Summit Hotel Properties (INN) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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 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 Common Stock, Shares Outstanding		106,450,760
Entity Central Index Key	0001497645
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	INN
Security Exchange Name	NYSE
Series E Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series E Cumulative Redeemable Preferred Stock, $0.01 par value
Trading Symbol	INN-PE
Security Exchange Name	NYSE
Series F Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series F Cumulative Redeemable Preferred Stock, $0.01 par value
Trading Symbol	INN-PF
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Investment in hotel properties, net	$ 2,078,014	$ 2,105,946
Undeveloped land	1,500	1,500
Assets held for sale, net	425	425
Cash and cash equivalents	59,650	20,719
Restricted cash	25,521	18,177
Investment in real estate loans, net	26,369	23,689
Right-of-use assets, net	27,290	28,420
Trade receivables, net	14,209	11,775
Prepaid expenses and other	7,308	9,763
Deferred charges, net	4,249	4,429
Other assets	3,785	8,176
Total assets	2,248,320	2,233,019
Liabilities:
Debt, net of debt issuance costs	1,056,667	1,094,745
Lease liabilities, net	17,527	18,438
Accounts payable	4,330	2,674
Accrued expenses and other	70,289	65,099
Total liabilities	1,148,813	1,180,956
Commitments and contingencies (Note 10)
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Common stock, $0.01 par value per share, 500,000,000 shares authorized, 106,445,760 and 105,708,787 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	1,064	1,057
Additional paid-in capital	1,221,426	1,197,320
Accumulated other comprehensive loss	(20,925)	(30,716)
Accumulated deficit and distributions in excess of retained earnings	(247,364)	(179,013)
Total stockholders’ equity	954,305	988,742
Non-controlling interests in operating partnership	828	1,111
Non-controlling interests in joint venture (Note 8)	144,374	62,210
Total equity	1,099,507	1,052,063
Total liabilities and equity	2,248,320	2,233,019
6.45% Series D Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	0	30
6.25% Series E Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	64	64
5.875% Series F Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	$ 40	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	106,445,760	105,708,787
Common stock, shares outstanding (in shares)	106,445,760	105,708,787
6.45% Series D Preferred Stock
Preferred stock, dividend rate		6.45%
Preferred stock, shares issued (in shares)		3,000,000
Preferred stock, shares outstanding (in shares)		3,000,000
Preferred stock, aggregate liquidation preference		$ 75,417
6.25% Series E Preferred Stock
Preferred stock, shares authorized (in shares)	6,400,000
Preferred stock, dividend rate	6.25%	6.25%
Preferred stock, shares issued (in shares)	6,400,000	6,400,000
Preferred stock, shares outstanding (in shares)	6,400,000	6,400,000
Preferred stock, aggregate liquidation preference	$ 160,833	$ 160,861
5.875% Series F Preferred Stock
Preferred stock, shares authorized (in shares)	4,000,000
Preferred stock, dividend rate	5.875%
Preferred stock, shares issued (in shares)	4,000,000
Preferred stock, shares outstanding (in shares)	4,000,000
Preferred stock, aggregate liquidation preference	$ 100,816

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Revenues	$ 110,686	$ 52,412	$ 255,064	$ 186,233
Expenses:
Property taxes, insurance and other	10,679	11,007	32,573	34,171
Depreciation and amortization	25,893	27,503	79,776	82,147
Corporate general and administrative	6,099	4,652	18,283	14,635
Transaction costs	0	0	3,849	0
(Reversal of) provision for credit losses	(2,632)	0	(2,632)	2,530
Loss on impairment and write-off of assets	4,361	0	4,361	782
Total expenses	105,663	78,904	286,959	260,952
Gain on disposal of assets, net	0	211	81	176
Operating income (loss)	5,023	(26,281)	(31,814)	(74,543)
Other income (expense):
Interest expense	(10,817)	(10,904)	(32,567)	(32,665)
Other income, net	2,250	1,278	7,777	4,260
Total other income (expense)	(8,567)	(9,626)	(24,790)	(28,405)
Loss from continuing operations before income taxes	(3,544)	(35,907)	(56,604)	(102,948)
Income tax (expense) benefit (Note 12)	(695)	132	(1,075)	(1,589)
Net loss	(4,239)	(35,775)	(57,679)	(104,537)
Operating Partnership	10	70	98	203
Joint venture	(275)	1,159	3,020	4,049
Net loss attributable to Summit Hotel Properties, Inc.	(4,504)	(34,546)	(54,561)	(100,285)
Preferred dividends	(3,750)	(3,710)	(11,168)	(11,128)
Premium on redemption of preferred stock	(2,710)	0	(2,710)	0
Net loss attributable to common stockholders	$ (10,964)	$ (38,256)	$ (68,439)	$ (111,413)
Loss per share:
Basic (in dollars per share)	$ (0.10)	$ (0.37)	$ (0.66)	$ (1.07)
Diluted (in dollars per share)	$ (0.10)	$ (0.37)	$ (0.66)	$ (1.07)
Weighted average common shares outstanding:
Basic (in shares)	104,548	104,200	104,441	104,117
Diluted (in shares)	104,548	104,200	104,441	104,117
Room
Revenues:
Revenues	$ 102,521	$ 48,636	$ 235,761	$ 171,067
Expenses:
Cost of goods and services sold	22,186	11,352	52,320	42,340
Food and beverage
Revenues:
Revenues	2,097	628	4,656	5,760
Expenses:
Cost of goods and services sold	1,476	520	3,000	4,890
Other
Revenues:
Revenues	6,068	3,148	14,647	9,406
Expenses:
Cost of goods and services sold	34,713	22,535	88,672	74,406
Management fees
Expenses:
Cost of goods and services sold	$ 2,888	$ 1,335	$ 6,757	$ 5,051

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,239)	$ (35,775)	$ (57,679)	$ (104,537)
Other comprehensive income (loss), net of tax:
Changes in fair value of derivative financial instruments	2,265	2,834	9,830	(17,233)
Comprehensive loss	(1,974)	(32,941)	(47,849)	(121,770)
Less - Comprehensive loss (income) attributable to non-controlling interests:
Operating Partnership	8	63	84	233
Joint venture	(275)	1,159	3,020	4,049
Comprehensive loss attributable to Summit Hotel Properties, Inc.	(2,241)	(31,719)	(44,745)	(117,488)
Preferred dividends	(3,750)	(3,710)	(11,168)	(11,128)
Premium on redemption of preferred stock	(2,710)	0	(2,710)	0
Comprehensive loss attributable to common stockholders	$ (8,701)	$ (35,429)	$ (58,623)	$ (128,616)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit and Distributions in Excess of Retained Earnings	Non-controlling Interests, Operating Partnership	Non-controlling Interests, Joint Venture
Beginning balance (in shares) at Dec. 31, 2019			9,400,000	105,169,515
Beginning balance at Dec. 31, 2019	$ 1,243,390	$ 1,173,778	$ 94	$ 1,052	$ 1,190,949	$ (16,034)	$ (2,283)	$ 1,809	$ 67,803
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution by non-controlling interests in joint venture	$ 577								577
Common stock redemption of common units (in shares)	34,500			34,500
Common stock redemption of common units		283			306	(23)		(283)
Dividends	$ (30,254)	(29,682)					(29,682)	(37)	(535)
Equity-based compensation (in shares)				557,338
Equity-based compensation	$ 4,958	4,949		$ 6	4,943			9
Shares acquired for employee withholding requirements (in shares)	(65,345)			(65,345)
Shares acquired for employee withholding requirements	$ (469)	(469)		$ (1)	(468)
Other	(30)	(30)			(30)
Other comprehensive income (loss)	(17,233)	(17,203)				(17,203)		(30)
Net (loss) income	(104,537)	(100,285)					(100,285)	(203)	(4,049)
Ending balance (in shares) at Sep. 30, 2020			9,400,000	105,696,008
Ending balance at Sep. 30, 2020	1,096,402	1,031,341	$ 94	$ 1,057	1,195,700	(33,260)	(132,250)	1,265	63,796
Beginning balance (in shares) at Jun. 30, 2020			9,400,000	105,696,833
Beginning balance at Jun. 30, 2020	1,131,536	1,065,249	$ 94	$ 1,057	1,194,178	(36,086)	(93,994)	1,332	64,955
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock redemption of common units (in shares)				921
Common stock redemption of common units		7			8	(1)		(7)
Dividends	(3,710)	(3,710)					(3,710)
Equity-based compensation (in shares)				(1,746)
Equity-based compensation	1,517	1,514			1,514			3
Other comprehensive income (loss)	2,834	2,827				2,827		7
Net (loss) income	(35,775)	(34,546)					(34,546)	(70)	(1,159)
Ending balance (in shares) at Sep. 30, 2020			9,400,000	105,696,008
Ending balance at Sep. 30, 2020	1,096,402	1,031,341	$ 94	$ 1,057	1,195,700	(33,260)	(132,250)	1,265	63,796
Beginning balance (in shares) at Dec. 31, 2020			9,400,000	105,708,787
Beginning balance at Dec. 31, 2020	1,052,063	988,742	$ 94	$ 1,057	1,197,320	(30,716)	(179,013)	1,111	62,210
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net proceeds from sale of preferred stock (in shares)			(4,000,000)
Net proceeds from sale of preferred stock	96,617	96,617	$ 40		96,577
Redemption of preferred stock (in shares)			(3,000,000)
Redemption of preferred stock	(75,000)	(75,000)	$ (30)		(72,260)		(2,710)
Contribution by non-controlling interests in joint venture	101,673	16,444			16,444				85,229
Purchases of capped call options	$ (21,131)	(21,131)			(21,131)
Common stock redemption of common units (in shares)	31,945			31,945
Common stock redemption of common units		207			232	(25)		(207)
Dividends	$ (11,125)	(11,080)					(11,080)		(45)
Equity-based compensation (in shares)				860,633
Equity-based compensation	$ 5,861	5,853		$ 9	5,844			8
Shares acquired for employee withholding requirements (in shares)	(155,605)			(155,605)
Shares acquired for employee withholding requirements	$ (1,602)	(1,602)		$ (2)	(1,600)
Other comprehensive income (loss)	9,830	9,816				9,816		14
Net (loss) income	(57,679)	(54,561)					(54,561)	(98)	(3,020)
Ending balance (in shares) at Sep. 30, 2021			10,400,000	106,445,760
Ending balance at Sep. 30, 2021	1,099,507	954,305	$ 104	$ 1,064	1,221,426	(20,925)	(247,364)	828	144,374
Beginning balance (in shares) at Jun. 30, 2021			9,400,000	106,416,315
Beginning balance at Jun. 30, 2021	1,065,722	936,599	$ 94	$ 1,064	1,195,002	(23,161)	(236,400)	1,024	128,099
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net proceeds from sale of preferred stock (in shares)			(4,000,000)
Net proceeds from sale of preferred stock	96,617	96,617	$ 40		96,577
Redemption of preferred stock (in shares)			(3,000,000)
Redemption of preferred stock	(75,000)	(75,000)	$ (30)		(72,260)		(2,710)
Contribution by non-controlling interests in joint venture	16,000								16,000
Common stock redemption of common units (in shares)				29,445
Common stock redemption of common units		190			217	(27)		(190)
Dividends	(3,750)	(3,750)					(3,750)
Equity-based compensation	1,892	1,890			1,890			2
Other comprehensive income (loss)	2,265	2,263				2,263		2
Net (loss) income	(4,239)	(4,504)					(4,504)	(10)	275
Ending balance (in shares) at Sep. 30, 2021			10,400,000	106,445,760
Ending balance at Sep. 30, 2021	$ 1,099,507	$ 954,305	$ 104	$ 1,064	$ 1,221,426	$ (20,925)	$ (247,364)	$ 828	$ 144,374

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES
Net loss	$ (57,679)	$ (104,537)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	79,776	82,147
Amortization of deferred financing costs	3,239	1,655
Loss on impairment and write-off of assets	4,361	782
(Reversal of) provision for credit losses	(2,632)	2,530
Equity-based compensation	5,861	4,958
Deferred tax asset, net	0	2,058
Gain on disposal of assets, net	(81)	(176)
Non-cash interest income	(779)	(2,297)
Debt transaction costs	160	336
Other	326	303
Changes in operating assets and liabilities:
Trade receivables, net	(2,434)	732
Prepaid expenses and other	3,130	2,043
Accounts payable	2,051	(311)
Accrued expenses and other	14,990	(11,614)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	50,289	(21,391)
INVESTING ACTIVITIES
Acquisition of hotel properties	(33,170)	0
Improvements to hotel properties	(10,659)	(19,234)
Contract termination payment for asset dispositions	0	(2,200)
Funding of real estate loans	(7,416)	(6,171)
Proceeds from principal payments on real estate loans	0	250
Increase in escrow deposits for acquisitions	(635)	0
NET CASH USED IN INVESTING ACTIVITIES	(51,880)	(27,355)
FINANCING ACTIVITIES
Proceeds from issuance of debt	318,500	191,500
Principal payments on debt	(350,916)	(122,789)
Net proceeds from offering of preferred shares	96,617	0
Redemption of preferred stock	(75,000)	0
Purchases of capped call options	(21,131)	0
Dividends paid	(11,213)	(30,495)
Proceeds from contribution by non-controlling interests in joint venture	101,673	577
Financing fees on debt and other issuance costs	(9,062)	(2,804)
Other	(1,602)	(469)
NET CASH PROVIDED BY FINANCING ACTIVITIES	47,866	35,520
Net change in cash, cash equivalents and restricted cash	46,275	(13,226)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	38,896	69,833
End of period	85,171	56,607
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	(29,384)	(30,927)
Accrued improvements to hotel properties	(1,777)	(1,668)
Income tax cash (payments) refunds, net	$ (526)	$ 516

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS General 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. 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 September 30, 2021, our portfolio consisted of 73 hotels with a total of 11,398 guestrooms located in 23 states. As of September 30, 2021, we own 100% of the outstanding equity interests in 61 of our 73 hotels. We own a 51% controlling interest in 12 hotels through a joint venture. We have elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. To qualify as a REIT, we cannot operate or manage our hotels. Accordingly, all of our hotels are leased to our taxable REIT subsidiaries (“TRS Lessees”). Risks and Uncertainties The Company is subject to risks and uncertainties as a result of the effects of the novel coronavirus, designated as COVID-19 (“COVID-19”) and its variants, for at least the near future. The pandemic has had a significant negative effect on the U.S. and global economies, including a rapid and sharp decline in all forms of travel, both domestic and international, and a significant decline in hotel demand. These conditions resulted in a substantial decline in our revenues, profitability and cash flows from operations beginning in March, 2020. During the first three quarters of 2021, we experienced sequential improvement in our business driven primarily by leisure travel. The improvement was the result of a steady decline in COVID-19 cases following the administration of vaccines and the easing of government restrictions and guidance in many jurisdictions. A recovery in business travel and group business has been slower to date. We anticipate that continued improvement in operating trends will be dependent on continued growth in leisure travel and a recovery of business travel. More broadly, a return to normalized levels of operations is dependent upon the dissipation of concerns related to COVID-19 and its variants, continued easing of government restrictions and guidance, restoration of consumer confidence, and a recovery in corporate and overall travel-related demand. Beginning in March 2020, the Company took several actions to reduce costs and increase liquidity to mitigate the effects of the COVID-19 pandemic on the Company. We continue to engage in certain steps to reduce costs while taking appropriate actions to maintain guest safety and satisfaction. For additional information concerning such actions taken in response to the effects of the COVID-19 pandemic on our business, please see our Annual Report on Form 10-K for the year ended December 31, 2020. It is currently extremely difficult to predict the length of time it will take for us to return to pre-pandemic operational and financial performance. Despite the uncertainty, based on the actions we have taken, we believe we have sufficient cash and access to liquidity to meet our obligations for the foreseeable future and to continue to pursue selective growth opportunities.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation We prepare our Condensed Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, the Condensed Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the three and nine months ended September 30, 2021 may not be indicative of the results that may be expected for the full year of 2021. For further information, please read the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying Condensed 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 Condensed 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 in our accompanying Condensed Consolidated Financial Statements. See "Note 8 - Equity - Non-controlling Interests in Joint Venture" for further information. Investment in Hotel Properties The Company allocates the purchase price of acquired hotel properties based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Intangible assets may include certain value associated with the on-going operations of the hotel business being acquired as part of the hotel property acquisition. Acquired intangible assets that derive their values from real property or an interest in real property, are inseparable from that real property or interest in real property, and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, are recorded as a component of the related real estate asset in our Condensed Consolidated Financial Statements. We allocate the purchase price of acquired hotel properties to land, building and furniture, fixtures and equipment based on independent third-party 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. Our hotel properties and related assets are recorded at cost, less accumulated depreciation. We capitalize hotel development costs and the costs of significant additions and improvements that materially upgrade, increase the value or extend the useful life of the property. These costs may include hotel development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred. 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 Investment in hotel properties, net in our Condensed 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 an impairment is identified, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to its estimated fair value. Intangible Assets We amortize intangible assets with determined finite useful lives using the straight-line method. We do not amortize intangible assets with indefinite useful lives, but we evaluate these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. 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 $0.4 million at September 30, 2021 and December 31, 2020 and bad debt expense was $0.1 million for the three months ended September 30, 2021 and 2020 and $0.3 million and $0.6 million for the nine months ended September 30, 2021 and 2020, respectively. Leases In accordance with ASU No. 2016-02, Leases (Topic 842) , we record the financial liability and right-of-use assets that are inherent to leasing an asset on the balance sheet for all leases with a term of greater than 12 months regardless of their classification. Several of our hotels lease retail or restaurant space to third-party tenants. The majority of our third-party tenants requested rent deferrals to ease the negative financial effects of the COVID-19 pandemic on their businesses. We have primarily negotiated rent deferrals with these tenants that defer rent for a specified number of months and require repayment of the deferred rent over a negotiated period of time. We have adopted a policy that the deferrals are not a change in the provisions of the lease. As such, we are accounting for the concessions using the rights and obligations of the existing lease and recognizing a short-term lease receivable in the period that the cash payment is owed. 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, and we also may provide seller financing under limited circumstances. We classify notes receivable as held-to-maturity and carry the notes receivable at cost less the unamortized discount, if any. On January 1, 2020, we adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) , which requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We routinely evaluate our notes receivable and interest receivables for collectability. Probable losses on notes receivable are recognized in a valuation account that is deducted from the amortized cost basis of the notes receivable and recorded as Provision for credit losses in our Condensed Consolidated Statements of Operations. When we place notes receivable on nonaccrual status, we suspend the recognition of interest income until cash interest payments are received. Generally, we return notes receivable to accrual status when all delinquent interest becomes current and collectability of interest is reasonably assured. We do not measure an allowance for credit losses for accrued interest receivable. Accrued interest receivable is written-off to bad debt expense when collection is not reasonably assured. 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. Revenue Recognition 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 Condensed 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 fees for parking, meeting space or communication 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 Condensed Consolidated Statements 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. Equity-Based Compensation Our 2011 Equity Incentive Plan, which was amended and restated effective May 13, 2021 (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 time-based and performance-based stock awards using the grant date fair value of those equity awards. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC Topic 718, Compensation — Stock Compensation . We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to a change in forfeiture assumptions or modification of previously granted awards. Derivative Financial Instruments and Hedging We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include swaps, caps, collars, and floors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. All derivative financial instruments are recorded at fair value as a net asset or liability in our Condensed Consolidated Balance Sheets. The change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts deferred in Other comprehensive income will be reclassified to Interest expense in our Condensed Consolidated Statements of Operations in the period in which the hedged item affects earnings. Income Taxes We have elected to be taxed as a REIT under certain provisions of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, subject to certain adjustments and excluding any capital gain. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRSs at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions. Substantially all of our assets are held by and all of our operations are conducted through our Operating Partnership or our subsidiary REITs. Partnerships are not subject to U.S. federal income taxes as revenues and expenses pass through to and are taxed on the owners. Generally, the states and cities where our partnerships operate follow the U.S. federal income tax treatment. However, there are a limited number of local and state jurisdictions that tax the taxable income of the Operating Partnership. Accordingly, we provide for income taxes in these jurisdictions for the Operating Partnership. Taxable income related to our TRSs are subject to federal, state and local income taxes at applicable tax rates. Our consolidated income tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership. Where required, we account for federal and state income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for: i) the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and the respective carrying amounts for tax purposes, and ii) operating losses and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We consider all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. Due to the effects of the COVID-19 pandemic, certain of our TRSs have incurred operating losses in the past and are expected to be in a cumulative loss for the foreseeable future. As such, the realizability of our deferred tax assets at September 30, 2021 is not reasonably assured. Therefore, we have recorded a valuation allowance against substantially all of our deferred tax assets at September 30, 2021. We perform a quarterly review for any uncertain tax positions. The Company had no accruals for uncertain tax positions as of September 30, 2021 and December 31, 2020. 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 have elected a measurement alternative for equity investments, such as our purchase option, that do not have readily determinable fair values. Under the alternative, our purchase option is 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. Non-controlling Interests Non-controlling interests represent the portion of equity in a consolidated entity held by owners other than the consolidating parent. Non-controlling interests are reported in the Condensed Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Condensed Consolidated Statements of Operations. Our Condensed Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and third-party ownership of a 49% interest in a consolidated joint venture. See "Note 8 - Equity - Non-controlling Interests in Joint Venture" for further information. Use of Estimates Our Condensed Consolidated Financial Statements are prepared in conformity with GAAP, which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions that affect reported amounts and related disclosures in our Condensed Consolidated Financial Statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could materially differ from our expectations, which could materially affect our expectations for our consolidated financial position and results of operations. In particular, a number of estimates have been and will continue to be affected by the ongoing COVID-19 pandemic. New Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) . ASU No. 2020-04 contains practical expedients for reference rate reform related activities that affect debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. During 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the effect of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) – Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The objective of ASU No. 2020-06 is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. The amendments in ASU No. 2020-06 reduce the number of accounting models for convertible debt instruments and convertible preferred stock. For convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging , or that do not result in substantial premiums accounted for as paid-in capital, the embedded conversion features no longer are separated from the host contract. The amendments in ASU No. 2020-06 remove certain conditions that should be considered in the derivatives scope exception evaluation under Subtopic 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity , and clarify the scope and certain requirements under Subtopic 815-40. The amendments also improve the guidance related to the disclosures and earnings-per-share (EPS) for convertible instruments and contracts in an entity’s own equity. ASU No. 2020-06 is effective for fiscal years beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. We elected to adopt ASU No. 2020-06 effective January 1, 2021 in connection with our Convertible Notes Offering closed on January 12, 2021 as described in " Note 5 – Debt ." In accordance with the provisions of ASU No. 2020-06, we will account for the convertible notes issued in 2021 entirely as a liability and we will use the if-converted method for diluted share calculations.

INVESTMENT IN HOTEL PROPERTIES,

INVESTMENT IN HOTEL PROPERTIES, NET	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
INVESTMENT IN HOTEL PROPERTIES, NET	INVESTMENT IN HOTEL PROPERTIES, NET Investment in Hotel Properties, net Investment in hotel properties, net is as follows (in thousands): September 30, 2021 December 31, 2020 Hotel buildings and improvements $ 2,102,027 $ 2,066,986 Land 321,435 319,603 Furniture, fixtures and equipment 165,485 173,351 Construction in progress 10,547 8,903 Intangible assets 11,231 11,231 Real estate development loan 24,703 16,508 2,635,428 2,596,582 Less - accumulated depreciation and amortization (557,414) (490,636) $ 2,078,014 $ 2,105,946 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 Condensed Consolidated Balance Sheets at September 30, 2021 and December 31, 2020. See "Note 4 - Investment in Real Estate Loans" for further information. On May 1, 2021, the Company contributed a portfolio of six hotels containing 846 guestrooms to our consolidated joint venture with an affiliate of GIC, Singapore’s sovereign wealth fund. The estimated market value of the portfolio of hotel properties was $172.0 million and GIC contributed $84.3 million in cash for its 49% interest in the joint venture after the completion of the transfer of the six hotels. The transfer of the six hotel properties was recorded by the joint venture at the Company's net book values as of the transfer date since the transaction was a transfer of assets between entities under common control. The excess of the $84.3 million of cash contributed by GIC over 49% of the net carrying amount of the assets transferred totaling $16.4 million was recorded in Additional paid-in capital. Transfer taxes of $1.8 million and legal costs of $0.3 million related to this transaction were recorded as Transaction costs during the nine months ended September 30, 2021. GIC, our joint venture partner, paid 49%, or $0.9 million, of the $1.8 million transfer tax which is reflected in non-controlling interest on our Condensed Consolidated Statement of Operations. On July 9, 2021, the Company acquired the 110-guestroom Residence Inn by Marriott in Steamboat Springs, CO for $33.0 million through its joint venture with GIC, of which the Company owns 51%. We did not acquire any hotel properties during the nine months ended September 30, 2020.

INVESTMENT IN REAL ESTATE LOANS

INVESTMENT IN REAL ESTATE LOANS	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE LOANS	INVESTMENT IN REAL ESTATE LOANS Investment in real estate loans, net is as follows (in thousands): September 30, 2021 December 31, 2020 Real estate loans $ 28,719 $ 28,671 Allowance for credit losses (2,350) (4,982) Investment in real estate loans, net $ 26,369 $ 23,689 The amortized cost bases of our Investment in real estate loans, net approximate their fair value. 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 had a stated interest rate of 8.00% and an initial term of approximately three years. During the year ended December 31, 2020, one of the real estate loans with a principal balance of $3.8 million was repaid in full. We had separate options related to each outstanding loan (each the "Initial Option") to purchase a 90% interest in each joint venture that owns the respective hotel upon completion of construction. We recorded the aggregate estimated fair value of each Initial Option totaling $4.4 million in Other assets. The COVID-19 pandemic adversely affected the operations of the hotels that collateralize the outstanding mezzanine loans. As a result, at September 30, 2021 we had an allowance for credit losses of $2.6 million that was recorded in March 2020, to reduce the carrying amounts of the loans to their estimated net realizable values. As of September 30, 2021, we reached an agreement with the borrowers of the mezzanine loans on the two remaining real estate development projects for the full repayment of the loans in the fourth quarter of 2021, which would result in us foregoing the exercise of the Initial Options. Accordingly, during the three months ended September 30, 2021, the Company reversed the $2.6 million allowance for credit losses and recorded a Loss on impairment during the three months ended September 30, 2021 to write-off the carrying amounts of the Initial Options at September 30, 2021 totaling $4.4 million. 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 9.00%. The loan is secured by a second mortgage on the development project and a pledge of the equity in the project owner. As of September 30, 2021, we have funded $25.1 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 revolving 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 Condensed Consolidated Balance Sheets. Interest income on the mezzanine loan will be recorded in our Condensed 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. We recorded amortization of the contra-asset of $0.3 million for the three months ended September 30, 2021 and 2020 and $0.8 million for the nine months ended September 30, 2021 and 2020 as non-cash interest income. Including the amortization of the contra-asset, the current effective interest rate on this loan is approximately 11.40%. We expect that the construction of the hotel will be completed during the fourth quarter of 2021 or the first quarter of 2022, after which we will be able to exercise the Initial Purchase Option at our sole discretion. 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% that are further collateralized by a personal guarantee from the principal of the borrower. As of September 30, 2021, there was $2.4 million outstanding on the seller-financing loans. During the year ended December 31, 2020, we recorded an allowance for credit losses in an amount equal to the outstanding balance of the loans. On June 1, 2021, we amended the terms of the seller-financing loans and extended the maturity date of each loan to December 31, 2022. Interest will accrue at a rate of 9.00% monthly, including 5.00% payable in cash and 4.00% paid-in-kind. Semi-annual principal payments of $0.3 million will begin on April 1, 2022. In connection with the modifications, the borrower paid all interest due through May 31, 2021. As a result, the Company recognized interest income related to these loans of $0.3 million during the nine months ended September 30, 2021.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT At September 30, 2021, our indebtedness was comprised of borrowings under our 2018 Senior 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), the Convertible Notes (as defined below), and indebtedness secured by first priority mortgage liens on various hotel properties. The weighted average interest rate, after giving effect to our interest rate derivatives, for all borrowings was 3.34% at September 30, 2021 and 3.43% at December 31, 2020. Debt, net of debt issuance costs, is as follows (in thousands): September 30, 2021 December 31, 2020 Revolving debt $ 68,500 $ 222,500 Term loans 562,000 725,000 Convertible notes 287,500 — Mortgage loans 151,064 153,978 1,069,064 1,101,478 Unamortized debt issuance costs (12,397) (6,733) Debt, net of debt issuance costs $ 1,056,667 $ 1,094,745 We have entered into interest rate swaps to partially fix the interest rates on a portion of our variable interest rate indebtedness. See "Note 7 - Derivative Financial Instruments and Hedging" to the Condensed Consolidated Financial Statements for additional information. Our total fixed-rate and variable-rate debt, after considering our interest rate derivative agreements that are currently effective, is as follows (in thousands): September 30, 2021 Percentage December 31, 2020 Percentage Fixed-rate debt $ 830,540 78% $ 545,754 50% Variable-rate debt 238,524 22% 555,724 50% $ 1,069,064 $ 1,101,478 Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Valuation Technique Convertible notes $ 287,500 $ 302,824 $ — $ — Level 1 - Market approach Fixed-rate mortgage loans 143,040 143,065 145,754 143,244 Level 2 - Market approach $ 430,540 $ 445,889 $ 145,754 $ 143,244 At September 30, 2021 and December 31, 2020, 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 7 - Derivative Financial Instruments and Hedging." $600 Million Senior 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 credit facility (the “2018 Senior Credit Facility”) with Deutsche Bank AG New York Branch, as administrative agent, and a syndicate of lenders. The 2018 Senior Credit Facility is comprised of a $400.0 million revolver (the "$400 Million Revolver") and a $200.0 million term loan facility (the “$200 Million Term Loan”). At September 30, 2021, we had $200.0 million borrowed and $340.0 million available to borrow plus an additional $50.0 million available to borrow subject to certain security requirements to be provided to the lender. At September 30, 2021, we had no borrowings outstanding on the $400 Million Revolver. Amendments to $600.0 Million Senior Credit Facility Between May 2020 and February 2021, the Company entered into several amendments to the Credit Agreement of the 2018 Senior Credit Facility (the “Credit Facility Amendments”). As of September 30, 2021, the cumulative effect of the Credit Facility Amendments resulted in the waiver or adjustment of certain financial and other covenants under the 2018 Senior Credit Facility, for the periods described below: • Waivers of key financial and certain other covenants in the 2018 Senior Credit Facility for the period April 1, 2020 through March 31, 2022; and • Beginning on April 1, 2022, adjustments to certain of the key financial covenants go into effect through December 31, 2022 including: ◦ Reduction of the Minimum Consolidated Fixed Charge Coverage Ratio; ◦ Increase of the Maximum Unsecured Leverage Ratio; ◦ Reduction of the Minimum Unsecured Interest Coverage Ratio; and ◦ Increases to the Maximum Leverage Ratio, adjusting down beginning in the second quarter of 2022 and continuing through calendar year 2023. The interest rate on the 2018 Senior Credit Facility is based on a pricing grid ranging from 140 basis points to 240 basis points plus LIBOR for the $400 Million Revolver and 135 basis points to 235 basis points plus LIBOR for the $200 Million Term Loan, depending upon the Company's leverage ratio. The pricing grid was modified under the Credit Facility Amendments such that during the period ending December 31, 2021, or earlier at the Company's election subject to certain requirements (the "Amendment Period"), the applicable margin was at Pricing Level VII, as defined in the 2018 Senior Credit Facility documents. The applicable margin is currently set at Pricing Level VIII. The interest rate at September 30, 2021 for the $200 Million Term Loan was 2.60%. The Credit Facility Amendments require the borrower and certain subsidiaries to pledge to the secured parties all of the equity interests in the entities that own all properties included in the unencumbered asset pool supporting the facility (“Unencumbered Properties”), as well as the equity interests in the TRS lessees related to such Unencumbered Properties until the borrower meets certain conditions for their release. The Credit Facility Amendments also permitted the Company to complete the Convertible Notes Offering (defined below). The Credit Facility Amendments allow the borrower to advance up to $350 million on the $400 million Revolver. Furthermore, the Credit Facility Amendments permit the borrower to advance an additional $50 million, in addition to the $350 million advance described in the preceding sentence, upon filing mortgages and related security agreements on all Unencumbered Properties, with such security documents to be released upon the borrower meeting certain conditions for their release. The Credit Facility Amendments revise the restrictions that were previously placed on certain investments in assets, equity offerings and securing of permitted indebtedness to permit the borrower and Company to take such actions, provided that (i) portions of the proceeds from such events will be used to pay down the balance of the 2018 Senior Credit Facility, the 2018 Term Loan (defined below) and 2017 Term Loan (defined below) in accordance with the terms of the Credit Facility Amendments, and (ii) the borrower and Company comply with the other conditions to taking such actions, including maintaining a minimum of $150 million in liquidity. Certain other typical limitations and conditions for credit facilities of this nature include, among other provisions, limitations on the use of revolving facility advances, certain restrictions on payments of dividends and establishment of a minimum liquidity requirement as indicated above. At September 30, 2021, we were in compliance with all financial covenants. The 2018 Senior 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. 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 term loan (the “2018 Term Loan”) with KeyBank National Association, as administrative agent, and a syndicate of lenders listed in the loan documentation, which is fully drawn as of September 30, 2021. 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. Amendments to $225.0 Million 2018 Term Loan Between May 2020 and February 2021, the Company entered into several amendments to the First Amended and Restated Credit Agreement (the “2018 Term Loan Amendments”). As of September 30, 2021, the cumulative effect of the changes to the 2018 Term Loan effected by the 2018 Term Loan Amendments are substantially similar to the changes described above effected by the Credit Facility Amendments. 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 1.35% and 1.95%, depending upon our leverage ratio (as defined in the loan documents). The pricing grid was modified under the 2018 Term Loan Amendments such that during the Amendment Period the applicable margin was set at Pricing Level VII, as defined in the 2018 Term Loan documents. We are required to pay other fees, including customary arrangement and administrative fees. The interest rate at September 30, 2021 was 2.40%. Financial and Other Covenants . We are required to comply with various financial and other covenants to draw and maintain borrowings under the 2018 Term Loan. The 2018 Term Loan Amendments provide that certain financial and other covenants under the 2018 Term Loan were waived or adjusted, which waivers and adjustments are the same as under the amendments to the Company’s 2018 Senior Credit Facility. At September 30, 2021, we were in compliance with all financial covenants. Unencumbered Assets . The 2018 Term Loan Amendments require the borrower and certain subsidiaries to pledge to the secured parties all of the equity interests in the entities that own the Unencumbered Properties, as well as the equity interests in the TRS lessees related to such Unencumbered Properties until the borrower meets certain conditions for the release of such pledges. During the period that the pledges are in place, as well as at all other times during the term of the facility, borrowings under the 2018 Term Loan are limited by the value of the Unencumbered Assets. 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 term loan (the "2017 Term Loan") with KeyBank National Association, as administrative agent, and a syndicate of lenders listed in the loan documentation, which 2017 Term Loan has a principal balance of $62.0 million as of September 30, 2021. Amendments to $225.0 Million 2017 Term Loan Between May 2020 and February 2021, the Company entered into various amendments to the 2017 Term Loan (the “2017 Term Loan Amendments”). As of September 30, 2021, the cumulative effect of the changes to the 2017 Term Loan effected by the 2017 Term Loan Amendments are substantially similar to the changes described above effected by the Credit Facility Amendments. 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 2.25%, depending upon our leverage ratio (as defined in the loan documents). The pricing grid was modified under the 2017 Term Loan Amendments such that during the Amendment Period the applicable margin was set at Pricing Level VI, as defined in the 2017 Term Loan documents. We are required to pay other fees, including customary arrangement and administrative fees. The interest rate at September 30, 2021 was 2.70%. Financial and Other Covenants . We are required to comply with a series of financial and other covenants to draw and maintain borrowings under the 2017 Term Loan. The 2017 Term Loan Amendments provide that certain financial and other covenants under the 2017 Term Loan were waived or adjusted, which waivers and adjustments are the same as under the Credit Facility Amendments. At September 30, 2021, we were in compliance with all financial covenants. Unencumbered Assets . The 2017 Term Loan Amendments require the borrower and certain subsidiaries to pledge to the secured parties all of the equity interests in the entities that own the Unencumbered Properties, as well as the equity interests in the TRS lessees related to such Unencumbered Properties until the borrower meets certain conditions for the release of such pledges. During the period that the pledges are in place, as well as at all other times during the term of the facility, borrowings under the 2017 Term Loan are limited by the value of the Unencumbered Assets. 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 $200.0 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 Parent is the joint venture between the Operating Partnership and an affiliate of GIC, Singapore's sovereign wealth fund. See " Note 8 – Equity – Non-controlling Interests in Joint Venture " for additional information. 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 $125.0 million revolving credit facility (the “$125 Million Revolver”) and a $75.0 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 $300.0 million, for aggregate potential borrowings of up to $500.0 million on the Joint Venture Credit Facility. At September 30, 2021, we had $68.5 million outstanding under the $125 Million Revolver. The $125 Million Revolver and the $75 Million Term Loan will mature on October 8, 2023. Each can be extended for a single consecutive twelve-month period at the Borrower'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. The applicable margin for a term loan advance shall be five basis points less than revolving credit advances referenced above. At September 30, 2021, we were in compliance with all financial covenants. Amendments to $200 Million Joint Venture Credit Facility On June 18, 2020, the Company entered into a Second Amendment to Credit Agreement concerning the Joint Venture Credit Facility (“Second Amendment”). The Second Amendment resulted in waivers or adjustments to certain financial and other covenants under the Joint Venture Credit Facility, which are described in the Current Report on Form 8-K filed by the Company on June 24, 2020. On April 29, 2021, the Borrower, Parent, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a Third Amendment to Credit Agreement concerning the Joint Venture Credit Facility (the “Joint Venture Amendment”). Certain financial and other covenants under the Joint Venture Credit Facility were waived or adjusted, for the periods described below: • The Maximum Leverage Ratio and borrowing base leverage ratio (for purposes of determining availability) shall not exceed the following: ◦ 55.0% through the fourth quarter of 2021 ◦ 65.0% for the first and second quarters of 2022 ◦ 60.0% for the third quarter of 2022 until the initial maturity date ◦ 55.0% during any extension period • Temporary waiver of the Minimum Consolidated Fixed Charge Coverage Ratio through the fourth quarter of 2021 and adjusting up through the second quarter of 2022; and • Temporary waiver of the Borrowing Base Coverage Ratio through the first quarter of 2022 and adjusting up through June 30, 2023. During the covenant waiver period, the applicable margin was increased to 230 basis points and 225 basis points for the revolver and term loan, respectively. After the covenant waiver period, the applicable margin will revert to 215 basis points and 210 basis points for the revolver and term loan, respectively. The Joint Venture Amendment confirmed that the Borrower may make additional advances on the $125 million Revolver, subject to certain financial covenant limitations. Certain other typical limitations and conditions for credit facilities of this nature were included among the provisions in the amendments including, among other provisions, limitations on the use of revolving facility advances, certain restrictions on payments of dividends and limitations on investments and dispositions. We retain the right to opt out of certain additional restrictive covenants upon demonstration of compliance with the required financial covenants. 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 initial five borrowing base assets financed by the facility, and the related TRS entities, which wholly own the TRS Lessees that lease each of the borrowing base assets. Convertible Senior Notes and Capped Call Options On January 7, 2021, we entered into an underwriting agreement (the “Convertible Notes Offering”) pursuant to which the Company agreed to offer and sell $287.5 million aggregate principal amount of the Company’s 1.50% convertible senior notes due 2026 (the “Convertible Notes"). The net proceeds from the Convertible Notes Offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company (including net proceeds from the full exercise by the underwriters of their over-allotment option to purchase additional Convertible Notes), were approximately $280.0 million before consideration of the Capped Call Transactions (as defined below). These proceeds were used to pay the cost of the Capped Call Transactions and to partially repay outstanding obligations under the 2018 Senior Credit Facility and 2017 Term Loan. The Convertible Notes bear interest at a rate of 1.50% per year, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021. The Convertible Notes will mature on February 15, 2026 (the “Maturity Date”), unless earlier converted, purchased or redeemed. Prior to August 15, 2025, the Convertible Notes will be convertible only upon certain circumstances and during certain periods. On or after August 15, 2025 and through the Maturity Date, holders may convert any of their Convertible Notes into shares of the Company’s common stock, at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day prior to the Maturity Date, unless the Convertible Notes have been previously purchased or redeemed by the Company. During the three and nine months ended September 30, 2021, the Company recorded coupon interest expense of $1.1 million and $3.1 million, respectively, and amortized $0.4 million and $1.1 million, respectively, of the $7.6 million debt issuance costs related to the Convertible Notes Offering. Including the amortization of the debt issuance costs, the current effective interest rate on the Convertible Notes is approximately 2.00%. The initial conversion rate of the Convertible Notes is 83.4028 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of $11.99 per share of common stock based on the 37.5% base conversion premium on the reference price of $8.72 per share. In no event will the conversion rate exceed 114.6788 shares of common stock per $1,000 principal amount of Convertible Notes, subject to certain adjustments defined in the Convertible Notes Offering. On January 7, 2021, in connection with the pricing of the Convertible Notes, and on January 8, 2021, in connection with the full exercise by the Underwriters of their option to purchase additional Convertible Notes pursuant to the Underwriting Agreement, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the underwriters or their respective affiliates and another financial institution (the “Capped Call Counterparties”). The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of shares of common stock underlying the Convertible Notes. The Capped Call Transactions are generally expected to reduce the potential dilution to holders of shares of common stock upon conversion of the Convertible Notes or offset the potential cash payments that the Company could be required to make in excess of the principal amount of any converted Convertible Notes upon conversion thereof, with such reduction or offset subject to a cap. The effective strike price of the Capped Call Transactions is initially $15.26, which represents a premium of 75.0% over the last reported sale price of the common stock on the New York Stock Exchange on January 7, 2021, and is subject to certain adjustments under the terms of the Capped Call transactions. MetaBank Loan On June 30, 2017, we entered into a $47.6 million secured, non-recourse loan with MetaBank (the "MetaBank Loan"). The MetaBank Loan provides for a fixed interest rate of 4.44%, amortizes over 25 years, and matures on 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. On May 1, 2020, MetaBank waived the annual minimum debt service covenant ratio for the year ended December 31, 2020, and on April 12, 2021, MetaBank extended such waiver for the year ended December 31, 2021. The next covenant measurement date is December 31, 2022. Mortgage Loans At September 30, 2021, we had mortgage loans totaling $151.1 million that are secured primarily by first mortgage liens on 15 hotel properties.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2021
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 77 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. In addition, we rent or sublease certain owned real estate to third parties. We recorded gross third-party tenant income of $0.5 million and $0.4 million during the three months ended September 30, 2021 and 2020, respectively, and $1.5 million and $1.3 million during the nine months ended September 30, 2021 and 2020, respectively, which were recorded in Other income in the Condensed Consolidated Statement of Operations. The majority of our third-party tenants requested rent deferrals to ease the negative financial effects of the COVID-19 pandemic on their businesses. We have generally negotiated with these tenants and granted rent deferrals that defer rent for a specified number of months and require repayment of the deferred rent over a negotiated period of time. 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 September 30, 2021, our weighted average incremental borrowing rate was 4.91%. During the three months ended September 30, 2021 and 2020, the Company's total operating lease cost was $0.9 million and $0.7 million, respectively, and the operating cash outflows from operating leases was $0.8 million and $0.7 million, respectively. During the nine months ended September 30, 2021 and 2020, the Company's total operating lease cost was $2.4 million and $2.3 million, respectively, and the operating cash outflows from operating leases was $2.2 million and $2.1 million, respectively. As of September 30, 2021, the weighted average operating lease term was 28.2 years. Operating lease maturities as of September 30, 2021 are as follows (in thousands): 2021 $ 1,007 2022 1,592 2023 953 2024 910 2025 918 Thereafter 27,763 Total lease payments (1) 33,143 Less interest (15,616) Total $ 17,527 (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	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING Information about our derivative financial instruments at September 30, 2021 and December 31, 2020 is as follows (dollars in thousands): Notional Amount Fair Value Contract date Effective Date Expiration Date Average Annual Effective Fixed Rate September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 October 2, 2017 January 29, 2018 January 31, 2023 1.98 % $ 100,000 $ 100,000 $ (2,424) $ (3,831) October 2, 2017 January 29, 2018 January 31, 2023 1.98 % 100,000 100,000 (2,438) (3,853) June 11, 2018 September 28, 2018 September 30, 2024 2.87 % 75,000 75,000 (5,177) (7,371) June 11, 2018 December 31, 2018 December 31, 2025 2.93 % 125,000 125,000 (10,981) (15,795) $ 400,000 $ 400,000 $ (21,020) $ (30,850) 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 September 30, 2021 and December 31, 2020, 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. Our interest rate swaps are recorded in Accrued expenses and other in our Condensed Consolidated Balance Sheets. We are not required to post any collateral related to these agreements and are not in breach of any financial provisions of the agreements. Changes in the fair value of the hedging instruments are deferred in Other comprehensive income and are reclassified to Interest expense in our Condensed Consolidated Statements of Operations in the period in which the hedged item affects earnings. In the next twelve months, we estimate that $9.4 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): For the For the 2021 2020 2021 2020 (Loss) gain recognized in Other comprehensive income on derivative financial instruments $ (138) $ 504 $ 2,743 $ (22,300) Loss reclassified from Other comprehensive income to Interest expense $ (2,403) $ (2,330) $ (7,087) $ (5,067) Total Interest expense in which the effects of cash flow hedges are recorded $ (10,817) $ (10,904) $ (32,567) $ (32,665)

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2021
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 (the "Common Stock"). 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 several underwriters (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"). To date, we have not sold any shares of our Common Stock under the 2017 ATM Program. Changes in Common Stock during the nine months ended September 30, 2021 and 2020 were as follows: For the 2021 2020 Beginning common shares outstanding 105,708,787 105,169,515 Grants under the Equity Plan 860,910 676,171 Common Unit redemptions 31,945 34,500 Annual grants to independent directors 60,546 93,810 Performance share and other forfeitures (60,823) (212,643) Shares retained for employee tax withholding requirements (155,605) (65,345) Ending common shares outstanding 106,445,760 105,696,008 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 89,600,000 is currently undesignated, 6,400,000 shares have been designated as 6.25% Series E Cumulative Redeemable Preferred Stock (the "Series E preferred shares") and 4,000,000 shares have been designated as 5.875% Series F Cumulative Redeemable Preferred Stock (the "Series F preferred shares"). The Company completed the offering of 4,000,000 Series F preferred shares on August 12, 2021 for net proceeds of $96.6 million, after the underwriting discount and offering-related expenses of $3.4 million. On September 4, 2021, the Company paid $75.0 million to redeem all 3,000,000 of its outstanding 6.45% Series D Cumulative Redeemable Preferred Stock at a redemption price of $25 per share plus accrued and unpaid dividends. The premium on redemption of $2.7 million was recorded as a reduction to retained earnings. The Company's outstanding shares of preferred stock (collectively, “Preferred Shares”) rank senior to our common stock and on parity with each other with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Preferred Shares do not have any maturity date and are not subject to mandatory redemption or sinking fund requirements. The Company may not redeem the Series E or Series F preferred shares prior to November 13, 2022 and August 12, 2026, 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 E preferred share is 3.1686 shares of common stock and each Series F preferred share is 5.8275 shares of common stock, all subject to certain adjustments. The Company pays dividends at an annual rate of $1.5625 for each Series E preferred share and $1.46875 for each Series F 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 Common Units with shares of our Common Stock on a one-for-one basis. The number of shares of our Common Stock issuable upon redemption of Common Units may be adjusted upon the occurrence of certain events such as share dividend payments, share subdivisions or combinations. At September 30, 2021 and December 31, 2020, unaffiliated third parties owned 129,797 and 161,742 Common Units of the Operating Partnership, respectively, representing less than a 1% limited partnership interest in the Operating Partnership for each period. We classify outstanding Common Units held by unaffiliated third parties as Non-controlling interests in the Operating Partnership, a component of equity in the Company’s Condensed Consolidated Balance Sheets. The portion of net income allocated to these Common Units is reported on the Company’s Condensed Consolidated Statements of Operations as Net income attributable to non-controlling interests of the Operating Partnership. Non-controlling Interests in Joint Venture In July 2019, the Company entered into a joint venture agreement 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 September 30, 2021, the joint venture owns the five hotel properties acquired in 2019, the six hotels contributed to the joint venture in the second quarter of 2021 and the hotel acquired by the joint venture in the third quarter of 2021. 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 TRSs”). To qualify as a REIT, the Master REIT and each Subsidiary 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 interests in the joint venture as a component of equity in the Company’s Condensed Consolidated Balance Sheets. The portion of net income (losses) allocated to these non-controlling interests is reported on the Company’s Condensed Consolidated Statements of Operations as Net income (losses) attributable to non-controlling interests of the joint venture.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT The following table presents information about our financial instruments measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, we classify assets and liabilities based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Disclosures concerning financial instruments measured at fair value are as follows (in thousands): Fair Value Measurements at September 30, 2021 using Level 1 Level 2 Level 3 Total Assets: Purchase Options related to real estate loans $ — $ — $ 2,800 $ 2,800 Liabilities: Interest rate swaps — 21,020 — 21,020 Fair Value Measurements at December 31, 2020 using Level 1 Level 2 Level 3 Total Assets: Purchase Options related to real estate loans $ — $ — $ 7,161 $ 7,161 Liabilities: Interest rate swaps — 30,850 — 30,850 Our Purchase Options related to real estate loans do not have readily determinable fair values. The original fair value of each Purchase Option was estimated using a Black-Scholes model. Due to the adverse effects of the COVID-19 pandemic, we evaluated our Purchase Options for impairment during the nine months ended September 30, 2020. The fair value of each Purchase Option was estimated using the 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 Exercise price $ 15,143 $ 17,377 $ 37,800 Term 2.59 (1) (2) 2.68 (1) (2) 1.42 (3) Expected volatility 65.0 % 55.0 % 55.0 % Risk-free rate 0.3 % 0.3 % 0.2 % Expected annualized equity dividend yield 6.5 % 7.5 % — % (1) The purchase option is currently exercisable. (2) The option term is the period from April 1, 2020 through the fully extended original maturity dates of the respective mezzanine loans. (3) The option term is the period from April 1, 2020 through the date in which the development project is completed and the option becomes exercisable. During the three months ended September 30, 2021 , we recorded a Loss on impairment and write-off of assets of $4.4 million as follows (dollar amounts in thousands): Real Estate Loan 1 Real Estate Loan 2 Real Estate Loan 3 Purchase Option value at December 31, 2020 $ 1,600 $ 2,761 $ 2,800 Loss on impairment and write-off of assets (1) (1,600) (2,761) — Purchase Option value at September 30, 2021 $ — $ — $ 2,800 (1) As of September 30, 2021, we reached an agreement with the borrowers of Real Estate Loans 1 and 2 for the full repayment of the loans in the fourth quarter of 2021, which would result in us forgoing the exercise of the purchase options. As a result, the Company wrote-off the carrying amount of the purchase options totaling $4.4 million as a Loss on impairment during the quarter ended September 30, 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Restricted Cash The Company maintains reserve funds for property taxes, insurance, capital expenditures and replacement or refurbishment of furniture, fixtures and equipment at some of our hotel properties in accordance with management, franchise or mortgage loan agreements. These agreements generally require us to reserve cash ranging from 2.0% to 5.0% of the revenues of the individual hotel in restricted cash escrow accounts. Any unused restricted cash balances revert to us upon the termination of the underlying agreement or may be released to us from the restricted cash escrow accounts upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves. On April 13, 2020, as a result of the COVID-19 pandemic, Marriott International, Inc. (“Marriott”) agreed to allow us to use $1.6 million of cash deposited in FF&E Reserve Accounts for seven of our Marriott-branded hotels managed by Marriott affiliates (“Marriott Hotels”) to pay for the working capital needs of the respective hotels. In addition, Marriott released $8.9 million to us from the FF&E Reserve Accounts (“Borrowed Reserve”) of the Marriott Hotels for general operational purposes. The Borrowed Reserve must be replenished into the respective FF&E Reserve Accounts in ten equal monthly installments beginning on the date that is twelve months prior to the next scheduled renovation date for each of the Marriott Hotels (“Renovation Date”) or in a lump sum payment no later than sixty days prior to each respective Renovation Date. We do not expect to replenish any of the Borrowed Reserve over the next twelve months. Furthermore, Marriott has suspended our obligation to fund monthly FF&E reserves for the Marriott Hotels through December 31, 2021. During January 2021, we transitioned the management of the Courtyard by Marriott - Fort Worth, TX from Marriott to Aimbridge Hospitality. As such, we are no longer obligated to replenish $0.5 million of the Borrowed Reserve. At September 30, 2021 and December 31, 2020, approximately $25.5 million and $18.2 million, respectively, was available in restricted cash reserve funds required by certain of our property managers, franchisors, or mortgage lenders for property taxes, insurance, capital expenditures and replacement or refurbishment of furniture, fixtures and equipment at our hotel properties. Franchise Agreements We expensed fees related to our franchise agreements of $7.7 million and $4.6 million for the three months ended September 30, 2021 and 2020, respectively, and $17.7 million and $16.5 million for the nine months ended September 30, 2021 and 2020, respectively. Management Agreements Our hotel properties operate pursuant to management agreements with various professional third-party management companies. We pay base management fees that are a percentage of gross room revenues and incentive management fees based on achievement of certain financial targets pursuant to contracts that generally have remaining terms of less than five years. Management fee expenses were $2.9 million and $1.3 million for the three months ended September 30, 2021 and 2020, respectively, and $6.8 million and $5.1 million for the nine months ended September 30, 2021 and 2020, respectively. Litigation We are involved from time to time in litigation arising in the ordinary course of business. There are currently no pending legal actions that we believe would have a material effect on our financial position or results of operations.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Our currently outstanding equity-based awards were issued under the Equity Plan which provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based awards or incentive awards. Stock options granted may be either incentive stock options or non-qualified stock options. Vesting terms may vary with each grant, and stock option terms are generally five Stock Options Granted Under our Equity Plan The 235,000 stock options outstanding as of December 31, 2020 expired unexercised on February 13, 2021 and were forfeited. Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan The following table summarizes time-based restricted stock award activity under our Equity Plan for the nine months ended September 30, 2021: Number Weighted Average Aggregate (per share) (in thousands) Non-vested at December 31, 2020 573,577 $ 10.18 $ 5,168 Granted 536,980 10.27 Vested (219,636) 11.20 Non-vested at September 30, 2021 890,921 $ 9.98 $ 8,580 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. Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan The following table summarizes performance-based restricted stock activity under the Equity Plan for the nine months ended September 30, 2021: Number Weighted Average Aggregate (per share) (in thousands) Non-vested at December 31, 2020 922,239 $ 11.65 $ 8,309 Granted 323,930 14.05 Vested (182,480) 13.73 Forfeited (60,823) 13.73 Non-vested at September 30, 2021 1,002,866 $ 11.92 $ 9,658 (1) The amounts included in this column represent the expected future value of the performance-based restricted stock awards calculated using the Monte Carlo simulation valuation model. 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. Equity-Based Compensation Expense Equity-based compensation expense included in Corporate general and administrative expenses in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands): For the For the 2021 2020 2021 2020 Time-based restricted stock $ 891 $ 622 $ 2,399 $ 1,847 Performance-based restricted stock 1,001 895 2,879 2,664 Director stock — — 583 447 $ 1,892 $ 1,517 $ 5,861 $ 4,958 We recognize equity-based compensation expense ratably over the vesting periods. The amount of expense may be subject to adjustment in future periods due to a change in the forfeiture assumptions. Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $12.2 million at September 30, 2021 and will be recorded as follows (in thousands): Total 2021 2022 2023 2024 2025 Time-based restricted stock $ 6,257 $ 891 $ 2,872 $ 2,067 $ 406 $ 21 Performance-based restricted stock 5,914 1,001 2,927 1,731 255 — $ 12,171 $ 1,892 $ 5,799 $ 3,798 $ 661 $ 21

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES As a REIT, we generally will not be subject to U.S. federal income tax on ordinary income and capital gains income generated by our REIT activities that we distribute to our stockholders. We are subject to federal and state income taxes on the earnings of our TRS Lessees. In addition, our Operating Partnership is subject to tax in a limited number of local and state jurisdictions. The Company recorded income tax expense of $0.7 million for the three months ended September 30, 2021 and an income tax benefit of $0.1 million for the three months ended September 30, 2020. The Company recorded income tax expense of $1.1 million and $1.6 million for the nine months ended September 30, 2021 and 2020, respectively. The $1.6 million income tax expense recorded in the nine months ended September 30, 2020 included a $2.1 million discrete non-cash deferred income tax related to the establishment of valuation allowances against our TRS Lessees’ deferred tax assets. Due to the effects of the COVID-19 pandemic, certain of our TRS Lessees have incurred operating losses in the past and are expected to be in a cumulative loss for the foreseeable future. A cumulative loss is significant negative evidence that the realizability of our deferred tax assets at September 30, 2021 is not reasonably assured. Therefore, we have recorded a valuation allowance against substantially all our deferred tax assets at September 30, 2021. We had no unrecognized tax benefits at September 30, 2021. We expect no significant changes in unrecognized tax benefits within the next year. The American Rescue Plan Act of 2021 was signed into law on March 11, 2021. Some of the key income tax provisions include: • An extension of the employee retention tax credit through 2021. To be eligible for the credit in 2021, an organization’s gross receipts must be less than 80% of the same quarter in 2019. The credit is calculated based on 70% of qualifying wages, capped at $10,000 of compensation each quarter in 2021. We expect a credit totaling approximately $1.3 million for the year ended December 31, 2021. As of September 30, 2021, we have received $0.9 million of this credit and expect to receive the remainder of the credit in the fourth quarter of 2021 or early in 2022. • Expanded limits on executive compensation deductions. Section 162(m) limits the deduction for compensation paid to each covered employee to $1 million for public companies. Covered employees generally include the CEO, CFO, and the next three highest paid officers as determined under the SEC rules. For tax years after December 31, 2026, Section 162(m) applies to the CEO, CFO, and the next five highest paid employees.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested time-based restricted stock awards with non-forfeitable dividends and for our common stock. Our non-vested time-based restricted stock awards with non-forfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested time-based restricted stock awards with non-forfeitable dividends do not have such an obligation so they are not allocated losses. Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share): For the For the 2021 2020 2021 2020 Numerator: Net loss $ (4,239) $ (35,775) $ (57,679) $ (104,537) Less: Preferred dividends (3,750) (3,710) (11,168) (11,128) Premium on redemption of preferred stock (2,710) — (2,710) — Allocation to participating securities — — — (81) Attributable to non-controlling interest in Operating Partnership 10 70 98 203 Attributable to non-controlling interests in joint venture (275) 1,159 3,020 4,049 Net loss attributable to common stockholders, net of amount allocated to participating securities $ (10,964) $ (38,256) $ (68,439) $ (111,494) Denominator: Weighted average common shares outstanding - basic and diluted 104,548 104,200 104,441 104,117 Loss per share: Basic and diluted $ (0.10) $ (0.37) $ (0.66) $ (1.07) The Common Units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share calculation 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. Our unvested performance-based restricted stock awards and outstanding convertible notes have been excluded from the denominator of the diluted earnings per share calculation as their inclusion would be antidilutive.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividends On October 29, 2021, our Board of Directors declared cash dividends of $0.390625 per share of 6.25% Series E Cumulative Redeemable Preferred Stock and $0.440625 per share of 5.875% Series F Cumulative Redeemable Preferred Stock. These dividends are payable November 30, 2021 to stockholders of record on November 16, 2021. Acquisition of Hotel Property Portfolio On November 2, 2021, we entered into a definitive contribution agreement to acquire a 27-hotel portfolio totaling 3,709 guestrooms, two parking structures and various financial incentives through our joint venture with GIC for a total consideration of $822 million (the “Transaction”) from affiliates of NewcrestImage. The Company expects to fund its 51% equity contribution for the Transaction with a combination of common operating partnership units and preferred operating partnership units. The Company plans to issue 15.9 million common operating partnership units valued at $160 million to seller affiliates, based on the 10-day trailing VWAP of $10.0853 per unit and will result in an approximate 13% pro forma seller ownership interest. The Company will also issue $50 million of newly designated 5.25% Series Z preferred units. The preferred operating partnership units will be entitled to distributions at a rate of 5.25% per annum, may be redeemed by the holder on the 10th anniversary of the issuance date and may be called by the Company at any time after the 5th anniversary of the issuance date. GIC’s 49% estimated equity contribution of $208 million will be in the form of cash. The Company has secured a $410 million financing commitment from Bank of America and Wells Fargo Bank, which will be the primary debt financing for the Transaction.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We prepare our Condensed Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, the Condensed Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the three and nine months ended September 30, 2021 may not be indicative of the results that may be expected for the full year of 2021. For further information, please read the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying Condensed 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 Condensed 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 in our accompanying Condensed Consolidated Financial Statements. See "Note 8 - Equity - Non-controlling Interests in Joint Venture" for further information.
Investment in Hotel Properties	Investment in Hotel Properties The Company allocates the purchase price of acquired hotel properties based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Intangible assets may include certain value associated with the on-going operations of the hotel business being acquired as part of the hotel property acquisition. Acquired intangible assets that derive their values from real property or an interest in real property, are inseparable from that real property or interest in real property, and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, are recorded as a component of the related real estate asset in our Condensed Consolidated Financial Statements. We allocate the purchase price of acquired hotel properties to land, building and furniture, fixtures and equipment based on independent third-party 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. Our hotel properties and related assets are recorded at cost, less accumulated depreciation. We capitalize hotel development costs and the costs of significant additions and improvements that materially upgrade, increase the value or extend the useful life of the property. These costs may include hotel development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred. 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 Investment in hotel properties, net in our Condensed Consolidated Balance Sheets.
Intangible Assets	Intangible AssetsWe 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.
Trade Receivables and Credit Policies	Trade Receivables and Credit PoliciesWe 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.
Leases	Leases In accordance with ASU No. 2016-02, Leases (Topic 842) , we record the financial liability and right-of-use assets that are inherent to leasing an asset on the balance sheet for all leases with a term of greater than 12 months regardless of their classification. Several of our hotels lease retail or restaurant space to third-party tenants. The majority of our third-party tenants requested rent deferrals to ease the negative financial effects of the COVID-19 pandemic on their businesses. We have primarily negotiated rent deferrals with these tenants that defer rent for a specified number of months and require repayment of the deferred rent over a negotiated period of time. We have adopted a policy that the deferrals are not a change in the provisions of the lease. As such, we are accounting for the concessions using the rights and obligations of the existing lease and recognizing a short-term lease receivable in the period that the cash payment is owed.
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, and we also may provide seller financing under limited circumstances. We classify notes receivable as held-to-maturity and carry the notes receivable at cost less the unamortized discount, if any. On January 1, 2020, we adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) , which requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We routinely evaluate our notes receivable and interest receivables for collectability. Probable losses on notes receivable are recognized in a valuation account that is deducted from the amortized cost basis of the notes receivable and recorded as Provision for credit losses in our Condensed Consolidated Statements of Operations. When we place notes receivable on nonaccrual status, we suspend the recognition of interest income until cash interest payments are received. Generally, we return notes receivable to accrual status when all delinquent interest becomes current and collectability of interest is reasonably assured. We do not measure an allowance for credit losses for accrued interest receivable. Accrued interest receivable is written-off to bad debt expense when collection is not reasonably assured.
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.
Revenue Recognition	Revenue Recognition 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 Condensed 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 fees for parking, meeting space or communication 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 Condensed Consolidated Statements 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.
Equity-Based Compensation	Equity-Based Compensation Our 2011 Equity Incentive Plan, which was amended and restated effective May 13, 2021 (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 time-based and performance-based stock awards using the grant date fair value of those equity awards. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC Topic 718, Compensation — Stock Compensation . We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to a change in forfeiture assumptions or modification of previously granted awards.
Derivative Financial Instruments and Hedging	Derivative Financial Instruments and Hedging We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include swaps, caps, collars, and floors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. All derivative financial instruments are recorded at fair value as a net asset or liability in our Condensed Consolidated Balance Sheets.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under certain provisions of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, subject to certain adjustments and excluding any capital gain. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRSs at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we satisfy certain relief provisions. Substantially all of our assets are held by and all of our operations are conducted through our Operating Partnership or our subsidiary REITs. Partnerships are not subject to U.S. federal income taxes as revenues and expenses pass through to and are taxed on the owners. Generally, the states and cities where our partnerships operate follow the U.S. federal income tax treatment. However, there are a limited number of local and state jurisdictions that tax the taxable income of the Operating Partnership. Accordingly, we provide for income taxes in these jurisdictions for the Operating Partnership. Taxable income related to our TRSs are subject to federal, state and local income taxes at applicable tax rates. Our consolidated income tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership. Where required, we account for federal and state income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for: i) the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and the respective carrying amounts for tax purposes, and ii) operating losses and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We consider all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. Due to the effects of the COVID-19 pandemic, certain of our TRSs have incurred operating losses in the past and are expected to be in a cumulative loss for the foreseeable future. As such, the realizability of our deferred tax assets at September 30, 2021 is not reasonably assured. Therefore, we have recorded a valuation allowance against substantially all of our deferred tax assets at September 30, 2021.
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 have elected a measurement alternative for equity investments, such as our purchase option, that do not have readily determinable fair values. Under the alternative, our purchase option is 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.
Non-controlling Interests	Non-controlling Interests Non-controlling interests represent the portion of equity in a consolidated entity held by owners other than the consolidating parent. Non-controlling interests are reported in the Condensed Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Condensed Consolidated Statements of Operations. Our Condensed Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and third-party ownership of a 49% interest in a consolidated joint venture. See "Note 8 - Equity - Non-controlling Interests in Joint Venture" for further information.
Use of Estimates	Use of Estimates
New Accounting Standards	New Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) . ASU No. 2020-04 contains practical expedients for reference rate reform related activities that affect debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. During 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the effect of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) – Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The objective of ASU No. 2020-06 is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. The amendments in ASU No. 2020-06 reduce the number of accounting models for convertible debt instruments and convertible preferred stock. For convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging , or that do not result in substantial premiums accounted for as paid-in capital, the embedded conversion features no longer are separated from the host contract. The amendments in ASU No. 2020-06 remove certain conditions that should be considered in the derivatives scope exception evaluation under Subtopic 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity , and clarify the scope and certain requirements under Subtopic 815-40. The amendments also improve the guidance related to the disclosures and earnings-per-share (EPS) for convertible instruments and contracts in an entity’s own equity. ASU No. 2020-06 is effective for fiscal years beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. We elected to adopt ASU No. 2020-06 effective January 1, 2021 in connection with our Convertible Notes Offering closed on January 12, 2021 as described in " Note 5 – Debt ." In accordance with the provisions of ASU No. 2020-06, we will account for the convertible notes issued in 2021 entirely as a liability and we will use the if-converted method for diluted share calculations.

INVESTMENT IN HOTEL PROPERTIE_2

INVESTMENT IN HOTEL PROPERTIES, NET (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of investment in hotel properties, net	Investment in hotel properties, net is as follows (in thousands): September 30, 2021 December 31, 2020 Hotel buildings and improvements $ 2,102,027 $ 2,066,986 Land 321,435 319,603 Furniture, fixtures and equipment 165,485 173,351 Construction in progress 10,547 8,903 Intangible assets 11,231 11,231 Real estate development loan 24,703 16,508 2,635,428 2,596,582 Less - accumulated depreciation and amortization (557,414) (490,636) $ 2,078,014 $ 2,105,946

INVESTMENT IN REAL ESTATE LOA_2

INVESTMENT IN REAL ESTATE LOANS (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of investment in real estate loans	Investment in real estate loans, net is as follows (in thousands): September 30, 2021 December 31, 2020 Real estate loans $ 28,719 $ 28,671 Allowance for credit losses (2,350) (4,982) Investment in real estate loans, net $ 26,369 $ 23,689

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	Debt, net of debt issuance costs, is as follows (in thousands): September 30, 2021 December 31, 2020 Revolving debt $ 68,500 $ 222,500 Term loans 562,000 725,000 Convertible notes 287,500 — Mortgage loans 151,064 153,978 1,069,064 1,101,478 Unamortized debt issuance costs (12,397) (6,733) Debt, net of debt issuance costs $ 1,056,667 $ 1,094,745
Schedule of fixed-rate and variable-rate debt, after giving effect to interest rate derivative	Our total fixed-rate and variable-rate debt, after considering our interest rate derivative agreements that are currently effective, is as follows (in thousands): September 30, 2021 Percentage December 31, 2020 Percentage Fixed-rate debt $ 830,540 78% $ 545,754 50% Variable-rate debt 238,524 22% 555,724 50% $ 1,069,064 $ 1,101,478
Schedule of the fair value of fixed-rate that is debt not recorded at fair value	Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Valuation Technique Convertible notes $ 287,500 $ 302,824 $ — $ — Level 1 - Market approach Fixed-rate mortgage loans 143,040 143,065 145,754 143,244 Level 2 - Market approach $ 430,540 $ 445,889 $ 145,754 $ 143,244

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of operating lease maturity	Operating lease maturities as of September 30, 2021 are as follows (in thousands): 2021 $ 1,007 2022 1,592 2023 953 2024 910 2025 918 Thereafter 27,763 Total lease payments (1) 33,143 Less interest (15,616) Total $ 17,527 (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)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative financial instruments	Information about our derivative financial instruments at September 30, 2021 and December 31, 2020 is as follows (dollars in thousands): Notional Amount Fair Value Contract date Effective Date Expiration Date Average Annual Effective Fixed Rate September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 October 2, 2017 January 29, 2018 January 31, 2023 1.98 % $ 100,000 $ 100,000 $ (2,424) $ (3,831) October 2, 2017 January 29, 2018 January 31, 2023 1.98 % 100,000 100,000 (2,438) (3,853) June 11, 2018 September 28, 2018 September 30, 2024 2.87 % 75,000 75,000 (5,177) (7,371) June 11, 2018 December 31, 2018 December 31, 2025 2.93 % 125,000 125,000 (10,981) (15,795) $ 400,000 $ 400,000 $ (21,020) $ (30,850)
Schedule of the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges	The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands): For the For the 2021 2020 2021 2020 (Loss) gain recognized in Other comprehensive income on derivative financial instruments $ (138) $ 504 $ 2,743 $ (22,300) Loss reclassified from Other comprehensive income to Interest expense $ (2,403) $ (2,330) $ (7,087) $ (5,067) Total Interest expense in which the effects of cash flow hedges are recorded $ (10,817) $ (10,904) $ (32,567) $ (32,665)

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of common stock activity	Changes in Common Stock during the nine months ended September 30, 2021 and 2020 were as follows: For the 2021 2020 Beginning common shares outstanding 105,708,787 105,169,515 Grants under the Equity Plan 860,910 676,171 Common Unit redemptions 31,945 34,500 Annual grants to independent directors 60,546 93,810 Performance share and other forfeitures (60,823) (212,643) Shares retained for employee tax withholding requirements (155,605) (65,345) Ending common shares outstanding 106,445,760 105,696,008

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of disclosures concerning financial instruments measured at fair value	Disclosures concerning financial instruments measured at fair value are as follows (in thousands): Fair Value Measurements at September 30, 2021 using Level 1 Level 2 Level 3 Total Assets: Purchase Options related to real estate loans $ — $ — $ 2,800 $ 2,800 Liabilities: Interest rate swaps — 21,020 — 21,020 Fair Value Measurements at December 31, 2020 using Level 1 Level 2 Level 3 Total Assets: Purchase Options related to real estate loans $ — $ — $ 7,161 $ 7,161 Liabilities: Interest rate swaps — 30,850 — 30,850 During the three months ended September 30, 2021 , we recorded a Loss on impairment and write-off of assets of $4.4 million as follows (dollar amounts in thousands): Real Estate Loan 1 Real Estate Loan 2 Real Estate Loan 3 Purchase Option value at December 31, 2020 $ 1,600 $ 2,761 $ 2,800 Loss on impairment and write-off of assets (1) (1,600) (2,761) — Purchase Option value at September 30, 2021 $ — $ — $ 2,800 (1) As of September 30, 2021, we reached an agreement with the borrowers of Real Estate Loans 1 and 2 for the full repayment of the loans in the fourth quarter of 2021, which would result in us forgoing the exercise of the purchase options. As a result, the Company wrote-off the carrying amount of the purchase options totaling $4.4 million as a Loss on impairment during the quarter ended September 30, 2021.
Fair value valuation techniques	The estimated fair values of the Purchase Options were based on unobservable inputs for which there is little or no market information available and required us to develop our own assumptions as follows (dollar amounts in thousands): Real Estate Loan 1 Real Estate Loan 2 Real Estate Loan 3 Exercise price $ 15,143 $ 17,377 $ 37,800 Term 2.59 (1) (2) 2.68 (1) (2) 1.42 (3) Expected volatility 65.0 % 55.0 % 55.0 % Risk-free rate 0.3 % 0.3 % 0.2 % Expected annualized equity dividend yield 6.5 % 7.5 % — % (1) The purchase option is currently exercisable. (2) The option term is the period from April 1, 2020 through the fully extended original maturity dates of the respective mezzanine loans. (3) The option term is the period from April 1, 2020 through the date in which the development project is completed and the option becomes exercisable.

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of restricted stock awards	The following table summarizes time-based restricted stock award activity under our Equity Plan for the nine months ended September 30, 2021: Number Weighted Average Aggregate (per share) (in thousands) Non-vested at December 31, 2020 573,577 $ 10.18 $ 5,168 Granted 536,980 10.27 Vested (219,636) 11.20 Non-vested at September 30, 2021 890,921 $ 9.98 $ 8,580 The following table summarizes performance-based restricted stock activity under the Equity Plan for the nine months ended September 30, 2021: Number Weighted Average Aggregate (per share) (in thousands) Non-vested at December 31, 2020 922,239 $ 11.65 $ 8,309 Granted 323,930 14.05 Vested (182,480) 13.73 Forfeited (60,823) 13.73 Non-vested at September 30, 2021 1,002,866 $ 11.92 $ 9,658 (1) The amounts included in this column represent the expected future value of the performance-based restricted stock awards calculated using the Monte Carlo simulation valuation model.
Schedule of equity-based compensation expense	Equity-based compensation expense included in Corporate general and administrative expenses in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands): For the For the 2021 2020 2021 2020 Time-based restricted stock $ 891 $ 622 $ 2,399 $ 1,847 Performance-based restricted stock 1,001 895 2,879 2,664 Director stock — — 583 447 $ 1,892 $ 1,517 $ 5,861 $ 4,958
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 $12.2 million at September 30, 2021 and will be recorded as follows (in thousands): Total 2021 2022 2023 2024 2025 Time-based restricted stock $ 6,257 $ 891 $ 2,872 $ 2,067 $ 406 $ 21 Performance-based restricted stock 5,914 1,001 2,927 1,731 255 — $ 12,171 $ 1,892 $ 5,799 $ 3,798 $ 661 $ 21

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Summary of the components used to calculate basic and diluted earnings per share	Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share): For the For the 2021 2020 2021 2020 Numerator: Net loss $ (4,239) $ (35,775) $ (57,679) $ (104,537) Less: Preferred dividends (3,750) (3,710) (11,168) (11,128) Premium on redemption of preferred stock (2,710) — (2,710) — Allocation to participating securities — — — (81) Attributable to non-controlling interest in Operating Partnership 10 70 98 203 Attributable to non-controlling interests in joint venture (275) 1,159 3,020 4,049 Net loss attributable to common stockholders, net of amount allocated to participating securities $ (10,964) $ (38,256) $ (68,439) $ (111,494) Denominator: Weighted average common shares outstanding - basic and diluted 104,548 104,200 104,441 104,117 Loss per share: Basic and diluted $ (0.10) $ (0.37) $ (0.66) $ (1.07)

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Sep. 30, 2021hotelRoomState
Properties
Number of states in which hotel properties are located | State	23
Hotels
Properties
Number of hotel properties	73
Number of guestrooms | Room	11,398
Hotels | Wholly owned properties | Hotel Portfolio Other Than Ones Owned Through Joint Venture
Properties
Number of hotel properties	61
Ownership percentage of equity interests	100.00%
Hotels | Partially Owned Properties | Hotels Owned Through Joint Venture
Properties
Number of hotel properties	12
General partner, ownership interest	51.00%

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for doubtful accounts	$ 0.4		$ 0.4		$ 0.4
Provision for credit losses	$ 0.1	$ 0.1	$ 0.3	$ 0.6
GIC | Five hotels acquired in 2019 through joint venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Limited partner, ownership percentage			49.00%

INVESTMENT IN HOTEL PROPERTIE_3

INVESTMENT IN HOTEL PROPERTIES, NET - Schedule of investment in hotel properties (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties, at cost	$ 2,635,428	$ 2,596,582
Less - accumulated depreciation and amortization	(557,414)	(490,636)
Investment in hotel properties, net	2,078,014	2,105,946
Real estate development loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties, at cost	24,703	16,508
Hotel buildings and improvements
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties, at cost	2,102,027	2,066,986
Land
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties, at cost	321,435	319,603
Furniture, fixtures and equipment
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties, at cost	165,485	173,351
Construction in progress
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties, at cost	10,547	8,903
Intangible assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties, at cost	$ 11,231	$ 11,231

INVESTMENT IN HOTEL PROPERTIE_4

INVESTMENT IN HOTEL PROPERTIES, NET - Narrative (Details) $ in Millions	Jul. 09, 2021USD ($)Room	May 01, 2021USD ($)hotelRoom	Sep. 30, 2021USD ($)hotelRoom
Financing Receivable, Allowance for Credit Loss [Line Items]
Consideration for hotel property portfolio activity		$ 172
Adjustment to additional paid-in capital, contribution by non-controlling interest in joint venture		16.4
Transaction costs, transfer taxes			$ 1.8
Transaction costs, legal costs			0.3
GIC
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash contribution to acquire interest in joint venture		$ 84.3
Transaction costs, transfer taxes			$ 0.9
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of hotel properties | hotel			73
Number of guestrooms | Room			11,398
Hotels | Residence Inn By Marriott | Steamboat Springs, CO
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of guestrooms | Room	110
Consideration transferred to acquire hotel property	$ 33
Hotels | Six hotels contributed in 2021 into joint venture
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of hotel properties | hotel		6
Number of guestrooms | Room		846
Hotels | Joint Venture with GIC
Financing Receivable, Allowance for Credit Loss [Line Items]
Limited partner, ownership percentage		49.00%
Hotels | Hotel Acquired In July 2021 Through Joint Venture | Residence Inn By Marriott | Steamboat Springs, CO
Financing Receivable, Allowance for Credit Loss [Line Items]
Limited partner, ownership percentage	51.00%
Mezzanine loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans amount			$ 28.9

INVESTMENT IN REAL ESTATE LOA_3

INVESTMENT IN REAL ESTATE LOANS - Schedule of Investment in Real Estate Loans, net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in real estate loans, net	$ 26,369	$ 23,689
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate loans	28,719	28,671
Allowance for credit losses	(2,350)	(4,982)
Investment in real estate loans, net	$ 26,369	$ 23,689

INVESTMENT IN REAL ESTATE LOA_4

INVESTMENT IN REAL ESTATE LOANS - Additional information (Details)	Jun. 01, 2021USD ($)	Jun. 29, 2018USD ($)contract	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019	Dec. 31, 2017USD ($)projecthotel	Sep. 30, 2021USD ($)project	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)
Financing Receivable, Impaired [Line Items]
(Reversal of) provision for credit losses			$ (2,632,000)	$ 0			$ (2,632,000)	$ 2,530,000
Loss on impairment and write-off of assets			$ 4,361,000	0			4,361,000	782,000
Real estate development loans closed in the fourth quarter of 2017
Financing Receivable, Impaired [Line Items]
Financing receivable number | project						3
Financing receivable loans funded						$ 29,600,000
Number of hotel properties | hotel						3
Loans stated interest rate						8.00%
Financing receivable initial term						3 years
Real Estate Loan 3
Financing Receivable, Impaired [Line Items]
Number of financing receivable repaid in full | Loan									1
Proceeds from collection of finance receivables									$ 3,800,000
Loss on impairment and write-off of assets							$ 0
Mezzanine loans
Financing Receivable, Impaired [Line Items]
Financing receivable number | project							2
Financing receivable interest in hotel upon completion to purchase			90.00%				90.00%
Allowance for credit losses			$ 2,600,000				$ 2,600,000
(Reversal of) provision for credit losses			$ (2,600,000)
Loans commitments to fund							$ 28,900,000
Real estate development loans closed in the third quarter of 2019
Financing Receivable, Impaired [Line Items]
Loans stated interest rate					9.00%
Financing receivable interest in hotel upon completion to purchase			90.00%				90.00%
Period of time after initial option exercise to purchase remaining interests							5 years
Loans commitments to fund										$ 28,900,000
Loans funded			$ 25,100,000				$ 25,100,000
Amortization of contra-asset			$ 300,000	$ 300,000			$ 800,000	$ 800,000
Mortgage loans on real estate effective interest rate			11.40%				11.40%
Seller-financing loans
Financing Receivable, Impaired [Line Items]
Financing receivable interest rate	9.00%
Financing receivable interest rate, payable in cash	5.00%
Financing receivable interest rate, paid-in-kind	4.00%
Financing receivable, semi-annual principal payments	$ 300,000
Financing receivable, interest income							$ 300,000
Holiday Inn and Hilton Garden Inn | Disposed of by Sale | Duluth, GA
Financing Receivable, Impaired [Line Items]
Aggregate sales price		$ 24,900,000
Financing receivable amount provided to seller		$ 3,600,000	$ 2,400,000				2,400,000
Financing receivable, number of second mortgage notes | contract		2
Financing receivable term		3 years 6 months
Financing receivable 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				10,000,000
Other assets | Mezzanine loans
Financing Receivable, Impaired [Line Items]
Financing receivable purchase options related to real estate loans			4,400,000				4,400,000
Other assets | Real estate development loans closed in the third quarter of 2019
Financing Receivable, Impaired [Line Items]
Financing receivable purchase options related to real estate loans			$ 2,800,000				$ 2,800,000

DEBT - Narratives (Details)

DEBT - Narratives (Details)	Apr. 29, 2021	Jan. 12, 2021$ / shares	Jan. 07, 2021USD ($)	Oct. 08, 2019USD ($)	Dec. 06, 2018USD ($)	Feb. 15, 2018USD ($)	Sep. 26, 2017USD ($)	Sep. 30, 2021USD ($)hotel$ / shares	Sep. 30, 2021USD ($)hotel$ / shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)hotel$ / shares	Feb. 28, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2017	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Weighted average interest rate for all borrowings								3.34%	3.34%		3.34%		3.43%
Long-term debt								$ 1,056,667,000	$ 1,056,667,000		$ 1,056,667,000		$ 1,094,745,000
Amortization of debt issuance costs									$ 3,239,000	$ 1,655,000
Share price (in dollars per share) | $ / shares								$ 8.72	$ 8.72		$ 8.72
Joint Venture Credit Facility | Line of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 500,000,000
Line of credit amount outstanding								$ 68,500,000	$ 68,500,000		$ 68,500,000
Debt, total commitments amount				300,000,000
Credit facility, current borrowing capacity				200,000,000
Joint Venture Credit Facility | Line of Credit | Through the fourth quarter of 2021
Debt Instrument [Line Items]
Debt covenant, maximum leverage ratio and borrowing base leverage ratio	0.550
Joint Venture Credit Facility | Line of Credit | First and second quarters of 2022
Debt Instrument [Line Items]
Debt covenant, maximum leverage ratio and borrowing base leverage ratio	0.650
Joint Venture Credit Facility | Line of Credit | Third quarter of 2022 through the initial maturity date
Debt Instrument [Line Items]
Debt covenant, maximum leverage ratio and borrowing base leverage ratio	0.600
Joint Venture Credit Facility | Line of Credit | Any Extension Period
Debt Instrument [Line Items]
Debt covenant, maximum leverage ratio and borrowing base leverage ratio	0.550
$125 Million Revolver | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 125,000,000
Debt instrument extension term				12 months
$125 Million Revolver | Revolving Credit Facility | Covenant waiver period
Debt Instrument [Line Items]
Debt basis spread on variable rate	2.30%
$125 Million Revolver | Revolving Credit Facility | After covenant waiver period
Debt Instrument [Line Items]
Debt basis spread on variable rate	2.15%
$125 Million Revolver | LIBOR | Line of Credit | Option One
Debt Instrument [Line Items]
Debt basis spread on variable rate				2.15%
$125 Million Revolver | LIBOR | Line of Credit | Option Two
Debt Instrument [Line Items]
Debt basis spread on variable rate				2.15%
$75 Million Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount				$ 75,000,000
Debt instrument extension term				12 months
Difference of basis spread on variable rate				0.05%
$75 Million Term Loan | Covenant waiver period
Debt Instrument [Line Items]
Debt basis spread on variable rate	2.25%
$75 Million Term Loan | After covenant waiver period
Debt Instrument [Line Items]
Debt basis spread on variable rate	2.10%
Unsecured debt | 2018 Senior Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					$ 600,000,000
Line of credit amount outstanding								200,000,000	200,000,000		200,000,000
Amount available for borrowing								340,000,000	340,000,000		340,000,000
Conditional additional borrowing capacity								50,000,000	50,000,000		50,000,000
Debt, total commitments amount					300,000,000
Unsecured debt | $400 Million Revolver
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					$ 400,000,000							$ 400,000,000
Line of credit amount outstanding								$ 0	$ 0		$ 0
Unsecured debt | $400 Million Revolver | LIBOR | Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate					1.40%
Unsecured debt | $400 Million Revolver | LIBOR | Maximum
Debt Instrument [Line Items]
Debt basis spread on variable rate					2.40%
Unsecured debt | $200 Million Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount					$ 200,000,000
Debt instrument, effective interest rate								2.60%	2.60%		2.60%
Unsecured debt | $200 Million Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate					1.35%
Unsecured debt | $200 Million Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Debt basis spread on variable rate					2.35%
Unsecured debt | Amended 2018 Senior Credit Facility
Debt Instrument [Line Items]
Conditional additional borrowing capacity												50,000,000
Additional borrowing capacity												350,000,000
Debt covenant liquidity amount												$ 150,000,000
Unsecured debt | 2018 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount						$ 225,000,000
Debt instrument, effective interest rate								2.40%	2.40%		2.40%
Debt, total commitments amount						$ 150,000,000
Unsecured debt | 2018 Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate						1.35%
Unsecured debt | 2018 Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Debt basis spread on variable rate						1.95%
Unsecured debt | 2017 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount							$ 225,000,000
Debt instrument, effective interest rate								2.70%	2.70%		2.70%
Long-term debt								$ 62,000,000	$ 62,000,000		$ 62,000,000
Debt, total commitments amount							$ 175,000,000
Unsecured debt | 2017 Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate							1.45%
Unsecured debt | 2017 Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Debt basis spread on variable rate							2.25%
Convertible notes | 1.50% Convertible Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 287,500,000
Debt instrument, effective interest rate								2.00%	2.00%		2.00%
Fixed interest rate			1.50%
Proceeds from convertible debt			$ 280,000,000
Coupon interest expense								$ 1,100,000	$ 3,100,000
Amortization of debt issuance costs								$ 400,000	$ 1,100,000
Debt issuance costs			$ 7,600,000
Debt instrument, conversion ratio		0.0834028
Conversion price, debt instruments (in dollars per share) | $ / shares		$ 11.99
Conversion price, premium percentage		37.50%
Debt instrument convertible strike price of capped call transactions (in dollars per share) | $ / shares		$ 15.26
Debt instrument convertible strike price of capped call transactions premium percentage		75.00%
Convertible notes | 1.50% Convertible Senior Notes | Maximum
Debt Instrument [Line Items]
Debt instrument, conversion ratio		0.1146788
Secured debt | Non-recourse Loan | Metabank
Debt Instrument [Line Items]
Debt instrument, face amount															$ 47,600,000
Fixed interest rate														4.44%
Debt instrument, amortization period after interest only payments period											25 years
Number of properties that served as collateral for loans | hotel								3	3		3
Secured debt | Mortgage loans
Debt Instrument [Line Items]
Long-term debt								$ 151,100,000	$ 151,100,000		$ 151,100,000
Number of properties that served as collateral for loans | hotel								15	15		15
Fair Value
Debt Instrument [Line Items]
Debt with variable interest rates that had been converted to fixed interest rates								$ 400,000,000	$ 400,000,000		$ 400,000,000		$ 400,000,000

DEBT - Schedule of debt (Detail

DEBT - Schedule of debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, gross	$ 1,069,064	$ 1,101,478
Unamortized debt issuance costs	(12,397)	(6,733)
Debt, net of debt issuance costs	1,056,667	1,094,745
Unsecured debt | Revolving debt
Debt Instrument [Line Items]
Debt, gross	68,500	222,500
Unsecured debt | Term loans
Debt Instrument [Line Items]
Debt, gross	562,000	725,000
Convertible notes
Debt Instrument [Line Items]
Debt, gross	287,500	0
Mortgage loans
Debt Instrument [Line Items]
Debt, gross	$ 151,064	$ 153,978

DEBT - Fixed-Rate and Variable-

DEBT - Fixed-Rate and Variable-Rate Debt, after Giving Effect to Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Fixed-rate debt	$ 830,540	$ 545,754
Fixed rate debt, percentage	78.00%	50.00%
Variable-rate debt	$ 238,524	$ 555,724
Variable-rate debt, percentage	22.00%	50.00%
Debt, gross	$ 1,069,064	$ 1,101,478

DEBT - Fair Value of Fixed-Rate

DEBT - Fair Value of Fixed-Rate Debt not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt
Fixed-rate debt	$ 830,540	$ 545,754
Carrying Value
Debt
Fixed-rate debt	430,540	145,754
Carrying Value | Mortgage loans
Debt
Fixed-rate debt	143,040	145,754
Carrying Value | Level 1 | Convertible notes
Debt
Fixed-rate debt	287,500
Fair Value
Debt
Fixed-rate debt	445,889	143,244
Fair Value | Level 1 | Convertible notes
Debt
Fixed-rate debt	302,824
Fair Value | Level 2 | Mortgage loans
Debt
Fixed-rate debt	$ 143,065	$ 143,244

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Tenant income	$ 0.5	$ 0.4	$ 1.5	$ 1.3
Operating lease weighted average discount rate	4.91%		4.91%
Operating lease cost	$ 0.9	0.7	$ 2.4	2.3
Operating cash outflows from operating leases	$ 0.8	$ 0.7	$ 2.2	$ 2.1
Operating lease weighted average remaining lease term	28 years 2 months 12 days		28 years 2 months 12 days
Minimum
Lessee, Lease, Description [Line Items]
Lease remaining term			1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease remaining term			77 years

LEASES - Operating lease maturi

LEASES - Operating lease maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021	$ 1,007
2022	1,592
2023	953
2024	910
2025	918
Thereafter	27,763
Total lease payments	33,143
Less interest	(15,616)
Total	$ 17,527	$ 18,438

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of derivative financial instruments (Details) - Designated as hedges - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Interest rate swaps
Derivative financial instruments and hedging
Notional Amount	$ 400,000	$ 400,000
Fair Value	$ (21,020)	(30,850)
Interest Rate Swap Expiring January 31, 2023 One
Derivative financial instruments and hedging
Average Annual Effective Fixed Rate	1.98%
Notional Amount	$ 100,000	100,000
Fair Value	$ (2,424)	(3,831)
Interest Rate Swap Expiring January 31, 2023 Two
Derivative financial instruments and hedging
Average Annual Effective Fixed Rate	1.98%
Notional Amount	$ 100,000	100,000
Fair Value	$ (2,438)	(3,853)
Interest Rate Swap Expiring September 30, 2024
Derivative financial instruments and hedging
Average Annual Effective Fixed Rate	2.87%
Notional Amount	$ 75,000	75,000
Fair Value	$ (5,177)	(7,371)
Interest Rate Swap Expiring December 31, 2025
Derivative financial instruments and hedging
Average Annual Effective Fixed Rate	2.93%
Notional Amount	$ 125,000	125,000
Fair Value	$ (10,981)	$ (15,795)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Narrative (Details) $ in Millions	Sep. 30, 2021USD ($)
Interest rate swaps
Derivative [Line Items]
Reclassification from other comprehensive income in next 12 months	$ 9.4

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of gain or loss recognized on derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative instruments, gain (loss) recognized
Total Interest expense in which the effects of cash flow hedges are recorded	$ (10,817)	$ (10,904)	$ (32,567)	$ (32,665)
Cash flow hedges | Interest rate swaps
Derivative instruments, gain (loss) recognized
(Loss) gain recognized in Other comprehensive income on derivative financial instruments	(138)	504	2,743	(22,300)
Total Interest expense in which the effects of cash flow hedges are recorded	(10,817)	(10,904)	(32,567)	(32,665)
Cash flow hedges | Interest rate swaps | Interest expense
Derivative instruments, gain (loss) recognized
Loss reclassified from Other comprehensive income to Interest expense	$ (2,403)	$ (2,330)	$ (7,087)	$ (5,067)

EQUITY - Narrative (Details)

EQUITY - Narrative (Details)	Sep. 04, 2021USD ($)$ / sharesshares	Aug. 12, 2021USD ($)shares	May 25, 2017USD ($)	Sep. 30, 2021USD ($)hotel$ / sharesshares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)hotelVote$ / sharesshares	Sep. 30, 2020USD ($)	Dec. 31, 2020$ / sharesshares	May 01, 2021hotel
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				500,000,000		500,000,000		500,000,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01		$ 0.01
Common stock, number of votes | Vote						1
Sale of stock aggregate offering price | $			$ 200,000,000
Preferred stock, shares authorized (in shares)				100,000,000		100,000,000		100,000,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01		$ 0.01
Net proceeds from offering of preferred shares | $						$ 96,617,000	$ 0
Preferred stock, liquidation preference (in dollars per share) | $ / shares				$ 25		$ 25
Preferred stock redemption premium | $				$ 2,710,000	$ 0	$ 2,710,000	$ 0
Hotels
Class of Stock [Line Items]
Number of hotel properties | hotel				73		73
Undesignated Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)				89,600,000		89,600,000
6.25% Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)				6,400,000		6,400,000
Preferred stock, dividend rate						6.25%		6.25%
Preferred stock, shares outstanding (in shares)				6,400,000		6,400,000		6,400,000
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
6.45% Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate	6.45%							6.45%
Redemption of preferred stock | $	$ 75,000,000
Preferred stock, shares outstanding (in shares)	3,000,000							3,000,000
Preferred stock, liquidation preference (in dollars per share) | $ / shares	$ 25
Preferred stock redemption premium | $	$ 2,700,000
5.875% Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)				4,000,000		4,000,000
Preferred stock, dividend rate						5.875%
Sale of stock number of shares issued in transaction		4,000,000
Net proceeds from offering of preferred shares | $		$ 96,600,000
Underwriting discount and offering related expense | $		$ 3,400,000
Preferred stock, shares outstanding (in shares)				4,000,000		4,000,000
Annual dividend rate per share (in dollars per share) | $ / shares						$ 1.46875
5.875% Series F Preferred Stock | Maximum
Class of Stock [Line Items]
Ratio for conversion						5.8275
Unaffiliated Third Parties | Operating partnership
Class of Stock [Line Items]
Limited partner capital account units conversion ratio						1
Operating partnership | Unaffiliated Third Parties
Class of Stock [Line Items]
Number of common units of operating partnership owned by unaffiliated third parties (in shares)				129,797		129,797		161,742
Limited partner, ownership percentage						1.00%		1.00%
Five hotels acquired in 2019 through joint venture
Class of Stock [Line Items]
General partner, ownership interest						51.00%
Five hotels acquired in 2019 through joint venture | Hotels
Class of Stock [Line Items]
Number of hotel properties | hotel				5		5
Five hotels acquired in 2019 through joint venture | GIC
Class of Stock [Line Items]
Limited partner, ownership percentage						49.00%
Six hotels contributed in 2021 into joint venture | Hotels
Class of Stock [Line Items]
Number of hotel properties | hotel									6

EQUITY - Changes in Common Stoc

EQUITY - Changes in Common Stock (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Changes in Common Stock [Roll Forward]
Beginning common shares outstanding (in shares)	105,708,787	105,169,515
Grants (in shares)	860,910	676,171
Common Unit redemptions (in shares)	31,945	34,500
Performance share and other forfeitures (in shares)	(60,823)	(212,643)
Shares retained for employee tax withholding requirements (in shares)	(155,605)	(65,345)
Ending common shares outstanding (in shares)	106,445,760	105,696,008
Annual grants to independent directors
Changes in Common Stock [Roll Forward]
Grants (in shares)	60,546	93,810

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of Financial Instruments Measured at Fair Value (Details) - Recurring basis - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Purchase Options related to real estate loans	$ 2,800	$ 7,161
Level 1
Assets:
Purchase Options related to real estate loans	0	0
Level 2
Assets:
Purchase Options related to real estate loans	0	0
Level 3
Assets:
Purchase Options related to real estate loans	2,800	7,161
Interest rate swaps
Liabilities:
Derivative liabilities	21,020	30,850
Interest rate swaps | Level 1
Liabilities:
Derivative liabilities	0	0
Interest rate swaps | Level 2
Liabilities:
Derivative liabilities	21,020	30,850
Interest rate swaps | Level 3
Liabilities:
Derivative liabilities	$ 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	9 Months Ended
	Sep. 30, 2020$ / shares
Real Estate Loan 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, term	2 years 7 months 2 days
Real Estate Loan 1 | Exercise price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	15,143
Real Estate Loan 1 | Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0.650
Real Estate Loan 1 | Risk-free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0.003
Real Estate Loan 1 | Expected annualized equity dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0.065
Real Estate Loan 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, term	2 years 8 months 4 days
Real Estate Loan 2 | Exercise price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	17,377
Real Estate Loan 2 | Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0.550
Real Estate Loan 2 | Risk-free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0.003
Real Estate Loan 2 | Expected annualized equity dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0.075
Real Estate Loan 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, term	1 year 5 months 1 day
Real Estate Loan 3 | Exercise price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	37,800
Real Estate Loan 3 | Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0.550
Real Estate Loan 3 | Risk-free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0.002
Real Estate Loan 3 | Expected annualized equity dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0

FAIR VALUE MEASUREMENT - Purcha

FAIR VALUE MEASUREMENT - Purchase Option Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Purchase Option Roll Forward [Roll Forward]
Loss on impairment and write-off of assets	$ (4,361)	$ 0	$ (4,361)	$ (782)
Real Estate Loan 1
Purchase Option Roll Forward [Roll Forward]
Purchase Option Value, beginning balance			1,600
Loss on impairment and write-off of assets			(1,600)
Purchase Option Value, ending balance	0		0
Real Estate Loan 2
Purchase Option Roll Forward [Roll Forward]
Purchase Option Value, beginning balance			2,761
Loss on impairment and write-off of assets			(2,761)
Purchase Option Value, ending balance	0		0
Real Estate Loan 3
Purchase Option Roll Forward [Roll Forward]
Purchase Option Value, beginning balance			2,800
Loss on impairment and write-off of assets			0
Purchase Option Value, ending balance	$ 2,800		$ 2,800

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Restricted Cash (Details) $ in Thousands	Apr. 13, 2020USD ($)installmenthotel	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Loss Contingencies [Line Items]
Restricted cash released	$ 1,600
Number of hotels to benefit from restricted cash | hotel	7
Restrict cash, borrowed reserve	$ 8,900
Borrowed reserve, number of payment installments | installment	10
Borrowed reserve, installment payment beginning period prior to renovation date	12 months
Borrowed reserve, lump sum payment period prior to renovation date	60 days
Borrowed reserve not obligated		$ 500
Restricted cash		$ 25,521	$ 18,177
Minimum
Loss Contingencies [Line Items]
Restricted cash reserve as percentage of hotel revenues		2.00%
Maximum
Loss Contingencies [Line Items]
Restricted cash reserve as percentage of hotel revenues		5.00%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Franchise and Management Agreements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Franchise agreements
Commitments and contingencies
Fees related to the agreement	$ 7.7	$ 4.6	$ 17.7	$ 16.5
Management Agreements
Commitments and contingencies
Fees related to the agreement	$ 2.9	$ 1.3	$ 6.8	$ 5.1
Management Agreements | Maximum
Commitments and contingencies
Term of contract			5 years

EQUITY-BASED COMPENSATION - Sto

EQUITY-BASED COMPENSATION - Stock options (Details) - shares shares in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options forfeited (in shares)		235
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options term	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options term	10 years

EQUITY-BASED COMPENSATION - Tim

EQUITY-BASED COMPENSATION - Time-Based Restricted Stock Awards (Details) - Restricted Stock Awards - Time-based restricted stock - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Number  of Shares
Non-vested at the beginning of period (in shares)	573,577
Granted (in shares)	536,980
Vested (in shares)	(219,636)
Non-vested at the end of period (in shares)	890,921
Weighted Average Grant Date  Fair Value
Non-vested at the beginning of period (in dollars per share)	$ 10.18
Granted (in dollars per share)	10.27
Vested (in dollars per share)	11.20
Non-vested at the end of period (in dollars per share)	$ 9.98
Aggregate Current Value
Non-vested outstanding	$ 8,580	$ 5,168
Employees
Aggregate Current Value
Vesting period	4 years
Employees | Period one
Aggregate Current Value
Vesting percentage	20.00%
Employees | Period two
Aggregate Current Value
Vesting percentage	20.00%
Employees | Period three
Aggregate Current Value
Vesting percentage	20.00%
Employees | Period four
Aggregate Current Value
Vesting percentage	40.00%
Executive officers
Aggregate Current Value
Vesting period	3 years
Executive officers | Period one
Aggregate Current Value
Vesting percentage	25.00%
Executive officers | Period two
Aggregate Current Value
Vesting percentage	25.00%
Executive officers | Period three
Aggregate Current Value
Vesting percentage	50.00%

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Awards (Details) - Restricted Stock Awards - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Minimum | Executive officers
Aggregate Current Value
Number of shares may earn, as multiple of shares granted	0.00%
Maximum | Executive officers
Aggregate Current Value
Number of shares may earn, as multiple of shares granted	200.00%
Performance-based restricted stock
Number  of Shares
Non-vested at the beginning of period (in shares)	922,239
Granted (in shares)	323,930
Vested (in shares)	(182,480)
Forfeited (in shares)	(60,823)
Non-vested at the end of period (in shares)	1,002,866
Weighted Average Grant Date Fair Value
Non-vested at the beginning of period (in dollars per share)	$ 11.65
Granted (in dollars per share)	14.05
Vested (in dollars per share)	13.73
Forfeited (in dollars per share)	13.73
Non-vested at the end of period (in dollars per share)	$ 11.92
Aggregate Current Value
Non-vested outstanding	$ 9,658	$ 8,309
Vesting period	3 years

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Compensation expense to be recognized
Unrecognized compensation costs related to non-vested awards	$ 12,171		$ 12,171
2021	1,892		1,892
2022	5,799		5,799
2023	3,798		3,798
2024	661		661
2025	21		21
Corporate general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	1,892	$ 1,517	5,861	$ 4,958
Director stock | Corporate general and administrative | Director stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	0	0	583	447
Time-based restricted stock | Restricted Stock Awards
Compensation expense to be recognized
Unrecognized compensation costs related to non-vested awards	6,257		6,257
2021	891		891
2022	2,872		2,872
2023	2,067		2,067
2024	406		406
2025	21		21
Time-based restricted stock | Restricted Stock Awards | Corporate general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	891	622	2,399	1,847
Performance-based restricted stock | Restricted Stock Awards
Compensation expense to be recognized
Unrecognized compensation costs related to non-vested awards	5,914		5,914
2021	1,001		1,001
2022	2,927		2,927
2023	1,731		1,731
2024	255		255
2025	0		0
Performance-based restricted stock | Restricted Stock Awards | Corporate general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 1,001	$ 895	$ 2,879	$ 2,664

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 695,000	$ (132,000)	$ 1,075,000	$ 1,589,000
Discrete non-cash deferred income tax				$ 2,100,000
Unrecognized tax benefits	0		0
Estimated employee retention tax credit, CARES Act	$ 1,300,000		1,300,000
Proceeds from employee retention tax credit, CARES Act			$ 900,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (4,239)	$ (35,775)	$ (57,679)	$ (104,537)
Less: Preferred dividends	(3,750)	(3,710)	(11,168)	(11,128)
Preferred Stock Redemption Premium	2,710	0	2,710	0
Allocation to participating securities	0	0	0	(81)
Attributable to non-controlling interest in Operating Partnership	10	70	98	203
Attributable to non-controlling interests in joint venture	275	(1,159)	(3,020)	(4,049)
Net loss attributable to common stockholders, net of amount allocated to participating securities, basic	(10,964)	(38,256)	(68,439)	(111,494)
Net loss attributable to common stockholders, net of amount allocated to participating securities, diluted	$ (10,964)	$ (38,256)	$ (68,439)	$ (111,494)
Denominator:
Weighted average common shares outstanding - basic (in shares)	104,548	104,200	104,441	104,117
Weighted average common shares outstanding - diluted (in shares)	104,548	104,200	104,441	104,117
Loss per share:
Basic (in dollars per share)	$ (0.10)	$ (0.37)	$ (0.66)	$ (1.07)
Diluted (in dollars per share)	$ (0.10)	$ (0.37)	$ (0.66)	$ (1.07)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, shares in Millions, $ in Millions	Nov. 02, 2021USD ($)	Oct. 29, 2021$ / shares	Sep. 30, 2021hotelRoom	Dec. 31, 2020	Nov. 02, 2021hotel	Nov. 02, 2021Room	Nov. 02, 2021USD ($)	Nov. 02, 2021$ / shares	Nov. 02, 2021parkingStructure	Nov. 02, 2021shares
Hotels
Subsequent Event [Line Items]
Number of hotel properties | hotel			73
Number of units in the portfolio | Room			11,398
Subsequent Event | 27-Hotel Portfolio Acquired Through Joint Venture | Hotels
Subsequent Event [Line Items]
Number of hotel properties | hotel					27
Number of units in the portfolio						3,709			2
Consideration transferred to acquire hotel property	$ 822
Percentage of equity contribution	51.00%
Asset acquisition, number of common operating partnership units issued (in shares) | shares										15.9
Asset acquisition, common operating partnership units issued amount							$ 160
Asset acquisition, common operating partnership units issued, valuation period	10 days
Asset acquisition, common operating partnership units issued, price per unit (in USD per unit) | $ / shares								$ 10.0853
Asset acquisition, pro forma seller ownership interest	13.00%
Asset acquisition, preferred operating partnership units issued amount							50
Asset acquisition, preferred operating partnership units, distributions rate	5.25%
Asset acquisition, financing commitment secured							$ 410
Subsequent Event | 27-Hotel Portfolio Acquired Through Joint Venture | GIC | Hotels
Subsequent Event [Line Items]
Consideration transferred to acquire hotel property	$ 208
Percentage of equity contribution	49.00%
6.25% Series E Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate			6.25%	6.25%
6.25% Series E Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared, preferred stock (in dollars per share) | $ / shares		$ 0.390625
Preferred stock, dividend rate		6.25%
5.875% Series F Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate			5.875%
5.875% Series F Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared, preferred stock (in dollars per share) | $ / shares		$ 0.440625
Preferred stock, dividend rate		5.875%