Summit Hotel Properties (INN) 10-K 25 Feb 20 2019 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 18, 2020	Jun. 30, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-35074
Entity Registrant Name	SUMMIT HOTEL PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-2962512
Entity Address, Address Line One	13215 Bee Cave Parkway, Suite B-300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78738
City Area Code	512
Local Phone Number	538-2300
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,183,107,411
Entity Common Stock, Shares Outstanding		105,174,471
Entity Central Index Key	0001497645
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement on Schedule 14A for its 2020 annual meeting of stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year pursuant to Regulation 14A, are incorporated herein by reference into Part III, Items 10, 11, 12, 13 and 14.
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	INN
Security Exchange Name	NYSE
6.45% Series D Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	6.45% Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	INN-PD
Security Exchange Name	NYSE
6.25% Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	6.25% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	INN-PE
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Investment in hotel properties, net	$ 2,184,232	$ 2,065,554
Undeveloped land	1,500	2,267
Assets held for sale, net	425	7,633
Investment in real estate loans, net	30,936	30,700
Right-of-use assets	29,884
Cash and cash equivalents	42,238	44,088
Restricted cash	27,595	28,468
Trade receivables, net	13,281	13,978
Prepaid expenses and other	8,844	10,111
Deferred charges, net	4,709	4,691
Other assets	12,039	14,807
Total assets	2,355,683	2,222,297
Liabilities:
Debt, net of debt issuance costs	1,016,163	958,712
Lease liabilities	19,604
Accounts payable	4,767	5,391
Accrued expenses and other	71,759	66,050
Total liabilities	1,112,293	1,030,153
Commitments and contingencies (Note 11)
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, 105,169,515 and 104,783,179 shares issued and outstanding at December 31, 2019 and 2018, respectively	1,052	1,048
Additional paid-in capital	1,190,949	1,185,310
Accumulated other comprehensive loss	(16,034)	(1,441)
(Distributions in excess of retained earnings) retained earnings	(2,283)	4,838
Total stockholders’ equity	1,173,778	1,189,849
Non-controlling interests in operating partnership	1,809	2,295
Non-controlling interests in joint venture (Note 9)	67,803
Total equity	1,243,390	1,192,144
Total liabilities and equity	2,355,683	2,222,297
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, 2019	Dec. 31, 2018
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	105,169,515	104,783,179
Common stock, shares outstanding	105,169,515	104,783,179
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Revenues	$ 549,348	$ 567,270	$ 515,377
Expenses:
Property taxes, insurance and other	44,220	43,339	37,419
Depreciation and amortization	99,445	101,013	85,927
Corporate general and administrative	23,622	21,509	19,597
Hotel property acquisition costs	0	0	354
Loss on impairment of assets	2,521	1,075	0
Total expenses	475,360	483,545	431,482
Gain on disposal of assets, net	45,418	41,474	43,209
Operating income	119,406	125,199	127,104
Other income (expense):
Interest expense	(41,030)	(41,944)	(29,687)
Other income, net	5,472	6,949	3,778
Total other expense	(35,558)	(34,995)	(25,909)
Income from continuing operations before income taxes	83,848	90,204	101,195
Income tax (expense) benefit (Note 14)	(1,500)	922	(1,674)
Net income	82,348	91,126	99,521
Operating Partnership	(157)	(205)	(307)
Joint venture	(419)	0	0
Net income attributable to Summit Hotel Properties, Inc.	82,610	90,921	99,214
Preferred dividends	(14,838)	(16,671)	(17,408)
Premium on redemption of preferred stock	0	(3,277)	(2,572)
Net income attributable to common stockholders	$ 67,772	$ 70,973	$ 79,234
Earnings per share:
Basic and diluted (in dollars per share)	$ 0.65	$ 0.68	$ 0.79
Weighted average common shares outstanding:
Basic (in shares)	103,887	103,623	99,406
Diluted (in shares)	103,939	103,842	99,780
Dividends per share (in dollars per share)	$ 0.72	$ 0.72	$ 0.67
Room
Revenues:
Revenues	$ 505,342	$ 523,439	$ 479,934
Expenses:
Hotel operating expenses	112,244	119,724	108,715
Food and beverage
Revenues:
Revenues	23,785	24,225	21,359
Expenses:
Hotel operating expenses	18,552	19,191	16,734
Other
Revenues:
Revenues	20,221	19,606	14,084
Expenses:
Hotel operating expenses	158,181	159,173	144,526
Management fees
Expenses:
Hotel operating expenses	$ 16,575	$ 18,521	$ 18,210

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 82,348	$ 91,126	$ 99,521
Other comprehensive income, net of tax:
Changes in fair value of derivative financial instruments	(14,596)	(2,900)	2,437
Comprehensive income	67,752	88,226	101,958
Comprehensive (income) loss attributable to non-controlling interests:
Operating Partnership	(123)	(197)	(316)
Joint venture	419	0	0
Comprehensive income attributable to Summit Hotel Properties, Inc.	68,048	88,029	101,642
Preferred dividends	(14,838)	(16,671)	(17,408)
Premium on redemption of preferred stock	0	(3,277)	(2,572)
Comprehensive income attributable to common stockholders	$ 53,210	$ 68,081	$ 81,662

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, Operating Partnership	Non-controlling Interests, Joint Venture	Preferred Stock	Preferred StockPreferred Stock	Preferred StockAdditional Paid-In Capital	Preferred StockTotal Shareholders’ Equity	Common Stock	Common StockCommon Stock	Common StockAdditional Paid-In Capital	Common StockTotal Shareholders’ Equity
Balance at beginning of year at Dec. 31, 2016	$ 1,013,470	$ 94	$ 935	$ 1,011,412	$ (977)	$ (1,422)	$ 1,010,042	$ 3,428	$ 0
Balance (in shares) at Dec. 31, 2016		9,400,000	93,525,469
Changes in equity
Net proceeds from sale of stock										$ 154,732	$ 64	$ 154,668	$ 154,732	$ 163,575	$ 104	$ 163,471	$ 163,575
Net proceeds from sale of stock (in shares)											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
Dividends	(86,260)					(86,019)	(86,019)	(241)
Equity-based compensation	5,887		$ 4	5,861			5,865	22
Equity-based compensation (in shares)			397,448
Shares acquired for employee withholding requirements	(961)		$ (1)	(960)			(961)
Shares acquired for employee withholding requirements (in shares)			(59,111)
Other comprehensive income (loss)	2,437				2,428		2,428	9
Net income	99,521					99,214	99,214	307
Balance at end of year at Dec. 31, 2017	1,277,376	$ 128	$ 1,043	1,262,679	1,451	9,201	1,274,502	2,874	0
Balance (in shares) at Dec. 31, 2017		12,800,000	104,287,128
Changes in equity
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	$ (92,225)					(92,007)	(92,007)	(218)
Equity-based compensation	6,665		$ 6	6,640			6,646	19
Equity-based compensation (in shares)			619,775
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)
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	0
Balance (in shares) at Dec. 31, 2018		9,400,000	104,783,179
Changes in equity
Contribution by non-controlling interest in joint venture	$ 68,712								68,712
Common stock redemption of common units			$ 1	475	(31)		445	(445)
Common stock redemption of common units (in shares)	50,244		50,244
Dividends	$ (90,399)					(89,731)	(89,731)	(178)	(490)
Equity-based compensation	6,219		$ 4	6,201			6,205	14
Equity-based compensation (in shares)			410,432
Shares acquired for employee withholding requirements	$ (839)		$ (1)	(838)			(839)
Shares acquired for employee withholding requirements (in shares)	(74,340)		(74,340)
Other	$ (199)			(199)			(199)
Other comprehensive income (loss)	(14,596)				(14,562)		(14,562)	(34)
Net income	82,348					82,610	82,610	157	(419)
Balance at end of year at Dec. 31, 2019	$ 1,243,390	$ 94	$ 1,052	$ 1,190,949	$ (16,034)	$ (2,283)	$ 1,173,778	$ 1,809	$ 67,803
Balance (in shares) at Dec. 31, 2019		9,400,000	105,169,515

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES
Net income	$ 82,348	$ 91,126	$ 99,521
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99,445	101,013	85,927
Amortization of deferred financing costs	1,485	1,973	2,022
Loss on impairment of assets	2,521	1,075	0
Equity-based compensation	6,219	6,665	5,887
Deferred tax asset, net	(12)	(430)	887
Realization of deferred gain	0	0	(15,000)
Gain on disposal of assets, net	(45,418)	(41,474)	(28,209)
Non-cash interest income	(2,477)	(2,045)	(284)
Debt transaction costs	1,892	401	195
Other	469	770	285
Changes in operating assets and liabilities:
Trade receivables, net	511	2,787	(5,032)
Prepaid expenses and other	552	(1,127)	(2,454)
Accounts payable	(314)	(424)	(491)
Accrued expenses and other	1,257	1,341	4,595
NET CASH PROVIDED BY OPERATING ACTIVITIES	148,478	161,651	147,849
INVESTING ACTIVITIES
Acquisitions of hotel properties and land	(282,557)	(71,002)	(588,822)
Improvements to hotel properties	(59,268)	(66,610)	(37,191)
Investment in hotel properties under development	0	(13,430)	(20,993)
Proceeds from asset dispositions, net	165,724	104,030	120,733
Funding of real estate loans	(8,363)	(16,245)	(17,935)
Proceeds from principal payments on real estate loans	2,300	200	32,500
NET CASH USED IN INVESTING ACTIVITIES	(182,164)	(63,057)	(511,708)
FINANCING ACTIVITIES
Proceeds from issuance of debt	360,000	815,000	667,640
Principal payments on debt	(302,287)	(723,098)	(452,082)
Proceeds from equity offerings, net of issuance costs	0	0	318,307
Redemption of preferred stock	0	(85,000)	(75,025)
Dividends paid	(90,783)	(92,245)	(85,635)
Proceeds from contribution by joint venture partner	68,712	0	0
Financing fees on debt and other issuance costs	(3,840)	(3,978)	(1,953)
Repurchase of common shares for withholding requirements	(839)	(2,724)	(961)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	30,963	(92,045)	370,291
Net change in cash, cash equivalents and restricted cash	(2,723)	6,549	6,432
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	72,556	66,007	59,575
End of period	69,833	72,556	66,007
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	41,648	38,743	27,362
Accrued improvements to hotel properties	4,856	6,084	7,074
Capitalized interest	0	446	301
Cash payments for income taxes, net of refunds	$ (229)	$ 839	$ 623

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2019
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 on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. At December 31, 2019 , our portfolio consisted of 72 hotels with a total of 11,288 guestrooms located in 23 states. At December 31, 2019 , we own 100% of the outstanding equity interests in 67 of 72 of our hotels. We own a 51% controlling interest in five

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation 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. The accompanying Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. We evaluate joint venture partnerships to determine if they should be consolidated based on whether the partners exercise joint control. For a joint venture where we exercise primary control and we also own a majority of the equity interests, we consolidate the joint venture partnership. We have consolidated the accounts of our joint venture partnership with GIC (see "Note 9 - Equity - Non-controlling Interest in Joint Venture") in our accompanying Consolidated Financial Statements. 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. We allocate the purchase price of acquired hotel properties to land, building and furniture, fixtures and equipment based on third-party independent appraisals. 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, net in our Consolidated Balance Sheets. 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 or hotel 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 the carrying amount of the asset is not recoverable, 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. We also periodically receive unsolicited external inquiries that result in the sale of hotel properties. Variable Interest Entities Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a qualified intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Consolidated Balance Sheets and Consolidated Statements of Operations as a consolidated VIE until legal title is transferred to us upon completion of the 1031 Exchange. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions. Restricted Cash Restricted cash consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves. Trade Receivables and Credit Policies We grant credit to qualified customers, generally without collateral, in the form of trade accounts receivable. Trade receivables result from the rental of hotel guestrooms and the sales of food, beverage, and banquet services and are payable under normal trade terms. Trade receivables also include credit and debit card transactions that are in the process of being settled. Trade receivables are stated at the amount billed to the customer and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.2 million at December 31, 2019 and $0.1 million at December 31, 2018 . Bad debt expense was $0.5 million , $0.6 million and $0.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which changed 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. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of ASC No. 842, Leases. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, to give companies another option for transition and to provide lessors with a practical expedient to reduce the cost and complexity of implementing the new standard. The transition option allows companies to not apply the new lease standard in the comparative periods they present in their financial statements in the year of adoption. The Company elected certain practical expedients allowed under the guidance and retained the original lease classification and historical accounting for initial direct costs for leases existing prior to the adoption date. The Company also elected not to restate prior periods for the effect of the adoption of the new standard. In accordance with ASU No. 2016-02, we reclassified certain existing lease-related assets and liabilities to Right-of-use assets as of January 1, 2019. The adoption of ASU No. 2016-02 resulted in the recognition of incremental right-of-use assets and related lease liabilities of $23.6 million on the Consolidated Balance Sheet as of January 1, 2019 (see "Note 7 - Leases"). Notes Receivables We selectively provide mezzanine financing to developers, where we also have the opportunity to acquire the hotel at or after the completion of the development project. Separately, we also may provide seller financing in connection with a hotel disposition 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 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 and third-party ownership of a 49% interest in a consolidated joint venture (See "Note 9 - Equity - Non-controlling Interest in Joint Venture" for further information). 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, cancellation fees, 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 assess 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. We have elected to account for forfeitures as they occur. 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 forfeitures or modification of previously granted awards. Derivative Financial Instruments and Hedging All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include interest rate swaps, caps and collars. 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. The change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts in Other comprehensive income will be reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings. Income Taxes On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act (the “TCJA”), was enacted. The TCJA made many significant changes to the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders. Pursuant to this legislation, as of January 1, 2018, (1) the federal income tax rate applicable to corporations 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 TRSs and any other TRS that we form. 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. 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 Food and beverage revenues, Other revenues, Food and beverage expenses, and Other hotel operating expenses in the Consolidated Statements of Operations in previous periods and certain amounts reported in the Consolidated Statements of Cash Flows in previous periods have been reclassified to conform to the current period presentation. New Accounting Standards 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. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses: Targeted Transition Relief , which provides an option to irrevocably elect the fair value option in ASC No. 825-10, Financial Instruments - Overall , applied on an instrument-by-instrument basis for eligible instruments, upon adoption of ASC No. 326, Financial Instruments - Credit Losses . ASU 2016-13 and ASU 2019-05 are both effective for our fiscal year commencing on January 1, 2020, with early adoption permitted. The adoption of ASU No. 2016-13 or ASU No. 2019-05 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. During fiscal 2019, we elected to early adopt ASU No. 2018-15. The adoption of ASU No. 2018-15 did not have a material effect on our consolidated financial position or results of operations. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
INVESTMENT IN HOTEL PROPERTIES	INVESTMENT IN HOTEL PROPERTIES Investment in Hotel Properties, net Investment in hotel properties, net at December 31, 2019 and 2018 include (in thousands): 2019 2018 Land $ 319,603 $ 288,833 Hotel buildings and improvements 2,049,384 1,916,194 Furniture, fixtures and equipment 173,128 165,026 Construction in progress 9,388 21,059 Intangible assets 11,231 22,064 Real estate development loan 5,485 — 2,568,219 2,413,176 Less - accumulated depreciation (383,987 ) (347,622 ) $ 2,184,232 $ 2,065,554 During the year ended December 31, 2019, we provided a mezzanine loan to fund up to $28.9 million for a mixed-use development project that includes a hotel property, retail space, and parking. We have classified the mezzanine loan as Investment in hotel properties, net in our Consolidated Balance Sheets at December 31, 2019 (See "Note 4 - Investment in Real Estate Loans" for further information). Depreciation expense was $99.0 million , $100.5 million , and $85.5 million for the years ended December 31, 2019 , 2018 and 2017 , 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) 2019 2018 Intangible assets: Air rights (1) n/a $ 10,754 $ 10,754 Favorable leases (2) n/a — 10,550 In-place lease agreements 2.0 397 680 Other n/a 80 80 11,231 22,064 Less - accumulated amortization (224 ) (1,108 ) Intangible assets, net $ 11,007 $ 20,956 (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) In accordance with ASU No. 2016-02, Leases (Topic 842), we reclassified certain existing lease-related intangible assets to Right-of-use assets as of January 1, 2019 (See "Note 7 - Leases" for further information). Future amortization expense is expected to be as follows (in thousands): Finite-Lived Intangible Assets 2020 $ 87 2021 86 $ 173 Hotel Property Acquisitions Hotel property acquisitions in 2019 and 2018 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Year Ended December 31, 2019 August 6, 2019 Hampton Inn & Suites Silverthorne, CO 88 $ 25,500 October 8, 2019 Portfolio Purchase - four properties (1) various (1) 710 249,000 798 $ 274,500 (2) Year Ended December 31, 2018 September 12, 2018 Residence Inn by Marriott Boston (Watertown), MA 150 $ 71,000 150 $ 71,000 (3) (1) On October 8, 2019, we acquired a portfolio of four hotels for an aggregate purchase price of $249.0 million . The hotels acquired included the Hilton Garden Inn - San Francisco, CA, the Hilton Garden Inn - San Jose (Milpitas), CA, the Residence Inn by Marriott - Portland (Downtown), OR, and the Residence Inn by Marriott - Portland (Hillsboro), OR. (2) The net assets acquired in 2019 were purchased for $274.5 million plus the purchase of adjacent land parcels totaling $2.4 million , $1.0 million of net working capital assets and capitalized transaction costs of $0.4 million . We own a 51% controlling interest in these hotel properties through a consolidated joint venture. (3) The net assets acquired in 2018 were purchased for $71.0 million plus the purchase at settlement of $0.1 million of net working capital liabilities and capitalized transaction costs of $0.1 million . 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): 2019 2018 Land $ 44,868 $ 25,083 Hotel buildings and improvements 219,410 42,676 Furniture, fixtures and equipment 12,995 3,300 Other assets 1,103 123 Total assets acquired 278,376 71,182 Less other liabilities (79 ) (180 ) Net assets acquired (1) (2) $ 278,297 $ 71,002 (1) The net assets acquired in 2019 were purchased for $274.5 million plus the purchase of adjacent land parcels totaling $2.4 million , $1.0 million of net working capital assets and capitalized transaction costs of $0.4 million . (2) The net assets acquired in 2018 were purchased for $71.0 million plus the purchase at settlement of $0.1 million of net working capital liabilities and capitalized transaction costs of $0.1 million . All hotel purchases completed in 2019 and 2018 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. On January 31, 2019, we exercised our option pursuant to a ground lease agreement to purchase the land upon which our Residence Inn by Marriott in Baltimore (Hunt Valley), MD is located for $4.2 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. On December 4, 2019, we exercised our right to acquire a fee simple interest in the land upon which our Hyatt Place in Garden City, NY is located for nominal consideration. As a result, the hotel is no longer subject to a PILOT (payment in lieu of taxes) lease with the Town of Hempstead Industrial Development Authority. 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 72 hotels owned as of December 31, 2019 as if all such hotels had been owned by us since January 1, 2018. For hotels acquired by us after January 1, 2018 (the "Acquired Hotels"), we have included in the unaudited pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2018 to the date the Acquired Hotels were purchased by us (the "Pre-Acquisition Period"). The financial results for the Pre-Acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by us and such information has not been audited or reviewed by our auditors or adjusted by us. For hotels sold by us between January 1, 2018 and December 31, 2019 (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, 2018 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, 2018. The unaudited pro forma amounts exclude the gain or loss on the sale of hotel properties during the years ended December 31, 2018 and 2019. 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 72 hotel properties owned at December 31, 2019 for the twelve months ended December 31, 2019 and 2018 is as follows (in thousands, except per share): 2019 2018 Revenues $ 572,262 $ 562,097 Income from hotel operations $ 215,372 $ 215,931 Net income (1) $ 57,909 $ 71,478 Net income attributable to common stockholders, net of amount allocated to participating securities and non-controlling interests (1) (2) $ 33,671 $ 38,803 Basic and diluted net income per share attributable to common stockholders (1) (2) $ 0.32 $ 0.37 (1) Unaudited pro forma amounts include depreciation expense, property tax expense, interest expense, income tax expense, and corporate general and administrative expenses totaling $197.1 million and $181.9 million for the twelve months ended December 31, 2019 and 2018, respectively. (2) Unaudited pro forma amounts for the twelve months ended December 31, 2018 include the effect of the premium on redemption of preferred stock of $3.3 million and higher preferred dividends of $1.8 million related to the redeemed preferred stock. Developed Properties We completed the development and commenced operations of the 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, were reclassified as Investment in hotel properties, net upon completion. Asset Sales A summary of the dispositions in 2019 and 2018 follows (dollars in thousands): Disposition Date Franchise/Brand Location Guestrooms Gross Sales Price Aggregate Gain, net Year Ended December 31, 2019 February 12, 2019 Portfolio Sale - two properties (1) Charleston, WV (1) 130 $ 11,600 $ 4,163 April 17, 2019 Portfolio Sale - six properties (2) various (2) 815 135,000 36,626 November 8, 2019 Portfolio Sale - two properties (3) Birmingham, AL (3) 225 21,800 4,857 Total 1,170 $ 168,400 $ 45,646 Year Ended December 31, 2018 June 29, 2018 Portfolio Sale - two properties (4) various (4) 175 $ 18,950 $ 13,133 June 29, 2018 Portfolio Sale - two properties (5) Duluth, GA (5) 265 24,850 4,218 July 24, 2018 Portfolio Sale - three properties (6) various (6) 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 (1) The portfolio included the Country Inn & Suites and the Holiday Inn Express in Charleston, WV. (2) The portfolio included the SpringHill Suites in Minneapolis (Bloomington), MN, the Hampton Inn & Suites in Minneapolis (Bloomington), MN, the Residence Inn in Salt Lake City, UT, the Hyatt Place in Dallas (Arlington), TX, the Hampton Inn in Santa Barbara (Goleta), CA, and the Hampton Inn in Boston (Norwood), MA. The sale resulted in a net gain of $36.6 million based on a gross aggregate sales price of $135.0 million , or a net aggregate sales price of $133.0 million after a buyer credit of $2.0 million . (3) The portfolio included the Hilton Garden Inn in Birmingham (Lakeshore), AL and the Hilton Garden Inn in Birmingham (Liberty Park), AL. (4) The portfolio included the Hampton Inn in Provo, UT and the Holiday Inn Express & Suites in Sandy, UT. (5) 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% . (6) 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 . Loss on Impairment of Assets During the year ended December 31, 2019 , the Company recorded an impairment charge of $1.7 million for the Hyatt Place - Chicago (Hoffman Estates) to reduce the net carrying amount of the property to its estimated net fair market value of $5.9 million , which was determined by a third-party independent appraisal. During the year ended December 31, 2019 , the Company also recorded impairment charges on two land parcels to reduce the net carrying amounts of the properties to their estimated fair market values based on third-party independent appraisals and a purchase contract for the sale of one of the land parcels that is expected to be completed in 2020. In 2018, we recorded impairment charges on two land parcels to reduce the net carrying amounts of the properties to their estimated fair market values based on third-party independent appraisals. Investment in real estate loans, net at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 Real estate loans $ 32,831 $ 34,650 Unamortized discount (1,895 ) (3,950 ) $ 30,936 $ 30,700 The amortized cost bases of our Investment in real estate loans approximate their fair value. The amortized cost bases and the contractual maturities of our Investment in real estate loans outstanding at December 31, 2019 are $28.9 million in 2020 and $2.0 million in 2021. Real Estate Development Loans We provided mezzanine loans on three real estate development projects to fund up to an aggregate of $29.6 million for the development of three hotel properties. The three real estate development 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 . Interest income on the mezzanine loans will be recorded in our Consolidated Statement of Operations as it is earned. As of December 31, 2019, 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. The Initial Options are exercisable while the related real estate development loan is outstanding. 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 non-cash interest income over the initial term of the real estate loans using the straight-line method, which approximates the interest method. We recorded amortization of the discount of $2.1 million and $2.0 million during the years ended December 31, 2019 and 2018, respectively. We intend to hold our Investment in Real Estate Loans to maturity and therefore, such loans are recorded as held-to-maturity. During the year ended December 31, 2019, we provided a mezzanine loan to fund up to $28.9 million for a mixed-use development project that includes a hotel property, retail space, and parking. The loan closed in the third quarter of 2019 and has a stated interest rate of 9% and an initial term of 30 months . The loan is secured by a second mortgage on the development project and a pledge of the equity in the project owner. As of December 31, 2019 , we have funded $7.9 million of the loan commitment. Upon completion of construction, we have an option to purchase a 90% interest in the hotel (the “Initial Purchase Option”). We also have the right to purchase the remaining interest in the hotel five years after the completion of construction. We have issued a $10.0 million letter of credit under our senior unsecured credit facility to secure the exercise of the Initial Purchase Option. As such, we have classified the loan as Investment in hotel properties, net on our Consolidated Balance Sheets at December 31, 2019 . Interest income on the mezzanine loan will be recorded in our Consolidated Statement of Operations as it is earned. We have recorded the aggregate estimated fair value of the Initial Purchase Option totaling $2.8 million in Other assets and as a contra-asset to Investment in hotel properties, net. The contra-asset will be amortized as a component of non-cash interest income over the term of the real estate development loan using the straight-line method, which approximates the interest method. During the year ended December 31, 2019 , we amortized $0.4 million as non-cash interest income. Seller-Financing Loans On June 29, 2018, we sold the Holiday Inn in Duluth, GA and the Hilton Garden Inn in Duluth, GA for an aggregate selling price of $24.9 million . We provided seller financing totaling $3.6 million on the sale of these properties under two , 3.5 year second mortgage notes with a blended interest rate of 7.38% . As of December 31, 2019 , there was $2.5 million outstanding on the seller-financing loans.

INVESTMENT IN REAL ESTATE LOANS

INVESTMENT IN REAL ESTATE LOANS	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 include (in thousands): 2019 2018 Land $ 319,603 $ 288,833 Hotel buildings and improvements 2,049,384 1,916,194 Furniture, fixtures and equipment 173,128 165,026 Construction in progress 9,388 21,059 Intangible assets 11,231 22,064 Real estate development loan 5,485 — 2,568,219 2,413,176 Less - accumulated depreciation (383,987 ) (347,622 ) $ 2,184,232 $ 2,065,554 During the year ended December 31, 2019, we provided a mezzanine loan to fund up to $28.9 million for a mixed-use development project that includes a hotel property, retail space, and parking. We have classified the mezzanine loan as Investment in hotel properties, net in our Consolidated Balance Sheets at December 31, 2019 (See "Note 4 - Investment in Real Estate Loans" for further information). Depreciation expense was $99.0 million , $100.5 million , and $85.5 million for the years ended December 31, 2019 , 2018 and 2017 , 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) 2019 2018 Intangible assets: Air rights (1) n/a $ 10,754 $ 10,754 Favorable leases (2) n/a — 10,550 In-place lease agreements 2.0 397 680 Other n/a 80 80 11,231 22,064 Less - accumulated amortization (224 ) (1,108 ) Intangible assets, net $ 11,007 $ 20,956 (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) In accordance with ASU No. 2016-02, Leases (Topic 842), we reclassified certain existing lease-related intangible assets to Right-of-use assets as of January 1, 2019 (See "Note 7 - Leases" for further information). Future amortization expense is expected to be as follows (in thousands): Finite-Lived Intangible Assets 2020 $ 87 2021 86 $ 173 Hotel Property Acquisitions Hotel property acquisitions in 2019 and 2018 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Year Ended December 31, 2019 August 6, 2019 Hampton Inn & Suites Silverthorne, CO 88 $ 25,500 October 8, 2019 Portfolio Purchase - four properties (1) various (1) 710 249,000 798 $ 274,500 (2) Year Ended December 31, 2018 September 12, 2018 Residence Inn by Marriott Boston (Watertown), MA 150 $ 71,000 150 $ 71,000 (3) (1) On October 8, 2019, we acquired a portfolio of four hotels for an aggregate purchase price of $249.0 million . The hotels acquired included the Hilton Garden Inn - San Francisco, CA, the Hilton Garden Inn - San Jose (Milpitas), CA, the Residence Inn by Marriott - Portland (Downtown), OR, and the Residence Inn by Marriott - Portland (Hillsboro), OR. (2) The net assets acquired in 2019 were purchased for $274.5 million plus the purchase of adjacent land parcels totaling $2.4 million , $1.0 million of net working capital assets and capitalized transaction costs of $0.4 million . We own a 51% controlling interest in these hotel properties through a consolidated joint venture. (3) The net assets acquired in 2018 were purchased for $71.0 million plus the purchase at settlement of $0.1 million of net working capital liabilities and capitalized transaction costs of $0.1 million . 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): 2019 2018 Land $ 44,868 $ 25,083 Hotel buildings and improvements 219,410 42,676 Furniture, fixtures and equipment 12,995 3,300 Other assets 1,103 123 Total assets acquired 278,376 71,182 Less other liabilities (79 ) (180 ) Net assets acquired (1) (2) $ 278,297 $ 71,002 (1) The net assets acquired in 2019 were purchased for $274.5 million plus the purchase of adjacent land parcels totaling $2.4 million , $1.0 million of net working capital assets and capitalized transaction costs of $0.4 million . (2) The net assets acquired in 2018 were purchased for $71.0 million plus the purchase at settlement of $0.1 million of net working capital liabilities and capitalized transaction costs of $0.1 million . All hotel purchases completed in 2019 and 2018 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. On January 31, 2019, we exercised our option pursuant to a ground lease agreement to purchase the land upon which our Residence Inn by Marriott in Baltimore (Hunt Valley), MD is located for $4.2 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. On December 4, 2019, we exercised our right to acquire a fee simple interest in the land upon which our Hyatt Place in Garden City, NY is located for nominal consideration. As a result, the hotel is no longer subject to a PILOT (payment in lieu of taxes) lease with the Town of Hempstead Industrial Development Authority. 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 72 hotels owned as of December 31, 2019 as if all such hotels had been owned by us since January 1, 2018. For hotels acquired by us after January 1, 2018 (the "Acquired Hotels"), we have included in the unaudited pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2018 to the date the Acquired Hotels were purchased by us (the "Pre-Acquisition Period"). The financial results for the Pre-Acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by us and such information has not been audited or reviewed by our auditors or adjusted by us. For hotels sold by us between January 1, 2018 and December 31, 2019 (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, 2018 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, 2018. The unaudited pro forma amounts exclude the gain or loss on the sale of hotel properties during the years ended December 31, 2018 and 2019. 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 72 hotel properties owned at December 31, 2019 for the twelve months ended December 31, 2019 and 2018 is as follows (in thousands, except per share): 2019 2018 Revenues $ 572,262 $ 562,097 Income from hotel operations $ 215,372 $ 215,931 Net income (1) $ 57,909 $ 71,478 Net income attributable to common stockholders, net of amount allocated to participating securities and non-controlling interests (1) (2) $ 33,671 $ 38,803 Basic and diluted net income per share attributable to common stockholders (1) (2) $ 0.32 $ 0.37 (1) Unaudited pro forma amounts include depreciation expense, property tax expense, interest expense, income tax expense, and corporate general and administrative expenses totaling $197.1 million and $181.9 million for the twelve months ended December 31, 2019 and 2018, respectively. (2) Unaudited pro forma amounts for the twelve months ended December 31, 2018 include the effect of the premium on redemption of preferred stock of $3.3 million and higher preferred dividends of $1.8 million related to the redeemed preferred stock. Developed Properties We completed the development and commenced operations of the 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, were reclassified as Investment in hotel properties, net upon completion. Asset Sales A summary of the dispositions in 2019 and 2018 follows (dollars in thousands): Disposition Date Franchise/Brand Location Guestrooms Gross Sales Price Aggregate Gain, net Year Ended December 31, 2019 February 12, 2019 Portfolio Sale - two properties (1) Charleston, WV (1) 130 $ 11,600 $ 4,163 April 17, 2019 Portfolio Sale - six properties (2) various (2) 815 135,000 36,626 November 8, 2019 Portfolio Sale - two properties (3) Birmingham, AL (3) 225 21,800 4,857 Total 1,170 $ 168,400 $ 45,646 Year Ended December 31, 2018 June 29, 2018 Portfolio Sale - two properties (4) various (4) 175 $ 18,950 $ 13,133 June 29, 2018 Portfolio Sale - two properties (5) Duluth, GA (5) 265 24,850 4,218 July 24, 2018 Portfolio Sale - three properties (6) various (6) 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 (1) The portfolio included the Country Inn & Suites and the Holiday Inn Express in Charleston, WV. (2) The portfolio included the SpringHill Suites in Minneapolis (Bloomington), MN, the Hampton Inn & Suites in Minneapolis (Bloomington), MN, the Residence Inn in Salt Lake City, UT, the Hyatt Place in Dallas (Arlington), TX, the Hampton Inn in Santa Barbara (Goleta), CA, and the Hampton Inn in Boston (Norwood), MA. The sale resulted in a net gain of $36.6 million based on a gross aggregate sales price of $135.0 million , or a net aggregate sales price of $133.0 million after a buyer credit of $2.0 million . (3) The portfolio included the Hilton Garden Inn in Birmingham (Lakeshore), AL and the Hilton Garden Inn in Birmingham (Liberty Park), AL. (4) The portfolio included the Hampton Inn in Provo, UT and the Holiday Inn Express & Suites in Sandy, UT. (5) 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% . (6) 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 . Loss on Impairment of Assets During the year ended December 31, 2019 , the Company recorded an impairment charge of $1.7 million for the Hyatt Place - Chicago (Hoffman Estates) to reduce the net carrying amount of the property to its estimated net fair market value of $5.9 million , which was determined by a third-party independent appraisal. During the year ended December 31, 2019 , the Company also recorded impairment charges on two land parcels to reduce the net carrying amounts of the properties to their estimated fair market values based on third-party independent appraisals and a purchase contract for the sale of one of the land parcels that is expected to be completed in 2020. In 2018, we recorded impairment charges on two land parcels to reduce the net carrying amounts of the properties to their estimated fair market values based on third-party independent appraisals. Investment in real estate loans, net at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 Real estate loans $ 32,831 $ 34,650 Unamortized discount (1,895 ) (3,950 ) $ 30,936 $ 30,700 The amortized cost bases of our Investment in real estate loans approximate their fair value. The amortized cost bases and the contractual maturities of our Investment in real estate loans outstanding at December 31, 2019 are $28.9 million in 2020 and $2.0 million in 2021. Real Estate Development Loans We provided mezzanine loans on three real estate development projects to fund up to an aggregate of $29.6 million for the development of three hotel properties. The three real estate development 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 . Interest income on the mezzanine loans will be recorded in our Consolidated Statement of Operations as it is earned. As of December 31, 2019, 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. The Initial Options are exercisable while the related real estate development loan is outstanding. 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 non-cash interest income over the initial term of the real estate loans using the straight-line method, which approximates the interest method. We recorded amortization of the discount of $2.1 million and $2.0 million during the years ended December 31, 2019 and 2018, respectively. We intend to hold our Investment in Real Estate Loans to maturity and therefore, such loans are recorded as held-to-maturity. During the year ended December 31, 2019, we provided a mezzanine loan to fund up to $28.9 million for a mixed-use development project that includes a hotel property, retail space, and parking. The loan closed in the third quarter of 2019 and has a stated interest rate of 9% and an initial term of 30 months . The loan is secured by a second mortgage on the development project and a pledge of the equity in the project owner. As of December 31, 2019 , we have funded $7.9 million of the loan commitment. Upon completion of construction, we have an option to purchase a 90% interest in the hotel (the “Initial Purchase Option”). We also have the right to purchase the remaining interest in the hotel five years after the completion of construction. We have issued a $10.0 million letter of credit under our senior unsecured credit facility to secure the exercise of the Initial Purchase Option. As such, we have classified the loan as Investment in hotel properties, net on our Consolidated Balance Sheets at December 31, 2019 . Interest income on the mezzanine loan will be recorded in our Consolidated Statement of Operations as it is earned. We have recorded the aggregate estimated fair value of the Initial Purchase Option totaling $2.8 million in Other assets and as a contra-asset to Investment in hotel properties, net. The contra-asset will be amortized as a component of non-cash interest income over the term of the real estate development loan using the straight-line method, which approximates the interest method. During the year ended December 31, 2019 , we amortized $0.4 million as non-cash interest income. Seller-Financing Loans On June 29, 2018, we sold the Holiday Inn in Duluth, GA and the Hilton Garden Inn in Duluth, GA for an aggregate selling price of $24.9 million . We provided seller financing totaling $3.6 million on the sale of these properties under two , 3.5 year second mortgage notes with a blended interest rate of 7.38% . As of December 31, 2019 , there was $2.5 million outstanding on the seller-financing loans.

SUPPLEMENTAL BALANCE SHEET INFO

SUPPLEMENTAL BALANCE SHEET INFORMATION	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 include the following (in thousands): 2019 2018 Land $ 425 $ 2,442 Hotel building and improvements — 7,929 Furniture, fixtures and equipment — 2,519 Franchise fees — 131 425 13,021 Less - accumulated depreciation and amortization — (5,388 ) $ 425 $ 7,633 Assets held for sale at December 31, 2019 included a land parcel in Flagstaff, AZ, which is currently under contract for sale. Assets held for sale at December 31, 2018 included a land parcel in Flagstaff, AZ and two hotels that were sold on February 12, 2019. During the year ended December 31, 2019 , we recognized a loss on impairment of assets of $0.1 million to reduce the carrying value of the land parcel in Flagstaff, AZ to its estimated net sales price based on a pending sales contract that is expected to close in 2020. Restricted Cash Restricted cash at December 31, 2019 and 2018 was as follows (in thousands): 2019 2018 FF&E reserves $ 25,664 $ 24,386 Property taxes 1,728 1,625 Other 203 2,457 $ 27,595 $ 28,468 Prepaid Expenses and Other Prepaid expenses and other at December 31, 2019 and 2018 included the following (in thousands): 2019 2018 Prepaid insurance $ 3,501 $ 2,822 Prepaid taxes 2,032 3,825 Other 3,311 3,464 $ 8,844 $ 10,111 Deferred Charges Deferred charges at December 31, 2019 and 2018 were as follows (in thousands): 2019 2018 Initial franchise fees $ 6,615 $ 6,463 Less - accumulated amortization (1,906 ) (1,772 ) $ 4,709 $ 4,691 Amortization expense for the years ended December 31, 2019 , 2018 , and 2017 was $0.4 million , $0.5 million and $0.4 million , respectively. Other Assets Other assets at December 31, 2019 and 2018 included the following (in thousands): 2019 2018 Purchase options related to real estate loans $ 8,920 $ 6,120 Deferred tax asset, net 2,138 2,046 Other 981 — Prepaid land lease — 3,180 Derivative financial instruments — 3,461 $ 12,039 $ 14,807 In accordance with ASU No. 2016-02, Leases (Topic 842), we reclassified certain prepaid land lease assets to Right-of-use assets as of January 1, 2019 (See "Note 7 - Leases" for further information). Accrued Expenses and Other Accrued expenses and other at December 31, 2019 and 2018 included the following (in thousands): 2019 2018 Accrued property, sales and income taxes $ 21,392 $ 19,570 Derivative financial instruments 16,177 5,042 Other accrued expenses at hotels 13,274 13,288 Accrued salaries and benefits 11,625 10,540 Other 8,209 9,801 Accrued interest 1,082 3,186 Acquired unfavorable leases — 4,623 $ 71,759 $ 66,050 In accordance with ASU No. 2016-02, Leases (Topic 842), we reclassified certain acquired unfavorable lease liabilities to Right-of-use assets as of January 1, 2019 (See "Note 7 - Leases" for further information).

DEBT

DEBT	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
DEBT	DEBT At December 31, 2019 , our indebtedness is comprised of borrowings under the 2018 Unsecured Credit Facility (as defined below), the 2018 Term Loan (as defined below), the 2017 Term Loan (as defined below), the Joint Venture Credit Facility (as defined below), and indebtedness secured by first priority mortgage liens on various hotel properties. At December 31, 2018 , our indebtedness is comprised of borrowings under the 2018 Unsecured Credit Facility (as defined below), the 2018 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 3.95% and 4.27% at December 31, 2019 and 2018 , 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”) with Deutsche Bank AG New York Branch as administrative agent, and a syndicate of lenders. The 2018 Unsecured Credit Facility is comprised of a $400.0 million revolving credit facility (the “$400 Million Revolver”) and a $200.0 million term loan (the “$200 Million Term Loan”). At December 31, 2019 , the maximum amount of borrowing provided by the 2018 Unsecured Credit Facility was $600.0 million , of which we had $275.0 million borrowed and $315.0 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, 2019 for the $200 Million Term Loan was 3.36% . 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, 2019 , 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, 2019 , the Company had 52 unencumbered hotel properties (the "Unencumbered Properties") supporting the 2018 Unsecured Credit Facility. 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 a term loan entered into in 2015. On May 16, 2018, we drew the remaining $85.0 million available under the 2018 Term Loan and used the proceeds to pay down our former $300 million revolving credit facility. 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, 2019 was 3.66% . On February 18, 2020, the Company repriced the $225 million 2018 Term Loan, lowering the interest rate to 150 basis points plus LIBOR based on the Company’s current leverage based pricing level, which represents a reduction of 40 basis points compared to the prior rate of 190 basis points plus LIBOR. All other material provisions of the loan remain unchanged, including the maturity date of the loan which remains February 14, 2025. The Company expects to realize approximately $0.9 million of annual interest expense savings as a result of the transaction through the remaining term of the loan. 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, 2019 , 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, 2019 , 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, 2019 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, 2019 , 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 former $300 million revolving credit facility. 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 former $300 million revolving credit facility. The interest rate at December 31, 2019 was 3.36% . Joint Venture Credit Facility On October 8, 2019, Summit JV MR 1, LLC (the “Borrower”), as borrower, Summit Hospitality JV, LP (the “Parent”), as parent, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $200 million credit facility (the “Joint Venture Credit Facility”) with Bank of America, N.A., as administrative agent and sole initial lender, and BofA Securities, Inc., as sole lead arranger and sole bookrunner. The Operating Partnership and the Company are not borrowers or guarantors of the Joint Venture Credit Facility. The Joint Venture Credit Facility is guaranteed by all of the Borrower’s existing and future subsidiaries, subject to certain exceptions. The Joint Venture Credit Facility is comprised of a $125 million revolving credit facility (the “$125 Million Revolver”) and a $75 million term loan (the “$75 Million Term Loan”). The Joint Venture Credit Facility has an accordion feature which will allow us to increase the total commitments by up to $300 million , for aggregate potential borrowings of up to $500 million on the Joint Venture Credit Facility. The $125 Million Revolver and the $75 Million Term Loan will mature on October 8, 2023. Each individually can be extended for a single twelve-month period at the Joint Venture's option, subject to certain conditions. Interest is paid on revolving credit advances at varying rates based upon, at the Borrower's option, either (i) 1-, 2-, 3-, or 6-month LIBOR, plus a margin of 2.15% for Eurodollar rate advances, or (ii) LIBOR, plus a margin of 2.15% for LIBOR floating rate advances, or (iii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50% , and 1-month LIBOR plus 1.00% , plus a base rate margin of 1.15% . The applicable margin for a term loan advance shall be five basis points less than revolving credit advances referenced above. Borrowing Base Assets. The Joint Venture Credit Facility is secured primarily by a first priority pledge of the Borrower's equity interests in the subsidiaries that hold the borrowing base assets, and the related TRS entities, which wholly own the TRS lessees that lease each of the borrowing base assets. Financial and Other Covenants. In addition, the Borrower is required to comply with a series of financial and other covenants in order to borrow under the Joint Venture Credit Facility. MetaBank Loan On June 30, 2017, we entered into a $47.6 million secured, non-recourse loan with MetaBank (the "MetaBank Loan"). During the year ended December 31, 2017, we borrowed $47.6 million on the MetaBank Loan and used the proceeds to pay down the principal balance of our former $300 million revolving credit facility. The MetaBank Loan provides for a fixed interest rate of 4.44% and originally provided for interest only payments for 18 months following the closing date. On January 31, 2019, we entered into a modification agreement, at no additional cost, that increased the interest-only period from 18 months to 24 months following the closing date. Beginning August 1, 2019, the loan amortizes over 25 years through the maturity date of July 1, 2027. The MetaBank Loan is secured by three hotels and is subject to a prepayment penalty if prepaid prior to April 1, 2027. At December 31, 2019 and 2018 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, 12/31/2019 2019 2018 $600 Million Senior Unsecured Credit and Term Loan Facility (1) Deutsche Bank AG New York Branch $400 Million Revolver 3.41% Variable n/a March 31, 2023 n/a $ 75,000 $ 115,000 $200 Million Term Loan 3.36% Variable n/a April 1, 2024 n/a 200,000 200,000 Total Senior Unsecured Credit and Term Loan Facility 275,000 315,000 Joint Venture Credit Facility (2) Bank of America, N.A. $125 Million Revolver 3.91% Variable n/a October 8, 2023 n/a 65,000 — $75 Million Term Loan 3.86% Variable n/a October 8, 2023 n/a 75,000 — Total Joint Venture Credit Facility 140,000 — Unsecured Term Loan (1) Term Loan (KeyBank National Association, as Administrative Agent) 3.36% Variable n/a November 25, 2022 n/a 225,000 225,000 Term Loan (KeyBank National Association, as Administrative Agent) 3.66% Variable n/a February 14, 2025 n/a 225,000 225,000 Secured Mortgage Indebtedness KeyBank National Association (3) 4.46% Fixed 30 February 1, 2023 3 19,510 26,357 (4) 4.52% Fixed 30 April 1, 2023 3 19,992 20,444 (5) 4.30% Fixed 30 April 1, 2023 3 19,323 19,777 (6) 4.95% Fixed 30 August 1, 2023 2 34,695 35,411 MetaBank (7) 4.44% Fixed 25 July 1, 2027 3 47,226 47,640 Bank of Cascades (8) 3.76% Variable 25 December 19, 2024 1 8,490 8,757 (8) 4.30% Fixed 25 December 19, 2024 — 8,490 8,757 Compass Bank (9) n/a 25 May 6, 2020 — — 22,151 U.S. Bank, NA (10) n/a 25 November 11, 2021 — — 10,717 Total Mortgage Loans 15 157,726 200,011 Total Debt 1,022,726 965,011 Unamortized debt issuance costs (6,563 ) (6,299 ) Debt, net of issuance costs $ 1,016,163 $ 958,712 (1) The $600 million Senior Secured Credit and Term Loan Facility and Unsecured Term Loans are supported by a borrowing base of 52 unencumbered hotel properties. (2) The Joint Venture Credit Facility is secured by pledges of the equity in the entities (and affiliated entities) that own the hotels. (3) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by three of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; and Denver (Englewood), CO. This loan is subject to defeasance costs if prepaid. On March 19, 2019, we defeased $6.3 million of the principal balance to have the encumbrance released on one property, the Hyatt Place in Arlington, TX, to facilitate the sale of the property. As a result of this transaction, we recorded debt transaction costs of $0.6 million primarily related to the debt defeasance premium. (4) On March 7, 2013, we closed on a $ 22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ. This loan is subject to defeasance if prepaid. (5) On March 8, 2013, we closed on a $ 22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid. (6) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid. (7) On June 30, 2017, we entered into the MetaBank Loan. The MetaBank Loan is secured by the Hampton Inn & Suites in Minneapolis, MN, 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 loan is comprised of two promissory notes that are secured by the same collateral and cross-defaulted. (9) On April 24, 2019, we repaid a mortgage loan with Compass Bank totaling $21.9 million that was secured by three hotel properties. There was no prepayment penalty associated with the repayment of this loan. After the repayment of this loan, the three hotels were added to the Company's Unencumbered Properties. (10) On April 11, 2019, we repaid a $10.6 million mortgage loan with U.S. Bank to release the encumbrance on the Hampton Inn in Goleta, CA to facilitate the sale of the property. As a result of this transaction, we incurred debt transaction costs of $1.0 million . 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, 2019 and 2018 , after giving effect to our interest rate derivatives, is as follows (in thousands): 2019 Percentage 2018 Percentage Fixed-rate debt $ 549,236 54 % $ 569,103 59 % Variable-rate debt 473,490 46 % 395,908 41 % $ 1,022,726 $ 965,011 Contractual principal payments for each of the next five years are as follows (in thousands): 2020 $ 3,742 2021 3,912 2022 229,072 2023 303,434 2024 216,105 Thereafter 266,461 $ 1,022,726 Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 2019 2018 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ 149,236 $ 151,268 $ 169,103 $ 166,256 Level 2 - Market approach At December 31, 2019 and 2018 , we had $400.0 million of debt with variable interest rates that had been converted to fixed interest rates through derivative financial instruments which are carried at fair value. Differences between carrying value and fair value of our fixed-rate debt are primarily due to changes in interest rates. Inherently, fixed-rate debt is subject to fluctuations in fair value as a result of changes in the current market rate of interest on the valuation date. For additional information on our use of derivatives as interest rate hedges, refer to “Note 8 –– Derivative Financial Instruments and Hedging.”

LEASES

LEASES	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
LEASES	LEASES The Company has operating leases related to the land under certain hotel properties, conference centers, parking spaces, automobiles, our corporate office and other miscellaneous office equipment. These leases have remaining terms of 1 year to 79 years, some of which include options to extend the leases for additional years. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or restrictive covenants that materially affect our business. We rent or sublease certain real estate to third parties. In 2019 , 2018 , and 2017 , we recorded gross third party tenant income of $2.2 million , $1.7 million , and $1.4 million , respectively, which were recorded in Other income in the Consolidated Statements of Operations. On January 1, 2019, the Company adopted ASC No. 842, Leases, and recognized right-of-use lease assets and related liabilities. The right-of-use assets and related liabilities include renewal options reasonably certain to be exercised. We base our lease calculations on our estimated incremental borrowing rate. As of December 31, 2019 , our weighted average incremental borrowing rate was 4.9% . In 2019 , 2018 , and 2017 , the Company's total operating lease cost was $3.3 million , $3.6 million , and $4.0 million , respectively, and the operating cash outflows from operating leases was $3.0 million , $3.6 million , and $3.5 million , respectively. As of December 31, 2019 , the weighted average operating lease term was 28.25 years. On January 31, 2019, we exercised our option pursuant to a ground lease agreement to purchase the land upon which our hotel property in Baltimore (Hunt Valley), MD is located for $4.2 million , which resulted in a termination of obligations under the ground lease. On December 4, 2019, we exercised our right to acquire a fee simple interest in the land upon which our Hyatt Place in Garden City, NY is located for nominal consideration. As a result, the hotel is no longer subject to a PILOT (payment in lieu of taxes) lease with the Town of Hempstead Industrial Development Authority. Operating lease maturities as of December 31, 2019 are as follows (in thousands): 2020 $ 2,148 2021 2,038 2022 1,815 2023 959 2024 900 Thereafter 28,904 Total lease payments (1) 36,764 Less imputed interest (17,160 ) Total $ 19,604 (1) Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 is as follows (dollar amounts in thousands): Average Annual Effective Fixed Rate Notional Amount Fair Value Contract date Effective Date Expiration Date December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 October 2, 2017 January 29, 2018 January 31, 2023 1.98 % $ 100,000 $ 100,000 $ (1,316 ) $ 1,758 October 2, 2017 January 29, 2018 January 31, 2023 1.98 % 100,000 100,000 (1,350 ) 1,703 June 11, 2018 September 28, 2018 September 30, 2024 2.87 % 75,000 75,000 (4,389 ) (1,656 ) June 11, 2018 December 31, 2018 December 31, 2025 2.93 % 125,000 125,000 (9,122 ) (3,386 ) $ 400,000 $ 400,000 $ (16,177 ) $ (1,581 ) 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, 2019 , all of our interest rate swaps were in a liability position as a result of a decline in short term interest rates and a continued flattening of the forward yield curve during 2019. At December 31, 2018 , two of our interest rate swaps were in an asset position and two were 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 2020 , we estimate that an additional $3.4 million will be reclassified from other comprehensive income and recorded as an increase to interest expense. The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands): 2019 2018 2017 (Loss) Gain recognized in Accumulated other comprehensive loss on derivative financial instruments $ (15,327 ) $ (3,050 ) $ 1,703 Loss reclassified from Accumulated other comprehensive loss to interest expense $ (731 ) $ (150 ) $ (734 ) Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded $ (41,030 ) $ (41,944 ) $ (29,687 )

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2019
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 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. Changes in common stock during the years ended December 31, 2019 and 2018 were as follows: 2019 2018 Beginning common shares outstanding 104,783,179 104,287,128 Grants under the Equity Plan 537,734 583,738 Common Unit redemptions 50,244 64,126 Annual grants to independent directors 40,455 34,130 Common stock issued for director fees — 3,543 Performance share and other forfeitures (167,757 ) (1,636 ) Shares retained for employee tax withholding requirements (74,340 ) (187,850 ) Ending common shares outstanding 105,169,515 104,783,179 At December 31, 2019 and 2018 , the Company had reserved 14,365,537 and 14,591,213 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. 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, 2019 and 2018 , unaffiliated third parties owned 209,021 and 259,265 , 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. Non-controlling Interest in Joint Venture In July 2019, the Company entered into a joint venture with GIC, Singapore’s sovereign wealth fund, to acquire assets that align with the Company’s current investment strategy and criteria. The Company serves as general partner and asset manager of the joint venture and intends to invest 51% of the equity capitalization of the limited partnership, with GIC investing the remaining 49% . The Company earns fees for providing services to the joint venture and will have the potential to earn incentive fees based on the joint venture achieving certain return thresholds. As of December 31, 2019 , the joint venture owns the five hotel properties acquired in 2019. The joint venture owns the hotels through a master real estate investment trust (“Master REIT”) and subsidiary REITs (“Subsidiary REIT”). All of the hotels owned by the joint venture are leased to taxable REIT subsidiaries of the Subsidiary REITs (“Subsidiary REIT TRS”). To qualify as a REIT, the Master REIT must meet all of the REIT requirements summarized under “Note 2 - Basis of Presentation and Significant Accounting Policies - Income Taxes.” Taxable income related to the Subsidiary REIT TRSs is subject to federal, state and local income taxes at applicable tax rates. We classify the non-controlling interest in the joint venture as a component of equity in the Company’s Consolidated Balance Sheets. The portion of net income allocated to this non-controlling interest is reported on the Company’s Consolidated Statements of Operations as net income attributable to non-controlling interest of the joint venture.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 . 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, 2019 using Level 1 Level 2 Level 3 Total Assets: Purchase options related to real estate loans $ — $ — $ 8,920 $ 8,920 Liabilities: Interest rate swaps — 16,177 — 16,177 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 Our purchase options related to real estate loans do not have readily determinable fair values. The fair value of each purchase option was estimated using a binomial lattice or Black-Scholes 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 Real Estate Loan 4 Exercise price $ 15,143 $ 17,377 $ 5,503 $ 37,800 First option exercise date (1) 12/31/2018 3/31/2019 5/31/2019 8/15/2021 Last option exercise date 11/1/2020 12/5/2020 12/1/2020 8/30/2021 Expected volatility 32.0 % 38.0 % 37.0 % 31.3 % Risk free rate 1.7 % 1.8 % 1.9 % 1.5 % Expected annualized equity dividend yield 6.8 % 9.9 % 6.5 % — % (2) (1) The first option date is the date used for valuing the Purchase Option. The actual option exercise dates are on or after the hotels are fully constructed and open for business. As of December 31, 2019 , three of the four hotels were open for business. (2) The purchase option was valued using the Black-Scholes model which assumes no dividends. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2019 or 2018 .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES 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 related to reservation and information systems. In 2019 , 2018 , and 2017 , we expensed fees related to our franchise agreements of $47.8 million , $47.7 million , and $41.6 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 month-to-month 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 2019 , 2018 , and 2017 , we expensed fees related to our hotel management agreements of $16.6 million , $18.5 million , and $ 18.2 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, 2019
Share-based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Our currently outstanding equity-based awards were issued under our Equity Plan which provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based awards or incentive awards. Stock options granted may be either incentive stock options or non-qualified stock options. Vesting terms may vary with each grant, and stock option terms are generally five to ten years . We have outstanding equity-based awards in the form of stock options and restricted stock awards. All of our outstanding equity-based awards are classified as equity. Stock Options Granted Under Our Equity Plan As of December 31, 2019, 2018 and 2017, we had 235,000 outstanding and exercisable stock options. At December 31, 2019, the stock options had a weighted average exercise price of $9.75 and a weighted average contractual term of 1.2 years . At December 31, 2019 , the intrinsic value of outstanding and exercisable options was $0.6 million . 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 . 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 2019 and 2018 : Number of Shares Weighted Average Grant Date Fair Value per Share Aggregate Current Value (in thousands) 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 Granted 235,407 11.32 Vested (154,801 ) 12.82 Forfeited (2,291 ) 12.65 Non-vested December 31, 2019 448,467 $ 12.51 $ 5,534 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, 2019 , 2018 , and 2017 , the total fair value of time-based restricted stock awards that vested was $2.0 million , $2.8 million and $1.4 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 2019 and 2018 : Number of Shares Weighted Average Grant Date Fair Value per Share Aggregate Current Value (in thousands) 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 Granted 302,327 12.81 Vested (89,097 ) 13.77 Forfeited (165,466 ) 13.77 Non-vested December 31, 2019 755,991 $ 14.31 $ 9,329 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 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: 2019 2018 2017 Expected dividend yield 6.17 % 5.33 % 4.14 % Expected stock price volatility 23.2 % 25.7 % 24.8 % Risk-free interest rate 2.43 % 2.41 % 1.59 % Monte Carlo iterations 100,000 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 12.81 $ 13.73 $ 17.13 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, 2019 and 2018 , we granted 40,455 and 34,130 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 2019 , all directors elected to receive cash for their director fees. In 2018 , we issued 3,543 shares of common stock 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, 2019 , 2018 , and 2017 was as follows (in thousands): 2019 2018 2017 Time-based restricted stock $ 2,327 $ 2,384 $ 2,145 Performance-based restricted stock 3,396 3,727 3,183 Director stock 496 554 559 $ 6,219 $ 6,665 $ 5,887 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 $7.4 million at December 31, 2019 as follows (in thousands): Total 2020 2021 2022 2023 Time-based restricted stock $ 3,092 $ 1,798 $ 1,048 $ 231 $ 15 Performance-based restricted stock 4,270 2,578 1,477 215 — $ 7,362 $ 4,376 $ 2,525 $ 446 $ 15

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
	Dec. 31, 2019
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, 2019 , 2018 and 2017 was $0.3 million , $0.2 million , and $0.2 million , respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
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 TRSs 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 TRSs 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, 2019 , 2018 , and 2017 are as follows (in thousands): 2019 2018 2017 Current: Federal $ 869 $ (67 ) $ 10 State and local 643 (425 ) 777 Deferred: Federal (32 ) (279 ) 232 State and local 20 (151 ) 49 Effect of federal tax law change — — 606 Income tax expense (benefit) $ 1,500 $ (922 ) $ 1,674 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: 2019 2018 2017 Statutory federal income tax provision $ 17,608 $ 18,943 $ 35,418 Nontaxable income of the REITs (16,996 ) (19,073 ) (35,073 ) Effect of graduated corporate tax rates — — (10 ) State income taxes, net of federal tax benefit 568 266 716 Provision to return and deferred adjustment (6 ) 75 — Effect of permanent differences and other 326 (184 ) 17 Tax benefit from deduction for partnership distributions — (949 ) — Effect of federal tax law change — — 606 Income tax provision (benefit) $ 1,500 $ (922 ) $ 1,674 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): 2019 2018 Tax carryforwards $ 38 $ 154 Accrued expenses 2,068 1,893 Other 32 (1 ) Net deferred tax assets $ 2,138 $ 2,046 Gross deferred tax assets $ 2,172 $ 2,086 Gross deferred tax liabilities (34 ) (40 ) Net deferred tax assets $ 2,138 $ 2,046 At December 31, 2019 , we had state net operating losses of $0.7 million which expire beginning in 2027. We had no unrecognized tax benefits at December 31, 2019 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, 2019 . We have no material interest or penalties relating to unrecognized tax benefits in the Consolidated Statements of Operations for the years ended December 31, 2019 , 2018 or 2017 or in the Consolidated Balance Sheets as of December 31, 2019 or 2018 . 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 2016. Characterization of Distributions For income tax purposes, distributions paid consist of ordinary income and capital gains or a combination thereof. For the years ended December 31, 2019, 2018, and 2017 distributions paid per share were characterized as follows (unaudited): 2019 2018 2017 Amount % Amount % Amount % Common Stock Ordinary income $ 0.6132 85.16 % $ 0.7200 100.00 % $ 0.6725 100.00 % Capital gain distributions 0.1068 14.84 % — — % — — % Total $ 0.7200 100.00 % $ 0.7200 100.00 % $ 0.6725 100.00 % Preferred Stock - Series B Ordinary income $ — — % $ — — % $ 2.0234 100.00 % Capital gain distributions — — % — — % — — % Total $ — — % $ — — % $ 2.0234 100.00 % Preferred Stock - Series C Ordinary income $ — — % $ 0.5393 100.00 % $ 1.7813 100.00 % Capital gain distributions — — % — — % — — % Total $ — — % $ 0.5393 100.00 % $ 1.7813 100.00 % Preferred Stock - Series D Ordinary income $ 1.3732 85.16 % $ 1.6125 100.00 % $ 1.6125 100.00 % Capital gain distributions 0.2393 14.84 % — — % — — % Total $ 1.6125 100.00 % $ 1.6125 100.00 % $ 1.6125 100.00 % Preferred Stock - Series E Ordinary Income $ 1.3307 85.16 % $ 1.5625 100.00 % $ 0.0694 100.00 % Capital gain distributions 0.2318 14.84 % — — % — — % Total $ 1.5625 100.00 % $ 1.5625 100.00 % $ 0.0694 100.00 % The dividends that were taxable to our stockholders in 2019 were 85.16% ordinary income and 14.84% capital gain distributions. The 2019 capital gain distribution was 100% related to unrecaptured Section 1250 gain. The 2019 ordinary income dividends are eligible for the 20% deduction provided by Section 199A for qualified REIT dividends. The dividends that were taxable to our stockholders in 2018 were 100% ordinary income and were eligible for the 20% deduction provided by Section 199A for qualified REIT dividends. The dividends that were taxable to our stockholders in 2017 were 100% ordinary income.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2019
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, 2019 , 2018 and 2017 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, 2019, 2018, and 2017, we had unvested performance-based restricted stock awards of 755,991 shares, 453,664 shares and 464,924 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): 2019 2018 2017 Numerator: Net income $ 82,348 $ 91,126 $ 99,521 Less: Preferred dividends (14,838 ) (16,671 ) (17,408 ) Premium on redemption of preferred stock — (3,277 ) (2,572 ) Allocation to participating securities (309 ) (271 ) (307 ) Attributable to non-controlling interest in Operating Partnership (157 ) (205 ) (307 ) Attributable to non-controlling interest in joint venture 419 — — Net income attributable to common stockholders, net of amount allocated to participating securities $ 67,463 $ 70,702 $ 78,927 Denominator: Weighted average common shares outstanding - basic 103,887 103,623 99,406 Dilutive effect of equity-based compensation awards 52 219 374 Weighted average common shares outstanding - diluted 103,939 103,842 99,780 Earnings per share: Basic and diluted $ 0.65 $ 0.68 $ 0.79

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 are as follows (in thousands, except per share amounts): 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 138,952 $ 142,930 $ 133,685 $ 133,781 Net income $ 12,900 $ 49,069 $ 11,626 $ 8,753 Net income attributable to Summit Hotel Properties, Inc. $ 12,877 $ 48,957 $ 11,534 $ 9,242 Earnings per share: Basic and diluted $ 0.09 $ 0.43 $ 0.07 $ 0.05 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

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Equity Transactions On January 31, 2020, 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, 2020 to stockholders of record on February 14, 2020.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
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 $ 354 $ 5,599 $ 32,721 $ 38,320 $ (4,030 ) $ 34,290 $ — Arlington, TX Courtyard 2012 1,497 15,573 (565 ) 1,497 15,008 16,505 (3,830 ) 12,675 — Arlington, TX Residence Inn 2012 1,646 15,440 16 1,646 15,456 17,102 (4,071 ) 13,031 — Asheville, NC Hotel Indigo 2015 2,100 34,755 1,051 2,100 35,806 37,906 (6,687 ) 31,219 — Atlanta, GA Courtyard 2012 2,050 27,969 834 2,050 28,803 30,853 (5,702 ) 25,151 — Atlanta, GA Residence Inn 2016 3,381 34,820 790 3,381 35,610 38,991 (4,801 ) 34,190 — Atlanta, GA AC Hotel 2017 5,670 51,922 567 5,670 52,489 58,159 (5,378 ) 52,781 — Austin, TX Hampton Inn & Suites 2014 — (2) 56,394 4,846 — 61,240 61,240 (9,519 ) 51,721 — Austin, TX Corporate Office 2017 — 6,048 1,410 — 7,458 7,458 (2,207 ) 5,251 — Baltimore, MD Hampton Inn & Suites 2017 2,205 16,013 2,342 2,205 18,355 20,560 (1,373 ) 19,187 — Baltimore, MD Residence Inn 2017 1,986 37,016 6,198 1,986 43,214 45,200 (4,372 ) 40,828 — Boulder, CO Marriott 2016 11,115 49,204 8,946 11,115 58,150 69,265 (7,000 ) 62,265 — Branchburg, NJ Residence Inn 2015 2,374 24,411 285 2,374 24,696 27,070 (4,754 ) 22,316 — Brisbane, CA DoubleTree 2014 3,300 39,686 1,137 3,300 40,823 44,123 (11,496 ) 32,627 — Camarillo, CA Hampton Inn & Suites 2013 2,200 17,366 384 2,200 17,750 19,950 (5,749 ) 14,201 — Charlotte, NC Courtyard 2017 — 41,094 1,468 — 42,562 42,562 (4,581 ) 37,981 — Chicago, IL Hyatt Place 2016 5,395 68,355 192 5,395 68,547 73,942 (9,533 ) 64,409 — Cleveland, OH Residence Inn 2017 10,075 33,340 1,699 10,075 35,039 45,114 (3,925 ) 41,189 — Decatur, GA Courtyard 2015 4,046 34,151 3,816 4,046 37,967 42,013 (5,818 ) 36,195 — Eden Prairie, MN Hilton Garden Inn 2013 1,800 11,211 146 1,800 11,357 13,157 (3,981 ) 9,176 — Englewood, CO Hyatt Place 2012 2,000 11,950 (441 ) 2,000 11,509 13,509 (4,054 ) 9,455 19,510 (1) Englewood, CO Hyatt House 2012 2,700 16,267 224 2,700 16,491 19,191 (6,553 ) 12,638 19,992 (1) Fort Lauderdale, FL Courtyard 2017 37,950 47,002 1,421 37,950 48,423 86,373 (5,861 ) 80,512 — Fort Worth, TX Courtyard 2017 1,920 38,070 9,029 1,920 47,099 49,019 (3,748 ) 45,271 — Garden City, NY Hyatt Place 2012 4,200 27,775 272 4,283 27,964 32,247 (5,787 ) 26,460 — Glendale, CO Staybridge Suites 2011 2,100 10,151 333 2,100 10,484 12,584 (3,679 ) 8,905 — Greenville, SC Hilton Garden Inn 2013 1,200 14,566 3,009 1,200 17,575 18,775 (3,772 ) 15,003 — Hillsboro, OR Residence Inn 2019 4,943 42,541 9 4,943 42,550 47,493 (461 ) 47,032 — Hoffman Estates, IL Hyatt Place 2013 1,900 8,917 (1,861 ) 1,900 7,056 8,956 (3,186 ) 5,770 19,323 (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 $ 5,951 $ — $ 47,789 $ 47,789 $ (11,015 ) $ 36,774 $ — Houston, TX Hilton Garden Inn 2014 2,800 33,777 1,373 2,800 35,150 37,950 (5,950 ) 32,000 — Hunt Valley, MD Residence Inn 2015 — 35,436 1,326 1,076 35,686 36,762 (6,432 ) 30,330 — Indianapolis, IN SpringHill Suites 2013 4,012 27,910 (646 ) 4,012 27,264 31,276 (5,588 ) 25,688 — Indianapolis, IN Courtyard 2013 7,788 54,384 (2,077 ) 7,788 52,307 60,095 (10,470 ) 49,625 — Kansas City, MO Courtyard 2017 3,955 20,608 1,769 3,955 22,377 26,332 (2,702 ) 23,630 — Lombard, IL Hyatt Place 2012 1,550 17,351 (445 ) 1,550 16,906 18,456 (5,597 ) 12,859 — (1) Lone Tree, CO Hyatt Place 2012 1,300 11,704 (203 ) 1,314 11,487 12,801 (4,302 ) 8,499 — (1) Louisville, KY Fairfield Inn & Suites 2013 3,120 24,231 (531 ) 3,120 23,700 26,820 (5,901 ) 20,919 34,695 (1) Louisville, KY SpringHill Suites 2013 4,880 37,361 (719 ) 4,880 36,642 41,522 (9,181 ) 32,341 — (1) Mesa, AZ Hyatt Place 2017 2,400 19,848 820 2,400 20,668 23,068 (3,648 ) 19,420 47,226 (1) Metairie, LA Courtyard 2013 1,860 25,168 349 1,860 25,517 27,377 (7,505 ) 19,872 — Metairie, LA Residence Inn 2013 1,791 23,386 338 1,791 23,724 25,515 (7,901 ) 17,614 — Miami, FL Hyatt House 2015 4,926 40,087 1,385 4,926 41,472 46,398 (8,386 ) 38,012 — Milpitas, CA Hilton Garden Inn 2019 7,921 46,141 4 7,921 46,145 54,066 (588 ) 53,478 — Minneapolis, MN Hyatt Place 2013 — 34,026 1,424 — 35,450 35,450 (7,901 ) 27,549 — Minneapolis, MN Hampton Inn & Suites 2015 3,502 35,433 165 3,502 35,598 39,100 (7,669 ) 31,431 — (1) Minnetonka, MN Holiday Inn Express & Suites 2013 1,000 7,662 212 1,000 7,874 8,874 (2,723 ) 6,151 — Nashville, TN SpringHill Suites 2004 777 5,598 299 777 5,897 6,674 (3,473 ) 3,201 — Nashville, TN Courtyard 2016 8,792 62,759 7,852 8,792 70,611 79,403 (8,259 ) 71,144 — New Haven, CT Courtyard 2017 11,990 51,497 1,555 11,990 53,052 65,042 (4,489 ) 60,553 — New Orleans, LA Courtyard 2013 1,944 25,120 3,356 1,944 28,476 30,420 (9,012 ) 21,408 — New Orleans, LA Courtyard 2013 2,490 34,220 1,136 2,490 35,356 37,846 (10,592 ) 27,254 — New Orleans, LA SpringHill Suites 2013 2,046 33,270 6,099 2,046 39,369 41,415 (10,459 ) 30,956 — Orlando, FL Hyatt Place 2013 3,100 11,343 (539 ) 3,100 10,804 13,904 (3,861 ) 10,043 — (1) Orlando, FL Hyatt Place 2013 2,716 11,221 422 2,716 11,643 14,359 (3,928 ) 10,431 — (1) Orlando, FL Hyatt House 2018 2,800 34,423 94 2,800 34,517 37,317 (3,394 ) 33,923 — Owings Mills, MD Hyatt Place 2012 2,100 9,799 (175 ) 2,100 9,624 11,724 (3,337 ) 8,387 — (1) Pittsburgh, PA Courtyard 2017 1,652 40,749 5,683 1,652 46,432 48,084 (3,871 ) 44,213 — Portland, OR Hyatt Place 2009 — (2) 14,700 457 — 15,157 15,157 (4,534 ) 10,623 — Portland, OR Residence Inn 2009 — (2) 15,629 286 — 15,915 15,915 (5,571 ) 10,344 16,980 (1) Portland, OR Residence Inn 2019 12,813 76,868 38 12,813 76,906 89,719 (1,204 ) 88,515 — Poway, CA Hampton Inn & Suites 2013 2,300 14,728 1,228 2,300 15,956 18,256 (3,923 ) 14,333 — San Francisco, CA Hilton Garden Inn 2019 12,346 45,730 36 12,346 45,766 58,112 (585 ) 57,527 — San Francisco, CA Holiday Inn Express & Suites 2013 15,545 49,469 3,875 15,545 53,344 68,889 (13,191 ) 55,698 — San Francisco, CA Four Points 2014 1,200 21,397 2,874 1,200 24,271 25,471 (5,094 ) 20,377 — (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 Scottsdale, AZ Hyatt Place 2012 $ 1,500 $ 10,171 $ (431 ) $ 1,500 $ 9,740 $ 11,240 $ (3,120 ) $ 8,120 $ — (1) Scottsdale, AZ Courtyard 2003 3,225 12,571 3,648 3,225 16,219 19,444 (5,694 ) 13,750 — Scottsdale, AZ SpringHill Suites 2003 2,195 9,496 1,750 2,195 11,246 13,441 (4,109 ) 9,332 — Silverthorne, CO Hampton Inn & Suites 2019 6,845 21,125 145 6,845 21,270 28,115 (334 ) 27,781 — Tampa, FL Hampton Inn & Suites 2012 3,600 20,366 4,466 3,600 24,832 28,432 (4,641 ) 23,791 — Tucson, AZ Homewood Suites 2017 2,570 22,802 996 2,570 23,798 26,368 (2,981 ) 23,387 — Waltham, MA Hilton Garden Inn 2017 10,644 21,713 5,888 10,644 27,601 38,245 (2,212 ) 36,033 — Watertown, MA Residence Inn 2018 25,083 45,917 223 25,083 46,140 71,223 (2,528 ) 68,695 — Land Parcels Land Parcels 4,645 — (2,720 ) 1,925 — 1,925 — 1,925 — $ 323,075 $ 2,123,406 $ 106,947 $ 321,528 $ 2,231,900 $ 2,553,428 $ (383,763 ) $ 2,169,665 $ 157,726 (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 7 - Leases" in the Consolidated Financial Statements. (a) ASSET BASIS 2019 2018 2017 Reconciliation of land, buildings and improvements: Balance at beginning of period $ 2,406,269 $ 2,355,723 $ 1,848,673 Additions to land, buildings and improvements 336,480 151,829 636,389 Disposition of land, buildings and improvements (186,800 ) (100,208 ) (129,339 ) Impairment loss (2,521 ) (1,075 ) — Balance at end of period $ 2,553,428 $ 2,406,269 $ 2,355,723 (b) ACCUMULATED DEPRECIATION 2019 2018 2017 Reconciliation of accumulated depreciation: Balance at beginning of period $ 351,821 $ 290,066 $ 241,760 Depreciation 99,013 100,545 85,524 Depreciation on assets sold or disposed (67,071 ) (38,790 ) (37,218 ) Balance at end of period $ 383,763 $ 351,821 $ 290,066 (c) The aggregate cost of real estate for Federal income tax purposes was approximately $2,358.1 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, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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. The accompanying Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements.
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. We allocate the purchase price of acquired hotel properties to land, building and furniture, fixtures and equipment based on third-party independent appraisals. 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, net in our Consolidated Balance Sheets. 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 or hotel 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 the carrying amount of the asset is not recoverable, 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. We also periodically receive unsolicited external inquiries that result in the sale of hotel properties.
Variable Interest Entities	Variable Interest Entities Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a qualified intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Consolidated Balance Sheets and Consolidated Statements of Operations as a consolidated VIE until legal title is transferred to us upon completion of the 1031 Exchange.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions.
Restricted Cash	Restricted Cash Restricted cash consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves.
Trade Receivables and Credit Policies	Trade Receivables and Credit Policies We grant credit to qualified customers, generally without collateral, in the form of trade accounts receivable. Trade receivables result from the rental of hotel guestrooms and the sales of food, beverage, and banquet services and are payable under normal trade terms. Trade receivables also include credit and debit card transactions that are in the process of being settled. Trade receivables are stated at the amount billed to the customer and do not accrue interest.
Leases	Leases
Notes Receivables	Notes Receivables We selectively provide mezzanine financing to developers, where we also have the opportunity to acquire the hotel at or after the completion of the development project. Separately, we also may provide seller financing in connection with a hotel disposition 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 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	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 and third-party ownership of a 49%
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, cancellation fees, 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 assess 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. We have elected to account for forfeitures as they occur. 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 forfeitures or modification of previously granted awards.
Derivative Financial Instruments and Hedging	Derivative Financial Instruments and Hedging All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include interest rate swaps, caps and collars. 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. The change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts in Other comprehensive income will be reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings.
Income Taxes	Income Taxes
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. 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	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 Food and beverage revenues, Other revenues, Food and beverage expenses, and Other hotel operating expenses in the Consolidated Statements of Operations in previous periods and certain amounts reported in the Consolidated Statements of Cash Flows in previous periods have been reclassified to conform to the current period presentation.
New Accounting Standards	New Accounting Standards 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. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses: Targeted Transition Relief , which provides an option to irrevocably elect the fair value option in ASC No. 825-10, Financial Instruments - Overall , applied on an instrument-by-instrument basis for eligible instruments, upon adoption of ASC No. 326, Financial Instruments - Credit Losses . ASU 2016-13 and ASU 2019-05 are both effective for our fiscal year commencing on January 1, 2020, with early adoption permitted. The adoption of ASU No. 2016-13 or ASU No. 2019-05 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. During fiscal 2019, we elected to early adopt ASU No. 2018-15. The adoption of ASU No. 2018-15 did not have a material effect on our consolidated financial position or results of operations. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
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, net at December 31, 2019 and 2018 include (in thousands): 2019 2018 Land $ 319,603 $ 288,833 Hotel buildings and improvements 2,049,384 1,916,194 Furniture, fixtures and equipment 173,128 165,026 Construction in progress 9,388 21,059 Intangible assets 11,231 22,064 Real estate development loan 5,485 — 2,568,219 2,413,176 Less - accumulated depreciation (383,987 ) (347,622 ) $ 2,184,232 $ 2,065,554

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of investment in hotel properties, net	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, net at December 31, 2019 and 2018 include (in thousands): 2019 2018 Land $ 319,603 $ 288,833 Hotel buildings and improvements 2,049,384 1,916,194 Furniture, fixtures and equipment 173,128 165,026 Construction in progress 9,388 21,059 Intangible assets 11,231 22,064 Real estate development loan 5,485 — 2,568,219 2,413,176 Less - accumulated depreciation (383,987 ) (347,622 ) $ 2,184,232 $ 2,065,554
Schedule of finite-lived intangible assets	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) 2019 2018 Intangible assets: Air rights (1) n/a $ 10,754 $ 10,754 Favorable leases (2) n/a — 10,550 In-place lease agreements 2.0 397 680 Other n/a 80 80 11,231 22,064 Less - accumulated amortization (224 ) (1,108 ) Intangible assets, net $ 11,007 $ 20,956 (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) In accordance with ASU No. 2016-02, Leases (Topic 842), we reclassified certain existing lease-related intangible assets to Right-of-use assets as of January 1, 2019 (See "Note 7 - Leases" for further information).
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) 2019 2018 Intangible assets: Air rights (1) n/a $ 10,754 $ 10,754 Favorable leases (2) n/a — 10,550 In-place lease agreements 2.0 397 680 Other n/a 80 80 11,231 22,064 Less - accumulated amortization (224 ) (1,108 ) Intangible assets, net $ 11,007 $ 20,956 (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) In accordance with ASU No. 2016-02, Leases (Topic 842), we reclassified certain existing lease-related intangible assets to Right-of-use assets as of January 1, 2019 (See "Note 7 - Leases" for further information).
Schedule of intangible liabilities future amortization expense	Future amortization expense is expected to be as follows (in thousands): Finite-Lived Intangible Assets 2020 $ 87 2021 86 $ 173
Schedule of finite-lived intangible assets, future amortization expense	Future amortization expense is expected to be as follows (in thousands): Finite-Lived Intangible Assets 2020 $ 87 2021 86 $ 173
Schedule of hotel property acquisitions	Hotel property acquisitions in 2019 and 2018 were as follows (in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase Year Ended December 31, 2019 August 6, 2019 Hampton Inn & Suites Silverthorne, CO 88 $ 25,500 October 8, 2019 Portfolio Purchase - four properties (1) various (1) 710 249,000 798 $ 274,500 (2) Year Ended December 31, 2018 September 12, 2018 Residence Inn by Marriott Boston (Watertown), MA 150 $ 71,000 150 $ 71,000 (3) (1) On October 8, 2019, we acquired a portfolio of four hotels for an aggregate purchase price of $249.0 million . The hotels acquired included the Hilton Garden Inn - San Francisco, CA, the Hilton Garden Inn - San Jose (Milpitas), CA, the Residence Inn by Marriott - Portland (Downtown), OR, and the Residence Inn by Marriott - Portland (Hillsboro), OR. (2) The net assets acquired in 2019 were purchased for $274.5 million plus the purchase of adjacent land parcels totaling $2.4 million , $1.0 million of net working capital assets and capitalized transaction costs of $0.4 million . We own a 51% controlling interest in these hotel properties through a consolidated joint venture. (3) The net assets acquired in 2018 were purchased for $71.0 million plus the purchase at settlement of $0.1 million of net working capital liabilities and capitalized transaction costs of $0.1 million .
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): 2019 2018 Land $ 44,868 $ 25,083 Hotel buildings and improvements 219,410 42,676 Furniture, fixtures and equipment 12,995 3,300 Other assets 1,103 123 Total assets acquired 278,376 71,182 Less other liabilities (79 ) (180 ) Net assets acquired (1) (2) $ 278,297 $ 71,002 (1) The net assets acquired in 2019 were purchased for $274.5 million plus the purchase of adjacent land parcels totaling $2.4 million , $1.0 million of net working capital assets and capitalized transaction costs of $0.4 million . (2) The net assets acquired in 2018 were purchased for $71.0 million plus the purchase at settlement of $0.1 million of net working capital liabilities and capitalized transaction costs of $0.1 million .
Schedule of unaudited condensed pro forma financial information	The unaudited condensed pro forma financial information for the 72 hotel properties owned at December 31, 2019 for the twelve months ended December 31, 2019 and 2018 is as follows (in thousands, except per share): 2019 2018 Revenues $ 572,262 $ 562,097 Income from hotel operations $ 215,372 $ 215,931 Net income (1) $ 57,909 $ 71,478 Net income attributable to common stockholders, net of amount allocated to participating securities and non-controlling interests (1) (2) $ 33,671 $ 38,803 Basic and diluted net income per share attributable to common stockholders (1) (2) $ 0.32 $ 0.37 (1) Unaudited pro forma amounts include depreciation expense, property tax expense, interest expense, income tax expense, and corporate general and administrative expenses totaling $197.1 million and $181.9 million for the twelve months ended December 31, 2019 and 2018, respectively. (2) Unaudited pro forma amounts for the twelve months ended December 31, 2018 include the effect of the premium on redemption of preferred stock of $3.3 million and higher preferred dividends of $1.8 million related to the redeemed preferred stock.
Schedule of sale of hotels	A summary of the dispositions in 2019 and 2018 follows (dollars in thousands): Disposition Date Franchise/Brand Location Guestrooms Gross Sales Price Aggregate Gain, net Year Ended December 31, 2019 February 12, 2019 Portfolio Sale - two properties (1) Charleston, WV (1) 130 $ 11,600 $ 4,163 April 17, 2019 Portfolio Sale - six properties (2) various (2) 815 135,000 36,626 November 8, 2019 Portfolio Sale - two properties (3) Birmingham, AL (3) 225 21,800 4,857 Total 1,170 $ 168,400 $ 45,646 Year Ended December 31, 2018 June 29, 2018 Portfolio Sale - two properties (4) various (4) 175 $ 18,950 $ 13,133 June 29, 2018 Portfolio Sale - two properties (5) Duluth, GA (5) 265 24,850 4,218 July 24, 2018 Portfolio Sale - three properties (6) various (6) 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 (1) The portfolio included the Country Inn & Suites and the Holiday Inn Express in Charleston, WV. (2) The portfolio included the SpringHill Suites in Minneapolis (Bloomington), MN, the Hampton Inn & Suites in Minneapolis (Bloomington), MN, the Residence Inn in Salt Lake City, UT, the Hyatt Place in Dallas (Arlington), TX, the Hampton Inn in Santa Barbara (Goleta), CA, and the Hampton Inn in Boston (Norwood), MA. The sale resulted in a net gain of $36.6 million based on a gross aggregate sales price of $135.0 million , or a net aggregate sales price of $133.0 million after a buyer credit of $2.0 million . (3) The portfolio included the Hilton Garden Inn in Birmingham (Lakeshore), AL and the Hilton Garden Inn in Birmingham (Liberty Park), AL. (4) The portfolio included the Hampton Inn in Provo, UT and the Holiday Inn Express & Suites in Sandy, UT. (5) 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% . (6) 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 .

INVESTMENT IN REAL ESTATE LOA_2

INVESTMENT IN REAL ESTATE LOANS (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of Investment in Real Estate Loans	Investment in real estate loans, net at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 Real estate loans $ 32,831 $ 34,650 Unamortized discount (1,895 ) (3,950 ) $ 30,936 $ 30,700

SUPPLEMENTAL BALANCE SHEET IN_2

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Schedule of assets held for sale	Assets held for sale at December 31, 2019 and 2018 include the following (in thousands): 2019 2018 Land $ 425 $ 2,442 Hotel building and improvements — 7,929 Furniture, fixtures and equipment — 2,519 Franchise fees — 131 425 13,021 Less - accumulated depreciation and amortization — (5,388 ) $ 425 $ 7,633
Schedule of restricted cash	Restricted cash at December 31, 2019 and 2018 was as follows (in thousands): 2019 2018 FF&E reserves $ 25,664 $ 24,386 Property taxes 1,728 1,625 Other 203 2,457 $ 27,595 $ 28,468
Schedule of prepaid expenses and other	Prepaid expenses and other at December 31, 2019 and 2018 included the following (in thousands): 2019 2018 Prepaid insurance $ 3,501 $ 2,822 Prepaid taxes 2,032 3,825 Other 3,311 3,464 $ 8,844 $ 10,111
Schedule of deferred charges	Deferred charges at December 31, 2019 and 2018 were as follows (in thousands): 2019 2018 Initial franchise fees $ 6,615 $ 6,463 Less - accumulated amortization (1,906 ) (1,772 ) $ 4,709 $ 4,691
Schedule of other assets	Other assets at December 31, 2019 and 2018 included the following (in thousands): 2019 2018 Purchase options related to real estate loans $ 8,920 $ 6,120 Deferred tax asset, net 2,138 2,046 Other 981 — Prepaid land lease — 3,180 Derivative financial instruments — 3,461 $ 12,039 $ 14,807
Schedule of accrued expenses	Accrued expenses and other at December 31, 2019 and 2018 included the following (in thousands): 2019 2018 Accrued property, sales and income taxes $ 21,392 $ 19,570 Derivative financial instruments 16,177 5,042 Other accrued expenses at hotels 13,274 13,288 Accrued salaries and benefits 11,625 10,540 Other 8,209 9,801 Accrued interest 1,082 3,186 Acquired unfavorable leases — 4,623 $ 71,759 $ 66,050

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	At December 31, 2019 and 2018 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, 12/31/2019 2019 2018 $600 Million Senior Unsecured Credit and Term Loan Facility (1) Deutsche Bank AG New York Branch $400 Million Revolver 3.41% Variable n/a March 31, 2023 n/a $ 75,000 $ 115,000 $200 Million Term Loan 3.36% Variable n/a April 1, 2024 n/a 200,000 200,000 Total Senior Unsecured Credit and Term Loan Facility 275,000 315,000 Joint Venture Credit Facility (2) Bank of America, N.A. $125 Million Revolver 3.91% Variable n/a October 8, 2023 n/a 65,000 — $75 Million Term Loan 3.86% Variable n/a October 8, 2023 n/a 75,000 — Total Joint Venture Credit Facility 140,000 — Unsecured Term Loan (1) Term Loan (KeyBank National Association, as Administrative Agent) 3.36% Variable n/a November 25, 2022 n/a 225,000 225,000 Term Loan (KeyBank National Association, as Administrative Agent) 3.66% Variable n/a February 14, 2025 n/a 225,000 225,000 Secured Mortgage Indebtedness KeyBank National Association (3) 4.46% Fixed 30 February 1, 2023 3 19,510 26,357 (4) 4.52% Fixed 30 April 1, 2023 3 19,992 20,444 (5) 4.30% Fixed 30 April 1, 2023 3 19,323 19,777 (6) 4.95% Fixed 30 August 1, 2023 2 34,695 35,411 MetaBank (7) 4.44% Fixed 25 July 1, 2027 3 47,226 47,640 Bank of Cascades (8) 3.76% Variable 25 December 19, 2024 1 8,490 8,757 (8) 4.30% Fixed 25 December 19, 2024 — 8,490 8,757 Compass Bank (9) n/a 25 May 6, 2020 — — 22,151 U.S. Bank, NA (10) n/a 25 November 11, 2021 — — 10,717 Total Mortgage Loans 15 157,726 200,011 Total Debt 1,022,726 965,011 Unamortized debt issuance costs (6,563 ) (6,299 ) Debt, net of issuance costs $ 1,016,163 $ 958,712 (1) The $600 million Senior Secured Credit and Term Loan Facility and Unsecured Term Loans are supported by a borrowing base of 52 unencumbered hotel properties. (2) The Joint Venture Credit Facility is secured by pledges of the equity in the entities (and affiliated entities) that own the hotels. (3) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by three of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; and Denver (Englewood), CO. This loan is subject to defeasance costs if prepaid. On March 19, 2019, we defeased $6.3 million of the principal balance to have the encumbrance released on one property, the Hyatt Place in Arlington, TX, to facilitate the sale of the property. As a result of this transaction, we recorded debt transaction costs of $0.6 million primarily related to the debt defeasance premium. (4) On March 7, 2013, we closed on a $ 22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ. This loan is subject to defeasance if prepaid. (5) On March 8, 2013, we closed on a $ 22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid. (6) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid. (7) On June 30, 2017, we entered into the MetaBank Loan. The MetaBank Loan is secured by the Hampton Inn & Suites in Minneapolis, MN, 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 loan is comprised of two promissory notes that are secured by the same collateral and cross-defaulted. (9) On April 24, 2019, we repaid a mortgage loan with Compass Bank totaling $21.9 million that was secured by three hotel properties. There was no prepayment penalty associated with the repayment of this loan. After the repayment of this loan, the three hotels were added to the Company's Unencumbered Properties. (10) On April 11, 2019, we repaid a $10.6 million mortgage loan with U.S. Bank to release the encumbrance on the Hampton Inn in Goleta, CA to facilitate the sale of the property. As a result of this transaction, we incurred debt transaction costs of $1.0 million .
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, 2019 and 2018 , after giving effect to our interest rate derivatives, is as follows (in thousands): 2019 Percentage 2018 Percentage Fixed-rate debt $ 549,236 54 % $ 569,103 59 % Variable-rate debt 473,490 46 % 395,908 41 % $ 1,022,726 $ 965,011
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): 2020 $ 3,742 2021 3,912 2022 229,072 2023 303,434 2024 216,105 Thereafter 266,461 $ 1,022,726
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): 2019 2018 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Fixed-rate debt $ 149,236 $ 151,268 $ 169,103 $ 166,256 Level 2 - Market approach

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of Operating Lease Maturity	Operating lease maturities as of December 31, 2019 are as follows (in thousands): 2020 $ 2,148 2021 2,038 2022 1,815 2023 959 2024 900 Thereafter 28,904 Total lease payments (1) 36,764 Less imputed interest (17,160 ) Total $ 19,604 (1) Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative financial instruments	Information about our derivative financial instruments at December 31, 2019 and 2018 is as follows (dollar amounts in thousands): Average Annual Effective Fixed Rate Notional Amount Fair Value Contract date Effective Date Expiration Date December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 October 2, 2017 January 29, 2018 January 31, 2023 1.98 % $ 100,000 $ 100,000 $ (1,316 ) $ 1,758 October 2, 2017 January 29, 2018 January 31, 2023 1.98 % 100,000 100,000 (1,350 ) 1,703 June 11, 2018 September 28, 2018 September 30, 2024 2.87 % 75,000 75,000 (4,389 ) (1,656 ) June 11, 2018 December 31, 2018 December 31, 2025 2.93 % 125,000 125,000 (9,122 ) (3,386 ) $ 400,000 $ 400,000 $ (16,177 ) $ (1,581 )
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): 2019 2018 2017 (Loss) Gain recognized in Accumulated other comprehensive loss on derivative financial instruments $ (15,327 ) $ (3,050 ) $ 1,703 Loss reclassified from Accumulated other comprehensive loss to interest expense $ (731 ) $ (150 ) $ (734 ) Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded $ (41,030 ) $ (41,944 ) $ (29,687 )

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Common Stock Activity	Changes in common stock during the years ended December 31, 2019 and 2018 were as follows: 2019 2018 Beginning common shares outstanding 104,783,179 104,287,128 Grants under the Equity Plan 537,734 583,738 Common Unit redemptions 50,244 64,126 Annual grants to independent directors 40,455 34,130 Common stock issued for director fees — 3,543 Performance share and other forfeitures (167,757 ) (1,636 ) Shares retained for employee tax withholding requirements (74,340 ) (187,850 ) Ending common shares outstanding 105,169,515 104,783,179

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 using Level 1 Level 2 Level 3 Total Assets: Purchase options related to real estate loans $ — $ — $ 8,920 $ 8,920 Liabilities: Interest rate swaps — 16,177 — 16,177 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
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 Real Estate Loan 4 Exercise price $ 15,143 $ 17,377 $ 5,503 $ 37,800 First option exercise date (1) 12/31/2018 3/31/2019 5/31/2019 8/15/2021 Last option exercise date 11/1/2020 12/5/2020 12/1/2020 8/30/2021 Expected volatility 32.0 % 38.0 % 37.0 % 31.3 % Risk free rate 1.7 % 1.8 % 1.9 % 1.5 % Expected annualized equity dividend yield 6.8 % 9.9 % 6.5 % — % (2) (1) The first option date is the date used for valuing the Purchase Option. The actual option exercise dates are on or after the hotels are fully constructed and open for business. As of December 31, 2019 , three of the four hotels were open for business. (2) The purchase option was valued using the Black-Scholes model which assumes no dividends.

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of restricted stock activity	The following table summarizes performance-based restricted stock activity under our Equity Plan for 2019 and 2018 : Number of Shares Weighted Average Grant Date Fair Value per Share Aggregate Current Value (in thousands) 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 Granted 302,327 12.81 Vested (89,097 ) 13.77 Forfeited (165,466 ) 13.77 Non-vested December 31, 2019 755,991 $ 14.31 $ 9,329 The following table summarizes time-based restricted stock activity under our Equity Plan for 2019 and 2018 : Number of Shares Weighted Average Grant Date Fair Value per Share Aggregate Current Value (in thousands) 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 Granted 235,407 11.32 Vested (154,801 ) 12.82 Forfeited (2,291 ) 12.65 Non-vested December 31, 2019 448,467 $ 12.51 $ 5,534
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: 2019 2018 2017 Expected dividend yield 6.17 % 5.33 % 4.14 % Expected stock price volatility 23.2 % 25.7 % 24.8 % Risk-free interest rate 2.43 % 2.41 % 1.59 % Monte Carlo iterations 100,000 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 12.81 $ 13.73 $ 17.13
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, 2019 , 2018 , and 2017 was as follows (in thousands): 2019 2018 2017 Time-based restricted stock $ 2,327 $ 2,384 $ 2,145 Performance-based restricted stock 3,396 3,727 3,183 Director stock 496 554 559 $ 6,219 $ 6,665 $ 5,887
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 $7.4 million at December 31, 2019 as follows (in thousands): Total 2020 2021 2022 2023 Time-based restricted stock $ 3,092 $ 1,798 $ 1,048 $ 231 $ 15 Performance-based restricted stock 4,270 2,578 1,477 215 — $ 7,362 $ 4,376 $ 2,525 $ 446 $ 15

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 , 2018 , and 2017 are as follows (in thousands): 2019 2018 2017 Current: Federal $ 869 $ (67 ) $ 10 State and local 643 (425 ) 777 Deferred: Federal (32 ) (279 ) 232 State and local 20 (151 ) 49 Effect of federal tax law change — — 606 Income tax expense (benefit) $ 1,500 $ (922 ) $ 1,674
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: 2019 2018 2017 Statutory federal income tax provision $ 17,608 $ 18,943 $ 35,418 Nontaxable income of the REITs (16,996 ) (19,073 ) (35,073 ) Effect of graduated corporate tax rates — — (10 ) State income taxes, net of federal tax benefit 568 266 716 Provision to return and deferred adjustment (6 ) 75 — Effect of permanent differences and other 326 (184 ) 17 Tax benefit from deduction for partnership distributions — (949 ) — Effect of federal tax law change — — 606 Income tax provision (benefit) $ 1,500 $ (922 ) $ 1,674
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): 2019 2018 Tax carryforwards $ 38 $ 154 Accrued expenses 2,068 1,893 Other 32 (1 ) Net deferred tax assets $ 2,138 $ 2,046 Gross deferred tax assets $ 2,172 $ 2,086 Gross deferred tax liabilities (34 ) (40 ) Net deferred tax assets $ 2,138 $ 2,046
Schedule of Characterization of Distributions	For income tax purposes, distributions paid consist of ordinary income and capital gains or a combination thereof. For the years ended December 31, 2019, 2018, and 2017 distributions paid per share were characterized as follows (unaudited): 2019 2018 2017 Amount % Amount % Amount % Common Stock Ordinary income $ 0.6132 85.16 % $ 0.7200 100.00 % $ 0.6725 100.00 % Capital gain distributions 0.1068 14.84 % — — % — — % Total $ 0.7200 100.00 % $ 0.7200 100.00 % $ 0.6725 100.00 % Preferred Stock - Series B Ordinary income $ — — % $ — — % $ 2.0234 100.00 % Capital gain distributions — — % — — % — — % Total $ — — % $ — — % $ 2.0234 100.00 % Preferred Stock - Series C Ordinary income $ — — % $ 0.5393 100.00 % $ 1.7813 100.00 % Capital gain distributions — — % — — % — — % Total $ — — % $ 0.5393 100.00 % $ 1.7813 100.00 % Preferred Stock - Series D Ordinary income $ 1.3732 85.16 % $ 1.6125 100.00 % $ 1.6125 100.00 % Capital gain distributions 0.2393 14.84 % — — % — — % Total $ 1.6125 100.00 % $ 1.6125 100.00 % $ 1.6125 100.00 % Preferred Stock - Series E Ordinary Income $ 1.3307 85.16 % $ 1.5625 100.00 % $ 0.0694 100.00 % Capital gain distributions 0.2318 14.84 % — — % — — % Total $ 1.5625 100.00 % $ 1.5625 100.00 % $ 0.0694 100.00 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
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): 2019 2018 2017 Numerator: Net income $ 82,348 $ 91,126 $ 99,521 Less: Preferred dividends (14,838 ) (16,671 ) (17,408 ) Premium on redemption of preferred stock — (3,277 ) (2,572 ) Allocation to participating securities (309 ) (271 ) (307 ) Attributable to non-controlling interest in Operating Partnership (157 ) (205 ) (307 ) Attributable to non-controlling interest in joint venture 419 — — Net income attributable to common stockholders, net of amount allocated to participating securities $ 67,463 $ 70,702 $ 78,927 Denominator: Weighted average common shares outstanding - basic 103,887 103,623 99,406 Dilutive effect of equity-based compensation awards 52 219 374 Weighted average common shares outstanding - diluted 103,939 103,842 99,780 Earnings per share: Basic and diluted $ 0.65 $ 0.68 $ 0.79

SELECTED QUARTERLY FINANCIAL _2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of selected consolidated quarterly financial data	Selected quarterly financial data for the years ended December 31, 2019 and 2018 are as follows (in thousands, except per share amounts): 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 138,952 $ 142,930 $ 133,685 $ 133,781 Net income $ 12,900 $ 49,069 $ 11,626 $ 8,753 Net income attributable to Summit Hotel Properties, Inc. $ 12,877 $ 48,957 $ 11,534 $ 9,242 Earnings per share: Basic and diluted $ 0.09 $ 0.43 $ 0.07 $ 0.05 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

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2019hotelRoomStateProperty	Dec. 31, 2018Room
Properties
Number of hotels | hotel	72
Number of guestrooms | Room	798	150
Number of states in which hotel properties are located | State	23
Hotels
Properties
Number of hotels | Property	72
Number of guestrooms | Room	11,288
All hotels other than one acquired in 2019 through joint venture | Hotels
Properties
Ownership interest (as a percent)	100.00%
Five hotels acquired in 2019 through joint venture | Hotels
Properties
Number of hotels | hotel	5
Ownership interest (as a percent)	51.00%
Wholly owned properties | Hotels
Properties
Number of hotels | Property	67

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reportable Segment (Details)	12 Months Ended
	Dec. 31, 2019Segment
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, 2019
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.2	$ 0.1
Bad debt expense	$ 0.5	$ 0.6	$ 0.7

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 29,884
Lease liabilities	$ 19,604
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets		$ 23,600
Lease liabilities		$ 23,600

BASIS OF PRESENTATION AND SIG_8

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Non-controlling Interests (Details)	12 Months Ended
	Dec. 31, 2019
GIC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Limited partner, ownership percentage	49.00%

INVESTMENT IN HOTEL PROPERTIE_2

INVESTMENT IN HOTEL PROPERTIES - Schedule of Investment in Hotel Properties, net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 2,568,219	$ 2,413,176
Less - accumulated depreciation	(383,987)	(347,622)
Investment in hotel properties, net	2,184,232	2,065,554
Real estate development loan
Investment in Hotel Properties, net
Investment in hotel properties at cost	5,485	0
Land
Investment in Hotel Properties, net
Investment in hotel properties at cost	319,603	288,833
Hotel building and improvements
Investment in Hotel Properties, net
Investment in hotel properties at cost	2,049,384	1,916,194
Furniture, fixtures and equipment
Investment in Hotel Properties, net
Investment in hotel properties at cost	173,128	165,026
Construction in progress
Investment in Hotel Properties, net
Investment in hotel properties at cost	9,388	21,059
Intangible assets
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 11,231	$ 22,064

INVESTMENT IN HOTEL PROPERTIE_3

INVESTMENT IN HOTEL PROPERTIES - Additional Information (Details) $ in Thousands	Jan. 31, 2019USD ($)	Dec. 31, 2019USD ($)hotelRoomLand_Parcel	Dec. 31, 2018USD ($)RoomLand_Parcel	Dec. 31, 2017USD ($)	Jun. 27, 2018USD ($)Room
Business Acquisition [Line Items]
Depreciation expense		$ 99,000	$ 100,500	$ 85,500
Number of hotels | hotel		72
Number of guestrooms | Room		798	150
Loss on impairment of assets		$ 2,521	$ 1,075	$ 0
Number of land parcels impaired | Land_Parcel		2	2
Assets held for sale
Business Acquisition [Line Items]
Number of land parcels impaired | Land_Parcel		1
Residence Inn | Baltimore (Hunt Valley), MD
Business Acquisition [Line Items]
Acquisitions of hotel properties	$ 4,200
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
Hyatt Place | Chicago, IL
Business Acquisition [Line Items]
Loss on impairment of assets		$ 1,700
Investment in hotel properties, net		5,900
Mezzanine Loans
Business Acquisition [Line Items]
Loans commitments amount		$ 28,900

INVESTMENT IN HOTEL PROPERTIE_4

INVESTMENT IN HOTEL PROPERTIES - Schedule of intangible assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Intangible assets:
Intangible assets, gross	$ 11,231	$ 22,064
Less - accumulated amortization	(224)	(1,108)
Intangible assets, net	11,007	20,956
Favorable leases
Intangible assets:
Intangible assets, gross	$ 0	10,550
In-place lease agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, weighted average amortization period	2 years
Intangible assets:
Intangible assets, gross	$ 397	680
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, 2019USD ($)
Finite-Lived Intangible Assets
2020	$ 87
2021	86
Finite Lived Intangible Assets	$ 173

INVESTMENT IN HOTEL PROPERTIE_6

INVESTMENT IN HOTEL PROPERTIES - Summary of hotel properties acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)hotelRoomProperty	Dec. 31, 2018USD ($)Room	Oct. 08, 2019hotel
Business Acquisition [Line Items]
Number of guestrooms | Room	798	150
Purchase Price	$ 274,500	$ 71,000
Number of hotels | hotel	72
Net assets acquired, excluding purchases adjustments and transaction costs	$ 274,500	71,000
Purchase of adjacent land parcels	2,400
Purchase of net working capital assets	1,000
Capitalized transaction costs	$ 400	100
Purchase at settlement of net working capital liabilities		$ 100
Hampton Inn & Suites | Silverthorne, CO
Business Acquisition [Line Items]
Number of guestrooms | Room	88
Purchase Price	$ 25,500
Portfolio Purchase - four properties
Business Acquisition [Line Items]
Number of guestrooms | Room	710
Purchase Price	$ 249,000
Number of hotels | hotel			4
Residence Inn by Marriott | Boston (Watertown), MA
Business Acquisition [Line Items]
Number of guestrooms | Room		150
Purchase Price		$ 71,000
Hotels
Business Acquisition [Line Items]
Number of guestrooms | Room	11,288
Number of hotels | Property	72
Five hotels acquired in 2019 through joint venture | Hotels
Business Acquisition [Line Items]
Number of hotels | hotel	5
Ownership interest (as a percent)	51.00%

INVESTMENT IN HOTEL PROPERTIE_7

INVESTMENT IN HOTEL PROPERTIES - Allocation of aggregate purchase price (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired
Land	$ 44,868	$ 25,083
Hotel buildings and improvements	219,410	42,676
Furniture, fixtures and equipment	12,995	3,300
Other assets	1,103	123
Total assets acquired	278,376	71,182
Less other liabilities	(79)	(180)
Net assets acquired	278,297	71,002
Net assets acquired, excluding purchases adjustments and transaction costs	274,500	71,000
Purchase of adjacent land parcels	2,400
Purchase of net working capital assets	1,000
Capitalized transaction costs	$ 400	100
Purchase at settlement of net working capital liabilities		$ 100

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, 2019	Dec. 31, 2018
Real Estate [Abstract]
Revenues	$ 572,262	$ 562,097
Income from hotel operations	215,372	215,931
Net income	57,909	71,478
Net income attributable to common stockholders, net of amount allocated to participating securities and non-controlling interests	$ 33,671	$ 38,803
Basic net income per share attributable to common stockholders (in dollars per share)	$ 0.32	$ 0.37
Diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.32	$ 0.37
Pro forma real estate tax expense, depreciation expense, interest expense, and other corporate expenses	$ 197,100	$ 181,900
Pro forma premium on redemption of preferred stock		3,300
Pro forma, preferred dividends related to redeemed preferred stock		$ 1,800

INVESTMENT IN HOTEL PROPERTIE_9

INVESTMENT IN HOTEL PROPERTIES - Summary of properties dispositions (Details) $ in Thousands	Apr. 17, 2019USD ($)	Jun. 29, 2018USD ($)	Dec. 31, 2019USD ($)Room	Dec. 31, 2018USD ($)Room	Jul. 24, 2018USD ($)
Business Acquisition [Line Items]
Number of guestrooms | Room			798	150
Disposed of by Sale
Business Acquisition [Line Items]
Number of guestrooms | Room			1,170	910
Gross Sales Price			$ 168,400	$ 107,250
Aggregate Gain, net			$ 45,646	$ 42,649
Disposed of by Sale | Portfolio Sale - six properties
Business Acquisition [Line Items]
Number of guestrooms | Room			815
Gross Sales Price	$ 135,000		$ 135,000
Aggregate Gain, net	36,600		$ 36,626
Net aggregate sales price	133,000
Buyer credit	$ 2,000
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 | Charleston, WV | Portfolio Sale - two properties
Business Acquisition [Line Items]
Number of guestrooms | Room			130
Gross Sales Price			$ 11,600
Aggregate Gain, net			$ 4,163
Disposed of by Sale | Birmingham, AL | Portfolio Sale - two properties
Business Acquisition [Line Items]
Number of guestrooms | Room			225
Gross Sales Price			$ 21,800
Aggregate Gain, net			$ 4,857
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

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, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in real estate, net	$ 30,936	$ 30,700
Real estate development loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate loans	32,831	34,650
Unamortized discount	(1,895)	(3,950)
Investment in real estate, net	$ 30,936	$ 30,700

INVESTMENT IN REAL ESTATE LOA_4

INVESTMENT IN REAL ESTATE LOANS - Additional Information (Details)	Jun. 29, 2018USD ($)	Sep. 30, 2019	Dec. 31, 2019USD ($)Loanhotel	Dec. 31, 2018USD ($)
Financing Receivable, Impaired [Line Items]
Number of hotels | hotel			72
Purchase options related to real estate loans			$ 8,920,000	$ 6,120,000
Real estate development loan
Financing Receivable, Impaired [Line Items]
Investment in real estate loans mature in 2020			28,900,000
Investment in real estate loans mature in 2021			$ 2,000,000
Real estate development loans closed in the fourth quarter of 2017
Financing Receivable, Impaired [Line Items]
Number of construction loans | Loan			3
Loans amount			$ 29,600,000
Number of hotels | hotel			3
Loans stated interest rate			8.00%
Loans initial term			3 years
Loans funded			$ 29,600,000
Interest in hotel upon completion to purchase			90.00%
Period of time after initial option exercise to purchase remaining interests			5 years
Amortization of discount			$ 2,100,000	2,000,000
Real estate development loans closed in the third quarter of 2019
Financing Receivable, Impaired [Line Items]
Loans stated interest rate		9.00%
Loans initial term		30 months
Loans funded			$ 7,900,000
Interest in hotel upon completion to purchase			90.00%
Period of time after initial option exercise to purchase remaining interests			5 years
Amortization of discount			$ 400,000
Loans commitments amount			28,900,000
Other assets | Real estate development loans closed in the fourth quarter of 2017
Financing Receivable, Impaired [Line Items]
Purchase options related to real estate loans			6,100,000
Other assets | Real estate development loans closed in the third quarter of 2019
Financing Receivable, Impaired [Line Items]
Purchase options related to real estate loans			2,800,000
Disposed of by Sale
Financing Receivable, Impaired [Line Items]
Aggregate sale price			168,400,000	$ 107,250,000
Duluth, GA | Disposed of by Sale | Holiday Inn and Hilton Garden Inn
Financing Receivable, Impaired [Line Items]
Aggregate sale price	$ 24,900,000
Financing receivable amount provided to seller	$ 3,600,000		2,500,000
Financing receivable, term	3 years 6 months
Number of second mortgage notes	2
Financing receivables, interest rate	7.38%
Letter of credit | Unsecured debt | Real estate development loans closed in the third quarter of 2019
Financing Receivable, Impaired [Line Items]
Credit facility, maximum borrowing capacity			$ 10,000,000

SUPPLEMENTAL BALANCE SHEET IN_3

SUPPLEMENTAL BALANCE SHEET INFORMATION - Assets Held for Sale, net (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)hotel	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Feb. 12, 2019hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotels | hotel	72
Loss on impairment of assets	$ 2,521	$ 1,075	$ 0
Assets held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, gross	425	13,021
Less - accumulated depreciation and amortization	0	(5,388)
Assets held for sale, net	425	7,633
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	425	2,442
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	0	7,929
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	0	2,519
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	0	$ 131
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
Flagstaff, AZ | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on impairment of assets	$ 100

SUPPLEMENTAL BALANCE SHEET IN_4

SUPPLEMENTAL BALANCE SHEET INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Restricted cash
Restricted cash	$ 27,595	$ 28,468
FF&E reserves
Restricted cash
Restricted cash	25,664	24,386
Property taxes
Restricted cash
Restricted cash	1,728	1,625
Other
Restricted cash
Restricted cash	$ 203	$ 2,457

SUPPLEMENTAL BALANCE SHEET IN_5

SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Prepaid expenses and other
Prepaid insurance	$ 3,501	$ 2,822
Prepaid taxes	2,032	3,825
Other	3,311	3,464
Prepaid expenses and other	$ 8,844	$ 10,111

SUPPLEMENTAL BALANCE SHEET IN_6

SUPPLEMENTAL BALANCE SHEET INFORMATION - Deferred Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred charges
Initial franchise fees	$ 6,615	$ 6,463
Less - accumulated amortization	(1,906)	(1,772)
Total	4,709	4,691
Amortization expense	$ 400	$ 500	$ 400

SUPPLEMENTAL BALANCE SHEET IN_7

SUPPLEMENTAL BALANCE SHEET INFORMATION - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Purchase options related to real estate loans	$ 8,920	$ 6,120
Deferred tax asset, net	2,138	2,046
Other	981	0
Prepaid land lease	0	3,180
Derivative financial instruments	0	3,461
Total	$ 12,039	$ 14,807

SUPPLEMENTAL BALANCE SHEET IN_8

SUPPLEMENTAL BALANCE SHEET INFORMATION - Accrued Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accrued expenses and other
Accrued property, sales and income taxes	$ 21,392	$ 19,570
Derivative financial instruments	16,177	5,042
Other accrued expenses at hotels	13,274	13,288
Accrued salaries and benefits	11,625	10,540
Other	8,209	9,801
Accrued interest	1,082	3,186
Acquired unfavorable leases	0	4,623
Total	$ 71,759	$ 66,050

DEBT - Narrative (Details)

DEBT - Narrative (Details)

Feb. 18, 2020USD ($)

Oct. 08, 2019USD ($)

Jan. 31, 2019

May 16, 2018USD ($)

Feb. 15, 2018USD ($)

Dec. 11, 2017USD ($)

Sep. 26, 2017USD ($)

Jun. 30, 2017USD ($)

Dec. 31, 2019USD ($)Property

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Dec. 06, 2018USD ($)

Jan. 15, 2016USD ($)

Debt Instrument [Line Items]

Weighted average interest rate for all borrowings

3.95%

4.27%

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

52

Repayments of mortgage loan

$ 302,287,000

$ 723,098,000

$ 452,082,000

$75 Million Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 75,000,000

Unsecured debt | Senior unsecured credit facility $600 Million

Debt Instrument [Line Items]

Credit facility, maximum borrowing capacity

600,000,000

$ 600,000,000

Line of credit outstanding

275,000,000

Amount available for borrowing

315,000,000

Maximum increase in borrowing capacity available through accordion feature option

$ 300,000,000

Unsecured debt | $400 Million Revolver

Debt Instrument [Line Items]

Credit facility, 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

3.36%

Fixed interest rate

3.36%

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 | $300 Million Revolver

Debt Instrument [Line Items]

Debt instrument, face amount

$ 300,000,000

Unsecured debt | 2018 Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 225,000,000

Maximum increase in borrowing capacity available through accordion feature option

150,000,000

Effective interest rate

3.66%

Amount drawn

$ 85,000,000

$ 140,000,000

Unsecured debt | 2018 Term Loan | LIBOR

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.90%

Unsecured debt | 2017 Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 225,000,000

$ 225,000,000

Maximum increase in borrowing capacity available through accordion feature option

175,000,000

Effective interest rate

3.36%

Amount drawn

$ 100,000,000

$ 125,000,000

Unsecured debt | $75 Million Term Loan

Debt Instrument [Line Items]

Fixed interest rate

3.86%

Line of Credit | Joint Venture Credit Facility

Debt Instrument [Line Items]

Credit facility, maximum borrowing capacity

500,000,000

Maximum increase in borrowing capacity available through accordion feature option

300,000,000

Credit facility with bank of america

200,000,000

Revolving credit facility | $125 Million Revolver

Debt Instrument [Line Items]

Credit facility, maximum borrowing capacity

$ 125,000,000

Revolving credit facility | Unsecured debt | $400 Million Revolver

Debt Instrument [Line Items]

Fixed interest rate

3.41%

Revolving credit facility | Unsecured debt | $125 Million Revolver

Debt Instrument [Line Items]

Fixed interest rate

3.91%

Option One | Unsecured debt | 2018 Term Loan | LIBOR | Minimum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.80%

Option One | Unsecured debt | 2018 Term Loan | 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 One | Line of Credit | Joint Venture Credit Facility | LIBOR

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

2.15%

Option Two | Unsecured debt | 2018 Term Loan | LIBOR

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.00%

Option Two | Unsecured debt | 2018 Term Loan | Base Rate | Minimum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

0.80%

Option Two | Unsecured debt | 2018 Term Loan | Base Rate | Maximum

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.55%

Option Two | Unsecured debt | 2018 Term Loan | 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%

Option Two | Line of Credit | Joint Venture Credit Facility | LIBOR

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

2.15%

Option Three | Line of Credit | Joint Venture Credit Facility | LIBOR

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.00%

Option Three | Line of Credit | Joint Venture Credit Facility | Base Rate

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.15%

Option Three | Line of Credit | Joint Venture Credit Facility | 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

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

3

Amount drawn from secured debt

$ 47,600,000

Fixed interest rate

4.44%

Debt interest only payments term

24 months

18 months

18 months

Loan amortization period after interest only payments period

25 years

Subsequent events | Unsecured debt | 2018 Term Loan

Debt Instrument [Line Items]

Decrease of interest expense from repricing

$ 900,000

Subsequent events | Unsecured debt | 2018 Term Loan | LIBOR

Debt Instrument [Line Items]

Interest rate margin on variable rate basis

1.50%

Decrease of debt interest rate

0.40%

DEBT - Summary of outstanding i

DEBT - Summary of outstanding indebtedness (Details)

Apr. 24, 2019USD ($)Property

Apr. 11, 2019USD ($)

Mar. 19, 2019USD ($)

Dec. 19, 2014USD ($)contract

Dec. 31, 2019USD ($)hotelProperty

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Oct. 08, 2019USD ($)

Dec. 06, 2018USD ($)

Jul. 22, 2013USD ($)Property

Mar. 08, 2013USD ($)Property

Mar. 07, 2013USD ($)Property

Jan. 25, 2013USD ($)Property

Debt Instrument [Line Items]

Debt outstanding

$ 1,022,726,000

$ 965,011,000

Unamortized debt issuance costs

(6,563,000)

(6,299,000)

Debt, net of issuance costs

1,016,163,000

958,712,000

Debt transaction costs

1,892,000

401,000

$ 195,000

Repayments of mortgage loan

$ 302,287,000

723,098,000

$ 452,082,000

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

52

$75 Million Term Loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 75,000,000

Revolving credit facility | $125 Million Revolver

Debt Instrument [Line Items]

Credit facility, maximum borrowing capacity

$ 125,000,000

Unsecured debt | Senior unsecured credit facility $600 Million

Debt Instrument [Line Items]

Debt outstanding

$ 275,000,000

315,000,000

Credit facility, maximum borrowing capacity

$ 600,000,000

$ 600,000,000

Number of unecumbered hotel properties | hotel

52

Unsecured debt | $400 Million Revolver

Debt Instrument [Line Items]

Credit facility, maximum borrowing capacity

400,000,000

Unsecured debt | $200 Million Term Loan

Debt Instrument [Line Items]

Debt outstanding

$ 200,000,000

200,000,000

Stated interest rate

3.36%

Debt instrument, face amount

$ 200,000,000

Unsecured debt | Joint Venture Credit Facility

Debt Instrument [Line Items]

Debt outstanding

$ 140,000,000

0

Unsecured debt | $75 Million Term Loan

Debt Instrument [Line Items]

Debt outstanding

$ 75,000,000

0

Stated interest rate

3.86%

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

Debt Instrument [Line Items]

Debt outstanding

$ 225,000,000

225,000,000

Unsecured debt | Keybank National Association Term Loan due February 14, 2025

Debt Instrument [Line Items]

Debt outstanding

$ 225,000,000

225,000,000

Stated interest rate

3.66%

Unsecured debt | Revolving credit facility | $400 Million Revolver

Debt Instrument [Line Items]

Debt outstanding

$ 75,000,000

115,000,000

Stated interest rate

3.41%

Unsecured debt | Revolving credit facility | $125 Million Revolver

Debt Instrument [Line Items]

Debt outstanding

$ 65,000,000

0

Stated interest rate

3.91%

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

Debt Instrument [Line Items]

Stated interest rate

3.36%

Mortgage loans

Debt Instrument [Line Items]

Debt outstanding

$ 157,726,000

200,011,000

Number of Properties Encumbered | Property

15

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

Debt Instrument [Line Items]

Amortization Period (Years)

30 years

Debt outstanding

$ 19,510,000

26,357,000

Stated interest rate

4.46%

4.46%

Debt instrument, face amount

$ 29,400,000

Number of Properties Encumbered | Property

3

3

Debt principal amount defeased

$ 6,300,000

Debt transaction costs

$ 600,000

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

Debt Instrument [Line Items]

Amortization Period (Years)

30 years

Debt outstanding

$ 19,992,000

20,444,000

Stated interest rate

4.52%

4.52%

Debt instrument, face amount

$ 22,700,000

Number of Properties Encumbered | Property

3

3

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

Debt Instrument [Line Items]

Amortization Period (Years)

30 years

Debt outstanding

$ 19,323,000

19,777,000

Stated interest rate

4.30%

4.30%

Debt instrument, face amount

$ 22,000,000

Number of Properties Encumbered | Property

3

3

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

Debt Instrument [Line Items]

Amortization Period (Years)

30 years

Debt outstanding

$ 34,695,000

35,411,000

Stated interest rate

4.95%

4.95%

Debt instrument, face amount

$ 38,700,000

Number of Properties Encumbered | Property

2

2

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

Debt Instrument [Line Items]

Amortization Period (Years)

25 years

Debt outstanding

$ 47,226,000

47,640,000

Stated interest rate

4.44%

Number of Properties Encumbered | Property

3

Mortgage loans | Bank of Cascades loan(s)

Debt Instrument [Line Items]

Amortization Period (Years)

25 years

Loan increase

$ 7,900,000

Number of loans | contract

2

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

Debt Instrument [Line Items]

Amortization Period (Years)

25 years

Debt outstanding

$ 8,490,000

8,757,000

Stated interest rate

3.76%

Number of Properties Encumbered | Property

1

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

Debt Instrument [Line Items]

Amortization Period (Years)

25 years

Debt outstanding

$ 8,490,000

8,757,000

Stated interest rate

4.30%

4.30%

Number of Properties Encumbered | Property

0

Mortgage loans | Compass Bank Variable due May 6, 2020

Debt Instrument [Line Items]

Amortization Period (Years)

25 years

Debt outstanding

$ 0

22,151,000

Number of Properties Encumbered | Property

0

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

Debt Instrument [Line Items]

Amortization Period (Years)

25 years

Debt outstanding

$ 0

$ 10,717,000

Number of Properties Encumbered | Property

0

Secured debt | Compass Bank Variable due May 6, 2020

Debt Instrument [Line Items]

Repayments of mortgage loan

$ 21,900,000

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

3

Secured debt | U.S. Bank, NA 6.13% Fixed due November 11, 2021

Debt Instrument [Line Items]

Debt transaction costs

$ 1,000,000

Repayments of mortgage loan

$ 10,600,000

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%

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, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Fixed-rate debt	$ 549,236	$ 569,103
Fixed-rate debt percentage	54.00%	59.00%
Variable-rate debt	$ 473,490	$ 395,908
Variable-rate debt percentage	46.00%	41.00%
Debt, gross	$ 1,022,726	$ 965,011

DEBT - Schedule of Principal Pa

DEBT - Schedule of Principal Payments for Each of the Next Five Years (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Principal payments for each of the next five years
2020	$ 3,742
2021	3,912
2022	229,072
2023	303,434
2024	216,105
Thereafter	266,461
Debt, gross	$ 1,022,726	$ 965,011

DEBT - Fair Value of Fixed-Rate

DEBT - Fair Value of Fixed-Rate Debt not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Carrying Value | Fixed-rate debt
Debt
Debt	$ 149,236	$ 169,103
Fair Value
Debt
Debt with variable interest rates that had been converted to fixed interest rates	400,000	400,000
Fair Value | Level 2 | Fixed-rate debt
Debt
Debt	$ 151,268	$ 166,256

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Tenant income		$ 2.2	$ 1.7	$ 1.4
Operating lease weighted average discount rate		4.90%
Operating lease, cost		$ 3.3	3.6	4
Operating cash outflows from operating leases		$ 3	$ 3.6	$ 3.5
Operating lease weighted average remaining lease term		28 years 3 months
Residence Inn | Baltimore (Hunt Valley), MD
Real Estate Properties [Line Items]
Acquisitions of hotel properties	$ 4.2
Minimum
Real Estate Properties [Line Items]
Lease remaining term		1 year
Maximum
Real Estate Properties [Line Items]
Lease remaining term		79 years

LEASES - Operating Lease Matur

LEASES - Operating Lease Maturities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 2,148
2021	2,038
2022	1,815
2023	959
2024	900
Thereafter	28,904
Total lease payments	36,764
Less imputed interest	(17,160)
Lease liabilities	$ 19,604

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018Instrument
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 | $	$ 3.4
Designated as hedges | Interest rate swaps
Derivative [Line Items]
Number of instruments held in asset position		2
Number of instruments held in liability account		2

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Information about Derivative Financial Instruments (Details) - Designated as hedges - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 400,000	$ 400,000
Fair Value	(16,177)	(1,581)
Interest Rate Swap Expiring January 31, 2023 One
Derivative [Line Items]
Notional Amount	100,000	100,000
Fair Value	$ (1,316)	1,758
Average Annual Effective Fixed Rate	1.98%
Interest Rate Swap Expiring January 31, 2023 Two
Derivative [Line Items]
Notional Amount	$ 100,000	100,000
Fair Value	$ (1,350)	1,703
Average Annual Effective Fixed Rate	1.98%
Interest Rate Swap Expiring September 30, 2024
Derivative [Line Items]
Notional Amount	$ 75,000	75,000
Fair Value	$ (4,389)	(1,656)
Average Annual Effective Fixed Rate	2.87%
Interest Rate Swap Expiring December 31, 2025
Derivative [Line Items]
Notional Amount	$ 125,000	125,000
Fair Value	$ (9,122)	$ (3,386)
Average Annual Effective Fixed Rate	2.93%

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, 2019	Dec. 31, 2018	Dec. 31, 2017
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	$ (41,030)	$ (41,944)	$ (29,687)
Cash flow hedges | Interest rate swaps
Derivative instruments, gain (loss) recognized
(Loss) Gain recognized in Accumulated other comprehensive loss on derivative financial instruments	(15,327)	(3,050)	1,703
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded	(41,030)	(41,944)	(29,687)
Cash flow hedges | Interest rate swaps | Interest expense
Derivative instruments, gain (loss) recognized
Loss reclassified from Accumulated other comprehensive loss to interest expense	$ (731)	$ (150)	$ (734)

EQUITY - Additional Information

EQUITY - Additional Information (Details) $ / shares in Units, $ in Thousands	Mar. 20, 2018USD ($)$ / sharesshares	May 25, 2017USD ($)shares	Dec. 31, 2019USD ($)Vote$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)
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
Aggregate offering price | $		$ 200,000
Number of common stock sold (in shares)		6,151,514
Net proceeds from sale of stock | $		$ 89,100
Shares reserved for issuance			14,365,537	14,591,213
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 | $			$ 0	$ 3,277	$ 2,572
General partner, ownership interest			51.00%
Undesignated preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized			90,600,000
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]
Preferred stock, shares authorized			6,400,000
Preferred stock, dividend rate (as a percent)			6.25%	6.25%
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
7.125% Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (as a percent)	7.125%
Payments for repurchase of redeemable preferred shares | $	$ 85,300
Preferred stock, shares outstanding	3,400,000
Preferred stock, redemption price (in dollars per share) | $ / shares	$ 25
Premium on redemption of preferred stock | $	$ 3,300
9.25% Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption price (in dollars per share) | $ / shares			$ 25
GIC
Class of Stock [Line Items]
Limited partner, ownership percentage			49.00%
Unaffiliated Third Parties | Operating partnership
Class of Stock [Line Items]
Limited partner capital account units conversion ratio			1
Number of common units of operating partnership owned by unaffiliated third parties (in shares)			209,021	259,265
Limited partner, ownership percentage			1.00%	1.00%

EQUITY - Changes in common stoc

EQUITY - Changes in common stock (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Beginning common shares outstanding	104,783,179	104,287,128
Common Unit redemptions	50,244	64,126
Performance share and other forfeitures	(167,757)	(1,636)
Shares retained for employee tax withholding requirements	(74,340)	(187,850)
Ending common shares outstanding	105,169,515	104,783,179
Equity Plan
Class of Stock [Line Items]
Grants under the Equity Plan	537,734	583,738
Director stock
Class of Stock [Line Items]
Grants under the Equity Plan	40,455	34,130
Common stock issued for director fees	0	3,543

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Purchase options related to real estate loans	$ 8,920	$ 6,120
Derivative asset	0	3,461
Liabilities:
Derivative Liablities	16,177	5,042
Recurring basis
Assets:
Purchase options related to real estate loans	8,920	6,120
Recurring basis | Interest rate swaps
Assets:
Derivative asset		3,461
Liabilities:
Derivative Liablities	16,177	5,042
Recurring basis | Level 1
Assets:
Purchase options related to real estate loans	0	0
Recurring basis | Level 1 | Interest rate swaps
Assets:
Derivative asset		0
Liabilities:
Derivative Liablities	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 asset		3,461
Liabilities:
Derivative Liablities	16,177	5,042
Recurring basis | Level 3
Assets:
Purchase options related to real estate loans	8,920	6,120
Recurring basis | Level 3 | Interest rate swaps
Assets:
Derivative asset		0
Liabilities:
Derivative Liablities	$ 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, 2019$ / 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
Exercise price | Real Estate Loan 4
Fair value
Purchase options, measurement input	37,800
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
Expected volatility | Real Estate Loan 4
Fair value
Purchase options, measurement input	0.313
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
Risk free rate | Real Estate Loan 4
Fair value
Purchase options, measurement input	0.015
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
Expected annualized equity dividend yield | Real Estate Loan 4
Fair value
Purchase options, measurement input	0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Franchise Agreements and Management Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Franchise Agreements
Commitments and contingencies
Fees related to the agreement	$ 47.8	$ 47.7	$ 41.6
Franchise Agreements | Minimum
Commitments and contingencies
Agreement term	10 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	2.00%
Franchise Agreements | Maximum
Commitments and contingencies
Agreement term	20 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	6.00%
Marketing fees payable as a percentage of gross revenue	4.00%
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures	5.00%
Management Agreements
Commitments and contingencies
Fees related to the agreement	$ 16.6	$ 18.5	$ 18.2
Management Agreements | Maximum
Commitments and contingencies
Agreement term	25 years

EQUITY-BASED COMPENSATION - Add

EQUITY-BASED COMPENSATION - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity-based compensation
Number of outstanding shares (in shares)			235,000	235,000
Number of exercisable shares (in shares)		235,000	235,000	235,000
Outstanding stock options, intrinsic value		$ 600,000	$ 0	$ 1,300,000
Exercisable stock options, intrinsic value			$ 0	$ 1,300,000
Minimum
Equity-based compensation
Stock options term	5 years
Maximum
Equity-based compensation
Stock options term	10 years
Stock options
Equity-based compensation
Number of outstanding shares (in shares)		235,000
Weighted average exercise price, exercisable (in dollars per share)		$ 9.75
Weighted average remaining contractual terms, exercisable		1 year 2 months 12 days
Exercisable stock options, intrinsic value		$ 600,000

EQUITY-BASED COMPENSATION - Tim

EQUITY-BASED COMPENSATION - Time-Based Restricted Stock Awards (Details) - Restricted Stock Awards - USD ($) $ / shares in Units, $ in Thousands	Mar. 07, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Time-based restricted stock
Number of Shares
Non-vested at the beginning of year (in shares)		370,152	391,477
Granted (in shares)		235,407	185,930
Vested (in shares)		(154,801)	(205,619)
Forfeited (in shares)		(2,291)	(1,636)
Non-vested at end of year (in shares)		448,467	370,152	391,477
Weighted Average Grant Date Fair Value per Share
Non-vested at beginning of year (in dollars per share)		$ 13.40	$ 13.52
Granted (in dollars per share)		11.32	13.15
Vested (in dollars per share)		12.82	13.41
Forfeited (in dollars per share)		12.65	12.84
Non-vested at end of year (in dollars per share)		$ 12.51	$ 13.40	$ 13.52
Aggregate Current Value
Aggregate Current Value		$ 5,534
Total fair value of awards vested		$ 2,000	$ 2,800	$ 1,400
Performance-based restricted stock
Number of Shares
Non-vested at the beginning of year (in shares)		708,227	619,429
Granted (in shares)		302,327	397,808
Vested (in shares)		(89,097)	(309,010)
Forfeited (in shares)		(165,466)
Non-vested at end of year (in shares)		755,991	708,227	619,429
Weighted Average Grant Date Fair Value per Share
Non-vested at beginning of year (in dollars per share)		$ 14.75	$ 16.16
Granted (in dollars per share)	$ 13.73	12.81	15.69	$ 17.13
Vested (in dollars per share)		13.77	18.78
Forfeited (in dollars per share)		13.77
Non-vested at end of year (in dollars per share)		$ 14.31	$ 14.75	$ 16.16
Aggregate Current Value
Aggregate Current Value		$ 9,329
Vesting period		3 years
Employees | Time-based restricted stock
Aggregate Current Value
Vesting period		4 years
Employees | Period one | Time-based restricted stock
Aggregate Current Value
Vesting percentage		20.00%
Employees | Period two | Time-based restricted stock
Aggregate Current Value
Vesting percentage		20.00%
Employees | Period three | Time-based restricted stock
Aggregate Current Value
Vesting percentage		20.00%
Employees | Period four | Time-based restricted stock
Aggregate Current Value
Vesting percentage		40.00%
Executive officers | Time-based restricted stock
Aggregate Current Value
Vesting period		3 years
Executive officers | Period one | Time-based restricted stock
Aggregate Current Value
Vesting percentage		25.00%
Executive officers | Period two | Time-based restricted stock
Aggregate Current Value
Vesting percentage		25.00%
Executive officers | Period three | Time-based restricted stock
Aggregate Current Value
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, 2019USD ($)Iteration$ / sharesshares	Dec. 31, 2018Iteration$ / sharesshares	Dec. 31, 2017Iteration$ / sharesshares
Performance-based restricted stock
Number of Shares
Non-vested at the beginning of year (in shares) | shares		708,227	619,429
Granted (in shares) | shares		302,327	397,808
Vested (in shares) | shares		(89,097)	(309,010)
Forfeited (in shares) | shares		(165,466)
Non-vested at end of year (in shares) | shares		755,991	708,227	619,429
Weighted Average Grant Date Fair Value per Share
Non-vested at beginning of year (in dollars per share)		$ 14.75	$ 16.16
Granted (in dollars per share)	$ 13.73	12.81	15.69	$ 17.13
Vested (in dollars per share)		13.77	18.78
Forfeited (in dollars per share)		13.77
Non-vested at end of year (in dollars per share)		$ 14.31	$ 14.75	$ 16.16
Aggregate Current Value
Aggregate Current Value | $		$ 9,329
Vesting period		3 years
Assumptions used to estimate the fair value of options granted
Expected dividend yield		6.17%	5.33%	4.14%
Expected stock price volatility		23.20%	25.70%	24.80%
Risk-free interest rate		2.43%	2.41%	1.59%
Monte Carlo iterations | Iteration		100,000	100,000	100,000
Weighted average estimated fair value of performance-based restricted stock awards	$ 13.73	$ 12.81	$ 15.69	$ 17.13
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) - Director stock - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Equity-based compensation
Grant of stock (in shares)	40,455	34,130
Common stock issued for director fees	0	3,543
Common Stock
Equity-based compensation
Grant of stock (in shares)	40,455	34,130
Common stock issued for director fees		3,543

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Compensation expense to be recognized
2020	$ 4,376
2021	2,525
2022	446
2023	15
Total	7,362
Restricted Stock Awards | Time-based restricted stock
Compensation expense to be recognized
2020	1,798
2021	1,048
2022	231
2023	15
Total	3,092
Restricted Stock Awards | Performance-based restricted stock
Compensation expense to be recognized
2020	2,578
2021	1,477
2022	215
2023	0
Total	4,270
Corporate general and administrative
Equity-based compensation expense
Share based compensation expense	6,219	$ 6,665	$ 5,887
Corporate general and administrative | Restricted Stock Awards | Time-based restricted stock
Equity-based compensation expense
Share based compensation expense	2,327	2,384	2,145
Corporate general and administrative | Restricted Stock Awards | Performance-based restricted stock
Equity-based compensation expense
Share based compensation expense	3,396	3,727	3,183
Corporate general and administrative | Director stock | Director stock
Equity-based compensation expense
Share based compensation expense	$ 496	$ 554	$ 559

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Employer contribution expense	$ 0.3	$ 0.2	$ 0.2

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ 869	$ (67)	$ 10
State and local	643	(425)	777
Deferred:
Federal	(32)	(279)	232
State and local	20	(151)	49
Effect of federal tax law change	0	0	606
Income tax expense (benefit)	$ 1,500	$ (922)	$ 1,674

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs
Statutory federal income tax provision	$ 17,608	$ 18,943	$ 35,418
Nontaxable income of the REITs	(16,996)	(19,073)	(35,073)
Effect of graduated corporate tax rates	0	0	(10)
State income taxes, net of federal tax benefit	568	266	716
Provision to return and deferred adjustment	(6)	75	0
Effect of permanent differences and other	326	(184)	17
Tax benefit from deduction for partnership distributions	0	(949)	0
Effect of federal tax law change	0	0	606
Income tax expense (benefit)	$ 1,500	$ (922)	$ 1,674

INCOME TAXES - Significant Comp

INCOME TAXES - Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Significant components of the Company's deferred tax assets and liabilities
Tax carryforwards	$ 38	$ 154
Accrued expenses	2,068	1,893
Other	32
Other		(1)
Net deferred tax assets	2,138	2,046
Net Deferred Tax Assets
Gross deferred tax assets	2,172	2,086
Gross deferred tax liabilities	(34)	(40)
Net deferred tax assets	$ 2,138	$ 2,046

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	Dec. 31, 2019USD ($)
Income taxes
Unrecognized tax benefits	$ 0
State
Income taxes
Operating loss carryforwards	$ 700,000

INCOME TAXES - Characterization

INCOME TAXES - Characterization of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common Stock
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 0.6132	$ 0.7200	$ 0.6725
Ordinary Income Distribution, Percent	85.16%	100.00%	100.00%
Capital gain distributions (in dollars per share)	$ 0.1068	$ 0	$ 0
Capital Gain Distribution, Percent	14.84%	0.00%	0.00%
Distribution Per Share (in dollars per share)	$ 0.7200	$ 0.7200	$ 0.6725
Distribution Paid, Percent	100.00%	100.00%	100.00%
Preferred Stock - Series B
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 0	$ 0	$ 2.0234
Ordinary Income Distribution, Percent	0.00%	0.00%	100.00%
Capital gain distributions (in dollars per share)	$ 0	$ 0	$ 0
Capital Gain Distribution, Percent	0.00%	0.00%	0.00%
Distribution Per Share (in dollars per share)	$ 0	$ 0	$ 2.0234
Distribution Paid, Percent	0.00%	0.00%	100.00%
Preferred Stock - Series C
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 0	$ 0.5393	$ 1.7813
Ordinary Income Distribution, Percent	0.00%	100.00%	100.00%
Capital gain distributions (in dollars per share)	$ 0	$ 0	$ 0
Capital Gain Distribution, Percent	0.00%	0.00%	0.00%
Distribution Per Share (in dollars per share)	$ 0	$ 0.5393	$ 1.7813
Distribution Paid, Percent	0.00%	100.00%	100.00%
Preferred Stock - Series D
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 1.3732	$ 1.6125	$ 1.6125
Ordinary Income Distribution, Percent	85.16%	100.00%	100.00%
Capital gain distributions (in dollars per share)	$ 0.2393	$ 0	$ 0
Capital Gain Distribution, Percent	14.84%	0.00%	0.00%
Distribution Per Share (in dollars per share)	$ 1.6125	$ 1.6125	$ 1.6125
Distribution Paid, Percent	100.00%	100.00%	100.00%
Preferred Stock - Series E
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 1.3307	$ 1.5625	$ 0.0694
Ordinary Income Distribution, Percent	85.16%	100.00%	100.00%
Capital gain distributions (in dollars per share)	$ 0.2318	$ 0	$ 0
Capital Gain Distribution, Percent	14.84%	0.00%	0.00%
Distribution Per Share (in dollars per share)	$ 1.5625	$ 1.5625	$ 0.0694
Distribution Paid, Percent	100.00%	100.00%	100.00%

EARNINGS PER SHARE - Anti-Dilut

EARNINGS PER SHARE - Anti-Dilutive Stock Options (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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)	755,991	453,664	464,924

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net income	$ 8,753	$ 11,626	$ 49,069	$ 12,900	$ 5,757	$ 38,001	$ 37,677	$ 9,691	$ 82,348	$ 91,126	$ 99,521
Less: Preferred dividends									(14,838)	(16,671)	(17,408)
Premium on redemption of preferred stock									0	(3,277)	(2,572)
Allocation to participating securities									(309)	(271)	(307)
Attributable to non-controlling interest in Operating Partnership									(157)	(205)	(307)
Attributable to non-controlling interest in joint venture									419	0	0
Net income attributable to common stockholders, net of amount allocated to participating securities									$ 67,463	$ 70,702	$ 78,927
Denominator:
Weighted average common shares outstanding - basic (in shares)									103,887	103,623	99,406
Dilutive effect of equity-based compensation awards (in shares)									52	219	374
Weighted average common shares outstanding - diluted (in shares)									103,939	103,842	99,780
Basic and diluted (in dollars per share)	$ 0.05	$ 0.07	$ 0.43	$ 0.09					$ 0.65	$ 0.68	$ 0.79

SELECTED QUARTERLY FINANCIAL _3

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 133,781	$ 133,685	$ 142,930	$ 138,952	$ 132,509	$ 142,340	$ 152,222	$ 140,199	$ 549,348	$ 567,270	$ 515,377
Net income	8,753	11,626	49,069	12,900	5,757	38,001	37,677	9,691	82,348	91,126	99,521
Net income attributable to Summit Hotel Properties, Inc.	$ 9,242	$ 11,534	$ 48,957	$ 12,877	$ 5,756	$ 37,901	$ 37,576	$ 9,688	$ 82,610	$ 90,921	$ 99,214
Earnings per share:
Basic and diluted (in dollars per share)	$ 0.05	$ 0.07	$ 0.43	$ 0.09					$ 0.65	$ 0.68	$ 0.79
Basic (in dollars per share)					$ 0.02	$ 0.33	$ 0.33	$ 0.01
Diluted (in dollars per share)					$ 0.02	$ 0.33	$ 0.32	$ 0.01

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	Jan. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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)	$ 0.18
Subsequent events | 6.45% Series D Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	0.403125
Subsequent events | 6.25% Series E Preferred Stock
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	$ 0.390625

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Initial Cost
Land	$ 323,075
Building & Improvements	2,123,406
Cost Capitalized Subsequent to Acquisition	106,947
Total Cost
Land	321,528
Building & Improvements	2,231,900
Total	2,553,428	$ 2,406,269	$ 2,355,723	$ 1,848,673
Accumulated Depreciation	(383,763)	$ (351,821)	$ (290,066)	$ (241,760)
Total Cost Net of Accumulated Depreciation	2,169,665
Mortgage Debt	157,726
Land Parcels
Initial Cost
Land	4,645
Building & Improvements	0
Cost Capitalized Subsequent to Acquisition	(2,720)
Total Cost
Land	1,925
Building & Improvements	0
Total	1,925
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	1,925
Mortgage Debt	0
Aliso Viejo, CA | Homewood Suites
Initial Cost
Land	5,599
Building & Improvements	32,367
Cost Capitalized Subsequent to Acquisition	354
Total Cost
Land	5,599
Building & Improvements	32,721
Total	38,320
Accumulated Depreciation	(4,030)
Total Cost Net of Accumulated Depreciation	34,290
Mortgage Debt	0
Arlington, TX | Courtyard
Initial Cost
Land	1,497
Building & Improvements	15,573
Cost Capitalized Subsequent to Acquisition	(565)
Total Cost
Land	1,497
Building & Improvements	15,008
Total	16,505
Accumulated Depreciation	(3,830)
Total Cost Net of Accumulated Depreciation	12,675
Mortgage Debt	0
Arlington, TX | Residence Inn
Initial Cost
Land	1,646
Building & Improvements	15,440
Cost Capitalized Subsequent to Acquisition	16
Total Cost
Land	1,646
Building & Improvements	15,456
Total	17,102
Accumulated Depreciation	(4,071)
Total Cost Net of Accumulated Depreciation	13,031
Mortgage Debt	0
Asheville, NC | Hotel Indigo
Initial Cost
Land	2,100
Building & Improvements	34,755
Cost Capitalized Subsequent to Acquisition	1,051
Total Cost
Land	2,100
Building & Improvements	35,806
Total	37,906
Accumulated Depreciation	(6,687)
Total Cost Net of Accumulated Depreciation	31,219
Mortgage Debt	0
Atlanta, GA | Courtyard
Initial Cost
Land	2,050
Building & Improvements	27,969
Cost Capitalized Subsequent to Acquisition	834
Total Cost
Land	2,050
Building & Improvements	28,803
Total	30,853
Accumulated Depreciation	(5,702)
Total Cost Net of Accumulated Depreciation	25,151
Mortgage Debt	0
Atlanta, GA | Residence Inn
Initial Cost
Land	3,381
Building & Improvements	34,820
Cost Capitalized Subsequent to Acquisition	790
Total Cost
Land	3,381
Building & Improvements	35,610
Total	38,991
Accumulated Depreciation	(4,801)
Total Cost Net of Accumulated Depreciation	34,190
Mortgage Debt	0
Atlanta, GA | AC Hotel
Initial Cost
Land	5,670
Building & Improvements	51,922
Cost Capitalized Subsequent to Acquisition	567
Total Cost
Land	5,670
Building & Improvements	52,489
Total	58,159
Accumulated Depreciation	(5,378)
Total Cost Net of Accumulated Depreciation	52,781
Mortgage Debt	0
Austin, TX | Hampton Inn & Suites
Initial Cost
Land	0
Building & Improvements	56,394
Cost Capitalized Subsequent to Acquisition	4,846
Total Cost
Land	0
Building & Improvements	61,240
Total	61,240
Accumulated Depreciation	(9,519)
Total Cost Net of Accumulated Depreciation	51,721
Mortgage Debt	0
Austin, TX | Corporate Office
Initial Cost
Land	0
Building & Improvements	6,048
Cost Capitalized Subsequent to Acquisition	1,410
Total Cost
Land	0
Building & Improvements	7,458
Total	7,458
Accumulated Depreciation	(2,207)
Total Cost Net of Accumulated Depreciation	5,251
Mortgage Debt	0
Baltimore, MD | Residence Inn
Initial Cost
Land	1,986
Building & Improvements	37,016
Cost Capitalized Subsequent to Acquisition	6,198
Total Cost
Land	1,986
Building & Improvements	43,214
Total	45,200
Accumulated Depreciation	(4,372)
Total Cost Net of Accumulated Depreciation	40,828
Mortgage Debt	0
Baltimore, MD | Hampton Inn & Suites
Initial Cost
Land	2,205
Building & Improvements	16,013
Cost Capitalized Subsequent to Acquisition	2,342
Total Cost
Land	2,205
Building & Improvements	18,355
Total	20,560
Accumulated Depreciation	(1,373)
Total Cost Net of Accumulated Depreciation	19,187
Mortgage Debt	0
Boulder, CO | Marriott
Initial Cost
Land	11,115
Building & Improvements	49,204
Cost Capitalized Subsequent to Acquisition	8,946
Total Cost
Land	11,115
Building & Improvements	58,150
Total	69,265
Accumulated Depreciation	(7,000)
Total Cost Net of Accumulated Depreciation	62,265
Mortgage Debt	0
Branchburg, NJ | Residence Inn
Initial Cost
Land	2,374
Building & Improvements	24,411
Cost Capitalized Subsequent to Acquisition	285
Total Cost
Land	2,374
Building & Improvements	24,696
Total	27,070
Accumulated Depreciation	(4,754)
Total Cost Net of Accumulated Depreciation	22,316
Mortgage Debt	0
Brisbane, CA | DoubleTree
Initial Cost
Land	3,300
Building & Improvements	39,686
Cost Capitalized Subsequent to Acquisition	1,137
Total Cost
Land	3,300
Building & Improvements	40,823
Total	44,123
Accumulated Depreciation	(11,496)
Total Cost Net of Accumulated Depreciation	32,627
Mortgage Debt	0
Camarillo, CA | Hampton Inn & Suites
Initial Cost
Land	2,200
Building & Improvements	17,366
Cost Capitalized Subsequent to Acquisition	384
Total Cost
Land	2,200
Building & Improvements	17,750
Total	19,950
Accumulated Depreciation	(5,749)
Total Cost Net of Accumulated Depreciation	14,201
Mortgage Debt	0
Charlotte, NC | Courtyard
Initial Cost
Land	0
Building & Improvements	41,094
Cost Capitalized Subsequent to Acquisition	1,468
Total Cost
Land	0
Building & Improvements	42,562
Total	42,562
Accumulated Depreciation	(4,581)
Total Cost Net of Accumulated Depreciation	37,981
Mortgage Debt	0
Chicago, IL | Hyatt Place
Initial Cost
Land	5,395
Building & Improvements	68,355
Cost Capitalized Subsequent to Acquisition	192
Total Cost
Land	5,395
Building & Improvements	68,547
Total	73,942
Accumulated Depreciation	(9,533)
Total Cost Net of Accumulated Depreciation	64,409
Mortgage Debt	0
Cleveland, OH | Residence Inn
Initial Cost
Land	10,075
Building & Improvements	33,340
Cost Capitalized Subsequent to Acquisition	1,699
Total Cost
Land	10,075
Building & Improvements	35,039
Total	45,114
Accumulated Depreciation	(3,925)
Total Cost Net of Accumulated Depreciation	41,189
Mortgage Debt	0
Decatur, GA | Courtyard
Initial Cost
Land	4,046
Building & Improvements	34,151
Cost Capitalized Subsequent to Acquisition	3,816
Total Cost
Land	4,046
Building & Improvements	37,967
Total	42,013
Accumulated Depreciation	(5,818)
Total Cost Net of Accumulated Depreciation	36,195
Mortgage Debt	0
Eden Prairie, MN | Hilton Garden Inn
Initial Cost
Land	1,800
Building & Improvements	11,211
Cost Capitalized Subsequent to Acquisition	146
Total Cost
Land	1,800
Building & Improvements	11,357
Total	13,157
Accumulated Depreciation	(3,981)
Total Cost Net of Accumulated Depreciation	9,176
Mortgage Debt	0
Englewood, CO | Hyatt Place
Initial Cost
Land	2,000
Building & Improvements	11,950
Cost Capitalized Subsequent to Acquisition	(441)
Total Cost
Land	2,000
Building & Improvements	11,509
Total	13,509
Accumulated Depreciation	(4,054)
Total Cost Net of Accumulated Depreciation	9,455
Mortgage Debt	19,510
Englewood, CO | Hyatt House
Initial Cost
Land	2,700
Building & Improvements	16,267
Cost Capitalized Subsequent to Acquisition	224
Total Cost
Land	2,700
Building & Improvements	16,491
Total	19,191
Accumulated Depreciation	(6,553)
Total Cost Net of Accumulated Depreciation	12,638
Mortgage Debt	19,992
Fort Lauderdale, FL | Courtyard
Initial Cost
Land	37,950
Building & Improvements	47,002
Cost Capitalized Subsequent to Acquisition	1,421
Total Cost
Land	37,950
Building & Improvements	48,423
Total	86,373
Accumulated Depreciation	(5,861)
Total Cost Net of Accumulated Depreciation	80,512
Mortgage Debt	0
Fort Worth, TX | Courtyard
Initial Cost
Land	1,920
Building & Improvements	38,070
Cost Capitalized Subsequent to Acquisition	9,029
Total Cost
Land	1,920
Building & Improvements	47,099
Total	49,019
Accumulated Depreciation	(3,748)
Total Cost Net of Accumulated Depreciation	45,271
Mortgage Debt	0
Garden City, NY | Hyatt Place
Initial Cost
Land	4,200
Building & Improvements	27,775
Cost Capitalized Subsequent to Acquisition	272
Total Cost
Land	4,283
Building & Improvements	27,964
Total	32,247
Accumulated Depreciation	(5,787)
Total Cost Net of Accumulated Depreciation	26,460
Mortgage Debt	0
Glendale, CO | Staybridge Suites
Initial Cost
Land	2,100
Building & Improvements	10,151
Cost Capitalized Subsequent to Acquisition	333
Total Cost
Land	2,100
Building & Improvements	10,484
Total	12,584
Accumulated Depreciation	(3,679)
Total Cost Net of Accumulated Depreciation	8,905
Mortgage Debt	0
Greenville, SC | Hilton Garden Inn
Initial Cost
Land	1,200
Building & Improvements	14,566
Cost Capitalized Subsequent to Acquisition	3,009
Total Cost
Land	1,200
Building & Improvements	17,575
Total	18,775
Accumulated Depreciation	(3,772)
Total Cost Net of Accumulated Depreciation	15,003
Mortgage Debt	0
Hillsboro, OR | Residence Inn
Initial Cost
Land	4,943
Building & Improvements	42,541
Cost Capitalized Subsequent to Acquisition	9
Total Cost
Land	4,943
Building & Improvements	42,550
Total	47,493
Accumulated Depreciation	(461)
Total Cost Net of Accumulated Depreciation	47,032
Mortgage Debt	0
Hoffman Estates, IL | Hyatt Place
Initial Cost
Land	1,900
Building & Improvements	8,917
Cost Capitalized Subsequent to Acquisition	(1,861)
Total Cost
Land	1,900
Building & Improvements	7,056
Total	8,956
Accumulated Depreciation	(3,186)
Total Cost Net of Accumulated Depreciation	5,770
Mortgage Debt	19,323
Houston, TX | Hilton Garden Inn
Initial Cost
Land	0
Building & Improvements	41,838
Cost Capitalized Subsequent to Acquisition	5,951
Total Cost
Land	0
Building & Improvements	47,789
Total	47,789
Accumulated Depreciation	(11,015)
Total Cost Net of Accumulated Depreciation	36,774
Mortgage Debt	0
Houston, TX | Hilton Garden Inn
Initial Cost
Land	2,800
Building & Improvements	33,777
Cost Capitalized Subsequent to Acquisition	1,373
Total Cost
Land	2,800
Building & Improvements	35,150
Total	37,950
Accumulated Depreciation	(5,950)
Total Cost Net of Accumulated Depreciation	32,000
Mortgage Debt	0
Hunt Valley, MD | Residence Inn
Initial Cost
Land	0
Building & Improvements	35,436
Cost Capitalized Subsequent to Acquisition	1,326
Total Cost
Land	1,076
Building & Improvements	35,686
Total	36,762
Accumulated Depreciation	(6,432)
Total Cost Net of Accumulated Depreciation	30,330
Mortgage Debt	0
Indianapolis, IN | Courtyard
Initial Cost
Land	7,788
Building & Improvements	54,384
Cost Capitalized Subsequent to Acquisition	(2,077)
Total Cost
Land	7,788
Building & Improvements	52,307
Total	60,095
Accumulated Depreciation	(10,470)
Total Cost Net of Accumulated Depreciation	49,625
Mortgage Debt	0
Indianapolis, IN | SpringHill Suites
Initial Cost
Land	4,012
Building & Improvements	27,910
Cost Capitalized Subsequent to Acquisition	(646)
Total Cost
Land	4,012
Building & Improvements	27,264
Total	31,276
Accumulated Depreciation	(5,588)
Total Cost Net of Accumulated Depreciation	25,688
Mortgage Debt	0
Kansas City, MO | Courtyard
Initial Cost
Land	3,955
Building & Improvements	20,608
Cost Capitalized Subsequent to Acquisition	1,769
Total Cost
Land	3,955
Building & Improvements	22,377
Total	26,332
Accumulated Depreciation	(2,702)
Total Cost Net of Accumulated Depreciation	23,630
Mortgage Debt	0
Lombard, IL | Hyatt Place
Initial Cost
Land	1,550
Building & Improvements	17,351
Cost Capitalized Subsequent to Acquisition	(445)
Total Cost
Land	1,550
Building & Improvements	16,906
Total	18,456
Accumulated Depreciation	(5,597)
Total Cost Net of Accumulated Depreciation	12,859
Mortgage Debt	0
Lone Tree, CO | Hyatt Place
Initial Cost
Land	1,300
Building & Improvements	11,704
Cost Capitalized Subsequent to Acquisition	(203)
Total Cost
Land	1,314
Building & Improvements	11,487
Total	12,801
Accumulated Depreciation	(4,302)
Total Cost Net of Accumulated Depreciation	8,499
Mortgage Debt	0
Louisville, KY | SpringHill Suites
Initial Cost
Land	4,880
Building & Improvements	37,361
Cost Capitalized Subsequent to Acquisition	(719)
Total Cost
Land	4,880
Building & Improvements	36,642
Total	41,522
Accumulated Depreciation	(9,181)
Total Cost Net of Accumulated Depreciation	32,341
Mortgage Debt	0
Louisville, KY | Fairfield Inn & Suites
Initial Cost
Land	3,120
Building & Improvements	24,231
Cost Capitalized Subsequent to Acquisition	(531)
Total Cost
Land	3,120
Building & Improvements	23,700
Total	26,820
Accumulated Depreciation	(5,901)
Total Cost Net of Accumulated Depreciation	20,919
Mortgage Debt	34,695
Mesa, AZ | Hyatt Place
Initial Cost
Land	2,400
Building & Improvements	19,848
Cost Capitalized Subsequent to Acquisition	820
Total Cost
Land	2,400
Building & Improvements	20,668
Total	23,068
Accumulated Depreciation	(3,648)
Total Cost Net of Accumulated Depreciation	19,420
Mortgage Debt	47,226
Metairie, LA | Courtyard
Initial Cost
Land	1,860
Building & Improvements	25,168
Cost Capitalized Subsequent to Acquisition	349
Total Cost
Land	1,860
Building & Improvements	25,517
Total	27,377
Accumulated Depreciation	(7,505)
Total Cost Net of Accumulated Depreciation	19,872
Mortgage Debt	0
Metairie, LA | Residence Inn
Initial Cost
Land	1,791
Building & Improvements	23,386
Cost Capitalized Subsequent to Acquisition	338
Total Cost
Land	1,791
Building & Improvements	23,724
Total	25,515
Accumulated Depreciation	(7,901)
Total Cost Net of Accumulated Depreciation	17,614
Mortgage Debt	0
Miami, FL | Hyatt House
Initial Cost
Land	4,926
Building & Improvements	40,087
Cost Capitalized Subsequent to Acquisition	1,385
Total Cost
Land	4,926
Building & Improvements	41,472
Total	46,398
Accumulated Depreciation	(8,386)
Total Cost Net of Accumulated Depreciation	38,012
Mortgage Debt	0
Milpitas, CA | Hilton Garden Inn
Initial Cost
Land	7,921
Building & Improvements	46,141
Cost Capitalized Subsequent to Acquisition	4
Total Cost
Land	7,921
Building & Improvements	46,145
Total	54,066
Accumulated Depreciation	(588)
Total Cost Net of Accumulated Depreciation	53,478
Mortgage Debt	0
Minneapolis, MN | Hampton Inn & Suites
Initial Cost
Land	3,502
Building & Improvements	35,433
Cost Capitalized Subsequent to Acquisition	165
Total Cost
Land	3,502
Building & Improvements	35,598
Total	39,100
Accumulated Depreciation	(7,669)
Total Cost Net of Accumulated Depreciation	31,431
Mortgage Debt	0
Minneapolis, MN | Hyatt Place
Initial Cost
Land	0
Building & Improvements	34,026
Cost Capitalized Subsequent to Acquisition	1,424
Total Cost
Land	0
Building & Improvements	35,450
Total	35,450
Accumulated Depreciation	(7,901)
Total Cost Net of Accumulated Depreciation	27,549
Mortgage Debt	0
Minnetonka, MN | Holiday Inn Express & Suites
Initial Cost
Land	1,000
Building & Improvements	7,662
Cost Capitalized Subsequent to Acquisition	212
Total Cost
Land	1,000
Building & Improvements	7,874
Total	8,874
Accumulated Depreciation	(2,723)
Total Cost Net of Accumulated Depreciation	6,151
Mortgage Debt	0
Nashville, TN | Courtyard
Initial Cost
Land	8,792
Building & Improvements	62,759
Cost Capitalized Subsequent to Acquisition	7,852
Total Cost
Land	8,792
Building & Improvements	70,611
Total	79,403
Accumulated Depreciation	(8,259)
Total Cost Net of Accumulated Depreciation	71,144
Mortgage Debt	0
Nashville, TN | SpringHill Suites
Initial Cost
Land	777
Building & Improvements	5,598
Cost Capitalized Subsequent to Acquisition	299
Total Cost
Land	777
Building & Improvements	5,897
Total	6,674
Accumulated Depreciation	(3,473)
Total Cost Net of Accumulated Depreciation	3,201
Mortgage Debt	0
New Haven, CT | Courtyard
Initial Cost
Land	11,990
Building & Improvements	51,497
Cost Capitalized Subsequent to Acquisition	1,555
Total Cost
Land	11,990
Building & Improvements	53,052
Total	65,042
Accumulated Depreciation	(4,489)
Total Cost Net of Accumulated Depreciation	60,553
Mortgage Debt	0
New Orleans, LA | Courtyard
Initial Cost
Land	1,944
Building & Improvements	25,120
Cost Capitalized Subsequent to Acquisition	3,356
Total Cost
Land	1,944
Building & Improvements	28,476
Total	30,420
Accumulated Depreciation	(9,012)
Total Cost Net of Accumulated Depreciation	21,408
Mortgage Debt	0
New Orleans, LA | Courtyard
Initial Cost
Land	2,490
Building & Improvements	34,220
Cost Capitalized Subsequent to Acquisition	1,136
Total Cost
Land	2,490
Building & Improvements	35,356
Total	37,846
Accumulated Depreciation	(10,592)
Total Cost Net of Accumulated Depreciation	27,254
Mortgage Debt	0
New Orleans, LA | SpringHill Suites
Initial Cost
Land	2,046
Building & Improvements	33,270
Cost Capitalized Subsequent to Acquisition	6,099
Total Cost
Land	2,046
Building & Improvements	39,369
Total	41,415
Accumulated Depreciation	(10,459)
Total Cost Net of Accumulated Depreciation	30,956
Mortgage Debt	0
Orlando, FL | Hyatt Place
Initial Cost
Land	3,100
Building & Improvements	11,343
Cost Capitalized Subsequent to Acquisition	(539)
Total Cost
Land	3,100
Building & Improvements	10,804
Total	13,904
Accumulated Depreciation	(3,861)
Total Cost Net of Accumulated Depreciation	10,043
Mortgage Debt	0
Orlando, FL | Hyatt Place
Initial Cost
Land	2,716
Building & Improvements	11,221
Cost Capitalized Subsequent to Acquisition	422
Total Cost
Land	2,716
Building & Improvements	11,643
Total	14,359
Accumulated Depreciation	(3,928)
Total Cost Net of Accumulated Depreciation	10,431
Mortgage Debt	0
Orlando, FL | Hyatt House
Initial Cost
Land	2,800
Building & Improvements	34,423
Cost Capitalized Subsequent to Acquisition	94
Total Cost
Land	2,800
Building & Improvements	34,517
Total	37,317
Accumulated Depreciation	(3,394)
Total Cost Net of Accumulated Depreciation	33,923
Mortgage Debt	0
Owings Mills, MD | Hyatt Place
Initial Cost
Land	2,100
Building & Improvements	9,799
Cost Capitalized Subsequent to Acquisition	(175)
Total Cost
Land	2,100
Building & Improvements	9,624
Total	11,724
Accumulated Depreciation	(3,337)
Total Cost Net of Accumulated Depreciation	8,387
Mortgage Debt	0
Pittsburgh, PA | Courtyard
Initial Cost
Land	1,652
Building & Improvements	40,749
Cost Capitalized Subsequent to Acquisition	5,683
Total Cost
Land	1,652
Building & Improvements	46,432
Total	48,084
Accumulated Depreciation	(3,871)
Total Cost Net of Accumulated Depreciation	44,213
Mortgage Debt	0
Portland, OR | Hyatt Place
Initial Cost
Land	0
Building & Improvements	14,700
Cost Capitalized Subsequent to Acquisition	457
Total Cost
Land	0
Building & Improvements	15,157
Total	15,157
Accumulated Depreciation	(4,534)
Total Cost Net of Accumulated Depreciation	10,623
Mortgage Debt	0
Poway, CA | Hampton Inn & Suites
Initial Cost
Land	2,300
Building & Improvements	14,728
Cost Capitalized Subsequent to Acquisition	1,228
Total Cost
Land	2,300
Building & Improvements	15,956
Total	18,256
Accumulated Depreciation	(3,923)
Total Cost Net of Accumulated Depreciation	14,333
Mortgage Debt	0
San Francisco, CA | Hilton Garden Inn
Initial Cost
Land	12,346
Building & Improvements	45,730
Cost Capitalized Subsequent to Acquisition	36
Total Cost
Land	12,346
Building & Improvements	45,766
Total	58,112
Accumulated Depreciation	(585)
Total Cost Net of Accumulated Depreciation	57,527
Mortgage Debt	0
San Francisco, CA | Holiday Inn Express & Suites
Initial Cost
Land	15,545
Building & Improvements	49,469
Cost Capitalized Subsequent to Acquisition	3,875
Total Cost
Land	15,545
Building & Improvements	53,344
Total	68,889
Accumulated Depreciation	(13,191)
Total Cost Net of Accumulated Depreciation	55,698
Mortgage Debt	0
San Francisco, CA | Four Points
Initial Cost
Land	1,200
Building & Improvements	21,397
Cost Capitalized Subsequent to Acquisition	2,874
Total Cost
Land	1,200
Building & Improvements	24,271
Total	25,471
Accumulated Depreciation	(5,094)
Total Cost Net of Accumulated Depreciation	20,377
Mortgage Debt	0
Scottsdale, AZ | Courtyard
Initial Cost
Land	3,225
Building & Improvements	12,571
Cost Capitalized Subsequent to Acquisition	3,648
Total Cost
Land	3,225
Building & Improvements	16,219
Total	19,444
Accumulated Depreciation	(5,694)
Total Cost Net of Accumulated Depreciation	13,750
Mortgage Debt	0
Scottsdale, AZ | Hyatt Place
Initial Cost
Land	1,500
Building & Improvements	10,171
Cost Capitalized Subsequent to Acquisition	(431)
Total Cost
Land	1,500
Building & Improvements	9,740
Total	11,240
Accumulated Depreciation	(3,120)
Total Cost Net of Accumulated Depreciation	8,120
Mortgage Debt	0
Scottsdale, AZ | SpringHill Suites
Initial Cost
Land	2,195
Building & Improvements	9,496
Cost Capitalized Subsequent to Acquisition	1,750
Total Cost
Land	2,195
Building & Improvements	11,246
Total	13,441
Accumulated Depreciation	(4,109)
Total Cost Net of Accumulated Depreciation	9,332
Mortgage Debt	0
Silverthorne, CO | Hampton Inn & Suites
Initial Cost
Land	6,845
Building & Improvements	21,125
Cost Capitalized Subsequent to Acquisition	145
Total Cost
Land	6,845
Building & Improvements	21,270
Total	28,115
Accumulated Depreciation	(334)
Total Cost Net of Accumulated Depreciation	27,781
Mortgage Debt	0
Tampa, FL | Hampton Inn & Suites
Initial Cost
Land	3,600
Building & Improvements	20,366
Cost Capitalized Subsequent to Acquisition	4,466
Total Cost
Land	3,600
Building & Improvements	24,832
Total	28,432
Accumulated Depreciation	(4,641)
Total Cost Net of Accumulated Depreciation	23,791
Mortgage Debt	0
Tucson, AZ | Homewood Suites
Initial Cost
Land	2,570
Building & Improvements	22,802
Cost Capitalized Subsequent to Acquisition	996
Total Cost
Land	2,570
Building & Improvements	23,798
Total	26,368
Accumulated Depreciation	(2,981)
Total Cost Net of Accumulated Depreciation	23,387
Mortgage Debt	0
Waltham, MA | Hilton Garden Inn
Initial Cost
Land	10,644
Building & Improvements	21,713
Cost Capitalized Subsequent to Acquisition	5,888
Total Cost
Land	10,644
Building & Improvements	27,601
Total	38,245
Accumulated Depreciation	(2,212)
Total Cost Net of Accumulated Depreciation	36,033
Mortgage Debt	0
Boston (Watertown), MA | Residence Inn
Initial Cost
Land	25,083
Building & Improvements	45,917
Cost Capitalized Subsequent to Acquisition	223
Total Cost
Land	25,083
Building & Improvements	46,140
Total	71,223
Accumulated Depreciation	(2,528)
Total Cost Net of Accumulated Depreciation	68,695
Mortgage Debt	0
2009 | Portland, OR | Residence Inn
Initial Cost
Land	0
Building & Improvements	15,629
Cost Capitalized Subsequent to Acquisition	286
Total Cost
Land	0
Building & Improvements	15,915
Total	15,915
Accumulated Depreciation	(5,571)
Total Cost Net of Accumulated Depreciation	10,344
Mortgage Debt	16,980
2019 | Portland, OR | Residence Inn
Initial Cost
Land	12,813
Building & Improvements	76,868
Cost Capitalized Subsequent to Acquisition	38
Total Cost
Land	12,813
Building & Improvements	76,906
Total	89,719
Accumulated Depreciation	(1,204)
Total Cost Net of Accumulated Depreciation	88,515
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, 2019	Dec. 31, 2018	Dec. 31, 2017
ASSET BASIS
Balance at beginning of period		$ 2,406,269	$ 2,355,723	$ 1,848,673
Additions to land, buildings and improvements		336,480	151,829	636,389
Disposition of land, buildings and improvements		(186,800)	(100,208)	(129,339)
Impairment loss		(2,521)	(1,075)	0
Balance at end of period	$ 1,848,673	2,553,428	2,406,269	2,355,723
ACCUMULATED DEPRECIATION
Balance at beginning of period		351,821	290,066	241,760
Depreciation	85,524	99,013	100,545
Depreciation on assets sold or disposed	(37,218)	(67,071)	(38,790)
Balance at end of period	$ 241,760	383,763	$ 351,821	$ 290,066
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes		$ 2,358,100
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