500
Building & Improvements	9,030
Cost Capitalized Subsequent to Acquisition	1,141
Total Cost
Land	1,500
Building & Improvements	10,171
Total	11,671
Accumulated Depreciation	(2,458)
Total Cost Net of Accumulated Depreciation	9,213
Scottsdale, AZ | SpringHill Suites
Initial Cost
Land	2,195
Building & Improvements	7,120
Cost Capitalized Subsequent to Acquisition	2,376
Total Cost
Land	2,195
Building & Improvements	9,496
Total	11,691
Accumulated Depreciation	(4,464)
Total Cost Net of Accumulated Depreciation	7,227
Debt	4,798
Smyrna, TN | Hampton Inn and Suites
Initial Cost
Land	1,145
Building & Improvements	6,855
Cost Capitalized Subsequent to Acquisition	2,430
Total Cost
Land	1,145
Building & Improvements	9,285
Total	10,430
Accumulated Depreciation	(1,873)
Total Cost Net of Accumulated Depreciation	8,557
Smyrna, TN | Hilton Garden Inn
Initial Cost
Land	1,188
Building & Improvements	10,312
Cost Capitalized Subsequent to Acquisition	2,099
Total Cost
Land	1,188
Building & Improvements	12,411
Total	13,599
Accumulated Depreciation	(2,263)
Total Cost Net of Accumulated Depreciation	11,336
Debt	7,661
Ventura (Camarillo) CA | Hampton Inn and Suites
Initial Cost
Land	2,200
Building & Improvements	13,550
Cost Capitalized Subsequent to Acquisition	3,816
Total Cost
Land	2,200
Building & Improvements	17,366
Total	19,566
Accumulated Depreciation	(2,334)
Total Cost Net of Accumulated Depreciation	17,232
Ybor City, FL | Hampton Inn and Suites
Initial Cost
Land	3,600
Building & Improvements	17,244
Cost Capitalized Subsequent to Acquisition	3,122
Total Cost
Land	3,600
Building & Improvements	20,366
Total	23,966
Accumulated Depreciation	(2,771)
Total Cost Net of Accumulated Depreciation	$ 21,195

Schedule III - Real Estate an89

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
ASSET BASIS
Balance at beginning of period	$ 1,683,803	$ 1,527,569	$ 1,349,088
Additions to land, buildings and improvements	290,486	273,902	263,182
Disposition of land, buildings and improvements	(125,039)	(116,553)	(75,454)
Impairment loss	(577)	(1,115)	(9,247)
Balance at end of period	1,848,673	1,683,803	1,527,569
ACCUMULATED DEPRECIATION
Balance at beginning of period	212,207	179,455	173,149
Depreciation	72,063	63,675	63,669
Depreciation on assets sold or disposed	(42,510)	(30,923)	(57,363)
Balance at end of period	241,760	$ 212,207	$ 179,455
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes	$ 1,384,100
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