Summit Hotel Properties (INN) 10-K 26 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 18, 2019	Jun. 30, 2018
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, 2018
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	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			$ 1,471,222,849
Entity Common Stock, Shares Outstanding		104,783,179
Entity Shell Company	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Investment in hotel properties, net	$ 2,065,554	$ 2,059,492
Investment in hotel properties under development	0	23,793
Undeveloped land	2,267	2,942
Assets held for sale, net	7,633	1,193
Investment in real estate loans, net	30,700	12,356
Cash and cash equivalents	44,088	36,545
Restricted cash	28,468	29,462
Trade receivables, net	13,978	16,985
Prepaid expenses and other	10,111	9,454
Deferred charges, net	4,691	5,221
Other assets	14,807	12,431
Total assets	2,222,297	2,209,874
Liabilities:
Debt, net of debt issuance costs	958,712	868,236
Accounts payable	5,391	7,774
Accrued expenses and other	66,050	56,488
Total liabilities	1,030,153	932,498
Commitments and contingencies (Note 10)
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, 104,783,179 and 104,287,128 shares issued and outstanding at December 31, 2018 and 2017, respectively	1,048	1,043
Additional paid-in capital	1,185,310	1,262,679
Accumulated other comprehensive (loss) income	(1,441)	1,451
Retained earnings	4,838	9,201
Total stockholders’ equity	1,189,849	1,274,502
Non-controlling interests in operating partnership	2,295	2,874
Total equity	1,192,144	1,277,376
Total liabilities and equity	2,222,297	2,209,874
7.125% Series C Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	0	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	$ 64

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
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	104,783,179	104,287,128
Common stock, shares outstanding	104,783,179	104,287,128
7.125% Series C Preferred Stock
Preferred stock, shares issued		3,400,000
Preferred stock, shares outstanding		3,400,000
Preferred stock, aggregate liquidation preference (in dollars)		$ 85,522
Preferred stock, dividend rate (as a percent)		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	6,400,000
Preferred stock, shares outstanding	6,400,000	6,400,000
Preferred stock, aggregate liquidation preference (in dollars)	$ 160,861	$ 160,861
Preferred stock, dividend rate (as a percent)	6.25%	6.25%

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Revenues	$ 567,270	$ 515,377	$ 473,935
Expenses:
Property taxes, insurance and other	43,339	37,419	30,250
Depreciation and amortization	101,013	85,927	72,406
Corporate general and administrative	21,509	19,597	19,292
Hotel property acquisition costs	0	354	3,492
Loss on impairment of assets	1,075	0	577
Total expenses	483,545	431,482	391,448
Gain on disposal of assets, net	41,474	43,209	49,855
Operating income	125,199	127,104	132,342
Other income (expense):
Interest expense	(41,944)	(29,687)	(28,091)
Other income, net	6,949	3,778	2,560
Total other expense	(34,995)	(25,909)	(25,531)
Income from continuing operations before income taxes	90,204	101,195	106,811
Income tax benefit (expense) (Note 13)	922	(1,674)	1,450
Net income	91,126	99,521	108,261
Non-controlling interest in Operating Partnership	(205)	(307)	(456)
Net income attributable to Summit Hotel Properties, Inc.	90,921	99,214	107,805
Preferred dividends	(16,671)	(17,408)	(18,232)
Premium on redemption of preferred stock	(3,277)	(2,572)	(2,125)
Net income attributable to common stockholders	$ 70,973	$ 79,234	$ 87,448
Earnings per share:
Basic and diluted (in dollars per share)	$ 0.68	$ 0.79	$ 1
Weighted average common shares outstanding:
Basic (in shares)	103,623	99,406	86,874
Diluted (in shares)	103,842	99,780	87,343
Dividends per share (in dollars per share)	$ 0.72	$ 0.67	$ 0.55
Room
Revenues:
Revenues	$ 523,439	$ 479,934	$ 443,270
Expenses:
Hotel operating expenses	119,724	108,715	97,358
Food and beverage
Revenues:
Revenues	24,773	21,919	19,777
Expenses:
Hotel operating expenses	19,447	17,002	14,841
Other
Revenues:
Revenues	19,058	13,524	10,888
Expenses:
Hotel operating expenses	158,917	144,258	134,420
Management fees
Expenses:
Hotel operating expenses	$ 18,521	$ 18,210	$ 18,812

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 91,126	$ 99,521	$ 108,261
Other comprehensive income, net of tax:
Changes in fair value of derivative financial instruments	(2,900)	2,437	693
Comprehensive income	88,226	101,958	108,954
Comprehensive income attributable to non-controlling interests:
Less - Comprehensive income attributable to non-controlling interest in Operating Partnership	(197)	(316)	(460)
Comprehensive income attributable to Summit Hotel Properties, Inc.	88,029	101,642	108,494
Preferred dividends	(16,671)	(17,408)	(18,232)
Premium on redemption of preferred stock	(3,277)	(2,572)	(2,125)
Comprehensive income attributable to common stockholders	$ 68,081	$ 81,662	$ 88,137

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, 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)										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
Dividends paid	(66,713)					(66,467)	(66,467)	(246)
Equity-based compensation	4,221		$ 5	4,194			4,199	22
Shares acquired for employee withholding requirements	(1,265)		$ (1)	(1,264)			(1,265)
Shares acquired for employee withholding requirements (in shares)			(61,622)
Equity-based compensation (in shares)			522,748
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
Shares acquired for employee withholding requirements	$ (961)		$ (1)	(960)			(961)
Shares acquired for employee withholding requirements (in shares)	(59,111)		(59,111)
Equity-based compensation (in shares)			397,448
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
Changes in equity
Sale of stock (in shares)	0
Redemption of preferred stock	$ (85,000)	$ (34)		(81,689)		(3,277)	(85,000)
Redemption of preferred stock (in shares)		(3,400,000)
Common stock redemption of common units			$ 1	576			577	(577)
Common stock redemption of common units (in shares)	64,126		64,126
Dividends paid	$ (92,225)					(92,007)	(92,007)	(218)
Equity-based compensation	6,665		$ 6	6,640			6,646	19
Shares acquired for employee withholding requirements	$ (2,724)		$ (2)	(2,722)			(2,724)
Shares acquired for employee withholding requirements (in shares)	(187,850)		(187,850)
Equity-based compensation (in shares)			619,775
Other	$ (174)			(174)			(174)
Other comprehensive income (loss)	(2,900)				(2,892)		(2,892)	(8)
Net income	91,126					90,921	90,921	205
Balance at end of year at Dec. 31, 2018	$ 1,192,144	$ 94	$ 1,048	$ 1,185,310	$ (1,441)	$ 4,838	$ 1,189,849	$ 2,295
Balance (in shares) at Dec. 31, 2018		9,400,000	104,783,179

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
OPERATING ACTIVITIES
Net income	$ 91,126	$ 99,521	$ 108,261
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101,013	85,927	72,406
Amortization of deferred financing costs	1,973	2,022	2,143
Loss on impairment of assets	1,075	0	577
Equity-based compensation	6,665	5,887	4,221
Deferred tax asset, net	(430)	887	(2,391)
Realization of deferred gain	0	(15,000)	(5,000)
Gain on disposal of assets, net	(41,474)	(28,209)	(44,855)
Non-cash interest income	(2,045)	(284)	0
Other	1,171	323	180
Changes in operating assets and liabilities:
Trade receivables, net	2,787	(5,032)	(2,655)
Prepaid expenses and other	(1,127)	(2,454)	(626)
Accounts payable	(424)	(491)	1,676
Accrued expenses and other	1,341	4,595	2,803
NET CASH PROVIDED BY OPERATING ACTIVITIES	161,651	147,692	136,740
INVESTING ACTIVITIES
Acquisitions of hotel properties	(71,002)	(588,822)	(244,714)
Improvements to hotel properties	(66,610)	(37,191)	(42,433)
Investment in hotel properties under development	(13,430)	(20,993)	0
Proceeds from asset dispositions, net of closing costs	104,030	120,733	145,347
Funding of real estate loans	(16,245)	(17,935)	(27,500)
Proceeds from repayment or sale of real estate loans	200	32,500	7,814
Decrease in escrow deposits for acquisitions	0	0	10,046
NET CASH USED IN INVESTING ACTIVITIES	(63,057)	(511,708)	(151,440)
FINANCING ACTIVITIES
Proceeds from issuance of debt	815,000	667,640	405,000
Principal payments on debt	(723,098)	(452,082)	(424,545)
Proceeds from equity offerings, net of issuance costs	0	318,307	161,347
Redemption of preferred stock	(85,000)	(75,025)	(50,000)
Dividends paid	(92,245)	(85,635)	(66,713)
Financing fees on debt and other issuance costs	(3,978)	(1,796)	(1,948)
Repurchase of common shares for withholding requirements	(2,724)	(961)	(1,265)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(92,045)	370,448	21,876
Net change in cash, cash equivalents and restricted cash	6,549	6,432	7,176
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	66,007	59,575	52,399
End of period	72,556	66,007	59,575
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	38,743	27,362	26,156
Accrued acquisition costs and improvements to hotel properties	6,084	7,074	3,071
Capitalized interest	446	301	0
Cash payments for income taxes, net of refunds	$ 839	$ 623	$ 1,228

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2018
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, 2018 , our portfolio consisted of 77 hotels with a total of 11,659 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, 2018
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. 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 undeveloped land 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, v) changes in values of comparable land sales, and vi) 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, third party appraisals, 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 undeveloped land 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. On January 1, 2018, we adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . As a result, we report changes in cash, cash equivalents and restricted cash on our Consolidated Statement of Cash Flows. 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, 2018 and 2017 . Bad debt expense was $0.6 million , $0.7 million and $0.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Notes Receivables We selectively provide mezzanine lending to developers, where we may also have the opportunity to acquire the hotel at or after the completion of the development project, and we also may provide seller financing under limited circumstances. We classify notes receivable as held-to-maturity and carry the notes receivable at cost less the unamortized discount, if any. We routinely evaluate our notes receivable for potential specific credit or collection issues that may indicate an impairment. Losses on notes receivable are recognized when incurred based on our best estimate of probable impairment. 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 On January 1, 2018, we adopted ASU No. 2014-09, Revenue from Contracts with Customers . In accordance with ASU No. 2014-09, revenues from the operation of our hotels are recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales, and other hotel revenues and are presented on a disaggregated basis on our Consolidated Statements of Operations. Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy hotel rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night. Food and beverage revenues are generated when customers purchase food and beverage at a hotel's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers. Other revenues such as for parking, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services such as parking at certain hotels are provided by third parties and we assesses whether we are the principal or agent in such arrangements. If we are determined to be the agent, revenue is recognized based upon the commission paid to us by the third party for the services rendered to our customers. If we are determined to be the principal, revenues are recognized based upon the gross contract price of the service provided. Certain of our hotels have retail spaces, restaurants or other spaces that we lease to third parties. Lease revenues are recognized on a straight­ line basis over the respective lease terms and are included in Other income on our Consolidated Statement of Operations. Cash received prior to customer arrival is recorded as an advance deposit 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 initial public offering 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. On January 1, 2018, we adopted ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting . As such, we account for certain changes to share-based payment awards using modification accounting, which may result in incremental stock-based compensation expense based on the remeasurement of the award on the modification date. 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 adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . Accordingly, beginning in 2017, the change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts deferred in Other comprehensive income will be reclassified to Interest expense in our Condensed 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 was reduced to 21%, (2) the highest marginal individual income tax rate was reduced to 37% (through taxable years ending in 2025), (3) the corporate alternative minimum tax was repealed, and (4) the backup withholding rate for U.S. stockholders was 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 our TRS and any other TRS that we form. The reduced 21% federal income tax rate applicable to corporations applies to taxable earnings reported for the full 2018 fiscal year. Accordingly, we remeasured our net deferred tax assets as a result of the TCJA at December 31, 2017 using the lower federal tax rate that will apply when the deferred tax assets are expected to be realized. At September 30, 2018, we completed our accounting for all the enactment-date income tax effects of the act under ASC 740, Income Taxes . No additional adjustments were necessary for the year ended December 31, 2018. 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 6 — Debt”), the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates. On January 1, 2018, we adopted ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . Accordingly, we have elected a measurement alternative for equity investments, such as our purchase options, that do not have readily determinable fair values. Under the alternative, our purchase options are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer, if any. 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 the Consolidated Statements of Operations in previous periods have been disaggregated and reclassified to conform to the current period presentation. Revenues have been disaggregated into Rooms, Food and beverage, and Other. Direct and Indirect expense has been reclassified into Room, Food and beverage, and Other hotel operating expenses. Property taxes, insurance and other, and Management expenses are also separately reported. Additionally, Gain on disposal of assets, net has been reclassified from other income into operating income. We have also reclassified certain intangible assets related to our acquisitions of hotel properties from Other assets to Investment in hotel properties, net, on the Consolidated Balance Sheet. See "Note 3 - Investment in Hotel Properties, net" of our Consolidated Financial Statements for further details. These reclassifications, made at December 31, 2018 and for the year then ended, had no net effect on the previously reported financial position or results of operations. New Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , 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. We adopted ASU No. 2016-02 on January 1, 2019. We applied 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 adoption of ASU No. 2016-02 will result in the recognition of incremental right-of-use assets and related lease liabilities of approximately $24.0 million on the Consolidated Balance Sheet as of January 1, 2019. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which clarifies when an entity recognizes a credit loss on certain financial assets. ASU 2016-13 is effective for our fiscal year commencing on January 1, 2020, with early adoption permitted. The adoption of ASU No. 2016-13 will not have a material effect on our consolidated financial position or results of operations. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which clarifies how an entity should measure certain equity securities. ASU 2018-03 is effective for our fiscal year commencing on January 1, 2019. We early adopted ASU No. 2018-03 for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2018-03 did not have a material effect on our consolidated financial position or results of operations. In August 2018, the FASB issued ASU No. 2018-15, Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement , which clarifies how an entity should account for fees paid in a cloud computing arrangement. ASU 2018-15 is effective for our fiscal year commencing on January 1, 2020, with early adoption permitted. The adoption of ASU No. 2018-15 will not have a material effect on our consolidated financial position or results of operations.

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
INVESTMENT IN HOTEL PROPERTIES	INVESTMENT IN HOTEL PROPERTIES Investment in Hotel Properties, net Investment in hotel properties, net at December 31, 2018 and 2017 include (in thousands): 2018 2017 Land $ 288,833 $ 272,932 Hotel buildings and improvements 1,916,194 1,868,273 Intangible assets 22,064 22,764 Construction in progress 21,059 12,464 Furniture, fixtures and equipment 165,026 174,126 2,413,176 2,350,559 Less - accumulated depreciation (347,622 ) (291,067 ) $ 2,065,554 $ 2,059,492 Depreciation expense was $100.5 million , $85.5 million , and $72.1 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Intangible assets included in Investment in hotel properties, net in our Consolidated Balance Sheets include the following (in thousands): Weighted Average Amortization Period (in Years) 2018 2017 Intangible assets: Air rights (1) n/a $ 10,754 $ 10,754 Favorable leases (2) 41.5 10,550 10,569 In-place lease agreements 3.9 680 1,361 Other n/a 80 80 22,064 22,764 Less - accumulated amortization (1,108 ) (1,001 ) Intangible assets, net $ 20,956 $ 21,763 (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 are recorded on contracts assumed as part of the acquisition of certain hotels. Above-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 are amortized over the remaining non-cancelable term of the related contracts. Future amortization expense is expected to be as follows (in thousands): Finite-Lived Intangible Assets 2019 $ 399 2020 362 2021 360 2022 274 2023 274 Thereafter 8,453 $ 10,122 Hotel Property Acquisitions Hotel property acquisitions in 2018 and 2017 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Year Ended December 31, 2018 September 12, 2018 Residence Inn by Marriott Boston (Watertown), MA 150 $ 71,000 (1) 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 Portfolio Purchase - five properties (3) various (3) 812 163,000 July 13, 2017 AC Hotel by Marriott Atlanta, GA 255 57,500 November 14, 2017 Portfolio Purchase - four properties (4) various (4) 652 164,000 2,442 $ 585,950 (2) (1) The net assets acquired totaled $71.0 million due to the purchase at settlement of $0.1 million of net working capital liabilities and capitalized transaction costs of $0.1 million . (2) 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 . (3) On June 21, 2017, we acquired a portfolio of five hotels for an aggregate purchase price of $163.0 million . The hotels acquired included the Courtyard by Marriott - Fort Worth, TX, the Courtyard by Marriott - Kansas City, MO, the Courtyard by Marriott - Pittsburgh, PA, the Hampton Inn & Suites - Baltimore, MD, and the Residence Inn by Marriott - Baltimore, MD. (4) On November 14, 2017, we acquired a portfolio of four hotels for an aggregate purchase price of $164.0 million . The hotels acquired included the Courtyard by Marriott - New Haven, CT, the Hilton Garden Inn - Waltham, MA, the Homewood Suites - Tucson, AZ, and the Residence Inn by Marriott - Cleveland, OH. 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): 2018 2017 Land $ 25,083 $ 98,639 Hotel buildings and improvements 42,676 447,477 Intangible assets — 16,162 Furniture, fixtures and equipment 3,300 26,546 Other assets 123 2,738 Total assets acquired 71,182 591,562 Less other liabilities (180 ) (2,740 ) Net assets acquired $ 71,002 $ 588,822 All hotel purchases completed in 2018 and 2017 were deemed to be the acquisition of assets. Therefore, acquisition costs related to these transactions have been capitalized as part of the recorded amount of the acquired assets. 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 pro forma information includes operating results for 77 hotels owned as of December 31, 2018 as if all such hotels had been owned by us since January 1, 2017. For hotels acquired by us after January 1, 2017 (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, 2017 to the date the Acquired Hotels were purchased by us (the "Preacquisition Period"). The financial results for the Pre-Acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by us and such information has not been audited or reviewed by our auditors or adjusted by us. For hotels sold by us between January 1, 2017 and December 31, 2018 (the "Disposed Hotels"), the unaudited pro forma information excludes the financial results, including gains on disposal of assets, of each of the Disposed Hotels for the period of ownership by us from January 1, 2017 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, 2017. The pro forma amounts exclude the gain or loss on the sale of hotel properties during the years ended December 31, 2017 and 2018. This information does not purport to be indicative of or represent results of operations for future periods. The unaudited condensed pro forma financial information for the 77 hotel properties owned at December 31, 2018 for the twelve months ended December 31, 2018 and 2017 is as follows (in thousands, except per share): 2018 2017 Revenues $ 557,262 $ 546,101 Income from hotel operations $ 205,941 $ 206,262 Net income (1) $ 48,979 $ 74,356 Net income attributable to common stockholders, net of amount allocated to participating securities (1) (2) $ 28,676 $ 53,873 Basic and diluted net income per share attributable to common stockholders (1) (2) $ 0.28 $ 0.54 (1) Pro forma amounts include depreciation expense, property tax expense, interest expense, income tax expense, and corporate general and administrative expenses totaling $194.4 million and $164.0 million for the twelve months ended December 31, 2018 and 2017, respectively. (2) Pro forma amounts for the twelve months ended December 31, 2018 and 2017 include the effect of the premium on redemption of preferred stock of $3.3 million and $2.6 million , respectively. Recently Developed Property We completed the development and commenced operations of the new 168 -guestroom Hyatt House Across From Orlando Universal Resort™ on June 27, 2018. The total construction cost for this hotel was $32.8 million , excluding land that we acquired in a prior-year transaction. The carrying amount for this hotel includes internal capitalized costs of $1.6 million . Total costs of $37.2 million , including the carrying amount of the land of $2.8 million , were reclassified as Investment in hotel properties, net upon completion of construction. Asset Sales A summary of the dispositions in 2018 and 2017 follows (dollars in thousands): Disposition Date Franchise/Brand Location Guestrooms Gross Sales Price Aggregate Gain, net Year Ended December 31, 2018 June 29, 2018 Portfolio Sale - two properties (1) various (1) 175 $ 18,950 $ 13,133 June 29, 2018 Portfolio Sale - two properties (2) Duluth, GA (2) 265 24,850 4,218 July 24, 2018 Portfolio Sale - three properties (3) various (3) 322 46,500 22,964 September 28, 2018 Hyatt Place Fort Myers, FL 148 16,500 2,195 November 7, 2018 Land parcel Spokane, WA n/a 450 139 Total 910 $ 107,250 $ 42,649 Year Ended December 31, 2017 March 30, 2017 Hyatt Place Atlanta, GA 150 $ 14,500 $ 4,781 April 27, 2017 HIT Portfolio Sale - seven properties (4) various (4) 651 66,753 15,986 June 2, 2017 Courtyard by Marriott El Paso, TX 90 11,150 363 July 21, 2017 Portfolio Sale - three properties (5) Fort Worth, TX (5) 273 27,750 8,133 Total 1,164 $ 120,153 $ 29,263 (1) The portfolio included the Hampton Inn in Provo, UT and the Holiday Inn Express & Suites in Sandy, UT. (2) The portfolio included the Holiday Inn in Duluth, GA and the Hilton Garden Inn in Duluth, GA. We provided seller financing of $3.6 million on the sale of these properties under two three-and-a-half-year second mortgage notes with a blended interest rate of 7.38% . (3) The portfolio included the Hampton Inn & Suites in Smyrna, TN, the Hilton Garden Inn in Smyrna, TN and the Hyatt Place Phoenix North in Phoenix, AZ. The proceeds from these sales were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of $22.2 million . (4) The portfolio sale completed our dispositions to Hospitality Investors Trust, Inc.. The proceeds from these sales were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of $20.8 million . See below for further information. (5) The portfolio included the Fairfield Inn & Suites, the Hampton Inn & Suites and the Hilton Garden Inn in Fort Worth, TX. The proceeds from these sales were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of $8.6 million . Dispositions to Affiliates of Hospitality Investors Trust, Inc. (formerly American Realty Capital Hospitality Trust, Inc.) On June 8, 2015, we entered into multiple sales agreements with affiliates of Hospitality Investors Trust Inc. ("HIT") for the sale of a portfolio of hotels to HIT. The agreements were modified on various occasions between 2015 and 2017 such that we sold 23 hotels containing 2,448 guestrooms to HIT in three tranches over that time period for a combined sales price of approximately $325.1 million (collectively, the “HIT Sale”) as follows (dollars in thousands): Tranche Closing Date Hotels Sold Combined Sales Price 1 October 2015 10 $ 150,000 2 February 2016 6 108,300 3 April 2017 7 66,800 23 $ 325,100 In connection with the HIT Sale, the Operating Partnership entered into a loan agreement with HIT, as borrower, which provided for a loan by us to HIT in the amount of $27.5 million (the “Loan”). The proceeds from the Loan were 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 in the second tranche; and (ii) the remaining $7.5 million was applied by HIT to fund the escrow deposit required for the purchase of the seven hotels in the third tranche. We deferred $20.0 million of gain from the sale of the hotels in the second tranche as a result of the Loan structure. We recognized the deferred gain as principal payments on the Loan were received, and we recognized the final $15.0 million of gain when the Loan was paid in full on March 31, 2017. Loss on Impairment of Assets At December 31, 2018, we determined that the carrying amounts of land parcels in San Antonio, TX and Flagstaff, AZ were in excess of the estimated net fair market values of the properties based on comparable sale prices. As such, we recognized a loss on impairment of assets of $1.1 million in our Consolidated Statement of Operations for the year ended December 31, 2018. INVESTMENT IN REAL ESTATE LOANS Investment in real estate loans, net at December 31, 2018 and 2017 includes (in thousands): 2018 2017 Real estate loans $ 34,650 $ 18,150 Unamortized discount (3,950 ) (5,794 ) $ 30,700 $ 12,356 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, 2018, we have funded the full amount of $29.6 million . We have separate options related to each loan (each the "Initial Option") to purchase a 90% interest in each joint venture that owns the respective hotel 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 $2.0 million and $0.3 million during the years ended December 31, 2018 and 2017, respectively. We intend to hold our Investment in Real Estate Loans to maturity and therefor, such loans are recorded as held-to-maturity. On June 29, 2018 we sold the Holiday Inn Duluth, GA and the Hilton Garden Inn in Duluth, GA for an aggregate selling price of $24.9 million . We provided seller financing of $3.6 million on the sale of these properties under two three-and-a-half-year second mortgage notes with a blended interest rate of 7.38% . The amortized cost bases of our Investment in Real Estate Loans approximate their fair value. The amortized cost bases and fair value of our Investment in Real Estate Loans at December 31, 2018, by contractual maturity are as follows: $2.1 million in 2019, $26.3 million in 2020 and $2.3 million in 2021.

INVESTMENT IN REAL ESTATE LOANS

INVESTMENT IN REAL ESTATE LOANS	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE LOANS	INVESTMENT IN HOTEL PROPERTIES Investment in Hotel Properties, net Investment in hotel properties, net at December 31, 2018 and 2017 include (in thousands): 2018 2017 Land $ 288,833 $ 272,932 Hotel buildings and improvements 1,916,194 1,868,273 Intangible assets 22,064 22,764 Construction in progress 21,059 12,464 Furniture, fixtures and equipment 165,026 174,126 2,413,176 2,350,559 Less - accumulated depreciation (347,622 ) (291,067 ) $ 2,065,554 $ 2,059,492 Depreciation expense was $100.5 million , $85.5 million , and $72.1 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Intangible assets included in Investment in hotel properties, net in our Consolidated Balance Sheets include the following (in thousands): Weighted Average Amortization Period (in Years) 2018 2017 Intangible assets: Air rights (1) n/a $ 10,754 $ 10,754 Favorable leases (2) 41.5 10,550 10,569 In-place lease agreements 3.9 680 1,361 Other n/a 80 80 22,064 22,764 Less - accumulated amortization (1,108 ) (1,001 ) Intangible assets, net $ 20,956 $ 21,763 (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 are recorded on contracts assumed as part of the acquisition of certain hotels. Above-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 are amortized over the remaining non-cancelable term of the related contracts. Future amortization expense is expected to be as follows (in thousands): Finite-Lived Intangible Assets 2019 $ 399 2020 362 2021 360 2022 274 2023 274 Thereafter 8,453 $ 10,122 Hotel Property Acquisitions Hotel property acquisitions in 2018 and 2017 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Year Ended December 31, 2018 September 12, 2018 Residence Inn by Marriott Boston (Watertown), MA 150 $ 71,000 (1) 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 Portfolio Purchase - five properties (3) various (3) 812 163,000 July 13, 2017 AC Hotel by Marriott Atlanta, GA 255 57,500 November 14, 2017 Portfolio Purchase - four properties (4) various (4) 652 164,000 2,442 $ 585,950 (2) (1) The net assets acquired totaled $71.0 million due to the purchase at settlement of $0.1 million of net working capital liabilities and capitalized transaction costs of $0.1 million . (2) 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 . (3) On June 21, 2017, we acquired a portfolio of five hotels for an aggregate purchase price of $163.0 million . The hotels acquired included the Courtyard by Marriott - Fort Worth, TX, the Courtyard by Marriott - Kansas City, MO, the Courtyard by Marriott - Pittsburgh, PA, the Hampton Inn & Suites - Baltimore, MD, and the Residence Inn by Marriott - Baltimore, MD. (4) On November 14, 2017, we acquired a portfolio of four hotels for an aggregate purchase price of $164.0 million . The hotels acquired included the Courtyard by Marriott - New Haven, CT, the Hilton Garden Inn - Waltham, MA, the Homewood Suites - Tucson, AZ, and the Residence Inn by Marriott - Cleveland, OH. 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): 2018 2017 Land $ 25,083 $ 98,639 Hotel buildings and improvements 42,676 447,477 Intangible assets — 16,162 Furniture, fixtures and equipment 3,300 26,546 Other assets 123 2,738 Total assets acquired 71,182 591,562 Less other liabilities (180 ) (2,740 ) Net assets acquired $ 71,002 $ 588,822 All hotel purchases completed in 2018 and 2017 were deemed to be the acquisition of assets. Therefore, acquisition costs related to these transactions have been capitalized as part of the recorded amount of the acquired assets. 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 pro forma information includes operating results for 77 hotels owned as of December 31, 2018 as if all such hotels had been owned by us since January 1, 2017. For hotels acquired by us after January 1, 2017 (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, 2017 to the date the Acquired Hotels were purchased by us (the "Preacquisition Period"). The financial results for the Pre-Acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by us and such information has not been audited or reviewed by our auditors or adjusted by us. For hotels sold by us between January 1, 2017 and December 31, 2018 (the "Disposed Hotels"), the unaudited pro forma information excludes the financial results, including gains on disposal of assets, of each of the Disposed Hotels for the period of ownership by us from January 1, 2017 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, 2017. The pro forma amounts exclude the gain or loss on the sale of hotel properties during the years ended December 31, 2017 and 2018. This information does not purport to be indicative of or represent results of operations for future periods. The unaudited condensed pro forma financial information for the 77 hotel properties owned at December 31, 2018 for the twelve months ended December 31, 2018 and 2017 is as follows (in thousands, except per share): 2018 2017 Revenues $ 557,262 $ 546,101 Income from hotel operations $ 205,941 $ 206,262 Net income (1) $ 48,979 $ 74,356 Net income attributable to common stockholders, net of amount allocated to participating securities (1) (2) $ 28,676 $ 53,873 Basic and diluted net income per share attributable to common stockholders (1) (2) $ 0.28 $ 0.54 (1) Pro forma amounts include depreciation expense, property tax expense, interest expense, income tax expense, and corporate general and administrative expenses totaling $194.4 million and $164.0 million for the twelve months ended December 31, 2018 and 2017, respectively. (2) Pro forma amounts for the twelve months ended December 31, 2018 and 2017 include the effect of the premium on redemption of preferred stock of $3.3 million and $2.6 million , respectively. Recently Developed Property We completed the development and commenced operations of the new 168 -guestroom Hyatt House Across From Orlando Universal Resort™ on June 27, 2018. The total construction cost for this hotel was $32.8 million , excluding land that we acquired in a prior-year transaction. The carrying amount for this hotel includes internal capitalized costs of $1.6 million . Total costs of $37.2 million , including the carrying amount of the land of $2.8 million , were reclassified as Investment in hotel properties, net upon completion of construction. Asset Sales A summary of the dispositions in 2018 and 2017 follows (dollars in thousands): Disposition Date Franchise/Brand Location Guestrooms Gross Sales Price Aggregate Gain, net Year Ended December 31, 2018 June 29, 2018 Portfolio Sale - two properties (1) various (1) 175 $ 18,950 $ 13,133 June 29, 2018 Portfolio Sale - two properties (2) Duluth, GA (2) 265 24,850 4,218 July 24, 2018 Portfolio Sale - three properties (3) various (3) 322 46,500 22,964 September 28, 2018 Hyatt Place Fort Myers, FL 148 16,500 2,195 November 7, 2018 Land parcel Spokane, WA n/a 450 139 Total 910 $ 107,250 $ 42,649 Year Ended December 31, 2017 March 30, 2017 Hyatt Place Atlanta, GA 150 $ 14,500 $ 4,781 April 27, 2017 HIT Portfolio Sale - seven properties (4) various (4) 651 66,753 15,986 June 2, 2017 Courtyard by Marriott El Paso, TX 90 11,150 363 July 21, 2017 Portfolio Sale - three properties (5) Fort Worth, TX (5) 273 27,750 8,133 Total 1,164 $ 120,153 $ 29,263 (1) The portfolio included the Hampton Inn in Provo, UT and the Holiday Inn Express & Suites in Sandy, UT. (2) The portfolio included the Holiday Inn in Duluth, GA and the Hilton Garden Inn in Duluth, GA. We provided seller financing of $3.6 million on the sale of these properties under two three-and-a-half-year second mortgage notes with a blended interest rate of 7.38% . (3) The portfolio included the Hampton Inn & Suites in Smyrna, TN, the Hilton Garden Inn in Smyrna, TN and the Hyatt Place Phoenix North in Phoenix, AZ. The proceeds from these sales were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of $22.2 million . (4) The portfolio sale completed our dispositions to Hospitality Investors Trust, Inc.. The proceeds from these sales were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of $20.8 million . See below for further information. (5) The portfolio included the Fairfield Inn & Suites, the Hampton Inn & Suites and the Hilton Garden Inn in Fort Worth, TX. The proceeds from these sales were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of $8.6 million . Dispositions to Affiliates of Hospitality Investors Trust, Inc. (formerly American Realty Capital Hospitality Trust, Inc.) On June 8, 2015, we entered into multiple sales agreements with affiliates of Hospitality Investors Trust Inc. ("HIT") for the sale of a portfolio of hotels to HIT. The agreements were modified on various occasions between 2015 and 2017 such that we sold 23 hotels containing 2,448 guestrooms to HIT in three tranches over that time period for a combined sales price of approximately $325.1 million (collectively, the “HIT Sale”) as follows (dollars in thousands): Tranche Closing Date Hotels Sold Combined Sales Price 1 October 2015 10 $ 150,000 2 February 2016 6 108,300 3 April 2017 7 66,800 23 $ 325,100 In connection with the HIT Sale, the Operating Partnership entered into a loan agreement with HIT, as borrower, which provided for a loan by us to HIT in the amount of $27.5 million (the “Loan”). The proceeds from the Loan were 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 in the second tranche; and (ii) the remaining $7.5 million was applied by HIT to fund the escrow deposit required for the purchase of the seven hotels in the third tranche. We deferred $20.0 million of gain from the sale of the hotels in the second tranche as a result of the Loan structure. We recognized the deferred gain as principal payments on the Loan were received, and we recognized the final $15.0 million of gain when the Loan was paid in full on March 31, 2017. Loss on Impairment of Assets At December 31, 2018, we determined that the carrying amounts of land parcels in San Antonio, TX and Flagstaff, AZ were in excess of the estimated net fair market values of the properties based on comparable sale prices. As such, we recognized a loss on impairment of assets of $1.1 million in our Consolidated Statement of Operations for the year ended December 31, 2018. INVESTMENT IN REAL ESTATE LOANS Investment in real estate loans, net at December 31, 2018 and 2017 includes (in thousands): 2018 2017 Real estate loans $ 34,650 $ 18,150 Unamortized discount (3,950 ) (5,794 ) $ 30,700 $ 12,356 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, 2018, we have funded the full amount of $29.6 million . We have separate options related to each loan (each the "Initial Option") to purchase a 90% interest in each joint venture that owns the respective hotel 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 $2.0 million and $0.3 million during the years ended December 31, 2018 and 2017, respectively. We intend to hold our Investment in Real Estate Loans to maturity and therefor, such loans are recorded as held-to-maturity. On June 29, 2018 we sold the Holiday Inn Duluth, GA and the Hilton Garden Inn in Duluth, GA for an aggregate selling price of $24.9 million . We provided seller financing of $3.6 million on the sale of these properties under two three-and-a-half-year second mortgage notes with a blended interest rate of 7.38% . The amortized cost bases of our Investment in Real Estate Loans approximate their fair value. The amortized cost bases and fair value of our Investment in Real Estate Loans at December 31, 2018, by contractual maturity are as follows: $2.1 million in 2019, $26.3 million in 2020 and $2.3 million in 2021.

SUPPLEMENTAL BALANCE SHEET INFO

SUPPLEMENTAL BALANCE SHEET INFORMATION	12 Months Ended
	Dec. 31, 2018
Balance Sheet Related Disclosures [Abstract]
SUPPLEMENTAL BALANCE SHEET INFORMATION	SUPPLEMENTAL BALANCE SHEET INFORMATION Assets Held for Sale, net Assets held for sale at December 31, 2018 and 2017 include the following (in thousands): 2018 2017 Land $ 2,442 $ 1,193 Hotel building and improvements 7,929 — Furniture, fixtures and equipment 2,519 — Franchise fees 131 — 13,021 1,193 Less - accumulated depreciation and amortization (5,388 ) — $ 7,633 $ 1,193 Assets held for sale at December 31, 2018 included a land parcel in Flagstaff, AZ, which is being actively marketed for sale, and two hotels that we are under contract to sell. Assets held for sale at December 31, 2017 included land parcels in Spokane, WA and Flagstaff, AZ. On February 12, 2019, we completed the sale of the two hotel properties included in Assets held for sale at December 31, 2018, the Country Inn & Suites - Charleston, WV and the Holiday Inn Express - Charleston, WV, for an aggregate sales price of $11.6 million . Restricted Cash Restricted cash at December 31, 2018 and 2017 was as follows (in thousands): 2018 2017 FF&E reserves $ 24,386 $ 25,812 Property taxes 1,625 2,726 Other 2,457 924 $ 28,468 $ 29,462 Prepaid Expenses and Other Prepaid expenses and other at December 31, 2018 and 2017 included the following (in thousands): 2018 2017 Prepaid insurance $ 2,822 $ 3,020 Other 7,289 6,434 $ 10,111 $ 9,454 Deferred Charges Deferred charges at December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Initial franchise fees $ 6,463 $ 6,894 Less - accumulated amortization (1,772 ) (1,673 ) $ 4,691 $ 5,221 Amortization expense for the years ended December 31, 2018 , 2017 , and 2016 was $0.5 million , $0.4 million and $0.3 million , respectively. Other Assets Other assets at December 31, 2018 and 2017 included the following (in thousands): 2018 2017 Purchase options related to real estate loans $ 6,120 $ 6,078 Prepaid land lease 3,180 3,228 Deferred tax asset, net 2,046 1,616 Derivative financial instruments 3,461 1,509 $ 14,807 $ 12,431 Accrued Expenses and Other Accrued expenses and other at December 31, 2018 and 2017 included the following (in thousands): 2018 2017 Accrued property, sales and income taxes $ 19,570 $ 16,664 Accrued salaries and benefits 10,540 8,556 Other accrued expenses at hotels 13,288 15,509 Acquired unfavorable leases 4,623 4,717 Accrued interest 3,186 1,958 Derivative financial instruments 5,042 190 Other 9,801 8,894 $ 66,050 $ 56,488 Acquired unfavorable leases are being amortized using the straight-line method over a weighted average amortization period of 55.7 years . Future amortization is expected be $0.1 million annually for each of the next five years and $4.1 million thereafter.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
DEBT	DEBT At December 31, 2018 , our indebtedness is comprised of borrowings under a $600.0 million senior unsecured credit and term loan facility, the 2017 Term Loan (as defined below), the 2018 Term Loan (as defined below), and indebtedness secured by first priority mortgage liens on various hotel properties. At December 31, 2017, 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), the 2017 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 derivatives, for all borrowings was 4.27% and 3.89% at December 31, 2018 and 2017 , respectively. $600 Million Senior Unsecured Credit and Term Loan Facility On December 6, 2018, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the loan documentation as a subsidiary guarantor, entered into a $600.0 million senior unsecured facility (the “2018 Unsecured Credit Facility”). The 2018 Unsecured Credit Facility is comprised of a $400.0 million revolving credit facility (the “$400.0 Million Revolver”) and a $200.0 million term loan (the “$200 Million Term Loan”). At December 31, 2018, the maximum amount of borrowing provided by the 2018 Unsecured Credit Facility was $600.0 million , of which we had $315.0 million borrowed and $285.0 million available to borrow. The 2018 Unsecured Credit Facility has an accordion feature which will allow the Company to increase the total commitments by an aggregate of up to $300.0 million . The $400 Million Revolver will mature on March 31, 2023 and can be extended to March 31, 2024 at the Company’s option, subject to certain conditions. The $200 Million Term Loan will mature on April 1, 2024. The interest rate on the 2018 Unsecured Credit Facility is based on a pricing grid ranging from 135 basis points to 210 basis points plus LIBOR for the $200 Million Term Loan and 140 basis points to 215 basis points plus LIBOR for the $400 Million Revolver, depending upon the Company's leverage ratio. The interest rate at December 31, 2018 for the $200 Million Term Loan was 4.10% . Financial and Other Covenants . We are required to comply with various financial and other covenants to draw and maintain borrowings under the 2018 Unsecured Credit Facility. At December 31, 2018, we were in compliance with all financial covenants. Unencumbered Assets . The 2018 Unsecured Credit Facility is unsecured. However, borrowings under the 2018 Unsecured Credit Facility are limited by the value of hotel assets that qualify as unencumbered assets. At December 31, 2018, the Company had 56 unencumbered hotel properties (the "Unencumbered Properties") supporting the 2018 Unsecured Credit Facility. Former $450 Million Senior Unsecured Credit and Term Loan Facility At December 31, 2017, we had a $450.0 million senior unsecured facility (the “2016 Unsecured Credit Facility”). The 2016 Unsecured Credit Facility was 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 was replaced by the 2018 Unsecured Credit Facility (as defined below). The outstanding principal balance of $65.0 million on the 2016 Unsecured Credit Facility was transferred to the 2018 Unsecured Credit Facility and the 2016 Unsecured Credit Facility was paid off in full and terminated. Unsecured Term Loans 2018 Term Loan On February 15, 2018, 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 new $225.0 million unsecured term loan (the “2018 Term Loan”) with KeyBank National Association, as administrative agent, and a syndicate of lenders listed in the loan documentation. 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. 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. On May 16, 2018, we drew the remaining $85.0 million available under the 2018 Term Loan and used the proceeds to pay down the $300 Million Revolver. 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 interest rate at December 31, 2018 was 4.40% . Financial and Other Covenants . We are required to comply with various financial and other covenants to draw and maintain borrowings under the 2018 Term Loan. At December 31, 2018, we were in compliance with all financial covenants. 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. At December 31, 2018, the Unencumbered Properties also supported the 2018 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, and a syndicate of lenders listed in the loan documentation. 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 various financial and other covenants in order to borrow and maintain borrowings under the 2017 Term Loan. At December 31, 2018 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, 2018, 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, 2018 was 4.10% . 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 an unsecured term loan (the “2015 Term Loan”), with an original principal amount of $125.0 million , that was later increased to $140.0 million , upon exercise of an accordion feature. On February 15, 2018, we repaid the $140.0 million outstanding balance with funds received from the 2018 Term Loan. 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. During the year ended December 31, 2017, we had drawn $47.6 million on 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, 2018 and 2017 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, 12/31/2018 2018 2017 $600 Million Senior Unsecured Credit and Term Loan Facility Deutsche Bank AG New York Branch $400 Million Revolver 4.15% Variable n/a March 31, 2023 n/a $ 115,000 $ — $200 Million Term Loan 4.10% Variable n/a April 1, 2024 n/a 200,000 — Total Senior Unsecured Credit and Term Loan Facility 315,000 — $450 Million Senior Unsecured Credit and Term Loan Facility Deutsche Bank AG New York Branch $300 Million Revolver n/a n/a March 31, 2020 n/a $ — $ 15,000 $150 Million Term Loan n/a n/a March 31, 2021 n/a — 150,000 Total Senior Unsecured Credit and Term Loan Facility — 165,000 Unsecured Term Loan Term Loan (KeyBank National Association, as Administrative Agent) n/a n/a April 7, 2022 n/a — 140,000 Term Loan (KeyBank National Association, as Administrative Agent) 4.10% Variable n/a November 25, 2022 n/a 225,000 225,000 Term Loan (KeyBank National Association, as Administrative Agent) 4.40% Variable n/a February 14, 2025 n/a 225,000 — Secured Mortgage Indebtedness Voya (1) n/a n/a March 1, 2019 n/a — 40,015 (1) n/a n/a March 1, 2019 n/a — 35,865 (1) n/a n/a March 1, 2019 n/a — 23,130 (1) n/a n/a March 1, 2019 n/a — 16,431 KeyBank National Association (2) 4.46% Fixed 30 February 1, 2023 4 26,357 26,928 (3) 4.52% Fixed 30 April 1, 2023 3 20,444 20,877 (4) 4.30% Fixed 30 April 1, 2023 4 19,777 20,211 (5) 4.95% Fixed 30 August 1, 2023 2 35,411 36,093 Western Alliance Bank (6) n/a 25 April 1, 2020 n/a — 8,701 (6) n/a 25 April 1, 2020 n/a — 4,685 MetaBank (7) 4.44% Fixed 25 July 1, 2027 3 47,640 47,640 Bank of Cascades (8) 4.50% Variable 25 December 19, 2024 1 8,757 9,023 (8) 4.30% Fixed 25 December 19, 2024 — 8,757 9,023 Compass Bank (9) 4.90% Variable 25 May 6, 2020 3 22,151 22,773 Western Alliance Bank (6) n/a 25 April 1, 2020 n/a — 5,769 (6) n/a 25 April 1, 2020 n/a — 4,926 U.S. Bank, NA (10) 6.13% Fixed 25 November 11, 2021 1 10,717 11,019 Total Mortgage Loans 21 200,011 343,109 Total Debt 965,011 873,109 Unamortized debt issuance costs (6,299 ) (4,873 ) Debt, net of issuance costs $ 958,712 $ 868,236 (1) The four Voya term loans were repaid in 2018. There were no prepayment penalties incurred in these transactions. (2) 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. (3) 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. (4) 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. (5) 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. (6) The Western Alliance Bank loans were repaid in 2018. There were no prepayment penalties incurred in these transactions. (7) 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. (8) 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. (9) 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. (10) 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 various financial and other covenants. We are currently in compliance with all covenants. Our total fixed-rate and variable-rate debt at December 31, 2018 and 2017 , after giving effect to our interest rate derivatives, is as follows (in thousands): 2018 Percentage 2017 Percentage Fixed-rate debt $ 569,103 59 % $ 386,313 44 % Variable-rate debt 395,908 41 % 486,796 56 % $ 965,011 $ 873,109 Contractual principal payments for each of the next five years are as follows (in thousands): 2019 $ 4,647 2020 25,788 2021 14,151 2022 229,264 2023 209,238 Thereafter 481,923 $ 965,011 Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 2018 2017 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ 169,103 $ 166,256 $ 311,313 $ 310,535 Level 2 - Market approach At December 31, 2018 and 2017 , we had $400.0 million and $75.0 million , respectively, of debt with variable interest rates that had been converted to fixed interest rates through derivative financial instruments which are carried at fair value. Differences between carrying value and fair value of our fixed-rate debt are primarily due to changes in interest rates. Inherently, fixed-rate debt is subject to fluctuations in fair value as a result of changes in the current market rate of interest on the valuation date. For additional information on our use of derivatives as interest rate hedges, refer to “Note 7 –– Derivative Financial Instruments and Hedging.”

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	12 Months Ended
	Dec. 31, 2018
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 seven 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. 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, 2018 and 2017 are as follows (dollar amounts in thousands): Notional Amount Fair Value Contract date Effective Date Expiration Date December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 September 5, 2013 January 2, 2014 October 1, 2018 $ — $ 75,000 $ — $ (190 ) October 2, 2017 January 29, 2018 January 31, 2023 100,000 100,000 1,758 722 October 2, 2017 January 29, 2018 January 31, 2023 100,000 100,000 1,703 787 June 11, 2018 September 28, 2018 September 30, 2024 75,000 — (1,656 ) — June 11, 2018 December 31, 2018 December 31, 2025 125,000 — (3,386 ) — $ 400,000 $ 275,000 $ (1,581 ) $ 1,319 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, 2018 , two of our interest rate swaps were in an asset position and two were in a liability position. At December 31, 2017 , two of our interest rate swaps were in an asset position and one 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. Changes in the fair value of the hedging instruments 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 2019 , we estimate that an additional $0.4 million will be reclassified from other comprehensive income and recorded as a reduction 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): 2018 2017 2016 (Loss) Gain recognized in accumulated other comprehensive income on derivative financial instruments $ (3,050 ) $ 1,703 $ (497 ) Loss reclassified from accumulated other comprehensive income to interest expense $ (150 ) $ (734 ) $ (1,190 ) Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded $ (41,944 ) $ (29,687 ) $ (28,091 )

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2018
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. 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, 2018 and 2017 were as follows: 2018 2017 Beginning common shares outstanding 104,287,128 93,525,469 Common stock issued — 10,350,000 Grants under the Equity Plan 583,738 366,679 Common Unit redemptions 64,126 73,322 Annual grants to independent directors 34,130 28,426 Common stock issued for director fees 3,543 4,663 Forfeitures (1,636 ) (2,320 ) Shares retained for employee tax withholding requirements (187,850 ) (59,111 ) Ending common shares outstanding 104,783,179 104,287,128 At December 31, 2018 and 2017 , the Company had reserved 14,591,213 and 15,275,114 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 90,600,000 is currently undesignated and 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"). On March 20, 2018, the Company paid $85.3 million to redeem all 3,400,000 of its outstanding 7.125% Series C Cumulative Redeemable Preferred Stock at a redemption price of $25 per share plus accrued and unpaid dividends. The premium on redemption of $3.3 million was recorded as a reduction to retained earnings. 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. The premium on redemption of $2.6 million was recorded as a reduction to retained earnings. 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 . 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 D preferred shares or Series E preferred shares prior to 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 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 $1.6125 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, 2018 and 2017 , unaffiliated third parties owned 259,265 and 323,391 , 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, 2018
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, 2018 and 2017 . 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, 2018 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 3,461 $ — $ 3,461 Purchase options related to real estate loans — — 6,120 6,120 Liabilities: Interest rate swaps — 5,042 — 5,042 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 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, 2018 or 2017 .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Ground Leases We 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 at December 31, 2018 and 2017 . 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. Subsequent to December 31, 2018, we acquired a fee simple interest in the real estate for a purchase price of $4.1 million , which resulted in a termination of obligations under the ground lease. As a result, this hotel property is no longer subject to a ground lease. At December 31, 2017, we had an additional ground lease for one hotel property in Duluth, GA. The hotel property was sold on June 29, 2018 and the ground lease was transferred to the buyer. See "Note 3 - Investment in Hotel Properties, net" to the Consolidated Financial Statements for additional information. Total rent expense for these leases for the years ended December 31, 2018 , 2017 and 2016 was $1.7 million , $1.9 million , and $1.7 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): 2019 $ 6,383 2020 2,052 2021 1,935 2022 1,715 2023 849 Thereafter 25,955 $ 38,889 Amounts consist primarily of non-cancelable ground lease and corporate office lease obligations. Subsequent to December 31, 2018, we exercised our option pursuant to a ground lease agreement to purchase the land under our hotel property in Baltimore (Hunt Valley), MD for $4.1 million , which resulted in a termination of obligations under the ground lease. As a result, this hotel property is no longer subject to a ground lease. As such, the table above reflects payments through the purchase date. 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 2018 , 2017 , and 2016 , we expensed fees related to our franchise agreements of $47.7 million , $41.6 million , and $37.2 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 2018 , 2017 , and 2016 , we expensed fees related to our hotel management agreements of $18.5 million , $18.2 million , and $ 18.8 million , respectively. Litigation We are involved from time to time in litigation arising in the ordinary course of business. 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, 2018
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. The Company's former Chief Financial Officer retired on March 31, 2018. In connection with his retirement, the Company recorded $1.0 million of additional stock-based compensation expense during the year ended December 31, 2018 related to the modification of certain stock award agreements. Stock Options Granted Under Our Equity Plan As of December 31, 2018, 2017 and 2016, we had 235,000 outstanding and exercisable stock options. At December 31, 2018, the stock options had a weighted average exercise price of $9.75 and a weighted average contractual term of 2.3 years . All stock options outstanding at December 31, 2018 and 2017 vested in prior years. During the year ended December 31, 2016 , the total fair value of stock options that vested was $0.3 million . The intrinsic value of options exercised during the year ended December 31, 2016 was $1.0 million . No stock options were exercised during the years ended December 31, 2018 and 2017. At December 31, 2018 , the exercise price of our outstanding and exercisable stock options exceeded the market price of our common stock, resulting in no intrinsic value. The intrinsic value of outstanding and exercisable options at December 31, 2017 was $1.3 million . At December 31, 2016 , the intrinsic value of outstanding and exercisable options was $1.5 million . Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan The following table summarizes time-based restricted stock activity under our Equity Plan for 2018 and 2017 : Number of Shares Weighted Average Grant Date Fair Value per Share Aggregate Current Value (in thousands) 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 Granted 185,930 13.15 Vested (205,619 ) 13.41 Forfeited (1,636 ) 12.84 Non-vested December 31, 2018 370,152 $ 13.40 $ 3,602 The awards granted to our non-executive employees generally vest over a four -year period based on continuous service ( 20% on the first, second and third anniversary of the grant date and 40% on the fourth anniversary of the grant date). The awards granted to our executive officers generally vest over a three -year period based on continuous service ( 25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date) or in certain circumstances upon a change in control. The holders of these awards have the right to vote the related shares of common stock and receive all dividends declared and paid whether or not vested. The fair value of time-based restricted stock awards granted is calculated based on the market value of our common stock on the date of grant. During the years ended December 31, 2018 , 2017 , and 2016 , the total fair value of time-based restricted stock awards that vested was $2.8 million , $1.4 million and $0.9 million , respectively. Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan The following table summarizes performance-based restricted stock activity under our Equity Plan for 2018 and 2017 : Number of Shares Weighted Average Grant Date Fair Value per Share Aggregate Current Value (in thousands) 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 Granted 397,808 15.69 Vested (309,010 ) 18.78 Non-vested December 31, 2018 708,227 $ 14.75 $ 6,891 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 over a three -year period based on our percentile ranking within the SNL U.S. REIT Hotel Index at the end of the period 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 performance shares vested during the year ended December 31, 2018 reflect twice the number of shares granted based on the financial results during the measurement period, which substantially exceeded the financial targets established on the grant date. 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: 2018 2017 2016 Expected dividend yield 5.33 % 4.14 % 4.01 % Expected stock price volatility 25.7 % 24.8 % 24.2 % Risk-free interest rate 2.41 % 1.59 % 1.037 % Monte Carlo iterations 100,000 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 13.73 $ 17.13 $ 13.77 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. Director Stock Awards Made Pursuant to Our Equity Plan During the years ended December 31, 2018 and 2017 , we granted 34,130 and 28,426 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 2018 and 2017 , we issued 3,543 and 4,663 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, 2018 , 2017 , and 2016 was as follows (in thousands): 2018 2017 2016 Stock options $ — $ — $ 55 Time-based restricted stock 2,384 2,145 1,594 Performance-based restricted stock 3,727 3,183 2,107 Director stock 554 559 465 $ 6,665 $ 5,887 $ 4,221 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 $6.6 million at December 31, 2018 as follows (in thousands): Total 2019 2020 2021 2022 Time-based restricted stock $ 2,784 $ 1,613 $ 955 $ 203 $ 13 Performance-based restricted stock 3,793 2,320 1,287 186 — $ 6,577 $ 3,933 $ 2,242 $ 389 $ 13

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
	Dec. 31, 2018
Retirement Benefits [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, 2018 , 2017 and 2016 was $0.2 million , $0.2 million , and $0.3 million , respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2018
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, 2018 , 2017 , and 2016 are as follows (in thousands): 2018 2017 2016 Current: Federal $ (67 ) $ 10 $ 37 State and local (425 ) 777 904 Deferred: Federal (279 ) 232 (1,918 ) State and local (151 ) 49 (473 ) Effect of federal tax law change — 606 — Income tax (benefit) expense $ (922 ) $ 1,674 $ (1,450 ) As of December 31, 2017, the Company 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. At September 30, 2018, we had completed our accounting for all the enactment-date income tax effects of the act under ASC 740, Income Taxes. No subsequent adjustments have been necessary. 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: 2018 2017 2016 Statutory federal income tax provision $ 18,943 $ 35,418 $ 37,384 Nontaxable income of the REIT (19,073 ) (35,073 ) (38,575 ) Effect of graduated corporate tax rates — (10 ) 34 State income taxes, net of federal tax benefit 266 716 548 Provision to return and deferred adjustment 75 — (872 ) Effect of permanent differences and other (184 ) 17 31 Tax benefit from deduction for partnership distributions (949 ) — — Effect of federal tax law change — 606 — Income tax (benefit) provision $ (922 ) $ 1,674 $ (1,450 ) In 2018, we amended certain prior year Operating Partnership state returns to claim a deduction for distributions made by the Operating Partnership to Summit Hotel Properties, Inc. which resulted in a tax benefit of $0.9 million . 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): 2018 2017 Tax carryforwards $ 154 $ 449 Accrued expenses 1,893 1,144 Other (1 ) 23 Net deferred tax assets $ 2,046 $ 1,616 Gross deferred tax assets $ 2,086 $ 1,649 Gross deferred tax liabilities (40 ) (33 ) Net deferred tax assets $ 2,046 $ 1,616 At December 31, 2018, we had (i) state net operating losses of $1.5 million which expire beginning in 2027 and (ii) federal minimum tax credits of $0.1 million which do not expire. We had no unrecognized tax benefits at December 31, 2018 or in the three year period then ended. We expect no significant increase or decrease in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2018. We have no material interest or penalties relating to unrecognized tax benefits in the Consolidated Statements of Operations for the years ended December 31, 2018 , 2017 or 2016 or in the Consolidated Balance Sheets as of December 31, 2018 or 2017 . We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. 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, 2018
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, 2018 , 2017 and 2016 due to their dilutive effect. The Common Units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income would also be added to derive net income attributable to common stockholders. For the years ended December 31, 2018, 2017, and 2016, we had unvested performance-based restricted stock awards of 453,664 shares, 464,924 shares and 409,068 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): 2018 2017 2016 Numerator: Net income $ 91,126 $ 99,521 $ 108,261 Less: Preferred dividends (16,671 ) (17,408 ) (18,232 ) Premium on redemption of preferred stock (3,277 ) (2,572 ) (2,125 ) Allocation to participating securities (271 ) (307 ) (342 ) Attributable to non-controlling interest (205 ) (307 ) (456 ) Net income attributable to common stockholders, net of amount allocated to participating securities $ 70,702 $ 78,927 $ 87,106 Denominator: Weighted average common shares outstanding - basic 103,623 99,406 86,874 Dilutive effect of equity-based compensation awards 219 374 469 Weighted average common shares outstanding - diluted 103,842 99,780 87,343 Earnings per share: Basic and diluted $ 0.68 $ 0.79 $ 1.00

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 are as follows (in thousands, except per share amounts): 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 140,199 $ 152,222 $ 142,340 $ 132,509 Net income $ 9,691 $ 37,677 $ 38,001 $ 5,757 Net income attributable to Summit Hotel Properties, Inc. $ 9,688 $ 37,576 $ 37,901 $ 5,756 Earnings per share: Basic $ 0.01 $ 0.33 $ 0.33 $ 0.02 Diluted $ 0.01 $ 0.32 $ 0.33 $ 0.02 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

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Ground Lease Buy-out On January 31, 2019, we exercised our option pursuant to a ground lease agreement to purchase the land under our hotel property in Baltimore (Hunt Valley), MD for $4.1 million , which resulted in a termination of obligations under the ground lease. As a result, this hotel property is no longer subject to a ground lease. Equity Transactions On February 1, 2019, our Board of Directors declared cash dividends of $0.18 per share of common 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, 2019 to stockholders of record on February 14, 2019. Asset Sales On February 12, 2019, we completed the sale of two hotel properties, the Country Inn & Suites - Charleston, WV and the Holiday Inn Express - Charleston, WV, for an aggregate sales price of $11.6 million .

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 $ 307 $ 5,599 $ 32,674 $ 38,273 $ (2,606 ) $ 35,667 $ — Arlington, TX Hyatt Place 2012 650 9,946 (135 ) 650 9,811 10,461 (3,277 ) 7,184 — (1) Arlington, TX Courtyard 2012 1,497 15,573 (43 ) 1,497 15,530 17,027 (3,748 ) 13,279 22,151 (1) Arlington, TX Residence Inn 2012 1,646 15,440 (47 ) 1,646 15,393 17,039 (3,322 ) 13,717 — Asheville, NC Hotel Indigo 2015 2,100 34,755 982 2,100 35,737 37,837 (5,093 ) 32,744 — Atlanta, GA Courtyard 2012 2,050 27,969 174 2,050 28,143 30,193 (6,701 ) 23,492 — Atlanta, GA Residence Inn 2016 3,381 34,820 328 3,381 35,148 38,529 (3,635 ) 34,894 — Atlanta, GA AC Hotel 2017 5,670 51,922 437 5,670 52,359 58,029 (3,197 ) 54,832 — Austin, TX Hampton Inn & Suites 2014 — (2) 56,394 1,054 — 57,448 57,448 (9,017 ) 48,431 — Austin, TX Corporate Office 2017 — 6,048 200 — 6,248 6,248 (1,417 ) 4,831 — Baltimore, MD Hampton Inn & Suites 2017 2,205 16,013 822 2,205 16,835 19,040 (1,983 ) 17,057 — Baltimore, MD Residence Inn 2017 1,986 37,016 5,767 1,986 42,783 44,769 (2,122 ) 42,647 — Birmingham, AL Hilton Garden Inn 2012 1,400 9,131 (237 ) 1,400 8,894 10,294 (2,886 ) 7,408 — Birmingham, AL Hilton Garden Inn 2012 1,400 12,021 241 1,400 12,262 13,662 (3,654 ) 10,008 — Bloomington, MN SpringHill Suites 2007 1,658 14,761 78 1,658 14,839 16,497 (5,414 ) 11,083 — Bloomington, MN Hampton Inn & Suites 2007 1,658 15,223 164 1,658 15,387 17,045 (5,956 ) 11,089 — Boulder, CO Marriott 2016 11,115 49,204 7,627 11,115 56,831 67,946 (4,190 ) 63,756 — Branchburg, NJ Residence Inn 2015 2,374 24,411 253 2,374 24,664 27,038 (3,646 ) 23,392 — Brisbane, CA DoubleTree 2014 3,300 39,686 814 3,300 40,500 43,800 (9,144 ) 34,656 — Camarillo, CA Hampton Inn & Suites 2013 2,200 17,366 214 2,200 17,580 19,780 (4,617 ) 15,163 — (1) Charleston, WV Country Inn & Suites 2001 1,042 5,175 64 1,042 5,239 6,281 (2,680 ) 3,601 — Charleston, WV Holiday Inn Express 2001 907 5,053 143 907 5,196 6,103 (2,627 ) 3,476 — Charlotte, NC Courtyard 2017 — 41,094 1,303 — 42,397 42,397 (2,703 ) 39,694 — Chicago, IL Hyatt Place 2016 5,395 68,355 155 5,395 68,510 73,905 (6,722 ) 67,183 — Cleveland, OH Residence Inn 2017 10,075 33,340 1,128 10,075 34,468 44,543 (2,042 ) 42,501 — Decatur, GA Courtyard 2015 4,046 34,151 3,636 4,046 37,787 41,833 (4,077 ) 37,756 — Eden Prairie, MN Hilton Garden Inn 2013 1,800 11,211 187 1,800 11,398 13,198 (3,430 ) 9,768 — Englewood, CO Hyatt Place 2012 2,000 11,950 (561 ) 2,000 11,389 13,389 (3,491 ) 9,898 — (1) Englewood, CO Hyatt House 2012 2,700 16,267 260 2,700 16,527 19,227 (5,761 ) 13,466 — (1) Fort Lauderdale, FL Courtyard 2017 37,950 47,002 583 37,950 47,585 85,535 (3,745 ) 81,790 — Fort Worth, TX Courtyard 2017 1,920 38,070 2,112 1,920 40,182 42,102 (3,480 ) 38,622 — Garden City, NY (3) Hyatt Place 2012 4,200 27,775 110 4,200 27,885 32,085 (4,829 ) 27,256 — Glendale, CO Staybridge Suites 2011 2,100 10,151 345 2,100 10,496 12,596 (3,193 ) 9,403 — Goleta, CA Hampton Inn 2014 4,100 26,191 1,033 4,100 27,224 31,324 (4,675 ) 26,649 10,717 (1) Greenville, SC Hilton Garden Inn 2013 1,200 14,566 2,938 1,200 17,504 18,704 (2,700 ) 16,004 — Hoffman Estates, IL Hyatt Place 2013 1,900 8,917 232 1,900 9,149 11,049 (3,217 ) 7,832 19,777 (1) 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 Houston, TX Hilton Garden Inn 2014 $ — (2) $ 41,838 $ 699 $ — $ 42,537 $ 42,537 $ (8,971 ) $ 33,566 $ — Houston, TX Hilton Garden Inn 2014 2,800 33,777 1,068 2,800 34,845 37,645 (4,751 ) 32,894 — Hunt Valley, MD Residence Inn 2015 — (2) 35,436 146 — 35,582 35,582 (4,941 ) 30,641 — Indianapolis, IN SpringHill Suites 2013 4,012 27,910 154 4,012 28,064 32,076 (5,417 ) 26,659 — Indianapolis, IN Courtyard 2013 7,788 54,384 (541 ) 7,788 53,843 61,631 (10,279 ) 51,352 — Kansas City, MO Courtyard 2017 3,955 20,608 1,023 3,955 21,631 25,586 (1,589 ) 23,997 — Lombard, IL Hyatt Place 2012 1,550 17,351 (495 ) 1,550 16,856 18,406 (4,901 ) 13,505 26,357 (1) Lone Tree, CO Hyatt Place 2012 1,300 11,704 (290 ) 1,314 11,400 12,714 (3,711 ) 9,003 — (1) Louisville, KY Fairfield Inn & Suites 2013 3,120 24,231 288 3,120 24,519 27,639 (6,053 ) 21,586 35,411 (1) Louisville, KY SpringHill Suites 2013 4,880 37,361 796 4,880 38,157 43,037 (9,661 ) 33,376 — (1) Mesa, AZ Hyatt Place 2017 2,400 19,848 461 2,400 20,309 22,709 (2,678 ) 20,031 — (1) Metairie, LA Courtyard 2013 1,860 25,168 262 1,860 25,430 27,290 (6,740 ) 20,550 — Metairie, LA Residence Inn 2013 1,791 23,386 275 1,791 23,661 25,452 (6,358 ) 19,094 — Miami, FL Hyatt House 2015 4,926 40,087 553 4,926 40,640 45,566 (5,900 ) 39,666 — Minneapolis, MN Hyatt Place 2013 — 34,026 1,078 — 35,104 35,104 (6,886 ) 28,218 — Minneapolis, MN Hampton Inn & Suites 2015 3,502 35,433 90 3,502 35,523 39,025 (6,216 ) 32,809 — Minnetonka, MN Holiday Inn Express & Suites 2013 1,000 7,662 194 1,000 7,856 8,856 (2,268 ) 6,588 — Nashville, TN SpringHill Suites 2004 777 5,598 354 777 5,952 6,729 (3,313 ) 3,416 — Nashville, TN Courtyard 2016 8,792 62,759 4,188 8,792 66,947 75,739 (6,642 ) 69,097 — New Haven, CT Courtyard 2017 11,990 51,497 1,255 11,990 52,752 64,742 (2,265 ) 62,477 — New Orleans, LA Courtyard 2013 1,944 25,120 3,255 1,944 28,375 30,319 (7,266 ) 23,053 — New Orleans, LA Courtyard 2013 2,490 34,220 615 2,490 34,835 37,325 (9,720 ) 27,605 — New Orleans, LA SpringHill Suites 2013 2,046 33,270 6,042 2,046 39,312 41,358 (8,096 ) 33,262 — Norwood, MA Hampton Inn 2015 2,000 23,922 (743 ) 2,000 23,179 25,179 (3,838 ) 21,341 — Orlando, FL Hyatt Place 2013 3,100 11,343 (689 ) 3,100 10,654 13,754 (3,465 ) 10,289 — (1) Orlando, FL Hyatt Place 2013 2,716 11,221 848 2,716 12,069 14,785 (4,383 ) 10,402 — (1) Orlando, FL Hyatt House 2018 2,800 34,423 7 2,800 34,430 37,230 (1,170 ) 36,060 — (1) Owings Mills, MD Hyatt Place 2012 2,100 9,799 (395 ) 2,100 9,404 11,504 (2,845 ) 8,659 20,445 (1) Pittsburgh, PA Courtyard 2017 1,652 40,749 3,805 1,652 44,554 46,206 (2,507 ) 43,699 — Portland, OR Hyatt Place 2009 — (2) 14,700 71 — 14,771 14,771 (3,849 ) 10,922 — Portland, OR Residence Inn 2009 — (2) 15,629 200 — 15,829 15,829 (4,836 ) 10,993 17,513 (1) Poway, CA Hampton Inn & Suites 2013 2,300 14,728 1,161 2,300 15,889 18,189 (2,988 ) 15,201 — (1) Salt Lake City, UT Residence Inn 2012 2,392 24,719 (234 ) 2,392 24,485 26,877 (7,036 ) 19,841 47,640 (1) San Francisco, CA Holiday Inn Express & Suites 2013 15,545 49,469 3,570 15,545 53,039 68,584 (10,372 ) 58,212 — San Francisco, CA Four Points 2014 1,200 21,397 2,798 1,200 24,195 25,395 (5,437 ) 19,958 — (1) Scottsdale, AZ Hyatt Place 2012 1,500 10,171 (541 ) 1,500 9,630 11,130 (2,691 ) 8,439 — (1) Scottsdale, AZ Courtyard 2003 3,225 12,571 3,588 3,225 16,159 19,384 (4,622 ) 14,762 — 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 Scottsdale, AZ SpringHill Suites 2003 $ 2,195 $ 9,496 $ 1,763 $ 2,195 $ 11,259 $ 13,454 $ (3,484 ) $ 9,970 $ — Tampa, FL Hampton Inn & Suites 2012 3,600 20,366 484 3,600 20,850 24,450 (4,456 ) 19,994 — Tucson, AZ Homewood Suites 2017 2,570 22,802 718 2,570 23,520 26,090 (1,522 ) 24,568 — Waltham, MA Hilton Garden Inn 2017 10,644 21,713 4,978 10,644 26,691 37,335 (2,187 ) 35,148 — Watertown, MA Residence Inn 2018 25,083 45,917 71 25,083 45,988 71,071 (514 ) 70,557 — Land Parcels Land Parcels 4,645 — (1,886 ) 2,759 — 2,759 — 2,759 — $ 295,414 $ 2,037,143 $ 73,712 $ 293,542 $ 2,112,727 $ 2,406,269 $ (351,821 ) $ 2,054,448 $ 200,011 (1) Properties cross-collateralize the related loan, refer to "Note 6 - Debt" in the Consolidated Financial Statements. (2) Properties subject to ground lease, refer to "Note 10 - Commitments and Contingencies" in the Consolidated Financial Statements. (3) Property subject to a PILOT lease, refer to "Note 10 - Commitments and Contingencies" in the Consolidated Financial Statements. (a) ASSET BASIS 2018 2017 2016 Reconciliation of land, buildings and improvements: Balance at beginning of period $ 2,355,723 $ 1,848,673 $ 1,683,803 Additions to land, buildings and improvements 151,829 636,389 290,486 Disposition of land, buildings and improvements (100,208 ) (129,339 ) (125,039 ) Impairment loss (1,075 ) — (577 ) Balance at end of period $ 2,406,269 $ 2,355,723 $ 1,848,673 (b) ACCUMULATED DEPRECIATION 2018 2017 2016 Reconciliation of accumulated depreciation: Balance at beginning of period $ 290,066 $ 241,760 $ 212,207 Depreciation 100,545 85,524 72,063 Depreciation on assets sold or disposed (38,790 ) (37,218 ) (42,510 ) Balance at end of period $ 351,821 $ 290,066 $ 241,760 (c) The aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes is approximately $2,210.1 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 6 - 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 SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
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. 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 undeveloped land 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, v) changes in values of comparable land sales, and vi) 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, third party appraisals, 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 undeveloped land 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. On January 1, 2018, we adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . As a result, we report changes in cash, cash equivalents and restricted cash on our Consolidated Statement of Cash Flows.
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, Sales and Other Taxes	Revenue Recognition On January 1, 2018, we adopted ASU No. 2014-09, Revenue from Contracts with Customers . In accordance with ASU No. 2014-09, revenues from the operation of our hotels are recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales, and other hotel revenues and are presented on a disaggregated basis on our Consolidated Statements of Operations. Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy hotel rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night. Food and beverage revenues are generated when customers purchase food and beverage at a hotel's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers. Other revenues such as for parking, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services such as parking at certain hotels are provided by third parties and we assesses whether we are the principal or agent in such arrangements. If we are determined to be the agent, revenue is recognized based upon the commission paid to us by the third party for the services rendered to our customers. If we are determined to be the principal, revenues are recognized based upon the gross contract price of the service provided. Certain of our hotels have retail spaces, restaurants or other spaces that we lease to third parties. Lease revenues are recognized on a straight­ line basis over the respective lease terms and are included in Other income on our Consolidated Statement of Operations. Cash received prior to customer arrival is recorded as an advance deposit 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	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 initial public offering 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. On January 1, 2018, we adopted ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting . As such, we account for certain changes to share-based payment awards using modification accounting, which may result in incremental stock-based compensation expense based on the remeasurement of the award on the modification date.
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 adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . Accordingly, beginning in 2017, the change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts deferred in Other comprehensive income will be reclassified to Interest expense in our Condensed Consolidated Statements of Operations in the period in which the hedged item affects earnings.
Income Taxes	Income Taxes On
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 6 — Debt”), the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with 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 the Consolidated Statements of Operations in previous periods have been disaggregated and reclassified to conform to the current period presentation. Revenues have been disaggregated into Rooms, Food and beverage, and Other. Direct and Indirect expense has been reclassified into Room, Food and beverage, and Other hotel operating expenses. Property taxes, insurance and other, and Management expenses are also separately reported. Additionally, Gain on disposal of assets, net has been reclassified from other income into operating income. We have also reclassified certain intangible assets related to our acquisitions of hotel properties from Other assets to Investment in hotel properties, net, on the Consolidated Balance Sheet. See "Note 3 - Investment in Hotel Properties, net" of our Consolidated Financial Statements for further details. These reclassifications, made at December 31, 2018 and for the year then ended, had no net effect on the previously reported financial position or results of operations.
New Accounting Standards	New Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , 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. We adopted ASU No. 2016-02 on January 1, 2019. We applied 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 adoption of ASU No. 2016-02 will result in the recognition of incremental right-of-use assets and related lease liabilities of approximately $24.0 million on the Consolidated Balance Sheet as of January 1, 2019. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which clarifies when an entity recognizes a credit loss on certain financial assets. ASU 2016-13 is effective for our fiscal year commencing on January 1, 2020, with early adoption permitted. The adoption of ASU No. 2016-13 will not have a material effect on our consolidated financial position or results of operations. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which clarifies how an entity should measure certain equity securities. ASU 2018-03 is effective for our fiscal year commencing on January 1, 2019. We early adopted ASU No. 2018-03 for our fiscal year commencing on January 1, 2018. The adoption of ASU No. 2018-03 did not have a material effect on our consolidated financial position or results of operations. In August 2018, the FASB issued ASU No. 2018-15, Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement , which clarifies how an entity should account for fees paid in a cloud computing arrangement. ASU 2018-15 is effective for our fiscal year commencing on January 1, 2020, with early adoption permitted. The adoption of ASU No. 2018-15 will not have a material effect on our consolidated financial position or results of operations.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018
Real Estate [Abstract]
Schedule of investment in hotel properties, net	Investment in hotel properties, net at December 31, 2018 and 2017 include (in thousands): 2018 2017 Land $ 288,833 $ 272,932 Hotel buildings and improvements 1,916,194 1,868,273 Intangible assets 22,064 22,764 Construction in progress 21,059 12,464 Furniture, fixtures and equipment 165,026 174,126 2,413,176 2,350,559 Less - accumulated depreciation (347,622 ) (291,067 ) $ 2,065,554 $ 2,059,492
Schedule of finite-lived intangible assets	ntangible assets included in Investment in hotel properties, net in our Consolidated Balance Sheets include the following (in thousands): Weighted Average Amortization Period (in Years) 2018 2017 Intangible assets: Air rights (1) n/a $ 10,754 $ 10,754 Favorable leases (2) 41.5 10,550 10,569 In-place lease agreements 3.9 680 1,361 Other n/a 80 80 22,064 22,764 Less - accumulated amortization (1,108 ) (1,001 ) Intangible assets, net $ 20,956 $ 21,763 (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 are recorded on contracts assumed as part of the acquisition of certain hotels. Above-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 are amortized over the remaining non-cancelable term of the related contracts.
Schedule of indefinite-lived intangible assets	ntangible assets included in Investment in hotel properties, net in our Consolidated Balance Sheets include the following (in thousands): Weighted Average Amortization Period (in Years) 2018 2017 Intangible assets: Air rights (1) n/a $ 10,754 $ 10,754 Favorable leases (2) 41.5 10,550 10,569 In-place lease agreements 3.9 680 1,361 Other n/a 80 80 22,064 22,764 Less - accumulated amortization (1,108 ) (1,001 ) Intangible assets, net $ 20,956 $ 21,763 (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 are recorded on contracts assumed as part of the acquisition of certain hotels. Above-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 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 2019 $ 399 2020 362 2021 360 2022 274 2023 274 Thereafter 8,453 $ 10,122
Schedule of finite-lived intangible assets, future amortization expense	Future amortization expense is expected to be as follows (in thousands): Finite-Lived Intangible Assets 2019 $ 399 2020 362 2021 360 2022 274 2023 274 Thereafter 8,453 $ 10,122
Schedule of hotel property acquisitions	Hotel property acquisitions in 2018 and 2017 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Year Ended December 31, 2018 September 12, 2018 Residence Inn by Marriott Boston (Watertown), MA 150 $ 71,000 (1) 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 Portfolio Purchase - five properties (3) various (3) 812 163,000 July 13, 2017 AC Hotel by Marriott Atlanta, GA 255 57,500 November 14, 2017 Portfolio Purchase - four properties (4) various (4) 652 164,000 2,442 $ 585,950 (2) (1) The net assets acquired totaled $71.0 million due to the purchase at settlement of $0.1 million of net working capital liabilities and capitalized transaction costs of $0.1 million . (2) 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 . (3) On June 21, 2017, we acquired a portfolio of five hotels for an aggregate purchase price of $163.0 million . The hotels acquired included the Courtyard by Marriott - Fort Worth, TX, the Courtyard by Marriott - Kansas City, MO, the Courtyard by Marriott - Pittsburgh, PA, the Hampton Inn & Suites - Baltimore, MD, and the Residence Inn by Marriott - Baltimore, MD. (4) On November 14, 2017, we acquired a portfolio of four hotels for an aggregate purchase price of $164.0 million . The hotels acquired included the Courtyard by Marriott - New Haven, CT, the Hilton Garden Inn - Waltham, MA, the Homewood Suites - Tucson, AZ, and the Residence Inn by Marriott - Cleveland, OH.
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): 2018 2017 Land $ 25,083 $ 98,639 Hotel buildings and improvements 42,676 447,477 Intangible assets — 16,162 Furniture, fixtures and equipment 3,300 26,546 Other assets 123 2,738 Total assets acquired 71,182 591,562 Less other liabilities (180 ) (2,740 ) Net assets acquired $ 71,002 $ 588,822
Schedule of unaudited condensed pro forma financial information	The unaudited condensed pro forma financial information for the 77 hotel properties owned at December 31, 2018 for the twelve months ended December 31, 2018 and 2017 is as follows (in thousands, except per share): 2018 2017 Revenues $ 557,262 $ 546,101 Income from hotel operations $ 205,941 $ 206,262 Net income (1) $ 48,979 $ 74,356 Net income attributable to common stockholders, net of amount allocated to participating securities (1) (2) $ 28,676 $ 53,873 Basic and diluted net income per share attributable to common stockholders (1) (2) $ 0.28 $ 0.54 (1) Pro forma amounts include depreciation expense, property tax expense, interest expense, income tax expense, and corporate general and administrative expenses totaling $194.4 million and $164.0 million for the twelve months ended December 31, 2018 and 2017, respectively. (2) Pro forma amounts for the twelve months ended December 31, 2018 and 2017 include the effect of the premium on redemption of preferred stock of $3.3 million and $2.6 million , respectively.
Schedule of sale of hotels	The agreements were modified on various occasions between 2015 and 2017 such that we sold 23 hotels containing 2,448 guestrooms to HIT in three tranches over that time period for a combined sales price of approximately $325.1 million (collectively, the “HIT Sale”) as follows (dollars in thousands): Tranche Closing Date Hotels Sold Combined Sales Price 1 October 2015 10 $ 150,000 2 February 2016 6 108,300 3 April 2017 7 66,800 23 $ 325,100 A summary of the dispositions in 2018 and 2017 follows (dollars in thousands): Disposition Date Franchise/Brand Location Guestrooms Gross Sales Price Aggregate Gain, net Year Ended December 31, 2018 June 29, 2018 Portfolio Sale - two properties (1) various (1) 175 $ 18,950 $ 13,133 June 29, 2018 Portfolio Sale - two properties (2) Duluth, GA (2) 265 24,850 4,218 July 24, 2018 Portfolio Sale - three properties (3) various (3) 322 46,500 22,964 September 28, 2018 Hyatt Place Fort Myers, FL 148 16,500 2,195 November 7, 2018 Land parcel Spokane, WA n/a 450 139 Total 910 $ 107,250 $ 42,649 Year Ended December 31, 2017 March 30, 2017 Hyatt Place Atlanta, GA 150 $ 14,500 $ 4,781 April 27, 2017 HIT Portfolio Sale - seven properties (4) various (4) 651 66,753 15,986 June 2, 2017 Courtyard by Marriott El Paso, TX 90 11,150 363 July 21, 2017 Portfolio Sale - three properties (5) Fort Worth, TX (5) 273 27,750 8,133 Total 1,164 $ 120,153 $ 29,263 (1) The portfolio included the Hampton Inn in Provo, UT and the Holiday Inn Express & Suites in Sandy, UT. (2) The portfolio included the Holiday Inn in Duluth, GA and the Hilton Garden Inn in Duluth, GA. We provided seller financing of $3.6 million on the sale of these properties under two three-and-a-half-year second mortgage notes with a blended interest rate of 7.38% . (3) The portfolio included the Hampton Inn & Suites in Smyrna, TN, the Hilton Garden Inn in Smyrna, TN and the Hyatt Place Phoenix North in Phoenix, AZ. The proceeds from these sales were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of $22.2 million . (4) The portfolio sale completed our dispositions to Hospitality Investors Trust, Inc.. The proceeds from these sales were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of $20.8 million . See below for further information. (5) The portfolio included the Fairfield Inn & Suites, the Hampton Inn & Suites and the Hilton Garden Inn in Fort Worth, TX. The proceeds from these sales were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of $8.6 million .

INVESTMENT IN REAL ESTATE LOA_2

INVESTMENT IN REAL ESTATE LOANS (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Investment in Real Estate Loans	Investment in real estate loans, net at December 31, 2018 and 2017 includes (in thousands): 2018 2017 Real estate loans $ 34,650 $ 18,150 Unamortized discount (3,950 ) (5,794 ) $ 30,700 $ 12,356

SUPPLEMENTAL BALANCE SHEET IN_2

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Schedule of assets held for sale	Assets held for sale at December 31, 2018 and 2017 include the following (in thousands): 2018 2017 Land $ 2,442 $ 1,193 Hotel building and improvements 7,929 — Furniture, fixtures and equipment 2,519 — Franchise fees 131 — 13,021 1,193 Less - accumulated depreciation and amortization (5,388 ) — $ 7,633 $ 1,193
Schedule of restricted cash	Restricted cash at December 31, 2018 and 2017 was as follows (in thousands): 2018 2017 FF&E reserves $ 24,386 $ 25,812 Property taxes 1,625 2,726 Other 2,457 924 $ 28,468 $ 29,462
Schedule of prepaid expenses and other	Prepaid expenses and other at December 31, 2018 and 2017 included the following (in thousands): 2018 2017 Prepaid insurance $ 2,822 $ 3,020 Other 7,289 6,434 $ 10,111 $ 9,454
Schedule of deferred charges	Deferred charges at December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Initial franchise fees $ 6,463 $ 6,894 Less - accumulated amortization (1,772 ) (1,673 ) $ 4,691 $ 5,221
Schedule of other assets	Other assets at December 31, 2018 and 2017 included the following (in thousands): 2018 2017 Purchase options related to real estate loans $ 6,120 $ 6,078 Prepaid land lease 3,180 3,228 Deferred tax asset, net 2,046 1,616 Derivative financial instruments 3,461 1,509 $ 14,807 $ 12,431
Schedule of accrued expenses	Accrued expenses and other at December 31, 2018 and 2017 included the following (in thousands): 2018 2017 Accrued property, sales and income taxes $ 19,570 $ 16,664 Accrued salaries and benefits 10,540 8,556 Other accrued expenses at hotels 13,288 15,509 Acquired unfavorable leases 4,623 4,717 Accrued interest 3,186 1,958 Derivative financial instruments 5,042 190 Other 9,801 8,894 $ 66,050 $ 56,488

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	At December 31, 2018 and 2017 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, 12/31/2018 2018 2017 $600 Million Senior Unsecured Credit and Term Loan Facility Deutsche Bank AG New York Branch $400 Million Revolver 4.15% Variable n/a March 31, 2023 n/a $ 115,000 $ — $200 Million Term Loan 4.10% Variable n/a April 1, 2024 n/a 200,000 — Total Senior Unsecured Credit and Term Loan Facility 315,000 — $450 Million Senior Unsecured Credit and Term Loan Facility Deutsche Bank AG New York Branch $300 Million Revolver n/a n/a March 31, 2020 n/a $ — $ 15,000 $150 Million Term Loan n/a n/a March 31, 2021 n/a — 150,000 Total Senior Unsecured Credit and Term Loan Facility — 165,000 Unsecured Term Loan Term Loan (KeyBank National Association, as Administrative Agent) n/a n/a April 7, 2022 n/a — 140,000 Term Loan (KeyBank National Association, as Administrative Agent) 4.10% Variable n/a November 25, 2022 n/a 225,000 225,000 Term Loan (KeyBank National Association, as Administrative Agent) 4.40% Variable n/a February 14, 2025 n/a 225,000 — Secured Mortgage Indebtedness Voya (1) n/a n/a March 1, 2019 n/a — 40,015 (1) n/a n/a March 1, 2019 n/a — 35,865 (1) n/a n/a March 1, 2019 n/a — 23,130 (1) n/a n/a March 1, 2019 n/a — 16,431 KeyBank National Association (2) 4.46% Fixed 30 February 1, 2023 4 26,357 26,928 (3) 4.52% Fixed 30 April 1, 2023 3 20,444 20,877 (4) 4.30% Fixed 30 April 1, 2023 4 19,777 20,211 (5) 4.95% Fixed 30 August 1, 2023 2 35,411 36,093 Western Alliance Bank (6) n/a 25 April 1, 2020 n/a — 8,701 (6) n/a 25 April 1, 2020 n/a — 4,685 MetaBank (7) 4.44% Fixed 25 July 1, 2027 3 47,640 47,640 Bank of Cascades (8) 4.50% Variable 25 December 19, 2024 1 8,757 9,023 (8) 4.30% Fixed 25 December 19, 2024 — 8,757 9,023 Compass Bank (9) 4.90% Variable 25 May 6, 2020 3 22,151 22,773 Western Alliance Bank (6) n/a 25 April 1, 2020 n/a — 5,769 (6) n/a 25 April 1, 2020 n/a — 4,926 U.S. Bank, NA (10) 6.13% Fixed 25 November 11, 2021 1 10,717 11,019 Total Mortgage Loans 21 200,011 343,109 Total Debt 965,011 873,109 Unamortized debt issuance costs (6,299 ) (4,873 ) Debt, net of issuance costs $ 958,712 $ 868,236 (1) The four Voya term loans were repaid in 2018. There were no prepayment penalties incurred in these transactions. (2) 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. (3) 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. (4) 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. (5) 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. (6) The Western Alliance Bank loans were repaid in 2018. There were no prepayment penalties incurred in these transactions. (7) 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. (8) 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. (9) 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. (10) 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, 2018 and 2017 , after giving effect to our interest rate derivatives, is as follows (in thousands): 2018 Percentage 2017 Percentage Fixed-rate debt $ 569,103 59 % $ 386,313 44 % Variable-rate debt 395,908 41 % 486,796 56 % $ 965,011 $ 873,109
Schedule of principal payments for each of the next five years	Contractual principal payments for each of the next five years are as follows (in thousands): 2019 $ 4,647 2020 25,788 2021 14,151 2022 229,264 2023 209,238 Thereafter 481,923 $ 965,011
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): 2018 2017 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ 169,103 $ 166,256 $ 311,313 $ 310,535 Level 2 - Market approach

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative financial instruments	Information about our derivative financial instruments at December 31, 2018 and 2017 are as follows (dollar amounts in thousands): Notional Amount Fair Value Contract date Effective Date Expiration Date December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 September 5, 2013 January 2, 2014 October 1, 2018 $ — $ 75,000 $ — $ (190 ) October 2, 2017 January 29, 2018 January 31, 2023 100,000 100,000 1,758 722 October 2, 2017 January 29, 2018 January 31, 2023 100,000 100,000 1,703 787 June 11, 2018 September 28, 2018 September 30, 2024 75,000 — (1,656 ) — June 11, 2018 December 31, 2018 December 31, 2025 125,000 — (3,386 ) — $ 400,000 $ 275,000 $ (1,581 ) $ 1,319
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): 2018 2017 2016 (Loss) Gain recognized in accumulated other comprehensive income on derivative financial instruments $ (3,050 ) $ 1,703 $ (497 ) Loss reclassified from accumulated other comprehensive income to interest expense $ (150 ) $ (734 ) $ (1,190 ) Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded $ (41,944 ) $ (29,687 ) $ (28,091 )

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Common Stock Activity	Changes in common stock during the years ended December 31, 2018 and 2017 were as follows: 2018 2017 Beginning common shares outstanding 104,287,128 93,525,469 Common stock issued — 10,350,000 Grants under the Equity Plan 583,738 366,679 Common Unit redemptions 64,126 73,322 Annual grants to independent directors 34,130 28,426 Common stock issued for director fees 3,543 4,663 Forfeitures (1,636 ) (2,320 ) Shares retained for employee tax withholding requirements (187,850 ) (59,111 ) Ending common shares outstanding 104,783,179 104,287,128

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 3,461 $ — $ 3,461 Purchase options related to real estate loans — — 6,120 6,120 Liabilities: Interest rate swaps — 5,042 — 5,042 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
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, 2018
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): 2019 $ 6,383 2020 2,052 2021 1,935 2022 1,715 2023 849 Thereafter 25,955 $ 38,889

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of restricted stock activity	The following table summarizes performance-based restricted stock activity under our Equity Plan for 2018 and 2017 : Number of Shares Weighted Average Grant Date Fair Value per Share Aggregate Current Value (in thousands) 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 Granted 397,808 15.69 Vested (309,010 ) 18.78 Non-vested December 31, 2018 708,227 $ 14.75 $ 6,891 The following table summarizes time-based restricted stock activity under our Equity Plan for 2018 and 2017 : Number of Shares Weighted Average Grant Date Fair Value per Share Aggregate Current Value (in thousands) 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 Granted 185,930 13.15 Vested (205,619 ) 13.41 Forfeited (1,636 ) 12.84 Non-vested December 31, 2018 370,152 $ 13.40 $ 3,602
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: 2018 2017 2016 Expected dividend yield 5.33 % 4.14 % 4.01 % Expected stock price volatility 25.7 % 24.8 % 24.2 % Risk-free interest rate 2.41 % 1.59 % 1.037 % Monte Carlo iterations 100,000 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 13.73 $ 17.13 $ 13.77
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, 2018 , 2017 , and 2016 was as follows (in thousands): 2018 2017 2016 Stock options $ — $ — $ 55 Time-based restricted stock 2,384 2,145 1,594 Performance-based restricted stock 3,727 3,183 2,107 Director stock 554 559 465 $ 6,665 $ 5,887 $ 4,221
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 $6.6 million at December 31, 2018 as follows (in thousands): Total 2019 2020 2021 2022 Time-based restricted stock $ 2,784 $ 1,613 $ 955 $ 203 $ 13 Performance-based restricted stock 3,793 2,320 1,287 186 — $ 6,577 $ 3,933 $ 2,242 $ 389 $ 13

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 , 2017 , and 2016 are as follows (in thousands): 2018 2017 2016 Current: Federal $ (67 ) $ 10 $ 37 State and local (425 ) 777 904 Deferred: Federal (279 ) 232 (1,918 ) State and local (151 ) 49 (473 ) Effect of federal tax law change — 606 — Income tax (benefit) expense $ (922 ) $ 1,674 $ (1,450 )
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: 2018 2017 2016 Statutory federal income tax provision $ 18,943 $ 35,418 $ 37,384 Nontaxable income of the REIT (19,073 ) (35,073 ) (38,575 ) Effect of graduated corporate tax rates — (10 ) 34 State income taxes, net of federal tax benefit 266 716 548 Provision to return and deferred adjustment 75 — (872 ) Effect of permanent differences and other (184 ) 17 31 Tax benefit from deduction for partnership distributions (949 ) — — Effect of federal tax law change — 606 — Income tax (benefit) provision $ (922 ) $ 1,674 $ (1,450 )
Schedule of significant components of deferred tax assets (liabilities)	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): 2018 2017 Tax carryforwards $ 154 $ 449 Accrued expenses 1,893 1,144 Other (1 ) 23 Net deferred tax assets $ 2,046 $ 1,616 Gross deferred tax assets $ 2,086 $ 1,649 Gross deferred tax liabilities (40 ) (33 ) Net deferred tax assets $ 2,046 $ 1,616

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
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): 2018 2017 2016 Numerator: Net income $ 91,126 $ 99,521 $ 108,261 Less: Preferred dividends (16,671 ) (17,408 ) (18,232 ) Premium on redemption of preferred stock (3,277 ) (2,572 ) (2,125 ) Allocation to participating securities (271 ) (307 ) (342 ) Attributable to non-controlling interest (205 ) (307 ) (456 ) Net income attributable to common stockholders, net of amount allocated to participating securities $ 70,702 $ 78,927 $ 87,106 Denominator: Weighted average common shares outstanding - basic 103,623 99,406 86,874 Dilutive effect of equity-based compensation awards 219 374 469 Weighted average common shares outstanding - diluted 103,842 99,780 87,343 Earnings per share: Basic and diluted $ 0.68 $ 0.79 $ 1.00

SELECTED QUARTERLY FINANCIAL _2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of selected consolidated quarterly financial data	Selected quarterly financial data for the years ended December 31, 2018 and 2017 are as follows (in thousands, except per share amounts): 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 140,199 $ 152,222 $ 142,340 $ 132,509 Net income $ 9,691 $ 37,677 $ 38,001 $ 5,757 Net income attributable to Summit Hotel Properties, Inc. $ 9,688 $ 37,576 $ 37,901 $ 5,756 Earnings per share: Basic $ 0.01 $ 0.33 $ 0.33 $ 0.02 Diluted $ 0.01 $ 0.32 $ 0.33 $ 0.02 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

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2018hotelRoomStateProperty	Dec. 31, 2017Room
Properties
Number of hotels | hotel	77
Number of guestrooms		2,442
Number of states in which hotel properties are located | State	26
Hotels
Properties
Number of hotels | Property	77
Number of guestrooms	11,659
State income taxes, net of federal tax benefit | TRS Lessees
Properties
Ownership interest (as a percent)	100.00%

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reportable Segment (Details)	12 Months Ended
	Dec. 31, 2018Segment
Segment Disclosure
Number of reportable segments	1

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Hotel Properties and Related Assets (Details)	12 Months Ended
	Dec. 31, 2018
Buildings and improvements | Minimum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	6 years
Buildings and improvements | Maximum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	40 years
Furniture, fixtures and equipment | Minimum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	2 years
Furniture, fixtures and equipment | Maximum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	15 years

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Trade Receivables and Credit Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.1	$ 0.1
Bad debt expense	$ 0.6	$ 0.7	$ 0.6

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - New Accounting Standards (Details) - Scenario, Forecast - Accounting Standards Update 2016-02 $ in Millions	Jan. 31, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use assets	$ 24
Operating lease, liability	$ 24

INVESTMENT IN HOTEL PROPERTIE_2

INVESTMENT IN HOTEL PROPERTIES - Schedule of Investment in Hotel Properties, net (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 2,413,176	$ 2,350,559
Less - accumulated depreciation	(347,622)	(291,067)
Investment in hotel properties, net	2,065,554	2,059,492
Land
Investment in Hotel Properties, net
Investment in hotel properties at cost	288,833	272,932
Hotel building and improvements
Investment in Hotel Properties, net
Investment in hotel properties at cost	1,916,194	1,868,273
Intangible assets
Investment in Hotel Properties, net
Investment in hotel properties at cost	22,064	22,764
Construction in progress
Investment in Hotel Properties, net
Investment in hotel properties at cost	21,059	12,464
Furniture, fixtures and equipment
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 165,026	$ 174,126

INVESTMENT IN HOTEL PROPERTIE_3

INVESTMENT IN HOTEL PROPERTIES - Additional Information (Details) $ in Thousands	12 Months Ended			18 Months Ended	22 Months Ended
	Dec. 31, 2018USD ($)hotelRoom	Dec. 31, 2017USD ($)Room	Dec. 31, 2016USD ($)	Jun. 27, 2018USD ($)Room	Mar. 31, 2017USD ($)	Apr. 30, 2017USD ($)hotelRoom	Apr. 27, 2017USD ($)Room	Feb. 29, 2016USD ($)hotel	Feb. 11, 2016USD ($)hotel
Business Acquisition [Line Items]
Depreciation expense	$ 100,500	$ 85,500	$ 72,100
Number of hotels | hotel	77
Number of guestrooms | Room		2,442
Investment in hotel properties, net	$ 2,065,554	$ 2,059,492
Loss on impairment of assets	$ 1,075	$ 0	$ 577
Hyatt House | Orlando, FL
Business Acquisition [Line Items]
Number of guestrooms | Room				168
Construction and development costs, excluding land acquired				$ 32,800
Construction costs capitalized				1,600
Investment in hotel properties, net				37,200
Disposed of by Sale
Business Acquisition [Line Items]
Number of hotels | hotel						23
Number of guestrooms | Room	910	1,164				2,448
Aggregate sale price	$ 107,250	$ 120,153				$ 325,100
Aggregate Gain, net	$ 42,649	29,263
Disposed of by Sale | Portfolio of Hotels to HIT
Business Acquisition [Line Items]
Note receivable									$ 27,500
Aggregate Gain, net					$ 15,000
Disposed of by Sale | HIT Portfolio Sale, Tranche Two
Business Acquisition [Line Items]
Number of hotels | hotel								6	6
Aggregate sale price								$ 108,300	$ 108,300
Receivable portion applied toward sale of hotel properties transaction by borrower									20,000
Deferred gain on sale of property									20,000
Disposed of by Sale | HIT Portfolio Sale, Tranche Three
Business Acquisition [Line Items]
Number of hotels | hotel						7
Number of guestrooms | Room							651
Aggregate sale price						$ 66,800	$ 66,753
Earnest money deposits									$ 7,500
Aggregate Gain, net		$ 15,986
Land | Hyatt House | Orlando, FL
Business Acquisition [Line Items]
Investment in hotel properties, net				$ 2,800

INVESTMENT IN HOTEL PROPERTIE_4

INVESTMENT IN HOTEL PROPERTIES - Schedule of intangible assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Intangible assets:
Intangible assets, gross	$ 22,064	$ 22,764
Less accumulated amortization	(1,108)	(1,001)
Intangible assets, net	$ 20,956	21,763
Favorable leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, weighted average amortization period	41 years 6 months
Intangible assets:
Intangible assets, gross	$ 10,550	10,569
In-place lease agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, weighted average amortization period	3 years 10 months 12 days
Intangible assets:
Intangible assets, gross	$ 680	1,361
Air rights
Intangible assets:
Intangible assets, gross	10,754	10,754
Other
Intangible assets:
Intangible assets, gross	$ 80	$ 80

INVESTMENT IN HOTEL PROPERTIE_5

INVESTMENT IN HOTEL PROPERTIES - Schedule of future amortization expenses (Details) $ in Thousands	Dec. 31, 2018USD ($)
Finite-Lived Intangible Assets
2,019	$ 399
2,020	362
2,021	360
2,022	274
2,023	274
Thereafter	8,453
Finite Lived Intangible Assets	$ 10,122

INVESTMENT IN HOTEL PROPERTIE_6

INVESTMENT IN HOTEL PROPERTIES - Summary of hotel properties acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Room	Dec. 31, 2017USD ($)Room
Business Acquisition [Line Items]
Number of guestrooms | Room		2,442
Purchase Price		$ 585,950
Net assets acquired	$ 71,002	588,822
Settlement amount of net working capital liabilities	100
Settlement amount of net working capital assets		200
Capitalized transaction costs	$ 100	$ 2,600
Residence Inn by Marriott | Boston (Watertown), MA
Business Acquisition [Line Items]
Number of guestrooms | Room	150
Purchase Price	$ 71,000
Homewood Suites | Aliso Viejo (Laguna Beach), CA
Business Acquisition [Line Items]
Number of guestrooms | Room		129
Purchase Price		$ 38,000
Hyatt Place | Phoenix (Mesa), AZ
Business Acquisition [Line Items]
Number of guestrooms | Room		152
Purchase Price		$ 22,200
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
Portfolio Purchase - five properties
Business Acquisition [Line Items]
Number of guestrooms | Room		812
Purchase Price		$ 163,000
AC Hotel by Marriott | Atlanta, GA
Business Acquisition [Line Items]
Number of guestrooms | Room		255
Purchase Price		$ 57,500
Portfolio Purchase - four properties
Business Acquisition [Line Items]
Number of guestrooms | Room		652
Purchase Price		$ 164,000

INVESTMENT IN HOTEL PROPERTIE_7

INVESTMENT IN HOTEL PROPERTIES - Allocation of aggregate purchase price (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired
Land	$ 25,083	$ 98,639
Hotel buildings and improvements	42,676	447,477
Intangible assets	0	16,162
Furniture, fixtures and equipment	3,300	26,546
Other assets	123	2,738
Total assets acquired	71,182	591,562
Less other liabilities	(180)	(2,740)
Net assets acquired	$ 71,002	$ 588,822

INVESTMENT IN HOTEL PROPERTIE_8

INVESTMENT IN HOTEL PROPERTIES - Pro forma financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Revenues	$ 557,262	$ 546,101
Income from hotel operations	205,941	206,262
Net income	48,979	74,356
Net income attributable to common stockholders, net of amount allocated to participating securities	$ 28,676	$ 53,873
Basic net income per share attributable to common stockholders (in dollars per share)	$ 0.28	$ 0.54
Diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.28	$ 0.54
Pro forma real estate tax expense, depreciation expense, interest expense, and other corporate expenses	$ 194,400	$ 164,000
Pro forma premium on redemption of preferred stock	$ 3,300	$ 2,600

INVESTMENT IN HOTEL PROPERTIE_9

INVESTMENT IN HOTEL PROPERTIES - Summary of properties dispositions (Details) $ in Thousands	Jun. 29, 2018USD ($)Room	Dec. 31, 2018USD ($)Room	Dec. 31, 2017USD ($)Room	Nov. 07, 2018USD ($)	Sep. 28, 2018USD ($)Room	Jul. 24, 2018USD ($)Room	Jul. 21, 2017USD ($)Room	Jun. 02, 2017USD ($)Room	Apr. 30, 2017USD ($)Room	Apr. 27, 2017USD ($)Room	Mar. 30, 2017USD ($)Room
Business Acquisition [Line Items]
Number of guestrooms | Room			2,442
Disposed of by Sale
Business Acquisition [Line Items]
Number of guestrooms | Room		910	1,164						2,448
Gross Sales Price		$ 107,250	$ 120,153						$ 325,100
Aggregate Gain, net		42,649	29,263
Disposed of by Sale | Portfolio Sale - two properties
Business Acquisition [Line Items]
Number of guestrooms | Room	175
Gross Sales Price	$ 18,950
Aggregate Gain, net		13,133
Disposed of by Sale | Portfolio Sale - three properties
Business Acquisition [Line Items]
Number of guestrooms | Room						322
Gross Sales Price						$ 46,500
Aggregate Gain, net		22,964
Deferred taxable gain on sale of hotels						$ 22,200
Disposed of by Sale | HIT Portfolio Sale, Tranche Three
Business Acquisition [Line Items]
Number of guestrooms | Room										651
Gross Sales Price									$ 66,800	$ 66,753
Aggregate Gain, net			15,986
Deferred taxable gain on sale of hotels										$ 20,800
Disposed of by Sale | Duluth, GA | Portfolio Sale - two properties
Business Acquisition [Line Items]
Number of guestrooms | Room	265
Gross Sales Price	$ 24,850
Aggregate Gain, net		4,218
Note receivable	$ 3,600
Number of second mortgage notes	2
Financing receivable, term	3 years 6 months
Financing receivables, interest rate	7.38%
Disposed of by Sale | Fort Myers, FL | Hyatt Place
Business Acquisition [Line Items]
Number of guestrooms | Room					148
Gross Sales Price					$ 16,500
Aggregate Gain, net		2,195
Disposed of by Sale | Spokane, WA
Business Acquisition [Line Items]
Gross Sales Price				$ 450
Aggregate Gain, net		$ 139
Disposed of by Sale | Atlanta, GA | Hyatt Place
Business Acquisition [Line Items]
Number of guestrooms | Room											150
Gross Sales Price											$ 14,500
Aggregate Gain, net			4,781
Disposed of by Sale | El Paso, TX | Courtyard by Marriott
Business Acquisition [Line Items]
Number of guestrooms | Room								90
Gross Sales Price								$ 11,150
Aggregate Gain, net			363
Disposed of by Sale | Fort Worth, TX | Portfolio Sale - three properties
Business Acquisition [Line Items]
Number of guestrooms | Room							273
Gross Sales Price							$ 27,750
Aggregate Gain, net			$ 8,133
Deferred taxable gain on sale of hotels							$ 8,600

INVESTMENT IN HOTEL PROPERTI_10

INVESTMENT IN HOTEL PROPERTIES - Schedule of HIT Sale (Details) $ in Thousands	Dec. 31, 2018USD ($)hotelRoom	Dec. 31, 2017USD ($)Room	Apr. 30, 2017USD ($)hotelRoom	Apr. 27, 2017USD ($)Room	Feb. 29, 2016USD ($)hotel	Feb. 11, 2016USD ($)hotel	Oct. 31, 2015USD ($)hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotels	77
Number of guestrooms | Room		2,442
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotels			23
Number of guestrooms | Room	910	1,164	2,448
Combined Sales Price | $	$ 107,250	$ 120,153	$ 325,100
HIT Portfolio Sale, Tranche One | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotels							10
Combined Sales Price | $							$ 150,000
HIT Portfolio Sale, Tranche Two | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotels					6	6
Combined Sales Price | $					$ 108,300	$ 108,300
HIT Portfolio Sale, Tranche Three | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotels			7
Number of guestrooms | Room				651
Combined Sales Price | $			$ 66,800	$ 66,753

INVESTMENT IN REAL ESTATE LOA_3

INVESTMENT IN REAL ESTATE LOANS - Schedule of Investment in Real Estate Loans, net (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in real estate, net	$ 30,700	$ 12,356
Real estate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate loans	34,650	18,150
Unamortized discount	(3,950)	(5,794)
Investment in real estate, net	$ 30,700	$ 12,356

INVESTMENT IN REAL ESTATE LOA_4

INVESTMENT IN REAL ESTATE LOANS - Additional Information (Details) $ in Thousands	Dec. 31, 2018USD ($)hotel	Jun. 29, 2018USD ($)	Dec. 31, 2017USD ($)Loanhotel	Dec. 31, 2018USD ($)hotel	Dec. 31, 2017USD ($)hotel	Apr. 30, 2017USD ($)hotel
Financing Receivable, Impaired [Line Items]
Number of hotels | hotel	77			77
Purchase options related to real estate loans	$ 6,120		$ 6,078	$ 6,120	$ 6,078
Investment in real estate loans, net	30,700		$ 12,356	30,700	12,356
Mezzanine Loans
Financing Receivable, Impaired [Line Items]
Number of construction loans | Loan			3
Loans amount			$ 29,600		$ 29,600
Loans stated interest rate			8.00%
Number of hotels | hotel			3		3
Loans initial term			3 years
Loans funded	$ 29,600			$ 29,600
Interest in hotel upon completion to purchase	90.00%			90.00%
Period of time after initial option exercise to purchase remaining interests	5 years
Amortization of discount				$ 2,000	$ 300
Real estate loans
Financing Receivable, Impaired [Line Items]
Investment in real estate loans, net	$ 30,700		$ 12,356	30,700	12,356
2,019	2,100			2,100
2,020	26,300			26,300
2,021	2,300			2,300
Other assets | Mezzanine Loans
Financing Receivable, Impaired [Line Items]
Purchase options related to real estate loans	6,100			6,100
Disposed of by Sale
Financing Receivable, Impaired [Line Items]
Number of hotels | hotel						23
Aggregate sale price	$ 107,250		$ 120,153	$ 107,250	$ 120,153	$ 325,100
Duluth, GA | Disposed of by Sale | Holiday Inn and Hilton Garden Inn
Financing Receivable, Impaired [Line Items]
Aggregate sale price		$ 24,900
Investment in real estate loans, net		$ 3,600
Number of second mortgage notes		2
Financing receivable, term		3 years 6 months
Financing receivables, interest rate		7.38%

SUPPLEMENTAL BALANCE SHEET IN_3

SUPPLEMENTAL BALANCE SHEET INFORMATION - Assets Held for Sale, net (Details) $ in Thousands	Feb. 12, 2019USD ($)hotel	Dec. 31, 2018USD ($)hotel	Dec. 31, 2017USD ($)	Apr. 30, 2017USD ($)hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotels | hotel		77
Assets held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, gross		$ 13,021	$ 1,193
Less - accumulated depreciation and amortization		(5,388)	0
Assets held for sale, net		7,633	1,193
Assets held for sale | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, gross		2,442	1,193
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, gross		7,929	0
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, gross		2,519	0
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, gross		131	0
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotels | hotel				23
Aggregate sale price		$ 107,250	$ 120,153	$ 325,100
Subsequent events | Two Hotel Properties Sold On February 12, 2019 | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotels | hotel	2
Aggregate sale price	$ 11,600

SUPPLEMENTAL BALANCE SHEET IN_4

SUPPLEMENTAL BALANCE SHEET INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Restricted cash
Restricted cash	$ 28,468	$ 29,462
FF&E reserves
Restricted cash
Restricted cash	24,386	25,812
Property taxes
Restricted cash
Restricted cash	1,625	2,726
Other
Restricted cash
Restricted cash	$ 2,457	$ 924

SUPPLEMENTAL BALANCE SHEET IN_5

SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Prepaid expenses and other
Prepaid insurance	$ 2,822	$ 3,020
Other	7,289	6,434
Prepaid expenses and other	$ 10,111	$ 9,454

SUPPLEMENTAL BALANCE SHEET IN_6

SUPPLEMENTAL BALANCE SHEET INFORMATION - Deferred Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred charges
Initial franchise fees	$ 6,463	$ 6,894
Less - accumulated amortization	(1,772)	(1,673)
Total	4,691	5,221
Amortization expense	$ 500	$ 400	$ 300

SUPPLEMENTAL BALANCE SHEET IN_7

SUPPLEMENTAL BALANCE SHEET INFORMATION - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Balance Sheet Related Disclosures [Abstract]
Purchase options related to real estate loans	$ 6,120	$ 6,078
Prepaid land lease	3,180	3,228
Deferred tax asset, net	2,046	1,616
Derivative financial instruments	3,461	1,509
Total	$ 14,807	$ 12,431

SUPPLEMENTAL BALANCE SHEET IN_8

SUPPLEMENTAL BALANCE SHEET INFORMATION - Accrued Expenses and Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accrued expenses and other
Accrued property, sales and income taxes	$ 19,570	$ 16,664
Accrued salaries and benefits	10,540	8,556
Other accrued expenses at hotels	13,288	15,509
Acquired unfavorable leases	4,623	4,717
Accrued interest	3,186	1,958
Derivative financial instruments	5,042	190
Other	9,801	8,894
Total	$ 66,050	$ 56,488
Unfavorable lease, weighted average amortization period	55 years 8 months
Unfavorable lease, future amortization 2019	$ 100
Unfavorable lease, future amortization 2020	100
Unfavorable lease, future amortization 2021	100
Unfavorable lease, future amortization 2022	100
Unfavorable lease, future amortization 2023	100
Unfavorable lease, future amortization, thereafter	$ 4,100

DEBT - Narrative (Details)

DEBT - Narrative (Details)

May 16, 2018USD ($)

Feb. 15, 2018USD ($)

Dec. 11, 2017USD ($)

Sep. 26, 2017USD ($)

Dec. 31, 2018USD ($)Property

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 06, 2018USD ($)

Jun. 30, 2018USD ($)

Jan. 15, 2016USD ($)

Apr. 08, 2015USD ($)

Apr. 07, 2015USD ($)

Debt Instrument [Line Items]

Repayments of Debt

$ 723,098,000

$ 452,082,000

$ 424,545,000

Weighted average interest rate for all borrowings

4.27%

3.89%

Debt, net of debt issuance costs

$ 958,712,000

$ 868,236,000

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

56

Unsecured debt | Senior unsecured credit facility $600 Million

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 600,000,000

$ 600,000,000

Line of credit outstanding

315,000,000

Amount available for borrowing

285,000,000

Maximum increase in borrowing capacity available through accordion feature option

$ 300,000,000

Unsecured debt | $400 Million Revolver

Debt Instrument [Line Items]

Maximum borrowing capacity

400,000,000

Unsecured debt | $400 Million Revolver | LIBOR | Minimum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.40%

Unsecured debt | $400 Million Revolver | LIBOR | Maximum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

2.15%

Unsecured debt | $200 Million Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 200,000,000

Effective interest rate

4.10%

Fixed interest rate

4.10%

Unsecured debt | $200 Million Term Loan | LIBOR | Minimum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.35%

Unsecured debt | $200 Million Term Loan | LIBOR | Maximum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

2.10%

Unsecured debt | 2018 Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument, face amount

$ 225,000,000

Amount drawn

$ 85,000,000

140,000,000

Maximum increase in borrowing capacity available through accordion feature option

150,000,000

Effective interest rate

4.40%

Unsecured debt | Senior unsecured credit facility $450 Million

Debt Instrument [Line Items]

Maximum borrowing capacity

450,000,000

Line of credit outstanding

$ 65,000,000

165,000,000

Amount available for borrowing

285,000,000

Unsecured debt | $150 Million Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

150,000,000

Unsecured debt | 2015 Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 140,000,000

$ 125,000,000

Repayments of Debt

$ 140,000,000

Unsecured debt | 2017 Term Loan

Debt Instrument [Line Items]

Debt instrument, face 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

4.10%

Unsecured debt | Revolving credit facility $300 Million

Debt Instrument [Line Items]

Debt instrument, face amount

300,000,000

$ 300,000,000

Revolving credit facility | Unsecured debt | $400 Million Revolver

Debt Instrument [Line Items]

Fixed interest rate

4.15%

Option One | Unsecured debt | 2018 Term Loan [Member] | LIBOR | Minimum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.80%

Option One | Unsecured debt | 2018 Term Loan [Member] | LIBOR | Maximum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

2.55%

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 Two | Unsecured debt | 2018 Term Loan [Member] | LIBOR

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.00%

Option Two | Unsecured debt | 2018 Term Loan [Member] | Base Rate | Minimum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

0.80%

Option Two | Unsecured debt | 2018 Term Loan [Member] | Base Rate | Maximum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.55%

Option Two | Unsecured debt | 2018 Term Loan [Member] | Federal funds rate

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

0.50%

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%

MetaBank | Secured debt | Non-recourse loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 47,600,000

Fixed interest rate

4.44%

Amount drawn from secured debt

$ 47,600,000

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. 19, 2014USD ($)contract	May 06, 2014USD ($)	Jan. 10, 2014USD ($)Room	Dec. 31, 2018USD ($)Property	Dec. 06, 2018USD ($)	Dec. 31, 2017USD ($)Room	Jul. 22, 2013USD ($)Property	Mar. 08, 2013USD ($)Property	Mar. 07, 2013USD ($)Property	Jan. 25, 2013USD ($)Property
Debt Instrument [Line Items]
Debt outstanding				$ 965,011,000		$ 873,109,000
Unamortized debt issuance costs				(6,299,000)		(4,873,000)
Debt, net of issuance costs				958,712,000		$ 868,236,000
Number of guestrooms | Room						2,442
Unsecured debt | Senior unsecured credit facility $600 Million
Debt Instrument [Line Items]
Debt outstanding				315,000,000		$ 0
Unsecured debt | $200 Million Term Loan
Debt Instrument [Line Items]
Debt outstanding				$ 200,000,000		0
Stated interest rate				4.10%
Debt instrument, face amount					$ 200,000,000
Unsecured debt | Senior unsecured credit facility $450 Million
Debt Instrument [Line Items]
Debt outstanding				$ 0		165,000,000
Unsecured debt | $150 Million Term Loan
Debt Instrument [Line Items]
Debt outstanding				0		150,000,000
Debt instrument, face amount						150,000,000
Unsecured debt | KeyBank National Association Term Loan due April 7, 2022
Debt Instrument [Line Items]
Debt outstanding				0		140,000,000
Unsecured debt | Keybank National Association Term Loan due November 25, 2022
Debt Instrument [Line Items]
Debt outstanding				$ 225,000,000		225,000,000
Stated interest rate				4.10%
Unsecured debt | Keybank National Association Term Loan due February 14, 2025
Debt Instrument [Line Items]
Debt outstanding				$ 225,000,000		0
Stated interest rate				4.40%
Unsecured debt | Revolving credit facility
Debt Instrument [Line Items]
Debt outstanding				$ 115,000,000		0
Unsecured debt | Revolving credit facility | $400 Million Revolver
Debt Instrument [Line Items]
Stated interest rate				4.15%
Unsecured debt | Revolving credit facility | $300 Million Revolver
Debt Instrument [Line Items]
Debt outstanding				$ 0		15,000,000
Mortgage loans
Debt Instrument [Line Items]
Debt outstanding				$ 200,011,000		343,109,000
Number of properties encumbered | Property				21
Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) due March 1, 2019 One
Debt Instrument [Line Items]
Debt outstanding				$ 0		40,015,000
Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) due March 1, 2019 Two
Debt Instrument [Line Items]
Debt outstanding				0		35,865,000
Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) due March 1, 2019 Three
Debt Instrument [Line Items]
Debt outstanding				0		23,130,000
Mortgage loans | Voya (formerly known as ING Life Insurance and Annuity) due March 1, 2019 Four
Debt Instrument [Line Items]
Debt outstanding				0		16,431,000
Mortgage loans | KeyBank National Association 4.46% Fixed due February 1, 2023
Debt Instrument [Line Items]
Debt outstanding				$ 26,357,000		26,928,000
Stated interest rate				4.46%						4.46%
Number of properties encumbered | Property				4						4
Amortization Period (Years)				30 years
Debt instrument, face amount										$ 29,400,000
Mortgage loans | KeyBank National Association 4.52% Fixed due April 1, 2023
Debt Instrument [Line Items]
Debt outstanding				$ 20,444,000		20,877,000
Stated interest rate				4.52%
Number of properties encumbered | Property				3					3
Amortization Period (Years)				30 years
Debt instrument, face amount									$ 22,700,000
Mortgage loans | KeyBank National Association 4.30% Fixed due April 1, 2023
Debt Instrument [Line Items]
Debt outstanding				$ 19,777,000		20,211,000
Stated interest rate				4.30%				4.30%
Number of properties encumbered | Property				4				3
Amortization Period (Years)				30 years
Debt instrument, face amount								$ 22,000,000
Mortgage loans | KeyBank National Association 4.95% Fixed due August 1, 2023
Debt Instrument [Line Items]
Debt outstanding				$ 35,411,000		36,093,000
Stated interest rate				4.95%			4.95%
Number of properties encumbered | Property				2			2
Amortization Period (Years)				30 years
Debt instrument, face amount							$ 38,700,000
Mortgage loans | West Alliance Bank due April 1, 2020 one
Debt Instrument [Line Items]
Debt outstanding				$ 0		8,701,000
Amortization Period (Years)				25 years
Mortgage loans | West Alliance Bank due April 1, 2020 two
Debt Instrument [Line Items]
Debt outstanding				$ 0		4,685,000
Amortization Period (Years)				25 years
Mortgage loans | Meta Bank 4.44% Fixed due July 1, 2027
Debt Instrument [Line Items]
Debt outstanding				$ 47,640,000		47,640,000
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				$ 8,757,000		9,023,000
Stated interest rate				4.50%
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				$ 8,757,000		9,023,000
Stated interest rate	4.30%			4.30%
Number of properties encumbered | Property				0
Amortization Period (Years)				25 years
Mortgage loans | Compass Bank Variable due May 6, 2020
Debt Instrument [Line Items]
Debt outstanding				$ 22,151,000		22,773,000
Stated interest rate				4.90%
Number of properties encumbered | Property				3
Amortization Period (Years)		25 years		25 years
Debt instrument, face amount		$ 25,000,000
Mortgage loans | West Alliance Bank due April 1, 2020, one
Debt Instrument [Line Items]
Debt outstanding				$ 0		5,769,000
Amortization Period (Years)				25 years
Mortgage loans | West Alliance Bank due April 1, 2020, two
Debt Instrument [Line Items]
Debt outstanding				$ 0		4,926,000
Amortization Period (Years)				25 years
Mortgage loans | U.S. Bank, NA 6.13% Fixed due November 11, 2021
Debt Instrument [Line Items]
Debt outstanding				$ 10,717,000		$ 11,019,000
Stated interest rate			6.133%	6.13%
Number of properties encumbered | Property				1
Amortization Period (Years)			25 years	25 years
Secured debt | Meta Bank 4.44% Fixed due July 1, 2027
Debt Instrument [Line Items]
Stated interest rate				4.44%
Debt interest only payments term				18 months
Loan amortization period after interest only payments period				25 years
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 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

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, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Fixed-rate debt	$ 569,103	$ 386,313
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	59.00%	44.00%
Variable-rate debt	$ 395,908	$ 486,796
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	41.00%	56.00%
Debt, gross	$ 965,011	$ 873,109

DEBT - Schedule of Principal Pa

DEBT - Schedule of Principal Payments for Each of the Next Five Years (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Principal payments for each of the next five years
2,019	$ 4,647
2,020	25,788
2,021	14,151
2,022	229,264
2,023	209,238
Thereafter	481,923
Debt, gross	$ 965,011	$ 873,109
All borrowings
Weighted average interest rate for all borrowings	4.27%	3.89%

DEBT - Fair Value of Fixed-Rate

DEBT - Fair Value of Fixed-Rate Debt not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Interest rate swaps
Debt
Variable rate debt converted to fixed rate debt	$ 400,000	$ 75,000
Carrying Value | Fixed-rate debt
Debt
Debt	169,103	311,313
Fair Value | Level 2 | Fixed-rate debt
Debt
Debt	$ 166,256	$ 310,535

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)Instrument	Dec. 31, 2017Instrument
Derivative [Line Items]
Maximum length of time over which instruments are hedged	7 years
Interest rate swaps
Derivative [Line Items]
Estimated reclassification from other comprehensive income as an increase to interest expense in 2017 | $	$ 0.4
Designated as hedges | Interest rate swaps
Derivative [Line Items]
Number of instruments held in asset position	2	2
Number of instruments held in liability account	2	1

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Information about Derivative Financial Instruments (Details) - Designated as hedges - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 400,000	$ 275,000
Fair Value	(1,581)	1,319
Interest Rate Swap Expiring October 1, 2018
Derivative [Line Items]
Notional Amount	0	75,000
Fair Value	0	(190)
Interest Rate Swap Expiring January 31, 2023 One
Derivative [Line Items]
Notional Amount	100,000	100,000
Fair Value	1,758	722
Interest Rate Swap Expiring January 31, 2023 Two
Derivative [Line Items]
Notional Amount	100,000	100,000
Fair Value	1,703	787
Interest Rate Swap Expiring September 30, 2024
Derivative [Line Items]
Notional Amount	75,000	0
Fair Value	(1,656)	0
Interest Rate Swap Expiring December 31, 2025
Derivative [Line Items]
Notional Amount	125,000	0
Fair Value	$ (3,386)	$ 0

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Gain or Loss Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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	$ (41,944)	$ (29,687)	$ (28,091)
Cash flow hedges | Interest rate swaps
Derivative instruments, gain (loss) recognized
(Loss) Gain recognized in accumulated other comprehensive income on derivative financial instruments	(3,050)	1,703	(497)
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded	(41,944)	(29,687)	(28,091)
Cash flow hedges | Interest rate swaps | Interest expense
Derivative instruments, gain (loss) recognized
Loss reclassified from accumulated other comprehensive income to interest expense	$ (150)	$ (734)	$ (1,190)

EQUITY - Additional Information

EQUITY - Additional Information (Details)	Mar. 20, 2018USD ($)$ / sharesshares	Dec. 11, 2017USD ($)$ / sharesshares	Nov. 13, 2017USD ($)shares	May 15, 2017USD ($)	May 09, 2017$ / sharesshares	May 25, 2017USD ($)shares	Dec. 31, 2018USD ($)Vote$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)	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)							0	10,350,000
Compensation entitled as percentage of gross proceeds of shares sold under sales agreements										2.00%
Shares reserved for issuance							14,591,213	15,275,114
Preferred stock, shares authorized							100,000,000	100,000,000
Preferred stock, par value (in dollars per share) | $ / shares							$ 0.01	$ 0.01
Premium on redemption of preferred stock | $							$ 3,277,000	$ 2,572,000	$ 2,125,000
Undesignated preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized							90,600,000
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]
Payments for repurchase of redeemable preferred shares | $		$ 75,200,000
Preferred stock, shares outstanding		3,000,000
Preferred stock, redemption price (in dollars per share) | $ / shares		$ 25
Premium on redemption of preferred stock | $		$ 2,600,000
7.125% Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (as a percent)	7.125%							7.125%
Payments for repurchase of redeemable preferred shares | $	$ 85,300,000
Preferred stock, shares outstanding	3,400,000							3,400,000
Preferred stock, redemption price (in dollars per share) | $ / shares	$ 25
Premium on redemption of preferred stock | $	$ 3,300,000
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%	6.25%
Preferred shares offering underwriting discount and offering-related expenses | $			$ 5,300,000
Preferred stock, shares outstanding							6,400,000	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
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)							259,265	323,391
Percentage of limited partnership interest in operating partnership (less than)							1.00%	1.00%

EQUITY - Changes in common stoc

EQUITY - Changes in common stock (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Beginning common shares outstanding	104,287,128	93,525,469
Common stock issued	0	10,350,000
Common Unit redemptions	64,126	73,322
Forfeitures	(1,636)	(2,320)
Shares retained for employee tax withholding requirements	(187,850)	(59,111)
Ending common shares outstanding	104,783,179	104,287,128
Equity Plan
Class of Stock [Line Items]
Grants under the Equity Plan	583,738	366,679
Directors
Class of Stock [Line Items]
Grants under the Equity Plan	34,130	28,426
Common stock issued for director fees	3,543	4,663

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Derivative financial instruments	$ 3,461	$ 1,509
Purchase options related to real estate loans	6,120	6,078
Liabilities:
Derivative financial instruments	5,042	190
Recurring basis
Assets:
Purchase options related to real estate loans	6,120	6,078
Recurring basis | Interest rate swaps
Assets:
Derivative financial instruments	3,461	1,509
Liabilities:
Derivative financial instruments	5,042	190
Recurring basis | Level 1
Assets:
Purchase options related to real estate loans	0	0
Recurring basis | Level 1 | Interest rate swaps
Assets:
Derivative financial instruments	0	0
Liabilities:
Derivative financial instruments	0	0
Recurring basis | Level 2
Assets:
Purchase options related to real estate loans	0	0
Recurring basis | Level 2 | Interest rate swaps
Assets:
Derivative financial instruments	3,461	1,509
Liabilities:
Derivative financial instruments	5,042	190
Recurring basis | Level 3
Assets:
Purchase options related to real estate loans	6,120	6,078
Recurring basis | Level 3 | Interest rate swaps
Assets:
Derivative financial instruments	0	0
Liabilities:
Derivative financial instruments	$ 0	$ 0

FAIR VALUE MEASUREMENT - Sche_2

FAIR VALUE MEASUREMENT - Schedule of Unobservable Inputs for Fair Values of Purchase Options (Details) - Recurring basis - Level 3 $ / shares in Thousands	Dec. 31, 2018$ / shares
Exercise price | Real Estate Loan 1
Fair value
Purchase options, measurement input	15,143
Exercise price | Real Estate Loan 2
Fair value
Purchase options, measurement input	17,377
Exercise price | Real Estate Loan 3
Fair value
Purchase options, measurement input	5,503
Expected volatility | Real Estate Loan 1
Fair value
Purchase options, measurement input	0.320
Expected volatility | Real Estate Loan 2
Fair value
Purchase options, measurement input	0.380
Expected volatility | Real Estate Loan 3
Fair value
Purchase options, measurement input	0.370
Risk free rate | Real Estate Loan 1
Fair value
Purchase options, measurement input	0.017
Risk free rate | Real Estate Loan 2
Fair value
Purchase options, measurement input	0.018
Risk free rate | Real Estate Loan 3
Fair value
Purchase options, measurement input	0.019
Expected annualized equity dividend yield | Real Estate Loan 1
Fair value
Purchase options, measurement input	0.068
Expected annualized equity dividend yield | Real Estate Loan 2
Fair value
Purchase options, measurement input	0.099
Expected annualized equity dividend yield | Real Estate Loan 3
Fair value
Purchase options, measurement input	0.065

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Ground Leases (Details) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 26, 2019USD ($)	Dec. 31, 2018USD ($)Propertycontractoption	Dec. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)
Ground Leases
Number of prepaid land lease | contract		2
Prepaid rent		$ 3,180	$ 3,228
Purchase price to acquire fee simple interest in real estate		71,002	588,822	$ 244,714
Future minimum rental payments for noncancelable operating leases with a remaining term in excess of one year
2,019		6,383
2,020		2,052
2,021		1,935
2,022		1,715
2,023		849
Thereafter		25,955
Total		38,889
Ground operating leases
Ground Leases
Total rent expense		$ 1,700	$ 1,900	$ 1,700
Ground operating leases | Duluth, GA
Ground Leases
Number of hotel properties for which land is leased | Property			1
Ground operating leases | San Francisco, CA
Ground Leases
Number of hotel properties for which land is leased | Property		2
Prepaid rent		$ 3,200	$ 3,200
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
Ground operating leases | Greenville, SC
Ground Leases
Number of hotel properties for which land is leased | Property		1
Subsequent events | Baltimore (Hunt Valley), MD
Ground Leases
Purchase price to acquire fee simple interest in real estate	$ 4,100

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Franchise Agreements and Management Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Franchise Agreements
Commitments and contingencies
Fees related to the agreement	$ 47.7	$ 41.6	$ 37.2
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	$ 18.5	$ 18.2	$ 18.8
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) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity-based compensation
Outstanding stock options (in shares)	235,000	235,000	235,000
Exercisable stock options (in shares)	235,000	235,000	235,000
Outstanding stock options, weighted average exercise price (in dollars per share)	$ 9.75
Outstanding stock options, weighted average contractual term	2 years 3 months
Total fair value of options vested			$ 300,000
Intrinsic value of options exercised			1,000,000
Stock options exercised (in shares)	0	0
Outstanding stock options, intrinsic value	$ 0	$ 1,300,000	1,500,000
Exercisable stock options, intrinsic value	$ 0	$ 1,300,000	$ 1,500,000
Stock options | Minimum
Equity-based compensation
Term of award	5 years
Stock options | Maximum
Equity-based compensation
Term of award	10 years
Chief Financial Officer
Equity-based compensation
Share based compensation expense	$ 1,000,000

EQUITY-BASED COMPENSATION - Tim

EQUITY-BASED COMPENSATION - Time-Based Restricted Stock Awards (Details) - Restricted Stock Awards - Time-Based - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Shares
Non-vested at the beginning of year (in shares)	391,477	357,845
Granted (in shares)	185,930	156,318
Vested (in shares)	(205,619)	(120,366)
Forfeited (in shares)	(1,636)	(2,320)
Non-vested at end of year (in shares)	370,152	391,477	357,845
Weighted Average Grant Date Fair Value per Share
Non-vested at beginning of year (in dollars per share)	$ 13.52	$ 11.90
Granted (in dollars per share)	13.15	15.52
Vested (in dollars per share)	13.41	11.29
Forfeited (in dollars per share)	12.84	13.70
Non-vested at end of year (in dollars per share)	$ 13.40	$ 13.52	$ 11.90
Aggregate Current Value
Non-vested outstanding	$ 3,602
Total fair value of awards vested	$ 2,800	$ 1,400	$ 900
Employees
Equity-based compensation
Vesting period	4 years
Employees | Period one
Equity-based compensation
Vesting percentage	20.00%
Employees | Period two
Equity-based compensation
Vesting percentage	20.00%
Employees | Period three
Equity-based compensation
Vesting percentage	20.00%
Employees | Period four
Equity-based compensation
Vesting percentage	40.00%
Executive officers
Equity-based compensation
Vesting period	3 years
Executive officers | Period one
Equity-based compensation
Vesting percentage	25.00%
Executive officers | Period two
Equity-based compensation
Vesting percentage	25.00%
Executive officers | Period three
Equity-based compensation
Vesting percentage	50.00%

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Awards (Details) - Restricted Stock Awards $ / shares in Units, $ in Thousands	Mar. 07, 2018$ / shares	Dec. 31, 2018USD ($)Iteration$ / sharesshares	Dec. 31, 2017Iteration$ / sharesshares	Dec. 31, 2016Iteration$ / sharesshares
Performance-Based
Number of Shares
Non-vested at the beginning of year (in shares) | shares		619,429	449,027
Granted (in shares) | shares		397,808	210,361
Vested (in shares) | shares		(309,010)	(39,959)
Non-vested at end of year (in shares) | shares		708,227	619,429	449,027
Weighted Average Grant Date Fair Value per Share
Non-vested at beginning of year (in dollars per share)		$ 16.16	$ 14.90
Granted (in dollars per share)	$ 13.73	15.69	17.13	$ 13.77
Vested (in dollars per share)		18.78	7.12
Non-vested at end of year (in dollars per share)		$ 14.75	$ 16.16	$ 14.90
Aggregate Current Value
Non-vested outstanding | $		$ 6,891
Vesting period		3 years
Assumptions used to estimate the fair value of options granted
Expected dividend yield (as a percent)		5.33%	4.14%	4.01%
Expected stock price volatility (as a percent)		25.70%	24.80%	24.20%
Risk-free interest rate (as a percent)		2.41%	1.59%	1.037%
Monte Carlo iterations | Iteration		100,000	100,000	100,000
Weighted average estimated fair value of awards granted	$ 13.73	$ 15.69	$ 17.13	$ 13.77
Executive officers | Minimum
Aggregate Current Value
Shares earned (as a percent)		0.00%
Executive officers | Maximum
Aggregate Current Value
Shares earned (as a percent)		200.00%

EQUITY-BASED COMPENSATION - Dir

EQUITY-BASED COMPENSATION - Director Stock Awards (Details) - Directors - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Equity-based compensation
Grant of stock (in shares)	34,130	28,426
Common stock issued for director fees	3,543	4,663
Common Stock
Equity-based compensation
Grant of stock (in shares)	34,130	28,426
Common stock issued for director fees	3,543	4,663

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Compensation expense to be recognized
2,019	$ 3,933
2,020	2,242
2,021	389
2,022	13
Total	6,577
Restricted Stock Awards | Time-Based
Compensation expense to be recognized
2,019	1,613
2,020	955
2,021	203
2,022	13
Total	2,784
Restricted Stock Awards | Performance-Based
Compensation expense to be recognized
2,019	2,320
2,020	1,287
2,021	186
2,022	0
Total	3,793
Corporate general and administrative
Equity-based compensation expense
Share based compensation expense	6,665	$ 5,887	$ 4,221
Corporate general and administrative | Stock options
Equity-based compensation expense
Share based compensation expense	0	0	55
Corporate general and administrative | Restricted Stock Awards | Time-Based
Equity-based compensation expense
Share based compensation expense	2,384	2,145	1,594
Corporate general and administrative | Restricted Stock Awards | Performance-Based
Equity-based compensation expense
Share based compensation expense	3,727	3,183	2,107
Corporate general and administrative | Director stock | Directors
Equity-based compensation expense
Share based compensation expense	$ 554	$ 559	$ 465

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Employer contribution expense	$ 0.2	$ 0.2	$ 0.3

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal		$ (67)	$ 10	$ 37
State and local		(425)	777	904
Deferred:
Federal		(279)	232	(1,918)
State and local		(151)	49	(473)
Effect of federal tax law change	$ 600	0	606	0
Income tax (benefit) expense		$ (922)	$ 1,674	$ (1,450)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Tax Rate for TRS and Total Provision for TRS and Operating Partnership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs
Statutory federal income tax provision	$ 18,943	$ 35,418	$ 37,384
Nontaxable income of the REIT	(19,073)	(35,073)	(38,575)
Effect of graduated corporate tax rates	0	(10)	34
State income taxes, net of federal tax benefit	266	716	548
Provision to return and deferred adjustment	75	0	(872)
Effect of permanent differences and other	(184)	17	31
Tax benefit from deduction for partnership distributions	(949)	0	0
Effect of federal tax law change	0	606	0
Income tax (benefit) expense	$ (922)	$ 1,674	$ (1,450)

INCOME TAXES - Significant Comp

INCOME TAXES - Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Significant components of the Company's deferred tax assets and liabilities
Tax carryforwards	$ 154	$ 449
Accrued expenses	1,893	1,144
Other	(1)	23
Net deferred tax assets	2,046	1,616
Net Deferred Tax Assets
Gross deferred tax assets	2,086	1,649
Gross deferred tax liabilities	(40)	(33)
Net deferred tax assets	$ 2,046	$ 1,616

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income taxes
Effect of federal tax law change	$ 600,000	$ 0	$ 606,000	$ 0
Tax benefit from deduction for partnership distributions		(949,000)	$ 0	$ 0
Unrecognized tax benefits		0
State
Income taxes
Operating loss carryforwards		1,500,000
U.S. Federal | Minimum tax credit carryforwards
Income taxes
Tax credit amount		$ 100,000

EARNINGS PER SHARE - Anti-Dilut

EARNINGS PER SHARE - Anti-Dilutive Stock Options (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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)	453,664	464,924	409,068

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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income	$ 5,757	$ 38,001	$ 37,677	$ 9,691	$ 9,787	$ 22,445	$ 34,083	$ 33,206	$ 91,126	$ 99,521	$ 108,261
Less: Preferred dividends									(16,671)	(17,408)	(18,232)
Premium on redemption of preferred stock									(3,277)	(2,572)	(2,125)
Allocation to participating securities									(271)	(307)	(342)
Attributable to non-controlling interest									(205)	(307)	(456)
Net income attributable to common stockholders, net of amount allocated to participating securities									$ 70,702	$ 78,927	$ 87,106
Denominator:
Weighted average common shares outstanding - basic (in shares)									103,623	99,406	86,874
Dilutive effect of equity-based compensation awards (in shares)									219	374	469
Weighted average common shares outstanding - diluted (in shares)									103,842	99,780	87,343
Basic and diluted (in dollars per share)									$ 0.68	$ 0.79	$ 1

SELECTED QUARTERLY FINANCIAL _3

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 132,509	$ 142,340	$ 152,222	$ 140,199	$ 131,745	$ 136,587	$ 129,056	$ 117,989	$ 567,270	$ 515,377	$ 473,935
Net income	5,757	38,001	37,677	9,691	9,787	22,445	34,083	33,206	91,126	99,521	108,261
Net income attributable to Summit Hotel Properties, Inc.	$ 5,756	$ 37,901	$ 37,576	$ 9,688	$ 9,769	$ 22,390	$ 33,969	$ 33,086	$ 90,921	$ 99,214	$ 107,805
Earnings per share:
Basic (in dollars per share)	$ 0.02	$ 0.33	$ 0.33	$ 0.01	$ 0.02	$ 0.18	$ 0.30	$ 0.31
Diluted (in dollars per share)	$ 0.02	$ 0.33	$ 0.32	$ 0.01	$ 0.02	$ 0.17	$ 0.30	$ 0.31

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands	Feb. 01, 2019$ / shares	Feb. 26, 2019USD ($)	Dec. 31, 2018USD ($)hotel	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Feb. 12, 2019USD ($)hotel	Apr. 30, 2017USD ($)hotel
Subsequent events
Purchase price to acquire fee simple interest in real estate			$ 71,002	$ 588,822	$ 244,714
Number of hotels | hotel			77
6.45% Series D Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)			6.45%	6.45%
6.25% Series E Preferred Stock
Subsequent events
Preferred stock, dividend rate (as a percent)			6.25%	6.25%
Subsequent events
Subsequent events
Cash dividends declared, common stock (in dollars per share) | $ / shares	$ 0.18
Subsequent events | 6.45% Series D Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share) | $ / shares	0.403125
Subsequent events | 6.25% Series E Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share) | $ / shares	$ 0.390625
Baltimore (Hunt Valley), MD | Subsequent events
Subsequent events
Purchase price to acquire fee simple interest in real estate		$ 4,100
Disposed of by Sale
Subsequent events
Number of hotels | hotel							23
Aggregate sale price			$ 107,250	$ 120,153			$ 325,100
Two Hotel Properties Sold On February 12, 2019 | Disposed of by Sale | Subsequent events
Subsequent events
Number of hotels | hotel						2
Aggregate sale price						$ 11,600

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Initial Cost
Land	$ 295,414
Building & Improvements	2,037,143
Cost Capitalized Subsequent to Acquisition	73,712
Total Cost
Land	293,542
Building & Improvements	2,112,727
Total	2,406,269	$ 2,355,723	$ 1,848,673	$ 1,683,803
Accumulated Depreciation	(351,821)	$ (290,066)	$ (241,760)	$ (212,207)
Total Cost Net of Accumulated Depreciation	2,054,448
Mortgage Debt	200,011
Land Parcels
Initial Cost
Land	4,645
Building & Improvements	0
Cost Capitalized Subsequent to Acquisition	(1,886)
Total Cost
Land	2,759
Building & Improvements	0
Total	2,759
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	2,759
Mortgage Debt	0
Aliso Viejo, CA | Homewood Suites
Initial Cost
Land	5,599
Building & Improvements	32,367
Cost Capitalized Subsequent to Acquisition	307
Total Cost
Land	5,599
Building & Improvements	32,674
Total	38,273
Accumulated Depreciation	(2,606)
Total Cost Net of Accumulated Depreciation	35,667
Mortgage Debt	0
Arlington, TX | Hyatt Place
Initial Cost
Land	650
Building & Improvements	9,946
Cost Capitalized Subsequent to Acquisition	(135)
Total Cost
Land	650
Building & Improvements	9,811
Total	10,461
Accumulated Depreciation	(3,277)
Total Cost Net of Accumulated Depreciation	7,184
Mortgage Debt	0
Arlington, TX | Courtyard by Marriott
Initial Cost
Land	1,497
Building & Improvements	15,573
Cost Capitalized Subsequent to Acquisition	(43)
Total Cost
Land	1,497
Building & Improvements	15,530
Total	17,027
Accumulated Depreciation	(3,748)
Total Cost Net of Accumulated Depreciation	13,279
Mortgage Debt	22,151
Arlington, TX | Residence Inn
Initial Cost
Land	1,646
Building & Improvements	15,440
Cost Capitalized Subsequent to Acquisition	(47)
Total Cost
Land	1,646
Building & Improvements	15,393
Total	17,039
Accumulated Depreciation	(3,322)
Total Cost Net of Accumulated Depreciation	13,717
Mortgage Debt	0
Asheville, NC | Hotel Indigo
Initial Cost
Land	2,100
Building & Improvements	34,755
Cost Capitalized Subsequent to Acquisition	982
Total Cost
Land	2,100
Building & Improvements	35,737
Total	37,837
Accumulated Depreciation	(5,093)
Total Cost Net of Accumulated Depreciation	32,744
Mortgage Debt	0
Atlanta, GA | AC Hotel by Marriott
Initial Cost
Land	5,670
Building & Improvements	51,922
Cost Capitalized Subsequent to Acquisition	437
Total Cost
Land	5,670
Building & Improvements	52,359
Total	58,029
Accumulated Depreciation	(3,197)
Total Cost Net of Accumulated Depreciation	54,832
Mortgage Debt	0
Atlanta, GA | Courtyard by Marriott
Initial Cost
Land	2,050
Building & Improvements	27,969
Cost Capitalized Subsequent to Acquisition	174
Total Cost
Land	2,050
Building & Improvements	28,143
Total	30,193
Accumulated Depreciation	(6,701)
Total Cost Net of Accumulated Depreciation	23,492
Mortgage Debt	0
Atlanta, GA | Residence Inn
Initial Cost
Land	3,381
Building & Improvements	34,820
Cost Capitalized Subsequent to Acquisition	328
Total Cost
Land	3,381
Building & Improvements	35,148
Total	38,529
Accumulated Depreciation	(3,635)
Total Cost Net of Accumulated Depreciation	34,894
Mortgage Debt	0
Austin, TX | Hampton Inn & Suites
Initial Cost
Land	0
Building & Improvements	6,048
Cost Capitalized Subsequent to Acquisition	200
Total Cost
Land	0
Building & Improvements	6,248
Total	6,248
Accumulated Depreciation	(1,417)
Total Cost Net of Accumulated Depreciation	4,831
Mortgage Debt	0
Austin, TX | Hampton Inn & Suites
Initial Cost
Land	0
Building & Improvements	56,394
Cost Capitalized Subsequent to Acquisition	1,054
Total Cost
Land	0
Building & Improvements	57,448
Total	57,448
Accumulated Depreciation	(9,017)
Total Cost Net of Accumulated Depreciation	48,431
Mortgage Debt	0
Baltimore, MD | Hampton Inn & Suites
Initial Cost
Land	2,205
Building & Improvements	16,013
Cost Capitalized Subsequent to Acquisition	822
Total Cost
Land	2,205
Building & Improvements	16,835
Total	19,040
Accumulated Depreciation	(1,983)
Total Cost Net of Accumulated Depreciation	17,057
Mortgage Debt	0
Baltimore, MD | Residence Inn
Initial Cost
Land	1,986
Building & Improvements	37,016
Cost Capitalized Subsequent to Acquisition	5,767
Total Cost
Land	1,986
Building & Improvements	42,783
Total	44,769
Accumulated Depreciation	(2,122)
Total Cost Net of Accumulated Depreciation	42,647
Mortgage Debt	0
Birmingham, AL | Hilton Garden Inn
Initial Cost
Land	1,400
Building & Improvements	9,131
Cost Capitalized Subsequent to Acquisition	(237)
Total Cost
Land	1,400
Building & Improvements	8,894
Total	10,294
Accumulated Depreciation	(2,886)
Total Cost Net of Accumulated Depreciation	7,408
Mortgage Debt	0
Birmingham, AL | Hilton Garden Inn
Initial Cost
Land	1,400
Building & Improvements	12,021
Cost Capitalized Subsequent to Acquisition	241
Total Cost
Land	1,400
Building & Improvements	12,262
Total	13,662
Accumulated Depreciation	(3,654)
Total Cost Net of Accumulated Depreciation	10,008
Mortgage Debt	0
Bloomington, MN | Hampton Inn & Suites
Initial Cost
Land	1,658
Building & Improvements	15,223
Cost Capitalized Subsequent to Acquisition	164
Total Cost
Land	1,658
Building & Improvements	15,387
Total	17,045
Accumulated Depreciation	(5,956)
Total Cost Net of Accumulated Depreciation	11,089
Mortgage Debt	0
Bloomington, MN | SpringHill Suites
Initial Cost
Land	1,658
Building & Improvements	14,761
Cost Capitalized Subsequent to Acquisition	78
Total Cost
Land	1,658
Building & Improvements	14,839
Total	16,497
Accumulated Depreciation	(5,414)
Total Cost Net of Accumulated Depreciation	11,083
Mortgage Debt	0
Boulder, CO | Marriott
Initial Cost
Land	11,115
Building & Improvements	49,204
Cost Capitalized Subsequent to Acquisition	7,627
Total Cost
Land	11,115
Building & Improvements	56,831
Total	67,946
Accumulated Depreciation	(4,190)
Total Cost Net of Accumulated Depreciation	63,756
Mortgage Debt	0
Branchburg, NJ | Residence Inn
Initial Cost
Land	2,374
Building & Improvements	24,411
Cost Capitalized Subsequent to Acquisition	253
Total Cost
Land	2,374
Building & Improvements	24,664
Total	27,038
Accumulated Depreciation	(3,646)
Total Cost Net of Accumulated Depreciation	23,392
Mortgage Debt	0
Brisbane, CA | DoubleTree
Initial Cost
Land	3,300
Building & Improvements	39,686
Cost Capitalized Subsequent to Acquisition	814
Total Cost
Land	3,300
Building & Improvements	40,500
Total	43,800
Accumulated Depreciation	(9,144)
Total Cost Net of Accumulated Depreciation	34,656
Mortgage Debt	0
Camarillo, CA | Hampton Inn & Suites
Initial Cost
Land	2,200
Building & Improvements	17,366
Cost Capitalized Subsequent to Acquisition	214
Total Cost
Land	2,200
Building & Improvements	17,580
Total	19,780
Accumulated Depreciation	(4,617)
Total Cost Net of Accumulated Depreciation	15,163
Mortgage Debt	0
Charleston, WV | Country Inn & Suites
Initial Cost
Land	1,042
Building & Improvements	5,175
Cost Capitalized Subsequent to Acquisition	64
Total Cost
Land	1,042
Building & Improvements	5,239
Total	6,281
Accumulated Depreciation	(2,680)
Total Cost Net of Accumulated Depreciation	3,601
Mortgage Debt	0
Charleston, WV | Holiday Inn Express
Initial Cost
Land	907
Building & Improvements	5,053
Cost Capitalized Subsequent to Acquisition	143
Total Cost
Land	907
Building & Improvements	5,196
Total	6,103
Accumulated Depreciation	(2,627)
Total Cost Net of Accumulated Depreciation	3,476
Mortgage Debt	0
Charlotte, NC | Courtyard by Marriott
Initial Cost
Land	0
Building & Improvements	41,094
Cost Capitalized Subsequent to Acquisition	1,303
Total Cost
Land	0
Building & Improvements	42,397
Total	42,397
Accumulated Depreciation	(2,703)
Total Cost Net of Accumulated Depreciation	39,694
Mortgage Debt	0
Chicago, IL | Hyatt Place
Initial Cost
Land	5,395
Building & Improvements	68,355
Cost Capitalized Subsequent to Acquisition	155
Total Cost
Land	5,395
Building & Improvements	68,510
Total	73,905
Accumulated Depreciation	(6,722)
Total Cost Net of Accumulated Depreciation	67,183
Mortgage Debt	0
Cleveland, OH | Residence Inn
Initial Cost
Land	10,075
Building & Improvements	33,340
Cost Capitalized Subsequent to Acquisition	1,128
Total Cost
Land	10,075
Building & Improvements	34,468
Total	44,543
Accumulated Depreciation	(2,042)
Total Cost Net of Accumulated Depreciation	42,501
Mortgage Debt	0
Decatur, GA | Courtyard by Marriott
Initial Cost
Land	4,046
Building & Improvements	34,151
Cost Capitalized Subsequent to Acquisition	3,636
Total Cost
Land	4,046
Building & Improvements	37,787
Total	41,833
Accumulated Depreciation	(4,077)
Total Cost Net of Accumulated Depreciation	37,756
Mortgage Debt	0
Englewood, CO | Hilton Garden Inn
Initial Cost
Land	1,800
Building & Improvements	11,211
Cost Capitalized Subsequent to Acquisition	187
Total Cost
Land	1,800
Building & Improvements	11,398
Total	13,198
Accumulated Depreciation	(3,430)
Total Cost Net of Accumulated Depreciation	9,768
Mortgage Debt	0
Englewood, CO | Hyatt Place
Initial Cost
Land	2,000
Building & Improvements	11,950
Cost Capitalized Subsequent to Acquisition	(561)
Total Cost
Land	2,000
Building & Improvements	11,389
Total	13,389
Accumulated Depreciation	(3,491)
Total Cost Net of Accumulated Depreciation	9,898
Mortgage Debt	0
Englewood, CO | Hyatt House
Initial Cost
Land	2,700
Building & Improvements	16,267
Cost Capitalized Subsequent to Acquisition	260
Total Cost
Land	2,700
Building & Improvements	16,527
Total	19,227
Accumulated Depreciation	(5,761)
Total Cost Net of Accumulated Depreciation	13,466
Mortgage Debt	0
Fort Lauderdale, FL | Courtyard by Marriott
Initial Cost
Land	37,950
Building & Improvements	47,002
Cost Capitalized Subsequent to Acquisition	583
Total Cost
Land	37,950
Building & Improvements	47,585
Total	85,535
Accumulated Depreciation	(3,745)
Total Cost Net of Accumulated Depreciation	81,790
Mortgage Debt	0
Fort Worth, TX | Courtyard by Marriott
Initial Cost
Land	1,920
Building & Improvements	38,070
Cost Capitalized Subsequent to Acquisition	2,112
Total Cost
Land	1,920
Building & Improvements	40,182
Total	42,102
Accumulated Depreciation	(3,480)
Total Cost Net of Accumulated Depreciation	38,622
Mortgage Debt	0
Greenville, SC | Hyatt Place
Initial Cost
Land	4,200
Building & Improvements	27,775
Cost Capitalized Subsequent to Acquisition	110
Total Cost
Land	4,200
Building & Improvements	27,885
Total	32,085
Accumulated Depreciation	(4,829)
Total Cost Net of Accumulated Depreciation	27,256
Mortgage Debt	0
Hoffman Estates, IL | Staybridge Suites
Initial Cost
Land	2,100
Building & Improvements	10,151
Cost Capitalized Subsequent to Acquisition	345
Total Cost
Land	2,100
Building & Improvements	10,496
Total	12,596
Accumulated Depreciation	(3,193)
Total Cost Net of Accumulated Depreciation	9,403
Mortgage Debt	0
Houston, TX | Hampton Inn
Initial Cost
Land	4,100
Building & Improvements	26,191
Cost Capitalized Subsequent to Acquisition	1,033
Total Cost
Land	4,100
Building & Improvements	27,224
Total	31,324
Accumulated Depreciation	(4,675)
Total Cost Net of Accumulated Depreciation	26,649
Mortgage Debt	10,717
Houston, TX | Hilton Garden Inn
Initial Cost
Land	1,200
Building & Improvements	14,566
Cost Capitalized Subsequent to Acquisition	2,938
Total Cost
Land	1,200
Building & Improvements	17,504
Total	18,704
Accumulated Depreciation	(2,700)
Total Cost Net of Accumulated Depreciation	16,004
Mortgage Debt	0
Hunt Valley, MD | Hyatt Place
Initial Cost
Land	1,900
Building & Improvements	8,917
Cost Capitalized Subsequent to Acquisition	232
Total Cost
Land	1,900
Building & Improvements	9,149
Total	11,049
Accumulated Depreciation	(3,217)
Total Cost Net of Accumulated Depreciation	7,832
Mortgage Debt	19,777
Indianapolis, IN | Hilton Garden Inn
Initial Cost
Land	0
Building & Improvements	41,838
Cost Capitalized Subsequent to Acquisition	699
Total Cost
Land	0
Building & Improvements	42,537
Total	42,537
Accumulated Depreciation	(8,971)
Total Cost Net of Accumulated Depreciation	33,566
Mortgage Debt	0
Houston, TX | Hilton Garden Inn
Initial Cost
Land	2,800
Building & Improvements	33,777
Cost Capitalized Subsequent to Acquisition	1,068
Total Cost
Land	2,800
Building & Improvements	34,845
Total	37,645
Accumulated Depreciation	(4,751)
Total Cost Net of Accumulated Depreciation	32,894
Mortgage Debt	0
Kansas City, MO | Residence Inn
Initial Cost
Land	0
Building & Improvements	35,436
Cost Capitalized Subsequent to Acquisition	146
Total Cost
Land	0
Building & Improvements	35,582
Total	35,582
Accumulated Depreciation	(4,941)
Total Cost Net of Accumulated Depreciation	30,641
Mortgage Debt	0
Lombard, IL | Courtyard by Marriott
Initial Cost
Land	7,788
Building & Improvements	54,384
Cost Capitalized Subsequent to Acquisition	(541)
Total Cost
Land	7,788
Building & Improvements	53,843
Total	61,631
Accumulated Depreciation	(10,279)
Total Cost Net of Accumulated Depreciation	51,352
Mortgage Debt	0
Lombard, IL | SpringHill Suites
Initial Cost
Land	4,012
Building & Improvements	27,910
Cost Capitalized Subsequent to Acquisition	154
Total Cost
Land	4,012
Building & Improvements	28,064
Total	32,076
Accumulated Depreciation	(5,417)
Total Cost Net of Accumulated Depreciation	26,659
Mortgage Debt	0
Kansas City, MO | Courtyard by Marriott
Initial Cost
Land	3,955
Building & Improvements	20,608
Cost Capitalized Subsequent to Acquisition	1,023
Total Cost
Land	3,955
Building & Improvements	21,631
Total	25,586
Accumulated Depreciation	(1,589)
Total Cost Net of Accumulated Depreciation	23,997
Mortgage Debt	0
Louisville, KY | Hyatt Place
Initial Cost
Land	1,550
Building & Improvements	17,351
Cost Capitalized Subsequent to Acquisition	(495)
Total Cost
Land	1,550
Building & Improvements	16,856
Total	18,406
Accumulated Depreciation	(4,901)
Total Cost Net of Accumulated Depreciation	13,505
Mortgage Debt	26,357
Mesa, AZ | Hyatt Place
Initial Cost
Land	1,300
Building & Improvements	11,704
Cost Capitalized Subsequent to Acquisition	(290)
Total Cost
Land	1,314
Building & Improvements	11,400
Total	12,714
Accumulated Depreciation	(3,711)
Total Cost Net of Accumulated Depreciation	9,003
Mortgage Debt	0
Metairie, LA | Fairfield Inn & Suites
Initial Cost
Land	3,120
Building & Improvements	24,231
Cost Capitalized Subsequent to Acquisition	288
Total Cost
Land	3,120
Building & Improvements	24,519
Total	27,639
Accumulated Depreciation	(6,053)
Total Cost Net of Accumulated Depreciation	21,586
Mortgage Debt	35,411
Metairie, LA | SpringHill Suites
Initial Cost
Land	4,880
Building & Improvements	37,361
Cost Capitalized Subsequent to Acquisition	796
Total Cost
Land	4,880
Building & Improvements	38,157
Total	43,037
Accumulated Depreciation	(9,661)
Total Cost Net of Accumulated Depreciation	33,376
Mortgage Debt	0
Miami, FL | Hyatt Place
Initial Cost
Land	2,400
Building & Improvements	19,848
Cost Capitalized Subsequent to Acquisition	461
Total Cost
Land	2,400
Building & Improvements	20,309
Total	22,709
Accumulated Depreciation	(2,678)
Total Cost Net of Accumulated Depreciation	20,031
Mortgage Debt	0
Minneapolis, MN | Courtyard by Marriott
Initial Cost
Land	1,860
Building & Improvements	25,168
Cost Capitalized Subsequent to Acquisition	262
Total Cost
Land	1,860
Building & Improvements	25,430
Total	27,290
Accumulated Depreciation	(6,740)
Total Cost Net of Accumulated Depreciation	20,550
Mortgage Debt	0
Minneapolis, MN | Residence Inn
Initial Cost
Land	1,791
Building & Improvements	23,386
Cost Capitalized Subsequent to Acquisition	275
Total Cost
Land	1,791
Building & Improvements	23,661
Total	25,452
Accumulated Depreciation	(6,358)
Total Cost Net of Accumulated Depreciation	19,094
Mortgage Debt	0
Minnetonka, MN | Hyatt House
Initial Cost
Land	4,926
Building & Improvements	40,087
Cost Capitalized Subsequent to Acquisition	553
Total Cost
Land	4,926
Building & Improvements	40,640
Total	45,566
Accumulated Depreciation	(5,900)
Total Cost Net of Accumulated Depreciation	39,666
Mortgage Debt	0
Nashville, TN | Hyatt Place
Initial Cost
Land	0
Building & Improvements	34,026
Cost Capitalized Subsequent to Acquisition	1,078
Total Cost
Land	0
Building & Improvements	35,104
Total	35,104
Accumulated Depreciation	(6,886)
Total Cost Net of Accumulated Depreciation	28,218
Mortgage Debt	0
Nashville, TN | Hampton Inn & Suites
Initial Cost
Land	3,502
Building & Improvements	35,433
Cost Capitalized Subsequent to Acquisition	90
Total Cost
Land	3,502
Building & Improvements	35,523
Total	39,025
Accumulated Depreciation	(6,216)
Total Cost Net of Accumulated Depreciation	32,809
Mortgage Debt	0
Minnetonka, MN | Holiday Inn Express & Suites
Initial Cost
Land	1,000
Building & Improvements	7,662
Cost Capitalized Subsequent to Acquisition	194
Total Cost
Land	1,000
Building & Improvements	7,856
Total	8,856
Accumulated Depreciation	(2,268)
Total Cost Net of Accumulated Depreciation	6,588
Mortgage Debt	0
Nashville, TN | Courtyard by Marriott
Initial Cost
Land	8,792
Building & Improvements	62,759
Cost Capitalized Subsequent to Acquisition	4,188
Total Cost
Land	8,792
Building & Improvements	66,947
Total	75,739
Accumulated Depreciation	(6,642)
Total Cost Net of Accumulated Depreciation	69,097
Mortgage Debt	0
Nashville, TN | SpringHill Suites
Initial Cost
Land	777
Building & Improvements	5,598
Cost Capitalized Subsequent to Acquisition	354
Total Cost
Land	777
Building & Improvements	5,952
Total	6,729
Accumulated Depreciation	(3,313)
Total Cost Net of Accumulated Depreciation	3,416
Mortgage Debt	0
New Haven, CT | Courtyard by Marriott
Initial Cost
Land	11,990
Building & Improvements	51,497
Cost Capitalized Subsequent to Acquisition	1,255
Total Cost
Land	11,990
Building & Improvements	52,752
Total	64,742
Accumulated Depreciation	(2,265)
Total Cost Net of Accumulated Depreciation	62,477
Mortgage Debt	0
New Orleans, LA | Courtyard by Marriott
Initial Cost
Land	1,944
Building & Improvements	25,120
Cost Capitalized Subsequent to Acquisition	3,255
Total Cost
Land	1,944
Building & Improvements	28,375
Total	30,319
Accumulated Depreciation	(7,266)
Total Cost Net of Accumulated Depreciation	23,053
Mortgage Debt	0
Orlando, FL | Courtyard by Marriott
Initial Cost
Land	2,490
Building & Improvements	34,220
Cost Capitalized Subsequent to Acquisition	615
Total Cost
Land	2,490
Building & Improvements	34,835
Total	37,325
Accumulated Depreciation	(9,720)
Total Cost Net of Accumulated Depreciation	27,605
Mortgage Debt	0
Orlando, FL | SpringHill Suites
Initial Cost
Land	2,046
Building & Improvements	33,270
Cost Capitalized Subsequent to Acquisition	6,042
Total Cost
Land	2,046
Building & Improvements	39,312
Total	41,358
Accumulated Depreciation	(8,096)
Total Cost Net of Accumulated Depreciation	33,262
Mortgage Debt	0
Orlando, FL | Hampton Inn
Initial Cost
Land	2,000
Building & Improvements	23,922
Cost Capitalized Subsequent to Acquisition	(743)
Total Cost
Land	2,000
Building & Improvements	23,179
Total	25,179
Accumulated Depreciation	(3,838)
Total Cost Net of Accumulated Depreciation	21,341
Mortgage Debt	0
Orlando, FL | Hyatt Place
Initial Cost
Land	3,100
Building & Improvements	11,343
Cost Capitalized Subsequent to Acquisition	(689)
Total Cost
Land	3,100
Building & Improvements	10,654
Total	13,754
Accumulated Depreciation	(3,465)
Total Cost Net of Accumulated Depreciation	10,289
Mortgage Debt	0
Orlando, FL | Hyatt Place
Initial Cost
Land	2,716
Building & Improvements	11,221
Cost Capitalized Subsequent to Acquisition	848
Total Cost
Land	2,716
Building & Improvements	12,069
Total	14,785
Accumulated Depreciation	(4,383)
Total Cost Net of Accumulated Depreciation	10,402
Mortgage Debt	0
Owings Mills, MD | Hyatt House
Initial Cost
Land	2,800
Building & Improvements	34,423
Cost Capitalized Subsequent to Acquisition	7
Total Cost
Land	2,800
Building & Improvements	34,430
Total	37,230
Accumulated Depreciation	(1,170)
Total Cost Net of Accumulated Depreciation	36,060
Mortgage Debt	0
Portland, OR | Hyatt Place
Initial Cost
Land	2,100
Building & Improvements	9,799
Cost Capitalized Subsequent to Acquisition	(395)
Total Cost
Land	2,100
Building & Improvements	9,404
Total	11,504
Accumulated Depreciation	(2,845)
Total Cost Net of Accumulated Depreciation	8,659
Mortgage Debt	20,445
Pittsburgh, PA | Courtyard by Marriott
Initial Cost
Land	1,652
Building & Improvements	40,749
Cost Capitalized Subsequent to Acquisition	3,805
Total Cost
Land	1,652
Building & Improvements	44,554
Total	46,206
Accumulated Depreciation	(2,507)
Total Cost Net of Accumulated Depreciation	43,699
Mortgage Debt	0
San Francisco, CA | Hyatt Place
Initial Cost
Land	0
Building & Improvements	14,700
Cost Capitalized Subsequent to Acquisition	71
Total Cost
Land	0
Building & Improvements	14,771
Total	14,771
Accumulated Depreciation	(3,849)
Total Cost Net of Accumulated Depreciation	10,922
Mortgage Debt	0
San Francisco, CA | Residence Inn
Initial Cost
Land	0
Building & Improvements	15,629
Cost Capitalized Subsequent to Acquisition	200
Total Cost
Land	0
Building & Improvements	15,829
Total	15,829
Accumulated Depreciation	(4,836)
Total Cost Net of Accumulated Depreciation	10,993
Mortgage Debt	17,513
Scottsdale, AZ | Hampton Inn & Suites
Initial Cost
Land	2,300
Building & Improvements	14,728
Cost Capitalized Subsequent to Acquisition	1,161
Total Cost
Land	2,300
Building & Improvements	15,889
Total	18,189
Accumulated Depreciation	(2,988)
Total Cost Net of Accumulated Depreciation	15,201
Mortgage Debt	0
Scottsdale, AZ | Residence Inn
Initial Cost
Land	2,392
Building & Improvements	24,719
Cost Capitalized Subsequent to Acquisition	(234)
Total Cost
Land	2,392
Building & Improvements	24,485
Total	26,877
Accumulated Depreciation	(7,036)
Total Cost Net of Accumulated Depreciation	19,841
Mortgage Debt	47,640
Tucson, AZ | Four Points
Initial Cost
Land	1,200
Building & Improvements	21,397
Cost Capitalized Subsequent to Acquisition	2,798
Total Cost
Land	1,200
Building & Improvements	24,195
Total	25,395
Accumulated Depreciation	(5,437)
Total Cost Net of Accumulated Depreciation	19,958
Mortgage Debt	0
Tucson, AZ | Holiday Inn Express & Suites
Initial Cost
Land	15,545
Building & Improvements	49,469
Cost Capitalized Subsequent to Acquisition	3,570
Total Cost
Land	15,545
Building & Improvements	53,039
Total	68,584
Accumulated Depreciation	(10,372)
Total Cost Net of Accumulated Depreciation	58,212
Mortgage Debt	0
Scottsdale, AZ | Hyatt Place
Initial Cost
Land	1,500
Building & Improvements	10,171
Cost Capitalized Subsequent to Acquisition	(541)
Total Cost
Land	1,500
Building & Improvements	9,630
Total	11,130
Accumulated Depreciation	(2,691)
Total Cost Net of Accumulated Depreciation	8,439
Mortgage Debt	0
Scottsdale, AZ | Courtyard by Marriott
Initial Cost
Land	3,225
Building & Improvements	12,571
Cost Capitalized Subsequent to Acquisition	3,588
Total Cost
Land	3,225
Building & Improvements	16,159
Total	19,384
Accumulated Depreciation	(4,622)
Total Cost Net of Accumulated Depreciation	14,762
Mortgage Debt	0
Scottsdale, AZ | SpringHill Suites
Initial Cost
Land	2,195
Building & Improvements	9,496
Cost Capitalized Subsequent to Acquisition	1,763
Total Cost
Land	2,195
Building & Improvements	11,259
Total	13,454
Accumulated Depreciation	(3,484)
Total Cost Net of Accumulated Depreciation	9,970
Mortgage Debt	0
Tampa, FL | Hampton Inn & Suites
Initial Cost
Land	3,600
Building & Improvements	20,366
Cost Capitalized Subsequent to Acquisition	484
Total Cost
Land	3,600
Building & Improvements	20,850
Total	24,450
Accumulated Depreciation	(4,456)
Total Cost Net of Accumulated Depreciation	19,994
Mortgage Debt	0
Tucson, AZ | Homewood Suites
Initial Cost
Land	2,570
Building & Improvements	22,802
Cost Capitalized Subsequent to Acquisition	718
Total Cost
Land	2,570
Building & Improvements	23,520
Total	26,090
Accumulated Depreciation	(1,522)
Total Cost Net of Accumulated Depreciation	24,568
Mortgage Debt	0
Waltham, MA | Hilton Garden Inn
Initial Cost
Land	10,644
Building & Improvements	21,713
Cost Capitalized Subsequent to Acquisition	4,978
Total Cost
Land	10,644
Building & Improvements	26,691
Total	37,335
Accumulated Depreciation	(2,187)
Total Cost Net of Accumulated Depreciation	35,148
Mortgage Debt	0
Boston (Watertown), MA | Residence Inn
Initial Cost
Land	25,083
Building & Improvements	45,917
Cost Capitalized Subsequent to Acquisition	71
Total Cost
Land	25,083
Building & Improvements	45,988
Total	71,071
Accumulated Depreciation	(514)
Total Cost Net of Accumulated Depreciation	70,557
Mortgage Debt	$ 0

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Land, Buildings and Improvements, and Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
ASSET BASIS
Balance at beginning of period		$ 2,355,723	$ 1,848,673	$ 1,683,803
Additions to land, buildings and improvements		151,829	636,389	290,486
Disposition of land, buildings and improvements		(100,208)	(129,339)	(125,039)
Impairment loss		(1,075)	0	(577)
Balance at end of period	$ 1,848,673	2,406,269	2,355,723	1,848,673
ACCUMULATED DEPRECIATION
Balance at beginning of period		290,066	241,760	212,207
Depreciation	72,063	100,545	85,524
Depreciation on assets sold or disposed	(42,510)	(38,790)	(37,218)
Balance at end of period	$ 241,760	351,821	$ 290,066	$ 241,760
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes		$ 2,210,100
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