Summit Hotel Properties (INN) 10-Q 30 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 20, 2017
Document and Entity Information
Entity Registrant Name	Summit Hotel Properties, Inc.
Entity Central Index Key	1,497,645
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		104,276,587

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Investment in hotel properties, net	$ 1,902,949	$ 1,545,122
Investment in hotel properties under development	18,754	0
Land held for development	2,942	5,742
Assets held for sale	1,193	62,695
Investment in real estate loans, net	0	17,585
Cash and cash equivalents	52,451	34,694
Restricted cash	28,933	24,881
Trade receivables, net	20,899	11,807
Prepaid expenses and other	5,294	6,474
Deferred charges, net	4,669	3,727
Other assets	5,794	5,778
Total assets	2,043,878	1,718,505
Liabilities:
Debt, net of debt issuance costs	772,275	652,414
Accounts payable	7,257	4,623
Accrued expenses and other	56,306	46,880
Derivative financial instruments	438	1,118
Total liabilities	836,276	705,035
Commitments and contingencies (Note 8)
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Common stock, $.01 par value per share, 500,000,000 shares authorized, 104,266,587 and 93,525,469 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	1,043	935
Additional paid-in capital	1,178,896	1,011,412
Accumulated other comprehensive loss	(300)	(977)
Retained earnings (deficit) and distributions	24,783	(1,422)
Total stockholders’ equity	1,204,516	1,010,042
Non-controlling interests in operating partnership	3,086	3,428
Total equity	1,207,602	1,013,470
Total liabilities and equity	2,043,878	1,718,505
7.875% Series B - 3,000,000 shares issued and outstanding at September 30, 2017 and December 31, 2016 (aggregate liquidation preference of $75,492 at September 30, 2017 and $75,509 at December 31, 2016)
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Preferred stock	30	30
7.125% Series C - 3,400,000 shares issued and outstanding at September 30, 2017 and December 31, 2016 (aggregate liquidation preference of $85,505 at September 30, 2017 and $85,522 at December 31, 2016)
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Preferred stock	34	34
6.45% Series D - 3,000,000 shares issued and outstanding at September 30, 2017 and December 31, 2016 (aggregate liquidation preference of $75,403 at September 30, 2017 and $75,417 at December 31, 2016)
Preferred stock, $.01 par value per share, 100,000,000 shares authorized:
Preferred stock	$ 30	$ 30

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
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	104,266,587	93,525,469
Common stock, shares outstanding	104,266,587	93,525,469
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)	$ 75,492	$ 75,509
Preferred stock, dividend rate	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)	$ 85,505	$ 85,522
Preferred stock, dividend rate	7.125%	7.125%
6.450% Series D 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)	$ 75,403	$ 75,417
Preferred stock, dividend rate	6.45%	6.45%

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Room	$ 127,246	$ 110,777	$ 358,110	$ 340,657
Other hotel operations revenue	9,341	7,559	25,522	22,956
Total revenues	136,587	118,336	383,632	363,613
Hotel operating expenses:
Room	33,404	28,705	91,221	82,959
Other direct	16,846	15,513	49,255	48,596
Other indirect	35,820	29,312	100,297	92,870
Total hotel operating expenses	86,070	73,530	240,773	224,425
Depreciation and amortization	23,594	17,887	62,052	53,715
Corporate general and administrative	4,550	4,388	14,998	14,358
Hotel property acquisition costs	0	527	354	2,809
Loss on impairment of assets	0	577	0	577
Total expenses	114,214	96,909	318,177	295,884
Operating income	22,373	21,427	65,455	67,729
Other income (expense):
Interest expense	(7,768)	(6,626)	(21,486)	(21,232)
Gain on disposal of assets, net	7,725	10,491	43,531	49,997
Other income (expense), net	(116)	661	2,847	1,854
Total other income (expense)	(159)	4,526	24,892	30,619
Income from continuing operations before income taxes	22,214	25,953	90,347	98,348
Income tax benefit (expense)	231	1,245	(613)	(461)
Net income	22,445	27,198	89,734	97,887
Less - Income attributable to non-controlling interests in operating partnership	(55)	(115)	(289)	(454)
Net income attributable to Summit Hotel Properties, Inc.	22,390	27,083	89,445	97,433
Preferred dividends	(4,200)	(4,993)	(12,600)	(13,287)
Net income attributable to common stockholders	$ 18,190	$ 22,090	$ 76,845	$ 84,146
Earnings per share:
Basic (in dollars per share)	$ 0.18	$ 0.25	$ 0.78	$ 0.97
Diluted (in dollars per share)	$ 0.17	$ 0.25	$ 0.78	$ 0.96
Weighted average common shares outstanding:
Basic (in Shares)	103,253	86,492	98,105	86,428
Diluted (in Shares)	103,632	87,401	98,471	87,319

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 22,445	$ 27,198	$ 89,734	$ 97,887
Other comprehensive income (loss), net of tax:
Changes in fair value of derivative financial instruments	157	545	680	(102)
Comprehensive income	22,602	27,743	90,414	97,785
Less - Comprehensive income attributable to operating partnership	(56)	(118)	(292)	(453)
Comprehensive income attributable to Summit Hotel Properties, Inc.	22,546	27,625	90,122	97,332
Preferred dividends	(4,200)	(4,993)	(12,600)	(13,287)
Comprehensive income attributable to common stockholders	$ 18,346	$ 22,632	$ 77,522	$ 84,045

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Deficit) and Distributions	Total Stockholders’ Equity	Non-controlling Interests in Operating Partnership
Balance at beginning 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
Net proceeds from sale of common and preferred stock	$ 72,290	$ 30		72,260			72,290
Net proceeds from sale of common and preferred stock (in shares)	0	3,000,000
Common stock redemption of common units			$ 1	510			511	(511)
Common stock redemption of common units (in shares)	61,056		61,056
Dividends	$ (47,506)					(47,328)	(47,328)	(178)
Equity-based compensation	3,202		$ 5	3,180			3,185	17
Equity-based compensation (in shares)			521,995
Shares acquired to satisfy employee withholding requirements	$ (1,265)		$ (1)	(1,264)			(1,265)
Shares acquired to satisfy employee withholding requirements (in shares)	(61,622)		(61,622)
Other comprehensive income	$ (102)				(101)		(101)	(1)
Net income	97,887					97,433	97,433	454
Balance at end of year at Sep. 30, 2016	981,432	$ 114	$ 873	968,746	(1,767)	9,470	977,436	3,996
Balance (in shares) at Sep. 30, 2016		11,400,000	87,314,950
Balance at beginning 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
Changes in equity
Net proceeds from sale of common and preferred stock	$ 163,620		$ 104	163,516			163,620
Net proceeds from sale of common and preferred stock (in shares)	10,350,000		10,350,000
Common stock redemption of common units			$ 1	466			467	(467)
Common stock redemption of common units (in shares)	52,808		52,808
Dividends	$ (63,424)					(63,240)	(63,240)	(184)
Equity-based compensation	4,483		$ 4	4,462			4,466	17
Equity-based compensation (in shares)			397,421
Shares acquired to satisfy employee withholding requirements	$ (961)		$ (1)	(960)			(961)
Shares acquired to satisfy employee withholding requirements (in shares)	(59,111)		(59,111)
Other comprehensive income	$ 680				677		677	3
Net income	89,734					89,445	89,445	289
Balance at end of year at Sep. 30, 2017	$ 1,207,602	$ 94	$ 1,043	$ 1,178,896	$ (300)	$ 24,783	$ 1,204,516	$ 3,086
Balance (in shares) at Sep. 30, 2017		9,400,000	104,266,587

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
OPERATING ACTIVITIES
Net income	$ 89,734	$ 97,887
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	62,052	53,715
Amortization of deferred financing costs	1,553	1,625
Loss on impairment of assets	0	577
Equity-based compensation	4,483	3,202
Realization of deferred gain	(15,000)	(5,000)
Gain on disposal of assets, net	(28,531)	(44,997)
Other	51	(573)
Changes in operating assets and liabilities:
Restricted cash - operating	(2,326)	(881)
Trade receivables, net	(9,140)	(5,848)
Prepaid expenses and other	1,817	1,109
Accounts payable	(233)	1,215
Accrued expenses and other	9,780	10,348
NET CASH PROVIDED BY OPERATING ACTIVITIES	114,240	112,379
INVESTING ACTIVITIES
Acquisitions of hotel properties	(424,734)	(169,654)
Investment in hotel properties under development	(15,954)	0
Improvements to hotel properties	(25,252)	(31,098)
Proceeds from asset dispositions, net of closing costs	120,901	145,366
Funding of real estate loans	0	(27,500)
Proceeds from collection of real estate loans	32,500	7,814
Increase in restricted cash - FF&E reserve	(1,726)	(1,613)
Decrease in escrow deposits for acquisitions	0	6,446
NET CASH USED IN INVESTING ACTIVITIES	(314,265)	(70,239)
FINANCING ACTIVITIES
Proceeds from issuance of debt	485,000	250,000
Principal payments on debt	(365,087)	(302,546)
Proceeds from equity offerings, net of issuance costs	163,620	72,290
Dividends paid	(63,148)	(47,506)
Financing fees on debt	(1,642)	(1,948)
Repurchase of common shares to satisfy employee withholding requirements	(961)	(1,265)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	217,782	(30,975)
Net change in cash and cash equivalents	17,757	11,165
CASH AND CASH EQUIVALENTS
Beginning of period	34,694	29,326
End of period	52,451	40,491
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	20,242	19,425
Accrued acquisition costs and improvements to hotel properties	3,482	1,590
Capitalized interest	172	0
Cash payments for income taxes, net of refunds	$ 600	$ 1,135

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2017
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 ("IPO") 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 on owning primarily premium-branded, select-service hotels. At September 30, 2017 , our portfolio consisted of 79 hotels with a tota l of 11,590 gues trooms located in 24 states. We have elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes commencing with our short taxable year ended December 31, 2011. To qualify as a REIT, we cannot operate or manage our hotels. Accordingly, all of our hotels are leased to subsidiaries (“TRS Lessees”) of our taxable REIT subsidiary (“TRS”). We indirectly own 100% of the outstanding equity interests in all of our TRS Lessees.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Condensed Consolidated Financial Statements of the Company consolidate the accounts of the Company and all entities that are controlled by the Company’s ownership of a majority voting interest in such entities, 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 Condensed Consolidated Financial Statements. We prepare our Condensed Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Act of 1934 (the “Exchange Act”). Accordingly, the Condensed Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the three and nine months ended September 30, 2017 may not be indicative of the results that may be expected for the full year of 2017 . For further information, please read the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 . Segment Disclosure Accounting Standards Codification (“ASC”) Topic 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 for 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 Condensed 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. Effective January 1, 2017, we early adopted ASU No. 2017-01, Clarifying the Definition of a Business . As such, if substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, the asset or asset group is not considered a business. When we conclude that an acquisition meets this threshold, acquisition costs will be capitalized as part of our allocation of the purchase price of the acquired hotel properties. Our hotel properties and related assets are recorded at cost, less accumulated depreciation. We capitalize hotel development costs and the costs of significant additions and improvements that materially upgrade, increase the value or extend the useful life of the property. These costs may include hotel development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred. We generally depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense. When depreciable property and equipment is retired or disposed, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations. On a limited basis, we provide financing to developers of hotel properties for development 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 Condensed 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. We classify assets as Assets Held for Sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets classified as Assets Held for Sale are no longer depreciated and are carried at the lower of carrying amount or fair value less selling costs. Variable Interest Entities We consolidate variable interest entities (each a “VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider other relevant factors including each entity’s capital structure, contractual rights to earnings or obligations for losses, subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of 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 a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations as a consolidated 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 also include credit and debit card transactions that are in the process of being settled. 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 Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method. Deferred Financing Fees Debt issuance costs are presented as a direct deduction from the carrying value of the debt liability on the Condensed 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. 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 Condensed 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 Condensed Consolidated Statements of Operations. Our Condensed 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, 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 as revenue at the time of occupancy. Occupancy, Sales and Other Taxes We have operations in states and municipalities that impose sales or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted. Equity-Based Compensation Our 2011 Equity Incentive Plan, which was amended and restated effective June 15, 2015 (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 all other awards of equity, including time-based and performance-based stock awards, using the grant date fair value of those equity awards. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC Topic 718, Compensation — Stock Compensation . 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 Condensed 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 Condensed Consolidated Balance Sheets and reclassified to interest expense in our Condensed 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 Condensed Consolidated Statements of Operations. Income Taxes We have elected to be taxed as a REIT under certain provisions of the IRC. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, which does not necessarily equal net income as calculated in accordance with GAAP. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRS at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions. Substantially all of our assets are held by and all of our operations are conducted through our Operating Partnership. Partnerships are not subject to U.S. federal income taxes as revenues and expenses pass through to and are taxed on the owners. Generally, the states and cities where partnerships operate follow the U.S. federal income tax treatment. However, there are a limited number of local and state jurisdictions that tax the taxable income of the Operating Partnership. Accordingly, we provide for income taxes in these jurisdictions for the Operating Partnership. Taxable income related to our TRS is subject to federal, state and local income taxes at applicable tax rates. Our consolidated income 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. Where required, we account for federal and state income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for: i) the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and the respective carrying amounts for tax purposes, and ii) operating losses and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence, including future reversals of taxable temporary differences, future projected taxable income and tax planning strategies. We perform a review of any uncertain tax positions and if necessary will record expected future tax consequences of uncertain tax positions in the financial statements. Fair Value Measurement Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets. Level 3: Unobservable inputs in which there is little or no market information, which require a reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of the following valuation techniques: Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Cost approach: Amount required to replace the service capacity of an asset (replacement cost). Income approach: Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models). Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. We elected not to use the fair value option for cash and cash equivalents, restricted cash, trade receivables, prepaid expenses and other, debt, accounts payable, and accrued expenses and other. With the exception of our fixed-rate debt (See “Note 4 — 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 have been reclassified to conform to the current presentation primarily as a result of the reclassification of certain intangible assets related to our acquisitions of hotel properties from Other assets to Investment in hotel properties, net, on the Company's balance sheet. These reclassifications had no net effect on the Company’s previously reported financial position or results of operations. See "Note 3 - Investment in Hotel Properties, net" for further details. 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 full retrospective adoption or a modified retrospective adoption. In July 2015, the FASB deferred the effective date to January 1, 2018 with early adoption beginning January 1, 2017. We expect to adopt ASU No. 2014-09 on January 1, 2018 using the modified retrospective adoption method. We have evaluated 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 for 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. We do not expect the adoption of ASU No. 2016-01 to 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 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. We do not expect the adoption of ASU No. 2016-15 to 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. We do not expect the adoption of ASU No. 2016-18 to 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 providing 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 have early adopted ASU No. 2017-01 for our fiscal year commencing on January 1, 2017. The adoption of ASU No. 2017-01 did not have a material effect on our financial position or our results of operations. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting , to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in accordance with ASC No. 718, Compensation - Stock Compensation. ASC No. 2017-09 is effective for our fiscal year commencing on January 1, 2018. The effect of this guidance is to be applied prospectively to an award modified on or after the adoption date and early adoption is permitted. The effect that the adoption of ASU No. 2017-09 will have on our financial position or results of operations is not currently reasonably estimable. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , with the objective of improving the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. ASC No. 2017-12 is effective for our fiscal year commencing on January 1, 2019, and early adoption is permitted. Based on our preliminary evaluation, the adoption of ASU No. 2017-12 will not have a material effect on our financial position or our results of operations.

INVESTMENT IN HOTEL PROPERTIES,

INVESTMENT IN HOTEL PROPERTIES, NET	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
INVESTMENT IN HOTEL PROPERTIES, NET	INVESTMENT IN HOTEL PROPERTIES, NET Investment in Hotel Properties, net Investment in hotel properties, net at September 30, 2017 and December 31, 2016 is as follows (in thousands): September 30, 2017 December 31, 2016 Land $ 237,652 $ 178,423 Hotel buildings and improvements 1,745,059 1,433,389 Intangible assets 22,764 6,602 Construction in progress 13,602 22,490 Furniture, fixtures and equipment 152,562 129,437 2,171,639 1,770,341 Less - accumulated depreciation and amortization (268,690 ) (225,219 ) $ 1,902,949 $ 1,545,122 Intangible assets included in Investment in hotel properties, net and intangible liabilities included in Accrued expenses and other in our Condensed Consolidated Balance Sheets include the following (in thousands): September 30, 2017 December 31, 2016 Intangible assets: Air rights (1) $ 10,754 $ — Favorable leases (2) 10,569 6,032 In-place lease agreements 1,361 570 Other 80 — 22,764 6,602 Less accumulated amortization (796 ) (348 ) Intangible assets, net $ 21,968 $ 6,254 Intangible liabilities: Unfavorable leases (2) $ 5,002 $ 5,002 Less accumulated amortization (261 ) (190 ) Intangible liabilities, net $ 4,741 $ 4,812 (1) In conjunction with the acquisition of the Courtyard by Marriott - Charlotte, NC, the Company acquired certain air rights related to the hotel property. (2) Intangible assets and liabilities are recorded on contracts assumed as part of the acquisition of certain hotels. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and our estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Intangible assets and liabilities are amortized over the remaining non-cancelable term of the related contracts. Investment in Hotel Properties Under Development We are developing a hotel in Orlando, FL on a parcel of land that we own. We expect the total development costs for the construction of the hotel to be approximately $30.0 million . We have incurred $16.0 million of costs to date and we have reclassified the $2.8 million carrying amount of the land parcel from Land Held for Development to Investment in Hotel Properties Under Development during the nine months ended September 30, 2017 as a result of our development activities. Assets Held for Sale Assets held for sale at September 30, 2017 and December 31, 2016 include the following (in thousands): September 30, 2017 December 31, 2016 Land $ 1,193 $ 10,907 Hotel buildings and improvements — 44,718 Furniture, fixtures and equipment — 6,649 Franchise fees and other — 421 $ 1,193 $ 62,695 Assets Held for Sale at September 30, 2017 included land parcels in Spokane, W A a nd Flagstaff, AZ, which were being actively marketed for sale. Assets Held for Sale at December 31, 2016 include the hotel properties related to the ARCH Sale and the land parcels in Spokane, W A a nd Flagstaff, AZ, which were being actively marketed for sale. ARCH Sale On February 11, 2016, we completed the sale of six hotels to affiliates of American Realty Capital Hospitality Trust, Inc. ("ARCH") for an aggregate selling price of $108.3 million (the "ARCH Sale"), with the proceeds from the ARCH Sale being used to complete certain reverse 1031 Exchanges. The hotels acquired by us for the reverse 1031 Exchanges included the 179 -guestroom Courtyard by Marriott in 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 the sale of a hotel to ARCH. The ARCH Sale resulted in a $56.8 million gain, of which $20.0 million was initially deferred related to seller financing that we provided as described below. In connection with the ARCH Sale, the Operating Partnership entered into a loan agreement with ARCH, as borrower, which provided for a loan by the Operating Partnership to ARCH in the amount of $27.5 million (the “Loan” or "Loan Agreement"). 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 Sale; and (ii) the remaining $7.5 million was applied by ARCH to fund the escrow deposit required for the purchase of eight hotels as described below. Through December 31, 2016, we had 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 March 31, 2017, ARCH repaid the remaining $22.5 million principal balance of the Loan and payment-in-kind (“PIK”) interest of $1.2 million . As such, we recognized as income during the nine months ended September 30, 2017 the remaining $15.0 million of the deferred gain related to the sale of six hotels to ARCH. Pursuant to an agreement entered into by the Company and an affiliate of ARCH on February 11, 2016, as such agreement was subsequently modified and extended, the affiliate of ARCH was to purchase ten of the Company's hotels. Two of the hotels were sold during 2016 to a purchaser not affiliated with ARCH as permitted by the agreement. On April 27, 2017, we completed the sale of seven of the remaining eight hotels to an affiliate of ARCH for a total purchase price of $66.8 million , resulting in a net gain of approximately $16.0 million . The seven hotels sold were as follows: Hotel Location Guestrooms Courtyard by Marriott Jackson, MS 117 Courtyard by Marriott Germantown, TN 93 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 Total 651 The proceeds from this sale were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of approximately $20.8 million . The hotel acquired by us for the 1031 Exchange was the 261 -guestroom Courtyard by Marriott, Fort Lauderdale, FL for a purchase price of $85.0 million on May 23, 2017. On June 2, 2017, we completed the sale of the Courtyard by Marriott, El Paso, TX, which was the final hotel under contract for sale to ARCH, to a third-party purchaser that is unrelated to ARCH. The sale of this property resulted in the realization of a net gain of $0.4 million during the nine months ended September 30, 2017 . As a result of this sale, ARCH has fulfilled its purchase obligations to us. Other Asset Sales On March 30, 2017, we completed the sale of the Hyatt Place in Atlanta, GA for $14.5 million and repaid a related mortgage loan totaling $6.5 million . The sale of this property resulted in the realization of a net gain of $4.8 million during the nine months ended September 30, 2017 . On July 21, 2017, we completed the sale of three hotel properties in Fort Worth, TX for an aggregate sales price of $27.8 million , resulting in a net gain of $8.1 million . The proceeds from this sale were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of $8.6 million . 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. Hotel Property Acquisitions A summary of the hotel properties acquired during the nine months ended September 30, 2017 and 2016 is as follows (in thousands): Date Acquired Franchise/Brand Location Purchase For the nine months ended September 30, 2017 March 1, 2017 Homewood Suites Aliso Viejo (Laguna Beach), CA $ 38,000 March 30, 2017 Hyatt Place Phoenix (Mesa), AZ 22,200 May 23, 2017 Courtyard by Marriott Fort Lauderdale, FL 85,000 June 9, 2017 Courtyard by Marriott Charlotte, NC 56,250 June 21, 2017 Courtyard by Marriott Fort Worth, TX 40,000 June 21, 2017 Courtyard by Marriott Kansas City, MO 24,500 June 21, 2017 Courtyard by Marriott Pittsburgh, PA 42,000 June 21, 2017 Hampton Inn & Suites Baltimore, MD 18,000 June 21, 2017 Residence Inn by Marriott Baltimore, MD 38,500 July 13, 2017 AC Hotel by Marriott Atlanta, GA 57,500 $ 421,950 (1) For the nine months ended September 30, 2016 January 19, 2016 Courtyard by Marriott Nashville, TN $ 71,000 January 20, 2016 Residence Inn by Marriott Atlanta, GA 38,000 August 9, 2016 Marriott Boulder, CO 61,400 $ 170,400 (2) (1) The net assets acquired totaled $424.8 million due to the purchase at settlement of $0.6 million of net working capital and other assets and capitalized transaction costs of $2.2 million . (2) The net assets acquired totaled $169.7 million due to the purchase at settlement of $0.7 million of net liabilities. 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): For the Nine Months Ended September 30, 2017 2016 Land $ 63,339 $ 23,288 Hotel buildings and improvements 328,395 143,195 Intangible assets 16,162 442 Furniture, fixtures and equipment 16,294 2,948 Other assets 1,937 504 Total assets acquired 426,127 170,377 Less - other liabilities assumed (1,354 ) (723 ) Net assets acquired $ 424,773 (1) $ 169,654 (2) (1) The net assets acquired totaled $424.8 million due to the purchase at settlement of $0.6 million of net working capital and other assets and capitalized transaction costs of $2.2 million . (2) The net assets acquired totaled $169.7 million due to the purchase at settlement of $0.7 million of net liabilities. Under ASU No. 2017-01, all hotel purchases completed in 2017 were deemed to be the acquisition of assets. Therefore, acquisition costs related to these transactions have been capitalized as part of the recorded amount of the acquired assets. Total revenues and net income for hotel properties acquired in the nine months ended September 30, 2017 and 2016, which are included in our Condensed Consolidated Statements of Operations, are as follows (in thousands): 2017 Acquisitions (1) 2016 Acquisitions (2) 2017 Acquisitions (1) 2016 Acquisitions (2) For the For the For the For the Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2017 2017 2016 2017 2017 2016 Revenues $ 20,913 $ 9,233 $ 8,071 $ 28,283 $ 25,929 $ 18,582 Net income $ 1,960 $ 1,734 $ 2,568 $ 3,816 $ 4,965 $ 5,284 (1) Net income for the 2017 Acquisitions includes depreciation expense, real estate tax expense, interest expense, and other corporate expenses totaling $7.0 million and $8.5 million for three and nine months ended September 30, 2017, respectively. (2) Net income for the 2016 Acquisitions includes depreciation expense, real estate tax expense, interest expense, and other corporate expenses totaling $3.0 million and $1.9 million for three months ended September 30, 2017 and 2016, respectively, and $8.2 million and $4.6 million for the nine months ended September 30, 2017 and 2016, respectively. The results of operations of acquired hotel properties are included in the Condensed Consolidated Statements of Operations beginning on their respective acquisition dates. The following unaudited pro forma information includes operating results for 79 hotels owned as of September 30, 2017 as if all such hotels had been owned by us since January 1, 2016. For hotels acquired by us after January 1, 2016 (the "Acquired Hotels"), we have included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2016 to the date the Acquired Hotels were purchased by us (the "Preacquisition Period"). The financial results for the Pre-Acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by us and such information has not been audited or reviewed by our auditors or adjusted by us. For hotels sold by us between January 1, 2016 and September 30, 2017 (the "Disposed Hotels"), the unaudited pro forma information excludes the financial results of each of the Disposed Hotels for the period of ownership by us from January 1, 2016 through the date that the Disposed Hotels were sold by us. The unaudited pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and is not indicative of what actual results of operations would have been had the hotel acquisitions and dispositions taken place on or before January 1, 2016. The pro forma amounts exclude the gain on the sale of hotel properties during the three and nine months ended September 30, 2017 and 2016, respectively. 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 the 79 hotel properties owned at September 30, 2017 for the three and nine months ended September 30, 2017 and 2016 is as follows (in thousands, except per share): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Revenues $ 136,369 $ 135,373 $ 405,289 $ 408,104 Income from hotel operations $ 50,458 $ 52,250 $ 152,282 $ 160,450 Net income before taxes (1) $ 14,234 $ 25,181 $ 58,044 $ 79,569 Net income (1) $ 14,465 $ 26,426 $ 57,431 $ 76,108 Net income attributable to common stockholders, net of amount allocated to participating securities (1) $ 10,162 $ 21,275 $ 44,359 $ 62,357 Basic and diluted net income per share attributable to common stockholders (1) $ 0.10 $ 0.25 $ 0.45 $ 0.72 Diluted net income per share attributable to common stockholders (1) $ 0.10 $ 0.24 $ 0.45 $ 0.71 (1) Pro Forma amounts include depreciation expense, real estate tax expense, interest expense, income tax expense, and other corporate expenses totaling $46.2 million and $34.3 million for three months ended September 30, 2017 and 2016, respectively, and $124.3 million and $110.9 million for the nine months ended September 30, 2017 and 2016, respectively.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
DEBT	DEBT At September 30, 2017 our indebtedness is comprised of borrowings under a $450.0 million senior unsecured credit facility, the 2015 Term Loan (as defined below), the 2017 Term Loan (as defined below), and indebtedness secured by first priority mortgage liens on various hotel properties. At December 31, 2016 , our indebtedness is comprised of borrowings under a $450.0 million senior unsecured credit facility, the 2015 Term Loan (as defined below), and indebtedness secured by first priority mortgage liens on various hotel properties. The weighted average interest rate, after giving effect to our interest rate derivative, for all borrowings was 3.78% at September 30, 2017 and 3.69% at December 31, 2016 . Debt, net of debt issuance costs, is as follows (in thousands): September 30, 2017 December 31, 2016 Revolving debt $ 40,000 $ 50,000 Term loans 415,000 290,000 Mortgage loans 322,464 317,550 777,464 657,550 Unamortized debt issuance costs (5,189 ) (5,136 ) Debt, net of debt issuance costs $ 772,275 $ 652,414 Our total fixed-rate and variable-rate debt, after giving effect to our interest rate derivative, is as follows (in thousands): September 30, 2017 December 31, 2016 Fixed-rate debt $ 365,446 $ 359,867 Variable-rate debt 412,018 297,683 $ 777,464 $ 657,550 Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): September 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ 290,446 $ 293,207 $ 284,867 $ 283,416 Level 2 - Market approach At September 30, 2017 and December 31, 2016 , we had $75.0 million of debt with variable interest rates that had been converted to fixed interest rates through a derivative financial instrument which is 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 5 — Derivative Financial Instruments and Hedging." $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 credit facility (the “2016 Unsecured Credit Facility”), which replaced the previous $300.0 million senior unsecured credit facility that was in place. 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 September 30, 2017 , the maximum amount of borrowing provided by the 2016 Unsecured Credit Facility was $450.0 million , of which we had $190.0 million borrowed and $260.0 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 margin of 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 of between 0.50% and 1.25% , depending upon the Company’s leverage ratio. The interest rate at September 30, 2017 was 2.88% . Financial and Other Covenants . We are required to comply with a series of financial and other covenants to borrow under this credit facility. At September 30, 2017 , we were in compliance with all required covenants. 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 September 30, 2017 , the Company had 46 unencumbered hotel properties (the "Unencumbered 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% which results in a fixed interest rate of 3.49% on $75.0 million of the $150 Million Term Loan. Unsecured Term Loans 2015 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. At closing, we were advanced the full $125.0 million amount of the 2015 Term Loan and on April 21, 2015, we were advanced $15.0 million upon exercise of the accordion. All proceeds were used to pay down the principal balance of our $225.0 million revolving credit facility 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. Interest on the outstanding balance of $140 million is currently being paid at an annual rate of 3.18% based on LIBOR at September 30, 2017 . Borrowings under the 2015 Term Loan are limited by the value of hotel assets that qualify as unencumbered assets. As of September 30, 2017 , the 46 Unencumbered Properties also supported the 2015 Term Loan. 2017 Term Loan On September 26, 2017, 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 $225.0 million unsecured term loan (the "2017 Term Loan") with KeyBank National Association, as administrative agent, Deutsche Bank AG New York Branch and Bank of America, N.A., as co-syndication agents, KeyBanc Capital Markets, Inc., Deutsche Bank Securities, Inc., and Merrill Lynch Pierce Fenner & Smith, as joint bookrunners and joint lead arrangers, and a syndicate of lenders including KeyBank National Association, Deutsche Bank AG New York Branch, Bank of America, N.A., Capital One, National Association, PNC Bank, National Association, Regions Bank, Raymond James Bank, N.A., Royal Bank of Canada, Branch Banking and Trust Company, and U.S. Bank National Association. The 2017 Term Loan has an accordion feature which allows us to increase the total commitments by an aggregate of $175.0 million prior to the maturity date, subject to certain conditions. The 2017 Term Loan matures on November 25, 2022. We pay interest on advances at varying rates, based upon, at our option, either (i) 1, 2, 3, or 6-month LIBOR, plus a LIBOR margin between 1.45% and 2.20% , depending upon our leverage ratio (as defined in the loan documents), 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 0.45% and 1.20% , depending upon our leverage ratio. We are required to pay other fees, including customary arrangement and administrative fees. Financial and Other Covenants. In addition, we are required to comply with a series of financial and other covenants in order to borrow and maintain borrowings under the 2017 Term Loan. At September 30, 2017 we are in compliance with all financial covenants. Unencumbered Assets . The 2017 Term Loan is unsecured. However, borrowings under the term loan are limited by the value of hotel assets that qualify as unencumbered assets. As of September 30, 2017, the 46 Unencumbered Properties also supported the 2017 Term Loan. We have the ability to delay draws of the principal amount of the term loan and, in addition to making a draw at closing, we may make up to three additional draws prior to September 20, 2018. Beginning December 25, 2017, we pay a facility unused fee of 0.25% per annum on the unused principal amount of the loan. On September 26, 2017, we drew $125.0 million of the $225.0 million available under the 2017 Term Loan and used the proceeds to pay down the principal balance of our $300 Million Revolver. Metabank Loan On June 30, 2017, we entered into a $47.6 million secured, non-recourse loan with Metabank (the "Metabank Loan"). The Metabank Loan includes a delayed draw feature, at no additional cost, whereby $25.0 million of the total loan commitment must be drawn within 90 days of the closing date and the remaining loan commitment must be drawn by December 31, 2017. At September 30, 2017, we had drawn $25.0 million on the Metabank Loan. The Metabank Loan provides for a fixed interest rate of 4.44% and interest only payments for 18 months following the closing date. After this 18 month period, the loan is amortized on a 25 -year amortization schedule through the maturity date of July 1, 2027. The Metabank Loan is secured by the Residence Inn in Salt Lake City, UT, the Four Points by Sheraton Hotel & Suites in South San Francisco, CA, and the Hyatt Place in Mesa, AZ. The Metabank Loan is subject to a prepayment penalty if prepaid prior to April 1, 2027. Term Loans At September 30, 2017 , we had $737.5 million in secured and unsecured term loans outstanding (including the $150 Million Term Loan, the 2015 Term Loan, the 2017 Term Loan and the Metabank Loan described above). Term loans totaling $322.5 million are secured primarily by first mortgage liens on certain hotel properties.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING Information about our derivative financial instruments at September 30, 2017 and December 31, 2016 is as follows (dollars in thousands): September 30, 2017 December 31, 2016 Number of Instruments Notional Amount Fair Value Number of Instruments Notional Amount Fair Value Interest rate swaps (liability) 1 $ 75,000 $ (438 ) 1 $ 75,000 $ (1,118 ) 1 $ 75,000 $ (438 ) 1 $ 75,000 $ (1,118 ) 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 September 30, 2017 and December 31, 2016 , 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 presentation in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion) $ 2 $ 248 $ 92 $ (1,008 ) Loss reclassified from accumulated other comprehensive income to interest expense (effective portion) $ (155 ) $ (297 ) $ (588 ) $ (906 ) Gain recognized in Other Expense (ineffective portion) $ — $ 19 $ — $ — 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 the next twelve months, we estimate that an additional $0.4 million will be reclassified from Other Comprehensive Income and recorded as an increase to interest expense.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2017
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 May 9, 2017, the Company and the Operating Partnership, entered into an underwriting agreement (the “Underwriting Agreement”) with Raymond James & Associates, Inc. and Deutsche Bank Securities Inc., as the representatives of the several underwriters named therein, relating to the issuance and sale of 9,000,000 shares of the Company’s common stock, $0.01 par value per share (“Common Stock”), at a public offering price of $16.50 per share, less an underwriting discount of $0.66 per share. Pursuant to the terms of the Underwriting Agreement, the Company granted the underwriters a 30 -day option to purchase up to an additional 1,350,000 shares of common stock on the same terms, which the underwriters exercised in full on May 10, 2017. The closing of the offering occurred on May 15, 2017 for net proceeds of $163.8 million , after the underwriting discount and offering-related expenses of $7.0 million . On May 25, 2017, the Company and the Operating Partnership entered into separate sales agreements (collectively, 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., Jefferies LLC, BB&T Capital Markets, a division of BB&T Securities, LLC, and BTIG, LLC (collectively, the “Sales Agents”), pursuant to which the Company may sell the Company’s shares of common stock, $0.01 par value per share, having an aggregate offering price of up to $200.0 million (the “Shares”), from time to time through the Sales Agents, each acting as a sales agent and/or principal. At the same time, the Company terminated each of the sales agreements entered into in connection with its prior at-the-market offering program, which was established in August 2016 and under which 6,151,514 shares of the Company’s common stock were sold for net proceeds of approximately $89.1 million . Pursuant to the Sales Agreements, the Shares may be offered and sold through any Sales Agent 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. Each Sales Agent will be entitled to compensation equal to up to 2.0% of the gross proceeds of the Shares sold through such Sales Agent from time to time under the related Sales Agreement. 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, any of the Sales Agreements. Changes in common stock during the nine months ended September 30, 2017 and 2016 were as follows: For the Nine Months Ended September 30, 2017 2016 Beginning common shares outstanding 93,525,469 86,793,521 Stock Offering 10,350,000 — Grants under the Equity Plan 366,679 446,686 Common Unit redemptions 52,808 61,056 Exercise of stock options — 37,684 Annual grants to independent directors 28,426 32,180 Common stock issued for director fees 3,553 5,851 Forfeitures (1,237 ) (406 ) Shares retained for employee tax withholding requirements (59,111 ) (61,622 ) Ending common shares outstanding 104,266,587 87,314,950 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 90,600,000 is currently undesignated, 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 outstanding shares of preferred stock (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 Common Units with shares of our common stock on a one-for-one basis. The number of shares of our common stock issuable upon redemption of Common Units may be adjusted upon the occurrence of certain events such as share dividend payments, share subdivisions or combinations. At September 30, 2017 and December 31, 2016 , unaffiliated third parties owned 343,905 and 396,713 Common Units of the Operating Partnership, respectively, representing less than a 1% limited partnership interest in the Operating Partnership for each period. 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 Condensed Consolidated Balance Sheets. The portion of net income allocated to these Common Units is reported on the Company’s Condensed Consolidated Statement of Operations as net income attributable to non-controlling interests of the Operating Partnership. Leasehold Venture At March 31, 2016, 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 now own 100% of the fee simple interest and leasehold interest in the hotel property effective July 31, 2016.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT The following table presents information about our financial instruments measured at fair value on a recurring basis at September 30, 2017 and December 31, 2016 . In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, we classify assets and liabilities based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Disclosures concerning financial instruments measured at fair value are as follows (in thousands): Fair Value Measurements at September 30, 2017 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 438 $ — $ 438 Fair Value Measurements at December 31, 2016 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 1,118 $ — $ 1,118

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Restricted Cash The Company maintains reserve funds for property taxes, insurance, capital expenditures and replacement or refurbishment of furniture, fixtures and equipment at some of our hotel properties in accordance with management, franchise or mortgage loan agreements. These agreements generally require us to reserve cash ranging from 3% to 5% of the revenues of the individual hotel in restricted cash escrow accounts. Any unused restricted cash balances revert to us upon the termination of the underlying agreement or may be released to us from the restricted cash escrow accounts upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves. At September 30, 2017 and December 31, 2016 , approximately $28.9 million and $24.9 million , respectively, was available in restricted cash reserve funds for property taxes, insurance, capital expenditures and replacement or refurbishment of furniture, fixtures and equipment at our hotel properties. 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 have two prepaid land leases for two hotel properties in Portland, OR which expire in June of 2084 and had remaining prepaid balances of approximately $3.2 million and $3.3 million at September 30, 2017 and December 31, 2016 , respectively. We have one option to extend these leases for an additional 14 years. We lease land for one hotel property in Houston (Galleria Area), TX under the terms of an operating ground lease agreement with an initial termination date of April 20, 2053 and 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 ground leases for the three months ended September 30, 2017 and 2016 was $0.4 million and $0.4 million , respectively. Total rent expense for ground leases for the nine months ended September 30, 2017 and 2016 was $1.3 million and $1.2 million , respectively. 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. We also pay fees to our franchisors for services such as reservation and information systems. During the three months ended September 30, 2017 and 2016 , we expensed fees related to our franchise agreements of $11.4 million and $9.3 million , respectively. During the nine months ended September 30, 2017 and 2016 , we expensed fees related to our franchise agreements of $30.8 million and $28.3 million , respectively. Management Agreements Our hotel properties operate pursuant to management agreements with various professional third-party management companies. The terms of our management agreements range from three to 25 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 the number of guestrooms. Generally there are also incentive fees based on attaining certain financial thresholds. Management fee expenses for the three months ended September 30, 2017 and 2016 were $4.2 million and $4.2 million , respectively. Management fee expenses for the nine months ended September 30, 2017 and 2016 were $14.0 million and $14.9 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 September 30, 2017 . We are not currently aware of any actions against us that we believe would have a material effect on our financial condition or results of operations.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Our currently outstanding equity-based awards were issued under the 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 As of September 30, 2017 , we had 235,000 outstanding and exercisable stock options with a weighted average exercise price of $9.75 per share, weighted average contractual term of 3.4 years and an aggregate intrinsic value of $1.5 million . Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan On March 6, 2017, we granted time-based restricted stock awards for 16,079 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, 2018, 2019 and 2020, and 40% on March 9, 2021). On March 6, 2017, we granted time-based restricted stock awards for 120,024 shares of common stock to our executive officers. On April 18, 2017, we granted a time-based restricted stock award for 20,215 shares of common stock to an executive officer. The awards vest 25% on March 9, 2018, 25% on March 9, 2019 and 50% on March 9, 2020, based on continuous service through the vesting dates or in certain circumstances upon a change in control. 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. 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 award activity under our Equity Plan for the nine months ended September 30, 2017 : Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested at December 31, 2016 357,845 $ 11.90 $ 5,736 Granted 156,318 15.52 Vested (120,366 ) 11.29 Forfeited (1,237 ) 13.57 Non-vested at September 30, 2017 392,560 $ 13.52 $ 6,277 Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan On March 6, 2017, we granted performance-based restricted stock awards for 180,039 shares of common stock to our executive officers. On April 18, 2017, we granted a performance-based restricted stock award for 30,322 shares of common stock to an executive officer. 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 6, 2017 and ending on the earlier of March 6, 2020 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 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. 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. The following table summarizes performance-based restricted stock activity under the Equity Plan for the nine months ended September 30, 2017 : Number of Shares Weighted Average Grant Date Fair Value (1) Aggregate Current Value (per share) (in thousands) Non-vested at December 31, 2016 449,027 $ 14.90 $ 7,198 Granted 210,361 17.13 Vested (39,959 ) 7.12 Non-vested at September 30, 2017 619,429 $ 16.16 $ 9,905 (1) The amounts included in this column represent the expected future value of the performance-based restricted stock awards calculated using the Monte Carlo simulation valuation model. Director Stock Awards Made Pursuant to Our Equity Plan Our non-employee directors have the option to receive shares of our common stock in lieu of cash for their director fees. During the nine months ended September 30, 2017 , we issued 3,553 shares of common stock for director fees and we made an annual grant of 28,426 shares of common stock to our independent directors. 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 expenses in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016 was as follows (in thousands): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Time-based restricted stock $ 541 $ 419 $ 1,607 $ 1,176 Performance-based restricted stock 849 576 2,333 1,532 Stock options — — — 55 Director stock 99 25 543 439 $ 1,489 $ 1,020 $ 4,483 $ 3,202 We recognize equity-based compensation expense ratably over the vesting periods. 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 $8.1 million at September 30, 2017 as follows (in thousands): Total 2017 2018 2019 2020 2021 Time-based restricted stock $ 3,293 $ 541 $ 1,603 $ 949 $ 190 $ 10 Performance-based restricted stock 4,826 850 2,374 1,401 201 — $ 8,119 $ 1,391 $ 3,977 $ 2,350 $ 391 $ 10

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income taxes for the interim periods presented have been included in our Condensed Consolidated Financial Statements on the basis of an estimated annual effective tax rate. Our effective tax rate is affected by the mix of earnings and losses by taxing jurisdictions. Our earnings, other than from our TRS, are not generally subject to federal and state corporate income taxes due to our REIT election, provided that we distribute 100% of our taxable income to our shareholders. However, there are a limited number of local and state jurisdictions that tax the taxable income of the Operating Partnership. Accordingly, we provide for income taxes in these jurisdictions for the Operating Partnership. We recorded an income tax benefit related to net income from continuing operations of $0.2 million and $1.2 million for the three months ended September 30, 2017 and 2016 , respectively, and an income tax expense related to net income from continuing operations of $0.6 million and $0.5 million for the nine months ended September 30, 2017 and 2016, respectively. We had no unrecognized tax benefits at September 30, 2017 . We expect no significant changes in unrecognized tax benefits within the next year.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2017
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. Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income $ 22,445 $ 27,198 $ 89,734 $ 97,887 Less: Preferred dividends (4,200 ) (4,993 ) (12,600 ) (13,287 ) Allocation to participating securities (69 ) (47 ) (305 ) (127 ) Attributable to non-controlling interest (55 ) (115 ) (289 ) (454 ) Net income attributable to common stockholders, net of amount allocated to participating securities $ 18,121 $ 22,043 $ 76,540 $ 84,019 Denominator: Weighted average common shares outstanding - basic 103,253 86,492 98,105 86,428 Dilutive effect of equity-based compensation awards 379 909 366 891 Weighted average common shares outstanding - diluted 103,632 87,401 98,471 87,319 Earnings per share: Basic $ 0.18 $ 0.25 $ 0.78 $ 0.97 Diluted $ 0.17 $ 0.25 $ 0.78 $ 0.96 All outstanding stock options were included in the computation of diluted earnings per share for the three and nine months ended September 30, 2017 and 2016 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. We had unvested performance-based restricted stock awards of 464,924 shares and 449,027 shares for the three months ended September 30, 2017 and 2016 , respectively, and 464,924 shares and 449,027 shares for the nine months ended September 30, 2017 and 2016 , 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Derivatives On October 2, 2017, we entered into two separate $100 million interest rate swap agreements with an effective date of January 29, 2018, to partially fix the interest rate on a portion of our variable interest rate unsecured indebtedness. The swaps convert LIBOR from floating rate to an average fixed rate of 1.98% through January 31, 2023. Mezzanine Loans We are a mezzanine lender on a construction loan to fund up to $12.0 million to a developer for the development of a hotel property. The mezzanine loan closed on October 27, 2017, and has an initial maturity date of November 2020. As of October 27, 2017, we have funded $7.2 million on the loan. We have the option to purchase a 90% interest in the hotel upon completion of construction. We have the right to purchase the remaining interest at a future date. Dividends On October 30, 2017, our Board of Directors declared cash dividends of $0.17 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 on November 30, 2017 to stockholders of record on November 16, 2017.

BASIS OF PRESENTATION AND SIG20

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements of the Company consolidate the accounts of the Company and all entities that are controlled by the Company’s ownership of a majority voting interest in such entities, 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 Condensed Consolidated Financial Statements. We prepare our Condensed Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Act of 1934 (the “Exchange Act”). Accordingly, the Condensed Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the three and nine months ended September 30, 2017 may not be indicative of the results that may be expected for the full year of 2017 . For further information, please read the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 .
Segment Disclosure	Segment Disclosure Accounting Standards Codification (“ASC”) Topic 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 for 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 Condensed 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. Effective January 1, 2017, we early adopted ASU No. 2017-01, Clarifying the Definition of a Business . As such, if substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, the asset or asset group is not considered a business. When we conclude that an acquisition meets this threshold, acquisition costs will be capitalized as part of our allocation of the purchase price of the acquired hotel properties. Our hotel properties and related assets are recorded at cost, less accumulated depreciation. We capitalize hotel development costs and the costs of significant additions and improvements that materially upgrade, increase the value or extend the useful life of the property. These costs may include hotel development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred. We generally depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense. When depreciable property and equipment is retired or disposed, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations. On a limited basis, we provide financing to developers of hotel properties for development 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 Condensed 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. We classify assets as Assets Held for Sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets classified as Assets Held for Sale are no longer depreciated and are carried at the lower of carrying amount or fair value less selling costs.
Variable Interest Entities	Variable Interest Entities We consolidate variable interest entities (each a “VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider other relevant factors including each entity’s capital structure, contractual rights to earnings or obligations for losses, subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of 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 a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations as a consolidated 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 also include credit and debit card transactions that are in the process of being settled. 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 Debt issuance costs are presented as a direct deduction from the carrying value of the debt liability on the Condensed 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.
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 Condensed 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 Condensed Consolidated Statements of Operations. Our Condensed 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, 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 as revenue at the time of occupancy.
Occupancy, Sales and Other Taxes	Occupancy, Sales and Other Taxes We have operations in states and municipalities that impose sales or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted.
Equity-Based Compensation	Equity-Based Compensation Our 2011 Equity Incentive Plan, which was amended and restated effective June 15, 2015 (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 all other awards of equity, including time-based and performance-based stock awards, using the grant date fair value of those equity awards. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC Topic 718, Compensation — Stock Compensation . 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 Condensed 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 Condensed Consolidated Balance Sheets and reclassified to interest expense in our Condensed 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 Condensed Consolidated Statements of Operations.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under certain provisions of the IRC. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, which does not necessarily equal net income as calculated in accordance with GAAP. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRS at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions. Substantially all of our assets are held by and all of our operations are conducted through our Operating Partnership. Partnerships are not subject to U.S. federal income taxes as revenues and expenses pass through to and are taxed on the owners. Generally, the states and cities where partnerships operate follow the U.S. federal income tax treatment. However, there are a limited number of local and state jurisdictions that tax the taxable income of the Operating Partnership. Accordingly, we provide for income taxes in these jurisdictions for the Operating Partnership. Taxable income related to our TRS is subject to federal, state and local income taxes at applicable tax rates. Our consolidated income 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. Where required, we account for federal and state income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for: i) the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and the respective carrying amounts for tax purposes, and ii) operating losses and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence, including future reversals of taxable temporary differences, future projected taxable income and tax planning strategies. We perform a review of any uncertain tax positions and if necessary will record expected future tax consequences of uncertain tax positions in the financial statements.
Fair Value Measurement	Fair Value Measurement Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets. Level 3: Unobservable inputs in which there is little or no market information, which require a reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of the following valuation techniques: Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Cost approach: Amount required to replace the service capacity of an asset (replacement cost). Income approach: Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models). Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. We elected not to use the fair value option for cash and cash equivalents, restricted cash, trade receivables, prepaid expenses and other, debt, accounts payable, and accrued expenses and other. With the exception of our fixed-rate debt (See “Note 4 — 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 have been reclassified to conform to the current presentation primarily as a result of the reclassification of certain intangible assets related to our acquisitions of hotel properties from Other assets to Investment in hotel properties, net, on the Company's balance sheet. These reclassifications had no net effect on the Company’s previously reported financial position or results of operations. See "Note 3 - Investment in Hotel Properties, net" for further details.
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 full retrospective adoption or a modified retrospective adoption. In July 2015, the FASB deferred the effective date to January 1, 2018 with early adoption beginning January 1, 2017. We expect to adopt ASU No. 2014-09 on January 1, 2018 using the modified retrospective adoption method. We have evaluated 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 for 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. We do not expect the adoption of ASU No. 2016-01 to 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 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. We do not expect the adoption of ASU No. 2016-15 to 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. We do not expect the adoption of ASU No. 2016-18 to 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 providing 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 have early adopted ASU No. 2017-01 for our fiscal year commencing on January 1, 2017. The adoption of ASU No. 2017-01 did not have a material effect on our financial position or our results of operations. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting , to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in accordance with ASC No. 718, Compensation - Stock Compensation. ASC No. 2017-09 is effective for our fiscal year commencing on January 1, 2018. The effect of this guidance is to be applied prospectively to an award modified on or after the adoption date and early adoption is permitted. The effect that the adoption of ASU No. 2017-09 will have on our financial position or results of operations is not currently reasonably estimable. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , with the objective of improving the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. ASC No. 2017-12 is effective for our fiscal year commencing on January 1, 2019, and early adoption is permitted. Based on our preliminary evaluation, the adoption of ASU No. 2017-12 will not have a material effect on our financial position or our results of operations.

BASIS OF PRESENTATION AND SIG21

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Schedule of estimated useful lives of hotel properties	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
Fair value measurements hierarchy	Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets. Level 3: Unobservable inputs in which there is little or no market information, which require a reporting entity to develop its own assumptions.
Fair value valuation techniques	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).

INVESTMENT IN HOTEL PROPERTIE22

INVESTMENT IN HOTEL PROPERTIES, NET (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Schedule of investment in hotel properties, net	Investment in hotel properties, net at September 30, 2017 and December 31, 2016 is as follows (in thousands): September 30, 2017 December 31, 2016 Land $ 237,652 $ 178,423 Hotel buildings and improvements 1,745,059 1,433,389 Intangible assets 22,764 6,602 Construction in progress 13,602 22,490 Furniture, fixtures and equipment 152,562 129,437 2,171,639 1,770,341 Less - accumulated depreciation and amortization (268,690 ) (225,219 ) $ 1,902,949 $ 1,545,122
Schedule of intangible assets and intangible liabilities	Intangible assets included in Investment in hotel properties, net and intangible liabilities included in Accrued expenses and other in our Condensed Consolidated Balance Sheets include the following (in thousands): September 30, 2017 December 31, 2016 Intangible assets: Air rights (1) $ 10,754 $ — Favorable leases (2) 10,569 6,032 In-place lease agreements 1,361 570 Other 80 — 22,764 6,602 Less accumulated amortization (796 ) (348 ) Intangible assets, net $ 21,968 $ 6,254 Intangible liabilities: Unfavorable leases (2) $ 5,002 $ 5,002 Less accumulated amortization (261 ) (190 ) Intangible liabilities, net $ 4,741 $ 4,812 (1) In conjunction with the acquisition of the Courtyard by Marriott - Charlotte, NC, the Company acquired certain air rights related to the hotel property. (2) Intangible assets and liabilities are recorded on contracts assumed as part of the acquisition of certain hotels. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and our estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Intangible assets and liabilities are amortized over the remaining non-cancelable term of the related contracts.
Disclosure of assets held for sale	Assets held for sale at September 30, 2017 and December 31, 2016 include the following (in thousands): September 30, 2017 December 31, 2016 Land $ 1,193 $ 10,907 Hotel buildings and improvements — 44,718 Furniture, fixtures and equipment — 6,649 Franchise fees and other — 421 $ 1,193 $ 62,695
Schedule of sale of hotels	The seven hotels sold were as follows: Hotel Location Guestrooms Courtyard by Marriott Jackson, MS 117 Courtyard by Marriott Germantown, TN 93 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 Total 651
Schedule of hotel property acquisitions	A summary of the hotel properties acquired during the nine months ended September 30, 2017 and 2016 is as follows (in thousands): Date Acquired Franchise/Brand Location Purchase For the nine months ended September 30, 2017 March 1, 2017 Homewood Suites Aliso Viejo (Laguna Beach), CA $ 38,000 March 30, 2017 Hyatt Place Phoenix (Mesa), AZ 22,200 May 23, 2017 Courtyard by Marriott Fort Lauderdale, FL 85,000 June 9, 2017 Courtyard by Marriott Charlotte, NC 56,250 June 21, 2017 Courtyard by Marriott Fort Worth, TX 40,000 June 21, 2017 Courtyard by Marriott Kansas City, MO 24,500 June 21, 2017 Courtyard by Marriott Pittsburgh, PA 42,000 June 21, 2017 Hampton Inn & Suites Baltimore, MD 18,000 June 21, 2017 Residence Inn by Marriott Baltimore, MD 38,500 July 13, 2017 AC Hotel by Marriott Atlanta, GA 57,500 $ 421,950 (1) For the nine months ended September 30, 2016 January 19, 2016 Courtyard by Marriott Nashville, TN $ 71,000 January 20, 2016 Residence Inn by Marriott Atlanta, GA 38,000 August 9, 2016 Marriott Boulder, CO 61,400 $ 170,400 (2) (1) The net assets acquired totaled $424.8 million due to the purchase at settlement of $0.6 million of net working capital and other assets and capitalized transaction costs of $2.2 million . (2) The net assets acquired totaled $169.7 million due to the purchase at settlement of $0.7 million of net liabilities.
Schedule of allocation of the aggregate purchase prices to the fair value of assets acquired and liabilities assumed	The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands): For the Nine Months Ended September 30, 2017 2016 Land $ 63,339 $ 23,288 Hotel buildings and improvements 328,395 143,195 Intangible assets 16,162 442 Furniture, fixtures and equipment 16,294 2,948 Other assets 1,937 504 Total assets acquired 426,127 170,377 Less - other liabilities assumed (1,354 ) (723 ) Net assets acquired $ 424,773 (1) $ 169,654 (2) (1) The net assets acquired totaled $424.8 million due to the purchase at settlement of $0.6 million of net working capital and other assets and capitalized transaction costs of $2.2 million . (2) The net assets acquired totaled $169.7 million due to the purchase at settlement of $0.7 million of net liabilities.
Schedule of total revenues and net income for hotel properties acquired	Total revenues and net income for hotel properties acquired in the nine months ended September 30, 2017 and 2016, which are included in our Condensed Consolidated Statements of Operations, are as follows (in thousands): 2017 Acquisitions (1) 2016 Acquisitions (2) 2017 Acquisitions (1) 2016 Acquisitions (2) For the For the For the For the Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2017 2017 2016 2017 2017 2016 Revenues $ 20,913 $ 9,233 $ 8,071 $ 28,283 $ 25,929 $ 18,582 Net income $ 1,960 $ 1,734 $ 2,568 $ 3,816 $ 4,965 $ 5,284 (1) Net income for the 2017 Acquisitions includes depreciation expense, real estate tax expense, interest expense, and other corporate expenses totaling $7.0 million and $8.5 million for three and nine months ended September 30, 2017, respectively. (2) Net income for the 2016 Acquisitions includes depreciation expense, real estate tax expense, interest expense, and other corporate expenses totaling $3.0 million and $1.9 million for three months ended September 30, 2017 and 2016, respectively, and $8.2 million and $4.6 million for the nine months ended September 30, 2017 and 2016, respectively.
Schedule of unaudited condensed pro forma financial information	The unaudited condensed pro forma financial information for the 79 hotel properties owned at September 30, 2017 for the three and nine months ended September 30, 2017 and 2016 is as follows (in thousands, except per share): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Revenues $ 136,369 $ 135,373 $ 405,289 $ 408,104 Income from hotel operations $ 50,458 $ 52,250 $ 152,282 $ 160,450 Net income before taxes (1) $ 14,234 $ 25,181 $ 58,044 $ 79,569 Net income (1) $ 14,465 $ 26,426 $ 57,431 $ 76,108 Net income attributable to common stockholders, net of amount allocated to participating securities (1) $ 10,162 $ 21,275 $ 44,359 $ 62,357 Basic and diluted net income per share attributable to common stockholders (1) $ 0.10 $ 0.25 $ 0.45 $ 0.72 Diluted net income per share attributable to common stockholders (1) $ 0.10 $ 0.24 $ 0.45 $ 0.71 (1) Pro Forma amounts include depreciation expense, real estate tax expense, interest expense, income tax expense, and other corporate expenses totaling $46.2 million and $34.3 million for three months ended September 30, 2017 and 2016, respectively, and $124.3 million and $110.9 million for the nine months ended September 30, 2017 and 2016, respectively.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	Debt, net of debt issuance costs, is as follows (in thousands): September 30, 2017 December 31, 2016 Revolving debt $ 40,000 $ 50,000 Term loans 415,000 290,000 Mortgage loans 322,464 317,550 777,464 657,550 Unamortized debt issuance costs (5,189 ) (5,136 ) Debt, net of debt issuance costs $ 772,275 $ 652,414
Schedule of fixed-rate and variable-rate debt, after giving effect to interest rate derivative	Our total fixed-rate and variable-rate debt, after giving effect to our interest rate derivative, is as follows (in thousands): September 30, 2017 December 31, 2016 Fixed-rate debt $ 365,446 $ 359,867 Variable-rate debt 412,018 297,683 $ 777,464 $ 657,550
Schedule of the fair value of fixed-rate that is debt not recorded at fair value	Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): September 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ 290,446 $ 293,207 $ 284,867 $ 283,416 Level 2 - Market approach

DERIVATIVE FINANCIAL INSTRUME24

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative financial instruments	Information about our derivative financial instruments at September 30, 2017 and December 31, 2016 is as follows (dollars in thousands): September 30, 2017 December 31, 2016 Number of Instruments Notional Amount Fair Value Number of Instruments Notional Amount Fair Value Interest rate swaps (liability) 1 $ 75,000 $ (438 ) 1 $ 75,000 $ (1,118 ) 1 $ 75,000 $ (438 ) 1 $ 75,000 $ (1,118 )
Schedule of the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges	The table below details the presentation in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion) $ 2 $ 248 $ 92 $ (1,008 ) Loss reclassified from accumulated other comprehensive income to interest expense (effective portion) $ (155 ) $ (297 ) $ (588 ) $ (906 ) Gain recognized in Other Expense (ineffective portion) $ — $ 19 $ — $ —

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of common stock activity	Changes in common stock during the nine months ended September 30, 2017 and 2016 were as follows: For the Nine Months Ended September 30, 2017 2016 Beginning common shares outstanding 93,525,469 86,793,521 Stock Offering 10,350,000 — Grants under the Equity Plan 366,679 446,686 Common Unit redemptions 52,808 61,056 Exercise of stock options — 37,684 Annual grants to independent directors 28,426 32,180 Common stock issued for director fees 3,553 5,851 Forfeitures (1,237 ) (406 ) Shares retained for employee tax withholding requirements (59,111 ) (61,622 ) Ending common shares outstanding 104,266,587 87,314,950

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	9 Months Ended
	Sep. 30, 2017
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 Measurements at September 30, 2017 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 438 $ — $ 438 Fair Value Measurements at December 31, 2016 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 1,118 $ — $ 1,118

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2017
Equity-based compensation
Schedule of equity-based compensation expense	Equity-based compensation expense included in Corporate General and Administrative expenses in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016 was as follows (in thousands): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Time-based restricted stock $ 541 $ 419 $ 1,607 $ 1,176 Performance-based restricted stock 849 576 2,333 1,532 Stock options — — — 55 Director stock 99 25 543 439 $ 1,489 $ 1,020 $ 4,483 $ 3,202
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 $8.1 million at September 30, 2017 as follows (in thousands): Total 2017 2018 2019 2020 2021 Time-based restricted stock $ 3,293 $ 541 $ 1,603 $ 949 $ 190 $ 10 Performance-based restricted stock 4,826 850 2,374 1,401 201 — $ 8,119 $ 1,391 $ 3,977 $ 2,350 $ 391 $ 10
Restricted Stock Awards | Time-Based
Equity-based compensation
Schedule of restricted stock awards	The following table summarizes time-based restricted stock award activity under our Equity Plan for the nine months ended September 30, 2017 : Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested at December 31, 2016 357,845 $ 11.90 $ 5,736 Granted 156,318 15.52 Vested (120,366 ) 11.29 Forfeited (1,237 ) 13.57 Non-vested at September 30, 2017 392,560 $ 13.52 $ 6,277
Restricted Stock Awards | Performance-Based
Equity-based compensation
Schedule of restricted stock awards	The following table summarizes performance-based restricted stock activity under the Equity Plan for the nine months ended September 30, 2017 : Number of Shares Weighted Average Grant Date Fair Value (1) Aggregate Current Value (per share) (in thousands) Non-vested at December 31, 2016 449,027 $ 14.90 $ 7,198 Granted 210,361 17.13 Vested (39,959 ) 7.12 Non-vested at September 30, 2017 619,429 $ 16.16 $ 9,905 (1) The amounts included in this column represent the expected future value of the performance-based restricted stock awards calculated using the Monte Carlo simulation valuation model.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Summary of the components used to calculate basic and diluted earnings per share	Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income $ 22,445 $ 27,198 $ 89,734 $ 97,887 Less: Preferred dividends (4,200 ) (4,993 ) (12,600 ) (13,287 ) Allocation to participating securities (69 ) (47 ) (305 ) (127 ) Attributable to non-controlling interest (55 ) (115 ) (289 ) (454 ) Net income attributable to common stockholders, net of amount allocated to participating securities $ 18,121 $ 22,043 $ 76,540 $ 84,019 Denominator: Weighted average common shares outstanding - basic 103,253 86,492 98,105 86,428 Dilutive effect of equity-based compensation awards 379 909 366 891 Weighted average common shares outstanding - diluted 103,632 87,401 98,471 87,319 Earnings per share: Basic $ 0.18 $ 0.25 $ 0.78 $ 0.97 Diluted $ 0.17 $ 0.25 $ 0.78 $ 0.96

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Sep. 30, 2017hotelRoomState
Properties
Number of hotels	79
Number of states in which hotel properties are located | State	24
Hotels
Properties
Number of hotels	79
Number of guestrooms | Room	11,590
Operating partnership | TRS Lessees
Properties
Ownership interest in joint venture (as a percent)	100.00%

BASIS OF PRESENTATION AND SIG30

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	9 Months Ended
	Sep. 30, 2017Segment
Segment Disclosure
Number of reportable segments	1

BASIS OF PRESENTATION AND SIG31

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of estimated useful lives of hotel properties (Details)	9 Months Ended
	Sep. 30, 2017
Buildings and improvements | Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Lives	6 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Lives	40 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Lives	2 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Lives	15 years

INVESTMENT IN HOTEL PROPERTIE32

INVESTMENT IN HOTEL PROPERTIES, NET - Schedule of investment in hotel properties (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investment in Hotel Properties
Investment in hotel properties at cost	$ 2,171,639	$ 1,770,341
Less - accumulated depreciation and amortization	(268,690)	(225,219)
Investment in hotel properties, net	1,902,949	1,545,122
Land
Investment in Hotel Properties
Investment in hotel properties at cost	237,652	178,423
Hotel buildings and improvements
Investment in Hotel Properties
Investment in hotel properties at cost	1,745,059	1,433,389
Intangible assets
Investment in Hotel Properties
Investment in hotel properties at cost	22,764	6,602
Construction in progress
Investment in Hotel Properties
Investment in hotel properties at cost	13,602	22,490
Furniture, fixtures and equipment
Investment in Hotel Properties
Investment in hotel properties at cost	$ 152,562	$ 129,437

INVESTMENT IN HOTEL PROPERTIE33

INVESTMENT IN HOTEL PROPERTIES, NET - Schedule of intangible assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Intangible assets:
Intangible assets, gross	$ 22,764	$ 6,602
Less accumulated amortization	(796)	(348)
Intangible assets, net	21,968	6,254
Intangible liabilities:
Unfavorable leases	5,002	5,002
Less accumulated amortization	(261)	(190)
Intangible liabilities, net	4,741	4,812
Favorable leases
Intangible assets:
Intangible assets, gross	10,569	6,032
In-place lease agreements
Intangible assets:
Intangible assets, gross	1,361	570
Air rights
Intangible assets:
Intangible assets, gross	10,754	0
Other
Intangible assets:
Intangible assets, gross	$ 80	$ 0

INVESTMENT IN HOTEL PROPERTIE34

INVESTMENT IN HOTEL PROPERTIES, NET - Narrative (Details) $ in Thousands

Jul. 21, 2017USD ($)hotel

May 23, 2017USD ($)Room

Apr. 27, 2017USD ($)hotelRoom

Mar. 31, 2017USD ($)

Mar. 30, 2017USD ($)

Feb. 11, 2016USD ($)hotel

Jan. 19, 2016USD ($)Room

Oct. 20, 2015USD ($)Room

Sep. 30, 2017USD ($)hotel

Sep. 30, 2016USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2016USD ($)hotel

May 18, 2016USD ($)

Dec. 31, 2015USD ($)contracthotel

Business Acquisition [Line Items]

Investment in hotel properties under development

$ 18,754

$ 0

$ 0

Number of hotels | hotel

79

Purchase price

$ 421,950

$ 170,400

Total realized and deferred gain on disposal

$ 56,800

Deferred gain on sale of property

$ 20,000

Investment in real estate loans, net

$ 0

17,585

$ 17,585

Portfolio of Hotels, ARCH Agreements

Business Acquisition [Line Items]

Number of hotels | hotel

6

Aggregate sales price

$ 108,300

Receivable portion applied toward sale of hotel properties transaction by borrower

$ 20,000

Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser

Business Acquisition [Line Items]

Number of hotels | hotel

10

8

Note receivable

$ 27,500

Earnest money deposits

$ 7,500

Net gain on sale of properties

$ 15,000

$ 5,000

Proceeds from repayment or sale of real estate loans

$ 22,500

Proceeds from Collection of loans receivable, payment-in-kind interest

$ 1,200

Number of hotels sold | hotel

2

Assets held-for-sale | Portfolio of Hotels, ARCH Agreements

Business Acquisition [Line Items]

Number of hotels | hotel

6

Aggregate sales price

$ 108,300

Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Deferred taxable gain on sale of hotels

74,000

Orlando, FL

Business Acquisition [Line Items]

Development in process, expected costs

30,000

Development in process, expected costs incurred to date

16,000

Investment in hotel properties under development

2,800

Courtyard by Marriott | Atlanta, GA | Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Number of guestrooms | Room

179

Purchase price

$ 44,000

Courtyard by Marriott | Nashville, TN

Business Acquisition [Line Items]

Purchase price

$ 71,000

Courtyard by Marriott | Nashville, TN | Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Number of guestrooms | Room

226

Purchase price

$ 71,000

Courtyard by Marriott | Fort Lauderdale, FL

Business Acquisition [Line Items]

Purchase price

85,000

Courtyard by Marriott | Fort Lauderdale, FL | Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Number of guestrooms | Room

261

Purchase price

$ 85,000

Mortgage loans

Business Acquisition [Line Items]

Repayments of debt

5,800

Revolving Credit Facility | Unsecured debt | Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Pay-down of credit facility

$ 105,000

Disposed of by Sale

Business Acquisition [Line Items]

Aggregate sales price

$ 27,800

Net gain on sale of properties

$ 8,100

Number of hotels sold | hotel

3

Disposed of by Sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser

Business Acquisition [Line Items]

Aggregate sales price

$ 66,800

Number of guestrooms | Room

651

Net gain on sale of properties

$ 16,000

Number of hotels sold | hotel

7

Disposed of by Sale | Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Deferred taxable gain on sale of hotels

$ 8,600

$ 20,800

Disposed of by Sale | Courtyard by Marriott | El Paso, TX

Business Acquisition [Line Items]

Net gain on sale of properties

400

Disposed of by Sale | Hyatt Place | Atlanta, GA

Business Acquisition [Line Items]

Aggregate sales price

$ 14,500

Net gain on sale of properties

$ 4,800

Repayment of mortgage loan

$ 6,500

Disposed of by Sale | Seller-financing Note | Emporia, KS | Hotel Properties

Business Acquisition [Line Items]

Number of hotels | hotel

2

Aggregate sales price

$ 4,500

Number of notes receivable | contract

2

Investment in real estate loans, net

$ 2,700

INVESTMENT IN HOTEL PROPERTIE35

INVESTMENT IN HOTEL PROPERTIES, NET - Schedule of assets held for sale (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,193	$ 62,695
Assets held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	1,193	62,695
Land | Assets held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	1,193	10,907
Hotel buildings and improvements | Assets held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	0	44,718
Furniture, fixtures and equipment | Assets held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	0	6,649
Franchise fees and other | Assets held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 0	$ 421

INVESTMENT IN HOTEL PROPERTIE36

INVESTMENT IN HOTEL PROPERTIES, NET - Summary of hotel properties sold (Details)	Jul. 21, 2017hotel	Apr. 27, 2017hotelRoom	Dec. 31, 2016hotel
Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Business Acquisition [Line Items]
Number of hotels sold | hotel			2
Disposed of by Sale
Business Acquisition [Line Items]
Number of hotels sold | hotel	3
Disposed of by Sale | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Business Acquisition [Line Items]
Number of hotels sold | hotel		7
Number of guestrooms		651
Disposed of by Sale | Jackson, MS | Courtyard by Marriott | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Business Acquisition [Line Items]
Number of guestrooms		117
Disposed of by Sale | Jackson, MS | Residence Inn by Marriott | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Business Acquisition [Line Items]
Number of guestrooms		100
Disposed of by Sale | Germantown, TN | Courtyard by Marriott | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Business Acquisition [Line Items]
Number of guestrooms		93
Disposed of by Sale | Germantown, TN | Fairfield Inn & Suites | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Business Acquisition [Line Items]
Number of guestrooms		80
Disposed of by Sale | Germantown, TN | Residence Inn by Marriott | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Business Acquisition [Line Items]
Number of guestrooms		78
Disposed of by Sale | Ridgeland, MS | Homewood Suites | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Business Acquisition [Line Items]
Number of guestrooms		91
Disposed of by Sale | Ridgeland, MS | Staybridge Suites | Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Business Acquisition [Line Items]
Number of guestrooms		92

INVESTMENT IN HOTEL PROPERTIE37

INVESTMENT IN HOTEL PROPERTIES, NET - Summary of hotel properties acquired (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition [Line Items]
Purchase Price	$ 421,950	$ 170,400
Net assets acquired	424,773	169,654
Settlement amount of net working capital assets	600
Other assets and capitalized transaction costs	2,200
Settlement amount of net liabilities		700
Homewood Suites | Aliso Viejo (Laguna Beach), CA
Business Acquisition [Line Items]
Purchase Price	38,000
Hyatt Place | Phoenix (Mesa), AZ
Business Acquisition [Line Items]
Purchase Price	22,200
Courtyard by Marriott | Fort Lauderdale, FL
Business Acquisition [Line Items]
Purchase Price	85,000
Courtyard by Marriott | Charlotte, NC
Business Acquisition [Line Items]
Purchase Price	56,250
Courtyard by Marriott | Fort Worth, TX
Business Acquisition [Line Items]
Purchase Price	40,000
Courtyard by Marriott | Kansas City, MO
Business Acquisition [Line Items]
Purchase Price	24,500
Courtyard by Marriott | Pittsburgh, PA
Business Acquisition [Line Items]
Purchase Price	42,000
Courtyard by Marriott | Nashville, TN
Business Acquisition [Line Items]
Purchase Price		71,000
Hampton Inn & Suites | Baltimore, MD
Business Acquisition [Line Items]
Purchase Price	18,000
Residence Inn by Marriott | Baltimore, MD
Business Acquisition [Line Items]
Purchase Price	38,500
Residence Inn by Marriott | Atlanta, GA
Business Acquisition [Line Items]
Purchase Price		38,000
AC Hotel by Marriott | Atlanta, GA
Business Acquisition [Line Items]
Purchase Price	$ 57,500
Marriott | Boulder, CO
Business Acquisition [Line Items]
Purchase Price		$ 61,400

INVESTMENT IN HOTEL PROPERTIE38

INVESTMENT IN HOTEL PROPERTIES, NET - Allocation of aggregate purchase prices (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired
Land	$ 63,339	$ 23,288
Hotel buildings and improvements	328,395	143,195
Intangible assets	16,162	442
Furniture, fixtures and equipment	16,294	2,948
Other assets	1,937	504
Total assets acquired	426,127	170,377
Less - other liabilities assumed	(1,354)	(723)
Net assets acquired	424,773	169,654
Settlement amount of net working capital assets	600
Other assets and capitalized transaction costs	$ 2,200
Settlement amount of net liabilities		$ 700

INVESTMENT IN HOTEL PROPERTIE39

INVESTMENT IN HOTEL PROPERTIES, NET - Total revenue and net income for hotel properties acquired (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition [Line Items]
Real estate tax expense, depreciation expense, interest expense, and other corporate expenses	$ 46,200	$ 34,300	$ 124,300	$ 110,900
2017 acquisitions
Business Acquisition [Line Items]
Revenues	20,913		28,283
Net income	1,960		3,816
Real estate tax expense, depreciation expense, interest expense, and other corporate expenses	7,000		8,500
2016 acquisitions
Business Acquisition [Line Items]
Revenues	9,233	8,071	25,929	18,582
Net income	1,734	2,568	4,965	5,284
Real estate tax expense, depreciation expense, interest expense, and other corporate expenses	$ 3,000	$ 1,900	$ 8,200	$ 4,600

INVESTMENT IN HOTEL PROPERTIE40

INVESTMENT IN HOTEL PROPERTIES, NET - Pro forma financial information (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)hotel$ / shares	Sep. 30, 2016USD ($)$ / shares	Sep. 30, 2017USD ($)hotel$ / shares	Sep. 30, 2016USD ($)$ / shares
Business Combinations [Abstract]
Number of hotels owed | hotel	79		79
Revenues	$ 136,369	$ 135,373	$ 405,289	$ 408,104
Income from hotel operations	50,458	52,250	152,282	160,450
Net income before taxes	14,234	25,181	58,044	79,569
Net income	14,465	26,426	57,431	76,108
Net income attributable to common stockholders, net of amount allocated to participating securities (1)	$ 10,162	$ 21,275	$ 44,359	$ 62,357
Basic net income per share attributable to common shareholders (in dollars per share) | $ / shares	$ 0.10	$ 0.25	$ 0.45	$ 0.72
Diluted net income per share attributable to common shareholders (in dollars per share) | $ / shares	$ 0.10	$ 0.24	$ 0.45	$ 0.71
Real estate tax expense, depreciation expense, interest expense, and other corporate expenses	$ 46,200	$ 34,300	$ 124,300	$ 110,900

DEBT - Schedule of debt (Detail

DEBT - Schedule of debt (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt, gross	$ 777,464	$ 657,550
Unamortized debt issuance costs	(5,189)	(5,136)
Debt, net of debt issuance costs	772,275	652,414
Unsecured debt | Revolving debt
Debt Instrument [Line Items]
Debt, gross	40,000	50,000
Unsecured debt | Term loans
Debt Instrument [Line Items]
Debt, gross	415,000	290,000
Mortgage loans
Debt Instrument [Line Items]
Debt, gross	$ 322,464	$ 317,550

DEBT - Fixed-rate and variable-

DEBT - Fixed-rate and variable-rate debt (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt
Fixed-rate debt	$ 365,446	$ 359,867
Variable-rate debt	412,018	297,683
Debt, gross	777,464	657,550
Carrying Value
Debt
Fixed-rate debt	290,446	284,867
Level 2 | Fair Value
Debt
Fixed-rate debt	$ 293,207	$ 283,416

DEBT - Narrative (Details)

DEBT - Narrative (Details)	Dec. 25, 2017	Sep. 30, 2017USD ($)Number_of_drawProperty	Sep. 26, 2017USD ($)	Apr. 21, 2015USD ($)	Sep. 30, 2017USD ($)Number_of_drawProperty	Dec. 31, 2016USD ($)	Jun. 30, 2017USD ($)	Jan. 15, 2016USD ($)	Dec. 31, 2015USD ($)	Apr. 07, 2015USD ($)	Sep. 05, 2013USD ($)
Debt Instrument [Line Items]
Weighted average interest rate for all borrowings, after giving effect to interest rate derivatives (as a percent)					3.78%	3.69%
Long-term debt		$ 772,275,000			$ 772,275,000	$ 652,414,000
Number of properties that served as collateral for loans | Property		46			46
Secured and unsecured debt | Total term loans
Debt Instrument [Line Items]
Long-term debt		$ 737,500,000			$ 737,500,000
Secured debt | Non-recourse Loan | Metabank
Debt Instrument [Line Items]
Debt instrument, face amount							$ 47,600,000
Long-term debt		$ 25,000,000			$ 25,000,000
Fixed interest rate (as a percent)		4.44%			4.44%
Amount of total loan commitment must be drawn within 90 days of closing		$ 25,000,000			$ 25,000,000
Debt instrument, interest only payments term		18 months
Debt instrument, amortization period after interest only payments period		25 years
Secured debt | Total term loans
Debt Instrument [Line Items]
Long-term debt		$ 322,500,000			322,500,000
Unsecured debt | $450 Million Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount		450,000,000			450,000,000	450,000,000
Maximum borrowing capacity		450,000,000			450,000,000			$ 450,000,000
Line of credit outstanding		190,000,000			190,000,000
Amount available for borrowing		260,000,000			260,000,000
Maximum increase in borrowing capacity available through accordion feature option		$ 150,000,000			$ 150,000,000
Unsecured debt | $300 Million Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount								300,000,000
Unsecured debt | $150 Million Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount								$ 150,000,000
Fixed interest rate (as a percent)		3.49%			3.49%
Unsecured debt | $300 Million Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						300,000,000			$ 300,000,000
Repayments of revolving credit facility					$ 225,000,000
Unsecured debt | 2015 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount										$ 125,000,000
Maximum increase in borrowing capacity available through accordion feature option										$ 75,000,000
Long-term debt		$ 140,000,000			$ 140,000,000
Debt instrument, effective interest rate		3.18%			3.18%
Number of properties that served as collateral for loans | Property		46			46
Amount drawn on unsecured debt				$ 15,000,000
Unsecured debt | 2017 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount			$ 225,000,000
Maximum increase in borrowing capacity available through accordion feature option			175,000,000
Number of properties that served as collateral for loans | Property		46			46
Number of additional draws allowed prior to September 20, 2018 | Number_of_draw		3			3
Amount drawn on unsecured debt			$ 125,000,000
Unsecured debt | 2017 Term Loan | Forecast
Debt Instrument [Line Items]
Debt facility unused fee percentage	0.25%
Option One | Minimum | LIBOR | Unsecured debt | 2017 Term Loan
Debt Instrument [Line Items]
Debt basis spread on variable rate			1.45%
Option One | Maximum | LIBOR | Unsecured debt | 2017 Term Loan
Debt Instrument [Line Items]
Debt basis spread on variable rate			2.20%
Option Two | LIBOR | Unsecured debt | 2017 Term Loan
Debt Instrument [Line Items]
Debt basis spread on variable rate			1.00%
Option Two | Federal Funds Rate | Unsecured debt | 2017 Term Loan
Debt Instrument [Line Items]
Debt basis spread on variable rate			0.50%
Option Two | Minimum | Base Rate [Member] | Unsecured debt | 2017 Term Loan
Debt Instrument [Line Items]
Debt basis spread on variable rate			0.45%
Option Two | Maximum | Base Rate [Member] | Unsecured debt | 2017 Term Loan
Debt Instrument [Line Items]
Debt basis spread on variable rate			1.20%
Designated as hedges | Interest rate swaps
Debt Instrument [Line Items]
Derivative notional amount		$ 75,000,000			$ 75,000,000	75,000,000
Designated as hedges | Cash flow hedges | Interest rate swaps
Debt Instrument [Line Items]
Derivative notional amount											$ 75,000,000
Designated as hedges | Cash flow hedges | Interest rate swaps | LIBOR
Debt Instrument [Line Items]
Fixed interest rate (as a percent)		2.04%			2.04%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, effective interest rate		2.88%			2.88%
Revolving Credit Facility | Option One | Minimum | LIBOR
Debt Instrument [Line Items]
Debt basis spread on variable rate					1.50%
Revolving Credit Facility | Option One | Maximum | LIBOR
Debt Instrument [Line Items]
Debt basis spread on variable rate					2.25%
Revolving Credit Facility | Option Two | LIBOR
Debt Instrument [Line Items]
Debt basis spread on variable rate					1.00%
Revolving Credit Facility | Option Two | Federal Funds Rate
Debt Instrument [Line Items]
Debt basis spread on variable rate					0.50%
Revolving Credit Facility | Option Two | Minimum
Debt Instrument [Line Items]
Debt instrument, base rate margin					0.50%
Revolving Credit Facility | Option Two | Maximum
Debt Instrument [Line Items]
Debt instrument, base rate margin					1.25%
Fair Value
Debt Instrument [Line Items]
Debt with variable interest rates that had been converted to fixed interest rates		$ 75,000,000			$ 75,000,000	$ 75,000,000

DERIVATIVE FINANCIAL INSTRUME44

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of derivative financial instruments (Details) $ in Thousands	Sep. 30, 2017USD ($)Instrument	Dec. 31, 2016USD ($)Instrument
Fair Value
Net liability	$ (438)	$ (1,118)
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
Liability	(438)	(1,118)
Net liability	$ (438)	$ (1,118)

DERIVATIVE FINANCIAL INSTRUME45

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of gain or loss recognized on derivative financial instruments (Details) - Cash flow hedges - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative instruments, gain (loss) recognized
Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments (effective portion)	$ 2	$ 248	$ 92	$ (1,008)
Gain recognized in Other Expense (ineffective portion)	0	19	0	0
Interest expense
Derivative instruments, gain (loss) recognized
Loss reclassified from accumulated other comprehensive income to interest expense (effective portion)	$ (155)	$ (297)	(588)	$ (906)
Estimated amount to be reclassified from other comprehensive income to interest expense			$ 400

EQUITY - Changes in common stoc

EQUITY - Changes in common stock (Details) - shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Changes in Common Stock [Roll Forward]
Beginning common shares outstanding	93,525,469	86,793,521
Stock Offering	10,350,000	0
Common Unit redemptions	52,808	61,056
Common stock issued for director fees	3,553	5,851
Forfeitures	(1,237)	(406)
Shares retained for employee tax withholding requirements	(59,111)	(61,622)
Ending common shares outstanding	104,266,587	87,314,950
Directors
Changes in Common Stock [Roll Forward]
Grants under the equity compensation plans	28,426	32,180
Equity Plan
Changes in Common Stock [Roll Forward]
Grants under the equity compensation plans	366,679	446,686
Exercise of stock options	0	37,684

EQUITY - Narrative (Details)

EQUITY - Narrative (Details)	May 15, 2017USD ($)	May 09, 2017$ / sharesshares	Oct. 28, 2016USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Jun. 28, 2016USD ($)shares	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2016USD ($)shares	May 25, 2017USD ($)$ / sharesshares	Dec. 31, 2016$ / sharesshares	Jul. 31, 2016
Class of Stock [Line Items]
Common stock, shares authorized						500,000,000			500,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.01			$ 0.01
Shares issued during stock offering (in shares)						10,350,000	0
Net proceeds from public shares offering | $						$ 163,620,000	$ 72,290,000
Compensation entitled as percentage of gross proceeds of shares sold under sales agreements						2.00%
Preferred stock, shares authorized						100,000,000			100,000,000
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.01			$ 0.01
Undesignated preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized						90,600,000
7.875% Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized						3,000,000
Preferred stock, dividend rate						7.875%			7.875%
Preferred stock, shares outstanding						3,000,000			3,000,000
Preferred stock, liquidation preference (in dollars per share) | $ / shares						$ 25
Annual dividend rate per share (in dollars per share) | $ / shares						$ 1.96875
7.875% Series B Preferred Stock | Maximum
Class of Stock [Line Items]
Ratio for conversion						5.6497
7.125% Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized						3,400,000
Preferred stock, dividend rate						7.125%			7.125%
Preferred stock, shares outstanding						3,400,000			3,400,000
Preferred stock, liquidation preference (in dollars per share) | $ / shares						$ 25
Annual dividend rate per share (in dollars per share) | $ / shares						$ 1.78125
7.125% Series C Preferred Stock | Maximum
Class of Stock [Line Items]
Ratio for conversion						5.1440
6.450% Series D Preferred Stock
Class of Stock [Line Items]
Shares issued during stock offering (in shares)					3,000,000
Net proceeds from public shares offering | $					$ 72,300,000
Preferred stock, shares authorized						3,000,000
Preferred stock, dividend rate						6.45%			6.45%
Preferred shares offering underwriting discount and offering-related expenses | $					$ 2,700,000
Preferred stock, shares outstanding						3,000,000			3,000,000
Preferred stock, liquidation preference (in dollars per share) | $ / shares						$ 25
Annual dividend rate per share (in dollars per share) | $ / shares						$ 1.6125
6.450% Series D Preferred Stock | Maximum
Class of Stock [Line Items]
Ratio for conversion						3.9216
9.25% Series A Preferred Stock
Class of Stock [Line Items]
Payments for repurchase of redeemable preferred shares | $			$ 50,700,000
Preferred stock, shares outstanding			2,000,000
Preferred stock, redemption price (in dollars per share) | $ / shares			$ 25
Preferred stock, liquidation preference (in dollars per share) | $ / shares						$ 25
Operating partnership | Non-controlling Interests in Operating Partnership
Class of Stock [Line Items]
Number of common units of operating partnership owned by unaffiliated third parties (in shares)						343,905			396,713
Percentage of limited partnership interest in operating partnership (less than)						1.00%			1.00%
Leasehold Venture
Class of Stock [Line Items]
Payments to acquire interest in joint venture | $				$ 400,000
Ownership interest in joint venture (as a percent)										100.00%
Underwriting Agreement
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01
Shares issued during stock offering (in shares)		9,000,000
Public offering price (in dollars per share) | $ / shares		$ 16.50
Underwriting discount (in dollars per share) | $ / shares		$ 0.66
Number of days option for underwriters to purchase common stock on same terms		30 days
Number of additional shares for underwriters to purchase		1,350,000
Net proceeds from public shares offering | $	$ 163,800,000
Underwriting discount and offering-related expenses | $	$ 7,000,000
Sales Agreements
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares								$ 0.01
Common stock, shares authorized, amount | $								$ 200,000,000
ATM Program 2016
Class of Stock [Line Items]
Shares issued during stock offering (in shares)								6,151,514
Net proceeds from public shares offering | $								$ 89,100,000

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) - Recurring basis - Interest rate swaps - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Liabilities:
Derivative	$ 438	$ 1,118
Level 1
Liabilities:
Derivative	0	0
Level 2
Liabilities:
Derivative	438	1,118
Level 3
Liabilities:
Derivative	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Restricted Cash (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Restricted cash	$ 28,933	$ 24,881
Minimum
Loss Contingencies [Line Items]
Restricted cash reserve as percentage of hotel revenues	3.00%
Maximum
Loss Contingencies [Line Items]
Restricted cash reserve as percentage of hotel revenues	5.00%

COMMITMENTS AND CONTINGENCIES50

COMMITMENTS AND CONTINGENCIES - Ground Leases (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)contractPropertyoption	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Commitments and contingencies
Total rent expense | $	$ 0.4	$ 0.4	$ 1.3	$ 1.2
Ground Leases | Duluth, GA
Commitments and contingencies
Number of hotel properties for which land is leased			1
Ground Leases | Portland, OR
Commitments and contingencies
Number of hotel properties for which land is leased			2
Number of Prepaid Land Lease | contract			2
Remaining prepaid balance of land lease | $	$ 3.2		$ 3.2		$ 3.3
Number of options to extend lease | option			1
Lease renewal period			14 years
Ground Leases | Houston (Galleria Area), TX
Commitments and contingencies
Number of hotel properties for which land is leased			1
Number of options to extend lease | option			1
Lease renewal period			10 years
Ground Leases | Austin, TX
Commitments and contingencies
Number of hotel properties for which land is leased			1
Ground Leases | Baltimore, MD
Commitments and contingencies
Number of hotel properties for which land is leased			1
Number of options to extend lease | option			12
Lease renewal period			5 years
Ground Leases | Long Island (Garden City), NY
Commitments and contingencies
Number of hotel properties for which land is leased			1

COMMITMENTS AND CONTINGENCIES51

COMMITMENTS AND CONTINGENCIES - Franchise and Management Agreements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Franchise agreements
Commitments and contingencies
Fees related to the agreement	$ 11.4	$ 9.3	$ 30.8	$ 28.3
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 (not more than)			5.00%
Management agreements
Commitments and contingencies
Fees related to the agreement	$ 4.2	$ 4.2	$ 14	$ 14.9
Management agreements | Minimum
Commitments and contingencies
Agreement term			3 years
Management agreements | Maximum
Commitments and contingencies
Agreement term			25 years

EQUITY-BASED COMPENSATION - Sto

EQUITY-BASED COMPENSATION - Stock options (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Stock options
Equity-based compensation
Number of outstanding shares (in shares) | shares	235,000
Number of exercisable shares (in shares) | shares	235,000
Weighted average exercise price, outstanding (in dollars per share) | $ / shares	$ 9.75
Weighted average exercise price, exercisable (in dollars per share) | $ / shares	$ 9.75
Weighted Average Remaining Contractual Terms, outstanding	3 years 5 months
Weighted Average Remaining Contractual Terms, exercisable	3 years 5 months
Aggregate intrinsic value, outstanding | $	$ 2.1
Aggregate intrinsic value, exercisable | $	$ 1.5
Minimum
Equity-based compensation
Stock options term	5 years
Maximum
Equity-based compensation
Stock options term	10 years

EQUITY-BASED COMPENSATION - Tim

EQUITY-BASED COMPENSATION - Time-Based Restricted Stock Awards (Details) - Restricted Stock Awards - Time-Based - USD ($) $ / shares in Units, $ in Thousands	Apr. 18, 2017	Mar. 06, 2017	Mar. 08, 2016	Feb. 24, 2016	Sep. 30, 2017	Dec. 31, 2016
Number of Shares
Non-vested at the beginning of period (in shares)					357,845
Granted (in shares)					156,318
Vested (in shares)					(120,366)
Forfeited (in shares)					(1,237)
Non-vested at the end of period (in shares)					392,560
Weighted Average Grant Date Fair Value
Non-vested at the beginning of period (in dollars per share)					$ 11.90
Granted (in dollars per share)					15.52
Vested (in dollars per share)					11.29
Forfeited (in dollars per share)					13.57
Non-vested at the end of period (in dollars per share)					$ 13.52
Aggregate Current Value
Non-vested outstanding					$ 6,277	$ 5,736
Employees
Equity-based compensation
Vesting period		4 years		4 years
Number of Shares
Granted (in shares)		16,079		22,010
Employees | Period one
Equity-based compensation
Vesting percentage		20.00%		20.00%
Employees | Period two
Equity-based compensation
Vesting percentage		20.00%		20.00%
Employees | Period three
Equity-based compensation
Vesting percentage		20.00%		20.00%
Employees | Period four
Equity-based compensation
Vesting percentage		40.00%		40.00%
Executive officers
Number of Shares
Granted (in shares)	20,215	120,024	169,707
Executive officers | Period one
Equity-based compensation
Vesting percentage		25.00%	25.00%
Executive officers | Period two
Equity-based compensation
Vesting percentage		25.00%	25.00%
Executive officers | Period three
Equity-based compensation
Vesting percentage		50.00%	50.00%

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Awards (Details) - Restricted Stock Awards - USD ($) $ / shares in Units, $ in Thousands	Apr. 18, 2017	Mar. 06, 2017	Mar. 08, 2016	Sep. 30, 2017	Dec. 31, 2016
Performance-Based
Number of Shares
Non-vested at the beginning of period (in shares)				449,027
Granted (in shares)				210,361
Vested (in shares)				(39,959)
Non-vested at the end of period (in shares)				619,429
Weighted Average Grant Date Fair Value
Non-vested at the beginning of period (in dollars per share)				$ 14.90
Granted (in dollars per share)				17.13
Vested (in dollars per share)				7.12
Non-vested at the end of period (in dollars per share)				$ 16.16
Aggregate Current Value
Non-vested outstanding				$ 9,905	$ 7,198
Executive officers | Performance-Based
Number of Shares
Granted (in shares)	30,322	180,039	254,563
Maximum | Executive officers
Equity-based compensation
Number of shares may earn, as multiple of shares granted				200.00%
Minimum | Executive officers
Equity-based compensation
Number of shares may earn, as multiple of shares granted				0.00%

EQUITY-BASED COMPENSATION - Add

EQUITY-BASED COMPENSATION - Additional (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Equity-based compensation
Common stock issued for director fees (in shares)			3,553	5,851
Compensation expense to be recognized
Unrecognized compensation costs related to non-vested awards	$ 8,119		$ 8,119
2,017	1,391		1,391
2,018	3,977		3,977
2,019	2,350		2,350
2,020	391		391
2,021	10		$ 10
Directors
Equity-based compensation
Grants under the equity compensation plans (in shares)			28,426	32,180
Restricted Stock Awards | Time-Based
Compensation expense to be recognized
Unrecognized compensation costs related to non-vested awards	3,293		$ 3,293
2,017	541		541
2,018	1,603		1,603
2,019	949		949
2,020	190		190
2,021	10		10
Restricted Stock Awards | Performance-Based
Compensation expense to be recognized
Unrecognized compensation costs related to non-vested awards	4,826		4,826
2,017	850		850
2,018	2,374		2,374
2,019	1,401		1,401
2,020	201		201
2,021	0		0
Corporate general and administrative
Equity-based compensation
Share based compensation expense	1,489	$ 1,020	4,483	$ 3,202
Corporate general and administrative | Restricted Stock Awards | Time-Based
Equity-based compensation
Share based compensation expense	541	419	1,607	1,176
Corporate general and administrative | Restricted Stock Awards | Performance-Based
Equity-based compensation
Share based compensation expense	849	576	2,333	1,532
Corporate general and administrative | Stock options
Equity-based compensation
Share based compensation expense	0	0	0	55
Corporate general and administrative | Stock awards | Directors
Equity-based compensation
Share based compensation expense	$ 99	$ 25	$ 543	$ 439
Common Stock | Directors
Equity-based compensation
Common stock issued for director fees (in shares)			3,553

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Percentage of taxable income distributed to shareholders			100.00%
Income tax provision (benefit)	$ (231,000)	$ (1,245,000)	$ 613,000	$ 461,000
Unrecognized tax benefits	$ 0		$ 0

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net income	$ 22,445	$ 27,198	$ 89,734	$ 97,887
Less: Preferred dividends	(4,200)	(4,993)	(12,600)	(13,287)
Allocation to participating securities	(69)	(47)	(305)	(127)
Attributable to non-controlling interest	(55)	(115)	(289)	(454)
Net income attributable to common stockholders, net of amount allocated to participating securities	$ 18,121	$ 22,043	$ 76,540	$ 84,019
Denominator:
Weighted average common shares outstanding - basic (in shares)	103,253,000	86,492,000	98,105,000	86,428,000
Dilutive effect of equity-based compensation awards (in shares)	379,000	909,000	366,000	891,000
Weighted average common shares outstanding - diluted (in shares)	103,632,000	87,401,000	98,471,000	87,319,000
Earnings per share:
Basic (in dollars per share)	$ 0.18	$ 0.25	$ 0.78	$ 0.97
Diluted (in dollars per share)	$ 0.17	$ 0.25	$ 0.78	$ 0.96
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares)	464,924	449,027	464,924	449,027

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Oct. 30, 2017$ / shares	Sep. 30, 2017	Dec. 31, 2016	Oct. 27, 2017USD ($)	Oct. 02, 2017USD ($)Instrument
7.875% Series B Preferred Stock
Subsequent events
Preferred stock, dividend rate		7.875%	7.875%
7.125% Series C Preferred Stock
Subsequent events
Preferred stock, dividend rate		7.125%	7.125%
6.450% Series D Preferred Stock
Subsequent events
Preferred stock, dividend rate		6.45%	6.45%
Subsequent Event
Subsequent events
Cash dividends declared, common stock (in dollars per share)	$ 0.17
Subsequent Event | 7.875% Series B Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	0.4921875
Subsequent Event | 7.125% Series C Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	0.4453125
Subsequent Event | 6.450% Series D Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	$ 0.403125
Interest rate swaps | Subsequent Event
Subsequent events
Number of derivative agreements entered | Instrument					2
Derivative notional amount | $					$ 100,000,000
Derivative average fixed interest rate					1.98%
Mezzanine Loans | Subsequent Event
Subsequent events
Net amount of loan receivable | $				$ 12,000,000
Funded amount of loan receivable | $				$ 7,200,000
Interest in hotel upon completion to purchase				90.00%