Summit Hotel Properties (INN) 10-K 28 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35074
Entity Registrant Name	SUMMIT HOTEL PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-2962512
Entity Address, Address Line One	13215 Bee Cave Parkway, Suite B-300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78738
City Area Code	512
Local Phone Number	538-2300
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 682,825,287
Entity Common Stock, Shares Outstanding		107,593,373
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement on Schedule 14A for its 2024 annual meeting of stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year pursuant to Regulation 14A, are incorporated herein by reference into Part III, Items 10, 11, 12, 13 and 14.
Entity Central Index Key	0001497645
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	INN
Security Exchange Name	NYSE
6.25% Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	6.25% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	INN-PE
Security Exchange Name	NYSE
5.875% Series F Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	5.875% Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	INN-PF
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Austin, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Investments in lodging property, net	$ 2,729,049	$ 2,841,856
Investment in hotel properties under development	1,451	0
Assets held for sale, net	73,740	29,166
Cash and cash equivalents	37,837	51,255
Restricted cash	9,931	10,553
Right-of-use assets, net	34,814	35,023
Trade receivables, net	21,348	21,015
Prepaid expenses and other	8,865	8,378
Deferred charges, net	6,659	7,074
Other assets	15,554	17,950
Total assets	2,939,248	3,022,270
Liabilities:
Debt, net of debt issuance costs	1,430,668	1,451,796
Lease liabilities, net	25,842	25,484
Accounts payable	4,827	5,517
Accrued expenses and other	81,215	81,304
Total liabilities	1,542,552	1,564,101
Commitments and contingencies (Note 12)
Redeemable non-controlling interests	50,219	50,219
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, 107,593,373 and 106,901,576 shares issued and outstanding at December 31, 2023 and 2022 respectively	1,076	1,069
Additional paid-in capital	1,238,896	1,232,302
Accumulated other comprehensive income	10,967	14,538
Accumulated deficit and distributions in excess of retained earnings	(339,848)	(288,200)
Total stockholders’ equity	911,195	959,813
Non-controlling interests	435,282	448,137
Total equity	1,346,477	1,407,950
Total liabilities, redeemable non-controlling interests and equity	2,939,248	3,022,270
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	$ 40

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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)	107,593,373	106,901,576
Common stock, shares outstanding (in shares)	107,593,373	106,901,576
6.25% Series E Preferred Stock
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	$ 160,861,000	$ 160,861,000
5.875% Series F Preferred Stock
Preferred stock, dividend rate	5.875%	5.875%
Preferred stock, shares issued (in shares)	4,000,000	4,000,000
Preferred stock, shares outstanding (in shares)	4,000,000	4,000,000
Preferred stock, aggregate liquidation preference	$ 100,506,000	$ 100,506,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 736,127	$ 675,695	$ 361,926
Expenses:
Property taxes, insurance and other	55,167	49,921	41,350
Depreciation and amortization	150,924	150,160	105,955
Corporate general and administrative	32,530	30,765	29,428
Transaction costs	13	749	3,849
Loss on write-down of assets	16,661	10,420	4,361
Recoveries of credit losses	(1,230)	(1,100)	(2,632)
Total expenses	677,003	628,228	395,432
(Loss) gain on disposal of assets, net	(337)	20,315	240
Operating income (loss)	58,787	67,782	(33,266)
Other income (expense):
Interest expense	(86,798)	(65,581)	(43,368)
Interest income	1,688	1,544	6,855
Other income, net	1,005	1,083	2,668
Total other expense, net	(84,105)	(62,954)	(33,845)
(Loss) income from continuing operations before income taxes	(25,318)	4,828	(67,111)
Income tax expense (Note 15)	(2,798)	(3,611)	(1,473)
Net (loss) income	(28,116)	1,217	(68,584)
Less - Loss attributable to non-controlling interests	18,627	249	3,011
Net (loss) income attributable to Summit Hotel Properties, Inc. before preferred dividends and distributions	(9,489)	1,466	(65,573)
Less - Distributions to and accretion of redeemable non-controlling interests	(2,626)	(2,520)	0
Less - Preferred dividends	(15,875)	(15,875)	(15,431)
Premium on redemption of preferred stock	0	0	(2,710)
Net loss attributable to common stockholders, basic	(27,990)	(16,929)	(83,714)
Net loss attributable to common stockholders, diluted	$ (27,990)	$ (16,929)	$ (83,714)
Loss per share:
Basic (in usd per shares)	$ (0.27)	$ (0.16)	$ (0.80)
Diluted (in usd per shares)	$ (0.27)	$ (0.16)	$ (0.80)
Weighted average common shares outstanding - basic (in shares)	105,548	105,142	104,471
Weighted average common shares outstanding - diluted (in shares)	105,548	105,142	104,471
Dividends per common share (in dollars per share)	$ 0.22	$ 0.08	$ 0
Room
Revenues:
Total revenues	$ 656,063	$ 609,370	$ 334,338
Expenses:
Cost of goods and services sold	148,005	136,999	74,781
Food and beverage
Revenues:
Total revenues	41,513	32,117	7,299
Expenses:
Cost of goods and services sold	31,580	24,897	4,856
Other
Revenues:
Total revenues	38,551	34,208	20,289
Expenses:
Cost of goods and services sold	224,901	207,975	123,626
Management fees
Expenses:
Cost of goods and services sold	$ 18,452	$ 17,442	$ 9,858

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (28,116)	$ 1,217	$ (68,584)
Other comprehensive income (loss), net of tax:
Changes in fair value of derivative financial instruments	(2,884)	32,564	15,127
Comprehensive (loss) income	(31,000)	33,781	(53,457)
Comprehensive loss (income) attributable to non-controlling interests	17,940	(2,138)	2,990
Comprehensive (loss) income attributable to Summit Hotel Properties, Inc.	(13,060)	31,643	(50,467)
Distributions to and accretion on redeemable non-controlling interests	(2,626)	(2,520)	0
Preferred dividends and distributions	(15,875)	(15,875)	(15,431)
Premium on redemption of preferred stock	0	0	(2,710)
Comprehensive (loss) income attributable to common stockholders	$ (31,561)	$ 13,248	$ (68,608)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity and Redeemable Non-controlling Interests - USD ($) $ in Thousands	Total	Stockholders’ Equity	Shares of Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-In Capital	Accumulated Comprehensive Income /(Loss)	Accumulated Deficit and Distributions	Non-Controlling Interests
Beginning balance at Dec. 31, 2020	$ 0
Ending balance at Dec. 31, 2021	0
Preferred shares outstanding, beginning balance (in shares) at Dec. 31, 2020			9,400,000
Balance at beginning of year at Dec. 31, 2020	1,052,063	$ 988,742	$ 94	$ 1,057		$ 1,197,320	$ (30,716)	$ (179,013)	$ 63,321
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2020				105,708,787
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 shares	(75,000)	(75,000)	$ (30)			(72,260)		(2,710)
Purchases of capped call options	(21,131)	(21,131)				(21,131)
Contributions by non-controlling interest in joint venture	115,546	16,444				16,444			99,102
Common stock redemption of common units (in shares)				36,945
Common stock redemption of common units	0	239				268	(29)		(239)
Common dividends and distributions	88	88						88
Preferred dividends and distributions	(15,521)	(15,431)						(15,431)	(90)
Equity-based compensation (in shares)				859,460
Equity-based compensation	10,681	10,666		$ 9		10,657			15
Shares of common stock acquired for employee withholding requirements (in shares)				(267,468)
Shares of common stock acquired for employee withholding requirements	(2,694)	(2,694)		$ (3)		(2,691)
Other comprehensive income	15,127	15,106					15,106		21
Net (loss) income	(68,584)	(65,573)						(65,573)	(3,011)
Preferred shares outstanding, ending balance (in shares) at Dec. 31, 2021			10,400,000
Balance at end of year at Dec. 31, 2021	$ 1,107,192	948,073	$ 104	$ 1,063		1,225,184	(15,639)	(262,639)	159,119
Common shares outstanding, ending balance (in shares) at Dec. 31, 2021	106,337,724			106,337,724
Increase (Decrease) in Temporary Equity [Roll Forward]
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties	$ 50,000
Adjustment of redeemable non-controlling interests to redemption value	2,520
Preferred dividends and distributions	(2,301)
Ending balance at Dec. 31, 2022	50,219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	(2,520)	(2,520)						(2,520)
Net proceeds from sale of preferred stock	157,513								157,513
Sale of non-controlling interests in joint venture	674								674
Contributions by non-controlling interest in joint venture	$ 211,877	1,219				1,219			210,658
Common stock redemption of common units (in shares)	12,664				12,664
Common stock redemption of common units	$ 0	127		$ 1		126			(127)
Common dividends and distributions	(9,911)	(8,632)						(8,632)	(1,279)
Preferred dividends and distributions	(16,040)	(15,875)						(15,875)	(165)
Joint venture partner distributions	(80,353)								(80,353)
Equity-based compensation (in shares)					811,988
Equity-based compensation	$ 8,446	8,446			$ 8	8,438
Shares of common stock acquired for employee withholding requirements (in shares)	(260,800)				(260,800)
Shares of common stock acquired for employee withholding requirements	$ (2,456)	(2,456)			$ (3)	(2,453)
Other	(253)	(212)				(212)			(41)
Other comprehensive income	32,564	30,177					30,177		2,387
Net (loss) income	1,217	1,466						1,466	(249)
Preferred shares outstanding, ending balance (in shares) at Dec. 31, 2022			10,400,000
Balance at end of year at Dec. 31, 2022	$ 1,407,950	959,813	$ 104	$ 1,069		1,232,302	14,538	(288,200)	448,137
Common shares outstanding, ending balance (in shares) at Dec. 31, 2022	106,901,576			106,901,576
Increase (Decrease) in Temporary Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	$ 2,626
Preferred dividends and distributions	(2,626)
Ending balance at Dec. 31, 2023	50,219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	(2,626)	(2,626)						(2,626)
Sale of non-controlling interests in joint venture	1,353								1,353
Redemption of preferred shares	(412)	(37)						(37)	(375)
Contributions by non-controlling interest in joint venture	$ 20,792								20,792
Common stock redemption of common units (in shares)	28,179				28,179
Common stock redemption of common units	$ 0	272				272			(272)
Common dividends and distributions	(27,128)	(23,616)						(23,616)	(3,512)
Preferred dividends and distributions	(16,205)	(15,875)						(15,875)	(330)
Joint venture partner distributions	(12,426)								(12,426)
Equity-based compensation (in shares)					847,647
Equity-based compensation	$ 7,742	7,742			$ 8	7,734
Shares of common stock acquired for employee withholding requirements (in shares)	(184,029)				(184,029)
Shares of common stock acquired for employee withholding requirements	$ (1,388)	(1,388)			$ (1)	(1,387)
Other	(175)	(30)				(25)		(5)	(145)
Other comprehensive income	(2,884)	(3,571)					(3,571)		687
Net (loss) income	(28,116)	(9,489)						(9,489)	(18,627)
Preferred shares outstanding, ending balance (in shares) at Dec. 31, 2023			10,400,000
Balance at end of year at Dec. 31, 2023	$ 1,346,477	$ 911,195	$ 104	$ 1,076		$ 1,238,896	$ 10,967	$ (339,848)	$ 435,282
Common shares outstanding, ending balance (in shares) at Dec. 31, 2023	107,593,373			107,593,373

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
OPERATING ACTIVITIES:
Net (loss) income	$ (28,116)	$ 1,217	$ (68,584)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	150,924	150,160	105,955
Amortization of debt issuance costs	5,910	5,708	4,353
Loss on write-down of assets	16,661	10,420	4,361
Recoveries of credit losses	(1,230)	(1,100)	(2,632)
Equity-based compensation	7,742	8,446	10,681
Deferred tax asset, net	84	(59)	(19)
(Gain) loss on disposal of assets, net	337	(20,315)	(240)
Non-cash interest income	(531)	(113)	(1,042)
Debt transaction costs	395	1,528	220
Other	793	232	412
Changes in operating assets and liabilities:
Trade receivables, net	(334)	(7,257)	(2,701)
Prepaid expenses and other	(636)	1,845	(1,362)
Accounts payable	(380)	(438)	1,854
Accrued expenses and other	2,022	19,341	14,795
NET CASH PROVIDED BY OPERATING ACTIVITIES	153,641	169,615	66,051
INVESTING ACTIVITIES:
Acquisitions of real estate property	(44,614)	(286,731)	(59,036)
Improvements to lodging properties	(89,580)	(76,469)	(20,356)
Investment in hotel properties under development	(826)	0	0
Proceeds from asset dispositions, net	35,176	73,758	0
Funding of real estate loans and related expenses	(4,576)	(2,167)	(10,045)
Proceeds from principal payments on real estate loans	1,462	1,096	25,800
Escrow deposits and deferred acquisition costs	1,000	0	(10,607)
NET CASH USED IN INVESTING ACTIVITIES	(101,958)	(290,513)	(74,244)
FINANCING ACTIVITIES:
Proceeds from borrowings on revolving line of credit	75,000	531,500	516,767
Repayments of line of credit borrowings	(90,000)	(25,000)	(185,000)
Principal payments on debt	(2,284)	(506,898)	(351,932)
Proceeds from the sale of non-controlling interests	1,353	674	0
Proceeds from equity offerings, net of issuance costs	0	0	96,617
Redemption of preferred stock	(413)	0	(75,000)
Purchases of capped call options	0	0	(21,131)
Common dividends paid	(26,945)	(10,048)	0
Preferred dividends and distributions paid	(18,829)	(18,341)	(15,521)
Proceeds from contributions by non-controlling interests in joint venture	20,592	204,125	115,546
Distributions to joint venture partner	(12,426)	(80,353)	0
Financing fees, debt transactions costs and other issuance costs	(10,383)	(7,441)	(11,411)
Repurchase of common stock for tax withholding requirements	(1,388)	(2,456)	(2,694)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(65,723)	85,762	66,241
Net change in cash, cash equivalents and restricted cash	(14,040)	(35,136)	58,048
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	61,808	96,944	38,896
End of period	47,768	61,808	96,944
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEET TO THE AMOUNTS SHOWN IN THE STATEMENT OF CASH FLOWS ABOVE:
Cash and cash equivalents	37,837	51,255	64,485
Restricted cash	9,931	10,553	32,459
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$ 47,768	$ 61,808	$ 96,944

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2023
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 lodging property 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 lodging properties with efficient operating models that generate strong margins and investment returns. At December 31, 2023, our portfolio consisted of 100 lodging properties with a total of 14,912 guestrooms located in 24 states. At December 31, 2023, we own 100% of the outstanding equity interests in 56 of 100 of our lodging properties. We own a 51% controlling interest in 41 hotels through a joint venture with USFI G-Peak Pte. Ltd. ("GIC"), a private limited company incorporated in the Republic of Singapore (the "GIC Joint Venture"), and two 90% equity interests in separate joint ventures (the "Brickell Joint Venture" and the "Onera Joint Venture"). The Brickell Joint Venture owns two lodging properties, and the Onera Joint Venture owns one lodging property. As of December 31, 2023, 86% of our guestrooms were located in the top 50 metropolitan statistical areas (“MSAs”), 90% were located within the top 100 MSAs and over 99% of our guestrooms operated under premium franchise brands owned by Marriott® International, Inc. (“Marriott”), Hilton® Worldwide (“Hilton”), Hyatt® Hotels Corporation (“Hyatt”), and InterContinental® Hotels Group (“IHG”).

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation We prepare our Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates. The accompanying Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities, if any, for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. We evaluate joint venture partnerships to determine if they should be consolidated based on whether the partners exercise joint control. For a joint venture where we exercise primary control and we also own a majority of the equity interests, we consolidate the joint venture partnership. We have consolidated the accounts of all of our joint ventures in our Consolidated Financial Statements. Segment Disclosure Accounting Standards Codification (“ASC”) No. 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable operating segment for activities related to investing in real estate; thus, all required financial segment information is included in the Consolidated Financial Statements. An operating segment is defined as the component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in order to allocate resources and assess performance. Our investments in real estate are geographically diversified and the chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the individual lodging property level. However, because each of our lodging properties have similar economic characteristics, facilities, and services, the lodging properties have been aggregated into a single operating segment. Acquisitions of Lodging Property We analyze the acquisition of a lodging property to determine if it qualifies as the purchase of a business or an asset acquisition. 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 and we would record the transaction as an asset acquisition, which includes the capitalization of acquisition costs. For an asset acquisition, we allocate the purchase price paid to the assets acquired and the liabilities assumed in the transaction based on their relative fair values. For a business combination, we would record the assets and liabilities acquired at their respective estimated fair values. When we acquire a lodging property, we use all available information to make these fair value determinations, including discounted cash flow analyses and market comparable data. In addition, we make significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, including estimated useful lives and judgements related to certain market assumptions. We also engage independent valuation specialists to assist in the fair value determinations of the assets acquired and the liabilities assumed. The determination of fair value is subjective and is based on assumptions and estimates that could differ materially from actual results in future periods. Investments in Lodging Property, net The Company allocates the purchase price of acquired lodging properties based on the relative fair values 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 lodging business being acquired as part of the 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, do not produce or contribute to the production of income other than consideration for the use or occupancy of space, and are recorded as a component of the related real estate asset in our Consolidated Financial Statements. We allocate the purchase price of acquired lodging properties to land, building and furniture, fixtures and equipment based on independent third-party appraisals. Our lodging properties and related assets are recorded at cost, less accumulated depreciation. We capitalize 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 development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred. We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense. When depreciable property and equipment is retired or disposed, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations. On a limited basis, we provide financing to developers of lodging properties for development projects. We evaluate these arrangements to determine if we participate in residual profits of the lodging property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the real property, we reflect the loan in Investments in lodging property, net in our Consolidated Balance Sheets. We monitor events and changes in circumstances for indicators that the carrying value of a lodging 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 lodging 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 lodging property sales, vi) significant negative industry or economic trends, and fair value less costs to sell of lodging properties held for sale relative to the contractual selling price. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the carrying amount of the asset is recoverable. If the carrying amount of the asset is not recoverable, we estimate the fair value of the property based on discounted cash flows 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 net fair value. Intangible Assets We amortize intangible assets with determined finite useful lives using the straight-line method. We do not amortize intangible assets with indefinite useful lives, but we evaluate these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Assets Held for Sale We periodically review our lodging properties and our undeveloped land based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit to identify properties that we believe are either non-strategic or no longer complement our business. Based on our review, we periodically market properties for sale that no longer meet our investment criteria. We also periodically receive unsolicited external inquiries that result in the sale of lodging properties. We classify assets as Assets held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets classified as Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value less estimated selling costs. We record a write-down on our Consolidated Statement of Operations when the carrying amounts of assets held for sale exceed their fair values less estimated selling costs. Variable Interest Entities We consolidate variable interest entities (each a “VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider other relevant factors including each entity’s capital structure, contractual rights to earnings or obligations for losses, subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a qualified intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Consolidated Balance Sheets and Consolidated Statements of Operations as a consolidated VIE until legal title is transferred to us upon completion of the 1031 Exchange. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions. Restricted Cash Restricted cash generally consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves. Trade Receivables and Credit Policies We grant credit to qualified customers, generally without collateral, in the form of trade accounts receivable. Trade receivables result from the rental of guestrooms and the sales of food, beverage, and banquet services and are payable under normal trade terms. Trade receivables also include credit and debit card transactions that are in the process of being settled. Trade receivables are stated at the amount billed to the customer and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.1 million at both December 31, 2023 and 2022. Bad debt expense was $0.4 million, $0.3 million and $0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Leases In accordance with Accounting Standards Update ("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 our Consolidated Balance Sheets for all leases with a term of greater than 12 months regardless of their classification. Several of our lodging properties 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 (the "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 leases and recognize short-term lease receivables 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 lodging property at or after the completion of the development project, and we also may provide seller financing in connection with a lodging property disposition under limited circumstances. We classify notes receivable as held-to-maturity and carry the notes receivable at cost less the unamortized discount, if any. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset 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 Consolidated Statements of Operations. When we place notes receivable on non-accrual 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. Deferred Charges, net Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method. Deferred Financing Fees Debt issuance costs are generally capitalized based on the debt transaction and presented as a direct deduction from the carrying value of the debt liability on the Consolidated Balance Sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method. Non-controlling Interests Non-controlling interests represent the portion of equity in a consolidated entity held by owners other than the consolidating parent. Non-controlling interests are reported in the Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations. Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and third-party ownership of our consolidated joint ventures. Redeemable Non-controlling Interests Redeemable non-controlling interests represent redeemable preferred units issued by our Operating Partnership ("Redeemable Preferred Units") in connection with the NCI Transaction (see " Note 3 - Investments in Lodging Property, net " for additional information). The Redeemable Preferred Units are presented as temporary equity related to our Operating Partnership on our Consolidated Balance Sheets under the caption of "Redeemable Non-controlling Interests ("see " Note 9 - Equity " for further information). We record Redeemable non-controlling interests at fair value on the issuance date of the securities. When the carrying value (the acquisition date fair value adjusted for the non-controlling interest’s share of net income (loss) and dividends) is less than the redemption value, we adjust the redeemable non-controlling interest to equal the redemption value with changes recognized as an adjustment to Accumulated deficit and distributions in excess of retained earnings. Any such adjustment, when necessary, is recorded as of the applicable Consolidated Balance Sheet date. Revenue Recognition Revenues from the operation of our lodging properties 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 lodging property revenues and are presented on a disaggregated basis on our Consolidated Statements of Operations. Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy lodging 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 lodging property's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers. Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services such as parking at certain lodging properties 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 lodging properties have retail spaces, restaurants or other spaces that we lease to third parties. Lease revenues are recognized on a straight line basis over the respective lease terms and are included in Other income on our Consolidated 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. Sales and Other Taxes We have operations in states and municipalities that impose sales or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted. Equity-Based Compensation Our 2011 Equity Incentive Plan, which was amended and restated effective 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. We have elected to account for forfeitures as they occur. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC No. 718, Compensation — Stock Compensation . We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to forfeitures or modification of previously granted awards. Restricted stock awards are generally granted by our board of directors (the "Board") on or about the same date annually based on the 10-day volume-weighted average price of our common stock. As such, no adjustment is required for material nonpublic information that may exist at the time of restricted stock grants. Derivative Financial Instruments and Hedging All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include interest rate swaps, caps and collars. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. The change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts in Other comprehensive income will be reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings. We have adopted ASC No. 848, Rate Reference Reform, at December 31, 2022. Under ASC No. 848 we have elected to not reassess a previous accounting determination related to our derivative financial instruments. We have also made elections to not de-designate the hedging relationships with the change in critical terms. Finally, we made elections to not de-designate the hedging relationships due to changes in hedged instruments, hedged items or future forecasted hedged transactions. Income Taxes We have elected to be taxed as a REIT under sections 856 through 859 of the IRC. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, subject to certain adjustments and excluding any net capital gain. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRS Lessees 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 qualify for 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 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. At December 31, 2023, the Company continues to be in a three-year cumulative loss. As such, the realizability of our deferred tax assets at December 31, 2023 is not reasonably assured. Therefore, we have recorded a valuation allowance against substantially all of our deferred tax assets at December 31, 2023. We perform a review of any uncertain tax positions and if necessary, will record expected future tax consequences of uncertain tax positions in the financial statements. Fair Value Measurement Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets. Level 3: Unobservable inputs in which there is little or no market information, which require a reporting entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis 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. Assets measured at fair value on a nonrecurring basis consist of lodging properties classified as Assets Held For Sale that are recorded at the lower of historical cost or fair value, which is the selling price less estimated costs to sell (Level 2). Earnings Per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. We apply the two-class method of computing earnings (loss) per share, which requires the calculation of separate earnings (loss) per share amounts for participating securities. 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. Any anti-dilutive securities are excluded from the basic per-share calculation. Diluted EPS is computed by dividing net income (loss) available to common stockholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Basic and diluted loss per share for the years ended December 31, 2023, 2022 and 2021 are calculated as Net loss attributable to common stockholders for each respective period divided by weighted average common shares outstanding for each respective period as all other securities are antidilutive. Potentially dilutive shares include unvested restricted share grants, unvested performance share grants, common shares issuable upon conversion of convertible debt and common shares issuable upon conversion of Common Units of our Operating Partnership. Use of Estimates Our 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 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 consolidated financial position and results of operations. New Accounting Standards In October 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-06, Disclosure Improvements , codification amendments in response to the U.S. Securities and Exchange Commission's ("SEC") Disclosure Update and Simplification Initiative that was issued in August 2018. ASU 2023-06 will modify the disclosure or presentation requirements related to various subtopics, with clarifications to or technical corrections of the current requirements. The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. ASU 2023-06 applies to all reporting entities within the scope of the amended subtopics. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or

INVESTMENTS IN LODGING PROPERTY

INVESTMENTS IN LODGING PROPERTY, NET	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
INVESTMENTS IN LODGING PROPERTY, NET	INVESTMENTS IN LODGING PROPERTY, NET Investments in Lodging Property, net Investments in lodging property, net at December 31, 2023 and 2022 include (in thousands): 2023 2022 Land $ 373,039 $ 373,106 Lodging buildings and improvements 2,786,223 2,815,993 Intangible assets 39,954 39,954 Construction in progress 41,324 64,159 Furniture, fixtures and equipment 268,631 252,842 Real estate development loan (1) 4,176 — 3,513,347 3,546,054 Less - accumulated depreciation and amortization (784,298) (704,198) $ 2,729,049 $ 2,841,856 (1) In January 2023, we entered into an agreement with affiliates of Onera Opportunity Fund I, LP to provide a mezzanine financing loan to fund up to $4.6 million for the development of a property. The mezzanine loan was classified as Investments in Lodging Property, net in our Consolidated Balance Sheet at December 31, 2023. See "Note 4 - Investment in Real Estate Loans" for further information. Depreciation expense was $150.3 million, $149.5 million, and $105.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. Lodging Property Acquisitions Residence Inn by Marriott - Scottsdale, AZ In June 2023, the GIC Joint Venture acquired the Residence Inn by Marriott located in Scottsdale, AZ containing 120 guestrooms for a purchase price of approximately $29.0 million. GIC made a capital contribution of $13.7 million, or 49% of the cash paid at closing, to the GIC Joint Venture, and the Operating Partnership made a capital contribution of $14.3 million, or 51% of the cash paid at closing to the GIC Joint Venture, along with $1.0 million of earnest money that was paid from available cash of the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on our revolving line of credit. Nordic Lodge - Steamboat Springs, CO In June 2023, the GIC Joint Venture acquired the Nordic Lodge located in Steamboat Springs, CO containing 47 guestrooms for a purchase price of approximately $13.7 million. GIC made a capital contribution of $6.7 million, or 49% of the purchase price, to the GIC Joint Venture and the Operating Partnership made a capital contribution of $7.0 million, or 51% of the purchase price, to the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on our revolving line of credit. NCI Transaction In January and March 2022, the Operating Partnership and the GIC Joint Venture closed on a transaction with NewcrestImage Holdings, LLC, a Delaware limited liability company, and NewcrestImage Holdings II, LLC, a Delaware limited liability company (together, “NewcrestImage”), to purchase from NewcrestImage a portfolio of 27 lodging properties, containing an aggregate of 3,709 guestrooms, and two parking structures, containing 1,002 spaces and various financial incentives for an aggregate purchase price of $822.0 million (the "NCI Transaction"), paid in the form of 15,864,674 Common Units (deemed value of $10.0853 per unit), 2,000,000 preferred units of limited partnership of the Operating Partnership newly designated as 5.25% Series Z Cumulative Perpetual Preferred Units (Liquidation Preference $25 Per Unit) (the “Series Z Preferred Units”), cash draws totaling $410.0 million from a term loan entered into by subsidiaries of the GIC Joint Venture, the assumption by a subsidiary of the GIC Joint Venture of approximately $6.5 million in Property Assessed Clean Energy ("PACE") loan debt, $5.9 million of cash contributed to escrow in the prior year by GIC, as a limited partner in the GIC Joint Venture, and approximately $185.2 million cash contributed by GIC at closing. GIC also contributed to the GIC Joint Venture an additional $18.5 million in cash for estimated pre-acquisition costs related to the NCI Transaction, a portion of which was distributed to the Operating Partnership as reimbursement for transaction costs paid by the Operating Partnership. We valued the Common Units and Series Z Preferred Units at fair market value on the closing dates of the NCI Transaction, which resulted in us recording the issued Common Units and Series Z Preferred Units at $157.5 million and $50.0 million, respectively. The Common Units were recorded at the closing prices of our Common Stock on the closing dates since the Common Units are redeemable for shares of our Common Stock on a 1:1 basis. We estimated the fair value of the Series Z Preferred Units based on the features and stated dividend coupon of the Series Z Preferred Units relative to similar securities with more readily determinable market values. We recorded the Series Z Preferred Units at their redemption value of $50.0 million, which approximates fair value on the closing dates. Our GIC Joint Venture assumed $335.2 million of debt in connection with the NCI Transaction and immediately repaid $328.7 million of the assumed debt on the closing date using proceeds from borrowings on the GIC Joint Venture Term Loan (as described below). We recorded debt assumed in connection with the NCI Transaction at its face amount, which approximated fair market value on the closing date. Our Joint Venture recorded the NCI Transaction as an asset acquisition and allocated the aggregate purchase price paid for the NCI Transaction to the net assets acquired based on their relative fair values. In determining relative fair values, we made significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, and judgements related to certain market assumptions. Incentives and other intangibles include tax incentives totaling approximately $19.8 million associated with certain of the acquired properties in the NCI Transaction and are being amortized over a weighted average amortization period of approximately 9.1 years, which is the period in which we expect to meet the requirements to receive payment of the tax incentives. Other intangible assets totaling approximately $3.9 million are related to key money associated with certain of the lodging properties acquired in the NCI Transaction and are being amortized over a weighted average amortization period of approximately 19.7 years, which is the remaining key money contract period with the franchisor. Brickell Transaction In June 2022, we formed the Brickell Joint Venture (see " Note 10 - Non-controlling Interests and Redeemable Non-controlling Interests ") to facilitate the exercise of our initial purchase option to acquire a 90% equity interest (the "Initial Purchase Option") in the AC Hotel by Marriott and Element Miami Brickell Hotel in Miami, FL (together the "AC/Element Hotel"). The exercise price of the Initial Purchase Option was $89.0 million and was primarily funded with the conversion of the mezzanine loan of $29.9 million to equity, $7.9 million in cash and the assumption of debt. Onera Transaction In October 2022, we formed the Onera Joint Venture (see " Note 10 - Non-controlling Interests and Redeemable Non-controlling Interests ") to facilitate the acquisition of a 90% equity interest in the Onera Opportunity Fund I LP ("Onera") for $5.2 million in cash, plus additional contingent consideration of $1.8 million paid in September 2023. The Onera Joint Venture has a 100% fee simple interest in real property and improvements consisting of an 11-unit glamping property and a 6.4-acre parcel of land. Lodging property acquisitions during the years ended December 31, 2023 and 2022 were as follows (dollar amounts in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase 2023 Acquisitions: June 1, 2023 Residence Inn by Marriott Scottsdale, AZ 120 $ 29,000 June 23, 2023 Nordic Lodge Steamboat Springs, CO 47 13,700 Total acquisitions 2023 167 $ 42,700 2022 Acquisitions: January 13, 2022 Portfolio of properties - twenty-six lodging properties and two parking garages (1) Various 3,533 $ 766,000 March 23, 2022 Canopy Hotel by Hilton (1) New Orleans, LA 176 56,000 June 10, 2022 AC/Element Hotel (2) Miami, FL 264 80,100 October 26, 2022 Onera (3) Fredericksburg, TX 11 7,000 Total acquisitions 2022 3,984 $909,100 (1) In January 2022, we acquired a portfolio of twenty-six hotels and two parking garages for an aggregate purchase price of 766.0 million. The hotels acquired included 21 hotels and two parking garages in Texas, two hotels in Louisiana, and three hotels in Oklahoma under the following brands: Marriott (13), Hilton (7), Hyatt (4), and IHG (2). In March 2022, we acquired the Canopy New Orleans upon completion of its construction for a purchase price of $56.0 million. (2) We acquired a 90% equity interest in the AC/Element Hotel for $80.1 million based on the exercise price of the Initial Purchase Option of $89.0 million. The transaction included the assumption of $47.0 million of debt resulting in a net consideration payment requirement of $42.0 million. We paid 90% of the required net consideration with the conversion of our $29.9 million mezzanine loan into equity and a cash payment of $7.9 million. The carrying amount of our Initial Purchase Option of $2.8 million is also included in the total amount allocated to the assets acquired. The Brickell Joint Venture partner’s non-controlling interest of $6.9 million represents 10% of the fair value of the net assets on the transaction date, determined by a third-party valuation expert based on discounted forecasted future cash flows of the net assets acquired. We also incurred $0.6 million of transaction costs. The result is a total amount allocated to the assets acquired of $95.1 million plus an intangible asset totaling $2.0 million related to the assumption of the franchises for the hotel properties and a related key money liability. (3) In October 2022, we completed the acquisition of a 90% equity interest in Onera Joint Venture which owns an 11-unit glamping property for $5.2 million based on aggregate purchase price of $5.8 million. We paid for our 90% in cash, plus $0.5 million of transaction costs. Additionally, the transaction includes additional contingent consideration (based on performance of the property for the 12-month period ending July 31, 2023) that was paid in September 2023 of $1.8 million. The Onera Joint Venture has a 100% fee simple interest in real property and improvements consisting of 11 lodging units and a 6.4-acre parcel of undeveloped land. The allocation of the aggregate purchase prices and contingent consideration to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands): 2023 2022 Land $ 12,645 $ 68,426 Lodging buildings and improvements 30,721 756,551 Furniture, fixtures and equipment 1,448 82,730 Incentives and other intangibles — 25,642 Other assets — 5,318 Total assets acquired (1) (2) 44,814 938,667 Less debt assumed — (382,205) Less lease liabilities assumed — (5,441) Less other liabilities — (5,892) Net assets acquired $ 44,814 $ 545,129 (1) Total assets acquired during the year ended December 31, 2023 is based on an aggregate purchase price of $42.7 million plus transaction costs of $0.1 million and $1.8 million related to contingent consideration paid to the seller in September 2023. See "Note 10 - Non-controlling Interests and Redeemable Non-controlling Interests" for details related to the Onera Joint Venture. (2) Total assets acquired during the year ended December 31, 2022 is based on an aggregate purchase price of $909.1 million adjusted for the following items: • NCI Transaction: interest swap breakage fees and debt defeasance costs of $3.5 million, a reduction to the value of the Common Units issued on the closing date of $2.5 million, plus transaction costs of $3.0 million, and intangible assets totaling $9.1 million acquired outside of escrow, and • Brickell Transaction: Brickell Joint Venture partner’s non-controlling interest of $6.9 million; Brickell Joint Venture partner’s non-controlling interest share of the debt assumed as part of the transaction of $4.7 million, the assumption of intangible assets totaling $2.0 million, the carrying amount of our Initial Purchase Option of $2.9 million, and transactions costs of $0.6 million. • Onera Transaction: Onera Joint Venture partner's non-controlling interest of $0.8 million and $0.5 million of transaction costs. All lodging property purchases completed during the years ended December 31, 2023 and 2022 were deemed to be the acquisition of assets. Therefore, acquisition costs related to these transactions have been capitalized as part of the recorded amounts of the acquired net assets. Lodging Property Sales Portfolio of Four Lodging Properties In May 2023, we completed the sale of four lodging properties (the "Sale Portfolio") for an aggregate gross selling price of $28.1 million as follows: Franchise/Brand Location Guestrooms Hilton Garden Inn Minneapolis (Eden Prairie), MN 97 Holiday Inn Express & Suites Minneapolis (Minnetonka), MN 93 Hyatt Place Chicago (Hoffman Estates), IL 126 Hyatt Place Chicago (Lombard/Oak Brook), IL 151 467 At December 31, 2022, we classified the Sale Portfolio as Assets Held for Sale and recorded a write-down of $2.9 million to reduce the carrying amount of the net assets to the selling price less estimated costs to sell. As such, the net selling proceeds approximated the net carrying amount of the Sale Portfolio at closing. Hyatt Place - Baltimore (Owings Mills), MD In December 2023, we completed the sale of the 123-guestroom Hyatt Place in Baltimore, MD for a gross selling price of $8.3 million. The net selling price less costs to sell approximated the net book value of the hotel property on the sale date resulting in a nominal gain that was recorded in the fourth quarter of 2023. Hilton Garden Inn San Francisco Airport North - San Francisco, CA In May 2022, the GIC Joint Venture completed the sale of a 169-guestroom Hilton Garden Inn San Francisco Airport North in San Francisco, CA for a gross selling price of $75.0 million. The sale of this property resulted in a net gain of $20.5 million to the GIC Joint Venture during the year ended December 31, 2022. Hyatt Place - Dallas (Plano), TX During the fourth quarter of 2023, we entered into a purchase and sale agreement with a third-party to sell the 127-guestroom Hyatt Place Dallas (Plano), TX for $10.3 million. We reclassified the property in Assets Held for sale, net at December 31, 2023 and recorded a write-down of $4.0 million in the fourth quarter of 2023 for the excess of the net carrying amount of the portfolio of properties over the net selling price less estimated costs to sell. We completed the sale of the property on February 15, 2024 under the terms described above. Intangible Assets Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands): December 31, Weighted Average Amortization Period (in Years) 2023 2022 Indefinite-lived Intangible assets: Air rights N/A $ 10,754 $ 10,754 Other N/A 80 80 10,834 10,834 Finite-lived intangible assets: Tax incentives (1) 9.2 19,750 19,750 Key money (1) 17.8 9,370 9,370 29,120 29,120 Total intangible assets 39,954 39,954 Less - accumulated amortization (9,251) (5,110) Intangible assets, net $ 30,703 $ 34,844 (1) Finite-lived intangible assets were primarily acquired in the NCI Transaction. We recorded amortization expense related to intangible assets of approximately $4.1 million and $4.0 million for the years ended December 31, 2023 and 2022, respectively. There was no amortization expense related to intangible assets for the for the year ended December 31, 2021. Future amortization expense related to intangible assets is as follows (in thousands): For the Year Ended Amount 2024 $ 4,126 2025 1,564 2026 1,564 2027 1,511 2028 1,016 Thereafter 10,088 $ 19,869 Assets Held for Sale Assets held for sale, net at December 31, 2023 include a parcel of undeveloped land in Flagstaff, AZ and certain properties that are under contract for sale and expected to close during the first half of 2024 as follows (in thousands): December 31, 2023 2022 Under Contract for Sale: Portfolio of four lodging properties $ — $ 27,516 Hyatt Place - Dallas (Plano), TX 9,940 — One individual lodging property and a portfolio of two lodging properties 54,146 — Parcel of undeveloped land - San Antonio, TX 1,225 1,225 65,311 28,741 Marketed for Sale: One individual lodging property 8,004 — Parcel of undeveloped land - Flagstaff, AZ 425 425 $ 73,740 $ 29,166 During the first quarter of 2024, we entered into two separate purchase and sale agreements with two unrelated third-parties to sell one individual lodging property and a portfolio of two lodging properties with an aggregate 529-guestrooms for an aggregate selling price of $84.0 million. We reclassified all three of the properties to Assets Held for sale, net at December 31, 2023 and recorded a write-down of $1.4 million in the fourth quarter of 2023 for the excess of the net carrying amount of one of the lodging properties over its net selling price less estimated costs to sell. We expect to complete the transactions during the first half of 2024. At December 31, 2023, we have a lodging property with 101-guestrooms being marketed for sale. We have reclassified the property to Assets Held for Sale, net at December 31, 2023 and recorded a write-down of $11.3 million in the fourth quarter of 2023 for the excess of the net carrying amount of the lodging property over its expected net selling price less estimated costs to sell. During the first quarter of 2023, we entered into a purchase and sale agreement with a third-party to sell a 5.99-acre parcel of undeveloped land in San Antonio, TX for $1.3 million. We expect to complete the transaction during the second quarter of 2024. During the year ended December 31, 2022, the Company recorded a Loss on write-down of assets of $2.9 million to reduce the carrying amounts of the Hilton Garden Inn - Eden Prairie, MN, Holiday Inn Express & Suites - Minnetonka, MN, Hyatt Place - Chicago (Hoffman Estates), and Hyatt Place - Chicago (Lombard), IL to their net selling prices less estimated costs to sell. Additionally, during the year ended December 31, 2022, the Company recorded a loss on write-down of assets of $7.2 million to reduce the carrying amounts of two lodging properties to their expected selling prices less estimated costs to sell. The proposed sale of these two lodging properties was terminated during the year ended December 31, 2023. During the year ended December 31, 2021, the Company recorded a loss on write-down of assets of $4.4 million on its unexercised purchase options related to real estate development loans. See " Note 11 – Fair Value Measurement " for further information.

INVESTMENT IN REAL ESTATE LOANS

INVESTMENT IN REAL ESTATE LOANS	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE LOANS	INVESTMENT IN REAL ESTATE LOANS Real Estate Development Loans Onera Mezzanine Financing Loan In January 2023, we entered into an agreement with affiliates of Onera Opportunity Fund I, LP ("Onera") to provide a mezzanine financing loan to fund up to $4.6 million (the "Onera Mezzanine Loan") for the development of a lodging property in Wimberley, TX. The Onera Mezzanine Loan is secured by a second mortgage on the property and is subordinate to the senior lender for the development project. The loan matures 24 months from the closing date of the transaction and may be extended for an additional 12 months at the borrower's option. Additionally, we issued a $3.0 million letter of credit to the senior lender of the project as additional support for Onera's construction loan. We also have an option to purchase 90% of the equity of the entity that owns the development property upon completion of construction or upon the one-year anniversary of such completion at a pre-determined price (the "Onera Purchase Option"). The development is expected to be completed in the second half of 2024. As of December 31, 2023, we have funded our entire $4.6 million commitment under the mezzanine financing loan. The balance of the Onera Mezzanine Loan is recorded net of the unamortized discount related to the carrying amount of the Onera Purchase Option of $0.4 million at December 31, 2023, and is classified as Investments in lodging property, net in our Consolidated Balance Sheets at December 31, 2023. We recorded the Onera Purchase Option related to the Onera Mezzanine Loan at its estimated fair value of $0.9 million on the transaction date using the Black-Scholes model in Other assets and as a contra-asset to Investments in lodging property, net. The recorded amount of the Onera Purchase Option is being amortized over the term of the Onera Mezzanine Loan using the straight-line method, which approximates the interest method, as non-cash interest income. For the year ended December 31, 2023, we amortized $0.5 million of the carrying amount of the Onera Purchase Option as non-cash interest income. Our estimate of the fair value of the Onera Purchase Option under the Black-Scholes model requires judgment and estimates primarily related to the volatility of our stock price and expected levels of future dividends on our common stock. Although our estimate contemplates current and expected future conditions, as applicable, it is reasonably possible that actual conditions could materially differ from our expectations. Brickell Mezzanine Financing Loan During the year ended December 31, 2019, we executed a mezzanine financing loan to a developer, as amended (the "Brickell Mezzanine Loan"), to fund up to $29.9 million for a mixed-use development project that included the AC/Element Hotel, retail space, and parking. During the second quarter of 2022, we exercised our option (the “Initial Purchase Option”) to purchase a 90% interest in the AC/Element Hotel, retail space, and parking that was granted in connection with the Brickell Mezzanine Loan, which resulted in payment in full of the Brickell Mezzanine Loan. We also have the right to purchase the remaining interest in the property five years after the completion of construction. The Brickell Mezzanine Loan was classified as Investments in lodging property, net in our Condensed Consolidated Balance Sheets. Seller-Financing Loans In June 2018, we sold two hotel properties for an aggregate selling price of $24.9 million. We provided seller financing in two notes totaling $3.6 million on the sale of these properties. During the year ended December 31, 2020, we recorded an allowance for credit losses in an amount equal to the outstanding principal balance of the loans due to a borrower default caused by the negative effects of the Pandemic. During the year ended December 31, 2022, we received $0.6 million from the borrower to repay one of the two loans in full and $0.5 million of principal payments on the remaining loan. As such, we recorded Recoveries of credit losses of $1.1 million during the year ended December 31, 2022. During the year ended December 31, 2023, we received $1.5 million from the borrower to repay approximately $0.3 million of accrued and unpaid interest and the remaining outstanding principal balance of the remaining loan. As a result, we recorded Recoveries of credit losses of $1.2 million during the year ended December 31, 2023 related to the repayment in full of the seller-financing loan. The seller-financing loan, net was included in Prepaid expenses and other in our Consolidated Balance Sheets at December 31, 2022. Investment in real estate loans, net at December 31, 2022 was as follows (in thousands): December 31, 2022 Real estate loan $ 1,250 Allowance for credit losses (1,250) $ —

SUPPLEMENTAL BALANCE SHEET INFO

SUPPLEMENTAL BALANCE SHEET INFORMATION	12 Months Ended
	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
SUPPLEMENTAL BALANCE SHEET INFORMATION	SUPPLEMENTAL BALANCE SHEET INFORMATION Restricted Cash Restricted cash was as follows (in thousands): December 31, 2023 2022 FF&E reserves $ 9,583 $ 10,223 Property taxes 343 316 Other 5 14 $ 9,931 $ 10,553 The Company maintains reserve funds for property taxes, insurance, capital expenditures and replacement or refurbishment of furniture, fixtures and equipment at some of our lodging properties in accordance with management, franchise or mortgage loan agreements. These agreements generally require us to reserve cash ranging from 2% to 5% of the revenues of the individual lodging property 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. Prepaid Expenses and Other Prepaid expenses and other included the following (in thousands): December 31, 2023 2022 Deferred acquisition costs $ 199 $ 334 Prepaid insurance 1,945 1,708 Prepaid taxes 1,478 1,639 Other 5,243 4,697 $ 8,865 $ 8,378 Deferred Charges Deferred charges were as follows (in thousands): December 31, 2023 2022 Franchise fees $ 10,106 $ 10,079 Less - accumulated amortization (3,447) (3,005) $ 6,659 $ 7,074 Amortization expense for the years ended December 31, 2023, 2022, and 2021 was $0.6 million, $0.7 million and $0.5 million, respectively. Other Assets Other assets included the following (in thousands): December 31, 2023 2022 Derivative financial instrument $ 13,958 $ 16,841 Purchase options related to real estate loan 931 — Deferred tax asset, net 20 108 Other 645 1,001 $ 15,554 $ 17,950 Accrued Expenses and Other Accrued expenses and other included the following (in thousands): December 31, 2023 2022 Accrued property, sales and income taxes $ 26,590 $ 28,972 Accrued salaries and benefits 13,307 13,029 Other accrued expenses at lodging properties 26,745 25,282 Accrued interest 6,136 4,158 Other 8,437 9,863 $ 81,215 $ 81,304

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT At December 31, 2023, our indebtedness was comprised of borrowings under our 2023 Senior Credit Facility (as defined below), the 2018 Term Loan (as defined below), the GIC Joint Venture Credit Facility (as defined below), the GIC Joint Venture Term Loan (as defined below), the PACE Loan (as defined below), the Brickell Mortgage Loan (as defined below), the Convertible Notes (as defined below), and other indebtedness secured by first priority mortgage liens on various lodging properties. The weighted average interest rate, after giving effect to our interest rate derivatives, for all borrowings was 5.31% and 5.04% at December 31, 2023 and 2022, respectively. $600 Million Senior Credit and Term Loan Facility In June 2023, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the loan documentation as a subsidiary guarantor, entered into an amended and restated $600.0 million senior credit facility (the “2023 Senior Credit Facility”) with Bank of America, N.A., as successor administrative agent, and a syndicate of lenders. The 2023 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”). The 2023 Senior Credit Facility has an accordion feature which allows the Company to increase the total commitments by an aggregate of up to $300.0 million. The $400 Million Revolver has a maturity date of June 2027, which may be extended by the Company for up to two consecutive six-month periods, subject to certain conditions and the $200 Term Loan has a maturity date of June 2026, which may be extended by the Company for up to two consecutive 12-month periods, subject to certain conditions. At December 31, 2023, the $200 Million Term Loan was fully funded, and we had no borrowings on our $400 Million Revolver. Borrowings under the 2023 Senior Credit Facility are limited by the value of the Unencumbered Assets. The 2023 Senior Credit Facility bears interest at the Secured Overnight Financing Rate (“SOFR”). The interest rate on the $400 Million Revolver is based on the higher of (i) a pricing grid ranging from 140 basis points to 240 basis points plus Adjusted Daily SOFR or Adjusted Term SOFR, depending on the Company's leverage ratio (as defined in the loan documents); and (ii) a pricing grid ranging from 40 basis points to 140 basis points over the Base Rate, depending on the Company's leverage ratio (as defined in the credit agreements governing the 2023 Senior Credit Facility). The interest rate on the $200 Million Term Loan pursuant to the 2023 Senior Credit Facility is based on the higher of (i) a pricing grid ranging from 135 basis points to 235 basis points plus Adjusted Daily SOFR or Adjusted Term SOFR, depending on the Company's leverage ratio (as defined in the loan documents); and (ii) a pricing grid ranging from 35 basis points to 135 basis points over the Base Rate, depending on the Company's leverage ratio (as defined in the loan documents). Term SOFR will be available for one, three and six-month interest periods. The Base Rate is a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced by Bank of America as its “prime rate,” (c) SOFR published on such day on the Federal Reserve Bank of New York’s website (or any successor source) plus 1.00% and (d) 1.00%. For purposes of the 2023 Senior Credit Facility, SOFR is subject to a floor of zero basis points. We are also required to pay an unused fee (“Unused Fee”) on the undrawn portion of the $400 Million Revolver. The Unused Fee shall be calculated on a daily basis on the unused amount of the $400 Million Revolver multiplied by (i) 0.25% per annum in the event that Revolver usage is greater than 50%, and (ii) 0.20% per annum in the event that Revolver usage is equal to or less than 50%. The Unused Fee is payable quarterly in arrears and on the final maturity date of the $400 Million Revolver. The 2023 Senior Credit Facility requires 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, which conditions were satisfied subsequent to December 31, 2023 and the pledge of such equity interests were released in full. The 2023 Senior Credit Facility also permitted the Company to complete the Convertible Notes Offering (defined below), the Series F preferred shares offering (defined below), close on the NCI Transaction and enter into equity transactions and indebtedness related thereto. Term Loans 2018 Term Loan In February 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 December 31, 2023. 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 Million 2018 Term Loan Between May 2020 and July 2022, the Company entered into several amendments to the 2018 Term Loan (collectively, the "2018 Term Loan Amendments"). The amendments to the 2018 Term Loan are substantially the same as the 2023 Senior Credit Facility. There was no modification to the maturity date of the 2018 Term Loan. We pay interest on advances at varying rates, based upon, at our option, either (i) daily, 1-, 3-, or 6-month SOFR (subject to a floor of 25 basis points), plus a SOFR adjustment equal to 10 basis points and an applicable margin between 135 and 215 basis points, depending upon our leverage ratio (as defined in the loan documents). We are required to pay other fees, including customary arrangement and administrative fees. 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 were the same as the Company's prior senior credit facility. At December 31, 2023, we were in compliance with all financial covenants. Unencumbered Assets . Borrowings under the 2018 Term Loan are limited by the value of the Unencumbered Assets. Subsequent to year-end, the Company successfully completed a new $200 million senior unsecured term loan financing (the “2024 Term Loan”) that refinanced and replaced the 2018 Term Loan. The 2024 Term Loan has an initial maturity date of February 2027 and can be extended for two 12-month periods at the Company’s option, subject to certain conditions, for a fully extended maturity date of February 2029.The 2024 Term Loan provides for interest rate pricing ranging from 135 basis points to 235 basis points over the applicable adjusted term SOFR or 35 basis points to 135 basis points over base rate, at the Company's option. Proceeds from the 2024 Term Loan financing and advances on our $400 Million Revolver were used to repay in full the Company’s $225 million 2018 Term Loan that was scheduled to mature in February 2025. In connection with the closing of the 2024 Term Loan, the collateral securing the Company’s 2023 Senior Credit Facility was released. As a result of the 2024 Term Loan financing, the Company has significantly reduced debt maturities until 2026 and has an average length to maturity of approximately 3.6 years. Other terms of the agreement are similar to the Company’s 2023 Senior Credit Facility. Convertible Senior Notes and Capped Call Options In January 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 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 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 described below). These proceeds were used to pay the cost of the Capped Call Transactions and to partially repay outstanding obligations under the Company's prior senior credit facility and a $62.0 million 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 each of the years ended December 31, 2023, 2022 and 2021, the Company recorded coupon interest expense of $4.3 million, $4.3 million, and $4.2 million, respectively, and amortized $1.5 million during each of the years ended December 31, 2023, 2022, and 2021 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 2.02%. The unamortized discount related to the Convertible Notes was $3.2 million and $4.7 million at December 31, 2023 and 2022, respectively. 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. Commensurate with the declaration of dividends on our common stock and Common Units during the years ended December 31, 2023 and 2022, the conversion rate of the Convertible Notes was adjusted to 87.0869 shares of common stock per $1,000 principal amount of Convertible Notes at December 31, 2023. In January 2021, in connection with the pricing of the Convertible Notes and 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. The strike price was $14.61 at December 31, 2023 due to the adjustments related to the dividends paid during the years ended December 31, 2023 and 2022. MetaBank and Other Mortgage Loans In June 2017, Summit Meta 2017, LLC (“SM-17”), a subsidiary of our Operating Partnership, 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 hotel properties and is subject to a prepayment penalty if prepaid prior to April 1, 2027. In or around December 2021, MetaBank sold the MetaBank Loan to Bayside MB CRE Loans, LLC (“Bayside”). In October 2022, and on several occasions thereafter, Bayside's legal counsel sent letters to SM-17 alleging various events of default under the MetaBank Loan, primarily related to certain non-monetary covenants. In all cases, SM-17's legal counsel sent written responses to Bayside disputing that any events of default have occurred. At December 31, 2023 and 2022, we had mortgage loans totaling $123.3 million and $125.6 million, respectively, that are secured primarily by first mortgage liens on eight hotel properties each at December 31, 2023 and 2022. During 2022, we entered into agreements to fully defease four commercial mortgage-backed securities ("CMBS") mortgage loans totaling $87.3 million, and by placing into trust an amount sufficient to cover future principal and interest payments. The defeasance resulted in the 11 lodging properties that collateralized the CMBS mortgage loans becoming unencumbered. The defeasance was recorded as an extinguishment of the debt since we have been fully released from liability. As part of the transaction, we incurred transaction costs of $0.8 million that were recorded as Transaction Costs in our Statement of Operations for the year ended December 31, 2022. We will no longer be obligated to make future interest payments of approximately $2.4 million between the defeasance dates and the original maturity dates, and $26.8 million of restricted cash reserves were returned to us. We also expensed $0.1 million of unamortized deferred financing costs related to the defeased CMBS mortgage loans as Transaction Costs during the year ended December 31, 2022. GIC Joint Venture Credit Facility In October 2019, Summit JV MR 1, LLC (the “Borrower”), as borrower, and Summit Hospitality JV, LP (the “Parent” or "GIC Joint Venture"), as parent of the Borrower, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $200.0 million credit facility (the “GIC Joint Venture Credit Facility”) with Bank of America, N.A., as administrative agent and sole initial lender, and BofA Securities, Inc., as sole lead arranger and sole bookrunner. The Operating Partnership and the Company are not borrowers or guarantors of the GIC Joint Venture Credit Facility. The GIC Joint Venture Credit Facility is guaranteed by all of the Borrower’s existing and future subsidiaries, subject to certain exceptions. The GIC 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 GIC Joint Venture Credit Facility has an accordion feature which allows the GIC Joint Venture to increase the total commitments by up to $300.0 million, for aggregate potential borrowings of up to $500.0 million on the GIC Joint Venture Credit Facility. At December 31, 2023, the GIC Joint Venture had $125.0 million outstanding under the $125 Million Revolver. The $125 Million Revolver and the $75 Million Term Loan have an initial maturity date of September 2027 and can be extended for a single 12-month period at the option of the GIC Joint Venture, subject to certain conditions. As such, the $125 Million Revolver and the $75 Million Term Loan have a fully extended maturity date of September 2028. The interest rate on the $125 Million Revolver is based on the higher of (i) Daily SOFR or Term SOFR (1-month or 3-month), plus a SOFR adjustment of 0.10%, plus a margin of 2.15%, or, (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, and 1-month Term SOFR plus 1.00%, plus a base rate margin of 1.15%. The interest rate on the $75 Million Term Loan is five basis points less than the interest rate on the $125 Million Revolver referenced above. In addition, on a quarterly basis, the GIC Joint Venture will be required to pay a fee on the unused portion of the GIC Joint Venture Credit Facility equal to the unused amount multiplied by an annual rate of 0.25% of the average unused amount of the GIC Joint Venture Credit Facility. The GIC Joint Venture will also be required to pay other fees, including customary arrangement and administrative fees. The GIC Joint Venture Credit Facility requires the borrower and certain subsidiaries to pledge to the secured parties all of the equity interests in the entities that own the 13 lodging properties included in the borrowing base assets, the related TRS entities that lease each of the borrowing base assets, and all other subsidiaries of the borrower and the subsidiary guarantors, subject to certain exceptions. Amendments to $200 Million GIC Joint Venture Credit Facility In June 2020, the Company entered into a Second Amendment to Credit Agreement related to the GIC Joint Venture Credit Facility (the “Second Amendment”). The Second Amendment resulted in waivers or adjustments to certain financial and other covenants under the GIC Joint Venture Credit Facility, which are described in the Current Report on Form 8-K filed by the Company on June 24, 2020. In April 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 GIC Joint Venture Credit Facility (the “Third Amendment”). Under the Third Amendment, certain financial and other covenants under the GIC Joint Venture Credit Facility were waived or adjusted as follows: • Increase of the Maximum Leverage Ratio through the initial maturity date (as defined in the loan agreements); • Increase of the Borrowing Base Leverage through the initial maturity date (as defined in the loan agreements); During the covenant waiver period (which ended during 2022), the applicable margin was increased to 230 basis points and 225 basis points for the $125 Million Revolver and $75 Million Term Loan, respectively. In February 2023, the Borrower entered into the Fifth Amendment to Credit Agreement to, among other things, convert the reference rate used in interest rate calculations from the London InterBank Offered Rate ("LIBOR") to adjusted term or daily SOFR (using a 10-basis point credit spread adjustment), with Borrower's option to borrow base rate advances, term SOFR advances or daily SOFR advances. In September 2023, the Company recast the GIC Joint Venture Credit Facility in its entirety (the "GIC Joint Venture Credit Recast"). The GIC Joint Venture Credit Recast extends the maturity of the $125 Million Revolver and the $75 Million Term Loan to an initial maturity date of September 2027, which may be extended for a single 12-month period at the option of the GIC Joint Venture, subject to certain conditions. As such, the GIC Joint Venture Credit Recast has a fully extended maturity date of September 2028. The GIC Joint Venture Credit Recast requires the borrower and certain subsidiaries to pledge to the secured parties all of the equity interests in the entities that own the 13 properties included in the borrowing base assets, the related TRS entities that lease each of the borrowing base assets, and all other subsidiaries of the borrower and the subsidiary guarantors, subject to certain exceptions. Borrowing Base Assets . The GIC Joint Venture Credit Facility is secured primarily by a first priority pledge of the Borrower's equity interests in the subsidiaries that hold 13 lodging properties financed by the facility, and the related TRS entities, which wholly own the TRS Lessees that lease each of the borrowing base assets. There are currently 13 lodging properties deemed borrowing base assets. GIC Joint Venture Term Loan In connection with the NCI Transaction, in January 2022, Summit JV MR 2, LLC, Summit JV MR 3, LLC and Summit NCI NOLA BR 184, LLC (each of which is a subsidiary of the GIC Joint Venture, and are collectively, the “JV Borrowers”), the GIC Joint Venture, as parent guarantor, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $410.0 million senior secured term loan facility (the “GIC Joint Venture Term Loan”) with Bank of America, N.A., as administrative agent and initial lender, Wells Fargo Bank, National Association, as syndication agent and an initial lender, and BofA Securities, Inc. and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners. Neither the Operating Partnership nor the Company are borrowers or guarantors of the GIC Joint Venture Term Loan. The GIC Joint Venture Term Loan is guaranteed by the GIC Joint Venture and all of the JV Borrowers’ existing and future subsidiaries, subject to certain exceptions. The GIC Joint Venture Term Loan provides for a $410.0 million term loan and has an accordion feature which permits an increase in the total commitments by up to $190.0 million, for aggregate potential borrowings of up to $600.0 million. The GIC Joint Venture Term Loan will mature in January 2026 and can be extended for a single 12-month period at the option of the GIC Joint Venture, subject to certain conditions. As such, the GIC Joint Venture Term Loan has a fully extended maturity date of January 2027. In February 2023, the GIC Joint Venture entered into an amendment to the GIC Joint Venture Term Loan to amend certain definitions, revise the minimum borrowing base interest coverage ratio and make certain other changes. As of December 31, 2023, we had $410.0 million outstanding on the GIC Joint Venture Term Loan bearing interest at a floating rate of SOFR plus 2.75%. The interest rate at December 31, 2023 was 8.22%. Borrowing Base Assets. The GIC Joint Venture Term Loan is secured primarily by a first priority pledge of the JV Borrowers’ equity interests in the subsidiaries that hold a direct or indirect interest in the 27 lodging properties and two parking facilities purchased in the NCI Transaction that constitute borrowing base assets. The GIC Joint Venture Term Loan contains terms, conditions and covenants for typical for similar credit facilities. PACE Loan As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The outstanding balance of the PACE loan is $6.1 million at December 31, 2023. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender. Brickell Mortgage Loan In June 2022, the Company entered into a joint venture (the "Brickell Joint Venture") with C-F Brickell, LLC, a Delaware limited liability company that was the developer of the AC/Element Hotel ("C-F Brickell"), to facilitate the exercise of the Initial Purchase Option to acquire a 90% equity interest in the Brickell Joint Venture, which owned a 100% interest in the AC/Element Hotel. In June 2022, the Brickell Joint Venture entered into a $47.0 million mortgage loan and non-recourse guaranty with City National Bank of Florida to finance the dual-branded AC/Element Hotel. The City National Bank Loan provides for an interest rate equal to one-month term SOFR plus 300 basis points. Payment terms include an interest-only period through June 30, 2024 and the loan will amortize based on a 25-year schedule from July 1, 2024 through the maturity date of June 30, 2025. The City National Bank Loan is prepayable at any time without penalty. Financial Guarantee During the year ended December 31, 2023, we issued a $3.0 million letter of credit to the senior lender of a development project for which we provided the Onera Mezzanine Loan as additional support on behalf of the developer. We recorded the non-contingent portion of financial guarantee as a liability of $0.2 million on the transaction date, which is the premium receivable for the guarantee payable to us by the borrower. The liability is being amortized using the straight-line method into interest income over the term of the letter of credit and is recorded in Accrued expenses and other in our Consolidated Balance Sheet at December 31, 2023. Currently, payment under the contingent portion of the guarantee is not probable nor reasonably estimable. Therefore, no liability for the contingent portion of the guarantee is recorded at December 31, 2023. At December 31, 2023 and 2022 our outstanding indebtedness was as follows (dollar amounts in thousands): Lender Reference Interest Amortization Period Initial Maturity Date Fully Extended Maturity Date Number of December 31, 2023 2022 OPERATING PARTNERSHIP DEBT: 2023 Senior Credit Facility Bank of America, NA $400 Million Revolver (1) 7.41% Variable n/a 6/21/2027 6/21/2028 n/a $ — $ 15,000 $200 Million Term Loan (1) 7.36% Variable n/a 6/21/2026 6/21/2028 n/a 200,000 200,000 Total Senior Credit and Term Loan Facility 200,000 215,000 Term Loans KeyBank National Association Term Loan (1) (7) 7.21% Variable n/a 2/14/2025 2/14/2025 n/a 225,000 225,000 Convertible Notes 1.50% Fixed n/a 2/15/2026 2/15/2026 n/a 287,500 287,500 Secured Mortgage Indebtedness MetaBank (2) 4.44% Fixed 25 7/1/2027 7/1/2027 3 42,611 43,917 Bank of the Cascades (First Interstate Bank) (3) 7.33% Variable 25 12/19/2024 12/19/2024 1 7,425 7,691 Bank of the Cascades (First Interstate Bank) (3) 4.30% Fixed 25 12/19/2024 12/19/2024 7,425 7,691 Total Mortgage Loans 4 57,461 59,299 Total Operating Partnership Debt 4 769,961 786,799 JOINT VENTURE DEBT: Brickell Joint Venture Mortgage Loan City National Bank of Florida 8.35% Variable 25 6/9/2025 6/9/2025 2 47,000 47,000 GIC Joint Venture Credit Facility and Term Loans (4) Bank of America, N.A. $125 Million Revolver 7.61% Variable n/a 9/15/2027 9/15/2028 n/a 125,000 125,000 $75 Million Term Loan 7.56% Variable n/a 9/15/2027 9/15/2028 n/a 75,000 75,000 Bank of America, N.A. 8.22% Variable n/a 1/13/2026 1/13/2027 n/a 410,000 410,000 Wells Fargo (5) 4.99% Fixed 30 6/6/2028 6/6/2028 1 12,785 13,032 PACE loan (6) 6.10% Fixed 20 7/31/2040 7/31/2040 1 6,093 6,293 Total GIC Joint Venture Credit Facility and Term Loans 2 628,878 629,325 Total Joint Venture Debt 4 675,878 676,325 Total Debt 8 1,445,839 1,463,124 Unamortized debt issuance costs (15,171) (11,328) Debt, net of issuance costs $ 1,430,668 $ 1,451,796 (1)The $600 million 2023 Senior Credit Facility is supported by a borrowing base of 52 unencumbered hotel properties. (2) In June 2017, we entered into the MetaBank Loan. The MetaBank Loan is secured by the Hampton Inn & Suites in Minneapolis, MN, the Four Points by Sheraton Hotel & Suites in South San Francisco, CA, and the Hyatt Place in Mesa, AZ. The MetaBank Loan is subject to a prepayment penalty if prepaid prior to April 1, 2027. In or around December 2021, MetaBank sold the MetaBank Loan to Bayside MB CRE Loans, LLC (“Bayside”). (3) In December 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million. As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.3%. Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and cross-defaulted. (4) The GIC Joint Venture Credit Facilities and Term Loans are secured by a pledge of the equity interests in the subsidiaries that own and operate the borrowing base assets financed by the facility. (5) In December 2021, we assumed a $13.3 million loan with a fixed rate of 4.99% and a maturity of June 6, 2028. This loan is secured by the Embassy Suites by Hilton in Tucson, AZ. This loan is subject to defeasance if prepaid. (6) As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender. (7) In February 2024, we successfully completed the 2024 Term Loan. Proceeds from the 2024 Term Loan financing along with advances on our $400 Million Revolver were used to repay the 2018 Term Loan that was scheduled to mature in February 2025. The 2024 Term Loan provides for a fully extended maturity date of February 2029. There are currently no defaults under any of the Company's mortgage loan agreements. Our total fixed-rate and variable-rate debt at December 31, 2023 and 2022, after giving effect to our interest rate derivatives, is as follows (dollar amounts in thousands): 2023 Percentage 2022 Percentage Fixed-rate debt (1) $ 956,414 66 % $ 758,433 52 % Variable-rate debt 489,425 34 % 704,691 48 % $ 1,445,839 $ 1,463,124 (1) At December 31, 2023, debt related to our wholly-owned properties coupled with our pro rata share of joint venture debt results in a fixed-rate debt ratio of approximately 75% of our total pro rata indebtedness when including the effect of interest rate swaps. See "Note 8 - Derivative Financial Instruments and Hedging." Contractual principal payments, without consideration of maturity date extension options, but including the refinancing of the 2018 Term Loan subsequent to December 31, 2023, for each of the next five years are as follows (in thousands): For the Year Ended Amount 2024 $ 16,926 2025 48,485 2026 289,417 2027 449,204 2028 436,937 (1) Thereafter 204,870 $ 1,445,839 (1) Debt maturities in 2028 include $25 million related to the refinancing of the 2018 Term Loan that was paid at closing of the 2024 Term Loan in February 2024. Advances on our $400 Million Revolver have a fully extended maturity of June 2028. Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 2023 2022 Carrying Fair Value Carrying Fair Value Valuation Technique Convertible notes $ 287,500 $ 256,141 $ 287,500 $ 247,126 Level 1 - Market approach Mortgage loans 68,915 60,883 70,933 61,447 Level 2 - Market approach $ 356,415 $ 317,024 $ 358,433 $ 308,573 At December 31, 2023 and 2022, we had $600.0 million and $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, see " Note 8 – Derivative Financial Instruments and Hedging .”

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	LEASES The Company has operating leases related to the land under certain lodging properties, conference centers, parking spaces, automobiles, our corporate office and other miscellaneous office equipment. These leases have remaining terms of 1 year to 74.5 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 rental 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. During the years ended December 31, 2023, 2022, and 2021, we recorded gross third-party tenant income of $2.6 million, $2.6 million, and $1.9 million, respectively, which were recorded in Other income, net in the Consolidated Statements of Operations. Our right-of-use assets and related liabilities include renewal options reasonably certain to be exercised. We base our lease calculations on our estimated incremental borrowing rate. As of December 31, 2023 and 2022 our weighted average incremental borrowing rate was 4.8%. During the years ended December 31, 2023, 2022, and 2021, the Company's total operating lease cost was $4.6 million, $4.1 million, and $3.3 million, respectively, and the operating cash outflows from operating leases was $4.0 million, $3.7 million, and $3.1 million, respectively. As of December 31, 2023 and 2022, the weighted average operating lease term was 32.2 and 34.0 years, respectively. Operating lease maturities as of December 31, 2023 are as follows (in thousands): For the Year Ended Amount 2024 $ 2,264 2025 2,285 2026 2,239 2027 2,282 2028 2,124 Thereafter 35,831 Total lease payments (1) 47,025 Less interest (21,183) Total $ 25,842 (1) Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING We are exposed to interest rate risk through our variable-rate debt. We manage this risk primarily by managing the amount, sources, and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage our exposure to known or expected cash payments related to our variable-rate debt. The maximum length of time over which we have hedged our exposure to variable interest rates with our existing derivative financial instruments is approximately seven years. Our objectives in using derivative financial instruments are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Our interest rate swaps are designated as cash flow hedges and involve the receipt of variable-rate payments from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Our agreements with our derivative counterparties contain provisions such that if we default, or can be declared in default, on any of our indebtedness, then we could also be declared in default on our derivative financial instruments. Information about our derivative financial instruments at December 31, 2023 and 2022 is as follows (dollar amounts in thousands): Average Annual Notional Amount Fair Value Effective December 31, December 31, Contract date Effective Date Expiration Date Fixed Rate 2023 2022 2023 2022 Operating Partnership: October 2, 2017 January 29, 2018 January 31, 2023 1.96 % $ — $ 100,000 $ — $ 208 October 2, 2017 January 29, 2018 January 31, 2023 1.98 % — 100,000 — 210 June 11, 2018 September 28, 2018 September 30, 2024 2.86 % 75,000 75,000 1,170 2,219 June 11, 2018 December 31, 2018 December 31, 2025 2.92 % 125,000 125,000 2,877 4,211 July 26, 2022 January 31, 2023 January 31, 2027 2.60 % 100,000 100,000 3,134 4,366 July 26, 2022 January 31, 2023 January 31, 2029 2.56 % 100,000 100,000 4,273 5,627 Total Operating Partnership 400,000 600,000 11,454 16,841 GIC Joint Venture: March 24, 2023 July 1, 2023 January 13, 2026 3.35 % 100,000 — 1,254 — March 24, 2023 July 1, 2023 January 13, 2026 3.35 % 100,000 — 1,250 — Total GIC Joint Venture 200,000 — 2,504 — Total $ 600,000 $ 600,000 $ 13,958 $ 16,841 Our interest rate swaps have been designated as cash flow hedges and are valued using a market approach, which is a Level 2 valuation technique. At December 31, 2023 and 2022, all our interest rate swaps were in an asset position. Derivative assets related to our interest rate swaps are recorded in Other assets, and other and derivative liabilities (when applicable) are included in Accrued expenses and other in our 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 (loss) and are reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings. In 2024, we estimate that an additional $10.1 million will be reclassified from Other comprehensive income and recorded as a decrease 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 Year Ended December 31, 2023 2022 2021 Gain recognized in Accumulated other comprehensive loss on derivative financial instruments $ 8,677 $ 29,744 $ 5,631 Gain (loss) reclassified from Accumulated other comprehensive income to Interest expense $ 11,561 $ (2,820) $ (9,496) Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded $ 86,798 $ 65,581 $ 43,368 In January 2024, subsidiaries of the GIC Joint Venture that are the borrowers under the GIC Joint Venture Term Loan entered into a $100.0 million interest rate swap to fix one-month term SOFR until January 2026. The interest rate swaps have an effective date of October 1, 2024 and a termination date of January 13, 2026. Pursuant to the interest rate swaps, we will pay a fixed rate of 3.765% and receive the one-month term SOFR floating rate index.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2023
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. In May 2022, the Company and the Operating Partnership entered into an equity distribution agreement (the “Equity Distribution Agreement”) with a group of underwriters as sales agents for the Company, principals and/or, with certain exceptions, forward sellers (collectively the “Managers”) and certain banks as forward purchasers, providing for the offer and sale of shares of the Company’s Common Stock, having a maximum aggregate offering price of up to $200.0 million through or to the Managers, as the Company’s sales agents or, if applicable, as forward sellers, or directly to the Managers, as principals (the “2022 ATM Program”). To date, we have not sold any shares of our Common Stock under the 2022 ATM Program. Changes in Common Stock during the years ended December 31, 2023 and 2022 were as follows: 2023 2022 Beginning shares of Common Stock outstanding 106,901,576 106,337,724 Common Unit redemptions 28,179 12,664 Grants under the Equity Plan 875,055 735,371 Annual grants to independent directors 113,141 84,889 Performance share and other forfeitures (140,549) (8,272) Shares retained for employee tax withholding requirements (184,029) (260,800) Ending shares of Common Stock outstanding 107,593,373 106,901,576 At December 31, 2023 and 2022, the Company had reserved 50,774,173 and 51,650,000 shares of Common Stock, respectively, for the issuance of Common Stock (i) upon the exercise of stock options, issuance of time-based restricted stock awards, issuance of performance-based restricted stock awards, grants of director stock awards, or other awards issued pursuant to our Equity Plan, (ii) upon redemption of Common Units, or (iii) under the 2022 ATM Program. Preferred Stock The Company is authorized to issue up to 100,000,000 shares of preferred stock, $0.01 par value per share, of which 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's preferred shares (collectively, “Preferred Shares”) rank senior to our Common Stock and on parity with each other with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Preferred Shares do not have any maturity date and are not subject to mandatory redemption or sinking fund requirements. The Company may not redeem the Series E Preferred Shares 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 AND R

NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS	NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS Non-controlling Interests in Operating Partnership Pursuant to the limited partnership agreement of our Operating Partnership, the unaffiliated third parties who hold Common Units in our Operating Partnership have the right to cause us to redeem their Common Units in exchange for cash based upon the fair value of an equivalent number of our shares of Common Stock at the time of redemption; however, the Company has the option to redeem with shares of our Common Stock on a one-for-one basis. The number of shares of our Common Stock issuable upon redemption of Common Units may be adjusted upon the occurrence of certain events such as share dividend payments, share subdivisions or combinations. In January 2022 and March 2022, in connection with the NCI Transaction, the Company issued an aggregate of 15,864,674 Common Units as partial consideration for the purchase. At December 31, 2023 and 2022, unaffiliated third parties owned 15,948,628 and 15,976,807, respectively, of Common Units of the Operating Partnership, representing approximately 13% of the Common Units of 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 Consolidated Balance Sheets. The portion of net income allocated to these Common Units is reported on the Company’s Consolidated Statement of Operations as net income attributable to non-controlling interests of the Operating Partnership. Non-controlling Interests in Joint Ventures At December 31, 2023, the Company is a partner with a majority controlling equity interest in three consolidated joint ventures as described below. GIC Joint Venture In July 2019, the Company entered into the GIC Joint Venture 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 GIC Joint Venture and invests 51% of the equity capitalization of the limited partnership, with GIC investing the remaining 49%. The Company earns fees for providing services to the GIC Joint Venture and has the potential to earn incentive fees based on the GIC Joint Venture achieving certain return thresholds. During the year ended December 31, 2023 and 2022, Summit earned $0.1 million and $0.8 million, respectively under incentive fee agreements. There were no such incentive fees earned during the year ended December 31, 2021. As of December 31, 2023, the GIC Joint Venture owns 41 hotel properties containing 5,581 guestrooms in nine states. The GIC Joint Venture owns the properties through master real estate investment trusts (“Master REIT”) and subsidiary REITs (“Subsidiary REIT”). All of the hotel properties owned by the GIC 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 REIT requirements provided in the IRC. Taxable income related to the Subsidiary REIT TRSs is subject to federal, state and local income taxes at applicable corporate tax rates. Brickell Joint Venture In June 2022, the Company entered into the Brickell Joint Venture to facilitate the exercise of the Initial Purchase Option to acquire a 90% equity interest in the AC/Element Hotel. Our joint venture partner, C-F Brickell, owns the remaining 10% equity interest in the Brickell Joint Venture. The Company has an option to purchase the remaining 10% equity interest in the Brickell Joint Venture from C-F Brickell in December 2026 pursuant to the exercise of a second purchase option at its market value on the exercise date. The Company serves as the managing member of the Brickell Joint Venture. Onera Joint Venture In October 2022, the Company entered into the Onera Joint Venture, developers of alternative accommodation properties, with the acquisition of a 90% equity interest in the Onera Joint Venture for $5.2 million in cash, plus additional contingent consideration of $1.8 million paid in September 2023. The $1.8 million contingent consideration paid represents our 90% pro rata share of the maximum increase in value of the property of $2.0 million as a result of the property outperforming a pre-established threshold over a 12-month period after the closing of the transaction. The Onera Joint Venture owns a 100% fee simple interest in real property and improvements located in Fredericksburg, Texas (the "Onera Property") consisting an 11-unit glamping property and a 6.4-acre parcel of land. Redeemable Non-controlling Interests In January 2022, in connection with the NCI Transaction, Summit Hotel GP, LLC, a wholly-owned subsidiary of the Company and the sole general partner of the Operating Partnership, on its own behalf as general partner of the Operating Partnership and on behalf of the limited partners of the Operating Partnership, entered into the Tenth Amendment (the “Tenth Amendment”) to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, to provide for the issuance of up to 2,000,000 Series Z Preferred Units. The Series Z Preferred Units rank on a parity with the Operating Partnership’s Series E and Series F Preferred Units and holders will receive quarterly distributions at a rate of 5.25% per year. From issuance until the tenth anniversary of their issuance, the Series Z Preferred Units will be redeemable at the holder’s request at any time, or in connection with a change of control of the Company, for, at the Company’s election, cash or shares of the Company’s 5.25% Series Z Cumulative Perpetual Preferred Stock (which will be designated and authorized following notice of redemption by holder of the Series Z Preferred Units) on a one-for-one basis. After the fifth anniversary of their issuance, the Company may redeem the Series Z Preferred Units for cash at a redemption amount of $25 per unit. For a 90-day period immediately following both the tenth and the eleventh anniversaries of their issuance or in connection with a change of control of the Company, the Series Z Preferred Units will be redeemable at the holder’s request for cash at a redemption amount of $25 per unit. In January 2022 and March 2022, in connection with the NCI Transaction, the Operating Partnership issued an aggregate of 2,000,000 Series Z Preferred Units as partial consideration for the purchase. At December 31, 2023, the redeemable Series Z Preferred Units issued in connection with the NCI Transaction are recorded as temporary equity and reflected as Redeemable non-controlling interests on our Consolidated Balance Sheets.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2023 and 2022. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, we classify assets and liabilities based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Disclosures concerning financial instruments measured at fair value are as follows (in thousands): Fair Value Measurement at December 31, 2023 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 13,958 $ — $ 13,958 Purchase options related to real estate loans (Onera Purchase Option) — — 931 931 Fair Value Measurement at December 31, 2022 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 16,841 $ — $ 16,841 The Onera Purchase Option does not have a readily determinable fair value. The fair value was estimated using the Black-Scholes model and was based on unobservable inputs for which there is little or no market information available. As such, we were required to develop assumptions to determine the fair value of the Onera Purchase Option as follows (dollar amounts in thousands): Exercise price $ 8,206 First option exercise date (1) 10/1/2024 Expected volatility 52.20 % Risk free rate 4.15 % Expected annualized equity dividend yield — % (1) The first option exercise date is the date used for estimating the fair value of the purchase option. The Onera Purchase Option is exercisable when the lodging development is fully constructed and open for business and expires one year from the date that it is initially exercisable. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2023 or 2022. Nonrecurring Fair Value Measurements During the year ended December 31, 2023, the Company recorded a loss on write-down of lodging properties classified as Assets Held for Sale of $16.7 million to reduce the carrying amounts of the Hyatt Place - Dallas (Plano), TX and two additional lodging properties that are under contract to sell or being marketed for sale to their expected net selling prices less estimated costs to sell (Level 2 of the fair value hierarchy). During the year ended December 31, 2022, the Company recorded a loss on write-down of lodging properties classified as Assets Held for Sale of $2.9 million to reduce the carrying amounts of the Hilton Garden Inn - Eden Prairie, MN, Holiday Inn Express & Suites - Minnetonka, MN, the Hyatt Place - Chicago (Hoffman Estates), IL and the Hyatt Place - Chicago (Lombard), IL to their net selling prices less estimated costs to sell (Level 2 of the fair value hierarchy). During the year ended December 31, 2022, the Company recorded a loss on write-down of lodging properties classified as Assets Held for Sale of $7.2 million to reduce the carrying amounts of two lodging properties to their net selling prices less estimated costs to sell. The proposed sale of these two lodging properties was terminated during the year ended December 31, 2023 and the assets were reclassified out of Assets Held for Sale (Level 2 of the fair value hierarchy).

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Franchise Agreements All of our lodging properties (with the exception of the Onera Property and the Nordic Lodge - Steamboat Springs, CO) operate under franchise agreements with major hotel franchisors. The terms of our franchise agreements generally range from 10 to 30 years with various extension provisions. Each franchisor receives franchise fees ranging from 3% to 6% of each hotel property’s room revenues, and some agreements require that we pay marketing fees of up to 4% of room revenue. In addition, some of these franchise agreements require that we deposit into a reserve fund for capital expenditures up to 5% of the lodging property's gross or room revenues, depending on the franchisor, to ensure that we comply with the franchisor's standards and requirements. We also pay fees to our franchisors for services related to reservation and information systems. In 2023, 2022, and 2021, we expensed fees related to our franchise agreements of $52.6 million, $47.9 million, and $25.0 million, respectively. Management Agreements Our lodging properties operate pursuant to management agreements with various professional third-party management companies. The remaining terms of our management agreements range from month-to-month to 14 years and have various extension provisions. Each management company receives a base management fee, generally a percentage of total lodging property revenues. In some cases, there are also monthly fees for certain services, such as accounting, based on the number of guestrooms. Generally, there are also incentive fees based on attaining certain financial thresholds. During the years ended December 31, 2023, 2022, and 2021, we expensed fees related to our lodging property management agreements of $18.5 million, $17.4 million, and $9.9 million, respectively. Litigation We are involved from time to time in litigation arising in the ordinary course of business. We are not currently aware of any actions against us that would have a material effect on our consolidated financial position or results of operations.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2023
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 Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan The following table summarizes time-based restricted stock activity under our Equity Plan for 2023 and 2022: Number of Shares Weighted Average Aggregate (in thousands) Non-vested December 31, 2021 605,470 $ 9.98 Granted 316,643 9.83 Vested (259,037) 10.14 Forfeited (8,272) 10.01 Non-vested December 31, 2022 654,804 9.85 Granted 449,148 7.71 Vested (238,883) 8.04 Forfeited (3,356) 8.20 Non-vested December 31, 2023 861,713 $ 8.79 $ 5,791 The awards granted to our non-executive employees prior to 2022 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 non-executive employees in 2022 and thereafter 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). The awards granted to our executive officers vest over a three-year period based on continuous service (25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date) or in certain circumstances upon a change in control. The holders of these awards have the right to vote the related shares of Common Stock and receive all dividends declared and paid whether or not vested. The fair value of time-based restricted stock awards granted is calculated based on the market value of our Common Stock on the date of grant. During the years ended December 31, 2023, 2022, and 2021, the total fair value of time-based restricted stock awards that vested was $3.6 million, $2.5 million and $5.3 million, respectively. The total fair value of time-based restricted stock awards that vested during the year ended December 31, 2022 includes $0.4 million of time-based restricted stock for which the vesting was accelerated related to the departure of our Executive Vice President and Chief Operating Officer. The total fair value of time-based restricted stock awards that vested during the year ended December 31, 2021 includes $1.5 million of time-based restricted stock for which the vesting was accelerated related to the non-renewal of the employment contract of our Executive Chairman. Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan The following table summarizes performance-based restricted stock activity under our Equity Plan: Number of Shares Weighted Average Aggregate (in thousands) Non-vested December 31, 2021 1,002,866 $ 11.92 Granted 418,728 12.26 Vested (414,620) 12.81 Non-vested December 31, 2022 1,006,974 11.76 Granted 425,907 10.08 Vested (239,416) 9.38 Forfeited (137,193) 9.38 Non-vested December 31, 2023 1,056,272 $ 11.93 $ 7,098 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 total shareholder return relative to the total shareholder return of companies within the Dow Jones U.S. Hotels Index (or in the event such index is discontinued, or its methodology significantly changed, a comparable index selected by the Compensation Committee of the Board) at the end of the period or upon a change in control. The awards require continued service during the measurement period and are subject to the other conditions described in the Equity Plan or award document. The number of shares the executive officers may earn under these awards range from zero shares to twice the number of shares granted based on our percentile ranking within the index at the end of the measurement period. In addition, a portion of the performance-based shares may be earned based on the Company's absolute total shareholder return calculated during the performance period. The holders of these grants have the right to vote the granted shares of Common Stock and any dividends declared will be accumulated and will be subject to the same vesting conditions as the awards. Further, if additional shares are earned based on our percentile ranking within the index, dividend payments will be issued as if the additional shares had been held throughout the measurement period. The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions: For the Year Ended December 31, 2023 2022 2021 Expected dividend yield 3.90 % 3.52 % — % Expected stock price volatility 67.6 % 65.4 % 63.7 % Risk-free interest rate 4.66 % 1.77 % 0.34 % Monte Carlo iterations 100,000 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 10.08 $ 12.26 $ 14.05 The expected dividend yield was calculated based on our annual expected dividend payments at the time of grant. The expected volatility was based on historical price changes of our Common Stock for a period comparable to the performance period. The risk-free interest rates were interpolated from the Federal Reserve Bond Equivalent Yield rates for “on-the-run” U.S. Treasury securities. Director Stock Awards Made Pursuant to Our Equity Plan During the years ended December 31, 2023 and 2022 we granted 113,141 and 84,899 shares of Common Stock, respectively, to our non-employee directors as a part of our director compensation program. These grants were made pursuant to our Equity Plan and were vested upon grant. Equity-Based Compensation Expense Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations was as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 Time-based restricted stock $ 3,260 $ 2,860 $ 4,784 Performance-based restricted stock 3,727 4,784 5,314 Director stock 755 802 583 $ 7,742 $ 8,446 $ 10,681 We recognize equity-based compensation expense ratably over the vesting terms. The amount of expense may be subject to adjustment in future periods due to a change in the forfeiture assumptions. Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $8.9 million at December 31, 2023 as follows (in thousands): Total 2024 2025 2026 Time-based restricted stock $ 4,077 $ 2,536 $ 1,334 $ 207 Performance-based restricted stock 4,831 2,914 1,654 263 $ 8,908 $ 5,450 $ 2,988 $ 470 The Company's former Executive Vice President and Chief Operating Officer departed the Company in March 2022. The Company recorded $1.3 million of additional stock-based compensation expense during the period related to the modification of certain stock award agreements. This amount was comprised of $0.4 million related to time-based restricted stock awards and $0.9 million related to performance-based restricted stock awards. In connection with the non-renewal of the employment contract of the former Executive Chairman in December 2021, the Company recorded $2.9 million of additional stock-based compensation expense during the year ended December 31, 2021 related to the modification of certain stock award agreements. This amount was comprised of $1.5 million related to time-based restricted stock awards and $1.4 million related to performance-based restricted stock awards.

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
BENEFIT PLANS	BENEFIT PLANS In August 2011, we initiated a qualified contributory retirement plan (the Summit Hotel Properties, Inc. 401(k) Profit Sharing Plan or the “Plan”) under Section 401(k) of the IRC, which covers all full-time employees who meet certain eligibility requirements. Voluntary contributions may be made to the Plan by employees. The Plan is a Safe Harbor Plan and requires a mandatory employer contribution. The employer contribution for the years ended December 31, 2023 and 2022 was $0.4 million in each year, and $0.3 million for the year ended December 31, 2021.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We have elected to be taxed as a REIT. As a REIT, we are generally not subject to corporate level income taxes on taxable income we distribute to our stockholders. We have met the annual REIT distribution requirement by distribution of at least 90% of our taxable income to our stockholders. Income related to our TRSs is subject to federal, state and local taxes at applicable corporate tax rates. Our consolidated tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership. The components of income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): 2023 2022 2021 Current: Federal $ 1,151 $ 1,953 $ 1,036 State and local 1,563 1,717 456 Deferred: Federal 84 (59) (19) Income tax expense $ 2,798 $ 3,611 $ 1,473 Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands): 2023 2022 2021 Statutory federal income tax provision $ (5,317) $ 1,014 $ (14,093) Nontaxable income of the REITs 4,563 1,124 16,812 State income taxes, net of federal tax benefit 1,158 1,644 891 Provision to return and deferred adjustment 50 81 — Effect of permanent differences and other 235 246 99 Deferred assets transferred with REIT stock sale — 730 — Change in valuation allowance 2,109 (1,228) (2,236) Income tax provision $ 2,798 $ 3,611 $ 1,473 The Company evaluates its deferred tax assets each reporting period to determine if it is more-likely-than-not that those assets will be realized. In its evaluation, the Company assesses available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the Company’s existing deferred tax assets. At December 31, 2023, the Company continues to be in a three-year cumulative loss. As such, realizability of the Company's deferred tax assets is not reasonably assured. Therefore, a valuation allowance was recorded against substantially all of our deferred tax assets at December 31, 2023. At December 31, 2023 and 2022, we had valuation allowances of $13.9 million and $11.8 million, respectively. The $2.1 million increase in valuation allowance relates to increases in deferred tax assets primarily due to a $1.8 million increase related to net operating losses. Deferred tax assets are included in Other assets and deferred tax liabilities are included in Accrued expenses and other in the accompanying Consolidated Balance Sheets. Significant components of our TRSs deferred tax assets (liabilities) are as follows (in thousands): December 31, 2023 2022 Tax carryforwards $ 12,098 $ 10,312 Accrued expenses 1,634 1,421 Other 150 124 Total 13,882 11,857 Valuation allowance (13,886) (11,777) Net deferred tax assets $ (4) $ 80 Gross deferred tax assets $ 13,906 $ 11,883 Gross deferred tax liabilities (24) (26) Valuation allowance (13,886) (11,777) Net deferred tax (liabilities) assets $ (4) $ 80 At December 31, 2023, our TRSs had federal net operating losses of $46.2 million which are not subject to expiration and state net operating losses of $37.4 million, which expire beginning in 2025. At December 31, 2023, Summit Hotel Properties Inc. and our Subsidiary REITs had federal net operating loss carryforwards of $50.0 million and $6.3 million, respectively, which are not subject to expiration. In the normal course of business, we are subject to examination by federal, state, and local jurisdictions where applicable. We had no unrecognized tax benefits at December 31, 2023 or in the three-year period then ended. We expect no significant increase or decrease in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2023. We have no material interest or penalties relating to unrecognized tax benefits in the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 or 2021 or in the Consolidated Balance Sheets as of December 31, 2023 or 2022. We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. In general, we are not subject to tax examinations by tax authorities for years before 2018. Characterization of Distributions (Unaudited) For income tax purposes, distributions paid consist of ordinary income and capital gains or a combination thereof. For the years ended December 31, 2023, 2022 and 2021 distributions paid per share were characterized as follows: For the Year Ended December 31, 2023 2022 2021 Amount % Amount % Amount % Common Stock Ordinary non-qualified dividend income $ 0.1940 88.19 % $ 0.0471 58.82 % $ — — % Ordinary qualified dividend income 0.0078 3.54 % 0.0106 13.26 % — — % Capital gain distributions — — % 0.0223 27.92 % — — % Return of capital 0.0182 8.27 % — — % — — % Total $ 0.2200 100.00 % $ 0.0800 100.00 % $ — — % Preferred Stock - Series D Ordinary non-qualified dividend income $ — — % $ — — % $ — — % Capital gain distributions — — % — — % — — % Return of capital — — % — — % 1.2228 100.00 % Total $ — — % $ — — % $ 1.2228 100.00 % Preferred Stock - Series E Ordinary non-qualified dividend income $ 1.3779 88.19 % $ 0.9191 58.82 % $ — — % Ordinary qualified dividend income 0.0553 3.54 % 0.2072 13.26 % — — % Capital gain distributions — — % 0.4363 27.92 % — — % Return of capital 0.1293 8.27 % — — % 1.5625 100.00 % Total $ 1.5625 100.00 % $ 1.5625 100.00 % $ 1.5625 100.00 % Preferred Stock - Series F Ordinary non-qualified dividend income $ 1.2952 88.19 % $ 0.8639 58.82 % $ — — % Ordinary qualified dividend income 0.0520 3.54 % 0.1947 13.26 % — — % Capital gain distributions — — % 0.4101 27.92 % — — % Return of capital 0.1215 8.27 % — — % 0.4406 100.00 % Total $ 1.4687 100.00 % $ 1.4687 100.00 % $ 0.4406 100.00 % Ordinary non-qualified dividends are eligible for the 20% deduction provided by Section 199A of the IRC.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2023
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. The Common Units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income would also be added to derive net income attributable to common stockholders. For the years ended December 31, 2023, 2022 and 2021, we had unvested performance-based restricted stock awards of 1,056,272 shares, 1,006,974 shares and 1,002,866 shares, respectively, which were excluded from the denominator of the diluted earnings per share as the awards were antidilutive. Our outstanding convertible notes have been excluded from the denominator of the diluted earnings per share calculation as their inclusion would be antidilutive. Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts): For the Year Ended December 31, 2023 2022 2021 Numerator: Net (loss) income $ (28,116) $ 1,217 $ (68,584) Adjusted for: Preferred dividends (15,875) (15,875) (15,431) Premium on redemption of preferred stock — — (2,710) Distributions and accretion of redeemable non-controlling interests (2,626) (2,520) — Loss attributable to non-controlling interest in Operating Partnership 3,803 2,570 115 Loss attributable to non-controlling interests in joint ventures 14,824 (2,321) 2,896 Loss from continuing operations attributable to common stockholders $ (27,990) $ (16,929) $ (83,714) Denominator: Weighted average common shares outstanding - basic and diluted 105,548 105,142 104,471 Loss per share: Basic and diluted $ (0.27) $ (0.16) $ (0.80)

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. 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. Supplemental cash flow information is as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 Cash payments for interest $ 78,886 $ 58,409 $ 37,509 Accrued acquisition costs and improvements to lodging properties $ 4,219 $ 8,233 $ 3,399 Cash payments for income taxes, net of refunds $ 2,674 $ 3,742 $ 557 Accrued and unpaid dividends $ 185 $ 40 $ — Mortgage debt assumed for acquisitions of lodging properties $ — $ 382,205 $ 13,267 Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties $ — $ 9,206 $ — Conversion of a mezzanine loan to complete acquisition of lodging properties $ — $ 29,875 $ — Conversion of purchase option to complete acquisition of lodging properties $ — $ 2,800 $ — Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties $ 200 $ 7,724 $ — Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties $ — $ 157,513 $ — Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties $ — $ 50,000 $ —

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS We have evaluated significant matters subsequent to our year end date of December 31, 2023 and through the filing date of our Annual Report on Form 10-K on February 28, 2024 as follows: Equity Transactions In January 2024, our Board declared cash dividends of $0.390625 per share of Series E Preferred Stock and $0.3671875 per share of Series F Preferred Stock. The Board also declared on behalf of the Operating Partnership, a cash dividend of $0.328125 per share of the Operating Partnership's Series Z Preferred Units. Our Board also declared a quarterly cash dividend of $0.06 per share on our Common Stock and per Common Unit of the Operating Partnership. These dividends are payable February 29, 2024 to stockholders and unitholders of record on February 15, 2024. Disposition of Lodging Property During the fourth quarter of 2023, we entered into a purchase and sale agreement with a third-party to sell the 127-guestroom Hyatt Place Dallas (Plano), TX for $10.3 million. We reclassified the property to Assets Held for sale, net at December 31, 2023 and recorded a write-down of $4.0 million in the fourth quarter of 2023 for the excess of the net carrying amount of the lodging property over the net selling price less estimated costs to sell. We completed the sale of the property on February 15, 2024 under the terms described above. Debt Refinancing Subsequent to year-end, the Company successfully completed a new $200 million senior unsecured term loan financing that refinanced and replaced the 2018 Term Loan. The 2024 Term Loan has an initial maturity date of February 2027 and can be extended for two 12-month periods at the Company’s option, subject to certain conditions, for a fully extended maturity date of February 2029. The 2024 Term Loan provides for interest rate pricing ranging from 135 basis points to 235 basis points over the applicable adjusted term SOFR or 35 basis points to 135 basis points over base rate, at the Company's option. Proceeds from the 2024 Term Loan financing and advances on our $400 Million Revolver were used to repay in full the Company’s $225 million 2018 Term Loan that was scheduled to mature in February 2025. In connection with the closing of the 2024 Term Loan, the collateral securing the Company’s 2023 Senior Credit Facility was released. As a result of the 2024 Term Loan financing, the Company has significantly reduced debt maturities until 2026 and has an average length to maturity of approximately 3.6 years. Other terms of the agreement are similar to the Company’s 2023 Senior Credit Facility. Interest Rate Swaps In January 2024, subsidiaries of the GIC Joint Venture that are the borrowers under the GIC Joint Venture Term Loan entered into a $100.0 million interest rate swap to fix one-month term SOFR until January 2026. The interest rate swap has an effective date of October 1, 2024 and a termination date of January 13, 2026. Pursuant to the interest rate swap, we will pay a fixed rate of 3.765% and receive the one-month term SOFR floating rate

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Initial Cost Costs Subsequent Gross Amount at December 31, 2023 Description Mortgage Debt/ Land Buildings, Buildings, Land Buildings, Total Accumulated Depreciation Date Aliso Viejo, CA - Homewood Suites $ — $ 5,599 $ 32,367 $ 800 $ 5,599 $ 33,167 $ 38,766 $ (9,480) 2017 Amarillo, TX - Courtyard — 269 18,561 692 269 19,253 19,522 (2,573) 2022 Amarillo, TX - Embassy Suites — 657 38,456 829 657 39,285 39,942 (5,273) 2022 Arlington, TX - Courtyard — 1,497 15,573 193 1,497 15,766 17,263 (6,064) 2012 Arlington, TX - Residence Inn — 1,646 15,440 903 1,646 16,343 17,989 (6,129) 2012 Asheville, NC - Hotel Indigo — (3) 2,100 34,755 3,056 2,100 37,811 39,911 (11,602) 2015 Atlanta, GA - AC Hotel — 5,670 51,922 2,481 5,670 54,403 60,073 (13,884) 2017 Atlanta, GA - Courtyard — (2) 2,050 27,969 3,426 2,050 31,395 33,445 (11,242) 2012 Atlanta, GA - Residence Inn — 3,381 34,820 2,724 3,381 37,544 40,925 (8,868) 2016 Austin, TX - Hampton Inn & Suites — — 56,394 6,271 — 62,665 62,665 (17,855) 2014 Baltimore, MD - Hampton Inn & Suites — 2,205 16,013 6,178 2,205 22,191 24,396 (6,754) 2017 Baltimore, MD - Residence Inn — 1,986 37,016 7,202 1,986 44,218 46,204 (13,648) 2017 Boulder, CO - Marriott — 11,115 49,204 13,035 11,115 62,239 73,354 (18,411) 2016 Branchburg, NJ - Residence Inn — 2,374 24,411 (10,881) 2,374 13,530 15,904 (7,977) 2015 Brisbane, CA - DoubleTree — 3,300 39,686 2,160 3,300 41,846 45,146 (19,220) 2014 Bryan, TX - Hilton Garden Inn — 713 11,337 5 713 11,342 12,055 (1,634) 2022 Camarillo, CA - Hampton Inn & Suites — 2,200 17,366 955 2,200 18,321 20,521 (8,873) 2013 Charlotte, NC - Courtyard — — 41,094 2,926 — 44,020 44,020 (11,955) 2017 Chicago, IL - Hyatt Place — (3) 5,395 68,355 789 5,395 69,144 74,539 (18,819) 2016 Cleveland, OH - Residence Inn — 10,075 33,340 3,814 10,075 37,154 47,229 (10,747) 2017 Dallas, TX - AC Hotel — 1,330 31,379 396 1,330 31,775 33,105 (3,142) 2022 Dallas, TX - Hampton Inn & Suites — 1,834 47,069 693 1,834 47,762 49,596 (4,462) 2022 Dallas, TX - Parking Garage — 3,131 9,252 124 3,131 9,376 12,507 (483) 2022 Dallas, TX - Residence Inn — 1,372 32,351 545 1,372 32,896 34,268 (3,228) 2022 Dallas, TX - SpringHill Suites — 2,447 23,746 4,886 2,447 28,632 31,079 (1,790) 2022 Decatur, GA - Courtyard — 4,046 34,151 4,403 4,046 38,554 42,600 (11,994) 2015 Eden Prairie, MN - Hilton Garden Inn — 1,800 11,211 (13,011) — — — — 2013 Englewood, CO - Hyatt House — (3) 2,700 16,267 1,758 2,700 18,025 20,725 (9,363) 2012 Englewood, CO - Hyatt Place — (2) 2,000 11,950 4,849 2,000 16,799 18,799 (4,933) 2012 Fort Lauderdale, FL - Courtyard — 37,950 47,002 7,251 37,950 54,253 92,203 (13,230) 2017 Fort Lauderdale, FL - New Builds — — — 2,906 — 2,906 2,906 — 2017 Fort Worth, TX - Courtyard — 1,920 38,070 10,950 1,920 49,020 50,940 (14,851) 2017 Fredericksburg, TX - Onera Escapes — 1,251 5,209 3,607 1,638 8,429 10,067 (448) 2022 Frisco, TX - AC Hotel — (3) 1,246 38,390 155 1,246 38,545 39,791 (4,259) 2022 Frisco, TX - Canopy Hotel — (3) 1,109 38,531 91 1,109 38,622 39,731 (3,867) 2022 Frisco, TX - Parking Garage — 2,470 6,563 20 2,470 6,583 9,053 (358) 2022 Frisco, TX - Residence Inn — 1,246 38,390 108 1,246 38,498 39,744 (4,193) 2022 Initial Cost Costs Subsequent Gross Amount at December 31, 2023 Description Mortgage Debt/ Land Buildings, Buildings, Land Buildings, Total Accumulated Depreciation Date Garden City, NY - Hyatt Place — 4,200 27,775 593 4,282 28,286 32,568 (9,246) 2012 Glendale, CO - Staybridge Suites — (1) 2,100 10,151 7,568 2,100 17,719 19,819 (4,296) 2011 Grapevine, TX - Courtyard — 2,542 34,872 2,092 2,542 36,964 39,506 (5,254) 2022 Grapevine, TX - Hilton Garden Inn — 986 33,137 152 986 33,289 34,275 (3,577) 2022 Grapevine, TX - Holiday Inn Express & Suites — 1,419 13,810 556 1,419 14,366 15,785 (2,184) 2022 Grapevine, TX - Hyatt Place — 1,318 18,740 884 1,318 19,624 20,942 (2,912) 2022 Grapevine, TX - TownePlace Suites — 1,686 23,119 286 1,686 23,405 25,091 (3,281) 2022 Greenville, SC - Hilton Garden Inn — (1) 1,200 14,566 3,291 1,200 17,857 19,057 (8,038) 2013 Hillsboro, OR - Residence Inn — (3) 4,943 42,541 4,749 4,943 47,290 52,233 (7,949) 2019 Hoffman Estates, IL - Hyatt Place — 1,900 8,917 (10,817) — — — — 2013 Houston, TX - AC Hotel — 4,796 52,268 1,338 4,796 53,606 58,402 (5,059) 2022 Houston, TX - Hilton Garden Inn — — 41,838 4,859 — 46,697 46,697 (16,688) 2014 Houston, TX - Hilton Garden Inn — 2,800 33,777 8,634 2,800 42,411 45,211 (10,822) 2014 Hunt Valley, MD - Residence Inn — — 35,436 2,296 1,076 36,656 37,732 (11,020) 2015 Indianapolis, IN - Courtyard — 7,788 54,384 (1,075) 7,788 53,309 61,097 (17,856) 2013 Indianapolis, IN - SpringHill Suites — 4,012 27,910 (200) 4,012 27,710 31,722 (9,644) 2013 Kansas City, MO - Courtyard — 3,955 20,608 (1,290) 3,955 19,318 23,273 (6,038) 2017 Land Parcels - Land Parcels — 4,645 — (2,995) 1,650 — 1,650 — 0 Lombard, IL - Hyatt Place — 1,550 17,351 (18,901) — — — — 2012 Lone Tree, CO - Hyatt Place — 1,300 11,704 4,916 1,314 16,606 17,920 (4,666) 2012 Longview, TX - Hilton Garden Inn — (2) 1,284 13,281 1,525 1,284 14,806 16,090 (1,679) 2022 Louisville, KY - Fairfield Inn & Suites 7,691 (2) 3,120 24,231 193 3,120 24,424 27,544 (8,936) 2013 Louisville, KY - SpringHill Suites — 4,880 37,361 424 4,880 37,785 42,665 (13,979) 2013 Lubbock, TX - Hyatt Place — 896 20,182 735 896 20,917 21,813 (2,709) 2022 Mesa, AZ - Hyatt Place — 2,400 19,848 1,934 2,400 21,782 24,182 (6,841) 2017 Metairie, LA - Courtyard — 1,860 25,168 8,231 1,860 33,399 35,259 (10,883) 2013 Metairie, LA - Residence Inn — (1) 1,791 23,386 528 1,791 23,914 25,705 (12,867) 2013 Miami, FL - AC Hotel — 8,496 46,839 283 8,496 47,122 55,618 (3,298) 2022 Miami, FL - Element — 5,882 32,427 567 5,882 32,994 38,876 (2,324) 2022 Miami, FL - Hyatt House — 4,926 40,087 3,013 4,926 43,100 48,026 (16,812) 2015 Miami, FL - Sky Lounge — — 1,473 129 — 1,602 1,602 (211) 2022 Midland, TX - Homewood Suites — 1,717 22,326 634 1,717 22,960 24,677 (3,058) 2022 Milpitas, CA - Hilton Garden Inn — 7,921 46,141 6,963 7,921 53,104 61,025 (8,939) 2019 Minneapolis, MN - Hampton Inn & Suites 13,032 3,502 35,433 722 3,502 36,155 39,657 (11,996) 2015 Minneapolis, MN - Hyatt Place — — 34,026 2,511 — 36,537 36,537 (12,159) 2013 Minnetonka, MN - Holiday Inn Express & Suites — 1,000 7,662 (8,662) — — — — 2013 Nashville, TN - Courtyard — 8,792 62,759 8,138 8,792 70,897 79,689 (19,982) 2016 Initial Cost Costs Subsequent Gross Amount at December 31, 2023 Description Mortgage Debt/ Land Buildings, Buildings, Land Buildings, Total Accumulated Depreciation Date Nashville, TN - SpringHill Suites — 777 5,598 1,788 777 7,386 8,163 (2,929) 2004 New Haven, CT - Courtyard — 11,990 51,497 7,233 11,990 58,730 70,720 (13,144) 2017 New Orleans, LA - Canopy Hotel — 4,262 51,406 344 4,262 51,750 56,012 (4,581) 2022 New Orleans, LA - Courtyard — 1,944 25,120 3,875 1,944 28,995 30,939 (15,769) 2013 New Orleans, LA - Courtyard — 2,490 34,220 2,149 2,490 36,369 38,859 (17,624) 2013 New Orleans, LA - SpringHill Suites — 2,046 33,270 6,302 2,046 39,572 41,618 (19,281) 2013 New Orleans, LA - SpringHill Suites — 963 12,763 251 963 13,014 13,977 (1,302) 2022 New Orleans, LA - TownePlace Suites 6,293 (2) 1,366 18,110 215 1,366 18,325 19,691 (1,826) 2022 Oklahoma City, OK - AC Hotel — 2,769 29,389 244 2,769 29,633 32,402 (3,929) 2022 Oklahoma City, OK - Holiday Inn Express & Suites — 2,542 21,574 545 2,542 22,119 24,661 (2,521) 2022 Oklahoma City, OK - Hyatt Place — 2,822 25,311 144 2,822 25,455 28,277 (2,538) 2022 Orlando, FL - Hyatt House — 2,800 34,423 614 2,800 35,037 37,837 (12,154) 2018 Orlando, FL - Hyatt Place — 3,100 11,343 7,219 3,100 18,562 21,662 (4,933) 2013 Orlando, FL - Hyatt Place — 2,716 11,221 6,998 2,716 18,219 20,935 (6,135) 2013 Owings Mills, MD - Hyatt Place — 2,100 9,799 (11,899) — — — — 2012 Pittsburgh, PA - Courtyard — 1,652 40,749 6,640 1,652 47,389 49,041 (12,502) 2017 Plano, TX - Hyatt Place — 2,363 13,699 (3,752) 2,363 9,947 12,310 (2,412) 2022 Portland, OR - Hyatt Place — — 14,700 891 — 15,591 15,591 (6,989) 2009 Portland, OR - Residence Inn — — 15,629 831 — 16,460 16,460 (7,539) 2009 Portland, OR - Residence Inn — 12,813 76,868 10,654 12,813 87,522 100,335 (10,951) 2019 Poway, CA - Hampton Inn & Suites — 2,300 14,728 1,521 2,300 16,249 18,549 (6,869) 2013 San Francisco, CA - Four Points — 1,200 21,397 4,778 1,200 26,175 27,375 (11,013) 2014 San Francisco, CA - Hilton Garden Inn — 12,346 45,730 (58,076) — — — — 2019 San Francisco, CA - Holiday Inn Express & Suites — (2) 15,545 49,469 4,707 15,545 54,176 69,721 (24,079) 2013 Scottsdale, AZ - Courtyard — 3,225 12,571 3,998 3,225 16,569 19,794 (10,536) 2003 Scottsdale, AZ - Hyatt Place — 1,500 10,171 302 1,500 10,473 11,973 (4,772) 2012 Scottsdale, AZ - Residence Inn — 7,503 21,545 359 7,503 21,904 29,407 (682) 2023 Scottsdale, AZ - SpringHill Suites — 2,195 9,496 1,930 2,195 11,426 13,621 (7,192) 2003 Silverthorne, CO - Hampton Inn & Suites — 4,441 21,125 1,149 4,441 22,274 26,715 (3,855) 2019 Silverthorne, CO - Parking Garage — (2) 2,404 — 2,045 2,404 2,045 4,449 — 2019 Steamboat Springs, CO - Nordic Lodge — (1) 4,754 9,001 307 $ 4,754 9,308 14,062 (256) 2023 Steamboat Springs, CO - Residence Inn — (1) 1,832 31,214 646 1,832 31,860 33,692 (3,439) 2021 Tampa, FL - Hampton Inn & Suites — (1) 3,600 20,366 4,729 3,600 25,095 28,695 (10,593) 2012 Tucson, AZ - Embassy Suites — 1,841 23,958 5,606 1,841 29,564 31,405 (2,930) 2021 Tucson, AZ - Homewood Suites — 2,570 22,802 1,744 2,570 24,546 27,116 (7,531) 2017 Tyler, TX - Residence Inn — 1,243 15,323 440 1,243 15,763 17,006 (2,606) 2022 Waltham, MA - Hilton Garden Inn 10,644 21,713 7,017 10,644 28,730 39,374 (9,337) 2017 Initial Cost Costs Subsequent Gross Amount at December 31, 2023 Description Mortgage Debt/ Land Buildings, Buildings, Land Buildings, Total Accumulated Depreciation Date Watertown, MA - Residence Inn 25,083 45,917 527 25,083 46,444 71,527 (10,363) $ 407,432 $ 3,042,359 $ 137,108 $ 385,300 $ 3,201,599 $ 3,586,899 $ (821,924) (1) Properties cross-collateralize the related loan, refer to "Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt " in the Consolidated Financial Statements. (2) Properties subject to ground lease, refer to "Part II – Item 8. – Financial Statements and Supplementary Data – Note 7 – Leases " in the Consolidated Financial Statements. (3) Property value includes an impairment charge, based on the difference between the net realizable value and the carrying value at the time of measurement. (a) ASSET BASIS 2023 2022 2021 Reconciliation of land, buildings and improvements: Balance at beginning of period as adjusted $ 3,548,184 $ 2,638,549 $ 2,570,768 Additions to land, buildings and improvements 131,153 989,046 80,496 Disposition of land, buildings and improvements (75,777) (68,991) (12,715) Write-down of assets (16,661) (10,420) — Balance at end of period $ 3,586,899 $ 3,548,184 $ 2,638,549 (b) ACCUMULATED DEPRECIATION 2023 2022 2021 Reconciliation of accumulated depreciation: Balance at beginning of period $ 716,646 $ 583,080 $ 490,326 Depreciation 146,083 145,491 105,462 Depreciation on assets sold or disposed (40,805) (11,925) (12,708) Balance at end of period $ 821,924 $ 716,646 $ 583,080 (c) The aggregate cost of real estate for Federal income tax purposes was approximately $3,380 million (unaudited). (d) Depreciation for buildings, improvements and furniture, fixtures and equipment is based on useful lives ranging from 2 to 40 years. (e) We have mortgages payable on the properties as noted. Additional mortgage information can be found in "Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt " to the Consolidated Financial Statements. (f) Amounts under the column heading "Costs Subsequent" include (when applicable) parcels of undeveloped land that were sold, and impairment losses related to certain

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We prepare our Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates. The accompanying Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities, if any, for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. We evaluate joint venture partnerships to determine if they should be consolidated based on whether the partners exercise joint control. For a joint venture where we exercise primary control and we also own a majority of the equity interests, we consolidate the joint venture partnership. We have consolidated the accounts of all of our joint ventures in our Consolidated Financial Statements.
Segment Disclosure	Segment Disclosure Accounting Standards Codification (“ASC”) No. 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable operating segment for activities related to investing in real estate; thus, all required financial segment information is included in the Consolidated Financial Statements. An operating segment is defined as the component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in order to allocate resources and assess performance. Our investments in real estate are geographically diversified and the chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the individual lodging property level. However, because each of our lodging properties have similar economic characteristics, facilities, and services, the lodging properties have been aggregated into a single operating segment.
Acquisitions of Lodging Property	Acquisitions of Lodging Property
Investments in Lodging Property, net	Investments in Lodging Property, net The Company allocates the purchase price of acquired lodging properties based on the relative fair values 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 lodging business being acquired as part of the 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, do not produce or contribute to the production of income other than consideration for the use or occupancy of space, and are recorded as a component of the related real estate asset in our Consolidated Financial Statements. We allocate the purchase price of acquired lodging properties to land, building and furniture, fixtures and equipment based on independent third-party appraisals. Our lodging properties and related assets are recorded at cost, less accumulated depreciation. We capitalize 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 development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred. We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense. When depreciable property and equipment is retired or disposed, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations. On a limited basis, we provide financing to developers of lodging properties for development projects. We evaluate these arrangements to determine if we participate in residual profits of the lodging property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the real property, we reflect the loan in Investments in lodging property, net in our Consolidated Balance Sheets.
Intangible Assets	Intangible Assets
Assets Held for Sale	Assets Held for Sale We periodically review our lodging properties and our undeveloped land based on established criteria such as age, type of franchise, adverse economic and competitive conditions, and strategic fit to identify properties that we believe are either non-strategic or no longer complement our business. Based on our review, we periodically market properties for sale that no longer meet our investment criteria. We also periodically receive unsolicited external inquiries that result in the sale of lodging properties. We classify assets as Assets held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets classified as Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or fair value less estimated selling costs. We record a write-down on our Consolidated Statement of Operations when the carrying amounts of assets held for sale exceed their fair values less estimated selling costs.
Variable Interest Entities	Variable Interest Entities We consolidate variable interest entities (each a “VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider other relevant factors including each entity’s capital structure, contractual rights to earnings or obligations for losses, subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant.
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 generally consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves.
Trade Receivables and Credit Policies	Trade Receivables and Credit Policies
Leases	Leases In accordance with Accounting Standards Update ("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 our Consolidated Balance Sheets for all leases with a term of greater than 12 months regardless of their classification. Several of our lodging properties 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 (the "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 leases and recognize short-term lease receivables 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 lodging property at or after the completion of the development project, and we also may provide seller financing in connection with a lodging property disposition under limited circumstances. We classify notes receivable as held-to-maturity and carry the notes receivable at cost less the unamortized discount, if any. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset 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 Consolidated Statements of Operations. When we place notes receivable on non-accrual 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.
Deferred Charges, net	Deferred Charges, net Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method.
Deferred Financing Fees	Deferred Financing Fees
Non-controlling Interests and Redeemable Non-controlling Interests	Non-controlling Interests Non-controlling interests represent the portion of equity in a consolidated entity held by owners other than the consolidating parent. Non-controlling interests are reported in the Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations. Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and third-party ownership of our consolidated joint ventures. Redeemable Non-controlling Interests Redeemable non-controlling interests represent redeemable preferred units issued by our Operating Partnership ("Redeemable Preferred Units") in connection with the NCI Transaction (see " Note 3 - Investments in Lodging Property, net " for additional information). The Redeemable Preferred Units are presented as temporary equity related to our Operating Partnership on our Consolidated Balance Sheets under the caption of "Redeemable Non-controlling Interests ("see " Note 9 - Equity " for further information). We record Redeemable non-controlling interests at fair value on the issuance date of the securities. When the carrying value (the acquisition date fair value adjusted for the non-controlling interest’s share of net income (loss) and dividends) is less than the redemption value, we adjust the redeemable non-controlling interest to equal the redemption value with changes recognized as an adjustment to Accumulated deficit and distributions in excess of retained earnings. Any such adjustment, when necessary, is recorded as of the applicable Consolidated Balance Sheet date.
Revenue Recognition, Sales and Other Taxes	Revenue Recognition Revenues from the operation of our lodging properties 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 lodging property revenues and are presented on a disaggregated basis on our Consolidated Statements of Operations. Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy lodging 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 lodging property's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers. Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services such as parking at certain lodging properties 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 lodging properties have retail spaces, restaurants or other spaces that we lease to third parties. Lease revenues are recognized on a straight line basis over the respective lease terms and are included in Other income on our Consolidated 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. Sales and Other Taxes We have operations in states and municipalities that impose sales or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted.
Equity-Based Compensation	Equity-Based Compensation Our 2011 Equity Incentive Plan, which was amended and restated effective 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. We have elected to account for forfeitures as they occur. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC No. 718, Compensation — Stock Compensation . We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to forfeitures or modification of previously granted awards.
Derivative Financial Instruments and Hedging	Derivative Financial Instruments and Hedging All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include interest rate swaps, caps and collars. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. The change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts in Other comprehensive income will be reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings. We have adopted ASC No. 848, Rate Reference Reform, at December 31, 2022. Under ASC No. 848 we have elected to not reassess a previous accounting determination related to our derivative financial instruments. We have also made elections to not de-designate the hedging relationships with the change in critical terms. Finally, we made elections to not de-designate the hedging relationships due to changes in hedged instruments, hedged items or future forecasted hedged transactions.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under sections 856 through 859 of the IRC. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, subject to certain adjustments and excluding any net capital gain. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRS Lessees 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 qualify for 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 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. At December 31, 2023, the Company continues to be in a three-year cumulative loss. As such, the realizability of our deferred tax assets at December 31, 2023 is not reasonably assured. Therefore, we have recorded a valuation allowance against substantially all of our deferred tax assets at December 31, 2023. We perform a review of any uncertain tax positions and if necessary, will record expected future tax consequences of uncertain tax positions in the financial statements.
Fair Value Measurement	Fair Value Measurement Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets. Level 3: Unobservable inputs in which there is little or no market information, which require a reporting entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis 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. Assets measured at fair value on a nonrecurring basis consist of lodging properties classified as Assets Held For Sale that are recorded at the lower of historical cost or fair value, which is the selling price less estimated costs to sell (Level 2).
Earnings Per Share	Earnings Per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. We apply the two-class method of computing earnings (loss) per share, which requires the calculation of separate earnings (loss) per share amounts for participating securities. 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. Any anti-dilutive securities are excluded from the basic per-share calculation. Diluted EPS is computed by dividing net income (loss) available to common stockholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Basic and diluted loss per share for the years ended December 31, 2023, 2022 and 2021 are calculated as Net loss attributable to common stockholders for each respective period divided by weighted average common shares outstanding for each respective period as all other securities are antidilutive. Potentially dilutive shares include unvested restricted share grants, unvested performance share grants, common shares issuable upon conversion of convertible debt and common shares issuable upon conversion of Common Units of our Operating Partnership.
Use of Estimates	Use of Estimates
New Accounting Standards	New Accounting Standards In October 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-06, Disclosure Improvements , codification amendments in response to the U.S. Securities and Exchange Commission's ("SEC") Disclosure Update and Simplification Initiative that was issued in August 2018. ASU 2023-06 will modify the disclosure or presentation requirements related to various subtopics, with clarifications to or technical corrections of the current requirements. The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. ASU 2023-06 applies to all reporting entities within the scope of the amended subtopics. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The adoption of ASU 2023-06 will not have a material effect on our Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) . ASU 2023-07 which will improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Although we operate only a single segment, ASU 2023-07 will require us to adhere to all disclosure requirements of the pronouncement which includes among other things, disclosures related to our chief operating decision maker. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-07 will not have a material effect on our Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) . ASU 2023-09 provides for changes to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 also improves the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with SEC Regulation S-X 210.4-08(h), Rules of General Application—General Notes to Financial Statements: Income Tax Expense , and (2) removing disclosures that no longer are considered cost beneficial or relevant. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The adoption of ASU 2023-09 will not have a material effect on our Consolidated Financial Statements.
Reclassifications	Reclassifications A portfolio of two lodging properties with an aggregate carrying amount of approximately $49.9 million that were classified as Assets Held for Sale at December 31, 2022 have been reclassified to Investments in Lodging Property, net during the year ended December 31, 2023 as the proposed sale of the properties was terminated during the year then ended.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Hotel Properties and Related Assets	We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years Investments in lodging property, net at December 31, 2023 and 2022 include (in thousands): 2023 2022 Land $ 373,039 $ 373,106 Lodging buildings and improvements 2,786,223 2,815,993 Intangible assets 39,954 39,954 Construction in progress 41,324 64,159 Furniture, fixtures and equipment 268,631 252,842 Real estate development loan (1) 4,176 — 3,513,347 3,546,054 Less - accumulated depreciation and amortization (784,298) (704,198) $ 2,729,049 $ 2,841,856 (1) In January 2023, we entered into an agreement with affiliates of Onera Opportunity Fund I, LP to provide a mezzanine financing loan to fund up to $4.6 million for the development of a property. The mezzanine loan was classified as Investments in Lodging Property, net in our Consolidated Balance Sheet at December 31, 2023. See "Note 4 - Investment in Real Estate Loans" for further information.

INVESTMENTS IN LODGING PROPER_2

INVESTMENTS IN LODGING PROPERTY, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Investments in Lodging Property, net	We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows: Classification Estimated Useful Lives Buildings and improvements 6 to 40 years Furniture, fixtures and equipment 2 to 15 years Investments in lodging property, net at December 31, 2023 and 2022 include (in thousands): 2023 2022 Land $ 373,039 $ 373,106 Lodging buildings and improvements 2,786,223 2,815,993 Intangible assets 39,954 39,954 Construction in progress 41,324 64,159 Furniture, fixtures and equipment 268,631 252,842 Real estate development loan (1) 4,176 — 3,513,347 3,546,054 Less - accumulated depreciation and amortization (784,298) (704,198) $ 2,729,049 $ 2,841,856 (1) In January 2023, we entered into an agreement with affiliates of Onera Opportunity Fund I, LP to provide a mezzanine financing loan to fund up to $4.6 million for the development of a property. The mezzanine loan was classified as Investments in Lodging Property, net in our Consolidated Balance Sheet at December 31, 2023. See "Note 4 - Investment in Real Estate Loans" for further information.
Schedule of Hotel Property Acquisitions	Lodging property acquisitions during the years ended December 31, 2023 and 2022 were as follows (dollar amounts in thousands): Date Acquired Franchise/Brand Location Guestrooms Purchase 2023 Acquisitions: June 1, 2023 Residence Inn by Marriott Scottsdale, AZ 120 $ 29,000 June 23, 2023 Nordic Lodge Steamboat Springs, CO 47 13,700 Total acquisitions 2023 167 $ 42,700 2022 Acquisitions: January 13, 2022 Portfolio of properties - twenty-six lodging properties and two parking garages (1) Various 3,533 $ 766,000 March 23, 2022 Canopy Hotel by Hilton (1) New Orleans, LA 176 56,000 June 10, 2022 AC/Element Hotel (2) Miami, FL 264 80,100 October 26, 2022 Onera (3) Fredericksburg, TX 11 7,000 Total acquisitions 2022 3,984 $909,100 (1) In January 2022, we acquired a portfolio of twenty-six hotels and two parking garages for an aggregate purchase price of 766.0 million. The hotels acquired included 21 hotels and two parking garages in Texas, two hotels in Louisiana, and three hotels in Oklahoma under the following brands: Marriott (13), Hilton (7), Hyatt (4), and IHG (2). In March 2022, we acquired the Canopy New Orleans upon completion of its construction for a purchase price of $56.0 million. (2) We acquired a 90% equity interest in the AC/Element Hotel for $80.1 million based on the exercise price of the Initial Purchase Option of $89.0 million. The transaction included the assumption of $47.0 million of debt resulting in a net consideration payment requirement of $42.0 million. We paid 90% of the required net consideration with the conversion of our $29.9 million mezzanine loan into equity and a cash payment of $7.9 million. The carrying amount of our Initial Purchase Option of $2.8 million is also included in the total amount allocated to the assets acquired. The Brickell Joint Venture partner’s non-controlling interest of $6.9 million represents 10% of the fair value of the net assets on the transaction date, determined by a third-party valuation expert based on discounted forecasted future cash flows of the net assets acquired. We also incurred $0.6 million of transaction costs. The result is a total amount allocated to the assets acquired of $95.1 million plus an intangible asset totaling $2.0 million related to the assumption of the franchises for the hotel properties and a related key money liability. (3) In October 2022, we completed the acquisition of a 90% equity interest in Onera Joint Venture which owns an 11-unit glamping property for $5.2 million based on aggregate purchase price of $5.8 million. We paid for our 90% in cash, plus $0.5 million of transaction costs. Additionally, the transaction includes additional contingent consideration (based on performance of the property for the 12-month period ending July 31, 2023) that was paid in September 2023 of $1.8 million. The Onera Joint Venture has a 100% fee simple interest in real property and improvements consisting of 11 lodging units and a 6.4-acre parcel of undeveloped land. The allocation of the aggregate purchase prices and contingent consideration to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands): 2023 2022 Land $ 12,645 $ 68,426 Lodging buildings and improvements 30,721 756,551 Furniture, fixtures and equipment 1,448 82,730 Incentives and other intangibles — 25,642 Other assets — 5,318 Total assets acquired (1) (2) 44,814 938,667 Less debt assumed — (382,205) Less lease liabilities assumed — (5,441) Less other liabilities — (5,892) Net assets acquired $ 44,814 $ 545,129 (1) Total assets acquired during the year ended December 31, 2023 is based on an aggregate purchase price of $42.7 million plus transaction costs of $0.1 million and $1.8 million related to contingent consideration paid to the seller in September 2023. See "Note 10 - Non-controlling Interests and Redeemable Non-controlling Interests" for details related to the Onera Joint Venture. (2) Total assets acquired during the year ended December 31, 2022 is based on an aggregate purchase price of $909.1 million adjusted for the following items: • NCI Transaction: interest swap breakage fees and debt defeasance costs of $3.5 million, a reduction to the value of the Common Units issued on the closing date of $2.5 million, plus transaction costs of $3.0 million, and intangible assets totaling $9.1 million acquired outside of escrow, and • Brickell Transaction: Brickell Joint Venture partner’s non-controlling interest of $6.9 million; Brickell Joint Venture partner’s non-controlling interest share of the debt assumed as part of the transaction of $4.7 million, the assumption of intangible assets totaling $2.0 million, the carrying amount of our Initial Purchase Option of $2.9 million, and transactions costs of $0.6 million. • Onera Transaction: Onera Joint Venture partner's non-controlling interest of $0.8 million and $0.5 million of transaction costs. In May 2023, we completed the sale of four lodging properties (the "Sale Portfolio") for an aggregate gross selling price of $28.1 million as follows: Franchise/Brand Location Guestrooms Hilton Garden Inn Minneapolis (Eden Prairie), MN 97 Holiday Inn Express & Suites Minneapolis (Minnetonka), MN 93 Hyatt Place Chicago (Hoffman Estates), IL 126 Hyatt Place Chicago (Lombard/Oak Brook), IL 151 467
Schedule of Finite-Lived Intangible Assets	Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands): December 31, Weighted Average Amortization Period (in Years) 2023 2022 Indefinite-lived Intangible assets: Air rights N/A $ 10,754 $ 10,754 Other N/A 80 80 10,834 10,834 Finite-lived intangible assets: Tax incentives (1) 9.2 19,750 19,750 Key money (1) 17.8 9,370 9,370 29,120 29,120 Total intangible assets 39,954 39,954 Less - accumulated amortization (9,251) (5,110) Intangible assets, net $ 30,703 $ 34,844 (1) Finite-lived intangible assets were primarily acquired in the NCI Transaction.
Schedule of Indefinite-lived Intangible Assets	Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands): December 31, Weighted Average Amortization Period (in Years) 2023 2022 Indefinite-lived Intangible assets: Air rights N/A $ 10,754 $ 10,754 Other N/A 80 80 10,834 10,834 Finite-lived intangible assets: Tax incentives (1) 9.2 19,750 19,750 Key money (1) 17.8 9,370 9,370 29,120 29,120 Total intangible assets 39,954 39,954 Less - accumulated amortization (9,251) (5,110) Intangible assets, net $ 30,703 $ 34,844 (1) Finite-lived intangible assets were primarily acquired in the NCI Transaction.
Schedule of Future Amortization Expenses	Future amortization expense related to intangible assets is as follows (in thousands): For the Year Ended Amount 2024 $ 4,126 2025 1,564 2026 1,564 2027 1,511 2028 1,016 Thereafter 10,088 $ 19,869
Schedule of Assets Held for Sale	Assets held for sale, net at December 31, 2023 include a parcel of undeveloped land in Flagstaff, AZ and certain properties that are under contract for sale and expected to close during the first half of 2024 as follows (in thousands): December 31, 2023 2022 Under Contract for Sale: Portfolio of four lodging properties $ — $ 27,516 Hyatt Place - Dallas (Plano), TX 9,940 — One individual lodging property and a portfolio of two lodging properties 54,146 — Parcel of undeveloped land - San Antonio, TX 1,225 1,225 65,311 28,741 Marketed for Sale: One individual lodging property 8,004 — Parcel of undeveloped land - Flagstaff, AZ 425 425 $ 73,740 $ 29,166

INVESTMENT IN REAL ESTATE LOA_2

INVESTMENT IN REAL ESTATE LOANS (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Investment in Real Estate Loans	Investment in real estate loans, net at December 31, 2022 was as follows (in thousands): December 31, 2022 Real estate loan $ 1,250 Allowance for credit losses (1,250) $ —

SUPPLEMENTAL BALANCE SHEET IN_2

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Restricted Cash	Restricted cash was as follows (in thousands): December 31, 2023 2022 FF&E reserves $ 9,583 $ 10,223 Property taxes 343 316 Other 5 14 $ 9,931 $ 10,553
Schedule of Prepaid Expenses and Other	Prepaid expenses and other included the following (in thousands): December 31, 2023 2022 Deferred acquisition costs $ 199 $ 334 Prepaid insurance 1,945 1,708 Prepaid taxes 1,478 1,639 Other 5,243 4,697 $ 8,865 $ 8,378
Schedule of Deferred Charges	Deferred charges were as follows (in thousands): December 31, 2023 2022 Franchise fees $ 10,106 $ 10,079 Less - accumulated amortization (3,447) (3,005) $ 6,659 $ 7,074
Schedule of Other Assets	Other assets included the following (in thousands): December 31, 2023 2022 Derivative financial instrument $ 13,958 $ 16,841 Purchase options related to real estate loan 931 — Deferred tax asset, net 20 108 Other 645 1,001 $ 15,554 $ 17,950
Schedule of Accrued Expenses	Accrued expenses and other included the following (in thousands): December 31, 2023 2022 Accrued property, sales and income taxes $ 26,590 $ 28,972 Accrued salaries and benefits 13,307 13,029 Other accrued expenses at lodging properties 26,745 25,282 Accrued interest 6,136 4,158 Other 8,437 9,863 $ 81,215 $ 81,304

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Indebtedness	At December 31, 2023 and 2022 our outstanding indebtedness was as follows (dollar amounts in thousands): Lender Reference Interest Amortization Period Initial Maturity Date Fully Extended Maturity Date Number of December 31, 2023 2022 OPERATING PARTNERSHIP DEBT: 2023 Senior Credit Facility Bank of America, NA $400 Million Revolver (1) 7.41% Variable n/a 6/21/2027 6/21/2028 n/a $ — $ 15,000 $200 Million Term Loan (1) 7.36% Variable n/a 6/21/2026 6/21/2028 n/a 200,000 200,000 Total Senior Credit and Term Loan Facility 200,000 215,000 Term Loans KeyBank National Association Term Loan (1) (7) 7.21% Variable n/a 2/14/2025 2/14/2025 n/a 225,000 225,000 Convertible Notes 1.50% Fixed n/a 2/15/2026 2/15/2026 n/a 287,500 287,500 Secured Mortgage Indebtedness MetaBank (2) 4.44% Fixed 25 7/1/2027 7/1/2027 3 42,611 43,917 Bank of the Cascades (First Interstate Bank) (3) 7.33% Variable 25 12/19/2024 12/19/2024 1 7,425 7,691 Bank of the Cascades (First Interstate Bank) (3) 4.30% Fixed 25 12/19/2024 12/19/2024 7,425 7,691 Total Mortgage Loans 4 57,461 59,299 Total Operating Partnership Debt 4 769,961 786,799 JOINT VENTURE DEBT: Brickell Joint Venture Mortgage Loan City National Bank of Florida 8.35% Variable 25 6/9/2025 6/9/2025 2 47,000 47,000 GIC Joint Venture Credit Facility and Term Loans (4) Bank of America, N.A. $125 Million Revolver 7.61% Variable n/a 9/15/2027 9/15/2028 n/a 125,000 125,000 $75 Million Term Loan 7.56% Variable n/a 9/15/2027 9/15/2028 n/a 75,000 75,000 Bank of America, N.A. 8.22% Variable n/a 1/13/2026 1/13/2027 n/a 410,000 410,000 Wells Fargo (5) 4.99% Fixed 30 6/6/2028 6/6/2028 1 12,785 13,032 PACE loan (6) 6.10% Fixed 20 7/31/2040 7/31/2040 1 6,093 6,293 Total GIC Joint Venture Credit Facility and Term Loans 2 628,878 629,325 Total Joint Venture Debt 4 675,878 676,325 Total Debt 8 1,445,839 1,463,124 Unamortized debt issuance costs (15,171) (11,328) Debt, net of issuance costs $ 1,430,668 $ 1,451,796 (1)The $600 million 2023 Senior Credit Facility is supported by a borrowing base of 52 unencumbered hotel properties. (2) In June 2017, we entered into the MetaBank Loan. The MetaBank Loan is secured by the Hampton Inn & Suites in Minneapolis, MN, the Four Points by Sheraton Hotel & Suites in South San Francisco, CA, and the Hyatt Place in Mesa, AZ. The MetaBank Loan is subject to a prepayment penalty if prepaid prior to April 1, 2027. In or around December 2021, MetaBank sold the MetaBank Loan to Bayside MB CRE Loans, LLC (“Bayside”). (3) In December 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million. As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.3%. Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and cross-defaulted. (4) The GIC Joint Venture Credit Facilities and Term Loans are secured by a pledge of the equity interests in the subsidiaries that own and operate the borrowing base assets financed by the facility. (5) In December 2021, we assumed a $13.3 million loan with a fixed rate of 4.99% and a maturity of June 6, 2028. This loan is secured by the Embassy Suites by Hilton in Tucson, AZ. This loan is subject to defeasance if prepaid. (6) As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender.
Schedule of Total Fixed-rate and Variable-rate Debt, After Giving Effect to Interest Rate Derivatives	Our total fixed-rate and variable-rate debt at December 31, 2023 and 2022, after giving effect to our interest rate derivatives, is as follows (dollar amounts in thousands): 2023 Percentage 2022 Percentage Fixed-rate debt (1) $ 956,414 66 % $ 758,433 52 % Variable-rate debt 489,425 34 % 704,691 48 % $ 1,445,839 $ 1,463,124 (1) At December 31, 2023, debt related to our wholly-owned properties coupled with our pro rata share of joint venture debt results in a fixed-rate debt ratio of approximately 75% of our total pro rata indebtedness when including the effect of interest rate swaps. See "Note 8 - Derivative Financial Instruments and Hedging."
Schedule of Principal Payments for Each of the Next Five Years	Contractual principal payments, without consideration of maturity date extension options, but including the refinancing of the 2018 Term Loan subsequent to December 31, 2023, for each of the next five years are as follows (in thousands): For the Year Ended Amount 2024 $ 16,926 2025 48,485 2026 289,417 2027 449,204 2028 436,937 (1) Thereafter 204,870 $ 1,445,839 (1) Debt maturities in 2028 include $25 million related to the refinancing of the 2018 Term Loan that was paid at closing of the 2024 Term Loan in February 2024. Advances on our $400 Million Revolver have a fully extended maturity of June 2028.
Schedule of the Fair Value of Fixed-rate Debt that is not Recorded at Fair Value	Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 2023 2022 Carrying Fair Value Carrying Fair Value Valuation Technique Convertible notes $ 287,500 $ 256,141 $ 287,500 $ 247,126 Level 1 - Market approach Mortgage loans 68,915 60,883 70,933 61,447 Level 2 - Market approach $ 356,415 $ 317,024 $ 358,433 $ 308,573

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Operating Lease Maturity	Operating lease maturities as of December 31, 2023 are as follows (in thousands): For the Year Ended Amount 2024 $ 2,264 2025 2,285 2026 2,239 2027 2,282 2028 2,124 Thereafter 35,831 Total lease payments (1) 47,025 Less interest (21,183) Total $ 25,842 (1) Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Financial Instruments	Information about our derivative financial instruments at December 31, 2023 and 2022 is as follows (dollar amounts in thousands): Average Annual Notional Amount Fair Value Effective December 31, December 31, Contract date Effective Date Expiration Date Fixed Rate 2023 2022 2023 2022 Operating Partnership: October 2, 2017 January 29, 2018 January 31, 2023 1.96 % $ — $ 100,000 $ — $ 208 October 2, 2017 January 29, 2018 January 31, 2023 1.98 % — 100,000 — 210 June 11, 2018 September 28, 2018 September 30, 2024 2.86 % 75,000 75,000 1,170 2,219 June 11, 2018 December 31, 2018 December 31, 2025 2.92 % 125,000 125,000 2,877 4,211 July 26, 2022 January 31, 2023 January 31, 2027 2.60 % 100,000 100,000 3,134 4,366 July 26, 2022 January 31, 2023 January 31, 2029 2.56 % 100,000 100,000 4,273 5,627 Total Operating Partnership 400,000 600,000 11,454 16,841 GIC Joint Venture: March 24, 2023 July 1, 2023 January 13, 2026 3.35 % 100,000 — 1,254 — March 24, 2023 July 1, 2023 January 13, 2026 3.35 % 100,000 — 1,250 — Total GIC Joint Venture 200,000 — 2,504 — Total $ 600,000 $ 600,000 $ 13,958 $ 16,841
Schedule of Location in Financial Statements of Gain or Loss Recognized on Derivative Financial Instruments Designated as Cash Flow Hedges	The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands): For the Year Ended December 31, 2023 2022 2021 Gain recognized in Accumulated other comprehensive loss on derivative financial instruments $ 8,677 $ 29,744 $ 5,631 Gain (loss) reclassified from Accumulated other comprehensive income to Interest expense $ 11,561 $ (2,820) $ (9,496) Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded $ 86,798 $ 65,581 $ 43,368

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Common Stock Activity	Changes in Common Stock during the years ended December 31, 2023 and 2022 were as follows: 2023 2022 Beginning shares of Common Stock outstanding 106,901,576 106,337,724 Common Unit redemptions 28,179 12,664 Grants under the Equity Plan 875,055 735,371 Annual grants to independent directors 113,141 84,889 Performance share and other forfeitures (140,549) (8,272) Shares retained for employee tax withholding requirements (184,029) (260,800) Ending shares of Common Stock outstanding 107,593,373 106,901,576

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Disclosures Concerning Financial Instruments Measured at Fair Value	Disclosures concerning financial instruments measured at fair value are as follows (in thousands): Fair Value Measurement at December 31, 2023 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 13,958 $ — $ 13,958 Purchase options related to real estate loans (Onera Purchase Option) — — 931 931 Fair Value Measurement at December 31, 2022 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 16,841 $ — $ 16,841
Schedule of Unobservable Inputs for Fair Values of Purchase Options	As such, we were required to develop assumptions to determine the fair value of the Onera Purchase Option as follows (dollar amounts in thousands): Exercise price $ 8,206 First option exercise date (1) 10/1/2024 Expected volatility 52.20 % Risk free rate 4.15 % Expected annualized equity dividend yield — % (1)

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards	The following table summarizes time-based restricted stock activity under our Equity Plan for 2023 and 2022: Number of Shares Weighted Average Aggregate (in thousands) Non-vested December 31, 2021 605,470 $ 9.98 Granted 316,643 9.83 Vested (259,037) 10.14 Forfeited (8,272) 10.01 Non-vested December 31, 2022 654,804 9.85 Granted 449,148 7.71 Vested (238,883) 8.04 Forfeited (3,356) 8.20 Non-vested December 31, 2023 861,713 $ 8.79 $ 5,791 The following table summarizes performance-based restricted stock activity under our Equity Plan: Number of Shares Weighted Average Aggregate (in thousands) Non-vested December 31, 2021 1,002,866 $ 11.92 Granted 418,728 12.26 Vested (414,620) 12.81 Non-vested December 31, 2022 1,006,974 11.76 Granted 425,907 10.08 Vested (239,416) 9.38 Forfeited (137,193) 9.38 Non-vested December 31, 2023 1,056,272 $ 11.93 $ 7,098
Schedule of Assumptions Used Estimate Fair Value of Performance-based Restricted Stock Awards Granted	The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions: For the Year Ended December 31, 2023 2022 2021 Expected dividend yield 3.90 % 3.52 % — % Expected stock price volatility 67.6 % 65.4 % 63.7 % Risk-free interest rate 4.66 % 1.77 % 0.34 % Monte Carlo iterations 100,000 100,000 100,000 Weighted average estimated fair value of performance-based restricted stock awards $ 10.08 $ 12.26 $ 14.05
Schedule of Equity-based Compensation Expense	Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations was as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 Time-based restricted stock $ 3,260 $ 2,860 $ 4,784 Performance-based restricted stock 3,727 4,784 5,314 Director stock 755 802 583 $ 7,742 $ 8,446 $ 10,681
Schedule of Unrecognized Equity-based Compensation Expense for all Non-vested Awards	Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $8.9 million at December 31, 2023 as follows (in thousands): Total 2024 2025 2026 Time-based restricted stock $ 4,077 $ 2,536 $ 1,334 $ 207 Performance-based restricted stock 4,831 2,914 1,654 263 $ 8,908 $ 5,450 $ 2,988 $ 470

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense and Total Provision (Benefit) for TRS and Operating Partnership	The components of income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): 2023 2022 2021 Current: Federal $ 1,151 $ 1,953 $ 1,036 State and local 1,563 1,717 456 Deferred: Federal 84 (59) (19) Income tax expense $ 2,798 $ 3,611 $ 1,473
Schedule of Reconciliation of Federal Statutory Rate to Effective Income Tax Rate for TRS	Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands): 2023 2022 2021 Statutory federal income tax provision $ (5,317) $ 1,014 $ (14,093) Nontaxable income of the REITs 4,563 1,124 16,812 State income taxes, net of federal tax benefit 1,158 1,644 891 Provision to return and deferred adjustment 50 81 — Effect of permanent differences and other 235 246 99 Deferred assets transferred with REIT stock sale — 730 — Change in valuation allowance 2,109 (1,228) (2,236) Income tax provision $ 2,798 $ 3,611 $ 1,473
Schedule of Significant Components of Deferred Tax Assets (Liabilities)	Significant components of our TRSs deferred tax assets (liabilities) are as follows (in thousands): December 31, 2023 2022 Tax carryforwards $ 12,098 $ 10,312 Accrued expenses 1,634 1,421 Other 150 124 Total 13,882 11,857 Valuation allowance (13,886) (11,777) Net deferred tax assets $ (4) $ 80 Gross deferred tax assets $ 13,906 $ 11,883 Gross deferred tax liabilities (24) (26) Valuation allowance (13,886) (11,777) Net deferred tax (liabilities) assets $ (4) $ 80
Schedule of Characterization of Distributions	For income tax purposes, distributions paid consist of ordinary income and capital gains or a combination thereof. For the years ended December 31, 2023, 2022 and 2021 distributions paid per share were characterized as follows: For the Year Ended December 31, 2023 2022 2021 Amount % Amount % Amount % Common Stock Ordinary non-qualified dividend income $ 0.1940 88.19 % $ 0.0471 58.82 % $ — — % Ordinary qualified dividend income 0.0078 3.54 % 0.0106 13.26 % — — % Capital gain distributions — — % 0.0223 27.92 % — — % Return of capital 0.0182 8.27 % — — % — — % Total $ 0.2200 100.00 % $ 0.0800 100.00 % $ — — % Preferred Stock - Series D Ordinary non-qualified dividend income $ — — % $ — — % $ — — % Capital gain distributions — — % — — % — — % Return of capital — — % — — % 1.2228 100.00 % Total $ — — % $ — — % $ 1.2228 100.00 % Preferred Stock - Series E Ordinary non-qualified dividend income $ 1.3779 88.19 % $ 0.9191 58.82 % $ — — % Ordinary qualified dividend income 0.0553 3.54 % 0.2072 13.26 % — — % Capital gain distributions — — % 0.4363 27.92 % — — % Return of capital 0.1293 8.27 % — — % 1.5625 100.00 % Total $ 1.5625 100.00 % $ 1.5625 100.00 % $ 1.5625 100.00 % Preferred Stock - Series F Ordinary non-qualified dividend income $ 1.2952 88.19 % $ 0.8639 58.82 % $ — — % Ordinary qualified dividend income 0.0520 3.54 % 0.1947 13.26 % — — % Capital gain distributions — — % 0.4101 27.92 % — — % Return of capital 0.1215 8.27 % — — % 0.4406 100.00 % Total $ 1.4687 100.00 % $ 1.4687 100.00 % $ 0.4406 100.00 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Components Used to Calculate Basic and Diluted Earnings Per Share	Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts): For the Year Ended December 31, 2023 2022 2021 Numerator: Net (loss) income $ (28,116) $ 1,217 $ (68,584) Adjusted for: Preferred dividends (15,875) (15,875) (15,431) Premium on redemption of preferred stock — — (2,710) Distributions and accretion of redeemable non-controlling interests (2,626) (2,520) — Loss attributable to non-controlling interest in Operating Partnership 3,803 2,570 115 Loss attributable to non-controlling interests in joint ventures 14,824 (2,321) 2,896 Loss from continuing operations attributable to common stockholders $ (27,990) $ (16,929) $ (83,714) Denominator: Weighted average common shares outstanding - basic and diluted 105,548 105,142 104,471 Loss per share: Basic and diluted $ (0.27) $ (0.16) $ (0.80)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information is as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 Cash payments for interest $ 78,886 $ 58,409 $ 37,509 Accrued acquisition costs and improvements to lodging properties $ 4,219 $ 8,233 $ 3,399 Cash payments for income taxes, net of refunds $ 2,674 $ 3,742 $ 557 Accrued and unpaid dividends $ 185 $ 40 $ — Mortgage debt assumed for acquisitions of lodging properties $ — $ 382,205 $ 13,267 Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties $ — $ 9,206 $ — Conversion of a mezzanine loan to complete acquisition of lodging properties $ — $ 29,875 $ — Conversion of purchase option to complete acquisition of lodging properties $ — $ 2,800 $ — Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties $ 200 $ 7,724 $ — Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties $ — $ 157,513 $ — Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties $ — $ 50,000 $ —

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	12 Months Ended
	Dec. 31, 2023 room hotel state joint_venture	Dec. 31, 2021	May 19, 2023 hotel room
Properties
Guestrooms	123		467
Number of states in which hotel properties are located | state	24
Percentage of guestrooms located in the top 50 metropolitan statistical areas	86%
Percentage of guestrooms located in the top 100 metropolitan statistical areas	90%
Hotels
Properties
Number of hotels | hotel	100		4
Guestrooms	14,912
Number of joint venture | joint_venture	2
Hotels | Brickell Joint Venture
Properties
Number of hotels | hotel	2
Hotels | Onera Joint Venture
Properties
Number of hotels | hotel	1
Hotels | Hotel Portfolio Other Than Ones Owned Through Joint Venture | Wholly Owned Properties
Properties
Number of hotels	56
Ownership percentage of equity interests	100%
Hotels | Hotels Owned Through Joint Venture | Partially Owned Properties
Properties
Number of hotels	41
Ownership percentage of equity interests	90%
Hotels | Hotels Owned Through Joint Venture | Partially Owned Properties | GIC Joint Venture
Properties
General partner, ownership interest (as percent)		51%

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reportable Segment (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Disclosure
Number of reportable segments	1

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Hotel Properties and Related Assets (Details)	Dec. 31, 2023
Buildings and improvements | Minimum
INVESTMENT IN HOTEL PROPERTIES, NET
Hotel properties, useful lives (in years)	6 years
Buildings and improvements | Maximum
INVESTMENT IN HOTEL PROPERTIES, NET
Hotel properties, useful lives (in years)	40 years
Furniture, fixtures and equipment | Minimum
INVESTMENT IN HOTEL PROPERTIES, NET
Hotel properties, useful lives (in years)	2 years
Furniture, fixtures and equipment | Maximum
INVESTMENT IN HOTEL PROPERTIES, NET
Hotel properties, useful lives (in years)	15 years

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Trade Receivables and Credit Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.1	$ 0.1
Bad debt expense	$ 0.4	$ 0.3	$ 0.4

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Income Taxes and Reclassifications (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) hotel
Accounting Policies [Abstract]
Number of year cumulative loss	3 years
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in lodging property, net	$ 2,729,049	$ 2,841,856
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Guestrooms | hotel		2
Investments in lodging property, net		$ 49,900

INVESTMENTS IN LODGING PROPER_3

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Investments in Lodging Property, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2023	Dec. 31, 2019
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 3,513,347	$ 3,546,054
Less - accumulated depreciation and amortization	(784,298)	(704,198)
Investment in hotel properties, net	2,729,049	2,841,856
Hotels
Investment in Hotel Properties, net
Depreciation and amortization	150,300	149,500	$ 105,500
Real estate development loan
Investment in Hotel Properties, net
Investment in hotel properties at cost	4,176	0
Mezzanine Loans
Investment in Hotel Properties, net
Loans funded amount					$ 29,900
Mezzanine Loans | Affiliated Entity
Investment in Hotel Properties, net
Loans funded amount				$ 4,600
Land
Investment in Hotel Properties, net
Investment in hotel properties at cost	373,039	373,106
Lodging buildings and improvements
Investment in Hotel Properties, net
Investment in hotel properties at cost	2,786,223	2,815,993
Intangible assets
Investment in Hotel Properties, net
Investment in hotel properties at cost	39,954	39,954
Construction in progress
Investment in Hotel Properties, net
Investment in hotel properties at cost	41,324	64,159
Furniture, fixtures and equipment
Investment in Hotel Properties, net
Investment in hotel properties at cost	$ 268,631	$ 252,842

INVESTMENTS IN LODGING PROPER_4

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (Residence Inn by Marriott - Scottsdale, AZ) (Details) $ in Millions	1 Months Ended
	Jun. 30, 2023 USD ($) room	Dec. 31, 2023 hotel	May 19, 2023 hotel
Scottsdale AZ Joint Venture
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash payment	$ 13.7
Cash payment by earnest money	$ 1
Purchase price percent	49%
Scottsdale AZ Joint Venture | Operating Partnership Units
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash payment	$ 14.3
Purchase price percent	51%
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms | hotel		100	4
Hotels | Scottsdale AZ Joint Venture | Residency Inn
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms | room	120
Purchase price of acquisition	$ 29

INVESTMENTS IN LODGING PROPER_5

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (Nordic Lodge - Steamboat Springs, CO) (Details) $ in Millions	1 Months Ended
	Jun. 30, 2023 USD ($) room	Dec. 31, 2023 hotel	May 19, 2023 hotel
Steamboat Springs, CO Joint Venture
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash payment	$ 6.7
Purchase price percent	49%
Steamboat Springs, CO Joint Venture | Operating Partnership Units
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash payment	$ 7
Purchase price percent	51%
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms | hotel		100	4
Hotels | Steamboat Springs, CO Joint Venture | Residency Inn
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms | room	47
Purchase price of acquisition	$ 13.7

INVESTMENTS IN LODGING PROPER_6

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (NCI Transaction) (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 13, 2022 USD ($) room

Jan. 31, 2022 USD ($) hotel $ / shares shares

Mar. 31, 2022 USD ($) $ / shares shares

Dec. 31, 2023 USD ($) room property hotel Rate

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

May 19, 2023 hotel room

Mar. 31, 2022 USD ($)

Mar. 31, 2022 room

Mar. 31, 2022 hotel

Mar. 31, 2022 parkingStructure

Mar. 31, 2022 parkingSpace

Mar. 31, 2022 $ / shares

Nov. 02, 2021 hotel parkingStructure

Financing Receivable, Allowance for Credit Loss [Line Items]

Guestrooms | room

123

467

Redeemable common unit, conversion ratio | Rate

100%

Debt assumed

$ 0

$ 382,205

Repayments of mortgage loan

2,284

506,898

$ 351,932

Incentives and other intangibles

$ 0

$ 25,642

Tax incentives

Financing Receivable, Allowance for Credit Loss [Line Items]

Weighted Average Amortization Period (in Years)

9 years 2 months 12 days

Joint Venture Term Loan | Secured debt

Financing Receivable, Allowance for Credit Loss [Line Items]

Debt instrument, face amount

$ 410,000

Series Z Preferred Units

Financing Receivable, Allowance for Credit Loss [Line Items]

Preferred stock, dividend rate

5.25%

Preferred stock, redemption price (in dollars per share) | $ / shares

$ 25

NCI Transaction | Joint Venture Term Loan | Secured debt

Financing Receivable, Allowance for Credit Loss [Line Items]

Debt instrument, face amount

$ 410,000

NCI Transaction | Operating Partnership Units

Financing Receivable, Allowance for Credit Loss [Line Items]

Redeemable common unit, conversion ratio

1

NCI Transaction | Series Z Preferred Units

Financing Receivable, Allowance for Credit Loss [Line Items]

Preferred stock, dividend rate

5.25%

Preferred stock, redemption price (in dollars per share) | $ / shares

$ 25

NCI Transaction | Hotel Portfolio Acquired In January 2022 | GIC

Financing Receivable, Allowance for Credit Loss [Line Items]

Cash contribution to acquire interest in joint venture

$ 185,200

Expected contribution to joint venture

$ 18,500

Hotels

Financing Receivable, Allowance for Credit Loss [Line Items]

Guestrooms | hotel

100

4

Guestrooms | room

14,912

Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | Operating Partnership Units | Summit Hotel OP, LP

Financing Receivable, Allowance for Credit Loss [Line Items]

Number of shares issued in asset acquisition (in shares) | shares

15,864,674

Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | Series Z Preferred Units | Summit Hotel OP, LP

Financing Receivable, Allowance for Credit Loss [Line Items]

Number of shares issued in asset acquisition (in shares) | shares

2,000,000

Hotels | Hotel Portfolio Acquired In January 2022

Financing Receivable, Allowance for Credit Loss [Line Items]

Guestrooms

3,533

26

Purchase price of acquisition

$ 766,000

$ 766,000

Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Tax incentives

Financing Receivable, Allowance for Credit Loss [Line Items]

Incentives and other intangibles

19,800

Weighted Average Amortization Period (in Years)

9 years 1 month 6 days

Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Other

Financing Receivable, Allowance for Credit Loss [Line Items]

Incentives and other intangibles

3,900

Weighted Average Amortization Period (in Years)

19 years 8 months 12 days

Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Operating Partnership Units | Summit Hotel OP, LP

Financing Receivable, Allowance for Credit Loss [Line Items]

Number of shares issued in asset acquisition (in shares) | shares

15,864,674

Asset acquisition, share price (in USD per share) | $ / shares

$ 10.0853

Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Series Z Preferred Units | Summit Hotel OP, LP

Financing Receivable, Allowance for Credit Loss [Line Items]

Number of shares issued in asset acquisition (in shares) | shares

2,000,000

Joint Venture with GIC | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement

Financing Receivable, Allowance for Credit Loss [Line Items]

Guestrooms | hotel

27

Guestrooms | parkingStructure

2

Joint Venture with GIC | Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement

Financing Receivable, Allowance for Credit Loss [Line Items]

Guestrooms

13

27

Guestrooms

3,709

2

1,002

Purchase price of acquisition

$ 822,000

Debt assumed

335,200

Repayments of mortgage loan

328,700

Joint Venture with GIC | Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Operating Partnership Units

Financing Receivable, Allowance for Credit Loss [Line Items]

Totaled amount

157,500

Joint Venture with GIC | Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement | Series Z Preferred Units

Financing Receivable, Allowance for Credit Loss [Line Items]

Totaled amount

$ 50,000

Redeemable noncontrolling interest, redemption value

50,000

Joint Venture with GIC | Hotels | NCI Transaction | Hotel Portfolio Acquired In January 2022

Financing Receivable, Allowance for Credit Loss [Line Items]

Liabilities assumed in asset acquisition

6,500

Joint Venture with GIC | Hotels | NCI Transaction | Hotel Portfolio Acquired In January 2022 | GIC

Financing Receivable, Allowance for Credit Loss [Line Items]

Asset acquisition, consideration transferred, cash contribution to escrow

$ 5,900

INVESTMENTS IN LODGING PROPER_7

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (Brickell Transaction) (Details) - Mezzanine Loans - USD ($) $ in Millions	Jun. 10, 2022	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Initial purchase option, ownership percentage		90%
Brickell Joint Venture
Financing Receivable, Allowance for Credit Loss [Line Items]
Initial purchase option, ownership percentage	90%
Exercise price of initial purchase option	$ 89
Initial purchase option exercise, expected payments received	29.9
Initial purchase option exercise, cash payment	$ 7.9

INVESTMENTS IN LODGING PROPER_8

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (Onera Transaction) (Details) $ in Millions		1 Months Ended
	Oct. 26, 2022 a unit	Oct. 31, 2022 USD ($) a unit	Dec. 31, 2023 room	May 19, 2023 room
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms | room			123	467
Onera Joint Venture
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash payments to acquire businesses		$ 5.2
Joint venture, fee simple interest (as percent)	100%	100%
Guestrooms | unit	11
Area of land acquired (in acre) | a	6.4	6.4
Onera Joint Venture | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Contingent consideration, liability		$ 1.8
Joint Venture
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash payments to acquire businesses		$ 5.2
Joint venture, fee simple interest (as percent)		100%
Guestrooms | unit		11
Mezzanine Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Initial purchase option, ownership percentage			90%
Onera Transaction | Mezzanine Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Initial purchase option, ownership percentage		90%

INVESTMENTS IN LODGING PROPER_9

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Hotel Properties Acquisitions (Details) $ in Thousands

1 Months Ended

12 Months Ended

Jun. 23, 2023 USD ($) room

Jun. 01, 2023 USD ($) room

Oct. 26, 2022 USD ($) a unit room

Jun. 10, 2022 USD ($) room

Mar. 23, 2022 USD ($) room

Jan. 13, 2022 USD ($) room

Oct. 31, 2022 USD ($) a unit

Mar. 31, 2022 USD ($)

Jan. 31, 2022 USD ($) hotel parkingStructure

Dec. 31, 2023 USD ($) room hotel

Dec. 31, 2022 USD ($) room

Dec. 31, 2021 USD ($)

May 19, 2023 hotel room

Business Acquisition [Line Items]

Number of parking units | room

123

467

Transaction costs

$ 13

$ 749

$ 3,849

Joint Venture

Business Acquisition [Line Items]

Number of parking units | unit

11

Percentage of equity interest in a joint venture (as percent)

90%

Cash payments to acquire businesses

$ 5,200

Aggregate purchase price

5,800

Transaction costs

$ 500

Joint venture, fee simple interest (as percent)

100%

Onera Joint Venture

Business Acquisition [Line Items]

Number of parking units | unit

11

Percentage of equity interest in a joint venture (as percent)

90%

Cash payments to acquire businesses

$ 5,200

Joint venture, fee simple interest (as percent)

100%

100%

Area of land acquired (in acre) | a

6.4

6.4

Onera Joint Venture | Maximum

Business Acquisition [Line Items]

Contingent consideration, liability

$ 1,800

Mezzanine Loans

Business Acquisition [Line Items]

Initial purchase option, ownership percentage

90%

Brickell Joint Venture

Business Acquisition [Line Items]

Initial purchase option

$ 2,800

2,900

Fair value of net assets on transaction date

$ 6,900

6,900

Transaction costs

600

600

Totaled amount

95,100

Intangible assets

$ 2,000

$ 2,000

Brickell Joint Venture | Mezzanine Loans

Business Acquisition [Line Items]

Initial purchase option, ownership percentage

90%

Exercise price for purchase option

$ 80,100

Exercise price of initial purchase option

89,000

Initial purchase option exercise, assumption of senior debt

47,000

Net consideration payment

42,000

Initial purchase option exercise, expected payments received

29,900

Cash payment

$ 7,900

Second purchase option, ownership percentage

0.10

Hotels

Business Acquisition [Line Items]

Guestrooms | hotel

100

4

Number of parking units | room

14,912

Hotels | Brickell Joint Venture

Business Acquisition [Line Items]

Guestrooms | hotel

2

Acquisitions of 2023 | Hotels

Business Acquisition [Line Items]

Guestrooms | room

167

Purchase Price

$ 42,700

Residence Inn by Marriott | Hotels

Business Acquisition [Line Items]

Guestrooms | room

120

Purchase Price

$ 29,000

Nordic Lodge | Hotels

Business Acquisition [Line Items]

Guestrooms | room

47

Purchase Price

$ 13,700

Acquisitions of 2022 | Hotels

Business Acquisition [Line Items]

Guestrooms | room

3,984

Purchase Price

$ 909,100

Portfolio of properties - twenty-six hotel properties and two parking garages | Hotels

Business Acquisition [Line Items]

Guestrooms

3,533

26

Purchase Price

$ 766,000

$ 766,000

Portfolio of properties - twenty-six hotel properties and two parking garages | Parking Garages

Business Acquisition [Line Items]

Guestrooms | hotel

2

Canopy New Orleans | Hotels

Business Acquisition [Line Items]

Guestrooms | room

176

Purchase Price

$ 56,000

$ 56,000

AC/Element Hotel | Hotels

Business Acquisition [Line Items]

Guestrooms | room

264

Purchase Price

$ 80,100

Onera Transaction | Hotels

Business Acquisition [Line Items]

Guestrooms | room

11

Purchase Price

$ 7,000

Hotel portfolio acquired in Texas | Hotels

Business Acquisition [Line Items]

Guestrooms | hotel

21

Number of parking units | parkingStructure

2

Hotel portfolio acquired in Louisiana | Hotels

Business Acquisition [Line Items]

Guestrooms | hotel

2

Hotel portfolio acquired in Oklahoma | Hotels

Business Acquisition [Line Items]

Guestrooms | hotel

3

INVESTMENTS IN LODGING PROPE_10

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Allocation of Aggregate Purchase Price (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 10, 2022
Real Estate Properties [Line Items]
Land	$ 12,645	$ 68,426
Lodging buildings and improvements	30,721	756,551
Furniture, fixtures and equipment	1,448	82,730
Incentives and other intangibles	0	25,642
Other assets	0	5,318
Total assets acquired	44,814	938,667
Less debt assumed	0	(382,205)
Less lease liabilities assumed	0	(5,441)
Less other liabilities	0	(5,892)
Net assets acquired	44,814	545,129
Purchase price	42,700	909,100
Asset acquisition, transaction costs	100
Asset acquisition, contingent consideration	1,800
NCI Transaction
Real Estate Properties [Line Items]
Asset acquisition, transaction costs		3,000
Amount of NCI transactions		3,500
Reduction value of common units		2,500
Intangible assets acquired outside of escrow		9,100
Brickell Joint Venture
Real Estate Properties [Line Items]
Fair value of net assets on transaction date	$ 6,900	6,900
Asset acquisition, long-term debt		4,700
Intangible assets		2,000	$ 2,000
Initial purchase option		2,900	2,800
Transaction costs		600	$ 600
Onera Joint Venture
Real Estate Properties [Line Items]
Transaction costs		500
Non-controlling interests		$ 800

INVESTMENTS IN LODGING PROPE_11

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Sales (Details)				1 Months Ended		3 Months Ended	12 Months Ended
	Feb. 15, 2024 USD ($) room	May 19, 2023 USD ($) hotel room	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2023 USD ($) room	May 31, 2022 USD ($) room	Dec. 31, 2023 USD ($) room	Dec. 31, 2023 USD ($) room	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($)	Dec. 31, 2023 hotel	Dec. 31, 2023 tradingday
Financing Receivable, Allowance for Credit Loss [Line Items]
Loss on write-down of assets							$ 16,661,000	$ 10,420,000	$ 4,361,000
Guestrooms | room		467		123		123	123
(Loss) gain on disposal of assets, net							$ (337,000)	20,315,000	$ 240,000
Subsequent Events
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold | room	127
Sale of real estate property	$ 10,300,000
Tangible asset impairment charges	$ 4,000,000
Disposed of by Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Loss on write-down of assets							$ 16,700,000	2,900,000
Hyatt Place | Baltimore, MD | Disposed of by Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Proceeds from sale of property				$ 8,300,000
Hilton Garden Inn San Francisco | San Francisco California | Disposed of by Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms | room					169
Proceeds from sale of property					$ 75,000,000
(Loss) gain on disposal of assets, net								$ 20,500,000
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms | hotel		4								100
Guestrooms | room				14,912		14,912	14,912
Proceeds from sale of property		$ 28,100,000
Hotels | Disposed of by Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms			2					2		2	3
Loss on write-down of assets						$ 11,300,000		$ 7,200,000
Hotels | Purchase Agreement Portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Loss on write-down of assets			$ 2,900,000

INVESTMENTS IN LODGING PROPE_12

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Lodging Property Acquisitions (Details) $ in Millions	May 19, 2023 USD ($) room hotel	Dec. 31, 2023 room hotel
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms	467	123
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of hotels | hotel	4	100
Proceeds from sale of property | $	$ 28.1
Guestrooms		14,912
Hotels | Hilton Garden Inn
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms	97
Hotels | Holiday Inn Express & Suites
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms	93
Hotels | Hyatt Place
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms	126
Hotels | Hyatt Place
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms	151

INVESTMENTS IN LODGING PROPE_13

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Indefinite-lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite-lived Intangible assets:	$ 10,834	$ 10,834
Finite-lived intangible assets:	29,120	29,120
Total intangible assets	39,954	39,954
Less - accumulated amortization	(9,251)	(5,110)
Intangible assets, net	30,703	34,844
Amortization of intangible assets	$ 4,100	4,000	$ 0
Tax incentives
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Weighted Average Amortization Period (in Years)	9 years 2 months 12 days
Finite-lived intangible assets:	$ 19,750	19,750
Key money
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Weighted Average Amortization Period (in Years)	17 years 9 months 18 days
Finite-lived intangible assets:	$ 9,370	9,370
Air rights
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite-lived Intangible assets:	10,754	10,754
Other
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite-lived Intangible assets:	$ 80	$ 80

INVESTMENTS IN LODGING PROPE_14

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Future Amortization Expenses (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Real Estate [Abstract]
2024	$ 4,126
2025	1,564
2026	1,564
2027	1,511
2028	1,016
Thereafter	10,088
Finite lived intangible assets	$ 19,869

INVESTMENTS IN LODGING PROPE_15

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Assets Held for Sale (Details) - Disposed of by Sale - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Portfolio of four lodging properties
Business Acquisition [Line Items]
Net carrying amount	$ 0	$ 27,516
Under Contract For Sale
Business Acquisition [Line Items]
Net carrying amount	65,311	28,741
Under Contract For Sale | Dallas TX
Business Acquisition [Line Items]
Net carrying amount	9,940	0
One individual lodging property and a portfolio of two lodging properties
Business Acquisition [Line Items]
Net carrying amount	54,146	0
Undeveloped Land | San Antonio, TX
Business Acquisition [Line Items]
Net carrying amount	1,225	1,225
One individual lodging property
Business Acquisition [Line Items]
Net carrying amount	8,004	0
Market For Sale
Business Acquisition [Line Items]
Net carrying amount	73,740	29,166
Market For Sale | Flagstaff, AZ
Business Acquisition [Line Items]
Net carrying amount	$ 425	$ 425

INVESTMENTS IN LODGING PROPE_16

INVESTMENTS IN LODGING PROPERTY, NET - Assets Held for Sale Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 hotel	Jun. 30, 2024 tradingday	Jun. 30, 2024 a	Dec. 31, 2023 tradingday	May 19, 2023 hotel
Financing Receivable, Allowance for Credit Loss [Line Items]
Loss on write-down of assets		$ 16,661	$ 10,420	$ 4,361
Lodging properties | tradingday									1
Disposed of by Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Loss on write-down of assets		$ 16,700	$ 2,900
Purchase and Sale Agreement
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms | tradingday									101
Loss on write-down of assets	$ 1,400
Forecast | Purchase and Sale Agreement
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms | tradingday							529
Consideration for hotel property portfolio activity					$ 84,000
Forecast | Purchase and Sale Agreement | San Antonio, TX | Undeveloped Land
Financing Receivable, Allowance for Credit Loss [Line Items]
Consideration for hotel property portfolio activity					$ 1,300
Sale of land (in acre) | a								5.99
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms | hotel	100	100								4
Hotels | Disposed of by Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms	2	2	2						3
Loss on write-down of assets	$ 11,300		$ 7,200
Hotels | Forecast
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchase agreements | tradingday							2
Number of unrelated third-parties purchase agreements | tradingday							2
Guestrooms						2	1

INVESTMENT IN REAL ESTATE LOA_3

INVESTMENT IN REAL ESTATE LOANS - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2018 USD ($) note hotel	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Jan. 31, 2023 USD ($)	Jun. 30, 2022	Dec. 31, 2019 USD ($)
Investment Company, Financial Highlights [Line Items]
Purchase options related to real estate loan		$ 931	$ 0
Number of loans received | loan			1
Number of loans receivable | loan			2
Recoveries of credit losses		$ 1,230	$ 1,100	$ 2,632
Holiday Inn and Hilton Garden Inn | Duluth, GA | Disposed of by Sale
Investment Company, Financial Highlights [Line Items]
Property sold for an aggregate price | hotel	2
Aggregate sale price	$ 24,900
Mezzanine Loans
Investment Company, Financial Highlights [Line Items]
Loans funded amount							$ 29,900
Initial purchase option, ownership percentage		90%
Loans amount, total		$ 4,600
Unamortized discount related to convertible notes		400
Interest in hotel upon completion to purchase						90%
Mezzanine Loans | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Loans funded amount					$ 4,600
Seller-Financing Loans
Investment Company, Financial Highlights [Line Items]
Principal payments			500
Recoveries of credit losses		1,200	1,100
Seller-Financing Loans | Holiday Inn and Hilton Garden Inn | Duluth, GA | Disposed of by Sale
Investment Company, Financial Highlights [Line Items]
Number of notes receivable | note	2
Note receivable	$ 3,600
Proceeds from collection of loans receivable		1,500	$ 600
Proceeds from collection of loans receivable, interest and principal		300
Construction Loans | Affiliated Entity | Letter of credit
Investment Company, Financial Highlights [Line Items]
Letter of credit		$ 3,000
Onera Mezzanine Loan
Investment Company, Financial Highlights [Line Items]
Financing receivable, term (in years)		24 months
Loan mature term additional at borrower's option		12 months
Loans receivable term until purchase option available		1 year
Amortization of discount		$ (500)
Onera Mezzanine Loan | Other assets
Investment Company, Financial Highlights [Line Items]
Purchase options related to real estate loan		$ 900
Brickell Mezzanine Loan
Investment Company, Financial Highlights [Line Items]
Purchase of remaining interest in the property after completion of construction.		5 years

INVESTMENT IN REAL ESTATE LOA_4

INVESTMENT IN REAL ESTATE LOANS - Schedule of Investment in Real Estate Loans, Net (Details) - Real Estate Loan $ in Thousands	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate loan	$ 1,250
Allowance for credit losses	(1,250)
Investment in real estate, net	$ 0

SUPPLEMENTAL BALANCE SHEET IN_3

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted cash
Restricted cash	$ 9,931	$ 10,553
Minimum
Restricted cash
Restricted cash reserve as percentage of hotel revenues	2%
Maximum
Restricted cash
Restricted cash reserve as percentage of hotel revenues	5%
FF&E reserves
Restricted cash
Restricted cash	$ 9,583	10,223
Property taxes
Restricted cash
Restricted cash	343	316
Other
Restricted cash
Restricted cash	$ 5	$ 14

SUPPLEMENTAL BALANCE SHEET IN_4

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid expenses and other
Deferred acquisition costs	$ 199	$ 334
Prepaid insurance	1,945	1,708
Prepaid taxes	1,478	1,639
Other	5,243	4,697
Prepaid expenses and other	$ 8,865	$ 8,378

SUPPLEMENTAL BALANCE SHEET IN_5

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Deferred Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred charges
Franchise fees	$ 10,106	$ 10,079
Less - accumulated amortization	(3,447)	(3,005)
Deferred Costs, Net	6,659	7,074
Amortization expense	$ 600	$ 700	$ 500

SUPPLEMENTAL BALANCE SHEET IN_6

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Derivative financial instrument	$ 13,958	$ 16,841
Purchase options related to real estate loan	931	0
Deferred tax asset, net	20	108
Other	645	1,001
Total	$ 15,554	$ 17,950

SUPPLEMENTAL BALANCE SHEET IN_7

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued expenses and other
Accrued property, sales and income taxes	$ 26,590	$ 28,972
Accrued salaries and benefits	13,307	13,029
Other accrued expenses at lodging properties	26,745	25,282
Accrued interest	6,136	4,158
Other	8,437	9,863
Total	$ 81,215	$ 81,304

DEBT - Additional Information (

DEBT - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted average interest rate for all borrowings	5.31%	5.04%
Designated as hedges
Debt Instrument [Line Items]
Fair value of derivative interest rate	$ 400,000	$ 600,000
Interest Rate Swaps Expiring Between 2023 and 2039 | Designated as hedges
Debt Instrument [Line Items]
Fair value of derivative interest rate	$ 600,000	$ 400,000

DEBT - $600 Million Senior Cred

DEBT - $600 Million Senior Credit and Term Loan Facility (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) tradingday	Dec. 06, 2018 USD ($)
Line of Credit | Minimum | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.20%
Line of credit facility, commitment fee percentage, rate threshold		50%
Line of Credit | Maximum | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.25%
2018 Senior Credit Facility | Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 600,000,000	$ 600,000,000	$ 600,000,000
Additional borrowing capacity	$ 300,000,000
Remaining borrowing capacity		$ 400,000,000
$400 Million Revolver
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate, floor		0%
$400 Million Revolver | SOFR
Debt Instrument [Line Items]
Interest Rate		1%
$400 Million Revolver | Federal funds rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate		0.50%
$400 Million Revolver | Interest Rate Floor
Debt Instrument [Line Items]
Interest Rate		1%
$400 Million Revolver | Minimum | SOFR
Debt Instrument [Line Items]
Debt, basis spread on variable rate	1.40%
$400 Million Revolver | Minimum | Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	0.40%
$400 Million Revolver | Maximum | SOFR
Debt Instrument [Line Items]
Debt, basis spread on variable rate	2.40%
$400 Million Revolver | Maximum | Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	1.40%
$400 Million Revolver | Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 400,000,000	$ 400,000,000
Line of credit facility, extension periods | tradingday		2
Line of credit facility, extension term		6 months
Remaining borrowing capacity	400,000,000
Interest Rate		7.41%
$200 Million Term Loan | Minimum | SOFR
Debt Instrument [Line Items]
Debt, basis spread on variable rate		1.35%
$200 Million Term Loan | Minimum | Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate		0.35%
$200 Million Term Loan | Maximum | SOFR
Debt Instrument [Line Items]
Debt, basis spread on variable rate		2.35%
$200 Million Term Loan | Maximum | Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate		1.35%
$200 Million Term Loan | Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000	$ 200,000,000
Line of credit facility, extension periods | tradingday		2
Line of credit facility, extension term		12 months
Interest Rate		7.36%

DEBT - Term Loans (Details)

DEBT - Term Loans (Details) - USD ($)		1 Months Ended
	Feb. 15, 2018	Feb. 28, 2024	Jun. 30, 2023	Dec. 31, 2023	Feb. 28, 2018
2018 Term Loan | Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 225,000,000				$ 225,000,000
Additional borrowing capacity					$ 150,000,000
2018 Term Loan | Unsecured debt | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	0.10%
2018 Term Loan | Unsecured debt | Minimum | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	0.25%
Interest Rate	1.35%
2018 Term Loan | Unsecured debt | Maximum | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Interest Rate	2.15%
2024 Term Loan | Subsequent Events
Debt Instrument [Line Items]
Weighted average length to maturity		3 years 7 months 6 days
2024 Term Loan | Unsecured debt | Subsequent Events
Debt Instrument [Line Items]
Debt instrument, face amount		$ 200,000,000
2024 Term Loan | Unsecured debt | Minimum | Secured Overnight Financing Rate | Subsequent Events
Debt Instrument [Line Items]
Debt, basis spread on variable rate		1.35%
2024 Term Loan | Unsecured debt | Minimum | Base Rate | Subsequent Events
Debt Instrument [Line Items]
Debt, basis spread on variable rate		0.35%
2024 Term Loan | Unsecured debt | Maximum | Secured Overnight Financing Rate | Subsequent Events
Debt Instrument [Line Items]
Debt, basis spread on variable rate		2.35%
2024 Term Loan | Unsecured debt | Maximum | Base Rate | Subsequent Events
Debt Instrument [Line Items]
Debt, basis spread on variable rate		1.35%
$400 Million Revolver | Minimum | Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate			0.40%
$400 Million Revolver | Maximum | Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate			1.40%
$400 Million Revolver | Unsecured debt
Debt Instrument [Line Items]
Interest Rate				7.41%
$400 Million Revolver | Unsecured debt | Subsequent Events
Debt Instrument [Line Items]
Line of credit outstanding		$ 400,000,000
Repayments of lines of credit		$ 225,000,000

DEBT - Convertible Senior Notes

DEBT - Convertible Senior Notes and Capped Call Options (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 07, 2021 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 12, 2021 $ / shares
Debt Instrument [Line Items]
Repayments of debt		$ 2,284	$ 506,898	$ 351,932
Amortization of debt issuance costs		$ 5,910	5,708	4,353
Share price (in dollars per share) | $ / shares		$ 8.72
1.50% convertible senior notes due 2026 | Convertible notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 287,500
Interest Rate	1.50%	1.50%
Proceeds from convertible debt	$ 280,000
Interest on convertible debt		$ 4,300	4,300	4,200
Amortization of debt issuance costs		1,500	1,500	$ 1,500
Debt issuance costs	$ 7,600
Unamortized discount related to convertible notes		$ (3,200)	$ (4,700)
Debt instrument, effective interest rate		2.02%
Debt instrument, conversion ratio	0.0834028	0.0870869
Debt instrument, conversion price (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		$ 14.61			$ 15.26
Convertible debt, strike price of capped call transactions, premium percentage					75%
1.50% convertible senior notes due 2026 | Convertible notes | Maximum
Debt Instrument [Line Items]
Debt instrument, conversion ratio	0.1146788
$62 Million Term Loan | Unsecured debt
Debt Instrument [Line Items]
Repayments of debt	$ 62,000

DEBT - MetaBank and other Mortg

DEBT - MetaBank and other Mortgage Loans (Details) - Non-recourse loan - MetaBank - Secured debt	1 Months Ended
	Jun. 30, 2017 USD ($) hotel
Debt Instrument [Line Items]
Debt instrument, face amount | $	$ 47,600,000
Interest Rate	4.44%
Debt instrument, amortization period after interest only payments period (in years)	25 years
Number of properties that served as collateral for loans | hotel	3

DEBT - Mortgage Loans (Details)

DEBT - Mortgage Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property security	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt outstanding	$ 1,445,839	$ 1,463,124
Number of unencumbered properties | property	8	8
Debt transaction costs	$ 395	$ 1,528	$ 220
Restricted cash reserves	(14,040)	(35,136)	$ 58,048
Mortgage loans
Debt Instrument [Line Items]
Debt outstanding	$ 123,300	$ 125,600
Number of unencumbered properties | property		11
Number of security defeased | security		4
Extinguishment of debt		$ 87,300
Debt transaction costs		800
Interest payments eliminated		2,400
Restricted cash reserves		26,800
Write off of deferred debt issuance cost		$ 100

DEBT - GIC Joint Venture Credit

DEBT - GIC Joint Venture Credit Facility (Details)		1 Months Ended		12 Months Ended
	Apr. 29, 2021	Sep. 30, 2023 USD ($)	Feb. 28, 2023	Dec. 31, 2023 USD ($) property hotel	Jun. 30, 2023 USD ($)	May 19, 2023 hotel	Dec. 31, 2022 USD ($)	Mar. 31, 2022 hotel	Nov. 02, 2021 hotel	Oct. 31, 2019 USD ($)	Oct. 08, 2019 USD ($)
Debt Instrument [Line Items]
Debt outstanding				$ 1,445,839,000			$ 1,463,124,000
Hotels
Debt Instrument [Line Items]
Guestrooms | hotel				100		4
Joint Venture with GIC | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Guestrooms | hotel									27
Joint Venture with GIC | Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Guestrooms				13				27
Joint Venture Credit Facility | Unsecured debt
Debt Instrument [Line Items]
Debt outstanding				$ 675,878,000			676,325,000
Debt, basis spread on variable rate				0.05%
Joint Venture Credit Facility | Secured debt
Debt Instrument [Line Items]
Debt instrument, extension period		12 months
$125 Million Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Debt, basis spread on variable rate				1%
Interest Rate				0.50%
Debt instrument, effective interest rate				1.15%
$125 Million Revolving Credit Facility | Unsecured debt | SOFR
Debt Instrument [Line Items]
Debt, basis spread on variable rate				0.10%
$125 Million Revolving Credit Facility | Unsecured debt | SOFR | Minimum
Debt Instrument [Line Items]
Interest Rate				2.15%
$75 Million Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 75,000,000		$ 75,000,000							$ 75,000,000
$75 Million Term Loan | Covenant waiver period
Debt Instrument [Line Items]
Debt, basis spread on variable rate	2.25%
$75 Million Term Loan | Unsecured debt
Debt Instrument [Line Items]
Debt outstanding				$ 75,000,000			75,000,000
Interest Rate				7.56%
$200 Million Term Loan | SOFR | Minimum
Debt Instrument [Line Items]
Debt, basis spread on variable rate				1.35%
$200 Million Term Loan | Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 200,000,000	$ 200,000,000
Debt outstanding				$ 200,000,000			200,000,000
Interest Rate				7.36%
Line of Credit | SOFR
Debt Instrument [Line Items]
Debt, basis spread on variable rate			0.10%
Line of Credit | Joint Venture Credit Facility
Debt Instrument [Line Items]
Credit facility current borrowing capacity										$ 200,000,000
Credit facility, maximum borrowing capacity											500,000,000
Additional borrowing capacity											300,000,000
Revolving credit facility | $125 Million Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 125,000,000		$ 125,000,000							$ 125,000,000
Revolving credit facility | $125 Million Revolving Credit Facility | Covenant waiver period
Debt Instrument [Line Items]
Debt, basis spread on variable rate	2.30%
Revolving credit facility | $125 Million Revolving Credit Facility | Unsecured debt
Debt Instrument [Line Items]
Debt outstanding				$ 125,000,000			$ 125,000,000
Interest Rate				7.61%
Revolving credit facility | $75 Million Term Loan
Debt Instrument [Line Items]
Interest Rate				0.25%

DEBT - GIC Joint Venture Term L

DEBT - GIC Joint Venture Term Loan (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023 USD ($) room hotel	May 19, 2023 hotel room	Dec. 31, 2022 USD ($)	Jan. 13, 2022 USD ($)	Nov. 02, 2021 hotel parkingStructure
Debt Instrument [Line Items]
Debt outstanding		$ 1,445,839		$ 1,463,124
Number of guestrooms | room		123	467
Hotels
Debt Instrument [Line Items]
Guestrooms | hotel		100	4
Number of guestrooms | room		14,912
Joint Venture with GIC | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Guestrooms | hotel						27
Number of guestrooms | parkingStructure						2
Joint Venture Term Loan | Secured debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 410,000
Debt, increase of commitments amount					190,000
Credit facility, maximum borrowing capacity					$ 600,000
Debt instrument, extension period	12 months
Joint Venture Term Loan | Secured debt | SOFR
Debt Instrument [Line Items]
Debt, basis spread on variable rate		2.75%
Bank of America, N.A, variable due January 13, 2026 | Unsecured debt
Debt Instrument [Line Items]
Debt outstanding		$ 410,000		$ 410,000
Interest Rate		8.22%

DEBT - PACE Loan (Details)

DEBT - PACE Loan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 23, 2022
Debt Instrument [Line Items]
Long-term debt	$ 1,430,668	$ 1,451,796
NCI Transaction | PACE Loan
Debt Instrument [Line Items]
Debt instrument, face amount	6,500		$ 6,500
Long-term debt	$ 6,100
Interest Rate	6.10%
Debt instrument, amortization period	20 years

DEBT - Brickell Mortgage Loan (

DEBT - Brickell Mortgage Loan (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Debt outstanding		$ 1,445,839	$ 1,463,124
Mortgage loans
Debt Instrument [Line Items]
Debt outstanding		$ 123,300	$ 125,600
Brickell Joint Venture | AC/Element Hotel
Debt Instrument [Line Items]
Initial purchase option, ownership percentage				90%
Brickell Joint Venture | Brickell Mortgage Loan | Mortgage loans
Debt Instrument [Line Items]
Initial purchase option, ownership percentage				90%
Debt outstanding				$ 47,000
Debt instrument, amortization period	25 years
Brickell Joint Venture | Brickell Mortgage Loan | Mortgage loans | AC/Element Hotel
Debt Instrument [Line Items]
Initial purchase option, ownership percentage				100%
Debt, basis spread on variable rate	3%

DEBT - Financial Guarantee (Det

DEBT - Financial Guarantee (Details) - Construction Loans - Affiliated Entity - Letter of credit $ in Millions	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Letter of credit	$ 3
Financial guarantee as liability	$ 0.2

DEBT - Schedule of Outstanding

DEBT - Schedule of Outstanding Indebtedness (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2014 USD ($) contract Instrument	Dec. 31, 2023 USD ($) property hotel	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 23, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 07, 2021 USD ($)	Oct. 08, 2019 USD ($)	Dec. 06, 2018 USD ($)
Debt Instrument [Line Items]
Number of  Properties Encumbered | property		8
Debt outstanding		$ 1,445,839,000			$ 1,463,124,000
Unamortized debt issuance costs		(15,171,000)			(11,328,000)
Debt, net of issuance costs		1,430,668,000			1,451,796,000
$125 Million Revolving Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		125,000,000	$ 125,000,000						$ 125,000,000
$75 Million Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 75,000,000	$ 75,000,000						$ 75,000,000
$75 Million Term Loan | Revolving credit facility
Debt Instrument [Line Items]
Interest Rate		0.25%
Term Loans with Wells Fargo due June 6, 2028
Debt Instrument [Line Items]
Number of  Properties Encumbered | property		1
PACE Loan
Debt Instrument [Line Items]
Number of  Properties Encumbered | property		1
PACE Loan | NCI Transaction
Debt Instrument [Line Items]
Interest Rate		6.10%
Debt, net of issuance costs		$ 6,100,000
Debt instrument, face amount		6,500,000				$ 6,500,000
Unsecured debt | 2018 Senior Credit Facility
Debt Instrument [Line Items]
Debt outstanding		200,000,000			215,000,000
Credit facility, maximum borrowing capacity		$ 600,000,000		$ 600,000,000						$ 600,000,000
Number of unencumbered hotel properties | hotel		52
Unsecured debt | $400 Million Revolver
Debt Instrument [Line Items]
Interest Rate		7.41%
Debt outstanding		$ 0			15,000,000
Credit facility, maximum borrowing capacity		$ 400,000,000		400,000,000
Unsecured debt | $200 Million Term Loan
Debt Instrument [Line Items]
Interest Rate		7.36%
Debt outstanding		$ 200,000,000			200,000,000
Debt instrument, face amount		$ 200,000,000		$ 200,000,000
Unsecured debt | Keybank National Association Term Loan due February 14, 2025
Debt Instrument [Line Items]
Interest Rate		7.21%
Debt outstanding		$ 225,000,000			225,000,000
Unsecured debt | Joint Venture Credit Facility
Debt Instrument [Line Items]
Number of  Properties Encumbered | property		4
Debt outstanding		$ 675,878,000			676,325,000
Debt, basis spread on variable rate		0.05%
Unsecured debt | $125 Million Revolving Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Interest Rate		7.61%
Debt outstanding		$ 125,000,000			125,000,000
Unsecured debt | $75 Million Term Loan
Debt Instrument [Line Items]
Interest Rate		7.56%
Debt outstanding		$ 75,000,000			75,000,000
Unsecured debt | Bank of America, N.A, variable due January 13, 2026
Debt Instrument [Line Items]
Interest Rate		8.22%
Debt outstanding		$ 410,000,000			410,000,000
Unsecured debt | Term Loans with Wells Fargo due June 6, 2028
Debt Instrument [Line Items]
Interest Rate		4.99%					4.99%
Amortization Period (Years)		30 years
Debt outstanding		$ 12,785,000			13,032,000		$ 13,300,000
Unsecured debt | PACE Loan
Debt Instrument [Line Items]
Interest Rate		6.10%
Amortization Period (Years)		20 years
Debt outstanding		$ 6,093,000			6,293,000
Unsecured debt | GIC Joint Venture Credit Facility and Term Loans
Debt Instrument [Line Items]
Number of  Properties Encumbered | property		2
Debt outstanding		$ 628,878,000			629,325,000
Convertible notes | Convertible senior notes due 2026
Debt Instrument [Line Items]
Interest Rate		1.50%						1.50%
Debt outstanding		$ 287,500,000			287,500,000
Debt instrument, face amount								$ 287,500,000
Mortgage loans
Debt Instrument [Line Items]
Debt outstanding		$ 123,300,000			125,600,000
Mortgage loans | Meta Bank 4.44% Fixed due July 1, 2027
Debt Instrument [Line Items]
Interest Rate		4.44%
Amortization Period (Years)		25 years
Number of  Properties Encumbered | property		3
Debt outstanding		$ 42,611,000			43,917,000
Mortgage loans | Bank of Cascades loan(s)
Debt Instrument [Line Items]
Amortization Period (Years)	25 years
Loan increase	$ 7,900,000
Number of loans | contract	2
Number of promissory notes | Instrument	2
Mortgage loans | Bank Of Cascades Variable due December 19, 2024, Note A
Debt Instrument [Line Items]
Interest Rate		7.33%
Amortization Period (Years)		25 years
Number of  Properties Encumbered | property		1
Debt outstanding		$ 7,425,000			7,691,000
Mortgage loans | Bank Of Cascades Variable due December 19, 2024, Note A | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt, basis spread on variable rate	2%
Mortgage loans | Bank Of Cascades 4.30% Fixed due December 19, 2024, Note B
Debt Instrument [Line Items]
Interest Rate	4.30%	4.30%
Amortization Period (Years)		25 years
Debt outstanding		$ 7,425,000			7,691,000
Mortgage loans | Secured Mortgage Indebtedness
Debt Instrument [Line Items]
Number of  Properties Encumbered | property		4
Debt outstanding		$ 57,461,000			59,299,000
Mortgage loans | City National Bank of Florida, Variable Due June 9, 2025
Debt Instrument [Line Items]
Interest Rate		8.35%
Amortization Period (Years)		25 years
Number of  Properties Encumbered | property		2
Debt outstanding		$ 47,000,000			47,000,000
Loans Payable
Debt Instrument [Line Items]
Number of  Properties Encumbered | property		4
Debt outstanding		$ 769,961,000			$ 786,799,000

DEBT - Schedule of Total Fixed-

DEBT - Schedule of Total Fixed-rate and Variable-rate Debt, After Giving Effect to Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Fixed-rate debt	$ 956,414	$ 758,433
Fixed-rate debt, percentage	66%	52%
Variable-rate debt	$ 489,425	$ 704,691
Variable-rate debt, percentage	34%	48%
Debt, gross	$ 1,445,839	$ 1,463,124
Wholly Owned Properties And Joint Venture Debt
Debt Instrument [Line Items]
Fixed-rate debt, percentage	75%

DEBT - Schedule of Principal Pa

DEBT - Schedule of Principal Payments for Each of the Next Five Years (Details) - USD ($)	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Principal payments for each of the next five years
2024	$ 16,926,000
2025	48,485,000
2026	289,417,000
2027	449,204,000
2028	436,937,000
Thereafter	204,870,000
Debt, gross	1,445,839,000		$ 1,463,124,000
$400 Million Revolver | Unsecured debt
Principal payments for each of the next five years
Debt, gross	0		15,000,000
Credit facility, maximum borrowing capacity	400,000,000	$ 400,000,000
Keybank National Association Term Loan due February 14, 2025 | Unsecured debt
Principal payments for each of the next five years
2028	25,000,000
Debt, gross	$ 225,000,000		$ 225,000,000

DEBT - Schedule of the Fair Val

DEBT - Schedule of the Fair Value of Fixed-rate Debt that is not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Value
Debt
Debt	$ 356,415	$ 358,433
Carrying Value | Level 1 | Convertible notes
Debt
Debt	287,500	287,500
Carrying Value | Level 2 | Mortgage loans
Debt
Debt	68,915	70,933
Fair Value
Debt
Debt	317,024	308,573
Fair Value | Level 1 | Convertible notes
Debt
Debt	256,141	247,126
Fair Value | Level 2 | Mortgage loans
Debt
Debt	$ 60,883	$ 61,447

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Tenant income	$ 2.6	$ 2.6	$ 1.9
Operating lease weighted average discount rate	4.80%	4.80%
Operating lease, cost	$ 4.6	$ 4.1	3.3
Operating cash outflows from operating leases	$ 4	$ 3.7	$ 3.1
Operating lease weighted average remaining lease term	32 years 2 months 12 days	34 years
Minimum
Lessee, Lease, Description [Line Items]
Lease remaining term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease remaining term	74 years 6 months

LEASES - Schedule of Operating

LEASES - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 2,264
2025	2,285
2026	2,239
2027	2,282
2028	2,124
Thereafter	35,831
Total lease payments	47,025
Less interest	(21,183)
Total	$ 25,842	$ 25,484

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2024	Jan. 19, 2024
Derivative [Line Items]
Maximum length of time over which instruments are hedged	7 years
Interest rate swaps
Derivative [Line Items]
Estimated reclassification from other comprehensive income as an decrease to interest expense	$ 10.1
Interest rate swaps | GIC Joint Venture | Subsequent Events
Derivative [Line Items]
Fixed interest rate		3.765%	3.765%
Interest rate swaps | GIC Joint Venture | Subsequent Events | SOFR
Derivative [Line Items]
Notional amount		$ 100	$ 100

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Derivative Financial Instruments (Details) - Designated as hedges - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 400,000	$ 600,000
Fair Value	11,454	16,841
GIC Joint Venture Credit Facility and Term Loans
Derivative [Line Items]
Notional Amount	200,000	0
Fair Value	2,504	0
Interest rate swaps
Derivative [Line Items]
Notional Amount	600,000	600,000
Fair Value	$ 13,958	16,841
Interest Rate Swap Expiring January 31, 2023 One
Derivative [Line Items]
Average Annual Effective Fixed Rate	1.96%
Notional Amount	$ 0	100,000
Fair Value	$ 0	208
Interest Rate Swap Expiring January 31, 2023 Two
Derivative [Line Items]
Average Annual Effective Fixed Rate	1.98%
Notional Amount	$ 0	100,000
Fair Value	$ 0	210
Interest Rate Swap Expiring September 30, 2024
Derivative [Line Items]
Average Annual Effective Fixed Rate	2.86%
Notional Amount	$ 75,000	75,000
Fair Value	$ 1,170	2,219
Interest Rate Swap Expiring December 31, 2025
Derivative [Line Items]
Average Annual Effective Fixed Rate	2.92%
Notional Amount	$ 125,000	125,000
Fair Value	$ 2,877	4,211
Interest Rate Swap Expiring January 31, 2027
Derivative [Line Items]
Average Annual Effective Fixed Rate	2.60%
Notional Amount	$ 100,000	100,000
Fair Value	$ 3,134	4,366
Interest Rate Swap Expiring January 31, 2029
Derivative [Line Items]
Average Annual Effective Fixed Rate	2.56%
Notional Amount	$ 100,000	100,000
Fair Value	$ 4,273	5,627
Interest Rate Swap Expiring January 13, 2026 One | GIC Joint Venture Credit Facility and Term Loans
Derivative [Line Items]
Average Annual Effective Fixed Rate	3.35%
Notional Amount	$ 100,000	0
Fair Value	$ 1,254	0
Interest Rate Swap Expiring January 13, 2026 Two | GIC Joint Venture Credit Facility and Term Loans
Derivative [Line Items]
Average Annual Effective Fixed Rate	3.35%
Notional Amount	$ 100,000	0
Fair Value	$ 1,250	$ 0

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Gain or Loss Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative instruments, gain (loss) recognized
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded	$ 86,798	$ 65,581	$ 43,368
Cash flow hedges | Interest rate swaps
Derivative instruments, gain (loss) recognized
Gain recognized in Accumulated other comprehensive loss on derivative financial instruments	8,677	29,744	5,631
Total interest expense and other finance expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded	86,798	65,581	43,368
Cash flow hedges | Interest rate swaps | Interest expense
Derivative instruments, gain (loss) recognized
Gain (loss) reclassified from Accumulated other comprehensive income to Interest expense	$ 11,561	$ (2,820)	$ (9,496)

EQUITY - Additional Information

EQUITY - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2022 USD ($)	Dec. 31, 2023 vote $ / shares shares	Dec. 31, 2022 $ / shares shares	Aug. 12, 2021 shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Number of votes a share of outstanding common stock is entitled | vote		1
Shares reserved for issuance (in shares)		50,774,173	51,650,000
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Preferred stock, convertible, conversion price (in dollars per share) | $ / shares		$ 25
Undesignated preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		89,600,000
6.25% Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		6,400,000	6,400,000
Preferred stock, dividend rate		6.25%	6.25%
Annual dividend rate per share (in dollars per share) | $ / shares		$ 1.5625
5.875% Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		4,000,000	4,000,000	4,000,000
Preferred stock, dividend rate		5.875%	5.875%
Annual dividend rate per share (in dollars per share) | $ / shares		$ 1.46875
Maximum | 6.25% Series E Preferred Stock
Class of Stock [Line Items]
Ratio for conversion		3.1686
Maximum | 5.875% Series F Preferred Stock
Class of Stock [Line Items]
Ratio for conversion		5.8275
Maximum | 2022 ATM Program
Class of Stock [Line Items]
Sale of stock aggregate offering price | $	$ 200

EQUITY - Schedule of Common Sto

EQUITY - Schedule of Common Stock Activity (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common shares outstanding, beginning balance (in shares)	106,901,576	106,337,724
Common Units redemptions (in shares)	28,179	12,664
Grants under the Equity Plan (in shares)	875,055	735,371
Performance share and other forfeitures (in shares)	(140,549)	(8,272)
Shares retained for employee tax withholding requirements (in shares)	(184,029)	(260,800)
Common shares outstanding, ending balance (in shares)	107,593,373	106,901,576
Director stock
Class of Stock [Line Items]
Grants under the Equity Plan (in shares)	113,141	84,889

NON-CONTROLLING INTERESTS AND_2

NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS (Details) $ / shares in Units, $ in Millions		1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 26, 2022 a unit	Oct. 31, 2022 USD ($) a	Jan. 31, 2022 $ / shares shares	Mar. 31, 2022 shares	Dec. 31, 2023 USD ($) room state hotel Rate shares	Dec. 31, 2022 USD ($) shares	May 19, 2023 hotel room	Jun. 30, 2022
Class of Stock [Line Items]
Number of joint ventures entered into					3
Guestrooms					123		467
Number of states in which hotel properties are located | state					24
Redeemable common unit, conversion ratio | Rate					100%
Onera Joint Venture
Class of Stock [Line Items]
Guestrooms | unit	11
Percentage of equity interest in a joint venture (as percent)		90%
Cash payments to acquire businesses | $		$ 5.2
Acquired property | $		$ 2
Joint venture, fee simple interest (as percent)	100%	100%
Area of land acquired (in acre) | a	6.4	6.4
Onera Joint Venture | Maximum
Class of Stock [Line Items]
Contingent consideration, liability | $		$ 1.8
Summit Hotel Operating Partnership | Non-Controlling Interests
Class of Stock [Line Items]
Limited partner, ownership percentage					13%	13%
Joint Venture with GIC | Joint Venture with GIC
Class of Stock [Line Items]
General partner, ownership interest (as percent)					51%
Incentive fee earned | $					$ 0.1	$ 0.8
Series Z Preferred Units
Class of Stock [Line Items]
Preferred stock, dividend rate					5.25%
Preferred stock, redemption price (in dollars per share) | $ / shares			$ 25
Preferred stock, redemption term, period			90 days
Hotels
Class of Stock [Line Items]
Guestrooms | hotel					100		4
Guestrooms					14,912
Hotels | Brickell Joint Venture
Class of Stock [Line Items]
Guestrooms | hotel					2
Hotels | Hotels Owned Through Joint Venture | Partially Owned Properties
Class of Stock [Line Items]
Guestrooms					41
AC/Element Hotel | Brickell Joint Venture
Class of Stock [Line Items]
Initial purchase option, ownership percentage								90%
Summit Hotel OP, LP | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | Operating Partnership Units
Class of Stock [Line Items]
Number of shares issued in asset acquisition (in shares) | shares				15,864,674
Summit Hotel OP, LP | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | Series Z Preferred Units
Class of Stock [Line Items]
Number of shares issued in asset acquisition (in shares) | shares			2,000,000
Temporary equity, shares issued (in shares) | shares					2,000,000
GIC | Joint Venture with GIC | Joint Venture with GIC
Class of Stock [Line Items]
Limited partner, ownership percentage					49%
Joint Venture with GIC | Hotels | Joint Venture with GIC
Class of Stock [Line Items]
Guestrooms					5,581
Number of states in which hotel properties are located | state					9
Brickell Joint Venture | Brickell Joint Venture
Class of Stock [Line Items]
Initial purchase option, ownership percentage								10%
Unaffiliated Third Parties | Summit Hotel Operating Partnership
Class of Stock [Line Items]
Limited partner capital account units conversion ratio					1
Number of common units owned (in shares) | shares					15,948,628	15,976,807

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Purchase options related to real estate loans (Onera Purchase Option)	$ 931	$ 0
Recurring basis
Assets:
Purchase options related to real estate loans (Onera Purchase Option)	931
Recurring basis | Interest rate swaps
Assets:
Interest rate swaps	13,958	16,841
Recurring basis | Level 1
Assets:
Purchase options related to real estate loans (Onera Purchase Option)	0
Recurring basis | Level 1 | Interest rate swaps
Assets:
Interest rate swaps	0	0
Recurring basis | Level 2
Assets:
Purchase options related to real estate loans (Onera Purchase Option)	0
Recurring basis | Level 2 | Interest rate swaps
Assets:
Interest rate swaps	13,958	16,841
Recurring basis | Level 3
Assets:
Purchase options related to real estate loans (Onera Purchase Option)	931
Recurring basis | Level 3 | Interest rate swaps
Assets:
Interest rate swaps	$ 0	$ 0

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Unobservable Inputs for Fair Values of Purchase Options (Details) - Recurring basis - Level 3 $ in Thousands	Dec. 31, 2023 USD ($)
Exercise price
Fair value
Purchase options, exercise price	$ 8,206
Expected volatility
Fair value
Purchase options, measurement input	0.5220
Risk free rate
Fair value
Purchase options, measurement input	0.0415
Expected annualized equity dividend yield
Fair value
Purchase options, measurement input	0
Expected Term
Fair value
Purchase option, expiration term	1 year

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($)	Dec. 31, 2023 tradingday	May 19, 2023 hotel
Fair value
Loss on write-down of assets		$ 16,661	$ 10,420	$ 4,361
Hotels
Fair value
Guestrooms | hotel	100	100				4
Disposed of by Sale
Fair value
Loss on write-down of assets		$ 16,700	2,900
Disposed of by Sale | Hotels
Fair value
Loss on write-down of assets	$ 11,300		$ 7,200
Guestrooms	2	2	2		3

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Franchise Agreements
Commitments and contingencies
Fees related to the agreement	$ 52.6	$ 47.9	$ 25
Franchise Agreements | Minimum
Commitments and contingencies
Management agreement, term	10 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	3%
Franchise Agreements | Maximum
Commitments and contingencies
Management agreement, term	30 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	6%
Marketing fees payable as a percentage of gross revenue	4%
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures	5%
Management Agreements
Commitments and contingencies
Management agreement, term	14 years
Fees related to the agreement	$ 18.5	$ 17.4	$ 9.9

EQUITY-BASED COMPENSATION - Add

EQUITY-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity-based compensation
Number of outstanding shares (in shares)	0
Grants under the Equity Plan (in shares)	875,055	735,371
Minimum
Equity-based compensation
Stock options term	5 years
Maximum
Equity-based compensation
Stock options term	10 years
Director stock
Equity-based compensation
Grants under the Equity Plan (in shares)	113,141	84,889
Director stock | Common Stock
Equity-based compensation
Grants under the Equity Plan (in shares)	113,141	84,899
Restricted Stock Awards | Executive officers | Minimum
Equity-based compensation
Vesting percentage	0%
Restricted Stock Awards | Executive officers | Maximum
Equity-based compensation
Vesting percentage	200%
Restricted Stock Awards | Executive Vice President And Chief Operating Officer
Equity-based compensation
Additional stock-based compensation expense	$ 1.3
Restricted Stock Awards | Former Executive Chairman
Equity-based compensation
Additional stock-based compensation expense			$ 2.9
Restricted Stock Awards | Time-based restricted stock
Equity-based compensation
Total fair value of awards vested	$ 3.6	$ 2.5	5.3
Restricted Stock Awards | Time-based restricted stock | Employees | Prior To 2022
Equity-based compensation
Vesting period	4 years
Restricted Stock Awards | Time-based restricted stock | Employees | In 2022 And Thereafter
Equity-based compensation
Vesting period	3 years
Restricted Stock Awards | Time-based restricted stock | Employees | Period one | Prior To 2022
Equity-based compensation
Vesting percentage	20%
Restricted Stock Awards | Time-based restricted stock | Employees | Period one | In 2022 And Thereafter
Equity-based compensation
Vesting percentage	25%
Restricted Stock Awards | Time-based restricted stock | Employees | Period two | Prior To 2022
Equity-based compensation
Vesting percentage	20%
Restricted Stock Awards | Time-based restricted stock | Employees | Period two | In 2022 And Thereafter
Equity-based compensation
Vesting percentage	25%
Restricted Stock Awards | Time-based restricted stock | Employees | Period three | Prior To 2022
Equity-based compensation
Vesting percentage	20%
Restricted Stock Awards | Time-based restricted stock | Employees | Period three | In 2022 And Thereafter
Equity-based compensation
Vesting percentage	50%
Restricted Stock Awards | Time-based restricted stock | Employees | Period four | Prior To 2022
Equity-based compensation
Vesting percentage	40%
Restricted Stock Awards | Time-based restricted stock | Executive officers
Equity-based compensation
Vesting period	3 years
Restricted Stock Awards | Time-based restricted stock | Executive officers | Period one
Equity-based compensation
Vesting percentage	25%
Restricted Stock Awards | Time-based restricted stock | Executive officers | Period two
Equity-based compensation
Vesting percentage	25%
Restricted Stock Awards | Time-based restricted stock | Executive officers | Period three
Equity-based compensation
Vesting percentage	50%
Restricted Stock Awards | Time-based restricted stock | Executive Vice President And Chief Operating Officer
Equity-based compensation
Additional stock-based compensation expense	$ 0.4	$ 0.4
Restricted Stock Awards | Time-based restricted stock | Former Executive Chairman
Equity-based compensation
Additional stock-based compensation expense			1.5
Restricted Stock Awards | Performance-based restricted stock
Equity-based compensation
Vesting period	3 years
Restricted Stock Awards | Performance-based restricted stock | Executive Vice President And Chief Operating Officer
Equity-based compensation
Additional stock-based compensation expense	$ 0.9
Restricted Stock Awards | Performance-based restricted stock | Former Executive Chairman
Equity-based compensation
Additional stock-based compensation expense			$ 1.4

EQUITY-BASED COMPENSATION - Tim

EQUITY-BASED COMPENSATION - Time-based Restricted Stock Activity (Details) - Restricted Stock Awards - Time-based restricted stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Non-vested at the beginning of year (in shares)	654,804	605,470
Granted (in shares)	449,148	316,643
Vested (in shares)	(238,883)	(259,037)
Forfeited (in shares)	(3,356)	(8,272)
Non-vested at end of year (in shares)	861,713	654,804
Weighted Average Grant Date Fair Value per Share
Non-vested at beginning of year (in dollars per share)	$ 9.85	$ 9.98
Granted (in dollars per share)	7.71	9.83
Vested (in dollars per share)	8.04	10.14
Forfeited (in dollars per share)	8.20	10.01
Non-vested at end of year (in dollars per share)	$ 8.79	$ 9.85
Aggregate Current Value
Aggregate Current Value	$ 5,791

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Awards (Details) - Restricted Stock Awards - Performance-based restricted stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Non-vested at the beginning of year (in shares)	1,006,974	1,002,866
Granted (in shares)	425,907	418,728
Vested (in shares)	(239,416)	(414,620)
Forfeited (in shares)	(137,193)
Non-vested at end of year (in shares)	1,056,272	1,006,974	1,002,866
Weighted Average Grant Date Fair Value per Share
Non-vested at beginning of year (in dollars per share)	$ 11.76	$ 11.92
Granted (in dollars per share)	10.08	12.26	$ 14.05
Vested (in dollars per share)	9.38	12.81
Forfeited (in dollars per share)	9.38
Non-vested at end of year (in dollars per share)	$ 11.93	$ 11.76	$ 11.92
Aggregate Current Value
Aggregate Current Value	$ 7,098

EQUITY-BASED COMPENSATION - Sch

EQUITY-BASED COMPENSATION - Schedule of Assumptions Used Estimate Fair Value of Performance-based Restricted Stock Awards Granted (Details) - Performance-based restricted stock - Restricted Stock Awards	12 Months Ended
	Dec. 31, 2023 Iteration $ / shares	Dec. 31, 2022 Iteration $ / shares	Dec. 31, 2021 Iteration $ / shares
Equity-based compensation
Expected dividend yield	3.90%	3.52%	0%
Expected stock price volatility	67.60%	65.40%	63.70%
Risk-free interest rate	4.66%	1.77%	0.34%
Monte Carlo iterations | Iteration	100,000	100,000	100,000
Weighted average estimated fair value of performance-based restricted stock awards (in dollars per share) | $ / shares	$ 10.08	$ 12.26	$ 14.05

EQUITY-BASED COMPENSATION - S_2

EQUITY-BASED COMPENSATION - Schedule of Equity-Based Compensation Expense (Details) - Corporate general and administrative - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity-based compensation expense
Share based compensation expense	$ 7,742	$ 8,446	$ 10,681
Restricted Stock Awards | Time-based restricted stock
Equity-based compensation expense
Share based compensation expense	3,260	2,860	4,784
Restricted Stock Awards | Performance-based restricted stock
Equity-based compensation expense
Share based compensation expense	3,727	4,784	5,314
Director stock | Director stock
Equity-based compensation expense
Share based compensation expense	$ 755	$ 802	$ 583

EQUITY-BASED COMPENSATION - S_3

EQUITY-BASED COMPENSATION - Schedule of Unrecognized Equity-based Compensation Expense for all Non-vested Awards (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Equity-based compensation expense
Total	$ 8,908
2024	5,450
2025	2,988
2026	470
Time-based restricted stock | Restricted Stock Awards
Equity-based compensation expense
Total	4,077
2024	2,536
2025	1,334
2026	207
Performance-based restricted stock | Restricted Stock Awards
Equity-based compensation expense
Total	4,831
2024	2,914
2025	1,654
2026	$ 263

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Employer contribution expense	$ 0.4	$ 0.4	$ 0.3

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Number of year cumulative loss	3 years
Valuation allowance	$ (13,886,000)	$ (11,777,000)
Decrease in valuation allowance	2,100,000
Increase of net operating losses	$ 1,800,000
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Disposition of Assets
Unrecognized tax benefits	$ 0
Federal
Income taxes
Operating loss carryforwards	50,000,000
Federal | TRSs
Income taxes
Operating loss carryforwards	46,200,000
Federal | REIT Subsidiaries
Income taxes
Operating loss carryforwards	6,300,000
State | TRSs
Income taxes
Operating loss carryforwards	$ 37,400,000

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense and Total Provision (Benefit) for TRS and Operating Partnership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 1,151	$ 1,953	$ 1,036
State and local	1,563	1,717	456
Deferred:
Federal	84	(59)	(19)
Income tax expense	$ 2,798	$ 3,611	$ 1,473

INCOME TAXES - Schedule of Reco

INCOME TAXES - Schedule of Reconciliation of Federal Statutory Rate to Effective Income Tax Rate for TRS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the federal statutory rate to the effective income tax rate for the TRSs
Statutory federal income tax provision	$ (5,317)	$ 1,014	$ (14,093)
Nontaxable income of the REITs	4,563	1,124	16,812
State income taxes, net of federal tax benefit	1,158	1,644	891
Provision to return and deferred adjustment	50	81	0
Effect of permanent differences and other	235	246	99
Deferred assets transferred with REIT stock sale	0	730	0
Change in valuation allowance	2,109	(1,228)	(2,236)
Income tax expense	$ 2,798	$ 3,611	$ 1,473

INCOME TAXES - Schedule of Sign

INCOME TAXES - Schedule of Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Significant components of the Company's deferred tax assets and liabilities
Tax carryforwards	$ 12,098	$ 10,312
Accrued expenses	1,634	1,421
Other	150	124
Total	13,882	11,857
Valuation allowance	(13,886)	(11,777)
Net deferred tax assets	(4)	80
Gross deferred tax assets	13,906	11,883
Gross deferred tax liabilities	(24)	(26)
Net deferred tax (liabilities) assets	$ (4)
Net deferred tax (liabilities) assets		$ 80

INCOME TAXES - Schedule of Char

INCOME TAXES - Schedule of Characterization of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Stock
Class of Stock [Line Items]
Ordinary non-qualified dividend income (in dollars per share)	$ 0.1940	$ 0.0471	$ 0
Ordinary non-qualified dividend income (in percent)	88.19%	58.82%	0%
Ordinary qualified dividend income (in dollars per share)	$ 0.0078	$ 0.0106	$ 0
Ordinary qualified dividend income (in percent)	3.54%	13.26%	0%
Capital gain distributions (in dollars per share)	$ 0	$ 0.0223	$ 0
Capital gain distributions (in percent)	0%	27.92%	0%
Return of capital (in dollars per share)	$ 0.0182	$ 0	$ 0
Return of capital (in percent)	8.27%	0%	0%
Distribution per share (in dollars per share)	$ 0.2200	$ 0.0800	$ 0
Distribution paid (in percent)	100%	100%	0%
Preferred Stock - Series D
Class of Stock [Line Items]
Ordinary non-qualified dividend income (in dollars per share)	$ 0	$ 0	$ 0
Ordinary non-qualified dividend income (in percent)	0%	0%	0%
Capital gain distributions (in dollars per share)	$ 0	$ 0	$ 0
Capital gain distributions (in percent)	0%	0%	0%
Return of capital (in dollars per share)	$ 0	$ 0	$ 1.2228
Return of capital (in percent)	0%	0%	100%
Distribution per share (in dollars per share)	$ 0	$ 0	$ 1.2228
Distribution paid (in percent)	0%	0%	100%
Preferred Stock - Series E
Class of Stock [Line Items]
Ordinary non-qualified dividend income (in dollars per share)	$ 1.3779	$ 0.9191	$ 0
Ordinary non-qualified dividend income (in percent)	88.19%	58.82%	0%
Ordinary qualified dividend income (in dollars per share)	$ 0.0553	$ 0.2072	$ 0
Ordinary qualified dividend income (in percent)	3.54%	13.26%	0%
Capital gain distributions (in dollars per share)	$ 0	$ 0.4363	$ 0
Capital gain distributions (in percent)	0%	27.92%	0%
Return of capital (in dollars per share)	$ 0.1293	$ 0	$ 1.5625
Return of capital (in percent)	8.27%	0%	100%
Distribution per share (in dollars per share)	$ 1.5625	$ 1.5625	$ 1.5625
Distribution paid (in percent)	100%	100%	100%
Preferred Stock - Series F
Class of Stock [Line Items]
Ordinary non-qualified dividend income (in dollars per share)	$ 1.2952	$ 0.8639	$ 0
Ordinary non-qualified dividend income (in percent)	88.19%	58.82%	0%
Ordinary qualified dividend income (in dollars per share)	$ 0.0520	$ 0.1947	$ 0
Ordinary qualified dividend income (in percent)	3.54%	13.26%	0%
Capital gain distributions (in dollars per share)	$ 0	$ 0.4101	$ 0
Capital gain distributions (in percent)	0%	27.92%	0%
Return of capital (in dollars per share)	$ 0.1215	$ 0	$ 0.4406
Return of capital (in percent)	8.27%	0%	100%
Distribution per share (in dollars per share)	$ 1.4687	$ 1.4687	$ 0.4406
Distribution paid (in percent)	100%	100%	100%

EARNINGS PER SHARE - Anti-Dilut

EARNINGS PER SHARE - Anti-Dilutive Stock Options (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance-based restricted stock | Restricted Stock Awards
Anti-dilutive options excluded from computation of diluted earnings per share
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares)	1,056,272	1,006,974	1,002,866

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Components Used to Calculate Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net (loss) income	$ (28,116)	$ 1,217	$ (68,584)
Adjusted for:
Preferred dividends	(15,875)	(15,875)	(15,431)
Premium on redemption of preferred stock	0	0	(2,710)
Distributions to and accretion on redeemable non-controlling interests	(2,626)	(2,520)	0
Loss attributable to non-controlling interest in Operating Partnership	3,803	2,570	115
Loss attributable to non-controlling interests in joint ventures	14,824	(2,321)	2,896
Loss from continuing operations attributable to common stockholders	(27,990)	(16,929)	(83,714)
Loss from continuing operations attributable to common stockholders	$ (27,990)	$ (16,929)	$ (83,714)
Denominator:
Weighted average common shares outstanding, basic (in shares)	105,548	105,142	104,471
Weighted average common shares outstanding - basic and diluted	105,548	105,142	104,471
Loss per share:
Basic (in usd per shares)	$ (0.27)	$ (0.16)	$ (0.80)
Diluted (in usd per shares)	$ (0.27)	$ (0.16)	$ (0.80)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash payments for interest	$ 78,886	$ 58,409	$ 37,509
Accrued acquisition costs and improvements to lodging properties	4,219	8,233	3,399
Cash payments for income taxes, net of refunds	2,674	3,742	557
Accrued and unpaid dividends	185	40	0
Mortgage debt assumed for acquisitions of lodging properties	0	382,205	13,267
Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties	0	9,206	0
Conversion of a mezzanine loan to complete acquisition of lodging properties	0	29,875	0
Conversion of purchase option to complete acquisition of lodging properties	0	2,800	0
Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties	200	7,724	0
Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties	0	157,513	0
Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties	$ 0	$ 50,000	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions		1 Months Ended
	Feb. 15, 2024 USD ($) room	Feb. 28, 2024 USD ($)	Jan. 31, 2024 USD ($) $ / shares	Jun. 30, 2023	Jan. 19, 2024 USD ($)
SOFR | $400 Million Revolver | Minimum
Subsequent events
Debt, basis spread on variable rate				1.40%
SOFR | $400 Million Revolver | Maximum
Subsequent events
Debt, basis spread on variable rate				2.40%
Base Rate | $400 Million Revolver | Minimum
Subsequent events
Debt, basis spread on variable rate				0.40%
Base Rate | $400 Million Revolver | Maximum
Subsequent events
Debt, basis spread on variable rate				1.40%
Subsequent Events
Subsequent events
Cash dividends declared, common stock (in dollars per share) | $ / shares			$ 0.06
Guestrooms sold | room	127
Sale of real estate property | $	$ 10.3
Tangible asset impairment charges | $	$ 4
Subsequent Events | 2024 Term Loan
Subsequent events
Weighted average length to maturity		3 years 7 months 6 days
Subsequent Events | $400 Million Revolver | Unsecured debt
Subsequent events
Line of credit outstanding | $		$ 400
Subsequent Events | Secured Overnight Financing Rate | 2024 Term Loan | Unsecured debt | Minimum
Subsequent events
Debt, basis spread on variable rate		1.35%
Subsequent Events | Secured Overnight Financing Rate | 2024 Term Loan | Unsecured debt | Maximum
Subsequent events
Debt, basis spread on variable rate		2.35%
Subsequent Events | Base Rate | 2024 Term Loan | Unsecured debt | Minimum
Subsequent events
Debt, basis spread on variable rate		0.35%
Subsequent Events | Base Rate | 2024 Term Loan | Unsecured debt | Maximum
Subsequent events
Debt, basis spread on variable rate		1.35%
Interest rate swaps | Subsequent Events | GIC Joint Venture
Subsequent events
Fixed interest rate			3.765%		3.765%
Interest rate swaps | Subsequent Events | SOFR | GIC Joint Venture
Subsequent events
Notional amount | $			$ 100		$ 100
Preferred Stock - Series E | Subsequent Events
Subsequent events
Cash dividends declared, preferred stock (in dollars per share) | $ / shares			$ 0.390625
Preferred Stock - Series F | Subsequent Events
Subsequent events
Cash dividends declared, preferred stock (in dollars per share) | $ / shares			0.3671875
Series Z Preferred Units | Subsequent Events
Subsequent events
Cash dividends declared, preferred stock (in dollars per share) | $ / shares			$ 0.328125

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Initial Cost
Land	$ 407,432
Buildings, Improvements and Furniture, Fixtures and Equipment	3,042,359
Buildings, Improvements and Furniture, Fixtures and Equipment	137,108
Gross Amount
Land	385,300
Buildings, Improvements and Furniture, Fixtures and Equipment	3,201,599
Total	3,586,899	$ 3,548,184	$ 2,638,549	$ 2,570,768
Accumulated Depreciation	(821,924)	$ (716,646)	$ (583,080)	$ (490,326)
Aliso Viejo, CA - Homewood Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	5,599
Buildings, Improvements and Furniture, Fixtures and Equipment	32,367
Buildings, Improvements and Furniture, Fixtures and Equipment	800
Gross Amount
Land	5,599
Buildings, Improvements and Furniture, Fixtures and Equipment	33,167
Total	38,766
Accumulated Depreciation	(9,480)
Amarillo, TX - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	269
Buildings, Improvements and Furniture, Fixtures and Equipment	18,561
Buildings, Improvements and Furniture, Fixtures and Equipment	692
Gross Amount
Land	269
Buildings, Improvements and Furniture, Fixtures and Equipment	19,253
Total	19,522
Accumulated Depreciation	(2,573)
Amarillo, TX - Embassy Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	657
Buildings, Improvements and Furniture, Fixtures and Equipment	38,456
Buildings, Improvements and Furniture, Fixtures and Equipment	829
Gross Amount
Land	657
Buildings, Improvements and Furniture, Fixtures and Equipment	39,285
Total	39,942
Accumulated Depreciation	(5,273)
Arlington, TX - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,497
Buildings, Improvements and Furniture, Fixtures and Equipment	15,573
Buildings, Improvements and Furniture, Fixtures and Equipment	193
Gross Amount
Land	1,497
Buildings, Improvements and Furniture, Fixtures and Equipment	15,766
Total	17,263
Accumulated Depreciation	(6,064)
Arlington, TX - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,646
Buildings, Improvements and Furniture, Fixtures and Equipment	15,440
Buildings, Improvements and Furniture, Fixtures and Equipment	903
Gross Amount
Land	1,646
Buildings, Improvements and Furniture, Fixtures and Equipment	16,343
Total	17,989
Accumulated Depreciation	(6,129)
Asheville, NC - Hotel Indigo
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,100
Buildings, Improvements and Furniture, Fixtures and Equipment	34,755
Buildings, Improvements and Furniture, Fixtures and Equipment	3,056
Gross Amount
Land	2,100
Buildings, Improvements and Furniture, Fixtures and Equipment	37,811
Total	39,911
Accumulated Depreciation	(11,602)
Atlanta, GA - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	5,670
Buildings, Improvements and Furniture, Fixtures and Equipment	51,922
Buildings, Improvements and Furniture, Fixtures and Equipment	2,481
Gross Amount
Land	5,670
Buildings, Improvements and Furniture, Fixtures and Equipment	54,403
Total	60,073
Accumulated Depreciation	(13,884)
Atlanta, GA - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,050
Buildings, Improvements and Furniture, Fixtures and Equipment	27,969
Buildings, Improvements and Furniture, Fixtures and Equipment	3,426
Gross Amount
Land	2,050
Buildings, Improvements and Furniture, Fixtures and Equipment	31,395
Total	33,445
Accumulated Depreciation	(11,242)
Atlanta, GA - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,381
Buildings, Improvements and Furniture, Fixtures and Equipment	34,820
Buildings, Improvements and Furniture, Fixtures and Equipment	2,724
Gross Amount
Land	3,381
Buildings, Improvements and Furniture, Fixtures and Equipment	37,544
Total	40,925
Accumulated Depreciation	(8,868)
Austin, TX - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	56,394
Buildings, Improvements and Furniture, Fixtures and Equipment	6,271
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	62,665
Total	62,665
Accumulated Depreciation	(17,855)
Baltimore, MD - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,205
Buildings, Improvements and Furniture, Fixtures and Equipment	16,013
Buildings, Improvements and Furniture, Fixtures and Equipment	6,178
Gross Amount
Land	2,205
Buildings, Improvements and Furniture, Fixtures and Equipment	22,191
Total	24,396
Accumulated Depreciation	(6,754)
Baltimore, MD - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,986
Buildings, Improvements and Furniture, Fixtures and Equipment	37,016
Buildings, Improvements and Furniture, Fixtures and Equipment	7,202
Gross Amount
Land	1,986
Buildings, Improvements and Furniture, Fixtures and Equipment	44,218
Total	46,204
Accumulated Depreciation	(13,648)
Boulder, CO - Marriott
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	11,115
Buildings, Improvements and Furniture, Fixtures and Equipment	49,204
Buildings, Improvements and Furniture, Fixtures and Equipment	13,035
Gross Amount
Land	11,115
Buildings, Improvements and Furniture, Fixtures and Equipment	62,239
Total	73,354
Accumulated Depreciation	(18,411)
Branchburg, NJ - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,374
Buildings, Improvements and Furniture, Fixtures and Equipment	24,411
Buildings, Improvements and Furniture, Fixtures and Equipment	(10,881)
Gross Amount
Land	2,374
Buildings, Improvements and Furniture, Fixtures and Equipment	13,530
Total	15,904
Accumulated Depreciation	(7,977)
Brisbane, CA - DoubleTree
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,300
Buildings, Improvements and Furniture, Fixtures and Equipment	39,686
Buildings, Improvements and Furniture, Fixtures and Equipment	2,160
Gross Amount
Land	3,300
Buildings, Improvements and Furniture, Fixtures and Equipment	41,846
Total	45,146
Accumulated Depreciation	(19,220)
Bryan, TX - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	713
Buildings, Improvements and Furniture, Fixtures and Equipment	11,337
Buildings, Improvements and Furniture, Fixtures and Equipment	5
Gross Amount
Land	713
Buildings, Improvements and Furniture, Fixtures and Equipment	11,342
Total	12,055
Accumulated Depreciation	(1,634)
Camarillo, CA - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,200
Buildings, Improvements and Furniture, Fixtures and Equipment	17,366
Buildings, Improvements and Furniture, Fixtures and Equipment	955
Gross Amount
Land	2,200
Buildings, Improvements and Furniture, Fixtures and Equipment	18,321
Total	20,521
Accumulated Depreciation	(8,873)
Charlotte, NC - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	41,094
Buildings, Improvements and Furniture, Fixtures and Equipment	2,926
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	44,020
Total	44,020
Accumulated Depreciation	(11,955)
Chicago, IL - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	5,395
Buildings, Improvements and Furniture, Fixtures and Equipment	68,355
Buildings, Improvements and Furniture, Fixtures and Equipment	789
Gross Amount
Land	5,395
Buildings, Improvements and Furniture, Fixtures and Equipment	69,144
Total	74,539
Accumulated Depreciation	(18,819)
Cleveland, OH - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	10,075
Buildings, Improvements and Furniture, Fixtures and Equipment	33,340
Buildings, Improvements and Furniture, Fixtures and Equipment	3,814
Gross Amount
Land	10,075
Buildings, Improvements and Furniture, Fixtures and Equipment	37,154
Total	47,229
Accumulated Depreciation	(10,747)
Dallas, TX - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,330
Buildings, Improvements and Furniture, Fixtures and Equipment	31,379
Buildings, Improvements and Furniture, Fixtures and Equipment	396
Gross Amount
Land	1,330
Buildings, Improvements and Furniture, Fixtures and Equipment	31,775
Total	33,105
Accumulated Depreciation	(3,142)
Dallas, TX - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,834
Buildings, Improvements and Furniture, Fixtures and Equipment	47,069
Buildings, Improvements and Furniture, Fixtures and Equipment	693
Gross Amount
Land	1,834
Buildings, Improvements and Furniture, Fixtures and Equipment	47,762
Total	49,596
Accumulated Depreciation	(4,462)
Dallas, TX - Parking Garage
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,131
Buildings, Improvements and Furniture, Fixtures and Equipment	9,252
Buildings, Improvements and Furniture, Fixtures and Equipment	124
Gross Amount
Land	3,131
Buildings, Improvements and Furniture, Fixtures and Equipment	9,376
Total	12,507
Accumulated Depreciation	(483)
Dallas, TX - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,372
Buildings, Improvements and Furniture, Fixtures and Equipment	32,351
Buildings, Improvements and Furniture, Fixtures and Equipment	545
Gross Amount
Land	1,372
Buildings, Improvements and Furniture, Fixtures and Equipment	32,896
Total	34,268
Accumulated Depreciation	(3,228)
Dallas, TX - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,447
Buildings, Improvements and Furniture, Fixtures and Equipment	23,746
Buildings, Improvements and Furniture, Fixtures and Equipment	4,886
Gross Amount
Land	2,447
Buildings, Improvements and Furniture, Fixtures and Equipment	28,632
Total	31,079
Accumulated Depreciation	(1,790)
Decatur, GA - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,046
Buildings, Improvements and Furniture, Fixtures and Equipment	34,151
Buildings, Improvements and Furniture, Fixtures and Equipment	4,403
Gross Amount
Land	4,046
Buildings, Improvements and Furniture, Fixtures and Equipment	38,554
Total	42,600
Accumulated Depreciation	(11,994)
Eden Prairie, MN - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,800
Buildings, Improvements and Furniture, Fixtures and Equipment	11,211
Buildings, Improvements and Furniture, Fixtures and Equipment	(13,011)
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Total	0
Accumulated Depreciation	0
Englewood, CO - Hyatt House
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,700
Buildings, Improvements and Furniture, Fixtures and Equipment	16,267
Buildings, Improvements and Furniture, Fixtures and Equipment	1,758
Gross Amount
Land	2,700
Buildings, Improvements and Furniture, Fixtures and Equipment	18,025
Total	20,725
Accumulated Depreciation	(9,363)
Englewood, CO - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,000
Buildings, Improvements and Furniture, Fixtures and Equipment	11,950
Buildings, Improvements and Furniture, Fixtures and Equipment	4,849
Gross Amount
Land	2,000
Buildings, Improvements and Furniture, Fixtures and Equipment	16,799
Total	18,799
Accumulated Depreciation	(4,933)
Fort Lauderdale, FL - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	37,950
Buildings, Improvements and Furniture, Fixtures and Equipment	47,002
Buildings, Improvements and Furniture, Fixtures and Equipment	7,251
Gross Amount
Land	37,950
Buildings, Improvements and Furniture, Fixtures and Equipment	54,253
Total	92,203
Accumulated Depreciation	(13,230)
Fort Lauderdale, FL - New Builds
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Buildings, Improvements and Furniture, Fixtures and Equipment	2,906
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	2,906
Total	2,906
Accumulated Depreciation	0
Fort Worth, TX - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,920
Buildings, Improvements and Furniture, Fixtures and Equipment	38,070
Buildings, Improvements and Furniture, Fixtures and Equipment	10,950
Gross Amount
Land	1,920
Buildings, Improvements and Furniture, Fixtures and Equipment	49,020
Total	50,940
Accumulated Depreciation	(14,851)
Fredericksburg, TX - Onera Escapes
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,251
Buildings, Improvements and Furniture, Fixtures and Equipment	5,209
Buildings, Improvements and Furniture, Fixtures and Equipment	3,607
Gross Amount
Land	1,638
Buildings, Improvements and Furniture, Fixtures and Equipment	8,429
Total	10,067
Accumulated Depreciation	(448)
Frisco, TX - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,246
Buildings, Improvements and Furniture, Fixtures and Equipment	38,390
Buildings, Improvements and Furniture, Fixtures and Equipment	155
Gross Amount
Land	1,246
Buildings, Improvements and Furniture, Fixtures and Equipment	38,545
Total	39,791
Accumulated Depreciation	(4,259)
Frisco, TX - Canopy Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,109
Buildings, Improvements and Furniture, Fixtures and Equipment	38,531
Buildings, Improvements and Furniture, Fixtures and Equipment	91
Gross Amount
Land	1,109
Buildings, Improvements and Furniture, Fixtures and Equipment	38,622
Total	39,731
Accumulated Depreciation	(3,867)
Frisco, TX - Parking Garage
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,470
Buildings, Improvements and Furniture, Fixtures and Equipment	6,563
Buildings, Improvements and Furniture, Fixtures and Equipment	20
Gross Amount
Land	2,470
Buildings, Improvements and Furniture, Fixtures and Equipment	6,583
Total	9,053
Accumulated Depreciation	(358)
Frisco, TX - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,246
Buildings, Improvements and Furniture, Fixtures and Equipment	38,390
Buildings, Improvements and Furniture, Fixtures and Equipment	108
Gross Amount
Land	1,246
Buildings, Improvements and Furniture, Fixtures and Equipment	38,498
Total	39,744
Accumulated Depreciation	(4,193)
Garden City, NY - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,200
Buildings, Improvements and Furniture, Fixtures and Equipment	27,775
Buildings, Improvements and Furniture, Fixtures and Equipment	593
Gross Amount
Land	4,282
Buildings, Improvements and Furniture, Fixtures and Equipment	28,286
Total	32,568
Accumulated Depreciation	(9,246)
Glendale, CO - Staybridge Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,100
Buildings, Improvements and Furniture, Fixtures and Equipment	10,151
Buildings, Improvements and Furniture, Fixtures and Equipment	7,568
Gross Amount
Land	2,100
Buildings, Improvements and Furniture, Fixtures and Equipment	17,719
Total	19,819
Accumulated Depreciation	(4,296)
Grapevine, TX - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,542
Buildings, Improvements and Furniture, Fixtures and Equipment	34,872
Buildings, Improvements and Furniture, Fixtures and Equipment	2,092
Gross Amount
Land	2,542
Buildings, Improvements and Furniture, Fixtures and Equipment	36,964
Total	39,506
Accumulated Depreciation	(5,254)
Grapevine, TX - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	986
Buildings, Improvements and Furniture, Fixtures and Equipment	33,137
Buildings, Improvements and Furniture, Fixtures and Equipment	152
Gross Amount
Land	986
Buildings, Improvements and Furniture, Fixtures and Equipment	33,289
Total	34,275
Accumulated Depreciation	(3,577)
Grapevine, TX - Holiday Inn Express & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,419
Buildings, Improvements and Furniture, Fixtures and Equipment	13,810
Buildings, Improvements and Furniture, Fixtures and Equipment	556
Gross Amount
Land	1,419
Buildings, Improvements and Furniture, Fixtures and Equipment	14,366
Total	15,785
Accumulated Depreciation	(2,184)
Grapevine, TX - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,318
Buildings, Improvements and Furniture, Fixtures and Equipment	18,740
Buildings, Improvements and Furniture, Fixtures and Equipment	884
Gross Amount
Land	1,318
Buildings, Improvements and Furniture, Fixtures and Equipment	19,624
Total	20,942
Accumulated Depreciation	(2,912)
Grapevine, TX - TownePlace Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,686
Buildings, Improvements and Furniture, Fixtures and Equipment	23,119
Buildings, Improvements and Furniture, Fixtures and Equipment	286
Gross Amount
Land	1,686
Buildings, Improvements and Furniture, Fixtures and Equipment	23,405
Total	25,091
Accumulated Depreciation	(3,281)
Greenville, SC - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,200
Buildings, Improvements and Furniture, Fixtures and Equipment	14,566
Buildings, Improvements and Furniture, Fixtures and Equipment	3,291
Gross Amount
Land	1,200
Buildings, Improvements and Furniture, Fixtures and Equipment	17,857
Total	19,057
Accumulated Depreciation	(8,038)
Hillsboro, OR - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,943
Buildings, Improvements and Furniture, Fixtures and Equipment	42,541
Buildings, Improvements and Furniture, Fixtures and Equipment	4,749
Gross Amount
Land	4,943
Buildings, Improvements and Furniture, Fixtures and Equipment	47,290
Total	52,233
Accumulated Depreciation	(7,949)
Hoffman Estates, IL - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,900
Buildings, Improvements and Furniture, Fixtures and Equipment	8,917
Buildings, Improvements and Furniture, Fixtures and Equipment	(10,817)
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Total	0
Accumulated Depreciation	0
Houston, TX - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,796
Buildings, Improvements and Furniture, Fixtures and Equipment	52,268
Buildings, Improvements and Furniture, Fixtures and Equipment	1,338
Gross Amount
Land	4,796
Buildings, Improvements and Furniture, Fixtures and Equipment	53,606
Total	58,402
Accumulated Depreciation	(5,059)
Houston, TX - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	41,838
Buildings, Improvements and Furniture, Fixtures and Equipment	4,859
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	46,697
Total	46,697
Accumulated Depreciation	(16,688)
Houston, TX - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,800
Buildings, Improvements and Furniture, Fixtures and Equipment	33,777
Buildings, Improvements and Furniture, Fixtures and Equipment	8,634
Gross Amount
Land	2,800
Buildings, Improvements and Furniture, Fixtures and Equipment	42,411
Total	45,211
Accumulated Depreciation	(10,822)
Hunt Valley, MD - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	35,436
Buildings, Improvements and Furniture, Fixtures and Equipment	2,296
Gross Amount
Land	1,076
Buildings, Improvements and Furniture, Fixtures and Equipment	36,656
Total	37,732
Accumulated Depreciation	(11,020)
Indianapolis, IN - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	7,788
Buildings, Improvements and Furniture, Fixtures and Equipment	54,384
Buildings, Improvements and Furniture, Fixtures and Equipment	(1,075)
Gross Amount
Land	7,788
Buildings, Improvements and Furniture, Fixtures and Equipment	53,309
Total	61,097
Accumulated Depreciation	(17,856)
Indianapolis, IN - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,012
Buildings, Improvements and Furniture, Fixtures and Equipment	27,910
Buildings, Improvements and Furniture, Fixtures and Equipment	(200)
Gross Amount
Land	4,012
Buildings, Improvements and Furniture, Fixtures and Equipment	27,710
Total	31,722
Accumulated Depreciation	(9,644)
Kansas City, MO - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,955
Buildings, Improvements and Furniture, Fixtures and Equipment	20,608
Buildings, Improvements and Furniture, Fixtures and Equipment	(1,290)
Gross Amount
Land	3,955
Buildings, Improvements and Furniture, Fixtures and Equipment	19,318
Total	23,273
Accumulated Depreciation	(6,038)
Land Parcels - Land Parcels
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,645
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Buildings, Improvements and Furniture, Fixtures and Equipment	(2,995)
Gross Amount
Land	1,650
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Total	1,650
Accumulated Depreciation	0
Lombard, IL - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,550
Buildings, Improvements and Furniture, Fixtures and Equipment	17,351
Buildings, Improvements and Furniture, Fixtures and Equipment	(18,901)
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Total	0
Accumulated Depreciation	0
Lone Tree, CO - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,300
Buildings, Improvements and Furniture, Fixtures and Equipment	11,704
Buildings, Improvements and Furniture, Fixtures and Equipment	4,916
Gross Amount
Land	1,314
Buildings, Improvements and Furniture, Fixtures and Equipment	16,606
Total	17,920
Accumulated Depreciation	(4,666)
Longview, TX - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,284
Buildings, Improvements and Furniture, Fixtures and Equipment	13,281
Buildings, Improvements and Furniture, Fixtures and Equipment	1,525
Gross Amount
Land	1,284
Buildings, Improvements and Furniture, Fixtures and Equipment	14,806
Total	16,090
Accumulated Depreciation	(1,679)
Louisville, KY - Fairfield Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	7,691
Initial Cost
Land	3,120
Buildings, Improvements and Furniture, Fixtures and Equipment	24,231
Buildings, Improvements and Furniture, Fixtures and Equipment	193
Gross Amount
Land	3,120
Buildings, Improvements and Furniture, Fixtures and Equipment	24,424
Total	27,544
Accumulated Depreciation	(8,936)
Louisville, KY - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,880
Buildings, Improvements and Furniture, Fixtures and Equipment	37,361
Buildings, Improvements and Furniture, Fixtures and Equipment	424
Gross Amount
Land	4,880
Buildings, Improvements and Furniture, Fixtures and Equipment	37,785
Total	42,665
Accumulated Depreciation	(13,979)
Lubbock, TX - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	896
Buildings, Improvements and Furniture, Fixtures and Equipment	20,182
Buildings, Improvements and Furniture, Fixtures and Equipment	735
Gross Amount
Land	896
Buildings, Improvements and Furniture, Fixtures and Equipment	20,917
Total	21,813
Accumulated Depreciation	(2,709)
Mesa, AZ - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,400
Buildings, Improvements and Furniture, Fixtures and Equipment	19,848
Buildings, Improvements and Furniture, Fixtures and Equipment	1,934
Gross Amount
Land	2,400
Buildings, Improvements and Furniture, Fixtures and Equipment	21,782
Total	24,182
Accumulated Depreciation	(6,841)
Metairie, LA - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,860
Buildings, Improvements and Furniture, Fixtures and Equipment	25,168
Buildings, Improvements and Furniture, Fixtures and Equipment	8,231
Gross Amount
Land	1,860
Buildings, Improvements and Furniture, Fixtures and Equipment	33,399
Total	35,259
Accumulated Depreciation	(10,883)
Metairie, LA - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,791
Buildings, Improvements and Furniture, Fixtures and Equipment	23,386
Buildings, Improvements and Furniture, Fixtures and Equipment	528
Gross Amount
Land	1,791
Buildings, Improvements and Furniture, Fixtures and Equipment	23,914
Total	25,705
Accumulated Depreciation	(12,867)
Miami, FL - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	8,496
Buildings, Improvements and Furniture, Fixtures and Equipment	46,839
Buildings, Improvements and Furniture, Fixtures and Equipment	283
Gross Amount
Land	8,496
Buildings, Improvements and Furniture, Fixtures and Equipment	47,122
Total	55,618
Accumulated Depreciation	(3,298)
Miami, FL - Element
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	5,882
Buildings, Improvements and Furniture, Fixtures and Equipment	32,427
Buildings, Improvements and Furniture, Fixtures and Equipment	567
Gross Amount
Land	5,882
Buildings, Improvements and Furniture, Fixtures and Equipment	32,994
Total	38,876
Accumulated Depreciation	(2,324)
Miami, FL - Hyatt House
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,926
Buildings, Improvements and Furniture, Fixtures and Equipment	40,087
Buildings, Improvements and Furniture, Fixtures and Equipment	3,013
Gross Amount
Land	4,926
Buildings, Improvements and Furniture, Fixtures and Equipment	43,100
Total	48,026
Accumulated Depreciation	(16,812)
Miami, FL - Sky Lounge
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	1,473
Buildings, Improvements and Furniture, Fixtures and Equipment	129
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	1,602
Total	1,602
Accumulated Depreciation	(211)
Midland, TX - Homewood Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,717
Buildings, Improvements and Furniture, Fixtures and Equipment	22,326
Buildings, Improvements and Furniture, Fixtures and Equipment	634
Gross Amount
Land	1,717
Buildings, Improvements and Furniture, Fixtures and Equipment	22,960
Total	24,677
Accumulated Depreciation	(3,058)
Milpitas, CA - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	7,921
Buildings, Improvements and Furniture, Fixtures and Equipment	46,141
Buildings, Improvements and Furniture, Fixtures and Equipment	6,963
Gross Amount
Land	7,921
Buildings, Improvements and Furniture, Fixtures and Equipment	53,104
Total	61,025
Accumulated Depreciation	(8,939)
Minneapolis, MN - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	13,032
Initial Cost
Land	3,502
Buildings, Improvements and Furniture, Fixtures and Equipment	35,433
Buildings, Improvements and Furniture, Fixtures and Equipment	722
Gross Amount
Land	3,502
Buildings, Improvements and Furniture, Fixtures and Equipment	36,155
Total	39,657
Accumulated Depreciation	(11,996)
Minneapolis, MN - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	34,026
Buildings, Improvements and Furniture, Fixtures and Equipment	2,511
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	36,537
Total	36,537
Accumulated Depreciation	(12,159)
Minnetonka, MN - Holiday Inn Express & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,000
Buildings, Improvements and Furniture, Fixtures and Equipment	7,662
Buildings, Improvements and Furniture, Fixtures and Equipment	(8,662)
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Total	0
Accumulated Depreciation	0
Nashville, TN - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	8,792
Buildings, Improvements and Furniture, Fixtures and Equipment	62,759
Buildings, Improvements and Furniture, Fixtures and Equipment	8,138
Gross Amount
Land	8,792
Buildings, Improvements and Furniture, Fixtures and Equipment	70,897
Total	79,689
Accumulated Depreciation	(19,982)
Nashville, TN - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	777
Buildings, Improvements and Furniture, Fixtures and Equipment	5,598
Buildings, Improvements and Furniture, Fixtures and Equipment	1,788
Gross Amount
Land	777
Buildings, Improvements and Furniture, Fixtures and Equipment	7,386
Total	8,163
Accumulated Depreciation	(2,929)
New Haven, CT - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	11,990
Buildings, Improvements and Furniture, Fixtures and Equipment	51,497
Buildings, Improvements and Furniture, Fixtures and Equipment	7,233
Gross Amount
Land	11,990
Buildings, Improvements and Furniture, Fixtures and Equipment	58,730
Total	70,720
Accumulated Depreciation	(13,144)
New Orleans, LA - Canopy Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,262
Buildings, Improvements and Furniture, Fixtures and Equipment	51,406
Buildings, Improvements and Furniture, Fixtures and Equipment	344
Gross Amount
Land	4,262
Buildings, Improvements and Furniture, Fixtures and Equipment	51,750
Total	56,012
Accumulated Depreciation	(4,581)
New Orleans, LA - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,944
Buildings, Improvements and Furniture, Fixtures and Equipment	25,120
Buildings, Improvements and Furniture, Fixtures and Equipment	3,875
Gross Amount
Land	1,944
Buildings, Improvements and Furniture, Fixtures and Equipment	28,995
Total	30,939
Accumulated Depreciation	(15,769)
New Orleans, LA - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,490
Buildings, Improvements and Furniture, Fixtures and Equipment	34,220
Buildings, Improvements and Furniture, Fixtures and Equipment	2,149
Gross Amount
Land	2,490
Buildings, Improvements and Furniture, Fixtures and Equipment	36,369
Total	38,859
Accumulated Depreciation	(17,624)
New Orleans, LA - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,046
Buildings, Improvements and Furniture, Fixtures and Equipment	33,270
Buildings, Improvements and Furniture, Fixtures and Equipment	6,302
Gross Amount
Land	2,046
Buildings, Improvements and Furniture, Fixtures and Equipment	39,572
Total	41,618
Accumulated Depreciation	(19,281)
New Orleans, LA - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	963
Buildings, Improvements and Furniture, Fixtures and Equipment	12,763
Buildings, Improvements and Furniture, Fixtures and Equipment	251
Gross Amount
Land	963
Buildings, Improvements and Furniture, Fixtures and Equipment	13,014
Total	13,977
Accumulated Depreciation	(1,302)
New Orleans, LA - TownePlace Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	6,293
Initial Cost
Land	1,366
Buildings, Improvements and Furniture, Fixtures and Equipment	18,110
Buildings, Improvements and Furniture, Fixtures and Equipment	215
Gross Amount
Land	1,366
Buildings, Improvements and Furniture, Fixtures and Equipment	18,325
Total	19,691
Accumulated Depreciation	(1,826)
Oklahoma City, OK - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,769
Buildings, Improvements and Furniture, Fixtures and Equipment	29,389
Buildings, Improvements and Furniture, Fixtures and Equipment	244
Gross Amount
Land	2,769
Buildings, Improvements and Furniture, Fixtures and Equipment	29,633
Total	32,402
Accumulated Depreciation	(3,929)
Oklahoma City, OK - Holiday Inn Express & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,542
Buildings, Improvements and Furniture, Fixtures and Equipment	21,574
Buildings, Improvements and Furniture, Fixtures and Equipment	545
Gross Amount
Land	2,542
Buildings, Improvements and Furniture, Fixtures and Equipment	22,119
Total	24,661
Accumulated Depreciation	(2,521)
Oklahoma City, OK - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,822
Buildings, Improvements and Furniture, Fixtures and Equipment	25,311
Buildings, Improvements and Furniture, Fixtures and Equipment	144
Gross Amount
Land	2,822
Buildings, Improvements and Furniture, Fixtures and Equipment	25,455
Total	28,277
Accumulated Depreciation	(2,538)
Orlando, FL - Hyatt House
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,800
Buildings, Improvements and Furniture, Fixtures and Equipment	34,423
Buildings, Improvements and Furniture, Fixtures and Equipment	614
Gross Amount
Land	2,800
Buildings, Improvements and Furniture, Fixtures and Equipment	35,037
Total	37,837
Accumulated Depreciation	(12,154)
Orlando, FL - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,100
Buildings, Improvements and Furniture, Fixtures and Equipment	11,343
Buildings, Improvements and Furniture, Fixtures and Equipment	7,219
Gross Amount
Land	3,100
Buildings, Improvements and Furniture, Fixtures and Equipment	18,562
Total	21,662
Accumulated Depreciation	(4,933)
Orlando, FL - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,716
Buildings, Improvements and Furniture, Fixtures and Equipment	11,221
Buildings, Improvements and Furniture, Fixtures and Equipment	6,998
Gross Amount
Land	2,716
Buildings, Improvements and Furniture, Fixtures and Equipment	18,219
Total	20,935
Accumulated Depreciation	(6,135)
Owings Mills, MD - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,100
Buildings, Improvements and Furniture, Fixtures and Equipment	9,799
Buildings, Improvements and Furniture, Fixtures and Equipment	(11,899)
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Total	0
Accumulated Depreciation	0
Pittsburgh, PA - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,652
Buildings, Improvements and Furniture, Fixtures and Equipment	40,749
Buildings, Improvements and Furniture, Fixtures and Equipment	6,640
Gross Amount
Land	1,652
Buildings, Improvements and Furniture, Fixtures and Equipment	47,389
Total	49,041
Accumulated Depreciation	(12,502)
Plano, TX - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,363
Buildings, Improvements and Furniture, Fixtures and Equipment	13,699
Buildings, Improvements and Furniture, Fixtures and Equipment	(3,752)
Gross Amount
Land	2,363
Buildings, Improvements and Furniture, Fixtures and Equipment	9,947
Total	12,310
Accumulated Depreciation	(2,412)
Portland, OR - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	14,700
Buildings, Improvements and Furniture, Fixtures and Equipment	891
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	15,591
Total	15,591
Accumulated Depreciation	(6,989)
Portland, OR - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	15,629
Buildings, Improvements and Furniture, Fixtures and Equipment	831
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	16,460
Total	16,460
Accumulated Depreciation	(7,539)
Portland, OR - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	12,813
Buildings, Improvements and Furniture, Fixtures and Equipment	76,868
Buildings, Improvements and Furniture, Fixtures and Equipment	10,654
Gross Amount
Land	12,813
Buildings, Improvements and Furniture, Fixtures and Equipment	87,522
Total	100,335
Accumulated Depreciation	(10,951)
Poway, CA - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,300
Buildings, Improvements and Furniture, Fixtures and Equipment	14,728
Buildings, Improvements and Furniture, Fixtures and Equipment	1,521
Gross Amount
Land	2,300
Buildings, Improvements and Furniture, Fixtures and Equipment	16,249
Total	18,549
Accumulated Depreciation	(6,869)
San Francisco, CA - Four Points
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,200
Buildings, Improvements and Furniture, Fixtures and Equipment	21,397
Buildings, Improvements and Furniture, Fixtures and Equipment	4,778
Gross Amount
Land	1,200
Buildings, Improvements and Furniture, Fixtures and Equipment	26,175
Total	27,375
Accumulated Depreciation	(11,013)
San Francisco, CA - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	12,346
Buildings, Improvements and Furniture, Fixtures and Equipment	45,730
Buildings, Improvements and Furniture, Fixtures and Equipment	(58,076)
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Total	0
Accumulated Depreciation	0
San Francisco, CA - Holiday Inn Express & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	15,545
Buildings, Improvements and Furniture, Fixtures and Equipment	49,469
Buildings, Improvements and Furniture, Fixtures and Equipment	4,707
Gross Amount
Land	15,545
Buildings, Improvements and Furniture, Fixtures and Equipment	54,176
Total	69,721
Accumulated Depreciation	(24,079)
Scottsdale, AZ - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,225
Buildings, Improvements and Furniture, Fixtures and Equipment	12,571
Buildings, Improvements and Furniture, Fixtures and Equipment	3,998
Gross Amount
Land	3,225
Buildings, Improvements and Furniture, Fixtures and Equipment	16,569
Total	19,794
Accumulated Depreciation	(10,536)
Scottsdale, AZ - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,500
Buildings, Improvements and Furniture, Fixtures and Equipment	10,171
Buildings, Improvements and Furniture, Fixtures and Equipment	302
Gross Amount
Land	1,500
Buildings, Improvements and Furniture, Fixtures and Equipment	10,473
Total	11,973
Accumulated Depreciation	(4,772)
Scottsdale, AZ - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	7,503
Buildings, Improvements and Furniture, Fixtures and Equipment	21,545
Buildings, Improvements and Furniture, Fixtures and Equipment	359
Gross Amount
Land	7,503
Buildings, Improvements and Furniture, Fixtures and Equipment	21,904
Total	29,407
Accumulated Depreciation	(682)
Scottsdale, AZ - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,195
Buildings, Improvements and Furniture, Fixtures and Equipment	9,496
Buildings, Improvements and Furniture, Fixtures and Equipment	1,930
Gross Amount
Land	2,195
Buildings, Improvements and Furniture, Fixtures and Equipment	11,426
Total	13,621
Accumulated Depreciation	(7,192)
Silverthorne, CO - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,441
Buildings, Improvements and Furniture, Fixtures and Equipment	21,125
Buildings, Improvements and Furniture, Fixtures and Equipment	1,149
Gross Amount
Land	4,441
Buildings, Improvements and Furniture, Fixtures and Equipment	22,274
Total	26,715
Accumulated Depreciation	(3,855)
Silverthorne, CO - Parking Garage
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,404
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Buildings, Improvements and Furniture, Fixtures and Equipment	2,045
Gross Amount
Land	2,404
Buildings, Improvements and Furniture, Fixtures and Equipment	2,045
Total	4,449
Accumulated Depreciation	0
Steamboat Springs, CO - Nordic Lodge
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,754
Buildings, Improvements and Furniture, Fixtures and Equipment	9,001
Buildings, Improvements and Furniture, Fixtures and Equipment	307
Gross Amount
Land	4,754
Buildings, Improvements and Furniture, Fixtures and Equipment	9,308
Total	14,062
Accumulated Depreciation	(256)
Steamboat Springs, CO - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,832
Buildings, Improvements and Furniture, Fixtures and Equipment	31,214
Buildings, Improvements and Furniture, Fixtures and Equipment	646
Gross Amount
Land	1,832
Buildings, Improvements and Furniture, Fixtures and Equipment	31,860
Total	33,692
Accumulated Depreciation	(3,439)
Tampa, FL - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,600
Buildings, Improvements and Furniture, Fixtures and Equipment	20,366
Buildings, Improvements and Furniture, Fixtures and Equipment	4,729
Gross Amount
Land	3,600
Buildings, Improvements and Furniture, Fixtures and Equipment	25,095
Total	28,695
Accumulated Depreciation	(10,593)
Tucson, AZ - Embassy Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,841
Buildings, Improvements and Furniture, Fixtures and Equipment	23,958
Buildings, Improvements and Furniture, Fixtures and Equipment	5,606
Gross Amount
Land	1,841
Buildings, Improvements and Furniture, Fixtures and Equipment	29,564
Total	31,405
Accumulated Depreciation	(2,930)
Tucson, AZ - Homewood Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,570
Buildings, Improvements and Furniture, Fixtures and Equipment	22,802
Buildings, Improvements and Furniture, Fixtures and Equipment	1,744
Gross Amount
Land	2,570
Buildings, Improvements and Furniture, Fixtures and Equipment	24,546
Total	27,116
Accumulated Depreciation	(7,531)
Tyler, TX - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,243
Buildings, Improvements and Furniture, Fixtures and Equipment	15,323
Buildings, Improvements and Furniture, Fixtures and Equipment	440
Gross Amount
Land	1,243
Buildings, Improvements and Furniture, Fixtures and Equipment	15,763
Total	17,006
Accumulated Depreciation	(2,606)
Waltham, MA - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances
Initial Cost
Land	10,644
Buildings, Improvements and Furniture, Fixtures and Equipment	21,713
Buildings, Improvements and Furniture, Fixtures and Equipment	7,017
Gross Amount
Land	10,644
Buildings, Improvements and Furniture, Fixtures and Equipment	28,730
Total	39,374
Accumulated Depreciation	(9,337)
Watertown, MA - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances
Initial Cost
Land	25,083
Buildings, Improvements and Furniture, Fixtures and Equipment	45,917
Buildings, Improvements and Furniture, Fixtures and Equipment	527
Gross Amount
Land	25,083
Buildings, Improvements and Furniture, Fixtures and Equipment	46,444
Total	71,527
Accumulated Depreciation	$ (10,363)

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Land, Buildings and Improvements, and Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ASSET BASIS
Balance at beginning of period as adjusted	$ 3,548,184	$ 2,638,549	$ 2,570,768
Additions to land, buildings and improvements	131,153	989,046	80,496
Disposition of land, buildings and improvements	(75,777)	(68,991)	(12,715)
Write-down of assets	(16,661)	(10,420)	0
Balance at end of period	3,586,899	3,548,184	2,638,549
ACCUMULATED DEPRECIATION
Balance at beginning of period	716,646	583,080	490,326
Depreciation	146,083	145,491	105,462
Depreciation on assets sold or disposed	(40,805)	(11,925)	(12,708)
Balance at end of period	821,924	$ 716,646	$ 583,080
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes	$ 3,380,000
Lodging buildings and improvements | Minimum
ACCUMULATED DEPRECIATION
Useful life (in years)	2 years
Furniture and equipment | Maximum
ACCUMULATED DEPRECIATION
Useful life (in years)	40 years