Summit Hotel Properties (INN) 10-K 21 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 15, 2018	Jun. 30, 2017
Document and Entity Information
Entity Registrant Name	Summit Hotel Properties, Inc.
Entity Central Index Key	1,497,645
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,913,063,885
Entity Common Stock, Shares Outstanding		104,326,620
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Investment in hotel properties, net	$ 2,059,492	$ 1,545,122
Investment in hotel properties under development	23,793	0
Land held for development	2,942	5,742
Assets held for sale	1,193	62,695
Investment in real estate loans, net	12,356	17,585
Cash and cash equivalents	36,545	34,694
Restricted cash	29,462	24,881
Trade receivables, net	16,985	11,807
Prepaid expenses and other	9,454	6,474
Deferred charges, net	5,221	3,727
Other assets	12,431	5,778
Total assets	2,209,874	1,718,505
Liabilities:
Debt, net of debt issuance costs	868,236	652,414
Accounts payable	7,774	4,623
Accrued expenses and other	56,488	47,998
Total liabilities	932,498	705,035
Commitments and contingencies (Note 9)
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Common stock, $0.01 par value per share, 500,000,000 shares authorized, 104,287,128 and 93,525,469 shares issued and outstanding at December 31, 2017 and 2016, respectively	1,043	935
Additional paid-in capital	1,262,679	1,011,412
Accumulated other comprehensive income (loss)	1,451	(977)
Retained earnings (distributions in excess of retained earnings)	9,201	(1,422)
Total stockholders’ equity	1,274,502	1,010,042
Non-controlling interests in operating partnership	2,874	3,428
Total equity	1,277,376	1,013,470
Total liabilities and equity	2,209,874	1,718,505
7.875% Series B Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	0	30
7.125% Series C Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	34	34
6.45% Series D Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	30	30
6.25% Series E Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	$ 64	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	104,287,128	93,525,469
Common stock, shares outstanding	104,287,128	93,525,469
7.875% Series B Preferred Stock
Preferred stock, shares issued		3,000,000
Preferred stock, shares outstanding		3,000,000
Preferred stock, aggregate liquidation preference (in dollars)		$ 75,509
Preferred stock, dividend rate (as a percent)		7.875%
7.125% Series C Preferred Stock
Preferred stock, shares authorized	3,400,000
Preferred stock, shares issued	3,400,000	3,400,000
Preferred stock, shares outstanding	3,400,000	3,400,000
Preferred stock, aggregate liquidation preference (in dollars)	$ 85,522	$ 85,522
Preferred stock, dividend rate (as a percent)	7.125%	7.125%
6.45% Series D Preferred Stock
Preferred stock, shares authorized	3,000,000
Preferred stock, shares issued	3,000,000	3,000,000
Preferred stock, shares outstanding	3,000,000	3,000,000
Preferred stock, aggregate liquidation preference (in dollars)	$ 75,417	$ 75,417
Preferred stock, dividend rate (as a percent)	6.45%	6.45%
6.25% Series E Preferred Stock
Preferred stock, shares authorized	6,400,000
Preferred stock, shares issued	6,400,000
Preferred stock, shares outstanding	6,400,000
Preferred stock, aggregate liquidation preference (in dollars)	$ 160,861
Preferred stock, dividend rate (as a percent)	6.25%

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Room	$ 479,934	$ 443,270	$ 436,202
Other hotel operations revenue	35,443	30,665	27,253
Total revenues	515,377	473,935	463,455
Hotel operating expenses:
Room	123,129	110,221	109,844
Other direct	67,256	64,608	64,010
Other indirect	135,219	120,852	121,974
Total hotel operating expenses	325,604	295,681	295,828
Depreciation and amortization	85,927	72,406	64,052
Corporate general and administrative	19,597	19,292	21,204
Hotel property acquisition costs	354	3,492	1,246
Loss on impairment of assets	0	577	1,115
Total expenses	431,482	391,448	383,445
Operating income	83,895	82,487	80,010
Other income (expense):
Interest expense	(29,687)	(28,091)	(30,414)
Gain on disposal of assets, net	43,209	49,855	65,067
Other income, net	3,778	2,560	11,146
Total other income, net	17,300	24,324	45,799
Income from continuing operations before income taxes	101,195	106,811	125,809
Income tax (expense) benefit	(1,674)	1,450	(553)
Net income	99,521	108,261	125,256
Less - income attributable to non-controlling interests:
Operating partnership	(307)	(456)	(819)
Net income attributable to Summit Hotel Properties, Inc.	99,214	107,805	124,437
Preferred dividends	(17,408)	(18,232)	(16,588)
Premium on redemption of preferred stock	(2,572)	(2,125)	0
Net income attributable to common stockholders	$ 79,234	$ 87,448	$ 107,849
Earnings per share:
Basic (in dollars per share)	$ 0.79	$ 1	$ 1.25
Diluted (in dollars per share)	$ 0.79	$ 1	$ 1.24
Weighted average common shares outstanding:
Basic (in shares)	99,406	86,874	85,920
Diluted (in shares)	99,780	87,343	87,144
Dividends per share (in dollars per share)	$ 0.67	$ 0.55	$ 0.47

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 99,521	$ 108,261	$ 125,256
Other comprehensive income, net of tax:
Changes in fair value of derivative financial instruments	2,437	693	81
Comprehensive income	101,958	108,954	125,337
Less - Comprehensive income attributable to non-controlling interests:
Operating partnership	(316)	(460)	(820)
Comprehensive income attributable to Summit Hotel Properties, Inc.	101,642	108,494	124,517
Preferred dividends	(17,408)	(18,232)	(16,588)
Premium on redemption of preferred stock	(2,572)	(2,125)	0
Comprehensive income attributable to common stockholders	$ 81,662	$ 88,137	$ 107,929

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Distributions in Excess of Retained Earnings)	Total Shareholders’ Equity	Non-controlling Interests in Operating Partnership	Preferred Stock	Preferred StockPreferred Stock	Preferred StockAdditional Paid-In Capital	Preferred StockTotal Shareholders’ Equity	Common Stock	Common StockCommon Stock	Common StockAdditional Paid-In Capital	Common StockTotal Shareholders’ Equity
Balance at beginning of year at Dec. 31, 2014	$ 785,201	$ 84	$ 861	$ 888,191	$ (1,746)	$ (107,779)	$ 779,611	$ 5,590
Balance (in shares) at Dec. 31, 2014		8,400,000	86,149,720
Changes in equity
Common stock redemption of common units			$ 3	1,919			1,922	(1,922)
Common stock redemption of common units (in shares)			268,947
Dividends paid	(57,602)					(57,293)	(57,293)	(309)
Equity-based compensation	4,753		$ 4	4,713			4,717	36
Equity-based compensation (in shares)			411,239
Other	(763)			(763)			(763)
Other (in shares)			(36,385)
Other comprehensive income (loss)	81				80		80	1
Net income	125,256					124,437	124,437	819
Balance at end of year at Dec. 31, 2015	$ 856,926	$ 84	$ 868	894,060	(1,666)	(40,635)	852,711	4,215
Balance (in shares) at Dec. 31, 2015		8,400,000	86,793,521
Changes in equity
Sale of stock									$ 72,290	$ 30	$ 72,260	$ 72,290	$ 89,057	$ 62	$ 88,995	$ 89,057
Sale of stock (in shares)	6,151,514									3,000,000				6,151,514
Redemption of preferred stock	$ (50,000)	$ (20)		(47,855)		(2,125)	(50,000)
Redemption of preferred stock (in shares)		(2,000,000)
Common stock redemption of common units			$ 1	1,022			1,023	(1,023)
Common stock redemption of common units (in shares)	119,308		119,308
Dividends paid	$ (66,713)					(66,467)	(66,467)	(246)
Equity-based compensation	4,221		$ 5	4,194			4,199	22
Equity-based compensation (in shares)			522,748
Other	(1,265)		$ (1)	(1,264)			(1,265)
Other (in shares)			(61,622)
Other comprehensive income (loss)	693				689		689	4
Net income	108,261					107,805	107,805	456
Balance at end of year at Dec. 31, 2016	$ 1,013,470	$ 94	$ 935	1,011,412	(977)	(1,422)	1,010,042	3,428
Balance (in shares) at Dec. 31, 2016		9,400,000	93,525,469
Changes in equity
Sale of stock									$ 154,732	$ 64	$ 154,668	$ 154,732	$ 163,575	$ 104	$ 163,471	$ 163,575
Sale of stock (in shares)	10,350,000									6,400,000				10,350,000
Redemption of preferred stock	$ (75,025)	$ (30)		(72,423)		(2,572)	(75,025)
Redemption of preferred stock (in shares)		(3,000,000)
Common stock redemption of common units			$ 1	650			651	(651)
Common stock redemption of common units (in shares)	73,322		73,322
Dividends paid	$ (86,260)					(86,019)	(86,019)	(241)
Equity-based compensation	5,887		$ 4	5,861			5,865	22
Equity-based compensation (in shares)			397,448
Other	(961)		$ (1)	(960)			(961)
Other (in shares)			(59,111)
Other comprehensive income (loss)	2,437				2,428		2,428	9
Net income	99,521					99,214	99,214	307
Balance at end of year at Dec. 31, 2017	$ 1,277,376	$ 128	$ 1,043	$ 1,262,679	$ 1,451	$ 9,201	$ 1,274,502	$ 2,874
Balance (in shares) at Dec. 31, 2017		12,800,000	104,287,128

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Net income	$ 99,521	$ 108,261	$ 125,256
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	85,927	72,406	64,052
Amortization of deferred financing costs	2,022	2,143	1,723
Loss on impairment of assets	0	577	1,115
Equity-based compensation	5,887	4,221	4,753
Deferred tax asset, net	887	(2,391)	64
Realization of deferred gain	(15,000)	(5,000)	0
Gain on disposal of assets, net	(28,209)	(44,855)	(65,067)
Non-cash interest income	(284)	0	0
Other	323	180	1,287
Changes in operating assets and liabilities:
Restricted cash - operating	(769)	1,195	18
Trade receivables, net	(5,032)	(2,655)	(1,727)
Prepaid expenses and other	(2,454)	(626)	28
Accounts payable	(491)	1,676	(4,324)
Accrued expenses and other	4,595	2,803	5,038
NET CASH PROVIDED BY OPERATING ACTIVITIES	146,923	137,935	132,216
INVESTING ACTIVITIES
Acquisitions of hotel properties	(588,822)	(244,714)	(236,518)
Improvements to hotel properties	(37,191)	(42,433)	(43,197)
Investment in hotel properties under development	(20,993)	0	(75)
Proceeds from asset dispositions, net of closing costs	120,733	145,347	150,054
Funding of real estate loans	(17,935)	(27,500)	(2,634)
Proceeds from repayment or sale of real estate loans	32,500	7,814	0
(Increase) decrease in restricted cash - FF&E reserve	(3,812)	(3,003)	11,304
Decrease (increase) in escrow deposits for acquisitions	0	10,046	(10,046)
NET CASH USED IN INVESTING ACTIVITIES	(515,520)	(154,443)	(131,112)
FINANCING ACTIVITIES
Proceeds from issuance of debt	667,640	405,000	600,407
Principal payments on debt	(452,082)	(424,545)	(550,150)
Proceeds from equity offerings, net of offering costs	318,307	161,347	0
Redemption of preferred shares	(75,025)	(50,000)	0
Dividends paid	(85,635)	(66,713)	(57,602)
Financing fees on debt	(1,796)	(1,948)	(2,250)
Other	(961)	(1,265)	(764)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	370,448	21,876	(10,359)
Net change in cash and cash equivalents	1,851	5,368	(9,255)
CASH AND CASH EQUIVALENTS
Beginning of period	34,694	29,326	38,581
End of period	36,545	34,694	29,326
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	27,362	26,156	28,927
Accrued acquisition costs and improvements to hotel properties	7,074	3,071	1,063
Capitalized interest	301	0	75
Cash payments for income taxes, net of refunds	$ 623	$ 1,228	$ 2,436

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 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 and completed certain formation transactions, including the merger of Summit Hotel Properties, LLC with and into the Operating Partnership. Unless the context otherwise requires, “we”, “us”, and “our” refer to the Company and its consolidated subsidiaries. We focus primarily on owning premium-branded, select-service hotels. At December 31, 2017 , our portfolio consisted of 83 hotels with a total of 12,242 guestrooms located in 26 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	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Consolidated Financial Statements of the Company consolidate the accounts of the Company and all entities that are controlled by 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 Consolidated Financial Statements. We prepare our Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates. Segment Disclosure Accounting Standards Codification (“ASC”) 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 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. We generally depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense. When depreciable property and equipment is retired or disposed, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations. On a limited basis, we provide financing to developers of hotel properties for development projects. We evaluate these arrangements to determine if we participate in residual profits of the hotel property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the hotel property, we reflect the loan as an investment in hotel properties under development in our Consolidated Balance Sheets. If classified as hotel properties under development, no interest income is recognized on the loan and interest expense is capitalized as part of our investment in the hotel property during the construction period. We monitor events and changes in circumstances for indicators that the carrying value of a hotel property or land held for development may be impaired. Additionally, we perform at least annual reviews to monitor the factors that could trigger an impairment. Factors that we consider for an impairment analysis include, among others: i) significant underperformance relative to historical or anticipated operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for hotel properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, and v) significant negative industry or economic trends. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the carrying amount of the asset is recoverable. If an impairment is identified, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to its estimated fair value. Intangible Assets We amortize intangible assets with determined finite useful lives using the straight-line method. We do not amortize intangible assets with indefinite useful lives, but we evaluate these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Assets Held for Sale We periodically review our hotel properties and our land held for development based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit to identify properties that we believe are either non-strategic or no longer complement our business. Based on our review, we periodically market properties for sale that no longer meet our investment criteria. Variable Interest Entities Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a qualified intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Consolidated Balance Sheets and 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. Our allowance for doubtful accounts was $0.1 million at December 31, 2017 and 2016 . Bad debt expense was $0.7 million , $0.6 million and $0.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Deferred Charges, net Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method. Deferred Financing Fees Debt issuance costs are presented as a direct deduction from the carrying value of the debt liability on the Consolidated Balance Sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method. Non-controlling Interests Non-controlling interests represent the portion of equity in a consolidated entity held by owners other than the consolidating parent. Non-controlling interests are reported in the Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations. Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties. Revenue Recognition We recognize revenue when guestrooms are occupied, 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. 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 in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include swaps, caps and floors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. During 2017, we elected to early adopt ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. As a result of this election, beginning in 2017, the entire change in the fair value of the hedging instrument was recorded in Other comprehensive income. Amounts deferred in Other comprehensive income will be reclassified to interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings. Income Taxes On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act (the “TCJA”), was enacted. The TCJA made many significant changes to the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders. Pursuant to this legislation, as of January 1, 2018, (1) the federal income tax rate applicable to corporations is reduced to 21% , (2) the highest marginal individual income tax rate is reduced to 37% (through taxable years ending in 2025), (3) the corporate alternative minimum tax is repealed, and (4) the backup withholding rate for U.S. stockholders is reduced to 24% . In addition, individuals, estates and trusts may deduct up to 20% of certain pass-through income, including ordinary REIT dividends that are not “capital gain dividends” or “qualified dividend income,” subject to certain limitations. For taxpayers qualifying for the full deduction, the effective maximum tax rate on ordinary REIT dividends would be 29.6% (through taxable years ending in 2025). The maximum rate of withholding with respect to our distributions to non-U.S. stockholders that are treated as attributable to gains from the sale or exchange of U.S. real property interests is also reduced from 35% to 21% . The deduction of net interest expense is limited for all businesses; provided that certain businesses, including real estate businesses, may elect not to be subject to such limitations and instead to depreciate their real property related assets over longer depreciable lives. The reduced corporate tax rate will apply to Summit TRS and any other TRS that we form. The reduced 21% federal income tax rate applicable to corporations will apply to taxable earnings reported for the full 2018 fiscal year. Accordingly, the Company has remeasured its net deferred tax assets using the lower federal tax rate that will apply when these amounts are expected to reverse. 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 5 — Debt”), the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain amounts reported in previous periods have been reclassified to conform to the current presentation, such as the reporting of deferred financing costs and 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. Reclassifications had no net effect on the Company’s previously reported financial position or results of operations. New Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the 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 adopted 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. The adoption of ASU No. 2014-09 will not 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. We adopted ASU No. 2016-01 on January 1, 2018. The adoption of ASU No. 2016-01 is not expected 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 have adopted ASU No. 2016-15 for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2016-15 will not have a material effect on our financial position or our results of operations. In 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 adopted ASU No. 2016-18 for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2016-18 will not have a material effect on our financial position or our results of operations. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , with the objective of 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. Subsequent to year end, we applied the requirements of ASU No. 2017-09 to the modification of certain stock awards as described in "Note 16 - Subsequent Events." 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. During 2017, we elected to early adopt ASC No. 2017-12. The adoption of ASU No. 2017-12 did not have a material effect on our financial position or our results of operations.

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
INVESTMENT IN HOTEL PROPERTIES	INVESTMENT IN HOTEL PROPERTIES Investment in Hotel Properties, net Investment in hotel properties, net at December 31, 2017 and 2016 include (in thousands): 2017 2016 Land $ 272,932 $ 178,423 Hotel buildings and improvements 1,868,273 1,433,389 Intangible assets 22,764 6,602 Construction in progress 12,464 22,490 Furniture, fixtures and equipment 174,126 129,437 2,350,559 1,770,341 Less - accumulated depreciation (291,067 ) (225,219 ) $ 2,059,492 $ 1,545,122 Depreciation expense was $85.5 million , $72.1 million , and $63.7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Intangible assets included in Investment in hotel properties, net and intangible liabilities included in Accrued expenses and other in our Consolidated Balance Sheets include the following (in thousands): 2017 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 (1,001 ) (348 ) Intangible assets, net $ 21,763 $ 6,254 Intangible liabilities: Unfavorable leases (2) $ 5,002 $ 5,002 Less accumulated amortization (285 ) (190 ) Intangible liabilities, net $ 4,717 $ 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. The finite-lived intangible assets are being amortized using the straight-line method over a weighted average amortization period of 37.1 years. The intangible liabilities are being amortized using the straight-line method over a weighted average amortization period of 55.7 years. Future amortization expense is expected to be as follows (in thousands): Finite-Lived Intangible Assets Intangible Liabilities 2018 $ 699 $ 95 2019 499 95 2020 370 95 2021 360 95 2022 274 95 Thereafter 8,727 4,242 $ 10,929 $ 4,717 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 $21.0 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 year ended December 31, 2017 as a result of our development activities. We anticipate that construction of this hotel will be complete by mid-year 2018 and the hotel will be open for business shortly thereafter. Assets Held for Sale Assets held for sale at December 31, 2017 and 2016 include the following (in thousands): 2017 2016 Land $ 1,193 $ 10,907 Hotel building and improvements — 44,718 Furniture, fixtures and equipment — 6,649 Construction in progress — 29 Franchise fees — 392 $ 1,193 $ 62,695 Assets Held for Sale at December 31, 2017 included land parcels in Spokane, WA and Flagstaff, AZ, which were being actively marketed for sale. Assets Held for Sale at December 31, 2016 include the hotel properties related to the HIT Sale and the land parcels in Spokane, WA and Flagstaff, AZ, which were being actively marketed for sale. Dispositions to Affiliates of Hospitality Investors Trust, Inc. (formerly American Realty Capital Hospitality Trust, Inc.) On February 11, 2016, we completed the sale of six hotels to affiliates of Hospitality Investors Trust, Inc. ("HIT") for an aggregate selling price of $108.3 million (the "HIT Sale"), with the proceeds from the HIT 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 HIT. The HIT 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 HIT Sale, the Operating Partnership entered into a loan agreement with HIT, as borrower, which provided for a loan by the Operating Partnership to HIT in the amount of $27.5 million (the “Loan” or "Loan Agreement"). The proceeds of the Loan were required to be applied by HIT 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 HIT as part of the HIT Sale; and (ii) the remaining $7.5 million was applied by HIT 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 HIT. On March 31, 2017, HIT 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 year ended December 31, 2017 the remaining $15.0 million of the deferred gain related to the sale of six hotels to HIT. Pursuant to an agreement entered into by the Company and an affiliate of HIT on February 11, 2016, as such agreement was subsequently modified and extended, the affiliate of HIT was to purchase ten of the Company's hotels. Two of the hotels were sold during 2016 to a purchaser not affiliated with HIT as permitted by the agreement. On April 27, 2017, we completed the sale of seven of the remaining eight hotels to an affiliate of HIT 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 92 651 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 HIT, to a third-party purchaser that is unrelated to HIT. The sale of this property resulted in the realization of a net gain of $0.4 million during the year ended December 31, 2017. As a result of this sale, HIT 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 year ended December 31, 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 . On May 13, 2016, we completed the sale of the Holiday Inn Express & Suites in Irving (Las Colinas), TX for $10.5 million . We also completed the sale of two properties previously contracted for sale to HIT to third parties unrelated to HIT. The first sale was the Aloft in Jacksonville, FL for $8.6 million on June 1, 2016. The second sale was the Holiday Inn Express in Vernon Hills, IL for $5.9 million on June 7, 2016. The proceeds from the sale of the Holiday Inn Express & Suites in Irving (Las Colinas), TX and the Holiday Inn Express in Vernon Hills, IL were used to complete a reverse 1031 Exchange with the acquisition of the 160 -guestroom Residence Inn by Marriott in Atlanta, GA on January 20, 2016 for a purchase price of $38.0 million . The completion of the reverse 1031 Exchange resulted in the deferral of taxable gains of approximately $5.1 million . On July 6, 2016, we completed the sale of the Hyatt Place in Irving (Las Colinas), TX for $14.0 million . The proceeds from the sale of this property were used to complete a 1031 Exchange related to the purchase of the 157 -guestroom Marriott in Boulder, CO on August 9, 2016 for a purchase price of $61.4 million . The completion of the 1031 Exchange resulted in the deferral of taxable gains of approximately $7.5 million . Hotel Property Acquisitions Hotel property acquisitions in 2017 and 2016 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Price Year Ended December 31, 2017 March 1, 2017 Homewood Suites Aliso Viejo (Laguna Beach), CA 129 $ 38,000 March 30, 2017 Hyatt Place Phoenix (Mesa), AZ 152 22,200 May 23, 2017 Courtyard by Marriott Fort Lauderdale, FL 261 85,000 June 9, 2017 Courtyard by Marriott Charlotte, NC 181 56,250 June 21, 2017 Courtyard by Marriott Fort Worth, TX 203 40,000 June 21, 2017 Courtyard by Marriott Kansas City, MO 123 24,500 June 21, 2017 Courtyard by Marriott Pittsburgh, PA 182 42,000 June 21, 2017 Hampton Inn & Suites Baltimore, MD 116 18,000 June 21, 2017 Residence Inn by Marriott Baltimore, MD 188 38,500 July 13, 2017 AC Hotel by Marriott Atlanta, GA 255 57,500 November 14, 2017 Courtyard by Marriott New Haven, CT 207 63,400 November 14, 2017 Hilton Garden Inn Waltham, MA 148 32,300 November 14, 2017 Homewood Suites Tucson, AZ 122 25,300 November 14, 2017 Residence Inn by Marriott Cleveland, OH 175 43,000 2,442 $ 585,950 (1) Year Ended December 31, 2016 January 19, 2016 Courtyard by Marriott Nashville, TN 226 $ 71,000 January 20, 2016 Residence Inn by Marriott Atlanta, GA 160 38,000 August 9, 2016 Marriott Boulder, CO 157 61,400 October 28, 2016 Hyatt Place Chicago, IL 206 73,750 749 $ 244,150 (2) (1) The net assets acquired totaled $588.8 million due to the purchase at settlement of $0.2 million of net working capital assets and capitalized transaction costs of $2.6 million . (2) The net assets acquired totaled $244.7 million due to the purchase at settlement of $0.6 million of net working capital assets. The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands): 2017 2016 Land $ 98,639 $ 28,683 Hotel buildings and improvements 447,477 207,433 Intangible assets 16,162 442 Furniture, fixtures and equipment 26,546 8,081 Other assets 2,738 798 Total assets acquired 591,562 245,437 Less other liabilities (2,740 ) (723 ) Net assets acquired $ 588,822 $ 244,714 Total revenues and net income for hotel properties acquired in 2017 and 2016 , which are included in our Consolidated Statements of Operations for the years ended December 31, 2017 and 2016 , are as follows (in thousands): 2017 Acquisitions 2016 Acquisitions 2017 (1) 2017 2016 (1) Revenues $ 53,443 $ 47,842 $ 28,560 Net income $ 5,914 $ 8,736 $ 6,992 (1) The results of operations of acquired hotel properties are included beginning on their respective acquisition dates; therefore, the results are for a partial period in the year acquired. The results of operations of acquired hotel properties are included in the Consolidated Statements of Operations beginning on their respective acquisition dates. The following unaudited condensed pro forma financial information presents the results of operations as if all acquisitions in 2017 and 2016 had taken place on January 1, 2016 and all dispositions had occurred prior to that date. 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 "Pre-Acquisition 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 December 31, 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 years ended December 31, 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 2017 and 2016 is as follows (in thousands, except per share): 2017 2016 (unaudited) Revenues $ 567,342 $ 562,030 Income from hotel operations (1) $ 211,730 $ 217,414 Net income (2) $ 76,292 $ 106,909 Net income attributable to common stockholders, net of amount allocated to participating securities (2) $ 55,803 $ 85,761 Basic net income per share attributable to common stockholders (2) $ 0.56 $ 0.99 Diluted net income per share attributable to common stockholders (2) $ 0.56 $ 0.98 (1) Pro Forma amounts include real estate tax expense totaling $31.9 million and $27.5 million for the years ended December 31, 2017 and 2016, respectively. (2) Pro Forma amounts include depreciation expense, real estate tax expense, interest expense, income tax expense, and other corporate expenses totaling $166.8 million and $139.3 million for the years ended December 31, 2017 and 2016, respectively.

SUPPLEMENTAL BALANCE SHEET INFO

SUPPLEMENTAL BALANCE SHEET INFORMATION	12 Months Ended
	Dec. 31, 2017
Balance Sheet Related Disclosures [Abstract]
SUPPLEMENTAL BALANCE SHEET INFORMATION	SUPPLEMENTAL BALANCE SHEET INFORMATION Investment in Real Estate Loans Investment in real estate loans, net at December 31, 2017 and 2016 includes (in thousands): 2017 2016 Real estate loans (net of discount of $5.8 million at December 31, 2017) $ 12,356 $ 10,085 HIT Loan (net of deferred gain of $15.0 million at December 31, 2016) — 7,500 $ 12,356 $ 17,585 We are a mezzanine lender on three construction loans to fund up to an aggregate of $29.6 million for the development of three hotel properties. The three real estate loans closed in the fourth quarter of 2017 and each has a stated interest rate of 8% and an initial term of approximately three years. As of December 31, 2017, we have funded $17.9 million on the loans. We have separate options related to each loan (each the "Initial Option") to purchase a 90% interest in each joint venture that owns the hotels upon completion of construction. We also have the right to purchase the remaining interests in each joint venture at future dates, generally five years after we exercise our Initial Option. We have recorded the aggregate estimated fair value of the Initial Options totaling $6.1 million in Other assets and as a discount to the related real estate loans. The discount will be amortized as a component of interest income over the term of the real estate loans using the straight-line method, which approximates the interest method. We recorded amortization of the discount of $0.3 million during the year ended December 31, 2017. At December 31, 2016 , we had an outstanding real estate note receivable totaling $10.1 million . The note had an interest rate of 10.0% per annum paid monthly and an initial maturity date of May 31, 2017. On January 12, 2017, the borrower exercised an option to extend the maturity date until May 13, 2018. On August 1, 2017, the borrower repaid our note receivable in full. On March 31, 2017, HIT repaid the remaining $22.5 million principal balance of the Loan and PIK interest of $1.2 million . As such, we recognized as income during the year ended December 31, 2017 the remaining $15.0 million of the deferred gain related to the sale of six hotels to HIT (See "Note 3 - Investment in Hotel Properties" for further details). Restricted Cash Restricted cash at December 31, 2017 and 2016 was as follows (in thousands): 2017 2016 FF&E reserves $ 25,812 $ 22,000 Property taxes 2,726 2,220 Other 924 661 $ 29,462 $ 24,881 Prepaid Expenses and Other Prepaid expenses and other at December 31, 2017 and 2016 included the following (in thousands): 2017 2016 Prepaid insurance $ 3,020 $ 2,218 Other 6,434 4,256 $ 9,454 $ 6,474 Deferred Charges Deferred charges at December 31, 2017 and 2016 were as follows (in thousands): 2017 2016 Initial franchise fees $ 6,894 $ 5,101 Less - accumulated amortization (1,673 ) (1,374 ) $ 5,221 $ 3,727 Amortization expense for the years ended December 31, 2017 , 2016 , and 2015 was $0.4 million , $0.3 million and $0.4 million , respectively. Other Assets Other assets at December 31, 2017 and 2016 included the following (in thousands): 2017 2016 Purchase options related to real estate loans $ 6,078 $ — Prepaid land lease 3,228 3,275 Deferred tax asset, net 1,616 2,503 Derivative financial instruments 1,509 — $ 12,431 $ 5,778 Accrued Expenses and Other Accrued expenses and other at December 31, 2017 and 2016 included the following (in thousands): 2017 2016 Accrued property, sales and income taxes $ 16,664 $ 11,171 Accrued salaries and benefits 8,556 10,802 Other accrued expenses at hotels 15,509 12,356 Acquired unfavorable leases 4,717 4,812 Accrued interest 1,958 1,655 Derivative financial instruments 190 1,118 Other 8,894 6,084 $ 56,488 $ 47,998

DEBT

DEBT	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
DEBT	DEBT At December 31, 2017 , our indebtedness is comprised of borrowings under a $450.0 million senior unsecured credit and term loan 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 was comprised of borrowings under a $450.0 million senior unsecured credit and term loan 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 affect to our interest rate derivative, for all borrowings was 3.89% and 3.69% at December 31, 2017 and 2016 , respectively. $450 Million Senior Unsecured Credit and Term Loan Facility On January 15, 2016, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the loan documentation as a subsidiary guarantor, entered into a $450.0 million senior unsecured facility (the “2016 Unsecured Credit Facility”). The 2016 Unsecured Credit Facility is comprised of a $300.0 million revolving credit facility (the “ $300 million Revolver”) and a $150.0 million term loan (the “ $150 million Term Loan”). At December 31, 2017, the maximum amount of borrowing provided by the 2016 Unsecured Credit Facility was $450.0 million , of which we had $165.0 million borrowed and $285.0 million available to borrow. The 2016 Unsecured Credit Facility has an accordion feature which will allow the Company to increase the total commitments by an aggregate of up to $150.0 million . The $300 million Revolver will mature on March 31, 2020 and can be extended to March 31, 2021 at the Company’s option, subject to certain conditions. The $150 million Term Loan will mature on March 31, 2021. The Company pays interest on revolving credit advances at varying rates based upon, at the Company’s option, either (i) 1, 2, 3, or 6-month LIBOR, plus a LIBOR margin between 1.50% and 2.25% , depending upon the Company’s leverage ratio (as defined in the 2016 Unsecured Credit Facility agreement), or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50% , and 1-month LIBOR plus 1.00% , plus a base rate margin between 0.50% and 1.25% , depending upon the Company’s leverage ratio. The interest rate at December 31, 2017 was 3.21% . Unencumbered Assets. The 2016 Unsecured Credit Facility is unsecured. However, borrowings under the 2016 Unsecured Credit Facility are limited by the value of hotel assets that qualify as unencumbered assets. At December 31, 2017, the Company had 50 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% for a portion 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. On April 21, 2015, the Company exercised $15.0 million of the accordion and added American Bank, N.A. as a lender under the facility. At closing, we were advanced the full $125.0 million amount of the 2015 Term Loan and on April 21, 2015, we were advanced the $15.0 million exercised on the accordion. All proceeds were used to pay down the principal balance of our $225 million revolver provided under the former $300.0 million senior unsecured credit and term loan facility. We pay interest on advances equal to the sum of LIBOR or the administrative agent’s prime rate and the applicable margin. We are currently paying interest at 3.51% based on LIBOR at December 31, 2017. Borrowings under the 2015 Term Loan are limited by the value of hotel assets that qualify as unencumbered assets. As of December 31, 2017, the 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 December 31, 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 December 31, 2017, the Unencumbered Properties also supported the 2017 Term Loan. The 2017 Term Loan gave us the option to delay draws of the principal amount of the term 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. On December 11, 2017, we drew the remaining $100.0 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. The interest rate at December 31, 2017 was 3.11% . 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. At September 30, 2017, we had drawn $25.0 million on the MetaBank Loan. On December 28, 2017, we drew the remaining $22.6 million available under the MetaBank Loan and used the proceeds to pay down the principal balance of our $300 million Revolver. 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. At December 31, 2017 and 2016 our outstanding indebtedness was as follows (in thousands): Lender Reference Interest Rate Amortization Period (Years) Maturity Date Number of Properties Encumbered Balance at December 31, 12/31/2017 2017 2016 $450 Million Senior Unsecured Credit and Term Loan Facility Deutsche Bank AG New York Branch $300 Million Revolver 3.21% Variable n/a March 31, 2020 n/a $ 15,000 $ 50,000 $150 Million Term Loan (1) 3.40% Variable n/a March 31, 2021 n/a 150,000 150,000 Total Senior Unsecured Credit and Term Loan Facility 165,000 200,000 Unsecured Term Loan KeyBank National Association, as Administrative Agent Term Loan 3.51% Variable n/a April 7, 2022 n/a 140,000 140,000 KeyBank National Association, as Administrative Agent Term Loan 3.11% Variable n/a November 25, 2022 n/a 225,000 — Secured Mortgage Indebtedness Voya (2) 5.18% Fixed 20 March 1, 2019 2 40,015 41,328 (2) 5.18% Fixed 20 March 1, 2019 4 35,865 37,042 (2) 5.18% Fixed 20 March 1, 2019 2 23,130 23,889 (2) 5.18% Fixed 20 March 1, 2019 1 16,431 16,970 KeyBank National Association (3) 4.46% Fixed 30 February 1, 2023 4 26,928 27,473 (4) 4.52% Fixed 30 April 1, 2023 3 20,877 21,291 (5) 4.30% Fixed 30 April 1, 2023 3 20,211 20,626 (6) 4.95% Fixed 30 August 1, 2023 2 36,093 36,741 Bank of America Commercial Mortgage (7) 6.41% Fixed 25 September 1, 2017 — — 7,661 Western Alliance Bank (8) 5.39% Fixed 25 April 1, 2020 1 8,701 8,912 (8) 5.39% Fixed 25 April 1, 2020 1 4,685 4,798 MetaBank (9) 4.25% Fixed 20 August 1, 2018 — — 6,588 (10) 4.44% Fixed 25 July 1, 2027 3 47,640 — Bank of Cascades (11) 3.56% Variable 25 December 19, 2024 1 9,023 9,289 (11) 4.30% Fixed 25 December 19, 2024 — 9,023 9,289 Compass Bank (12) 3.96% Variable 25 May 6, 2020 3 22,773 23,394 Western Alliance Bank (13) 5.39% Fixed 25 April 1, 2020 1 5,769 5,910 (13) 5.39% Fixed 25 April 1, 2020 1 4,926 5,046 U.S. Bank, NA (14) 6.13% Fixed 25 November 11, 2021 1 11,019 11,303 Total Mortgage Loans 33 343,109 317,550 Total Debt 873,109 657,550 Unamortized debt issuance costs (4,873 ) (5,136 ) Debt, net of issuance costs $ 868,236 $ 652,414 (1) An interest rate swap fixed a portion of the interest rate on this loan. See "Note 6 - Derivative Financial Instruments and Hedging." (2) On September 24, 2015, we modified an existing term loan collateralized by properties sold in 2015 to substitute collateral with properties not included in the sale in order to avoid significant yield maintenance costs associated with an early pay-off. We now have four term loans with Voya with an aggregate principal amount of $115.4 million , fixed interest rates of 5.18% , and a first call date of March 1, 2019. The nine hotel properties encumbered by the Voya mortgage loans are cross-collateralized, and the four mortgage loans are cross-defaulted. (3) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by four of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; Denver (Englewood), CO; and Dallas (Arlington), TX. This loan is subject to defeasance if prepaid. (4) On March 7, 2013, we closed on a $ 22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ. This loan is subject to defeasance if prepaid. (5) On March 8, 2013, we closed on a $ 22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid. (6) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid. (7) On May 16, 2012, we assumed a loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan was repaid in 2017. There were no prepayment penalties incurred in this transaction. (8) On March 28, 2014, we amended the loans with Western Alliance Bank, which are cross-collateralized by the Courtyard by Marriott and the SpringHill Suites by Marriott, both located in Scottsdale, AZ. The loans were amended to bear interest at a fixed rate of 5.39% and the maturity dates were extended to April 1, 2020. (9) On July 26, 2013, we closed on a $7.4 million loan with a fixed rate of 4.25% and a maturity of August 1, 2018. This loan is secured by the Hyatt Place in Atlanta, GA. This loan has a prepayment penalty of: (i) 3% until July 26, 2015, (ii) 2% until July 26, 2017, and (iii) 1% until February 1, 2018. This loan was repaid in 2017. There were prepayment penalties of $0.1 million related to the early repayment of this loan. (10) On June 30, 2017, we entered into 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. (11) On December 19, 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $ 7.9 million . As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.3% . Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loans are secured by the same collateral and cross-defaulted. (12) On May 6, 2014, we closed on a $25.0 million loan with Compass Bank. The loan carries a variable rate of 30-day LIBOR plus 240 basis points, amortizes over 25 years , and has a May 6, 2020 maturity date. The loan is secured by first mortgage liens on the Hampton Inn & Suites hotels located in San Diego (Poway), CA and Ventura (Camarillo), CA and the Courtyard by Marriott located in Arlington, TX. (13) On March 28, 2014, we amended two loans with Western Alliance Bank, which are cross-collateralized by the Hilton Garden Inn (Lakeshore) and the Hilton Garden Inn (Liberty Park), both located in Birmingham, AL. Both loans were amended to bear interest at a fixed rate of 5.39% and the maturity dates were extended to April 1, 2020. (14) On January 10, 2014, as part of our acquisition of the 98 -guestroom Hampton Inn in Santa Barbara (Goleta), CA, we assumed a $12.0 million mortgage loan with a fixed interest rate of 6.133% , an amortization period of 25 years, and a maturity date of November 11, 2021. Our outstanding indebtedness requires us to comply with a series of financial and other covenants. At December 31, 2017, we were in compliance with all required covenants. Our total fixed-rate and variable-rate debt at December 31, 2017 and 2016 , after giving effect to our $75.0 million interest rate derivative, is as follows (in thousands): 2017 2016 Fixed-rate debt $ 386,313 $ 359,867 Variable-rate debt 486,796 297,683 $ 873,109 $ 657,550 Principal payments for each of the next five years are as follows (in thousands): 2018 $ 8,154 2019 116,978 2020 63,489 2021 164,155 2022 369,269 Thereafter 151,064 $ 873,109 Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 2017 2016 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ 311,313 $ 310,535 $ 284,867 $ 283,416 Level 2 - Market approach At both December 31, 2017 and 2016 , we had $75.0 million of debt with variable interest rates that had been converted to fixed interest rates through derivative financial instruments which are carried at fair value. Differences between carrying value and fair value of our fixed-rate debt are primarily due to changes in interest rates. Inherently, fixed-rate debt is subject to fluctuations in fair value as a result of changes in the current market rate of interest on the valuation date. For additional information on our use of derivatives as interest rate hedges, refer to “Note 6 –– Derivative Financial Instruments and Hedging.”

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING We are exposed to interest rate risk through our variable-rate debt. We manage this risk primarily by managing the amount, sources, and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage our exposure to known or expected cash payments related to our variable-rate debt. The maximum length of time over which we have hedged our exposure to variable interest rates with our existing derivative financial instruments is approximately six years. Our objectives in using derivative financial instruments are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Our interest rate swaps are designated as cash flow hedges and involve the receipt of variable-rate payments from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. 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 a floating rate to an average annual fixed rate of 1.98% through January 31, 2023. Our interest rate swap agreement with a notional amount of $75.0 million expires on October 1, 2018. Our agreements with our derivative counterparties contain provisions such that if we default, or can be declared in default, on any of our indebtedness, then we could also be declared in default on our derivative financial instruments. Information about our derivative financial instruments at December 31, 2017 and 2016 are as follows (dollar amounts in thousands): December 31, 2017 December 31, 2016 Number of Notional Fair Value Number of Notional Fair Value Interest rate swaps (asset) 2 $ 200,000 $ 1,509 — $ — $ — Interest rate swap (liability) 1 75,000 (190 ) 1 75,000 (1,118 ) 3 $ 275,000 $ 1,319 1 $ 75,000 $ (1,118 ) Our interest rate swaps have been designated as cash flow hedges and are valued using a market approach, which is a Level 2 valuation technique. At December 31, 2017 , two of our interest rate swaps were in an asset position and one was in a liability position. At December 31, 2016 , our interest rate swap was in a liability position. We are not required to post any collateral related to these agreements and we are not in breach of any financial provisions of the agreements. During 2017, we elected to early adopt ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. As a result of this election, beginning in 2017, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness will be recorded in other comprehensive income. Amounts deferred in other comprehensive income will be reclassified to interest expense as interest payments are made on the hedged variable-rate debt. In 2018 , we estimate that an additional $0.6 million will be reclassified from other comprehensive income as an increase to interest expense. The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands): 2017 2016 2015 Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments $ 1,703 $ (497 ) $ (1,846 ) Loss reclassified from accumulated other comprehensive income to interest expense $ (734 ) $ (1,190 ) $ (1,927 ) Loss recognized in other expense $ — $ — $ (1 ) Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded $ (29,687 ) $ (28,091 ) $ (30,414 )

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 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 our 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. (this agreement was terminated on September 29, 2017), 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 our common stock 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 (the "2017 ATM Program"). 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 . To date, we have not sold any shares of our common stock under the 2017 ATM Program. During 2017, we incurred costs totaling $0.2 million related to the 2017 ATM Program. 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 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 years ended December 31, 2017 and 2016 were as follows: 2017 2016 Beginning common shares outstanding 93,525,469 86,793,521 Common stock issued 10,350,000 6,151,514 Grants under the Equity Plan 366,679 446,686 Common Unit redemptions 73,322 119,308 Exercise of stock options — 37,684 Annual grants to independent directors 28,426 32,180 Common stock issued for director fees 4,663 7,618 Forfeitures (2,320 ) (1,420 ) Shares retained for employee tax withholding requirements (59,111 ) (61,622 ) Ending common shares outstanding 104,287,128 93,525,469 At December 31, 2017 and 2016 , the Company had reserved 15,275,114 and 6,332,307 shares of common stock, respectively, for the issuance of common stock (i) upon the exercise of stock options, issuance of time-based restricted stock awards, issuance of performance-based restricted stock awards, grants of director stock awards, or other awards issued pursuant to our Equity Plan, (ii) upon redemption of Common Units, or (iii) under the 2017 ATM Program. Preferred Stock The Company is authorized to issue up to 100,000,000 shares of preferred stock, $ 0.01 par value per share, of which 87,200,000 is currently undesignated and 3,400,000 shares have been designated as 7.125% Series C Cumulative Redeemable Preferred Stock (the “Series C preferred shares”), 3,000,000 shares have been designated as 6.45% Series D Cumulative Redeemable Preferred Stock (the "Series D preferred shares") and 6,400,000 shares have been designated as 6.25% Series E Cumulative Redeemable Preferred Stock (the "Series E preferred shares"). The Company completed the offering of 6,400,000 Series E preferred shares on November 13, 2017 for net proceeds of $154.7 million , after the underwriting discount and offering-related expenses of $5.3 million . On December 11, 2017, the Company paid $75.2 million to redeem all 3,000,000 of its outstanding Series B preferred shares at a redemption price of $25 per share plus accrued and unpaid dividends. On February 5, 2018, the Company announced that it will redeem all 3,400,000 of its outstanding Series C preferred shares (See "Note 16 - Subsequent Events" for further details). The Company's preferred shares (collectively, “Preferred Shares”) rank senior to our common stock and on parity with each other with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Preferred Shares do not have any maturity date and are not subject to mandatory redemption or sinking fund requirements. The Company may not redeem the Series C preferred shares, Series D preferred shares or Series E preferred shares prior to March 20, 2018, June 28, 2021 and November 13, 2022, 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 C preferred share is 5.1440 shares of common stock, each Series D preferred share is 3.9216 shares of common stock and each Series E preferred share is 3.1686 shares of common stock, all subject to certain adjustments. The Company pays dividends at an annual rate of $1.78125 for each Series C preferred share, $1.6125 for each Series D preferred share and $1.5625 for each Series E 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, the unaffiliated third parties who hold Common Units in our Operating Partnership have the right to cause us to redeem their Common Units in exchange for cash based upon the fair value of an equivalent number of our shares of common stock at the time of redemption; however, the Company has the option to redeem with shares of our common stock on a one-for-one basis. The number of shares of our common stock issuable upon redemption of Common Units may be adjusted upon the occurrence of certain events such as share dividend payments, share subdivisions or combinations. At December 31, 2017 and 2016 , unaffiliated third parties owned 323,391 and 396,713 , respectively, of Common Units of the Operating Partnership, representing less than a 1% limited partnership interest in the Operating Partnership. We classify outstanding Common Units held by unaffiliated third parties as non-controlling interests in the Operating Partnership, a component of equity in the Company’s Consolidated Balance Sheets. The portion of net income allocated to these Common Units is reported on the Company’s Consolidated Statement of Operations as net income attributable to non-controlling interests of the Operating Partnership.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 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 as of December 31, 2017 and 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 Measurement at December 31, 2017 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 1,509 $ — $ 1,509 Purchase options related to real estate loans — — 6,078 6,078 Liabilities: Interest rate swaps — 190 — 190 Fair Value Measurement at December 31, 2016 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 1,118 $ — $ 1,118 Our purchase options do not have readily determinable fair values. The fair value of each purchase option was estimated using a binomial lattice model. The estimated fair values of the purchase options were based on unobservable inputs for which there is little or no market information available and required us to develop our own assumptions as follows (dollar amounts in thousands): Real Estate Loan 1 Real Estate Loan 2 Real Estate Loan 3 Exercise price $ 15,143 $ 17,377 $ 5,503 First option exercise date 12/31/2018 3/31/2019 5/31/2019 Last option exercise date 11/1/2020 12/5/2020 12/1/2020 Expected volatility 32.0 % 38.0 % 37.0 % Risk free rate 1.7 % 1.8 % 1.9 % Expected annualized equity dividend yield 6.8 % 9.9 % 6.5 % There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2017 or 2016 .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Ground Leases We lease land for one hotel property in Duluth, GA under the terms of an operating ground lease agreement expiring April 1, 2069. We also have two prepaid land leases for two hotel properties in Portland, OR which expire in June of 2084 and have a remaining prepaid balance of $3.2 million and $3.3 million at December 31, 2017 and 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 with one option to extend for an additional 10 years. We lease land for one hotel property in Austin, TX with an initial lease termination date of May 31, 2050. We lease land for one hotel property in Baltimore (Hunt Valley), MD with a lease termination date of December 31, 2019 and twelve remaining options to extend for five additional years per extension. Total rent expense for these leases for the years ended December 31, 2017 , 2016 and 2015 was $1.9 million , $1.7 million , and $1.2 million , respectively. Certain of our ground leases contain variable lease payments based on gross receipts or the consumer price index. Future minimum rental payments for non-cancelable operating leases with a remaining term in excess of one year are as follows (in thousands): 2018 $ 2,023 2019 2,055 2020 2,138 2021 2,165 2022 2,070 Thereafter 105,420 $ 115,871 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. In 2017 , 2016 , and 2015 , we expensed fees related to our franchise agreements of $41.6 million , $37.2 million , and $37.8 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 twenty-five years with various extension provisions. Each management company receives a base management fee, generally a percentage of total hotel property revenues. In some cases there are also monthly fees for certain services, such as accounting, based on the number of guestrooms. Generally there are also incentive fees based on attaining certain financial thresholds. In 2017 , 2016 , and 2015 , we expensed fees related to our hotel management agreements of $18.2 million , $18.8 million , and $ 18.6 million , respectively. Litigation We are involved from time to time in litigation arising in the ordinary course of business. We are currently involved in litigation related to the settlement of a contractual obligation related to the purchase of a hotel property in 2012. We have accrued the amount of our expected liability to settle the contractual obligation at December 31, 2017. We are not currently aware of any actions against us that would have a material effect on our financial condition or results of operations.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	12 Months Ended
	Dec. 31, 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 our Equity Plan which provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based awards or incentive awards. Stock options granted may be either incentive stock options or non-qualified stock options. Vesting terms may vary with each grant, and stock option terms are generally five to ten years. We have outstanding equity-based awards in the form of stock options and restricted stock awards. All of our outstanding equity-based awards are classified as equity. Stock Options Granted Under Our Equity Plan The following table summarizes stock option activity under our Equity Plan: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Terms Aggregate Intrinsic Value (Current Value Less Exercise Price) (per share) (in years) (in thousands) Outstanding at December 31, 2015 470,000 $ 9.75 Exercised (235,000 ) 9.75 Outstanding at December 31, 2016 235,000 9.75 Exercised — — Outstanding at December 31, 2017 235,000 $ 9.75 3.2 $ 1,288 Exercisable at December 31, 2017 235,000 $ 9.75 3.2 $ 1,288 All stock options outstanding at December 31, 2017 vested in prior years. During the years ended December 31, 2016 and 2015 , the total fair value of stock options that vested was $0.3 million and $0.9 million , respectively. The intrinsic value of options exercised during the years ended December 31, 2016 and 2015 was $1.0 million and $1.3 million , respectively. No stock options were exercised during the year ended December 31, 2017. The intrinsic value of outstanding and exercisable options at December 31, 2017 was $1.3 million . The intrinsic value of outstanding and exercisable options at December 31, 2016 was $1.5 million . At December 31, 2015 , the intrinsic value of outstanding options and exercisable options was $1.0 million and $0.8 million , respectively. 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. On September 2, 2016, we granted time-based restricted stock awards for 406 shares of common stock to certain of our non-executive employees. The awards were forfeited in 2017. On March 3, 2015, we granted time-based restricted stock awards for 149,410 shares of common stock to our executive officers and management. Of the total awards issued, 37,230 vest based on continued service on March 9, 2018, or upon a change in control. The remaining awards vest over a three year period based on continued service ( 25% on March 9, 2016 and 2017 and 50% on March 9, 2018), or upon a change in control. On April 24, 2015, we granted a time-based restricted stock award for 16,930 shares of common stock to one of our executive officers. This award vested during the third quarter of 2015. The holders of these awards have the right to vote the related shares of common stock and receive all dividends declared and paid whether or not vested. The fair value of time-based restricted stock awards granted is calculated based on the market value of our common stock on the date of grant. The following table summarizes time-based restricted stock activity under our Equity Plan for 2017 and 2016 : Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested December 31, 2015 250,011 $ 12.03 Granted 192,123 11.36 Vested (82,869 ) 11.06 Forfeited (1,420 ) 10.27 Non-vested December 31, 2016 357,845 11.90 Granted 156,318 15.52 Vested (120,366 ) 11.29 Forfeited (2,320 ) 13.70 Non-vested December 31, 2017 391,477 $ 13.52 $ 5,962 During the years ended December 31, 2017 , 2016 , and 2015 , the total fair value of time-based restricted stock awards that vested was $1.4 million , $0.9 million and $1.0 million , respectively. 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 unless modified. On March 8, 2016, we granted performance-based restricted stock awards for 254,563 shares of common stock to our executive officers. Our performance-based restricted stock awards are market-based awards and are accounted for based on the fair value of our common stock on the grant date. The fair value of the performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model. These awards generally vest based on our percentile ranking within the SNL U.S. REIT Hotel Index at the end of the period beginning on March 8, 2016 and ending on the earlier of March 8, 2019 or upon a change in control. The awards require continued service during the measurement period and are subject to the other conditions described in the Equity Plan or award document. On March 3, 2015, we granted performance-based restricted stock awards for 154,505 shares of common stock to certain of our executive officers. The fair value of the performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model. These awards vest based on our percentile ranking within the SNL U.S. REIT Hotel Index at the end of the period beginning on January 1, 2015 and ending on the earlier of December 31, 2017, or upon a change in control. The awards require continued service during the measurement period and are subject to the other conditions described in the Equity Plan or award document. The number of shares the executive officers may earn under these awards range from zero shares to twice the number of shares granted based on our percentile ranking within the index at the end of the measurement period. In addition, a portion of the performance-based shares may be earned based on the Company's absolute total shareholder return calculated during the performance period. The holders of these grants have the right to vote the granted shares of common stock and any dividends declared will be accumulated and will be subject to the same vesting conditions as the awards. Further, if additional shares are earned based on our percentile ranking within the index, dividend payments will be issued as if the additional shares had been held throughout the measurement period. The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions: 2017 2016 2015 Expected dividend yield 4.14 % 4.01 % 3.42 % Expected stock price volatility 24.8 % 24.2 % 22.2 % Risk-free interest rate 1.59 % 1.04 % 1.02 % Monte Carlo iterations 100,000 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 17.13 $ 13.77 $ 18.78 The expected dividend yield was calculated based on our annual expected dividend payments at the time of grant. The expected volatility was based on historical price changes of our common stock for a period comparable to the performance period. The risk-free interest rates were interpolated from the Federal Reserve Bond Equivalent Yield rates for “on-the-run” U.S. Treasury securities. The following table summarizes performance-based restricted stock activity under our Equity Plan for 2017 and 2016 : Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested December 31, 2015 308,367 $ 12.95 Granted 254,563 13.77 Vested (113,903 ) 7.10 Non-vested December 31, 2016 449,027 14.90 Granted 210,361 17.13 Vested (39,959 ) 7.12 Non-vested December 31, 2017 619,429 $ 16.16 $ 9,434 Director Stock Awards Made Pursuant to Our Equity Plan During the years ended December 31, 2017 and 2016 , we granted 28,426 and 32,180 shares of common stock, respectively, to our non-employee directors as a part of our director compensation program. These grants were made pursuant to our Equity Plan and were vested upon grant. Our non-employee directors have the option to receive shares of our common stock in lieu of cash for their director fees. In 2017 and 2016 , we issued 4,663 and 7,618 shares of common stock, respectively, for director fees. The fair value of director stock awards is calculated based on the market value of our common stock on the date of grant. Equity-Based Compensation Expense Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations for the years ended December 31, 2017 , 2016 , and 2015 was as follows (in thousands): 2017 2016 2015 Stock options $ — $ 55 $ 633 Time-based restricted stock 2,145 1,594 1,691 Performance-based restricted stock 3,183 2,107 1,957 Director stock 559 465 472 $ 5,887 $ 4,221 $ 4,753 We recognize equity-based compensation expense ratably over the vesting terms. The amount of expense may be subject to adjustment in future periods due to a change in the forfeiture assumptions. Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $6.7 million at December 31, 2017 as follows (in thousands): Total 2018 2019 2020 2021 Time-based restricted stock $ 2,741 $ 1,599 $ 945 $ 187 $ 10 Performance-based restricted stock 3,976 2,374 1,401 201 — $ 6,717 $ 3,973 $ 2,346 $ 388 $ 10

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
	Dec. 31, 2017
Compensation and Retirement Disclosure [Abstract]
BENEFIT PLANS	BENEFIT PLANS On August 1, 2011, we initiated a qualified contributory retirement plan (the “Plan”) under Section 401(k) of the IRC, which covers all full-time employees who meet certain eligibility requirements. Voluntary contributions may be made to the Plan by employees. The Plan is a Safe Harbor Plan and requires a mandatory employer contribution. The employer contribution expense for the years ended December 31, 2017 , 2016 and 2015 was $0.2 million , $0.3 million , and $0.2 million , respectively.

LOSS ON IMPAIRMENT OF ASSETS

LOSS ON IMPAIRMENT OF ASSETS	12 Months Ended
	Dec. 31, 2017
Asset Impairment Charges [Abstract]
LOSS ON IMPAIRMENT OF ASSETS	LOSS ON IMPAIRMENT OF ASSETS At December 31, 2016, we were under contract to sell the Courtyard by Marriott in El Paso, TX for $11.0 million . We recorded a loss on impairment of assets of $0.6 million related to this transaction during 2016. On June 2, 2017, we completed the sale of this hotel property, which was the final hotel under contract for sale to HIT, to a third-party purchaser that is unrelated to HIT. The sale of this property resulted in the realization of a net gain of $0.4 million during the year ended December 31, 2017. During the year ended December 31, 2015, we determined that the value of land parcels in San Antonio, TX, Fort Myers, FL and Flagstaff, AZ were impaired based on market conditions. As such, we recognized a loss on impairment of assets of $1.1 million in our Consolidated Statement of Operations.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We have elected to be taxed as a REIT. As a REIT, we are generally not subject to corporate level income taxes on taxable income we distribute to our shareholders. We believe we have met the annual REIT distribution requirement by distribution of at least 90% of our taxable income to our shareholders. Income related to our TRS is subject to federal, state and local taxes at applicable tax rates. Our consolidated tax provision includes the income tax provision related to the operations of the TRS as well as state and local income taxes related to the Operating Partnership. The components of income tax expense (benefit) for the years ended December 31, 2017 , 2016 , and 2015 are as follows (in thousands): 2017 2016 2015 Current: Federal $ 10 $ 37 $ 81 State and local 777 904 408 Deferred: Federal 232 (1,918 ) (159 ) State and local 49 (473 ) 223 Effect of federal tax law change 606 — — Income tax expense (benefit) $ 1,674 $ (1,450 ) $ 553 As of December 31, 2017, the Company has remeasured its net deferred tax assets as a result of the TCJA resulting in a $0.6 million discrete, non-cash tax expense recorded in the fourth quarter of 2017. The provisional remeasurement amount may change as data becomes available allowing more accurate scheduling of the deferred tax assets and liabilities. We are still in the process of evaluating the income tax effect of other changes required by the TCJA that will be effective for our fiscal year 2018. Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes: 2017 2016 2015 Statutory federal income tax provision $ 35,418 $ 37,384 $ 44,033 Nontaxable income of the REIT (35,073 ) (38,575 ) (41,619 ) Impact of graduated corporate tax rates (10 ) 34 (69 ) State income taxes, net of federal tax benefit 716 548 817 Provision to return and deferred adjustment — (872 ) — Effect of permanent differences and other 17 31 (161 ) Effect of federal tax law change 606 — — Decrease in valuation allowance — — (2,448 ) Income tax provision (benefit) $ 1,674 $ (1,450 ) $ 553 Deferred tax assets and liabilities are included within Other Assets in the accompanying Consolidated Balance Sheets. Significant components of deferred tax assets (liabilities) are as follows (in thousands): 2017 2016 Tax carryforwards $ 449 $ 767 Accrued expenses 1,144 1,744 Other 23 (8 ) Net deferred tax assets $ 1,616 $ 2,503 Gross deferred tax assets $ 1,649 $ 2,580 Gross deferred tax liabilities (33 ) (77 ) Net deferred tax assets $ 1,616 $ 2,503 At December 31, 2017, we had (i) U.S. federal net operating losses of $0.4 million which expire in 2033 (ii) state net operating losses of $1.8 million which expire beginning in 2027 and (iii) federal minimum tax credits of $0.3 million which do not expire. We had no unrecognized tax benefits at December 31, 2017 or in the three year period then ended. The Company recognizes interest expense and penalties associated with uncertain tax positions as a component of income tax expense. We have no material interest or penalties relating to unrecognized tax benefits in the Consolidated Statements of Operations for the years ended December 31, 2017 , 2016 or 2015 or in the Consolidated Balance Sheets as of December 31, 2017 or 2016 . We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. We currently have no open audits related to our income tax returns. In general, we are not subject to tax examinations by tax authorities for years before 2014.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 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. All outstanding stock options were included in the computation of diluted earnings per share for the years ended December 31, 2017 , 2016 and 2015 due to their dilutive effect. The Common Units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income would also be added to derive net income attributable to common stockholders. For the years ended December 31, 2017, 2016, and 2015, we had unvested performance-based restricted stock awards of 464,924 shares, 409,068 shares and 194,463 shares, respectively, which were excluded from the denominator of the diluted earnings per share as the awards had not achieved the requisite performance conditions for vesting at each period end. Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts): 2017 2016 2015 Numerator: Income from continuing operations $ 99,521 $ 108,261 $ 125,256 Less: Preferred dividends (17,408 ) (18,232 ) (16,588 ) Premium on redemption of preferred stock (2,572 ) (2,125 ) — Allocation to participating securities (307 ) (342 ) (118 ) Attributable to non-controlling interest (307 ) (456 ) (819 ) Net income attributable to common stockholders, net of amount allocated to participating securities $ 78,927 $ 87,106 $ 107,731 Denominator: Weighted average common shares outstanding - basic 99,406 86,874 85,920 Dilutive effect of equity-based compensation awards 374 469 1,224 Weighted average common shares outstanding - diluted 99,780 87,343 87,144 Earnings per share: Basic $ 0.79 $ 1.00 $ 1.25 Diluted $ 0.79 $ 1.00 $ 1.24

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data for the years ended December 31, 2017 and 2016 are as follows (in thousands, except per share amounts): 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 117,989 $ 129,056 $ 136,587 $ 131,745 Net income $ 33,206 $ 34,083 $ 22,445 $ 9,787 Net income attributable to Summit Hotel Properties, Inc. $ 33,086 $ 33,969 $ 22,390 $ 9,769 Earnings per share: Basic $ 0.31 $ 0.30 $ 0.18 $ 0.02 Diluted $ 0.31 $ 0.30 $ 0.17 $ 0.02 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 118,082 $ 127,195 $ 118,336 $ 110,322 Net income $ 48,734 $ 21,955 $ 27,198 $ 10,374 Net income attributable to Summit Hotel Properties, Inc. $ 48,485 $ 21,865 $ 27,083 $ 10,372 Earnings per share: Basic and diluted $ 0.51 $ 0.20 $ 0.25 $ 0.04

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Equity Transactions On January 1, 2018, the performance-based restricted stock awards granted on March 3, 2015 vested. Based on our percentile ranking within the SNL U.S. REIT Hotel Index for the measurement period, the executive officers earned twice the number of shares granted in accordance with the provisions of the Equity Plan. The executive officers were also entitled to dividends as if the additional shares had been outstanding throughout the measurement period. As a result of this vesting, we issued a total of 309,010 shares to our executive officers and paid dividends totaling $0.5 million . As previously reported on the Current Report on Form 8-K filed by the Company on November 13, 2017, Gregory A. Dowell, Executive Vice President and Chief Financial Officer of the Company, notified the Company of his intent to retire from the Company effective March 31, 2018 (the “Retirement Date”). On January 24, 2018, in connection with Mr. Dowell’s planned retirement, the Company entered into a separation agreement and mutual general release agreement with Mr. Dowell (the “Initial Agreement”). On the Retirement Date, in connection with Mr. Dowell’s planned retirement, the Company and Mr. Dowell will enter into a Supplemental Mutual General Release Agreement (the “Supplemental Agreement”). In addition, on the Retirement Date, in connection with Mr. Dowell’s planned retirement, the Company and Mr. Dowell will enter into amendments to those two certain Stock Award Agreements (performance-based shares), dated March 8, 2016 and March 6, 2017, respectively, between the Company and Mr. Dowell (collectively the “Performance Awards”), to remove the requirement that Mr. Dowell remain employed by the Company to continue to be eligible to receive any shares that may vest. The Initial Agreement, the Supplemental Agreement and the Amendments collectively provide or will provide, as the case may be, for the following: (i) accelerated vesting on the Retirement Date of all unvested service-based restricted shares of common stock previously awarded to Mr. Dowell pursuant to those two certain Stock Award Agreements (service-based shares), dated March 8, 2016 and March 6, 2017, between the Company and Mr. Dowell; (ii) the opportunity to earn unvested performance-based restricted shares of common stock in 2019 and 2020 based on the Company’s total shareholder return in accordance with the previously reported Performance Awards; (iii) a release by each party of all claims against the other party; and (iv) customary confidentiality, non-disparagement, non-compete and non-solicitation covenants. On February 5, 2018, our Board of Directors declared cash dividends of $0.18 per share of common stock, $0.4453125 per share of 7.125% Series C Cumulative Redeemable Preferred Stock, $0.403125 per share of 6.45% Series D Cumulative Redeemable Preferred Stock, and $0.390625 per share of 6.25% Series E Cumulative Redeemable Preferred Stock. These dividends are payable February 28, 2018 to stockholders of record on February 16, 2018. On February 5, 2018, the Company announced that it will redeem all 3,400,000 of its outstanding Series C preferred shares, at a redemption price for each Series C preferred share of $25.00 plus accrued and unpaid dividends per share to, but not including, the redemption date of March 20, 2018. Debt Transactions On February 15, 2018, our Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing term loan documentation as a subsidiary guarantor, entered into a new $225.0 million unsecured term loan (the “2018 Term Loan”). The 2018 Term Loan has an accordion feature that allows us to increase the total commitments by $150.0 million prior to the maturity date of February 14, 2025, subject to certain conditions, and a delayed draw feature that allows us to delay principal advances until May 16, 2018, at no additional cost. At closing, we drew $140.0 million of the $225.0 million available under the 2018 Term Loan and used the proceeds to pay off and replace the 2015 Term Loan. 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 1.80% and 2.55% , 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 0.80% and 1.55% , depending upon our leverage ratio. We are required to pay other fees, including customary arrangement and administrative fees. The 2018 Term Loan was entered into with KeyBank National Association, as administrative agent, Regions Bank, Raymond James Bank, N.A., PNC Bank, National Association, Capital One, and BB&T, as co-syndication agents, and KeyBanc Capital Markets Inc., Regions Capital Markets, Raymond James Bank, N.A., PNC Capital Markets, LLC, Capital One, National Association and Branch Banking and Trust Company as co-lead arrangers. Financial and Other Covenants . In addition, we are required to comply with a series of financial and other covenants in order to draw and maintain borrowings under the 2018 Term Loan. Unencumbered Assets . The 2018 Term Loan is unsecured. However, borrowings under the term loan are limited by the value of the assets that qualify as unencumbered assets. As of February 15, 2018, the 50 unencumbered properties also supported the 2018 Term Loan.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Initial Cost Cost Capitalized Subsequent to Acquisition Total Cost Location Franchise Year Acquired/ Constructed Land Building & Improvements Land, Building & Improvements Land Building & Improvements Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation Mortgage Debt Aliso Viejo, CA Homewood Suites 2017 $ 5,599 $ 32,367 $ 140 $ 5,599 $ 32,508 $ 38,107 $ (1,101 ) $ 37,006 $ — Arlington, TX Hyatt Place 2012 650 9,946 249 650 10,195 10,845 (3,313 ) 7,532 — (1) Arlington, TX Courtyard 2012 1,497 15,573 (98 ) 1,497 15,475 16,972 (3,072 ) 13,900 22,773 (1) Arlington, TX Residence Inn 2012 1,646 15,440 (186 ) 1,646 15,254 16,900 (2,578 ) 14,322 — Asheville, NC Hotel Indigo 2015 2,100 34,755 730 2,100 35,485 37,585 (3,476 ) 34,109 — Atlanta, GA Courtyard 2012 2,050 27,969 96 2,050 28,065 30,115 (5,994 ) 24,121 — Atlanta, GA Residence Inn 2016 3,381 34,820 165 3,381 34,985 38,366 (2,369 ) 35,997 — Atlanta, GA AC Hotel 2017 5,670 51,922 159 5,670 52,081 57,751 (931 ) 56,820 — Austin, TX Hampton Inn & Suites 2014 — (2) 56,394 770 — 57,164 57,164 (6,610 ) 50,554 — Baltimore, MD Hampton Inn & Suites 2017 2,205 16,013 224 2,205 16,237 18,442 (680 ) 17,762 — Baltimore, MD Residence Inn 2017 1,986 37,016 629 1,986 37,645 39,631 (1,406 ) 38,225 — Austin, TX Corporate Office 2017 — 6,048 — — 6,048 6,048 (731 ) 5,317 — Birmingham, AL Hilton Garden Inn 2012 1,400 9,131 160 1,400 9,291 10,691 (2,982 ) 7,709 4,926 (1) Birmingham, AL Hilton Garden Inn 2012 1,400 12,021 45 1,400 12,066 13,466 (3,063 ) 10,403 5,769 (1) Bloomington, MN SpringHill Suites 2007 1,658 14,761 34 1,658 14,795 16,453 (4,768 ) 11,685 — Bloomington, MN Hampton Inn & Suites 2007 1,658 15,223 70 1,658 15,293 16,951 (5,202 ) 11,749 — Boulder, CO Marriott 2016 11,115 49,204 4,011 11,115 53,215 64,330 (2,902 ) 61,428 — Branchburg, NJ Residence Inn 2015 2,374 24,411 191 2,374 24,602 26,976 (2,503 ) 24,473 — Brisbane, CA DoubleTree 2014 3,300 39,686 652 3,300 40,338 43,638 (7,675 ) 35,963 — Camarillo, CA Hampton Inn & Suites 2013 2,200 17,366 109 2,200 17,475 19,675 (3,476 ) 16,199 — (1) Charleston, WV Country Inn & Suites 2001 1,042 5,175 23 1,042 5,198 6,240 (2,478 ) 3,762 — Charleston, WV Holiday Inn Express 2001 907 5,053 20 907 5,073 5,980 (2,479 ) 3,501 — Charlotte, NC Courtyard 2017 — 41,094 146 — 41,240 41,240 (894 ) 40,346 — Chicago, IL Hyatt Place 2016 5,395 68,355 77 5,395 68,432 73,827 (3,613 ) 70,214 — Cleveland, OH Residence Inn 2017 10,075 33,340 18 10,075 33,358 43,433 (155 ) 43,278 — Decatur, GA Courtyard 2015 4,046 34,151 726 4,046 34,877 38,923 (3,441 ) 35,482 — Duluth, GA Holiday Inn 2011 — (2) 7,466 61 — 7,527 7,527 (2,132 ) 5,395 — Duluth, GA Hilton Garden Inn 2011 2,200 12,694 129 2,200 12,823 15,023 (3,709 ) 11,314 — Eden Prairie, MN Hilton Garden Inn 2013 1,800 11,211 85 1,800 11,296 13,096 (2,721 ) 10,375 — Englewood, CO Hyatt Place 2012 2,000 11,950 (646 ) 2,000 11,304 13,304 (2,843 ) 10,461 — (1) Englewood, CO Hyatt House 2012 2,700 16,267 83 2,700 16,350 19,050 (4,591 ) 14,459 — (1) Fort Lauderdale, FL Courtyard 2017 37,950 47,002 265 37,950 47,267 85,217 (1,481 ) 83,736 — Fort Myers, FL Hyatt Place 2009 1,878 12,666 954 1,878 13,620 15,498 (2,840 ) 12,658 — Fort Worth, TX Courtyard 2017 1,920 38,070 345 1,920 38,416 40,336 (1,145 ) 39,191 — Garden City, NY (3) Hyatt Place 2012 4,200 27,775 42 4,200 27,817 32,017 (3,874 ) 28,143 — Glendale, CO Staybridge Suites 2011 2,100 10,151 227 2,100 10,378 12,478 (2,647 ) 9,831 — Initial Cost Cost Capitalized Subsequent to Acquisition Total Cost Location Franchise Year Acquired/ Constructed Land Building & Improvements Land, Building & Improvements Land Building & Improvements Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation Mortgage Debt Goleta, CA Hampton Inn 2014 $ 4,100 $ 26,191 $ 905 $ 4,100 $ 27,096 $ 31,196 $ (3,449 ) $ 27,747 $ 11,019 (1) Greenville, SC Hilton Garden Inn 2013 1,200 14,566 2,291 1,200 16,857 18,057 (2,704 ) 15,353 — (1) Hoffman Estates, IL Hyatt Place 2013 1,900 8,917 44 1,900 8,961 10,861 (2,690 ) 8,171 20,211 (1) Houston, TX Hilton Garden Inn 2014 — (2) 41,838 406 — 42,244 42,244 (7,143 ) 35,101 — Houston, TX Hilton Garden Inn 2014 2,800 33,777 775 2,800 34,552 37,352 (3,496 ) 33,856 16,431 (1) Hunt Valley, MD Residence Inn 2015 — (2) 35,436 105 — 35,541 35,541 (3,421 ) 32,120 — Indianapolis, IN SpringHill Suites 2013 4,012 27,910 88 4,012 27,998 32,010 (4,251 ) 27,759 40,015 (1) Indianapolis, IN Courtyard 2013 7,788 54,384 (659 ) 7,788 53,725 61,513 (8,158 ) 53,355 — (1) Kansas City, MO Courtyard 2017 3,955 20,608 286 3,955 20,894 24,849 (582 ) 24,267 — Lombard, IL Hyatt Place 2012 1,550 17,351 61 1,550 17,412 18,962 (4,695 ) 14,267 26,928 (1) Lone Tree, CO Hyatt Place 2012 1,300 11,704 85 1,300 11,789 13,089 (3,700 ) 9,389 — (1) Louisville, KY Fairfield Inn & Suites 2013 3,120 24,231 73 3,120 24,304 27,424 (5,005 ) 22,419 36,093 (1) Louisville, KY SpringHill Suites 2013 4,880 37,361 283 4,880 37,644 42,524 (8,095 ) 34,429 — (1) Mesa, AZ Hyatt Place 2017 2,400 19,848 312 2,400 20,160 22,560 (1,147 ) 21,413 — (1) Metairie, LA Courtyard 2013 1,860 25,168 139 1,860 25,307 27,167 (5,607 ) 21,560 — (1) Metairie, LA Residence Inn 2013 1,791 23,386 93 1,791 23,479 25,270 (4,804 ) 20,466 — (1) Miami, FL Hyatt House 2015 4,926 40,087 147 4,926 40,234 45,160 (3,417 ) 41,743 — Minneapolis, MN Hyatt Place 2013 — 34,026 491 — 34,517 34,517 (5,326 ) 29,191 — Minneapolis, MN Hampton Inn & Suites 2015 3,502 35,433 19 3,502 35,452 38,954 (4,690 ) 34,264 — Minnetonka, MN Holiday Inn Express & Suites 2013 1,000 7,662 107 1,000 7,769 8,769 (1,998 ) 6,771 — Nashville, TN SpringHill Suites 2004 777 5,598 146 777 5,744 6,521 (3,143 ) 3,378 — Nashville, TN Courtyard 2016 8,792 62,759 281 8,792 63,040 71,832 (4,297 ) 67,535 — New Haven, CT Courtyard 2017 11,990 51,497 3 11,990 51,500 63,490 (173 ) 63,317 — New Orleans, LA Courtyard 2013 1,944 25,120 3,382 1,944 28,502 30,446 (6,059 ) 24,387 — New Orleans, LA Courtyard 2013 2,490 34,220 337 2,490 34,557 37,047 (7,752 ) 29,295 — New Orleans, LA SpringHill Suites 2013 2,046 33,270 6,769 2,046 40,039 42,085 (6,644 ) 35,441 23,130 (1) Norwood, MA Hampton Inn 2015 2,000 23,922 (853 ) 2,000 23,069 25,069 (2,548 ) 22,521 — Orlando, FL Hyatt Place 2013 3,100 11,343 134 3,100 11,477 14,577 (3,893 ) 10,684 — (1) Orlando, FL Hyatt Place 2013 2,716 11,221 140 2,716 11,361 14,077 (3,838 ) 10,239 — (1) Orlando, FL Hyatt House 2,800 20,993 — 2,800 20,993 23,793 — 23,793 — Owings Mills, MD Hyatt Place 2012 2,100 9,799 (481 ) 2,100 9,318 11,418 (2,298 ) 9,120 20,877 (1) Phoenix, AZ Hyatt Place 2012 582 5,147 (141 ) 582 5,006 5,588 (1,071 ) 4,517 — Pittsburgh, PA Courtyard 2017 1,652 40,749 211 1,652 40,960 42,612 (875 ) 41,737 — Portland, OR Hyatt Place 2009 — (2) 14,700 15 — 14,715 14,715 (3,187 ) 11,528 — Portland, OR Residence Inn 2009 — (2) 15,629 111 — 15,740 15,740 (4,088 ) 11,652 18,046 (1) Poway, CA Hampton Inn & Suites 2013 2,300 14,728 1,041 2,300 15,769 18,069 (2,059 ) 16,010 — (1) Provo, UT Hampton Inn 1996 909 5,016 31 909 5,047 5,956 (2,782 ) 3,174 — Initial Cost Cost Capitalized Subsequent to Acquisition Total Cost Location Franchise Year Acquired/ Constructed Land Building & Improvements Land, Building & Improvements Land Building & Improvements Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation Mortgage Debt Salt Lake City, UT Residence Inn 2012 $ 2,392 $ 24,719 $ 247 $ 2,392 $ 24,966 $ 27,358 $ (6,254 ) $ 21,104 $ 47,640 (1) San Francisco, CA Holiday Inn Express & Suites 2013 15,545 49,469 1,317 15,545 50,786 66,331 (10,654 ) 55,677 — San Francisco, CA Four Points 2014 1,200 21,397 102 1,200 21,499 22,699 (4,317 ) 18,382 — (1) Sandy, UT Holiday Inn Express & Suites 1998 720 3,205 46 720 3,251 3,971 (1,708 ) 2,263 35,865 (1) Scottsdale, AZ Hyatt Place 2012 1,500 10,171 (636 ) 1,500 9,535 11,035 (2,242 ) 8,793 — (1) Scottsdale, AZ Courtyard 2003 3,225 12,571 358 3,225 12,929 16,154 (5,740 ) 10,414 8,701 (1) Scottsdale, AZ SpringHill Suites 2003 2,195 9,496 134 2,195 9,630 11,825 (4,784 ) 7,041 4,685 (1) Smyrna, TN Hampton Inn & Suites 2012 1,145 9,285 96 1,145 9,381 10,526 (2,563 ) 7,963 — Smyrna, TN Hilton Garden Inn 2012 1,188 12,411 239 1,188 12,650 13,838 (2,938 ) 10,900 — Tampa, FL Hampton Inn & Suites 2012 3,600 20,366 335 3,600 20,701 24,301 (3,614 ) 20,687 — (1) Tucson, AZ Homewood Suites 2017 2,570 22,802 22 2,570 22,824 25,394 (118 ) 25,276 — Waltham, MA Hilton Garden Inn 2017 10,644 21,713 26 10,644 21,739 32,383 (174 ) 32,209 — Land Parcels Land Parcels 8,105 — (2,545 ) 5,559 — 5,559 — 5,559 — $ 282,413 $ 2,045,686 $ 27,623 $ 279,867 $ 2,075,856 $ 2,355,723 $ (290,066 ) $ 2,065,657 $ 343,109 (1) Properties cross-collateralize the related loan, refer to "Note 5 - Debt" in the Consolidated Financial Statements. (2) Properties subject to ground lease, refer to "Note 9 - Commitments and Contingencies" in the Consolidated Financial Statements. (3) Property subject to a PILOT lease, refer to "Note 9 - Commitments and Contingencies" in the Consolidated Financial Statements. (a) ASSET BASIS 2017 2016 2015 Reconciliation of land, buildings and improvements: Balance at beginning of period $ 1,848,673 $ 1,683,803 $ 1,527,569 Additions to land, buildings and improvements 636,389 290,486 273,902 Disposition of land, buildings and improvements (129,339 ) (125,039 ) (116,553 ) Impairment loss — (577 ) (1,115 ) Balance at end of period $ 2,355,723 $ 1,848,673 $ 1,683,803 (b) ACCUMULATED DEPRECIATION 2017 2016 2015 Reconciliation of accumulated depreciation: Balance at beginning of period $ 241,760 $ 212,207 $ 179,455 Depreciation 85,524 72,063 63,675 Depreciation on assets sold or disposed (37,218 ) (42,510 ) (30,923 ) Balance at end of period $ 290,066 $ 241,760 $ 212,207 (c) The aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes is approximately $2,137.1 million . (d) Depreciation is computed based upon the following useful lives: Buildings and improvements 6 - 40 years Furniture and equipment 2 - 15 years (e) We have mortgages payable on the properties as noted. Additional mortgage information can be found in "Note 5 - Debt" to the Consolidated Financial Statements. (f) The negative balance for costs capitalized subsequent to acquisition include out-parcels sold, disposal of assets, and recorded impairment losses.

BASIS OF PRESENTATION AND SIG25

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements of the Company consolidate the accounts of the Company and all entities that are controlled by 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 Consolidated Financial Statements. We prepare our Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates.
Segment Disclosure	Segment Disclosure Accounting Standards Codification (“ASC”) 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 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. We generally depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense. When depreciable property and equipment is retired or disposed, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations. On a limited basis, we provide financing to developers of hotel properties for development projects. We evaluate these arrangements to determine if we participate in residual profits of the hotel property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the hotel property, we reflect the loan as an investment in hotel properties under development in our Consolidated Balance Sheets. If classified as hotel properties under development, no interest income is recognized on the loan and interest expense is capitalized as part of our investment in the hotel property during the construction period. We monitor events and changes in circumstances for indicators that the carrying value of a hotel property or land held for development may be impaired. Additionally, we perform at least annual reviews to monitor the factors that could trigger an impairment. Factors that we consider for an impairment analysis include, among others: i) significant underperformance relative to historical or anticipated operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for hotel properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, and v) significant negative industry or economic trends. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the carrying amount of the asset is recoverable. If an impairment is identified, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to its estimated fair value.
Intangible Assets	Intangible Assets We amortize intangible assets with determined finite useful lives using the straight-line method. We do not amortize intangible assets with indefinite useful lives, but we evaluate these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Assets Held for Sale	Assets Held for Sale We periodically review our hotel properties and our land held for development based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit to identify properties that we believe are either non-strategic or no longer complement our business. Based on our review, we periodically market properties for sale that no longer meet our investment criteria.
Variable Interest Entities	Variable Interest Entities Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a qualified intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Consolidated Balance Sheets and 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 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 Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations. Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties.
Revenue Recognition	Revenue Recognition We recognize revenue when guestrooms are occupied, 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.
Sales and Other Taxes	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 in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include swaps, caps and floors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. During 2017, we elected to early adopt ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. As a result of this election, beginning in 2017, the entire change in the fair value of the hedging instrument was recorded in Other comprehensive income. Amounts deferred in Other comprehensive income will be reclassified to interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings.
Income Taxes	Income Taxes On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act (the “TCJA”), was enacted. The TCJA made many significant changes to the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders. Pursuant to this legislation, as of January 1, 2018, (1) the federal income tax rate applicable to corporations is reduced to 21% , (2) the highest marginal individual income tax rate is reduced to 37% (through taxable years ending in 2025), (3) the corporate alternative minimum tax is repealed, and (4) the backup withholding rate for U.S. stockholders is reduced to 24% . In addition, individuals, estates and trusts may deduct up to 20% of certain pass-through income, including ordinary REIT dividends that are not “capital gain dividends” or “qualified dividend income,” subject to certain limitations. For taxpayers qualifying for the full deduction, the effective maximum tax rate on ordinary REIT dividends would be 29.6% (through taxable years ending in 2025). The maximum rate of withholding with respect to our distributions to non-U.S. stockholders that are treated as attributable to gains from the sale or exchange of U.S. real property interests is also reduced from 35% to 21% . The deduction of net interest expense is limited for all businesses; provided that certain businesses, including real estate businesses, may elect not to be subject to such limitations and instead to depreciate their real property related assets over longer depreciable lives. The reduced corporate tax rate will apply to Summit TRS and any other TRS that we form. The reduced 21% federal income tax rate applicable to corporations will apply to taxable earnings reported for the full 2018 fiscal year. Accordingly, the Company has remeasured its net deferred tax assets using the lower federal tax rate that will apply when these amounts are expected to reverse. Fai
Fair Value Measurement	Fair Value Measurement Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets. Level 3: Unobservable inputs in which there is little or no market 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 5 — Debt”), the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain amounts reported in previous periods have been reclassified to conform to the current presentation, such as the reporting of deferred financing costs and 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. Reclassifications had no net effect on the Company’s previously reported financial position or results of operations.
New Accounting Standards	New Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the 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 adopted 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. The adoption of ASU No. 2014-09 will not 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. We adopted ASU No. 2016-01 on January 1, 2018. The adoption of ASU No. 2016-01 is not expected 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 have adopted ASU No. 2016-15 for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2016-15 will not have a material effect on our financial position or our results of operations. In 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 adopted ASU No. 2016-18 for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2016-18 will not have a material effect on our financial position or our results of operations. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , with the objective of 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. Subsequent to year end, we applied the requirements of ASU No. 2017-09 to the modification of certain stock awards as described in "Note 16 - Subsequent Events." 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. During 2017, we elected to early adopt ASC No. 2017-12. The adoption of ASU No. 2017-12 did not have a material effect on our financial position or our results of operations.

BASIS OF PRESENTATION AND SIG26

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of estimated useful lives of hotel properties and related assets	We generally depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of investment in hotel properties, net	Investment in hotel properties, net at December 31, 2017 and 2016 include (in thousands): 2017 2016 Land $ 272,932 $ 178,423 Hotel buildings and improvements 1,868,273 1,433,389 Intangible assets 22,764 6,602 Construction in progress 12,464 22,490 Furniture, fixtures and equipment 174,126 129,437 2,350,559 1,770,341 Less - accumulated depreciation (291,067 ) (225,219 ) $ 2,059,492 $ 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 Consolidated Balance Sheets include the following (in thousands): 2017 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 (1,001 ) (348 ) Intangible assets, net $ 21,763 $ 6,254 Intangible liabilities: Unfavorable leases (2) $ 5,002 $ 5,002 Less accumulated amortization (285 ) (190 ) Intangible liabilities, net $ 4,717 $ 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.
Schedule of intangible liabilities future amortization expense	Future amortization expense is expected to be as follows (in thousands): Finite-Lived Intangible Assets Intangible Liabilities 2018 $ 699 $ 95 2019 499 95 2020 370 95 2021 360 95 2022 274 95 Thereafter 8,727 4,242 $ 10,929 $ 4,717
Schedule of finite-lived intangible assets, future amortization expense	Future amortization expense is expected to be as follows (in thousands): Finite-Lived Intangible Assets Intangible Liabilities 2018 $ 699 $ 95 2019 499 95 2020 370 95 2021 360 95 2022 274 95 Thereafter 8,727 4,242 $ 10,929 $ 4,717
Disclosure of assets held for sale	Assets held for sale at December 31, 2017 and 2016 include the following (in thousands): 2017 2016 Land $ 1,193 $ 10,907 Hotel building and improvements — 44,718 Furniture, fixtures and equipment — 6,649 Construction in progress — 29 Franchise fees — 392 $ 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 92 651
Schedule of hotel property acquisitions	Hotel property acquisitions in 2017 and 2016 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Price Year Ended December 31, 2017 March 1, 2017 Homewood Suites Aliso Viejo (Laguna Beach), CA 129 $ 38,000 March 30, 2017 Hyatt Place Phoenix (Mesa), AZ 152 22,200 May 23, 2017 Courtyard by Marriott Fort Lauderdale, FL 261 85,000 June 9, 2017 Courtyard by Marriott Charlotte, NC 181 56,250 June 21, 2017 Courtyard by Marriott Fort Worth, TX 203 40,000 June 21, 2017 Courtyard by Marriott Kansas City, MO 123 24,500 June 21, 2017 Courtyard by Marriott Pittsburgh, PA 182 42,000 June 21, 2017 Hampton Inn & Suites Baltimore, MD 116 18,000 June 21, 2017 Residence Inn by Marriott Baltimore, MD 188 38,500 July 13, 2017 AC Hotel by Marriott Atlanta, GA 255 57,500 November 14, 2017 Courtyard by Marriott New Haven, CT 207 63,400 November 14, 2017 Hilton Garden Inn Waltham, MA 148 32,300 November 14, 2017 Homewood Suites Tucson, AZ 122 25,300 November 14, 2017 Residence Inn by Marriott Cleveland, OH 175 43,000 2,442 $ 585,950 (1) Year Ended December 31, 2016 January 19, 2016 Courtyard by Marriott Nashville, TN 226 $ 71,000 January 20, 2016 Residence Inn by Marriott Atlanta, GA 160 38,000 August 9, 2016 Marriott Boulder, CO 157 61,400 October 28, 2016 Hyatt Place Chicago, IL 206 73,750 749 $ 244,150 (2) (1) The net assets acquired totaled $588.8 million due to the purchase at settlement of $0.2 million of net working capital assets and capitalized transaction costs of $2.6 million . (2) The net assets acquired totaled $244.7 million due to the purchase at settlement of $0.6 million of net working capital assets.
Schedule of allocation of aggregate purchase prices to fair value of assets and liabilities acquired	The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands): 2017 2016 Land $ 98,639 $ 28,683 Hotel buildings and improvements 447,477 207,433 Intangible assets 16,162 442 Furniture, fixtures and equipment 26,546 8,081 Other assets 2,738 798 Total assets acquired 591,562 245,437 Less other liabilities (2,740 ) (723 ) Net assets acquired $ 588,822 $ 244,714
Schedule of total revenues and net income for hotel properties acquired	Total revenues and net income for hotel properties acquired in 2017 and 2016 , which are included in our Consolidated Statements of Operations for the years ended December 31, 2017 and 2016 , are as follows (in thousands): 2017 Acquisitions 2016 Acquisitions 2017 (1) 2017 2016 (1) Revenues $ 53,443 $ 47,842 $ 28,560 Net income $ 5,914 $ 8,736 $ 6,992 (1) The results of operations of acquired hotel properties are included beginning on their respective acquisition dates; therefore, the results are for a partial period in the year acquired.
Schedule of unaudited condensed pro forma financial information	The unaudited condensed pro forma financial information for 2017 and 2016 is as follows (in thousands, except per share): 2017 2016 (unaudited) Revenues $ 567,342 $ 562,030 Income from hotel operations (1) $ 211,730 $ 217,414 Net income (2) $ 76,292 $ 106,909 Net income attributable to common stockholders, net of amount allocated to participating securities (2) $ 55,803 $ 85,761 Basic net income per share attributable to common stockholders (2) $ 0.56 $ 0.99 Diluted net income per share attributable to common stockholders (2) $ 0.56 $ 0.98 (1) Pro Forma amounts include real estate tax expense totaling $31.9 million and $27.5 million for the years ended December 31, 2017 and 2016, respectively. (2) Pro Forma amounts include depreciation expense, real estate tax expense, interest expense, income tax expense, and other corporate expenses totaling $166.8 million and $139.3 million for the years ended December 31, 2017 and 2016, respectively.

SUPPLEMENTAL BALANCE SHEET IN28

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2017
Balance Sheet Related Disclosures [Abstract]
Schedule of Investment in Real Estate Loans	Investment in real estate loans, net at December 31, 2017 and 2016 includes (in thousands): 2017 2016 Real estate loans (net of discount of $5.8 million at December 31, 2017) $ 12,356 $ 10,085 HIT Loan (net of deferred gain of $15.0 million at December 31, 2016) — 7,500 $ 12,356 $ 17,585
Schedule of restricted cash	Restricted cash at December 31, 2017 and 2016 was as follows (in thousands): 2017 2016 FF&E reserves $ 25,812 $ 22,000 Property taxes 2,726 2,220 Other 924 661 $ 29,462 $ 24,881
Schedule of prepaid expenses and other	Prepaid expenses and other at December 31, 2017 and 2016 included the following (in thousands): 2017 2016 Prepaid insurance $ 3,020 $ 2,218 Other 6,434 4,256 $ 9,454 $ 6,474
Schedule of deferred charges	Deferred charges at December 31, 2017 and 2016 were as follows (in thousands): 2017 2016 Initial franchise fees $ 6,894 $ 5,101 Less - accumulated amortization (1,673 ) (1,374 ) $ 5,221 $ 3,727
Schedule of other assets	Other assets at December 31, 2017 and 2016 included the following (in thousands): 2017 2016 Purchase options related to real estate loans $ 6,078 $ — Prepaid land lease 3,228 3,275 Deferred tax asset, net 1,616 2,503 Derivative financial instruments 1,509 — $ 12,431 $ 5,778
Schedule of accrued expenses	Accrued expenses and other at December 31, 2017 and 2016 included the following (in thousands): 2017 2016 Accrued property, sales and income taxes $ 16,664 $ 11,171 Accrued salaries and benefits 8,556 10,802 Other accrued expenses at hotels 15,509 12,356 Acquired unfavorable leases 4,717 4,812 Accrued interest 1,958 1,655 Derivative financial instruments 190 1,118 Other 8,894 6,084 $ 56,488 $ 47,998

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	At December 31, 2017 and 2016 our outstanding indebtedness was as follows (in thousands): Lender Reference Interest Rate Amortization Period (Years) Maturity Date Number of Properties Encumbered Balance at December 31, 12/31/2017 2017 2016 $450 Million Senior Unsecured Credit and Term Loan Facility Deutsche Bank AG New York Branch $300 Million Revolver 3.21% Variable n/a March 31, 2020 n/a $ 15,000 $ 50,000 $150 Million Term Loan (1) 3.40% Variable n/a March 31, 2021 n/a 150,000 150,000 Total Senior Unsecured Credit and Term Loan Facility 165,000 200,000 Unsecured Term Loan KeyBank National Association, as Administrative Agent Term Loan 3.51% Variable n/a April 7, 2022 n/a 140,000 140,000 KeyBank National Association, as Administrative Agent Term Loan 3.11% Variable n/a November 25, 2022 n/a 225,000 — Secured Mortgage Indebtedness Voya (2) 5.18% Fixed 20 March 1, 2019 2 40,015 41,328 (2) 5.18% Fixed 20 March 1, 2019 4 35,865 37,042 (2) 5.18% Fixed 20 March 1, 2019 2 23,130 23,889 (2) 5.18% Fixed 20 March 1, 2019 1 16,431 16,970 KeyBank National Association (3) 4.46% Fixed 30 February 1, 2023 4 26,928 27,473 (4) 4.52% Fixed 30 April 1, 2023 3 20,877 21,291 (5) 4.30% Fixed 30 April 1, 2023 3 20,211 20,626 (6) 4.95% Fixed 30 August 1, 2023 2 36,093 36,741 Bank of America Commercial Mortgage (7) 6.41% Fixed 25 September 1, 2017 — — 7,661 Western Alliance Bank (8) 5.39% Fixed 25 April 1, 2020 1 8,701 8,912 (8) 5.39% Fixed 25 April 1, 2020 1 4,685 4,798 MetaBank (9) 4.25% Fixed 20 August 1, 2018 — — 6,588 (10) 4.44% Fixed 25 July 1, 2027 3 47,640 — Bank of Cascades (11) 3.56% Variable 25 December 19, 2024 1 9,023 9,289 (11) 4.30% Fixed 25 December 19, 2024 — 9,023 9,289 Compass Bank (12) 3.96% Variable 25 May 6, 2020 3 22,773 23,394 Western Alliance Bank (13) 5.39% Fixed 25 April 1, 2020 1 5,769 5,910 (13) 5.39% Fixed 25 April 1, 2020 1 4,926 5,046 U.S. Bank, NA (14) 6.13% Fixed 25 November 11, 2021 1 11,019 11,303 Total Mortgage Loans 33 343,109 317,550 Total Debt 873,109 657,550 Unamortized debt issuance costs (4,873 ) (5,136 ) Debt, net of issuance costs $ 868,236 $ 652,414 (1) An interest rate swap fixed a portion of the interest rate on this loan. See "Note 6 - Derivative Financial Instruments and Hedging." (2) On September 24, 2015, we modified an existing term loan collateralized by properties sold in 2015 to substitute collateral with properties not included in the sale in order to avoid significant yield maintenance costs associated with an early pay-off. We now have four term loans with Voya with an aggregate principal amount of $115.4 million , fixed interest rates of 5.18% , and a first call date of March 1, 2019. The nine hotel properties encumbered by the Voya mortgage loans are cross-collateralized, and the four mortgage loans are cross-defaulted. (3) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by four of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; Denver (Englewood), CO; and Dallas (Arlington), TX. This loan is subject to defeasance if prepaid. (4) On March 7, 2013, we closed on a $ 22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ. This loan is subject to defeasance if prepaid. (5) On March 8, 2013, we closed on a $ 22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid. (6) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid. (7) On May 16, 2012, we assumed a loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan was repaid in 2017. There were no prepayment penalties incurred in this transaction. (8) On March 28, 2014, we amended the loans with Western Alliance Bank, which are cross-collateralized by the Courtyard by Marriott and the SpringHill Suites by Marriott, both located in Scottsdale, AZ. The loans were amended to bear interest at a fixed rate of 5.39% and the maturity dates were extended to April 1, 2020. (9) On July 26, 2013, we closed on a $7.4 million loan with a fixed rate of 4.25% and a maturity of August 1, 2018. This loan is secured by the Hyatt Place in Atlanta, GA. This loan has a prepayment penalty of: (i) 3% until July 26, 2015, (ii) 2% until July 26, 2017, and (iii) 1% until February 1, 2018. This loan was repaid in 2017. There were prepayment penalties of $0.1 million related to the early repayment of this loan. (10) On June 30, 2017, we entered into 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. (11) On December 19, 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $ 7.9 million . As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.3% . Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loans are secured by the same collateral and cross-defaulted. (12) On May 6, 2014, we closed on a $25.0 million loan with Compass Bank. The loan carries a variable rate of 30-day LIBOR plus 240 basis points, amortizes over 25 years , and has a May 6, 2020 maturity date. The loan is secured by first mortgage liens on the Hampton Inn & Suites hotels located in San Diego (Poway), CA and Ventura (Camarillo), CA and the Courtyard by Marriott located in Arlington, TX. (13) On March 28, 2014, we amended two loans with Western Alliance Bank, which are cross-collateralized by the Hilton Garden Inn (Lakeshore) and the Hilton Garden Inn (Liberty Park), both located in Birmingham, AL. Both loans were amended to bear interest at a fixed rate of 5.39% and the maturity dates were extended to April 1, 2020. (14) On January 10, 2014, as part of our acquisition of the 98 -guestroom Hampton Inn in Santa Barbara (Goleta), CA, we assumed a $12.0 million mortgage loan with a fixed interest rate of 6.133% , an amortization period of 25 years, and a maturity date of November 11, 2021.
Schedule of total fixed-rate and variable-rate debt, after giving effect to interest rate derivatives	Our total fixed-rate and variable-rate debt at December 31, 2017 and 2016 , after giving effect to our $75.0 million interest rate derivative, is as follows (in thousands): 2017 2016 Fixed-rate debt $ 386,313 $ 359,867 Variable-rate debt 486,796 297,683 $ 873,109 $ 657,550
Schedule of principal payments for each of the next five years	Principal payments for each of the next five years are as follows (in thousands): 2018 $ 8,154 2019 116,978 2020 63,489 2021 164,155 2022 369,269 Thereafter 151,064 $ 873,109
Schedule of the fair value of fixed-rate debt that is not recorded at fair value	Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 2017 2016 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ 311,313 $ 310,535 $ 284,867 $ 283,416 Level 2 - Market approach

DERIVATIVE FINANCIAL INSTRUME30

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative financial instruments	Information about our derivative financial instruments at December 31, 2017 and 2016 are as follows (dollar amounts in thousands): December 31, 2017 December 31, 2016 Number of Notional Fair Value Number of Notional Fair Value Interest rate swaps (asset) 2 $ 200,000 $ 1,509 — $ — $ — Interest rate swap (liability) 1 75,000 (190 ) 1 75,000 (1,118 ) 3 $ 275,000 $ 1,319 1 $ 75,000 $ (1,118 )
Schedule of location in financial statements of gain or loss recognized on derivative financial instruments designated as cash flow hedges	The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands): 2017 2016 2015 Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments $ 1,703 $ (497 ) $ (1,846 ) Loss reclassified from accumulated other comprehensive income to interest expense $ (734 ) $ (1,190 ) $ (1,927 ) Loss recognized in other expense $ — $ — $ (1 ) Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded $ (29,687 ) $ (28,091 ) $ (30,414 )

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of Common Stock Activity	Changes in common stock during the years ended December 31, 2017 and 2016 were as follows: 2017 2016 Beginning common shares outstanding 93,525,469 86,793,521 Common stock issued 10,350,000 6,151,514 Grants under the Equity Plan 366,679 446,686 Common Unit redemptions 73,322 119,308 Exercise of stock options — 37,684 Annual grants to independent directors 28,426 32,180 Common stock issued for director fees 4,663 7,618 Forfeitures (2,320 ) (1,420 ) Shares retained for employee tax withholding requirements (59,111 ) (61,622 ) Ending common shares outstanding 104,287,128 93,525,469

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 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 Measurement at December 31, 2017 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 1,509 $ — $ 1,509 Purchase options related to real estate loans — — 6,078 6,078 Liabilities: Interest rate swaps — 190 — 190 Fair Value Measurement at December 31, 2016 using Level 1 Level 2 Level 3 Total Liabilities: Interest rate swaps $ — $ 1,118 $ — $ 1,118
Schedule of unobservable inputs for fair values of purchase options	The estimated fair values of the purchase options were based on unobservable inputs for which there is little or no market information available and required us to develop our own assumptions as follows (dollar amounts in thousands): Real Estate Loan 1 Real Estate Loan 2 Real Estate Loan 3 Exercise price $ 15,143 $ 17,377 $ 5,503 First option exercise date 12/31/2018 3/31/2019 5/31/2019 Last option exercise date 11/1/2020 12/5/2020 12/1/2020 Expected volatility 32.0 % 38.0 % 37.0 % Risk free rate 1.7 % 1.8 % 1.9 % Expected annualized equity dividend yield 6.8 % 9.9 % 6.5 %

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year	Future minimum rental payments for non-cancelable operating leases with a remaining term in excess of one year are as follows (in thousands): 2018 $ 2,023 2019 2,055 2020 2,138 2021 2,165 2022 2,070 Thereafter 105,420 $ 115,871

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2017
Equity-based compensation
Summary of stock option activity	The following table summarizes stock option activity under our Equity Plan: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Terms Aggregate Intrinsic Value (Current Value Less Exercise Price) (per share) (in years) (in thousands) Outstanding at December 31, 2015 470,000 $ 9.75 Exercised (235,000 ) 9.75 Outstanding at December 31, 2016 235,000 9.75 Exercised — — Outstanding at December 31, 2017 235,000 $ 9.75 3.2 $ 1,288 Exercisable at December 31, 2017 235,000 $ 9.75 3.2 $ 1,288
Schedule of equity-based compensation expense	Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations for the years ended December 31, 2017 , 2016 , and 2015 was as follows (in thousands): 2017 2016 2015 Stock options $ — $ 55 $ 633 Time-based restricted stock 2,145 1,594 1,691 Performance-based restricted stock 3,183 2,107 1,957 Director stock 559 465 472 $ 5,887 $ 4,221 $ 4,753
Schedule of unrecognized equity-based compensation expense for all non-vested awards	Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $6.7 million at December 31, 2017 as follows (in thousands): Total 2018 2019 2020 2021 Time-based restricted stock $ 2,741 $ 1,599 $ 945 $ 187 $ 10 Performance-based restricted stock 3,976 2,374 1,401 201 — $ 6,717 $ 3,973 $ 2,346 $ 388 $ 10
Restricted Stock Awards | Time-Based
Equity-based compensation
Summary of restricted stock activity	The following table summarizes time-based restricted stock activity under our Equity Plan for 2017 and 2016 : Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested December 31, 2015 250,011 $ 12.03 Granted 192,123 11.36 Vested (82,869 ) 11.06 Forfeited (1,420 ) 10.27 Non-vested December 31, 2016 357,845 11.90 Granted 156,318 15.52 Vested (120,366 ) 11.29 Forfeited (2,320 ) 13.70 Non-vested December 31, 2017 391,477 $ 13.52 $ 5,962
Restricted Stock Awards | Performance-Based
Equity-based compensation
Schedule of assumptions used estimate fair value of performance-based restricted stock awards granted	The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions: 2017 2016 2015 Expected dividend yield 4.14 % 4.01 % 3.42 % Expected stock price volatility 24.8 % 24.2 % 22.2 % Risk-free interest rate 1.59 % 1.04 % 1.02 % Monte Carlo iterations 100,000 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 17.13 $ 13.77 $ 18.78
Summary of restricted stock activity	The following table summarizes performance-based restricted stock activity under our Equity Plan for 2017 and 2016 : Number of Shares Weighted Average Grant Date Fair Value Aggregate Current Value (per share) (in thousands) Non-vested December 31, 2015 308,367 $ 12.95 Granted 254,563 13.77 Vested (113,903 ) 7.10 Non-vested December 31, 2016 449,027 14.90 Granted 210,361 17.13 Vested (39,959 ) 7.12 Non-vested December 31, 2017 619,429 $ 16.16 $ 9,434

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of components of income tax expense and total provision (benefit) for TRS and Operating Partnership	The components of income tax expense (benefit) for the years ended December 31, 2017 , 2016 , and 2015 are as follows (in thousands): 2017 2016 2015 Current: Federal $ 10 $ 37 $ 81 State and local 777 904 408 Deferred: Federal 232 (1,918 ) (159 ) State and local 49 (473 ) 223 Effect of federal tax law change 606 — — Income tax expense (benefit) $ 1,674 $ (1,450 ) $ 553
Schedule of reconciliation of federal statutory rate to effective income tax rate for TRS	Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes: 2017 2016 2015 Statutory federal income tax provision $ 35,418 $ 37,384 $ 44,033 Nontaxable income of the REIT (35,073 ) (38,575 ) (41,619 ) Impact of graduated corporate tax rates (10 ) 34 (69 ) State income taxes, net of federal tax benefit 716 548 817 Provision to return and deferred adjustment — (872 ) — Effect of permanent differences and other 17 31 (161 ) Effect of federal tax law change 606 — — Decrease in valuation allowance — — (2,448 ) Income tax provision (benefit) $ 1,674 $ (1,450 ) $ 553
Schedule of significant components of deferred tax assets (liabilities)	liabilities are included within Other Assets in the accompanying Consolidated Balance Sheets. Significant components of deferred tax assets (liabilities) are as follows (in thousands): 2017 2016 Tax carryforwards $ 449 $ 767 Accrued expenses 1,144 1,744 Other 23 (8 ) Net deferred tax assets $ 1,616 $ 2,503 Gross deferred tax assets $ 1,649 $ 2,580 Gross deferred tax liabilities (33 ) (77 ) Net deferred tax assets $ 1,616 $ 2,503

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Summary of components used to calculate basic and diluted earnings per share	Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts): 2017 2016 2015 Numerator: Income from continuing operations $ 99,521 $ 108,261 $ 125,256 Less: Preferred dividends (17,408 ) (18,232 ) (16,588 ) Premium on redemption of preferred stock (2,572 ) (2,125 ) — Allocation to participating securities (307 ) (342 ) (118 ) Attributable to non-controlling interest (307 ) (456 ) (819 ) Net income attributable to common stockholders, net of amount allocated to participating securities $ 78,927 $ 87,106 $ 107,731 Denominator: Weighted average common shares outstanding - basic 99,406 86,874 85,920 Dilutive effect of equity-based compensation awards 374 469 1,224 Weighted average common shares outstanding - diluted 99,780 87,343 87,144 Earnings per share: Basic $ 0.79 $ 1.00 $ 1.25 Diluted $ 0.79 $ 1.00 $ 1.24

SELECTED QUARTERLY FINANCIAL 37

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of selected consolidated quarterly financial data	Selected quarterly financial data for the years ended December 31, 2017 and 2016 are as follows (in thousands, except per share amounts): 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 117,989 $ 129,056 $ 136,587 $ 131,745 Net income $ 33,206 $ 34,083 $ 22,445 $ 9,787 Net income attributable to Summit Hotel Properties, Inc. $ 33,086 $ 33,969 $ 22,390 $ 9,769 Earnings per share: Basic $ 0.31 $ 0.30 $ 0.18 $ 0.02 Diluted $ 0.31 $ 0.30 $ 0.17 $ 0.02 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 118,082 $ 127,195 $ 118,336 $ 110,322 Net income $ 48,734 $ 21,955 $ 27,198 $ 10,374 Net income attributable to Summit Hotel Properties, Inc. $ 48,485 $ 21,865 $ 27,083 $ 10,372 Earnings per share: Basic and diluted $ 0.51 $ 0.20 $ 0.25 $ 0.04

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2017RoomStateProperty	Dec. 31, 2016Room
Properties
Number of guestrooms	2,442	749
Number of states in which hotel properties are located | State	26
Hotels
Properties
Number of upscale and upper midscale hotel properties owned | Property	83
Number of guestrooms	12,242
State income taxes, net of federal tax benefit | TRS Lessees
Properties
Ownership interest (as a percent)	100.00%

BASIS OF PRESENTATION AND SIG39

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reportable Segment (Details)	12 Months Ended
	Dec. 31, 2017Segment
Segment Disclosure
Number of reportable segments	1

BASIS OF PRESENTATION AND SIG40

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Hotel Properties and Related Assets (Details)	12 Months Ended
	Dec. 31, 2017
Hotel building and improvements | Minimum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	6 years
Hotel building and improvements | Maximum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	40 years
Furniture, fixtures and equipment | Minimum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	2 years
Furniture, fixtures and equipment | Maximum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	15 years

BASIS OF PRESENTATION AND SIG41

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Trade Receivables and Credit Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.1	$ 0.1
Bad debt expense	$ 0.7	$ 0.6	$ 0.3

INVESTMENT IN HOTEL PROPERTIE42

INVESTMENT IN HOTEL PROPERTIES - Schedule of Investment in Hotel Properties, net (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 2,350,559	$ 1,770,341
Less - accumulated depreciation	(291,067)	(225,219)
Investment in hotel properties, net	2,059,492	1,545,122
Land
Investment in Hotel Properties, net
Investment in hotel properties at cost	272,932	178,423
Hotel buildings and improvements
Investment in Hotel Properties, net
Investment in hotel properties at cost	1,868,273	1,433,389
Intangible assets
Investment in Hotel Properties, net
Investment in hotel properties at cost	22,764	6,602
Construction in progress
Investment in Hotel Properties, net
Investment in hotel properties at cost	12,464	22,490
Furniture, fixtures and equipment
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 174,126	$ 129,437

INVESTMENT IN HOTEL PROPERTIE43

INVESTMENT IN HOTEL PROPERTIES - Additional Information (Details) $ in Thousands

Jul. 21, 2017USD ($)hotel

May 23, 2017USD ($)Room

Apr. 27, 2017USD ($)hotel

Mar. 31, 2017USD ($)

Mar. 30, 2017USD ($)

Aug. 09, 2016USD ($)Room

Feb. 11, 2016USD ($)hotel

Jan. 20, 2016USD ($)Room

Jan. 19, 2016USD ($)Room

Oct. 20, 2015USD ($)Room

Dec. 31, 2016USD ($)Room

Dec. 31, 2017USD ($)hotelRoom

Dec. 31, 2016USD ($)hotelRoom

Dec. 31, 2015USD ($)

Jul. 06, 2016USD ($)

Jun. 07, 2016USD ($)

Jun. 01, 2016USD ($)

May 13, 2016USD ($)

Business Acquisition [Line Items]

Depreciation expense

$ 85,500

$ 72,100

$ 63,700

Investment in hotel properties under development

$ 0

$ 23,793

$ 0

Number of guestrooms | Room

749

2,442

749

Purchase price

$ 585,950

$ 244,150

Total realized and deferred gain on disposal

$ 56,800

Deferred gain on sale of property

$ 20,000

Portfolio of Hotels, ARCH Agreements

Business Acquisition [Line Items]

Number of hotels | hotel

6

Aggregate sale 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

$ 5,000

$ 15,000

Proceeds from repayment or sale of real estate loans

$ 22,500

Proceeds from collection of loan and payment-in-kind interest

$ 1,200

Number of hotels sold | hotel

2

Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Deferred taxable gain on sale of hotels

74,000

$ 7,500

$ 5,100

Orlando, FL

Business Acquisition [Line Items]

Development in process, expected costs

30,000

Development in process, expected costs incurred to date

21,000

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]

Number of guestrooms | Room

226

226

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]

Number of guestrooms | Room

261

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

Courtyard by Marriott | El Paso, TX

Business Acquisition [Line Items]

Aggregate sale price

$ 11,000

$ 11,000

Hyatt Place | Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Aggregate sale price

$ 14,000

Holiday Inn Express | Las Colinas, TX | Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Aggregate sale price

$ 10,500

Holiday Inn Express | Vernon Hills, IL | Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Aggregate sale price

$ 5,900

Residence Inn | Atlanta, GA

Business Acquisition [Line Items]

Number of guestrooms | Room

160

160

Purchase price

$ 38,000

Residence Inn | Atlanta, GA | Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Number of guestrooms | Room

160

Purchase price

$ 38,000

Aloft | Jacksonville, FL

Business Acquisition [Line Items]

Aggregate sale price

$ 8,600

Marriott | Boulder, CO

Business Acquisition [Line Items]

Number of guestrooms | Room

157

157

Purchase price

$ 61,400

Marriott | Boulder, CO | Reverse and forward 1031 Exchanges

Business Acquisition [Line Items]

Number of guestrooms | Room

157

Purchase price

$ 61,400

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 sale 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 sale 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 sale price

$ 14,500

Net gain on sale of properties

$ 4,800

Repayment of mortgage loan

$ 6,500

Assets held for sale | Portfolio of Hotels, ARCH Agreements

Business Acquisition [Line Items]

Number of hotels | hotel

6

Aggregate sale price

$ 108,300

INVESTMENT IN HOTEL PROPERTIE44

INVESTMENT IN HOTEL PROPERTIES - Schedule of intangible assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Intangible assets:
Intangible assets, gross	$ 22,764	$ 6,602
Less accumulated amortization	(1,001)	(348)
Intangible assets, net	21,763	6,254
Intangible liabilities:
Unfavorable leases	5,002	5,002
Less accumulated amortization	(285)	(190)
Intangible liabilities, net	4,717	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 PROPERTIE45

INVESTMENT IN HOTEL PROPERTIES - Schedule of future amortization expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Finite-lived intangible assets, weighted average amortization period	37 years 1 month
Intangible liabilities, weighted average amortization period	55 years 8 months
Finite-Lived Intangible Assets
2,018	$ 699
2,019	499
2,020	370
2,021	360
2,022	274
Thereafter	8,727
Finite Lived Intangible Assets	10,929
Intangible Liabilities
2,018	95
2,019	95
2,020	95
2,021	95
2,022	95
Thereafter	4,242
Intangible liabilities, net	$ 4,717	$ 4,812

INVESTMENT IN HOTEL PROPERTIE46

INVESTMENT IN HOTEL PROPERTIES - Schedule of assets held for sale (Details) - USD ($) $ in Thousands	Dec. 31, 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
Assets held for sale | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	1,193	10,907
Assets held for sale | Hotel building and improvements
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	0	44,718
Assets held for sale | Furniture, fixtures and equipment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	0	6,649
Assets held for sale | Construction in progress
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	0	29
Assets held for sale | Franchise fees
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 0	$ 392

INVESTMENT IN HOTEL PROPERTIE47

INVESTMENT IN HOTEL PROPERTIES - Summary of hotel properties sold (Details)	Jul. 21, 2017hotel	Apr. 27, 2017hotel	Dec. 31, 2016hotelRoom	Dec. 31, 2017Room
Business Acquisition [Line Items]
Number of guestrooms			749	2,442
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 | 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 | 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 PROPERTIE48

INVESTMENT IN HOTEL PROPERTIES - Summary of hotel properties acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Room	Dec. 31, 2016USD ($)Room
Business Acquisition [Line Items]
Number of guestrooms | Room	2,442	749
Purchase Price	$ 585,950	$ 244,150
Net assets acquired	588,822	244,714
Settlement amount of net working capital assets	200	$ 600
Capitalized transaction costs	$ 2,600
Homewood Suites | Aliso Viejo (Laguna Beach), CA
Business Acquisition [Line Items]
Number of guestrooms | Room	129
Purchase Price	$ 38,000
Homewood Suites | Tucson, AZ
Business Acquisition [Line Items]
Number of guestrooms | Room	122
Purchase Price	$ 25,300
Hyatt Place | Phoenix (Mesa), AZ
Business Acquisition [Line Items]
Number of guestrooms | Room	152
Purchase Price	$ 22,200
Hyatt Place | Chicago, IL
Business Acquisition [Line Items]
Number of guestrooms | Room		206
Purchase Price		$ 73,750
Courtyard by Marriott | Fort Lauderdale, FL
Business Acquisition [Line Items]
Number of guestrooms | Room	261
Purchase Price	$ 85,000
Courtyard by Marriott | Charlotte, NC
Business Acquisition [Line Items]
Number of guestrooms | Room	181
Purchase Price	$ 56,250
Courtyard by Marriott | Fort Worth, TX
Business Acquisition [Line Items]
Number of guestrooms | Room	203
Purchase Price	$ 40,000
Courtyard by Marriott | Kansas City, MO
Business Acquisition [Line Items]
Number of guestrooms | Room	123
Purchase Price	$ 24,500
Courtyard by Marriott | Pittsburgh, PA
Business Acquisition [Line Items]
Number of guestrooms | Room	182
Purchase Price	$ 42,000
Courtyard by Marriott | Nashville, TN
Business Acquisition [Line Items]
Number of guestrooms | Room		226
Purchase Price		$ 71,000
Courtyard by Marriott | New Haven, CT
Business Acquisition [Line Items]
Number of guestrooms | Room	207
Purchase Price	$ 63,400
Hilton Garden Inn | Waltham, MA
Business Acquisition [Line Items]
Number of guestrooms | Room	148
Purchase Price	$ 32,300
Hampton Inn & Suites | Baltimore, MD
Business Acquisition [Line Items]
Number of guestrooms | Room	116
Purchase Price	$ 18,000
Residence Inn | Baltimore, MD
Business Acquisition [Line Items]
Number of guestrooms | Room	188
Purchase Price	$ 38,500
Residence Inn | Atlanta, GA
Business Acquisition [Line Items]
Number of guestrooms | Room		160
Purchase Price		$ 38,000
Residence Inn | Cleveland, OH
Business Acquisition [Line Items]
Number of guestrooms | Room	175
Purchase Price	$ 43,000
AC Hotel by Marriott | Atlanta, GA
Business Acquisition [Line Items]
Number of guestrooms | Room	255
Purchase Price	$ 57,500
Marriott | Boulder, CO
Business Acquisition [Line Items]
Number of guestrooms | Room		157
Purchase Price		$ 61,400

INVESTMENT IN HOTEL PROPERTIE49

INVESTMENT IN HOTEL PROPERTIES - Allocation of aggregate purchase price (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired
Land	$ 98,639	$ 28,683
Hotel buildings and improvements	447,477	207,433
Intangible assets	16,162	442
Furniture, fixtures and equipment	26,546	8,081
Other assets	2,738	798
Total assets acquired	591,562	245,437
Less other liabilities	(2,740)	(723)
Net assets acquired	$ 588,822	$ 244,714

INVESTMENT IN HOTEL PROPERTIE50

INVESTMENT IN HOTEL PROPERTIES - Total revenue and net income for hotel properties acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
2017 Acquisitions
Business Acquisition [Line Items]
Revenues	$ 53,443
Net income	5,914
2016 Acquisitions
Business Acquisition [Line Items]
Revenues	47,842	$ 28,560
Net income	$ 8,736	$ 6,992

INVESTMENT IN HOTEL PROPERTIE51

INVESTMENT IN HOTEL PROPERTIES - Pro forma financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Revenues	$ 567,342	$ 562,030
Income from hotel operations	211,730	217,414
Net income	76,292	106,909
Net income attributable to common stockholders, net of amount allocated to participating securities	$ 55,803	$ 85,761
Basic net income per share attributable to common stockholders (in dollars per share)	$ 0.56	$ 0.99
Diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.56	$ 0.98
Pro forma real estate tax expense	$ 31,900	$ 27,500
Pro forma real estate tax expense, depreciation expense, interest expense, and other corporate expenses	$ 166,800	$ 139,300

SUPPLEMENTAL BALANCE SHEET IN52

SUPPLEMENTAL BALANCE SHEET INFORMATION - Investment in Real Estate Loans (Details) $ in Thousands	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)hotelLoan	Dec. 31, 2016USD ($)	Feb. 11, 2016USD ($)hotel
Financing Receivable, Impaired [Line Items]
Investment in real estate loans, net		$ 17,585	$ 12,356	$ 17,585
Real estate loans discount			5,800
Deferred gain on sale of property					$ 20,000
Purchase options related to real estate loans		0	$ 6,078	0
Mezzanine Loans
Financing Receivable, Impaired [Line Items]
Number of construction loans | Loan			3
Loans amount			$ 29,600
Loans stated interest rate			8.00%
Number of hotels | hotel			3
Loans initial term			3 years
Loans funded			$ 17,900
Interest in hotel upon completion to purchase			90.00%
Period of time after initial option exercise to purchase remaining interests			5 years
Amortization of discount			$ 300
Real estate loans
Financing Receivable, Impaired [Line Items]
Investment in real estate loans, net		10,085	12,356	$ 10,085
Loans stated interest rate				10.00%
ARCH Loan
Financing Receivable, Impaired [Line Items]
Investment in real estate loans, net		7,500	$ 0	$ 7,500
Deferred gain on sale of property		15,000		$ 15,000
Portfolio of Hotels, Reinstatement Agreement, New ARCH Purchaser
Financing Receivable, Impaired [Line Items]
Number of hotels | hotel			8		10
Proceeds from repayment or sale of real estate loans	$ 22,500
Proceeds from collection of loan and payment-in-kind interest	$ 1,200
Net gain on sale of properties		$ 5,000	$ 15,000
Portfolio of Hotels, ARCH Agreements
Financing Receivable, Impaired [Line Items]
Number of hotels | hotel					6
Other assets
Financing Receivable, Impaired [Line Items]
Purchase options related to real estate loans			$ 6,100

SUPPLEMENTAL BALANCE SHEET IN53

SUPPLEMENTAL BALANCE SHEET INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted cash
Restricted cash	$ 29,462	$ 24,881
FF&E reserves
Restricted cash
Restricted cash	25,812	22,000
Property taxes
Restricted cash
Restricted cash	2,726	2,220
Other
Restricted cash
Restricted cash	$ 924	$ 661

SUPPLEMENTAL BALANCE SHEET IN54

SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Prepaid expenses and other
Prepaid insurance	$ 3,020	$ 2,218
Other	6,434	4,256
Prepaid expenses and other	$ 9,454	$ 6,474

SUPPLEMENTAL BALANCE SHEET IN55

SUPPLEMENTAL BALANCE SHEET INFORMATION - Deferred Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred charges
Initial franchise fees	$ 6,894	$ 5,101
Less - accumulated amortization	(1,673)	(1,374)
Total	5,221	3,727
Amortization expense	$ 400	$ 300	$ 400

SUPPLEMENTAL BALANCE SHEET IN56

SUPPLEMENTAL BALANCE SHEET INFORMATION - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Purchase options related to real estate loans	$ 6,078	$ 0
Prepaid land lease	3,228	3,275
Deferred tax asset, net	1,616	2,503
Derivative financial instruments	1,509	0
Total	$ 12,431	$ 5,778

SUPPLEMENTAL BALANCE SHEET IN57

SUPPLEMENTAL BALANCE SHEET INFORMATION - Accrued Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accrued expenses and other
Accrued property, sales and income taxes	$ 16,664	$ 11,171
Accrued salaries and benefits	8,556	10,802
Other accrued expenses at hotels	15,509	12,356
Acquired unfavorable leases	4,717	4,812
Accrued interest	1,958	1,655
Derivative financial instruments	190	1,118
Other	8,894	6,084
Total	$ 56,488	$ 47,998

DEBT - Narrative (Details)

DEBT - Narrative (Details)

Dec. 28, 2017USD ($)

Dec. 11, 2017USD ($)

Sep. 30, 2017USD ($)

Sep. 26, 2017USD ($)

Apr. 21, 2015USD ($)

Dec. 31, 2017USD ($)Property

Oct. 02, 2017USD ($)

Jun. 30, 2017USD ($)

Dec. 31, 2016USD ($)

Jan. 15, 2016USD ($)

Apr. 07, 2015USD ($)

Sep. 05, 2013USD ($)

Debt Instrument [Line Items]

Weighted average interest rate for all borrowings

3.89%

3.69%

Debt instrument, collateral, number of real estate properties | Property

50

Unsecured debt | Senior unsecured credit facility $450 Million

Debt Instrument [Line Items]

Loan amount

$ 450,000,000

$ 450,000,000

Maximum borrowing capacity

450,000,000

$ 450,000,000

Line of credit outstanding

165,000,000

Amount available for borrowing

285,000,000

Maximum increase in borrowing capacity available through accordion feature option

$ 150,000,000

Unsecured debt | Senior unsecured credit facility $300 Million

Debt Instrument [Line Items]

Maximum borrowing capacity

300,000,000

Unsecured debt | Term Loan $150 Million

Debt Instrument [Line Items]

Loan amount

150,000,000

Fixed interest rate

3.40%

Unsecured debt | 2015 Term Loan

Debt Instrument [Line Items]

Loan amount

$ 125,000,000

Amount drawn

$ 15,000,000

Maximum increase in borrowing capacity available through accordion feature option

$ 75,000,000

Accordion feature increase to total commitment

$ 15,000,000

Effective interest rate

3.51%

Unsecured debt | 2017 Term Loan

Debt Instrument [Line Items]

Loan amount

$ 225,000,000

$ 225,000,000

Amount drawn

$ 100,000,000

125,000,000

Maximum increase in borrowing capacity available through accordion feature option

$ 175,000,000

Effective interest rate

3.11%

Unsecured debt | Revolving credit facility $300 Million

Debt Instrument [Line Items]

Loan amount

$ 300,000,000

Unsecured debt | Revolving credit facility $225 Million

Debt Instrument [Line Items]

Loan amount

225,000,000

Revolving credit facility

Debt Instrument [Line Items]

Effective interest rate

3.21%

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

Debt Instrument [Line Items]

Fixed interest rate

3.21%

Option One | Unsecured debt | 2017 Term Loan | LIBOR | Minimum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.45%

Option One | Unsecured debt | 2017 Term Loan | LIBOR | Maximum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

2.20%

Option One | Revolving credit facility | LIBOR | Minimum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.50%

Option One | Revolving credit facility | LIBOR | Maximum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

2.25%

Option Two | Unsecured debt | 2017 Term Loan | LIBOR

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.00%

Option Two | Unsecured debt | 2017 Term Loan | Base Rate | Minimum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

0.45%

Option Two | Unsecured debt | 2017 Term Loan | Base Rate | Maximum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.20%

Option Two | Unsecured debt | 2017 Term Loan | Federal funds rate

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

0.50%

Option Two | Revolving credit facility | Minimum

Debt Instrument [Line Items]

Debt instrument, base rate margin

0.50%

Option Two | Revolving credit facility | Maximum

Debt Instrument [Line Items]

Debt instrument, base rate margin

1.25%

Option Two | Revolving credit facility | LIBOR

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.00%

Option Two | Revolving credit facility | Federal funds rate

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

0.50%

Interest rate swaps

Debt Instrument [Line Items]

Notional value of derivative

$ 100,000,000

Interest rate swaps | Designated as hedges

Debt Instrument [Line Items]

Notional value of derivative

$ 275,000,000

$ 75,000,000

Cash flow hedges | Interest rate swaps | Designated as hedges

Debt Instrument [Line Items]

Notional value of derivative

$ 75,000,000

Fixed interest rate

2.04%

MetaBank | Secured debt | Non-recourse loan

Debt Instrument [Line Items]

Loan amount

$ 47,600,000

Fixed interest rate

4.44%

Amount drawn from secured debt

$ 22,600,000

$ 25,000,000

Debt interest only payments term

18 months

Loan amortization period after interest only payments period

25 years

DEBT - Summary of outstanding i

DEBT - Summary of outstanding indebtedness (Details)

Dec. 28, 2017USD ($)

Sep. 30, 2017USD ($)

Sep. 24, 2015USD ($)PropertyLoan

Dec. 19, 2014USD ($)contract

May 06, 2014USD ($)

Mar. 28, 2014Loan

Jan. 10, 2014USD ($)Room

Jul. 26, 2013USD ($)

Dec. 31, 2017USD ($)RoomProperty

Jun. 30, 2017USD ($)

Dec. 31, 2016USD ($)Room

Jan. 15, 2016USD ($)

Jul. 22, 2013USD ($)Property

Mar. 08, 2013USD ($)Property

Mar. 07, 2013USD ($)Property

Jan. 25, 2013USD ($)Property

Debt Instrument [Line Items]

Debt outstanding

$ 873,109,000

$ 657,550,000

Unamortized debt issuance costs

(4,873,000)

(5,136,000)

Debt, net of issuance costs

$ 868,236,000

$ 652,414,000

Number of guestrooms | Room

2,442

749

Unsecured debt | Senior unsecured credit facility $450 Million

Debt Instrument [Line Items]

Debt outstanding

$ 165,000,000

$ 200,000,000

Loan amount

450,000,000

450,000,000

Unsecured debt | $150 Million Term Loan

Debt Instrument [Line Items]

Debt outstanding

$ 150,000,000

150,000,000

Stated interest rate

3.40%

Loan amount

$ 150,000,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 140,000,000

140,000,000

Stated interest rate

3.51%

Unsecured debt | Keybank National Association Term Loan due November 25, 2022

Debt Instrument [Line Items]

Debt outstanding

$ 225,000,000

0

Stated interest rate

3.11%

Unsecured debt | Revolving credit facility | $300 Million Revolver

Debt Instrument [Line Items]

Debt outstanding

$ 15,000,000

50,000,000

Stated interest rate

3.21%

Mortgage loans

Debt Instrument [Line Items]

Debt outstanding

$ 343,109,000

317,550,000

Number of properties encumbered | Property

33

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

Debt Instrument [Line Items]

Stated interest rate

5.18%

Number of properties encumbered | Property

9

Number of loans | Loan

4

Loan amount

$ 115,400,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 40,015,000

41,328,000

Stated interest rate

5.18%

Number of properties encumbered | Property

2

Amortization Period (Years)

20 years

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

Debt Instrument [Line Items]

Debt outstanding

$ 35,865,000

37,042,000

Stated interest rate

5.18%

Number of properties encumbered | Property

4

Amortization Period (Years)

20 years

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

Debt Instrument [Line Items]

Debt outstanding

$ 23,130,000

23,889,000

Stated interest rate

5.18%

Number of properties encumbered | Property

2

Amortization Period (Years)

20 years

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

Debt Instrument [Line Items]

Debt outstanding

$ 16,431,000

16,970,000

Stated interest rate

5.18%

Number of properties encumbered | Property

1

Amortization Period (Years)

20 years

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

Debt Instrument [Line Items]

Debt outstanding

$ 26,928,000

27,473,000

Stated interest rate

4.46%

4.46%

Number of properties encumbered | Property

4

4

Amortization Period (Years)

30 years

Loan amount

$ 29,400,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 20,877,000

21,291,000

Stated interest rate

4.52%

Number of properties encumbered | Property

3

3

Amortization Period (Years)

30 years

Loan amount

$ 22,700,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 20,211,000

20,626,000

Stated interest rate

4.30%

4.30%

Number of properties encumbered | Property

3

3

Amortization Period (Years)

30 years

Loan amount

$ 22,000,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 36,093,000

36,741,000

Stated interest rate

4.95%

4.95%

Number of properties encumbered | Property

2

2

Amortization Period (Years)

30 years

Loan amount

$ 38,700,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 0

7,661,000

Stated interest rate

6.41%

Number of properties encumbered | Property

0

Amortization Period (Years)

25 years

Prepayment penalties

$ 0

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

Debt Instrument [Line Items]

Debt outstanding

$ 8,701,000

8,912,000

Stated interest rate

5.39%

5.39%

Number of properties encumbered | Property

1

Amortization Period (Years)

25 years

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

Debt Instrument [Line Items]

Debt outstanding

$ 4,685,000

4,798,000

Stated interest rate

5.39%

Number of properties encumbered | Property

1

Amortization Period (Years)

25 years

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

Debt Instrument [Line Items]

Debt outstanding

$ 0

6,588,000

Stated interest rate

4.25%

4.25%

Number of properties encumbered | Property

0

Amortization Period (Years)

20 years

Loan amount

$ 7,400,000

Prepayment penalties

$ 100,000

Mortgage loans | Meta Bank 4.44% Fixed due July 1, 2027

Debt Instrument [Line Items]

Debt outstanding

$ 47,640,000

0

Stated interest rate

4.44%

Number of properties encumbered | Property

3

Amortization Period (Years)

25 years

Mortgage loans | Bank of Cascades loan(s)

Debt Instrument [Line Items]

Number of loans | contract

2

Amortization Period (Years)

25 years

Loan increase

$ 7,900,000

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

Debt Instrument [Line Items]

Debt outstanding

$ 9,023,000

9,289,000

Stated interest rate

3.56%

Number of properties encumbered | Property

1

Amortization Period (Years)

25 years

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

Debt Instrument [Line Items]

Debt outstanding

$ 9,023,000

9,289,000

Stated interest rate

4.30%

4.30%

Number of properties encumbered | Property

0

Amortization Period (Years)

25 years

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

Debt Instrument [Line Items]

Debt outstanding

$ 22,773,000

23,394,000

Stated interest rate

3.96%

Number of properties encumbered | Property

3

Amortization Period (Years)

25 years

25 years

Loan amount

$ 25,000,000

Mortgage loans | Mortgage Loans with General Electric Capital Corporation

Debt Instrument [Line Items]

Number of loans | Loan

2

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

Debt Instrument [Line Items]

Debt outstanding

$ 5,769,000

5,910,000

Stated interest rate

5.39%

5.39%

Number of properties encumbered | Property

1

Amortization Period (Years)

25 years

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

Debt Instrument [Line Items]

Debt outstanding

$ 4,926,000

5,046,000

Stated interest rate

5.39%

Number of properties encumbered | Property

1

Amortization Period (Years)

25 years

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

Debt Instrument [Line Items]

Debt outstanding

$ 11,019,000

$ 11,303,000

Stated interest rate

6.133%

6.13%

Number of properties encumbered | Property

1

Amortization Period (Years)

25 years

25 years

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

Debt Instrument [Line Items]

Prepayment penalties (as a percent)

3.00%

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

Debt Instrument [Line Items]

Prepayment penalties (as a percent)

2.00%

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

Debt Instrument [Line Items]

Prepayment penalties (as a percent)

1.00%

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

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

2.00%

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

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

2.40%

Hampton Inn | Santa Barbara (Goleta), CA

Debt Instrument [Line Items]

Number of guestrooms | Room

98

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

Debt Instrument [Line Items]

Debt assumed

$ 12,000,000

MetaBank | Secured debt | Non-recourse loan

Debt Instrument [Line Items]

Stated interest rate

4.44%

Loan amount

$ 47,600,000

Loan increase

$ 22,600,000

$ 25,000,000

Debt interest only payments term

18 months

Loan amortization period after interest only payments period

25 years

DEBT - Fixed-Rate and Variable-

DEBT - Fixed-Rate and Variable-Rate Debt, after Giving Effect to Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Fixed-rate debt	$ 386,313	$ 359,867
Variable-rate debt	486,796	297,683
Debt, gross	$ 873,109	$ 657,550

DEBT - Principal Payments for E

DEBT - Principal Payments for Each of the Next Five Years and Weighted Average Interest Rate (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Principal payments for each of the next five years
2,018	$ 8,154
2,019	116,978
2,020	63,489
2,021	164,155
2,022	369,269
Thereafter	151,064
Debt, gross	$ 873,109	$ 657,550
All borrowings
Weighted average interest rate for all borrowings	3.89%	3.69%

DEBT - Fair Value of Fixed-Rate

DEBT - Fair Value of Fixed-Rate Debt not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Interest rate swaps
Debt
Variable rate debt converted to fixed rate debt	$ 75,000	$ 75,000
Carrying Value | Fixed-rate debt
Debt
Debt	311,313	284,867
Fair Value | Level 2 | Fixed-rate debt
Debt
Debt	$ 310,535	$ 283,416

DERIVATIVE FINANCIAL INSTRUME63

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Additional Information (Details)	12 Months Ended
	Dec. 31, 2017USD ($)Instrument	Oct. 02, 2017USD ($)Instrument	Dec. 31, 2016USD ($)Instrument
Derivative [Line Items]
Maximum length of time over which instruments are hedged	6 years
Interest rate swaps
Derivative [Line Items]
Number of derivative agreements entered | Instrument		2
Notional value of derivative		$ 100,000,000
Derivative average fixed rate		1.98%
Estimated reclassification from other comprehensive income as an increase to interest expense in 2017	$ 600,000
Designated as hedges | Interest rate swaps
Derivative [Line Items]
Number of derivative agreements entered | Instrument	3		1
Notional value of derivative	$ 275,000,000		$ 75,000,000
Derivative liability, notional amount	$ 75,000,000		$ 75,000,000

DERIVATIVE FINANCIAL INSTRUME64

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Information about Derivative Financial Instruments (Details)	Dec. 31, 2017USD ($)Instrument	Oct. 02, 2017USD ($)Instrument	Dec. 31, 2016USD ($)Instrument
Fair Value
Derivative financial instruments	$ 1,509,000		$ 0
Derivative liability	$ (190,000)		$ (1,118,000)
Interest rate swaps
Number of Instruments
Total | Instrument		2
Notional Amount
Total		$ 100,000,000
Designated as hedges | Interest rate swaps
Number of Instruments
Asset | Instrument	2		0
Liability | Instrument	1		1
Total | Instrument	3		1
Notional Amount
Asset	$ 200,000,000		$ 0
Liability	75,000,000		75,000,000
Total	275,000,000		75,000,000
Fair Value
Derivative financial instruments	1,509,000		0
Derivative liability	(190,000)		(1,118,000)
Total	$ 1,319,000		$ (1,118,000)

DERIVATIVE FINANCIAL INSTRUME65

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Gain or Loss Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative instruments, gain (loss) recognized
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded	$ (29,687)	$ (28,091)	$ (30,414)
Cash flow hedges | Interest rate swaps
Derivative instruments, gain (loss) recognized
Gain (loss) recognized in accumulated other comprehensive income on derivative financial instruments	1,703	(497)	(1,846)
Loss recognized in other expense	0	0	(1)
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded	(29,687)	(28,091)	(30,414)
Cash flow hedges | Interest rate swaps | Interest expense
Derivative instruments, gain (loss) recognized
Loss reclassified from accumulated other comprehensive income to interest expense	$ (734)	$ (1,190)	$ (1,927)

EQUITY - Additional Information

EQUITY - Additional Information (Details)	Dec. 11, 2017USD ($)$ / sharesshares	Nov. 13, 2017USD ($)shares	May 15, 2017USD ($)	May 09, 2017$ / sharesshares	May 25, 2017USD ($)shares	Dec. 31, 2017USD ($)Vote$ / sharesshares	Dec. 31, 2016$ / sharesshares	Feb. 05, 2018$ / sharesshares	Sep. 30, 2017
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
Number of votes a share of outstanding common stock is entitled | Vote						1
Shares issued during stock offering (in shares)						10,350,000	6,151,514
Compensation entitled as percentage of gross proceeds of shares sold under sales agreements									2.00%
Shares reserved for issuance						15,275,114	6,332,307
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						87,200,000
9.25% Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption price (in dollars per share) | $ / shares						$ 25
7.875% Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (as a percent)							7.875%
Payments for repurchase of redeemable preferred shares | $	$ 75,200,000
Preferred stock, shares outstanding	3,000,000						3,000,000
Preferred stock, redemption price (in dollars per share) | $ / shares	$ 25					$ 25
7.125% Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized						3,400,000
Preferred stock, dividend rate (as a percent)						7.125%	7.125%
Preferred stock, shares outstanding						3,400,000	3,400,000
Preferred stock, redemption price (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
6.45% Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized						3,000,000
Preferred stock, dividend rate (as a percent)						6.45%	6.45%
Preferred stock, shares outstanding						3,000,000	3,000,000
Preferred stock, redemption price (in dollars per share) | $ / shares						$ 25
Annual dividend rate per share (in dollars per share) | $ / shares						$ 1.6125
6.45% Series D Preferred Stock | Maximum
Class of Stock [Line Items]
Ratio for conversion						3.9216
6.25% Series E Preferred Stock
Class of Stock [Line Items]
Shares issued during stock offering (in shares)		6,400,000
Net proceeds from public shares offering | $		$ 154,700,000
Preferred stock, shares authorized						6,400,000
Preferred stock, dividend rate (as a percent)						6.25%
Preferred shares offering underwriting discount and offering-related expenses | $		$ 5,300,000
Preferred stock, shares outstanding						6,400,000
Preferred stock, redemption price (in dollars per share) | $ / shares						$ 25,000
Annual dividend rate per share (in dollars per share) | $ / shares						$ 1.5625
6.25% Series E Preferred Stock | Maximum
Class of Stock [Line Items]
Ratio for conversion						3.1686
Underwriting Agreement
Class of Stock [Line Items]
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, 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
ATM Program 2017
Class of Stock [Line Items]
Stock issuance costs | $						$ 200,000
Unaffiliated Third Parties [Member] | State income taxes, net of federal tax benefit
Class of Stock [Line Items]
Conversion ratio of limited partner common units into common stock						1
Number of common units of operating partnership owned by unaffiliated third parties (in shares)						323,391	396,713
Percentage of limited partnership interest in operating partnership (less than)						1.00%	1.00%
Subsequent events | 7.125% Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding								3,400,000
Preferred stock, redemption price (in dollars per share) | $ / shares								$ 25

EQUITY - Changes in common stoc

EQUITY - Changes in common stock (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Beginning common shares outstanding	93,525,469	86,793,521
Common stock issued	10,350,000	6,151,514
Common Unit redemptions	73,322	119,308
Forfeitures	(2,320)	(1,420)
Shares retained for employee tax withholding requirements	(59,111)	(61,622)
Ending common shares outstanding	104,287,128	93,525,469
Equity Plan
Class of Stock [Line Items]
Grants under the Equity Plan	366,679	446,686
Exercise of stock options	0	37,684
Directors
Class of Stock [Line Items]
Grants under the Equity Plan	28,426	32,180
Common stock issued for director fees	4,663	7,618

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets:
Derivative financial instruments	$ 1,509	$ 0
Purchase options related to real estate loans	6,078	0
Liabilities:
Derivative financial instruments	190	1,118
Recurring basis
Assets:
Purchase options related to real estate loans	6,078
Recurring basis | Interest rate swaps
Assets:
Derivative financial instruments	1,509
Liabilities:
Derivative financial instruments	190	1,118
Recurring basis | Level 1
Assets:
Purchase options related to real estate loans	0
Recurring basis | Level 1 | Interest rate swaps
Assets:
Derivative financial instruments	0
Liabilities:
Derivative financial instruments	0	0
Recurring basis | Level 2
Assets:
Purchase options related to real estate loans	0
Recurring basis | Level 2 | Interest rate swaps
Assets:
Derivative financial instruments	1,509
Liabilities:
Derivative financial instruments	190	1,118
Recurring basis | Level 3
Assets:
Purchase options related to real estate loans	6,078
Recurring basis | Level 3 | Interest rate swaps
Assets:
Derivative financial instruments	0
Liabilities:
Derivative financial instruments	$ 0	$ 0

FAIR VALUE MEASUREMENT - Sche69

FAIR VALUE MEASUREMENT - Schedule of Unobservable Inputs for Fair Values of Purchase Options (Details) - Recurring basis - Level 3 $ / shares in Thousands	12 Months Ended
	Dec. 31, 2017$ / shares
Real Estate Loan 1
Fair value
Exercise price (in dollars per share)	$ 15,143
Expected volatility	32.00%
Risk free rate	1.70%
Expected annualized equity dividend yield	6.80%
Real Estate Loan 2
Fair value
Exercise price (in dollars per share)	$ 17,377
Expected volatility	38.00%
Risk free rate	1.80%
Expected annualized equity dividend yield	9.90%
Real Estate Loan 3
Fair value
Exercise price (in dollars per share)	$ 5,503
Expected volatility	37.00%
Risk free rate	1.90%
Expected annualized equity dividend yield	6.50%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Ground Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Propertycontractoption	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Ground Leases
Number of prepaid land lease | contract	2
Prepaid rent	$ 3,228	$ 3,275
Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year
2,018	2,023
2,019	2,055
2,020	2,138
2,021	2,165
2,022	2,070
Thereafter	105,420
Total	115,871
Ground operating leases
Ground Leases
Total rent expense	$ 1,900	1,700	$ 1,200
Ground operating leases | Duluth, GA
Ground Leases
Number of hotel properties for which land is leased | Property	1
Ground operating leases | Portland, OR
Ground Leases
Number of hotel properties for which land is leased | Property	2
Prepaid rent	$ 3,200	$ 3,300
Number of options to extend lease | option	1
Lease renewal period	14 years
Ground operating leases | Houston (Galleria Area), TX
Ground Leases
Number of hotel properties for which land is leased | Property	1
Number of options to extend lease | option	1
Lease renewal period	10 years
Ground operating leases | Austin, TX
Ground Leases
Number of hotel properties for which land is leased | Property	1
Ground operating leases | Baltimore (Hunt Valley), MD
Ground Leases
Number of hotel properties for which land is leased | Property	1
Number of options to extend lease | option	12
Lease renewal period	5 years
Ground operating leases | Garden City, NY
Ground Leases
Number of hotel properties for which land is leased | Property	1

COMMITMENTS AND CONTINGENCIES71

COMMITMENTS AND CONTINGENCIES - Franchise Agreements and Management Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Franchise Agreements
Commitments and contingencies
Fees related to the agreement	$ 41.6	$ 37.2	$ 37.8
Franchise Agreements | Minimum
Commitments and contingencies
Agreement term	10 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	2.00%
Franchise Agreements | Maximum
Commitments and contingencies
Agreement term	20 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	6.00%
Marketing fees payable as a percentage of gross revenue	4.00%
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures	5.00%
Management Agreements
Commitments and contingencies
Fees related to the agreement	$ 18.2	$ 18.8	$ 18.6
Management Agreements | Minimum
Commitments and contingencies
Agreement term	3 years
Management Agreements | Maximum
Commitments and contingencies
Agreement term	25 years

EQUITY-BASED COMPENSATION - Add

EQUITY-BASED COMPENSATION - Additional Information (Details) - Stock options	12 Months Ended
	Dec. 31, 2017
Minimum
Equity-based compensation
Term of award	5 years
Maximum
Equity-based compensation
Term of award	10 years

EQUITY-BASED COMPENSATION - Sto

EQUITY-BASED COMPENSATION - Stock Options Granted under Equity Plan (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Options
Outstanding at the beginning of year (in shares)	235,000	470,000
Exercised (in shares)	0	(235,000)
Outstanding at end of year (in shares)	235,000	235,000	470,000
Exercisable at end of year (in shares)	235,000
Weighted Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 9.75	$ 9.75
Exercised (in dollars per share)	0	9.75
Outstanding at end of year (in dollars per share)	9.75	$ 9.75	$ 9.75
Exercisable at end of year (in dollars per share)	$ 9.75
Weighted Average Remaining Contractual Terms
Outstanding	3 years 2 months
Exercisable	3 years 2 months
Aggregate Intrinsic Value (Current Value Less Exercise Price)
Outstanding	$ 1,288	$ 1,500	$ 1,000
Exercisable	$ 1,288		800
Stock options
Total fair value of options vested		300	900
Intrinsic value of options exercised		$ 1,000	$ 1,300

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	Sep. 02, 2016	Mar. 08, 2016	Feb. 24, 2016	Apr. 24, 2015	Mar. 03, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Non-vested at the beginning of year (in shares)								357,845	250,011
Granted (in shares)								156,318	192,123
Vested (in shares)								(120,366)	(82,869)
Forfeited (in shares)								(2,320)	(1,420)
Non-vested at end of year (in shares)								391,477	357,845	250,011
Weighted Average Grant Date Fair Value
Non-vested at beginning of year (in dollars per share)								$ 11.90	$ 12.03
Granted (in dollars per share)								15.52	11.36
Vested (in dollars per share)								11.29	11.06
Forfeited (in dollars per share)								13.70	10.27
Non-vested at end of year (in dollars per share)								$ 13.52	$ 11.90	$ 12.03
Aggregate Current Value
Non-vested outstanding								$ 5,962
Total fair value of awards vested								$ 1,400	$ 900	$ 1,000
Employees
Equity-based compensation
Vesting period		4 years			4 years
Number of Shares
Granted (in shares)		16,079	406		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%		20.00%
Employees | Period three
Equity-based compensation
Vesting percentage		20.00%	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		16,930
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%
Executive officers and management
Equity-based compensation
Vesting period							3 years
Number of Shares
Granted (in shares)							149,410
Executive officers and management | Continued service on March 9, 2018, or upon a change in control
Number of Shares
Granted (in shares)							37,230
Executive officers and management | Period one
Equity-based compensation
Vesting percentage							25.00%
Executive officers and management | Period two
Equity-based compensation
Vesting percentage							25.00%
Executive officers and management | Period three
Equity-based compensation
Vesting percentage							50.00%

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Awards (Details) - Restricted Stock Awards $ / shares in Units, $ in Thousands	Apr. 18, 2017shares	Mar. 06, 2017shares	Mar. 08, 2016shares	Mar. 03, 2015shares	Dec. 31, 2017USD ($)Iteration$ / sharesshares	Dec. 31, 2016Iteration$ / sharesshares	Dec. 31, 2015Iteration$ / sharesshares
Performance-Based
Assumptions used to estimate the fair value of options granted
Expected dividend yield (as a percent)					4.14%	4.01%	3.42%
Expected stock price volatility (as a percent)					24.80%	24.20%	22.20%
Risk-free interest rate (as a percent)					1.59%	1.04%	1.02%
Monte Carlo iterations | Iteration					100,000	100,000	100,000
Weighted average estimated fair value of awards granted | $ / shares					$ 17.13	$ 13.77	$ 18.78
Number of Shares
Non-vested at the beginning of year (in shares) | shares					449,027	308,367
Granted (in shares) | shares					210,361	254,563
Vested (in shares) | shares					(39,959)	(113,903)
Non-vested at end of year (in shares) | shares					619,429	449,027	308,367
Weighted Average Grant Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares					$ 14.90	$ 12.95
Granted (in dollars per share) | $ / shares					17.13	13.77	$ 18.78
Vested (in dollars per share) | $ / shares					7.12	7.10
Non-vested at end of year (in dollars per share) | $ / shares					$ 16.16	$ 14.90	$ 12.95
Aggregate Current Value
Non-vested outstanding | $					$ 9,434
Executive officers | Minimum
Equity-based compensation
Shares earned (as a percent)					0.00%
Executive officers | Maximum
Equity-based compensation
Shares earned (as a percent)					200.00%
Executive officers | Performance-Based
Number of Shares
Granted (in shares) | shares	30,322	180,039	254,563	154,505

EQUITY-BASED COMPENSATION - Dir

EQUITY-BASED COMPENSATION - Director Stock Awards (Details) - Directors - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Equity-based compensation
Grant of stock (in shares)	28,426	32,180
Common stock issued for director fees	4,663	7,618
Common Stock
Equity-based compensation
Grant of stock (in shares)	28,426	32,180
Common stock issued for director fees	4,663	7,618

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Compensation expense to be recognized
2,018	$ 3,973
2,019	2,346
2,020	388
2,021	10
Total	6,717
Restricted Stock Awards | Time-Based
Compensation expense to be recognized
2,018	1,599
2,019	945
2,020	187
2,021	10
Total	2,741
Restricted Stock Awards | Performance-Based
Compensation expense to be recognized
2,018	2,374
2,019	1,401
2,020	201
2,021	0
Total	3,976
Corporate general and administrative
Equity-based compensation expense
Share based compensation expense	5,887	$ 4,221	$ 4,753
Corporate general and administrative | Stock options
Equity-based compensation expense
Share based compensation expense	0	55	633
Corporate general and administrative | Restricted Stock Awards | Time-Based
Equity-based compensation expense
Share based compensation expense	2,145	1,594	1,691
Corporate general and administrative | Restricted Stock Awards | Performance-Based
Equity-based compensation expense
Share based compensation expense	3,183	2,107	1,957
Corporate general and administrative | Director stock | Directors
Equity-based compensation expense
Share based compensation expense	$ 559	$ 465	$ 472

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Employer contribution expense	$ 0.2	$ 0.3	$ 0.2

LOSS ON IMPAIRMENT OF ASSETS (D

LOSS ON IMPAIRMENT OF ASSETS (Details) - USD ($) $ in Millions	Jul. 21, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Courtyard by Marriott | El Paso, TX
Properties
Aggregate sale price			$ 11
Impairment of assets			$ 0.6
Land | San Antonio, TX, Ft. Myers, Fl, and Flagstaff, AZ
Properties
Impairment of assets				$ 1.1
Disposed of by Sale
Properties
Aggregate sale price	$ 27.8
Net gain on sale of properties	$ 8.1
Disposed of by Sale | Courtyard by Marriott | El Paso, TX
Properties
Net gain on sale of properties		$ 0.4

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 10	$ 37	$ 81
State and local	777	904	408
Deferred:
Federal	232	(1,918)	(159)
State and local	49	(473)	223
Effect of federal tax law change	606	0	0
Income tax expense (benefit)	$ 1,674	$ (1,450)	$ 553

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Tax Rate for TRS and Total Provision for TRS and Operating Partnership (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs
Statutory federal income tax provision		$ 35,418	$ 37,384	$ 44,033
Nontaxable income of the REIT		(35,073)	(38,575)	(41,619)
Impact of graduated corporate tax rates		(10)	34	(69)
State income taxes, net of federal tax benefit		716	548	817
Provision to return and deferred adjustment		0	(872)	0
Effect of permanent differences and other		17	31	(161)
Effect of federal tax law change	$ 600	606	0	0
Decrease in valuation allowance		0	0	(2,448)
Income tax expense (benefit)		$ 1,674	$ (1,450)	$ 553

INCOME TAXES - Significant Comp

INCOME TAXES - Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Significant components of the Company's deferred tax assets and liabilities
Tax carryforwards	$ 449	$ 767
Accrued expenses	1,144	1,744
Other	23	(8)
Net deferred tax assets	1,616	2,503
Net Deferred Tax Assets
Gross deferred tax assets	1,649	2,580
Gross deferred tax liabilities	(33)	(77)
Net deferred tax assets	$ 1,616	$ 2,503

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income taxes
Effect of federal tax law change	$ 600,000	$ 606,000	$ 0	$ 0
Unrecognized tax benefits	0	0
State
Income taxes
Operating loss carryforwards	1,800,000	1,800,000
U.S. Federal
Income taxes
Operating loss carryforwards	400,000	400,000
U.S. Federal | Minimum tax credit carryforwards
Income taxes
Tax credit amount	$ 300,000	$ 300,000

EARNINGS PER SHARE - Anti-Dilut

EARNINGS PER SHARE - Anti-Dilutive Stock Options (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock Awards
Anti-dilutive options excluded from computation of diluted earnings per share
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares)	464,924	409,068	194,463

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Components Used to Calculate Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Income from continuing operations	$ 9,787	$ 22,445	$ 34,083	$ 33,206	$ 10,374	$ 27,198	$ 21,955	$ 48,734	$ 99,521	$ 108,261	$ 125,256
Less: Preferred dividends									(17,408)	(18,232)	(16,588)
Premium on redemption of preferred stock									(2,572)	(2,125)	0
Allocation to participating securities									(307)	(342)	(118)
Attributable to non-controlling interest									307	456	819
Net income attributable to common stockholders, net of amount allocated to participating securities									$ 78,927	$ 87,106	$ 107,731
Denominator:
Weighted average common shares outstanding - basic (in shares)									99,406	86,874	85,920
Dilutive effect of equity-based compensation awards (in shares)									374	469	1,224
Weighted average common shares outstanding - diluted (in shares)									99,780	87,343	87,144
Basic (in dollars per share)	$ 0.02	$ 0.18	$ 0.30	$ 0.31					$ 0.79	$ 1	$ 1.25
Diluted (in dollars per share)	$ 0.02	$ 0.17	$ 0.30	$ 0.31					$ 0.79	$ 1	$ 1.24

SELECTED QUARTERLY FINANCIAL 86

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 131,745	$ 136,587	$ 129,056	$ 117,989	$ 110,322	$ 118,336	$ 127,195	$ 118,082	$ 515,377	$ 473,935	$ 463,455
Net income	9,787	22,445	34,083	33,206	10,374	27,198	21,955	48,734	99,521	108,261	125,256
Net income attributable to Summit Hotel Properties, Inc.	$ 9,769	$ 22,390	$ 33,969	$ 33,086	$ 10,372	$ 27,083	$ 21,865	$ 48,485	$ 99,214	$ 107,805	$ 124,437
Earnings per share:
Basic (in dollars per share)	$ 0.02	$ 0.18	$ 0.30	$ 0.31					$ 0.79	$ 1	$ 1.25
Diluted (in dollars per share)	$ 0.02	$ 0.17	$ 0.30	$ 0.31					$ 0.79	$ 1	$ 1.24
Basic and diluted (in dollars per share)					$ 0.04	$ 0.25	$ 0.20	$ 0.51

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Feb. 15, 2018USD ($)Property	Feb. 05, 2018$ / sharesshares	Jan. 01, 2018USD ($)shares	Dec. 31, 2017Property$ / sharesshares	Dec. 31, 2016shares	Jan. 24, 2018contract
Subsequent events
Debt instrument, collateral, number of real estate properties | Property				50
7.125% Series C Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)				7.125%	7.125%
Preferred stock, shares outstanding | shares				3,400,000	3,400,000
Preferred stock, redemption price (in dollars per share)				$ 25
6.45% Series D Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)				6.45%	6.45%
Preferred stock, shares outstanding | shares				3,000,000	3,000,000
Preferred stock, redemption price (in dollars per share)				$ 25
6.25% Series E Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)				6.25%
Preferred stock, shares outstanding | shares				6,400,000
Preferred stock, redemption price (in dollars per share)				$ 25,000
Subsequent events
Subsequent events
Payments of dividends | $			$ 500,000
Number of stock award agreements in retirement separation agreement | contract						2
Cash dividends declared, common stock (in dollars per share)		$ 0.18
Subsequent events | Unsecured debt | 2018 Term Loan
Subsequent events
Loan amount | $	$ 225,000,000
Maximum increase in borrowing capacity available through accordion feature option | $	150,000,000
Amount drawn | $	$ 140,000,000
Debt instrument, collateral, number of real estate properties | Property	50
Subsequent events | Unsecured debt | 2018 Term Loan | Option One | LIBOR | Minimum
Subsequent events
Interest rate margin on variable rate basis	1.80%
Subsequent events | Unsecured debt | 2018 Term Loan | Option One | LIBOR | Maximum
Subsequent events
Interest rate margin on variable rate basis	2.55%
Subsequent events | Unsecured debt | 2018 Term Loan | Option Two | LIBOR
Subsequent events
Interest rate margin on variable rate basis	1.00%
Subsequent events | Unsecured debt | 2018 Term Loan | Option Two | Federal funds rate
Subsequent events
Interest rate margin on variable rate basis	0.50%
Subsequent events | Unsecured debt | 2018 Term Loan | Option Two | Base Rate | Minimum
Subsequent events
Interest rate margin on variable rate basis	0.80%
Subsequent events | Unsecured debt | 2018 Term Loan | Option Two | Base Rate | Maximum
Subsequent events
Interest rate margin on variable rate basis	1.55%
Subsequent events | 7.125% Series C Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)		$ 0.4453125
Preferred stock, shares outstanding | shares		3,400,000
Preferred stock, redemption price (in dollars per share)		$ 25
Subsequent events | 6.45% Series D Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)		0.403125
Subsequent events | 6.25% Series E Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)		$ 0.390625
Subsequent events | Performance-Based | Restricted Stock Awards | Executive officers
Subsequent events
Stock issued for awards vesting (in shares) | shares			309,010

Schedule III - Real Estate an88

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Initial Cost
Land	$ 282,413
Building & Improvements	2,045,686
Cost Capitalized Subsequent to Acquisition	27,623
Total Cost
Land	279,867
Building & Improvements	2,075,856
Total	2,355,723	$ 1,848,673	$ 1,683,803	$ 1,527,569
Accumulated Depreciation	(290,066)	$ (241,760)	$ (212,207)	$ (179,455)
Total Cost Net of Accumulated Depreciation	2,065,657
Mortgage Debt	343,109
Land parcels
Initial Cost
Land	8,105
Building & Improvements	0
Cost Capitalized Subsequent to Acquisition	(2,545)
Total Cost
Land	5,559
Building & Improvements	0
Total	5,559
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	5,559
Mortgage Debt	0
Aliso Viejo, CA | Homewood Suites
Initial Cost
Land	5,599
Building & Improvements	32,367
Cost Capitalized Subsequent to Acquisition	140
Total Cost
Land	5,599
Building & Improvements	32,508
Total	38,107
Accumulated Depreciation	(1,101)
Total Cost Net of Accumulated Depreciation	37,006
Mortgage Debt	0
Arlington, TX | Courtyard by Marriott
Initial Cost
Land	1,497
Building & Improvements	15,573
Cost Capitalized Subsequent to Acquisition	(98)
Total Cost
Land	1,497
Building & Improvements	15,475
Total	16,972
Accumulated Depreciation	(3,072)
Total Cost Net of Accumulated Depreciation	13,900
Mortgage Debt	22,773
Arlington, TX | Hyatt Place
Initial Cost
Land	650
Building & Improvements	9,946
Cost Capitalized Subsequent to Acquisition	249
Total Cost
Land	650
Building & Improvements	10,195
Total	10,845
Accumulated Depreciation	(3,313)
Total Cost Net of Accumulated Depreciation	7,532
Mortgage Debt	0
Arlington, TX | Residence Inn
Initial Cost
Land	1,646
Building & Improvements	15,440
Cost Capitalized Subsequent to Acquisition	(186)
Total Cost
Land	1,646
Building & Improvements	15,254
Total	16,900
Accumulated Depreciation	(2,578)
Total Cost Net of Accumulated Depreciation	14,322
Mortgage Debt	0
Asheville, NC | Hotel Indigo
Initial Cost
Land	2,100
Building & Improvements	34,755
Cost Capitalized Subsequent to Acquisition	730
Total Cost
Land	2,100
Building & Improvements	35,485
Total	37,585
Accumulated Depreciation	(3,476)
Total Cost Net of Accumulated Depreciation	34,109
Mortgage Debt	0
Atlanta, GA | AC Hotel by Marriott
Initial Cost
Land	5,670
Building & Improvements	51,922
Cost Capitalized Subsequent to Acquisition	159
Total Cost
Land	5,670
Building & Improvements	52,081
Total	57,751
Accumulated Depreciation	(931)
Total Cost Net of Accumulated Depreciation	56,820
Mortgage Debt	0
Atlanta, GA | Courtyard by Marriott
Initial Cost
Land	2,050
Building & Improvements	27,969
Cost Capitalized Subsequent to Acquisition	96
Total Cost
Land	2,050
Building & Improvements	28,065
Total	30,115
Accumulated Depreciation	(5,994)
Total Cost Net of Accumulated Depreciation	24,121
Mortgage Debt	0
Atlanta, GA | Residence Inn
Initial Cost
Land	3,381
Building & Improvements	34,820
Cost Capitalized Subsequent to Acquisition	165
Total Cost
Land	3,381
Building & Improvements	34,985
Total	38,366
Accumulated Depreciation	(2,369)
Total Cost Net of Accumulated Depreciation	35,997
Mortgage Debt	0
Austin, TX | Corporate Office
Initial Cost
Land	0
Building & Improvements	6,048
Cost Capitalized Subsequent to Acquisition	0
Total Cost
Land	0
Building & Improvements	6,048
Total	6,048
Accumulated Depreciation	(731)
Total Cost Net of Accumulated Depreciation	5,317
Mortgage Debt	0
Austin, TX | Hampton Inn & Suites
Initial Cost
Land	0
Building & Improvements	56,394
Cost Capitalized Subsequent to Acquisition	770
Total Cost
Land	0
Building & Improvements	57,164
Total	57,164
Accumulated Depreciation	(6,610)
Total Cost Net of Accumulated Depreciation	50,554
Mortgage Debt	0
Baltimore, MD | Hampton Inn & Suites
Initial Cost
Land	2,205
Building & Improvements	16,013
Cost Capitalized Subsequent to Acquisition	224
Total Cost
Land	2,205
Building & Improvements	16,237
Total	18,442
Accumulated Depreciation	(680)
Total Cost Net of Accumulated Depreciation	17,762
Mortgage Debt	0
Baltimore, MD | Residence Inn
Initial Cost
Land	1,986
Building & Improvements	37,016
Cost Capitalized Subsequent to Acquisition	629
Total Cost
Land	1,986
Building & Improvements	37,645
Total	39,631
Accumulated Depreciation	(1,406)
Total Cost Net of Accumulated Depreciation	38,225
Mortgage Debt	0
Birmingham Liberty Park, AL | Hilton Garden Inn
Initial Cost
Land	1,400
Building & Improvements	9,131
Cost Capitalized Subsequent to Acquisition	160
Total Cost
Land	1,400
Building & Improvements	9,291
Total	10,691
Accumulated Depreciation	(2,982)
Total Cost Net of Accumulated Depreciation	7,709
Mortgage Debt	4,926
Birmingham Lakeshore, AL | Hilton Garden Inn
Initial Cost
Land	1,400
Building & Improvements	12,021
Cost Capitalized Subsequent to Acquisition	45
Total Cost
Land	1,400
Building & Improvements	12,066
Total	13,466
Accumulated Depreciation	(3,063)
Total Cost Net of Accumulated Depreciation	10,403
Mortgage Debt	5,769
Bloomington, MN | Hampton Inn & Suites
Initial Cost
Land	1,658
Building & Improvements	15,223
Cost Capitalized Subsequent to Acquisition	70
Total Cost
Land	1,658
Building & Improvements	15,293
Total	16,951
Accumulated Depreciation	(5,202)
Total Cost Net of Accumulated Depreciation	11,749
Mortgage Debt	0
Bloomington, MN | SpringHill Suites
Initial Cost
Land	1,658
Building & Improvements	14,761
Cost Capitalized Subsequent to Acquisition	34
Total Cost
Land	1,658
Building & Improvements	14,795
Total	16,453
Accumulated Depreciation	(4,768)
Total Cost Net of Accumulated Depreciation	11,685
Mortgage Debt	0
Boulder, CO | Marriott
Initial Cost
Land	11,115
Building & Improvements	49,204
Cost Capitalized Subsequent to Acquisition	4,011
Total Cost
Land	11,115
Building & Improvements	53,215
Total	64,330
Accumulated Depreciation	(2,902)
Total Cost Net of Accumulated Depreciation	61,428
Mortgage Debt	0
Branchburg, NJ | Residence Inn
Initial Cost
Land	2,374
Building & Improvements	24,411
Cost Capitalized Subsequent to Acquisition	191
Total Cost
Land	2,374
Building & Improvements	24,602
Total	26,976
Accumulated Depreciation	(2,503)
Total Cost Net of Accumulated Depreciation	24,473
Mortgage Debt	0
Brisbane, CA | DoubleTree
Initial Cost
Land	3,300
Building & Improvements	39,686
Cost Capitalized Subsequent to Acquisition	652
Total Cost
Land	3,300
Building & Improvements	40,338
Total	43,638
Accumulated Depreciation	(7,675)
Total Cost Net of Accumulated Depreciation	35,963
Mortgage Debt	0
Camarillo, CA | Hampton Inn & Suites
Initial Cost
Land	2,200
Building & Improvements	17,366
Cost Capitalized Subsequent to Acquisition	109
Total Cost
Land	2,200
Building & Improvements	17,475
Total	19,675
Accumulated Depreciation	(3,476)
Total Cost Net of Accumulated Depreciation	16,199
Mortgage Debt	0
Charleston, WV | Country Inn & Suites
Initial Cost
Land	1,042
Building & Improvements	5,175
Cost Capitalized Subsequent to Acquisition	23
Total Cost
Land	1,042
Building & Improvements	5,198
Total	6,240
Accumulated Depreciation	(2,478)
Total Cost Net of Accumulated Depreciation	3,762
Mortgage Debt	0
Charleston, WV | Holiday Inn Express
Initial Cost
Land	907
Building & Improvements	5,053
Cost Capitalized Subsequent to Acquisition	20
Total Cost
Land	907
Building & Improvements	5,073
Total	5,980
Accumulated Depreciation	(2,479)
Total Cost Net of Accumulated Depreciation	3,501
Mortgage Debt	0
Charlotte, NC | Courtyard by Marriott
Initial Cost
Land	0
Building & Improvements	41,094
Cost Capitalized Subsequent to Acquisition	146
Total Cost
Land	0
Building & Improvements	41,240
Total	41,240
Accumulated Depreciation	(894)
Total Cost Net of Accumulated Depreciation	40,346
Mortgage Debt	0
Chicago, IL | Hyatt Place
Initial Cost
Land	5,395
Building & Improvements	68,355
Cost Capitalized Subsequent to Acquisition	77
Total Cost
Land	5,395
Building & Improvements	68,432
Total	73,827
Accumulated Depreciation	(3,613)
Total Cost Net of Accumulated Depreciation	70,214
Mortgage Debt	0
Cleveland, OH | Residence Inn
Initial Cost
Land	10,075
Building & Improvements	33,340
Cost Capitalized Subsequent to Acquisition	18
Total Cost
Land	10,075
Building & Improvements	33,358
Total	43,433
Accumulated Depreciation	(155)
Total Cost Net of Accumulated Depreciation	43,278
Mortgage Debt	0
Decatur, GA | Courtyard by Marriott
Initial Cost
Land	4,046
Building & Improvements	34,151
Cost Capitalized Subsequent to Acquisition	726
Total Cost
Land	4,046
Building & Improvements	34,877
Total	38,923
Accumulated Depreciation	(3,441)
Total Cost Net of Accumulated Depreciation	35,482
Mortgage Debt	0
Duluth, GA | Hilton Garden Inn
Initial Cost
Land	2,200
Building & Improvements	12,694
Cost Capitalized Subsequent to Acquisition	129
Total Cost
Land	2,200
Building & Improvements	12,823
Total	15,023
Accumulated Depreciation	(3,709)
Total Cost Net of Accumulated Depreciation	11,314
Mortgage Debt	0
Duluth, GA | Holiday Inn
Initial Cost
Land	0
Building & Improvements	7,466
Cost Capitalized Subsequent to Acquisition	61
Total Cost
Land	0
Building & Improvements	7,527
Total	7,527
Accumulated Depreciation	(2,132)
Total Cost Net of Accumulated Depreciation	5,395
Mortgage Debt	0
Eden Prairie, MN | Hilton Garden Inn
Initial Cost
Land	1,800
Building & Improvements	11,211
Cost Capitalized Subsequent to Acquisition	85
Total Cost
Land	1,800
Building & Improvements	11,296
Total	13,096
Accumulated Depreciation	(2,721)
Total Cost Net of Accumulated Depreciation	10,375
Mortgage Debt	0
Englewood, CO | Hyatt House
Initial Cost
Land	2,700
Building & Improvements	16,267
Cost Capitalized Subsequent to Acquisition	83
Total Cost
Land	2,700
Building & Improvements	16,350
Total	19,050
Accumulated Depreciation	(4,591)
Total Cost Net of Accumulated Depreciation	14,459
Mortgage Debt	0
Englewood, CO | Hyatt Place
Initial Cost
Land	2,000
Building & Improvements	11,950
Cost Capitalized Subsequent to Acquisition	(646)
Total Cost
Land	2,000
Building & Improvements	11,304
Total	13,304
Accumulated Depreciation	(2,843)
Total Cost Net of Accumulated Depreciation	10,461
Mortgage Debt	0
Fort Lauderdale, FL | Courtyard by Marriott
Initial Cost
Land	37,950
Building & Improvements	47,002
Cost Capitalized Subsequent to Acquisition	265
Total Cost
Land	37,950
Building & Improvements	47,267
Total	85,217
Accumulated Depreciation	(1,481)
Total Cost Net of Accumulated Depreciation	83,736
Mortgage Debt	0
Fort Myers, FL | Hyatt Place
Initial Cost
Land	1,878
Building & Improvements	12,666
Cost Capitalized Subsequent to Acquisition	954
Total Cost
Land	1,878
Building & Improvements	13,620
Total	15,498
Accumulated Depreciation	(2,840)
Total Cost Net of Accumulated Depreciation	12,658
Mortgage Debt	0
Fort Worth, TX | Courtyard by Marriott
Initial Cost
Land	1,920
Building & Improvements	38,070
Cost Capitalized Subsequent to Acquisition	345
Total Cost
Land	1,920
Building & Improvements	38,416
Total	40,336
Accumulated Depreciation	(1,145)
Total Cost Net of Accumulated Depreciation	39,191
Mortgage Debt	0
Garden City, NY | Hyatt Place
Initial Cost
Land	4,200
Building & Improvements	27,775
Cost Capitalized Subsequent to Acquisition	42
Total Cost
Land	4,200
Building & Improvements	27,817
Total	32,017
Accumulated Depreciation	(3,874)
Total Cost Net of Accumulated Depreciation	28,143
Mortgage Debt	0
Glendale, CO | Staybridge Suites
Initial Cost
Land	2,100
Building & Improvements	10,151
Cost Capitalized Subsequent to Acquisition	227
Total Cost
Land	2,100
Building & Improvements	10,378
Total	12,478
Accumulated Depreciation	(2,647)
Total Cost Net of Accumulated Depreciation	9,831
Mortgage Debt	0
Goleta, CA | Hampton Inn
Initial Cost
Land	4,100
Building & Improvements	26,191
Cost Capitalized Subsequent to Acquisition	905
Total Cost
Land	4,100
Building & Improvements	27,096
Total	31,196
Accumulated Depreciation	(3,449)
Total Cost Net of Accumulated Depreciation	27,747
Mortgage Debt	11,019
Greenville, SC | Hilton Garden Inn
Initial Cost
Land	1,200
Building & Improvements	14,566
Cost Capitalized Subsequent to Acquisition	2,291
Total Cost
Land	1,200
Building & Improvements	16,857
Total	18,057
Accumulated Depreciation	(2,704)
Total Cost Net of Accumulated Depreciation	15,353
Mortgage Debt	0
Hoffman Estates, IL | Hyatt Place
Initial Cost
Land	1,900
Building & Improvements	8,917
Cost Capitalized Subsequent to Acquisition	44
Total Cost
Land	1,900
Building & Improvements	8,961
Total	10,861
Accumulated Depreciation	(2,690)
Total Cost Net of Accumulated Depreciation	8,171
Mortgage Debt	20,211
Houston (Energy Corridor), TX | Hilton Garden Inn
Initial Cost
Land	2,800
Building & Improvements	33,777
Cost Capitalized Subsequent to Acquisition	775
Total Cost
Land	2,800
Building & Improvements	34,552
Total	37,352
Accumulated Depreciation	(3,496)
Total Cost Net of Accumulated Depreciation	33,856
Mortgage Debt	16,431
Houston, TX | Hilton Garden Inn
Initial Cost
Land	0
Building & Improvements	41,838
Cost Capitalized Subsequent to Acquisition	406
Total Cost
Land	0
Building & Improvements	42,244
Total	42,244
Accumulated Depreciation	(7,143)
Total Cost Net of Accumulated Depreciation	35,101
Mortgage Debt	0
Hunt Valley, MD | Residence Inn
Initial Cost
Land	0
Building & Improvements	35,436
Cost Capitalized Subsequent to Acquisition	105
Total Cost
Land	0
Building & Improvements	35,541
Total	35,541
Accumulated Depreciation	(3,421)
Total Cost Net of Accumulated Depreciation	32,120
Mortgage Debt	0
Indianapolis, IN | Courtyard by Marriott
Initial Cost
Land	7,788
Building & Improvements	54,384
Cost Capitalized Subsequent to Acquisition	(659)
Total Cost
Land	7,788
Building & Improvements	53,725
Total	61,513
Accumulated Depreciation	(8,158)
Total Cost Net of Accumulated Depreciation	53,355
Mortgage Debt	0
Indianapolis, IN | SpringHill Suites
Initial Cost
Land	4,012
Building & Improvements	27,910
Cost Capitalized Subsequent to Acquisition	88
Total Cost
Land	4,012
Building & Improvements	27,998
Total	32,010
Accumulated Depreciation	(4,251)
Total Cost Net of Accumulated Depreciation	27,759
Mortgage Debt	40,015
Kansas City, MO | Courtyard by Marriott
Initial Cost
Land	3,955
Building & Improvements	20,608
Cost Capitalized Subsequent to Acquisition	286
Total Cost
Land	3,955
Building & Improvements	20,894
Total	24,849
Accumulated Depreciation	(582)
Total Cost Net of Accumulated Depreciation	24,267
Mortgage Debt	0
Lombard, IL | Hyatt Place
Initial Cost
Land	1,550
Building & Improvements	17,351
Cost Capitalized Subsequent to Acquisition	61
Total Cost
Land	1,550
Building & Improvements	17,412
Total	18,962
Accumulated Depreciation	(4,695)
Total Cost Net of Accumulated Depreciation	14,267
Mortgage Debt	26,928
Lone Tree, CO | Hyatt Place
Initial Cost
Land	1,300
Building & Improvements	11,704
Cost Capitalized Subsequent to Acquisition	85
Total Cost
Land	1,300
Building & Improvements	11,789
Total	13,089
Accumulated Depreciation	(3,700)
Total Cost Net of Accumulated Depreciation	9,389
Mortgage Debt	0
Louisville, KY | Fairfield Inn & Suites
Initial Cost
Land	3,120
Building & Improvements	24,231
Cost Capitalized Subsequent to Acquisition	73
Total Cost
Land	3,120
Building & Improvements	24,304
Total	27,424
Accumulated Depreciation	(5,005)
Total Cost Net of Accumulated Depreciation	22,419
Mortgage Debt	36,093
Louisville, KY | SpringHill Suites
Initial Cost
Land	4,880
Building & Improvements	37,361
Cost Capitalized Subsequent to Acquisition	283
Total Cost
Land	4,880
Building & Improvements	37,644
Total	42,524
Accumulated Depreciation	(8,095)
Total Cost Net of Accumulated Depreciation	34,429
Mortgage Debt	0
Mesa, AZ | Hyatt Place
Initial Cost
Land	2,400
Building & Improvements	19,848
Cost Capitalized Subsequent to Acquisition	312
Total Cost
Land	2,400
Building & Improvements	20,160
Total	22,560
Accumulated Depreciation	(1,147)
Total Cost Net of Accumulated Depreciation	21,413
Mortgage Debt	0
Metairie, LA | Courtyard by Marriott
Initial Cost
Land	1,860
Building & Improvements	25,168
Cost Capitalized Subsequent to Acquisition	139
Total Cost
Land	1,860
Building & Improvements	25,307
Total	27,167
Accumulated Depreciation	(5,607)
Total Cost Net of Accumulated Depreciation	21,560
Mortgage Debt	0
Metairie, LA | Residence Inn
Initial Cost
Land	1,791
Building & Improvements	23,386
Cost Capitalized Subsequent to Acquisition	93
Total Cost
Land	1,791
Building & Improvements	23,479
Total	25,270
Accumulated Depreciation	(4,804)
Total Cost Net of Accumulated Depreciation	20,466
Mortgage Debt	0
Miami, FL | Hyatt House
Initial Cost
Land	4,926
Building & Improvements	40,087
Cost Capitalized Subsequent to Acquisition	147
Total Cost
Land	4,926
Building & Improvements	40,234
Total	45,160
Accumulated Depreciation	(3,417)
Total Cost Net of Accumulated Depreciation	41,743
Mortgage Debt	0
Minneapolis, MN | Hampton Inn & Suites
Initial Cost
Land	3,502
Building & Improvements	35,433
Cost Capitalized Subsequent to Acquisition	19
Total Cost
Land	3,502
Building & Improvements	35,452
Total	38,954
Accumulated Depreciation	(4,690)
Total Cost Net of Accumulated Depreciation	34,264
Mortgage Debt	0
Minneapolis, MN | Holiday Inn Express & Suites
Initial Cost
Land	1,000
Building & Improvements	7,662
Cost Capitalized Subsequent to Acquisition	107
Total Cost
Land	1,000
Building & Improvements	7,769
Total	8,769
Accumulated Depreciation	(1,998)
Total Cost Net of Accumulated Depreciation	6,771
Mortgage Debt	0
Minneapolis, MN | Hyatt Place
Initial Cost
Land	0
Building & Improvements	34,026
Cost Capitalized Subsequent to Acquisition	491
Total Cost
Land	0
Building & Improvements	34,517
Total	34,517
Accumulated Depreciation	(5,326)
Total Cost Net of Accumulated Depreciation	29,191
Mortgage Debt	0
Nashville, TN | Courtyard by Marriott
Initial Cost
Land	8,792
Building & Improvements	62,759
Cost Capitalized Subsequent to Acquisition	281
Total Cost
Land	8,792
Building & Improvements	63,040
Total	71,832
Accumulated Depreciation	(4,297)
Total Cost Net of Accumulated Depreciation	67,535
Mortgage Debt	0
Nashville, TN | SpringHill Suites
Initial Cost
Land	777
Building & Improvements	5,598
Cost Capitalized Subsequent to Acquisition	146
Total Cost
Land	777
Building & Improvements	5,744
Total	6,521
Accumulated Depreciation	(3,143)
Total Cost Net of Accumulated Depreciation	3,378
Mortgage Debt	0
New Haven, CT | Courtyard by Marriott
Initial Cost
Land	11,990
Building & Improvements	51,497
Cost Capitalized Subsequent to Acquisition	3
Total Cost
Land	11,990
Building & Improvements	51,500
Total	63,490
Accumulated Depreciation	(173)
Total Cost Net of Accumulated Depreciation	63,317
Mortgage Debt	0
New Orleans (French Quarter), LA | Courtyard by Marriott
Initial Cost
Land	1,944
Building & Improvements	25,120
Cost Capitalized Subsequent to Acquisition	3,382
Total Cost
Land	1,944
Building & Improvements	28,502
Total	30,446
Accumulated Depreciation	(6,059)
Total Cost Net of Accumulated Depreciation	24,387
Mortgage Debt	0
New Orleans, LA | Courtyard by Marriott
Initial Cost
Land	2,490
Building & Improvements	34,220
Cost Capitalized Subsequent to Acquisition	337
Total Cost
Land	2,490
Building & Improvements	34,557
Total	37,047
Accumulated Depreciation	(7,752)
Total Cost Net of Accumulated Depreciation	29,295
Mortgage Debt	0
New Orleans, LA | SpringHill Suites
Initial Cost
Land	2,046
Building & Improvements	33,270
Cost Capitalized Subsequent to Acquisition	6,769
Total Cost
Land	2,046
Building & Improvements	40,039
Total	42,085
Accumulated Depreciation	(6,644)
Total Cost Net of Accumulated Depreciation	35,441
Mortgage Debt	23,130
Norwood, MA | Hampton Inn
Initial Cost
Land	2,000
Building & Improvements	23,922
Cost Capitalized Subsequent to Acquisition	(853)
Total Cost
Land	2,000
Building & Improvements	23,069
Total	25,069
Accumulated Depreciation	(2,548)
Total Cost Net of Accumulated Depreciation	22,521
Mortgage Debt	0
Orlando, FL | Hyatt House
Initial Cost
Land	2,800
Building & Improvements	20,993
Cost Capitalized Subsequent to Acquisition	0
Total Cost
Land	2,800
Building & Improvements	20,993
Total	23,793
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	23,793
Mortgage Debt	0
Owings Mills, MD | Hyatt Place
Initial Cost
Land	2,100
Building & Improvements	9,799
Cost Capitalized Subsequent to Acquisition	(481)
Total Cost
Land	2,100
Building & Improvements	9,318
Total	11,418
Accumulated Depreciation	(2,298)
Total Cost Net of Accumulated Depreciation	9,120
Mortgage Debt	20,877
Orlando (Convention), FL | Hyatt Place
Initial Cost
Land	3,100
Building & Improvements	11,343
Cost Capitalized Subsequent to Acquisition	134
Total Cost
Land	3,100
Building & Improvements	11,477
Total	14,577
Accumulated Depreciation	(3,893)
Total Cost Net of Accumulated Depreciation	10,684
Mortgage Debt	0
Orlando (Universal), FL | Hyatt Place
Initial Cost
Land	2,716
Building & Improvements	11,221
Cost Capitalized Subsequent to Acquisition	140
Total Cost
Land	2,716
Building & Improvements	11,361
Total	14,077
Accumulated Depreciation	(3,838)
Total Cost Net of Accumulated Depreciation	10,239
Mortgage Debt	0
Phoenix, AZ | Hyatt Place
Initial Cost
Land	582
Building & Improvements	5,147
Cost Capitalized Subsequent to Acquisition	(141)
Total Cost
Land	582
Building & Improvements	5,006
Total	5,588
Accumulated Depreciation	(1,071)
Total Cost Net of Accumulated Depreciation	4,517
Mortgage Debt	0
Pittsburgh, PA | Courtyard by Marriott
Initial Cost
Land	1,652
Building & Improvements	40,749
Cost Capitalized Subsequent to Acquisition	211
Total Cost
Land	1,652
Building & Improvements	40,960
Total	42,612
Accumulated Depreciation	(875)
Total Cost Net of Accumulated Depreciation	41,737
Mortgage Debt	0
Portland, OR | Hyatt Place
Initial Cost
Land	0
Building & Improvements	14,700
Cost Capitalized Subsequent to Acquisition	15
Total Cost
Land	0
Building & Improvements	14,715
Total	14,715
Accumulated Depreciation	(3,187)
Total Cost Net of Accumulated Depreciation	11,528
Mortgage Debt	0
Portland, OR | Residence Inn
Initial Cost
Land	0
Building & Improvements	15,629
Cost Capitalized Subsequent to Acquisition	111
Total Cost
Land	0
Building & Improvements	15,740
Total	15,740
Accumulated Depreciation	(4,088)
Total Cost Net of Accumulated Depreciation	11,652
Mortgage Debt	18,046
Poway, CA | Hampton Inn & Suites
Initial Cost
Land	2,300
Building & Improvements	14,728
Cost Capitalized Subsequent to Acquisition	1,041
Total Cost
Land	2,300
Building & Improvements	15,769
Total	18,069
Accumulated Depreciation	(2,059)
Total Cost Net of Accumulated Depreciation	16,010
Mortgage Debt	0
Provo, UT | Hampton Inn
Initial Cost
Land	909
Building & Improvements	5,016
Cost Capitalized Subsequent to Acquisition	31
Total Cost
Land	909
Building & Improvements	5,047
Total	5,956
Accumulated Depreciation	(2,782)
Total Cost Net of Accumulated Depreciation	3,174
Mortgage Debt	0
Salt Lake City, UT | Residence Inn
Initial Cost
Land	2,392
Building & Improvements	24,719
Cost Capitalized Subsequent to Acquisition	247
Total Cost
Land	2,392
Building & Improvements	24,966
Total	27,358
Accumulated Depreciation	(6,254)
Total Cost Net of Accumulated Depreciation	21,104
Mortgage Debt	47,640
San Francisco, CA | Four Points
Initial Cost
Land	1,200
Building & Improvements	21,397
Cost Capitalized Subsequent to Acquisition	102
Total Cost
Land	1,200
Building & Improvements	21,499
Total	22,699
Accumulated Depreciation	(4,317)
Total Cost Net of Accumulated Depreciation	18,382
Mortgage Debt	0
San Francisco, CA | Holiday Inn Express & Suites
Initial Cost
Land	15,545
Building & Improvements	49,469
Cost Capitalized Subsequent to Acquisition	1,317
Total Cost
Land	15,545
Building & Improvements	50,786
Total	66,331
Accumulated Depreciation	(10,654)
Total Cost Net of Accumulated Depreciation	55,677
Mortgage Debt	0
Sandy, UT | Holiday Inn Express & Suites
Initial Cost
Land	720
Building & Improvements	3,205
Cost Capitalized Subsequent to Acquisition	46
Total Cost
Land	720
Building & Improvements	3,251
Total	3,971
Accumulated Depreciation	(1,708)
Total Cost Net of Accumulated Depreciation	2,263
Mortgage Debt	35,865
Scottsdale, AZ | Courtyard by Marriott
Initial Cost
Land	3,225
Building & Improvements	12,571
Cost Capitalized Subsequent to Acquisition	358
Total Cost
Land	3,225
Building & Improvements	12,929
Total	16,154
Accumulated Depreciation	(5,740)
Total Cost Net of Accumulated Depreciation	10,414
Mortgage Debt	8,701
Scottsdale, AZ | Hyatt Place
Initial Cost
Land	1,500
Building & Improvements	10,171
Cost Capitalized Subsequent to Acquisition	(636)
Total Cost
Land	1,500
Building & Improvements	9,535
Total	11,035
Accumulated Depreciation	(2,242)
Total Cost Net of Accumulated Depreciation	8,793
Mortgage Debt	0
Scottsdale, AZ | SpringHill Suites
Initial Cost
Land	2,195
Building & Improvements	9,496
Cost Capitalized Subsequent to Acquisition	134
Total Cost
Land	2,195
Building & Improvements	9,630
Total	11,825
Accumulated Depreciation	(4,784)
Total Cost Net of Accumulated Depreciation	7,041
Mortgage Debt	4,685
Smyrna, TN | Hampton Inn & Suites
Initial Cost
Land	1,145
Building & Improvements	9,285
Cost Capitalized Subsequent to Acquisition	96
Total Cost
Land	1,145
Building & Improvements	9,381
Total	10,526
Accumulated Depreciation	(2,563)
Total Cost Net of Accumulated Depreciation	7,963
Mortgage Debt	0
Smyrna, TN | Hilton Garden Inn
Initial Cost
Land	1,188
Building & Improvements	12,411
Cost Capitalized Subsequent to Acquisition	239
Total Cost
Land	1,188
Building & Improvements	12,650
Total	13,838
Accumulated Depreciation	(2,938)
Total Cost Net of Accumulated Depreciation	10,900
Mortgage Debt	0
Tampa, FL | Hampton Inn & Suites
Initial Cost
Land	3,600
Building & Improvements	20,366
Cost Capitalized Subsequent to Acquisition	335
Total Cost
Land	3,600
Building & Improvements	20,701
Total	24,301
Accumulated Depreciation	(3,614)
Total Cost Net of Accumulated Depreciation	20,687
Mortgage Debt	0
Tucson, AZ | Homewood Suites
Initial Cost
Land	2,570
Building & Improvements	22,802
Cost Capitalized Subsequent to Acquisition	22
Total Cost
Land	2,570
Building & Improvements	22,824
Total	25,394
Accumulated Depreciation	(118)
Total Cost Net of Accumulated Depreciation	25,276
Mortgage Debt	0
Waltham, MA | Hilton Garden Inn
Initial Cost
Land	10,644
Building & Improvements	21,713
Cost Capitalized Subsequent to Acquisition	26
Total Cost
Land	10,644
Building & Improvements	21,739
Total	32,383
Accumulated Depreciation	(174)
Total Cost Net of Accumulated Depreciation	32,209
Mortgage Debt	$ 0

Schedule III - Real Estate an89

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Land, Buildings and Improvements, and Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
ASSET BASIS
Balance at beginning of period	$ 1,848,673	$ 1,683,803	$ 1,527,569
Additions to land, buildings and improvements	636,389	290,486	273,902
Disposition of land, buildings and improvements	(129,339)	(125,039)	(116,553)
Impairment loss	0	(577)	(1,115)
Balance at end of period	2,355,723	1,848,673	1,683,803
ACCUMULATED DEPRECIATION
Balance at beginning of period	241,760	212,207	179,455
Depreciation	85,524	72,063	63,675
Depreciation on assets sold or disposed	(37,218)	(42,510)	(30,923)
Balance at end of period	290,066	$ 241,760	$ 212,207
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes	$ 2,137,100
Hotel building and improvements | Minimum
ACCUMULATED DEPRECIATION
Useful lives	6 years
Hotel building and improvements | Maximum
ACCUMULATED DEPRECIATION
Useful lives	40 years
Furniture and equipment | Minimum
ACCUMULATED DEPRECIATION
Useful lives	2 years
Furniture and equipment | Maximum
ACCUMULATED DEPRECIATION
Useful lives	15 years