Summit Hotel Properties (INN) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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
Entity Address, Address Line Two	Suite B-300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78738
City Area Code	512
Local Phone Number	538-2300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		108,192,206
Entity Central Index Key	0001497645
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	INN
Security Exchange Name	NYSE
Series E Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series E Cumulative Redeemable Preferred Stock, $0.01 par value
Trading Symbol	INN-PE
Security Exchange Name	NYSE
Series F Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series F Cumulative Redeemable Preferred Stock, $0.01 par value
Trading Symbol	INN-PF
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Investments in lodging property, net	$ 2,715,009	$ 2,729,049
Investment in lodging property under development	2,364	1,451
Assets held for sale, net	64,019	73,740
Cash and cash equivalents	63,435	37,837
Restricted cash	8,916	9,931
Right-of-use assets, net	34,244	34,814
Trade receivables, net	27,985	21,348
Prepaid expenses and other	17,183	8,865
Deferred charges, net	6,495	6,659
Other assets	21,182	15,554
Total assets	2,960,832	2,939,248
Liabilities:
Debt, net of debt issuance costs	1,452,002	1,430,668
Lease liabilities, net	25,413	25,842
Accounts payable	7,303	4,827
Accrued expenses and other	81,719	81,215
Total liabilities	1,566,437	1,542,552
Commitments and contingencies (Note 11)	0	0
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, 108,198,141 and 107,593,373 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	1,082	1,076
Additional paid-in capital	1,239,905	1,238,896
Accumulated other comprehensive income	14,969	10,967
Accumulated deficit and distributions in excess of retained earnings	(348,302)	(339,848)
Total stockholders’ equity	907,758	911,195
Non-controlling interests	436,418	435,282
Total equity	1,344,176	1,346,477
Total liabilities, redeemable non-controlling interests and equity	2,960,832	2,939,248
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

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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 outstanding (in shares)	108,198,141	107,593,373
Common stock, shares issued (in shares)	108,198,141	107,593,373
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	$ 160,861
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	$ 100,506

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 188,142	$ 182,383
Expenses:
Property taxes, insurance and other	14,285	14,724
Depreciation and amortization	36,799	36,908
Corporate general and administrative	8,311	8,005
Recoveries of credit losses	0	(250)
Total expenses	164,728	164,181
Gain on disposal of assets, net	75	0
Operating income	23,489	18,202
Other income (expense):
Interest expense	(21,582)	(20,909)
Interest income	458	306
Other income (loss), net	685	(41)
Total other expense, net	(20,439)	(20,644)
Income (loss) from continuing operations before income taxes	3,050	(2,442)
Income tax (expense) benefit (Note 13)	(217)	472
Net income (loss)	2,833	(1,970)
Less - (Income) loss attributable to non-controlling interests	(322)	1,369
Net income (loss) attributable to Summit Hotel Properties, Inc. before preferred dividends and distributions	2,511	(601)
Less - Distributions to and accretion of redeemable non-controlling interests	(657)	(657)
Less - Preferred dividends	(3,970)	(3,970)
Net loss attributable to common stockholders, basic	(2,116)	(5,228)
Net loss attributable to common stockholders, diluted	$ (2,116)	$ (5,228)
Loss per share:
Basic (in dollars per share)	$ (0.02)	$ (0.05)
Diluted (in dollars per share)	$ (0.02)	$ (0.05)
Weighted-average common shares outstanding:
Basic (in shares)	105,720	105,312
Diluted (in shares)	105,720	105,312
Room
Revenues:
Total revenues	$ 167,431	$ 163,089
Expenses:
Cost of goods and services sold	35,973	35,909
Food and beverage
Revenues:
Total revenues	10,833	10,630
Expenses:
Cost of goods and services sold	8,202	7,955
Other
Revenues:
Total revenues	9,878	8,664
Expenses:
Cost of goods and services sold	56,261	56,125
Management fees
Expenses:
Cost of goods and services sold	$ 4,897	$ 4,805

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,833	$ (1,970)
Other comprehensive income (loss), net of tax:
Changes in fair value of derivative financial instruments	5,696	(4,388)
Comprehensive income (loss)	8,529	(6,358)
Comprehensive (income) loss attributable to non-controlling interests	(2,016)	1,489
Comprehensive income (loss) attributable to Summit Hotel Properties, Inc.	6,513	(4,869)
Distributions to and accretion on redeemable non-controlling interests	(657)	(657)
Preferred dividends and distributions	(3,970)	(3,970)
Comprehensive income (loss) attributable to common stockholders	$ 1,886	$ (9,496)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity and Redeemable Non-controlling Interests (Unaudited) - USD ($) $ in Thousands	Total	Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Comprehensive Income (Loss)	Accumulated Deficit and Distributions	Non-controlling Interests
Beginning balance at Dec. 31, 2022	$ 50,219
Increase (Decrease) in Temporary Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	657
Preferred dividends and distributions	(657)
Ending balance at Mar. 31, 2023	$ 50,219
Beginning preferred shares outstanding (in shares) at Dec. 31, 2022			10,400,000
Beginning shares of Common Stock outstanding (in shares) at Dec. 31, 2022	106,901,576			106,901,576
Beginning balance at Dec. 31, 2022	$ 1,407,950	$ 959,813	$ 104	$ 1,069	$ 1,232,302	$ 14,538	$ (288,200)	$ 448,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	(657)	(657)					(657)
Sale of non-controlling interests in joint venture	1,353							1,353
Dividends and distributions on common stock and common units	(4,898)	(4,259)					(4,259)	(639)
Preferred dividends and distributions	(3,970)	(3,970)					(3,970)	0
Joint venture partner distributions	(790)							(790)
Equity-based compensation (in shares)				736,370
Equity-based compensation	$ 1,468	1,468		$ 7	1,461
Shares of common stock acquired for employee withholding requirements (in shares)	(168,083)			(168,083)
Shares of common stock acquired for employee withholding requirements	$ (1,283)	(1,283)		$ (1)	(1,282)
Other	(168)	(24)			(24)			(144)
Other comprehensive income (loss)	(4,388)	(4,268)				(4,268)		(120)
Net loss	$ (1,970)	(601)					(601)	(1,369)
Ending preferred shares outstanding (in shares) at Mar. 31, 2023			10,400,000
Ending shares of Common Stock outstanding (in shares) at Mar. 31, 2023	107,469,863			107,469,863
Ending balance at Mar. 31, 2023	$ 1,392,647	946,219	$ 104	$ 1,075	1,232,457	10,270	(297,687)	446,428
Beginning balance at Dec. 31, 2023	50,219
Increase (Decrease) in Temporary Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	657
Preferred dividends and distributions	(657)
Ending balance at Mar. 31, 2024	$ 50,219
Beginning preferred shares outstanding (in shares) at Dec. 31, 2023			10,400,000
Beginning shares of Common Stock outstanding (in shares) at Dec. 31, 2023	107,593,373			107,593,373
Beginning balance at Dec. 31, 2023	$ 1,346,477	911,195	$ 104	$ 1,076	1,238,896	10,967	(339,848)	435,282
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	(657)	(657)					(657)
Contributions by non-controlling interest in joint venture	76							76
Dividends and distributions on common stock and common units	(7,294)	(6,338)					(6,338)	(956)
Preferred dividends and distributions	(3,970)	(3,970)					(3,970)	0
Equity-based compensation (in shares)				731,614
Equity-based compensation	$ 1,848	1,848		$ 7	1,841
Shares of common stock acquired for employee withholding requirements (in shares)	(126,846)			(126,846)
Shares of common stock acquired for employee withholding requirements	$ (833)	(833)		$ (1)	(832)
Other comprehensive income (loss)	5,696	4,002				4,002		1,694
Net loss	$ 2,833	2,511					2,511	322
Ending preferred shares outstanding (in shares) at Mar. 31, 2024			10,400,000
Ending shares of Common Stock outstanding (in shares) at Mar. 31, 2024	108,198,141			108,198,141
Ending balance at Mar. 31, 2024	$ 1,344,176	$ 907,758	$ 104	$ 1,082	$ 1,239,905	$ 14,969	$ (348,302)	$ 436,418

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income (loss)	$ 2,833	$ (1,970)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	36,799	36,908
Amortization of debt issuance costs	1,619	1,399
Recoveries of credit losses	0	(250)
Equity-based compensation	1,848	1,468
Gain on disposal of assets, net	(75)	0
Non-cash interest income	(133)	(143)
Debt transaction costs	564	87
Other	60	285
Changes in operating assets and liabilities:
Trade receivables, net	(6,637)	(3,055)
Prepaid expenses and other	(8,318)	388
Accounts payable	2,059	(38)
Accrued expenses and other	(2,469)	(3,073)
NET CASH PROVIDED BY OPERATING ACTIVITIES	28,150	32,006
INVESTING ACTIVITIES
Improvements to lodging properties	(18,116)	(24,088)
Investment in lodging property under development	(913)	0
Proceeds from asset dispositions, net	9,043	0
Funding of real estate loans	0	(1,320)
NET CASH USED IN INVESTING ACTIVITIES	(9,986)	(25,408)
FINANCING ACTIVITIES
Proceeds from borrowings on revolving line of credit	60,000	25,000
Repayments of revolving line of credit	(5,000)	(10,000)
Principal payments on debt	(33,490)	(692)
Proceeds from the sale of non-controlling interests	0	1,353
Common dividends paid	(7,349)	(4,904)
Preferred dividends and distributions paid	(4,627)	(4,627)
Proceeds from contributions by non-controlling interests in joint venture	76	0
Distributions to joint venture partners	0	(790)
Financing fees, debt transaction costs and other issuance costs	(2,358)	(632)
Repurchase of shares of common stock for withholding requirements	(833)	(1,283)
NET CASH PROVIDED BY FINANCING ACTIVITIES	6,419	3,425
Net change in cash, cash equivalents and restricted cash	24,583	10,023
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	47,768	61,808
End of period	72,351	71,831
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEET TO THE AMOUNTS SHOWN IN THE STATEMENT OF CASH FLOWS ABOVE:
Cash and cash equivalents	63,435	60,678
Restricted cash	8,916	11,153
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$ 72,351	$ 71,831

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, our portfolio consisted of 99 lodging properties with a total of 14,785 guestrooms located in 24 states. At March 31, 2024, we own 100% of the outstanding equity interests in 56 of our 99 lodging properties. We own a 51% controlling interest in 40 lodging properties through a joint venture that was formed in July 2019 with USFI G-Peak, Ltd. ("GIC"), a private limited company incorporated in the Republic of Singapore (the "GIC Joint Venture"). We also own 90% equity interests in two 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 March 31, 2024, 85% 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”). Substantially all of our assets are held by, and all of our operations are conducted through, the Operating Partnership. Through a wholly-owned subsidiary, we are the sole general partner of the Operating Partnership. At March 31, 2024, we owned, directly and indirectly, approximately 87% of the Operating Partnership’s issued and outstanding common units of limited partnership interest (“Common Units”), and all of the Operating Partnership’s issued and outstanding 6.25% Series E and 5.875% Series F preferred units of limited partnership interest. NewcrestImage (as defined in Note 4 - Debt to the Condensed Consolidated Financial Statements) owns all of the issued and outstanding 5.25% Series Z Cumulative Perpetual Preferred Units (liquidation preference $25 per unit) of the Operating Partnership ("Series Z Preferred Units"), as a result of the NCI Transaction (described in Note 4 - Debt to the Condensed Consolidated Financial Statements). We collectively refer to preferred units of limited partnership interests of our Operating Partnership as "Preferred Units". Pursuant to the Operating Partnership’s partnership agreement, we have full, exclusive and complete responsibility and discretion in the management and control of the Operating Partnership, including the ability to cause the Operating Partnership to enter into certain major transactions including acquisitions, dispositions and refinancings, to make distributions to partners and to cause changes in the Operating Partnership’s business activities. We have elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. To qualify as a REIT, we cannot operate or manage our lodging properties. Accordingly, all of our lodging properties are leased to our taxable REIT subsidiaries (“TRS Lessees” or "TRSs") and managed by professional third-party management companies.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation We prepare our Condensed Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates. As interim statements, the Condensed Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the three months ended March 31, 2024 may not be indicative of the results that may be expected for the full year of 2024. For further information, please read the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying Condensed Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities, if any, for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements. We evaluate joint venture partnerships to determine if they should be consolidated based on whether the partners exercise joint control. For a joint venture where we exercise primary control and we also own a majority of the equity interests, we consolidate the joint venture partnership. We have consolidated the accounts of all of our joint venture partnerships in our accompanying Condensed Consolidated Financial Statements. Use of Estimates Our Condensed Consolidated Financial Statements are prepared in conformity with GAAP, which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions that affect reported amounts and related disclosures in our Condensed Consolidated Financial Statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could significantly differ from our expectations, which could materially affect our consolidated financial position and results of operations. Trade Receivables and Current Estimate of Credit Losses We grant credit to qualified guests, 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 guest 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 March 31, 2024 and December 31, 2023. Bad debt expense was $0.1 million for each of the three months ended March 31, 2024 and 2023, respectively. 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 Condensed 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 Condensed 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. 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 Condensed Consolidated Financial Statements as a single operating segment because all of our lodging properties have similar economic characteristics, facilities, and services. Exchange or Modification of Debt We consider modifications or exchanges of debt as extinguishments in accordance with ASC No. 470, Debt, with gains or losses recognized in current earnings if the terms of the new debt and original instrument are substantially different. If the original and new debt instruments are substantially different, the original debt is derecognized and the new debt is initially recorded at fair value, with the difference recognized as an extinguishment gain or loss. Under an exchange or modification accounted for as a debt extinguishment, fees paid to the lenders are included in the gain or loss on extinguishment of debt. Costs incurred with third parties, such as legal fees, directly related to the exchange or modification are capitalized as deferred financing costs and amortized over the initial term of the new debt. Previously deferred fees and costs for existing debt are included in the calculation of gain or loss. Under an exchange or modification not accounted for as a debt extinguishment, fees paid to the lenders are reflected as additional debt discount and amortized as non-cash interest expense over the remaining initial term of the exchanged or modified debt. Furthermore, costs incurred with third parties, such as legal fees, directly related to the exchange or modification are expensed as incurred. Additionally, previously deferred fees and costs are amortized as non-cash interest expense over the remaining initial term of the exchanged or modified debt. 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 shares of common stock outstanding for the period. We apply the two-class method of computing EPS, which requires the calculation of separate EPS 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 shares of common stock outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Potentially dilutive shares include unvested restricted share grants, unvested performance share grants, shares of common stock issuable upon conversion of convertible debt and shares of common stock issuable upon conversion of Common Units of our Operating Partnership. Basic and diluted loss per share for the three months ended March 31, 2024 and 2023 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. New Accounting Standards In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) . ASU 2023-07 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): Improvements to Income Tax Disclosures . ASU 2023-09 includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. 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.

INVESTMENTS IN LODGING PROPERTY

INVESTMENTS IN LODGING PROPERTY, NET	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
INVESTMENTS IN LODGING PROPERTY, NET	INVESTMENTS IN LODGING PROPERTY, NET Investments in Lodging Property, net Investments in lodging property, net is as follows (in thousands): March 31, 2024 December 31, 2023 Lodging buildings and improvements $ 2,793,479 $ 2,786,223 Land 373,039 373,039 Furniture, fixtures and equipment 271,533 268,631 Construction in progress 53,628 41,324 Intangible assets 39,954 39,954 Real estate development loan, net 4,309 4,176 3,535,942 3,513,347 Less accumulated depreciation and amortization (820,933) (784,298) $ 2,715,009 $ 2,729,049 Depreciation and amortization expense related to our lodging properties (excluding amortization of franchise fees) was $36.6 million, and $36.8 million for the three months ended March 31, 2024 and 2023, respectively. Lodging Property Sales In February 2024, we completed the sale of the 127-guestroom Hyatt Place - Dallas (Plano), TX for $10.3 million. At December 31, 2023, we classified the property as Assets held for sale, net. We recorded a nominal gain on the sale during the three months ended March 31, 2024 upon closing the transaction. During the first quarter of 2024, we entered into a purchase and sale agreement with a single buyer to sell the 202-guestroom Courtyard by Marriott and the 208-guestroom SpringHill Suites, both located in New Orleans, LA, for an aggregate selling price of $73.0 million. The properties were recorded as Assets held for sale, net at both March 31, 2024 and December 31, 2023. We closed on the sale of these properties on April 17, 2024 in accordance with the expected terms of the transaction, which resulted in a gain of approximately $28.0 million that will be recorded in the second quarter of 2024. The sale will result in the return of approximately $2.6 million of restricted cash to us related to reserves for furniture, fixtures and equipment. Net proceeds from the sale were used to repay the outstanding $55.0 million balance on our $400 Million Revolver (defined in " Note 5 - Debt" below) subsequent to quarter end. Additionally, during the first quarter of 2024, we entered into a purchase and sale agreement to sell the 119-guestroom Hilton Garden Inn - Bryan (College Station), TX for $11.0 million. The property was recorded as Assets held for sale, net at both March 31, 2024 and December 31, 2023. We closed on the sale of this lodging property on April 25, 2024 in accordance with the expected terms of the transaction. The net selling price of the lodging property was consistent with its net book value on the closing date. Net proceeds from the sale were used to repay $6.0 million of the GIC Joint Venture Term Loan (defined in " Note 5 - Debt" below) subsequent to quarter end. Assets Held for Sale, net Assets held for sale, net is as follows (in thousands): March 31, 2024 December 31, 2023 Under Contract for Sale: Hyatt Place - Dallas (Plano), TX $ — $ 9,940 Courtyard by Marriott and SpringHill Suites - New Orleans, LA 43,693 43,504 Hilton Garden Inn - Bryan (College Station), TX 10,652 10,642 Parcel of undeveloped land - San Antonio, TX 1,225 1,225 55,570 65,311 Marketed for Sale: One individual lodging property 8,024 8,004 Parcel of undeveloped land - Flagstaff, AZ 425 425 $ 64,019 $ 73,740 The parcel of undeveloped land in San Antonio, TX is currently under contract to sell and the sale is expected to close in the fourth quarter of 2024. Intangible Assets Intangible assets, net is as follows (in thousands): March 31, 2024 December 31, 2023 Indefinite-lived intangible assets: Air rights $ 10,754 $ 10,754 Other 80 80 10,834 10,834 Finite-lived intangible assets: Tax incentives 19,750 19,750 Key money 9,370 9,370 29,120 29,120 Intangible assets 39,954 39,954 Less accumulated amortization (10,283) (9,251) Intangible assets, net $ 29,671 $ 30,703 We recorded amortization expense related to intangible assets of approximately $1.0 million for each of the three months ended March 31, 2024 and 2023, respectively. Future amortization expense related to intangible assets is as follows (in thousands): For the Year Ending Amount 2024 $ 3,486 2025 1,564 2026 1,564 2027 1,374 2028 1,016 Thereafter 9,833 $ 18,837

INVESTMENT IN REAL ESTATE LOANS

INVESTMENT IN REAL ESTATE LOANS	3 Months Ended
	Mar. 31, 2024
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 of $4.6 million (the "Onera Mezzanine Loan") for the development of a glamping property. 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 at 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 March 31, 2024, 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 $0.3 million and $0.4 million at March 31, 2024 and December 31, 2023, respectively, and is classified as Investments in lodging property, net in our Condensed Consolidated Balance Sheets. We recorded the Onera Purchase Option related to the Onera Mezzanine Loan in Other assets and as a contra-asset to Investments in lodging property, net at its estimated fair value of $0.9 million on the transaction date using the Black-Scholes model. 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 each of the three months ended March 31, 2024, and 2023, we amortized $0.1 million of the carrying amount of the Onera Purchase Option as non-cash interest income.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT At March 31, 2023, our indebtedness was comprised of borrowings under our 2023 Senior Credit Facility (as defined below), the 2024 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 5.35% at March 31, 2024 and 5.31% at December 31, 2023. There are currently no defaults under any of the Company's loan agreements. Debt, net of debt issuance costs, is as follows (in thousands): March 31, 2024 December 31, 2023 Revolving debt $ 180,000 $ 125,000 Term loans 877,021 910,000 Convertible notes 287,500 287,500 Mortgage loans 122,828 123,339 1,467,349 1,445,839 Unamortized debt issuance costs (15,347) (15,171) Debt, net of debt issuance costs $ 1,452,002 $ 1,430,668 We have entered into interest rate swaps to fix the interest rates on a portion of our variable interest rate indebtedness. 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 the one-month term Secured Overnight Financing Rate (“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 swaps, we will pay a fixed rate of 3.77% and receive the one-month term SOFR floating rate index. See "Note 7 - Derivative Financial Instruments and Hedging" to the Condensed Consolidated Financial Statements for additional information. Our total fixed-rate and variable-rate debt, after consideration of our interest rate derivative agreements that are currently in effect, is as follows (in thousands): March 31, 2024 Percentage December 31, 2023 Percentage Fixed-rate debt (1) $ 955,970 65% $ 956,414 66% Variable-rate debt 511,379 35% 489,425 34% $ 1,467,349 $ 1,445,839 (1) At March 31, 2024, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 73% of our total pro rata indebtedness when taking into consideration interest rate swaps. In April 2024, after repayment of the outstanding $55.0 million balance of our $400 Million Revolver from the proceeds of the sale of a portfolio of two lodging properties in New Orleans, LA and a $6.0 million paydown to the GIC Joint Venture Term Loan from the proceeds of the sale of the Hilton Garden Inn - Bryan (College Station), TX, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 77% of our total pro rata indebtedness when taking into consideration interest rate swaps. Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (dollars in thousands): March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value Valuation Technique Convertible notes $ 287,500 $ 257,313 $ 287,500 $ 256,141 Level 1 - Market approach Mortgage loans 68,470 62,547 68,915 60,883 Level 2 - Market approach $ 355,970 $ 319,860 $ 356,415 $ 317,024 Detailed information about our gross debt at March 31, 2024 and December 31, 2023 is as follows (dollars in thousands): Principal Balance Outstanding Lender Interest Rate Initial Maturity Date Fully Extended Maturity Date Number of March 31, 2024 December 31, 2023 OPERATING PARTNERSHIP DEBT: 2023 Senior Credit and Term Loan Facility Bank of America, N.A. $400 Million Revolver (1) 7.38% Variable 6/21/2027 6/21/2028 n/a $ 55,000 $ — $200 Million Term Loan (1) 7.33% Variable 6/21/2026 6/21/2028 n/a 200,000 200,000 Total Senior Credit and Term Loan Facility 255,000 200,000 Term Loans KeyBank National Association Term Loan (1) n/a 2/14/2025 2/14/2025 n/a — 225,000 Regions Bank Term Loan (1) 7.32% Variable 2/26/2027 2/26/2029 n/a 200,000 — 200,000 225,000 Convertible Notes 1.50% Fixed 2/15/2026 2/15/2026 n/a 287,500 287,500 Secured Mortgage Indebtedness MetaBank 4.44% Fixed 7/1/2027 7/1/2027 3 42,400 42,611 Bank of the Cascades (2) 7.32% Variable 12/19/2024 12/19/2024 1 7,358 7,425 4.30% Fixed 12/19/2024 12/19/2024 7,358 7,425 Total Mortgage Loans 4 57,116 57,461 Total Operating Partnership Debt 799,616 769,961 JOINT VENTURE DEBT: Brickell Joint Venture Mortgage Loan City National Bank of Florida 8.32% Variable 6/9/2025 6/9/2025 2 47,000 47,000 GIC Joint Venture Credit Facility and Term Loans Bank of America, N.A. $125 Million Revolver (3) 7.58% Variable 9/15/2027 9/15/2028 n/a 125,000 125,000 $75 Million Term Loan (3) 7.53% Variable 9/15/2027 9/15/2028 n/a 75,000 75,000 Bank of America, N.A. (4) 8.19% Variable 1/13/2026 1/13/2027 n/a 402,021 410,000 Wells Fargo 4.99% Fixed 6/6/2028 6/6/2028 1 12,720 12,785 PACE loan 6.10% Fixed 7/31/2040 7/31/2040 1 5,992 6,093 Total GIC Joint Venture Credit Facility and Term Loans 2 620,733 628,878 Total Joint Venture Debt 4 667,733 675,878 Total Debt 8 $ 1,467,349 $ 1,445,839 (1) The 2023 Senior Credit and Term Loan Facility is supported by a borrowing base of 52 unencumbered hotel properties. (2) The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and have cross-default provisions. (3) The $125 Million Revolver and the $75 Million Term Loan are secured by pledges of the equity in the entities and affiliated entities that own 13 lodging properties. (4) The GIC Joint Venture Term Loan is secured by pledges of the equity in the entities and affiliated entities that own 26 lodging properties. $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. At March 31, 2024, our $200 Million Term Loan was fully funded, and our $400 Million Revolver had $55.0 million in outstanding borrowings. Borrowings under the 2023 Senior Credit Facility are limited by the value of the Unencumbered Properties (as defined below). We repaid the $55.0 million outstanding balance of the $400 Million Revolver in April 2024 with the net proceeds from the sale of two lodging properties located in New Orleans, LA. 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. The 2023 Senior Credit Facility bears interest at 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 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 is 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. 2024 Term Loan In February 2024, our Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the term loan document as a subsidiary guarantor, entered into a $200 million senior unsecured term loan financing (the “2024 Term Loan”). 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 term loan that was scheduled to mature in February 2025. The 2024 Term Loan has an initial maturity date of February 2027 and can be extended for two 12-month periods by the Company, subject to certain conditions. At March 31, 2024, the 2024 Term Loan was fully funded. 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 35 basis points), plus a SOFR adjustment equal to 10 basis points and an applicable margin between 135 and 235 basis points, depending upon our leverage ratio (as defined in the loan documents). We are required to pay other fees, including 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 2024 Term Loan. 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 an aggregate of $287.5 million of 1.50% convertible senior notes due in 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 our senior credit facility that was replaced by the 2023 Senior Credit Facility and another 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, unless the Convertible Notes have been previously purchased or redeemed by the Company. The Company recorded interest expense of $1.1 million for each of the three months ended March 31, 2024 and 2023. The Company incurred debt issuance costs related to the Convertible Notes Offering of $7.6 million of which $0.4 million was amortized as non-cash interest expense for each of the three months ended March 31, 2024 and 2023. Including the amortization of the debt issuance costs, the effective interest rate on the Convertible Notes was approximately 2.00% for the three months ended March 31, 2024 and 2023. The unamortized discount related to the Convertible Notes was $2.8 million and $3.2 million at March 31, 2024 and December 31, 2023, 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 and distributions on our common stock and Common Units, respectively, on January 25, 2024, the conversion rate of the Convertible Notes was adjusted to 87.92 shares of common stock per $1,000 principal amount of Convertible Notes. On January 7, 2021, in connection with the pricing of the Convertible Notes, and on January 8, 2021, in connection with the full exercise by the Underwriters of their option to purchase additional Convertible Notes pursuant to the Underwriting Agreement, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the underwriters or their respective affiliates and another financial institution (the “Capped Call Counterparties”). The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of shares of common stock underlying the Convertible Notes. The Capped Call Transactions are generally expected to reduce the potential dilution to holders of shares of common stock upon conversion of the Convertible Notes or offset the potential cash payments that the Company could be required to make in excess of the principal amount of any converted Convertible Notes upon conversion thereof, with such reduction or offset subject to a cap. The effective strike price of the Capped Call Transactions was initially $15.26, which represented a premium of 75.0% over the last reported sale price of our 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 current strike price is $14.48 due to the adjustments related to the dividends paid during the period that the Capped Call securities have been outstanding. Mortgage Loans At March 31, 2024 and December 31, 2023, we had mortgage loans totaling $122.8 million and $123.3 million, respectively, that are secured primarily by first mortgage liens on eight lodging properties. Metabank Loan 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 lodging 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, SM-17 received a letter from Bayside’s counsel alleging various events of default under the MetaBank Loan, primarily related to certain non-monetary covenants. SM-17 engaged legal counsel which sent a written response to Bayside disputing that any events of default have occurred. In April 2023 and September 2023, SM-17 received additional letters from Bayside's counsel reasserting their allegations of default. SM-17 continues to dispute that any events of default have occurred. 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 us to increase the total commitments by up to $300.0 million, for aggregate potential borrowings of up to $500.0 million. At March 31, 2024, we had $125.0 million outstanding under the $125 Million Revolver. Amendments to the $200 million GIC Joint Venture Credit Facility 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 GIC Joint Venture entered into an amendment to the GIC Joint Venture Credit Facility (the "GIC Joint Venture Credit Amendment"). The GIC Joint Venture Credit Amendment extends the maturity of the $125 Million Revolver and the $75 Million Term Loan to September 2027, which may be extended by the Company for a single twelve-month period, subject to certain conditions. The interest rate on the $125 Million Revolver is unchanged and is based on the higher of the following: 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, we are required to pay a fee on the unused portion of the Credit Facility equal to the unused amount multiplied by an annual rate of 0.25% of the average unused amount of the Credit Facility. We are also required to pay other fees, including customary arrangement and administrative fees. The GIC Joint Venture Credit Amendment requires the GIC Joint Venture 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. GIC Joint Venture Term Loan 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 acquire 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"). 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 “Term Loan Borrower”), 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 Term Loan Borrower's existing and future subsidiaries, subject to certain exceptions. The GIC Joint Venture Term Loan has an accordion feature that 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 on January 13, 2026 and can be extended for one twelve-month period at the option of the GIC Joint Venture, subject to certain conditions. As of March 31, 2024, we had $402.0 million outstanding on the GIC Joint Venture Term Loan bearing interest at a floating rate of SOFR plus 2.75%. In April 2024, we repaid $6.0 million of the GIC Joint Venture Term Loan from the net proceeds of sale of the Hilton Garden Inn - Bryan (College Station), TX. The GIC Joint Venture Term Loan is secured primarily by a first priority pledge of the Term Loan Borrower's equity interests in the subsidiaries that hold a direct or indirect interest in 26 of the lodging properties and two parking facilities at March 31, 2024 purchased in the NCI Transaction that constitute borrowing base assets. The GIC Joint Venture Term Loan contains terms, conditions, and covenants typical for similar credit facilities. PACE Loan As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a Property Assessed Clean Energy ("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, TX for the benefit of the lender. As of March 31, 2024, the outstanding balance of the PACE loan was $6.0 million. 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 ("C-F Brickell") that was the developer of the AC Hotel by Marriott and Element Miami Brickell Hotel in Miami, FL (the "AC/Element Hotel"), to facilitate the exercise of our purchase option to acquire a 90% equity interest in the Brickell Joint Venture (the "Initial Purchase Option"), 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 (the "Brickell Mortgage Loan") to finance the AC/Element Hotel. The Brickell Mortgage Loan provided for an interest rate equal to one-month LIBOR plus 300 basis points through June 30, 2023. Effective July 1, 2023, the interest rate for the Brickell Mortgage Loan was converted to one-month 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 Brickell Mortgage Loan is prepayable at any time without penalty. Financial Guarantee In January 2023, we issued a $3.0 million letter of credit to the senior lender of a glamping project for which we provided the Onera Mezzanine Loan as additional credit 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 Condensed Consolidated Balance Sheets at March 31, 2024 and 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 March 31, 2024 and December 31, 2023.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
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 miscellaneous office equipment. These leases have remaining terms of one year to 74.3 years, some of which include options to extend the leases for additional years. The exercise of lease renewal options is at our sole discretion. As of March 31, 2024 and December 31, 2023, the weighted-average operating lease term was approximately 32.2 years. Certain leases also include options to purchase the leased property. As of March 31, 2024 and December 31, 2023, our weighted-average incremental borrowing rate for leases was 4.8%. 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 lease certain owned real estate to third parties. We recorded gross third-party tenant income of $0.8 million and $0.7 million during the three months ended March 31, 2024 and 2023, respectively, which was recorded in Other income (loss), net in our Condensed Consolidated Statement of Operations. During the three months ended March 31, 2024 and 2023, the Company's total operating lease cost was $1.2 million and $1.1 million, respectively, and the operating cash payments on operating leases were $1.1 million and $1.0 million, respectively. Operating lease maturities as of March 31, 2024 are as follows (in thousands): For the Year Ending Amount 2024 $ 1,678 2025 2,251 2026 2,205 2027 2,247 2028 2,090 Thereafter 35,803 Total lease payments (1) 46,274 Less: Imputed interest (20,861) Total $ 25,413 (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	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING Information about our derivative financial instruments at March 31, 2024 and December 31, 2023 is as follows (dollars in thousands): Notional Amount Fair Value Contract date Effective Date Expiration Date Average Annual Effective Fixed Rate March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Operating Partnership: June 11, 2018 September 28, 2018 September 30, 2024 2.86 % $ 75,000 $ 75,000 $ 905 $ 1,170 June 11, 2018 December 31, 2018 December 31, 2025 2.92 % 125,000 125,000 3,683 2,877 July 26, 2022 January 31, 2023 January 31, 2027 2.60 % 100,000 100,000 4,328 3,134 July 26, 2022 January 31, 2023 January 31, 2029 2.56 % 100,000 100,000 6,010 4,273 Total Operating Partnership (1) 400,000 400,000 14,926 11,454 GIC Joint Venture: March 24, 2023 July 1, 2023 January 13, 2026 3.35 % 100,000 100,000 2,048 1,250 March 24, 2023 July 1, 2023 January 13, 2026 3.35 % 100,000 100,000 2,048 1,254 January 19, 2024 October 1, 2024 January 13, 2026 3.77 % 100,000 — (2) 632 — Total GIC Joint Venture 300,000 200,000 4,728 2,504 Total $ 700,000 $ 600,000 $ 19,654 $ 13,958 (1) In April 2024, after repayment of the outstanding $55.0 million balance of our $400 Million Revolver from the proceeds of the sale of a portfolio of two lodging properties in New Orleans, LA and a $6.0 million paydown to the GIC Joint Venture Term Loan from the proceeds of the sale of the Hilton Garden Inn - Bryan (College Station), TX, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 77% of our total pro rata indebtedness when taking into consideration interest rate swaps. (2) At December 31, 2023, we had interest rate swaps that were in effect with a notional amount totaling $600.0 million. In January, 2024, we executed one additional interest rate swap with a notional amount totaling $100.0 million that becomes effective on October 1, 2024. At March 31, 2024, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 73% of our total pro rata indebtedness when taking into consideration interest rate swaps. At March 31, 2024 and December 31, 2023, we had $600.0 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. 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 3.77% and receive the one-month term SOFR floating rate index. 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 March 31, 2024 and December 31, 2023, our interest rate swaps were in an asset position. Derivative assets related to our interest rate swaps are recorded in Other assets in our Condensed Consolidated Balance Sheets. We are not required to post any collateral related to these agreements and are not in breach of any financial provisions of the agreements. Changes in the fair value of the hedging instruments are deferred in Accumulated other comprehensive income (loss) and are reclassified as Interest expense in our Condensed Consolidated Statements of Operations in the period in which the hedged item affects earnings. In the next twelve months, we estimate that $11.6 million will be reclassified from Accumulated other comprehensive income (loss) and recorded as a decrease to interest expense. We characterize the realized and unrealized gain or loss related to derivative financial instruments designated as cash flow hedges as follows (in thousands): Three Months Ended 2024 2023 Unrealized gain (loss) recognized in Accumulated other comprehensive income (loss) on derivative financial instruments $ 9,375 $ (2,439) Gain reclassified from Accumulated other comprehensive income (loss) to Interest expense $ 3,679 $ 1,949 Total interest expense and other finance expense presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 21,582 $ 20,909

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2024
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 ("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 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 three months ended March 31, 2024 and 2023 were as follows: Three Months Ended 2024 2023 Beginning shares of Common Stock outstanding 107,593,373 106,901,576 Grants under the Equity Plan (as defined below in " Note 12 - Equity-Based Compensation" ) 1,055,544 873,563 Performance share and other forfeitures (323,930) (137,193) Shares acquired for employee withholding requirements (126,846) (168,083) Ending shares of Common Stock outstanding 108,198,141 107,469,863 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 Stock") and 4,000,000 shares have been designated as 5.875% Series F Cumulative Redeemable Preferred Stock (the "Series F Preferred Stock"). The Company's outstanding shares of preferred stock (collectively, “Preferred Shares”) rank senior to our Common Stock and on parity with each other with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Preferred Shares do not have maturity dates and are not subject to mandatory redemption or sinking fund requirements. The Series E Preferred Stock is redeemable by the Company at its election. The Company may not redeem the Series F Preferred Stock prior to August 12, 2026, except in limited circumstances relating to the Company’s continuing qualification as a REIT or in connection with certain changes in control. When redeemable, 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 dividends 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 Stock based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each share of Series E Preferred Stock and Series F Preferred Stock is 3.1686 and 5.875 shares of Common Stock, respectively, all subject to certain adjustments. The Company pays dividends at an annual rate of $1.5625 for each Series E Preferred Stock and $1.46875 for each share of Series F Preferred Stock. 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	3 Months Ended
	Mar. 31, 2024
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 have the right to cause us to request that we redeem their Common Units in exchange for cash based upon the fair value of an equivalent number of our shares of Common Stock at the time of redemption; however, the Company has the option to redeem Common Units with shares of our Common Stock on a one-for-one basis. The number of shares of our Common Stock issuable upon redemption of Common Units may be adjusted upon the occurrence of certain events such as share dividend payments, share subdivisions or combinations. In the first quarter of 2022, in connection with the NCI Transaction, the Operating Partnership issued an aggregate of 15,864,674 Common Units as partial consideration for the purchase. NewcrestImage and other unaffiliated third parties collectively owned 15,948,628 of Common Units at March 31, 2024 and December 31, 2023, which represents approximately 13% of the outstanding Common Units. We classify outstanding Common Units held by unaffiliated third parties as non-controlling interests, a component of equity in our Condensed Consolidated Balance Sheets. The portion of net income (loss) allocated to these Common Units is included on the Company’s Condensed Consolidated Statements of Operations as Net income (loss) attributable to non-controlling interests. Non-controlling Interests in Consolidated Joint Ventures At March 31, 2024, the Company is a partner with a majority equity interest in three joint ventures described below, which are consolidated in our Condensed Consolidated Financial Statements. We classify the non-controlling interests in our joint ventures as a component of equity in the Company’s Condensed Consolidated Balance Sheets. The portion of net income (loss) allocated to these non-controlling interests is included on the Company’s Condensed Consolidated Statements of Operations as Net income (loss) attributable to non-controlling interests. 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 has historically and in the future intends to invest 51% of the equity capitalization of the limited partnership, with GIC investing the remaining 49%. The Company earns fees for providing services to the GIC Joint Venture and has the potential to earn incentive fees based on the GIC Joint Venture achieving certain return thresholds. As of March 31, 2024, the GIC Joint Venture owns 40 lodging properties containing 5,454 guestrooms in nine states. The GIC Joint Venture owns the lodging properties through master REITs (“Master REIT”) and subsidiary REITs (“Subsidiary REIT”). All of the lodging 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 of the REIT requirements provided in the Internal Revenue Code, as amended. Taxable income related to the Subsidiary REIT TRSs is subject to federal, state and local income taxes at applicable 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 with 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 a joint venture with Onera (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 twelve-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, TX (the "Onera Property") consisting of 11 glamping lodging units and a 6.4-acre parcel of undeveloped land that will be developed as phase two of the lodging property. The Onera Joint Venture incurred $0.9 million of development costs during the three months ended March 31, 2024 related to the development of phase two of a property that is recorded as Investment in lodging property under development in our Condensed Consolidated Balance Sheets at March 31, 2024. The Company serves as the managing member of the Onera Joint Venture. Redeemable Non-controlling Interests 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, on January 13, 2022, 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 6.25% Series E and 5.875% Series F Preferred Units and holders will receive quarterly distributions at a rate of 5.250% 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 cash or shares of the Company’s 5.250% Series Z Cumulative Perpetual Preferred Stock (which will be designated and authorized following notice of redemption by holder of the Series Z Preferred Units) at the Company’s election, 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. On January 13, 2022 and March 23, 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 March 31, 2024, 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 Condensed Balance Sheets.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT The following table presents information about our financial instruments measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, we classify assets and liabilities based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Disclosures concerning financial instruments measured at fair value are as follows (in thousands): Fair Value Measurements at March 31, 2024 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 19,654 $ — $ 19,654 Onera Purchase Option — — 931 931 Fair Value Measurements at December 31, 2023 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 13,958 $ — $ 13,958 Onera Purchase Option $ — $ — $ 931 $ 931 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 (dollars 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)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Franchise Agreements All of our lodging properties (with the exception of the Onera Joint Venture property and the Nordic Lodge - Steamboat Springs, CO) operate under franchise agreements with major hotel franchisors. The initial 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 lodging property’s room revenue, 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 room revenue 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. We expensed fees related to our franchise agreements of $13.4 million and $13.0 million for the three months ended March 31, 2024 and 2023, 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, which is a percentage of total lodging property revenues. In some cases, there are also monthly fees for certain services, such as accounting and shared services, based on the number of guestrooms. Generally, there are also incentive fees payable to our property managers based on attaining certain financial thresholds at their lodging properties under management. Management fee expenses were $4.9 million and $4.8 million for the three months ended March 31, 2024 and 2023, respectively. Litigation We are involved from time to time in litigation arising in the ordinary course of business. There are currently no pending legal actions that we believe would have a material effect on our consolidated financial position or results of operations.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Our currently outstanding equity-based awards were issued under the Summit Hotel Properties, Inc. 2011 Equity Incentive Plan, as amended and restated effective May 13, 2021 (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. At March 31, 2024, we only have outstanding restricted stock awards. All of our outstanding equity-based awards are classified as equity awards. Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan The following table summarizes time-based restricted stock award activity under our Equity Plan: Number Weighted-Average Aggregate (per share) (in thousands) Non-vested at December 31, 2023 861,713 $ 8.79 $ 5,791 Granted 548,138 6.56 Vested (297,460) 9.13 Non-vested at March 31, 2024 1,112,391 $ 7.60 $ 7,242 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 generally vest over a three-year period based on continuous service (25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date) or in certain circumstances upon a change in control. The holders of these awards have the right to vote their unvested restricted shares of Common Stock and receive all dividends declared and paid whether or not vested. The fair value of time-based restricted stock awards granted is calculated based on the market value of our Common Stock on the date of grant. Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan The following table summarizes performance-based restricted stock activity under the Equity Plan: Number Weighted-Average Aggregate (per share) (in thousands) Non-vested at December 31, 2023 1,056,272 $ 11.93 $ 7,098 Granted 507,406 7.40 Forfeited (323,930) 14.05 Non-vested at March 31, 2024 1,239,748 $ 10.99 $ 8,071 (1) The amounts included in this column represent the expected future value of the performance-based restricted stock awards calculated using the Monte Carlo simulation valuation model. Our performance-based restricted stock awards are market-based awards and are accounted for based on the fair value of our Common Stock on the grant date. The fair value of the performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model. These awards cliff vest on the third anniversary of the grants based on our total shareholder return relative to the total shareholder return of companies within the Dow Jones U.S. Hotels Index (the "Index") at the end of the period or upon a change in control. The awards generally require continuous 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 awards have the right to vote their unvested restricted shares of Common Stock and any dividends declared accrue and will be subject to the same vesting conditions as the performance awards. Further, if additional shares are earned based on our percentile ranking within the index, dividend payments will be paid as if the additional shares had been held throughout the measurement period. Equity-Based Compensation Expense Equity-based compensation expense included in Corporate general and administrative expenses in the Condensed Consolidated Statements of Operations is as follows (in thousands): Three Months Ended 2024 2023 Time-based restricted stock $ 870 $ 690 Performance-based restricted stock 978 778 $ 1,848 $ 1,468 We recognize equity-based compensation expense ratably over the vesting periods. The amount of expense may be subject to adjustment in future periods due to forfeitures of time-based restricted stock. Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $14.4 million at March 31, 2024 and will be recorded as follows (in thousands): Total 2024 2025 2026 2027 Time-based restricted stock $ 6,803 $ 2,647 $ 2,531 $ 1,405 $ 220 Performance-based restricted stock 7,606 2,961 2,904 1,512 229 $ 14,409 $ 5,608 $ 5,435 $ 2,917 $ 449

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
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. Income related to our TRS Lessees 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 TRS Lessees 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. Certain of our TRS Lessees have incurred operating losses in the past and the realizability of our deferred tax assets as of March 31, 2024 is not reasonably assured. Therefore, we have recorded a valuation allowance against substantially all our deferred tax assets at March 31, 2024. The Company recorded an income tax expense of $0.2 million and an income tax benefit of $0.5 million for the three months ended March 31, 2024 and 2023, respectively. 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. 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 March 31, 2024. We expect no significant increase or decrease in unrecognized tax benefits due to changes in tax positions within the next year.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION We consider all highly liquid investments 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: Three Months Ended 2024 2023 Cash payments for interest $ 24,142 $ 21,436 Insurance premium financing $ — $ 10,877 Accrued acquisitions and improvements to lodging properties $ 8,685 $ 5,384 Cash payments for income taxes, net of refunds $ 41 $ 110 Accrued and unpaid dividends $ 213 $ —

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividends On May 1, 2024, our Board of Directors declared quarterly cash dividends and distributions of $0.08 per share on our Common Stock and per Common Unit of the Operating Partnership and cash dividends of $0.390625 per share of 6.25% Series E Cumulative Redeemable Preferred Stock and $0.3671875 per share of 5.875% Series F Cumulative Redeemable Preferred Stock. The Board of Directors also declared on behalf of the Operating Partnership, a cash distribution of $0.328125 per share of the Operating Partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units. The dividends and distributions are payable on May 31, 2024 to holders of record as of May 17, 2024. Disposition of Lodging Properties During the first quarter of 2024, we entered into a purchase and sale agreement with a single buyer to sell the 202-guestroom Courtyard by Marriott and the 208-guestroom SpringHill Suites, both located in New Orleans, LA for an aggregate selling price of $73.0 million. We closed on the sale of these properties on April 17, 2024 in accordance with the expected terms of the transaction. Net proceeds from the sale were used to repay the outstanding $55.0 million balance on our $400 million Revolver subsequent to quarter end. During the first quarter of 2024, we entered into a purchase and sale agreement to sell the 119-guestroom Hilton Garden Inn - Bryan (College Station), TX for $11.0 million. We closed on the sale of this property on April 25, 2024 in accordance with the terms of the transaction. Net proceeds from the sale were used to repay $6.0 million of the GIC Joint Venture Term Loan subsequent to quarter end.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We prepare our Condensed Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates. As interim statements, the Condensed Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the three months ended March 31, 2024 may not be indicative of the results that may be expected for the full year of 2024. For further information, please read the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying Condensed Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities, if any, for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements.
Use of Estimates	Use of Estimates Our Condensed Consolidated Financial Statements are prepared in conformity with GAAP, which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions that affect reported amounts and related disclosures in our Condensed Consolidated Financial Statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could significantly differ from our expectations, which could materially affect our consolidated financial position and results of operations.
Trade Receivables	Trade Receivables and Current Estimate of Credit Losses We grant credit to qualified guests, 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 guest 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 March 31, 2024 and December 31, 2023. Bad debt expense was $0.1 million for each of the three months ended March 31, 2024 and 2023, respectively.
Current Estimate of Credit Losses	Trade Receivables and Current Estimate of Credit Losses We grant credit to qualified guests, 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 guest 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 March 31, 2024 and December 31, 2023. Bad debt expense was $0.1 million for each of the three months ended March 31, 2024 and 2023, respectively.
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 Condensed 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 Condensed Consolidated Balance Sheets.
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 Condensed Consolidated Financial Statements as a single operating segment because all of our lodging properties have similar economic characteristics, facilities, and services.
Exchange or Modification of Debt	Exchange or Modification of Debt We consider modifications or exchanges of debt as extinguishments in accordance with ASC No. 470, Debt,
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 shares of common stock outstanding for the period. We apply the two-class method of computing EPS, which requires the calculation of separate EPS 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 shares of common stock outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Potentially dilutive shares include unvested restricted share grants, unvested performance share grants, shares of common stock issuable upon conversion of convertible debt and shares of common stock issuable upon conversion of Common Units of our Operating Partnership. Basic and diluted loss per share for the three months ended March 31, 2024 and 2023 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.
New Accounting Standards	New Accounting Standards In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) . ASU 2023-07 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): Improvements to Income Tax Disclosures . ASU 2023-09 includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. 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.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
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 is as follows (in thousands): March 31, 2024 December 31, 2023 Lodging buildings and improvements $ 2,793,479 $ 2,786,223 Land 373,039 373,039 Furniture, fixtures and equipment 271,533 268,631 Construction in progress 53,628 41,324 Intangible assets 39,954 39,954 Real estate development loan, net 4,309 4,176 3,535,942 3,513,347 Less accumulated depreciation and amortization (820,933) (784,298) $ 2,715,009 $ 2,729,049

INVESTMENTS IN LODGING PROPER_2

INVESTMENTS IN LODGING PROPERTY, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Investment in Lodging Properties, 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 is as follows (in thousands): March 31, 2024 December 31, 2023 Lodging buildings and improvements $ 2,793,479 $ 2,786,223 Land 373,039 373,039 Furniture, fixtures and equipment 271,533 268,631 Construction in progress 53,628 41,324 Intangible assets 39,954 39,954 Real estate development loan, net 4,309 4,176 3,535,942 3,513,347 Less accumulated depreciation and amortization (820,933) (784,298) $ 2,715,009 $ 2,729,049
Schedule of Asset Held for Sale	Assets held for sale, net is as follows (in thousands): March 31, 2024 December 31, 2023 Under Contract for Sale: Hyatt Place - Dallas (Plano), TX $ — $ 9,940 Courtyard by Marriott and SpringHill Suites - New Orleans, LA 43,693 43,504 Hilton Garden Inn - Bryan (College Station), TX 10,652 10,642 Parcel of undeveloped land - San Antonio, TX 1,225 1,225 55,570 65,311 Marketed for Sale: One individual lodging property 8,024 8,004 Parcel of undeveloped land - Flagstaff, AZ 425 425 $ 64,019 $ 73,740
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net is as follows (in thousands): March 31, 2024 December 31, 2023 Indefinite-lived intangible assets: Air rights $ 10,754 $ 10,754 Other 80 80 10,834 10,834 Finite-lived intangible assets: Tax incentives 19,750 19,750 Key money 9,370 9,370 29,120 29,120 Intangible assets 39,954 39,954 Less accumulated amortization (10,283) (9,251) Intangible assets, net $ 29,671 $ 30,703
Schedule of Finite-Lived Intangible Assets	Intangible assets, net is as follows (in thousands): March 31, 2024 December 31, 2023 Indefinite-lived intangible assets: Air rights $ 10,754 $ 10,754 Other 80 80 10,834 10,834 Finite-lived intangible assets: Tax incentives 19,750 19,750 Key money 9,370 9,370 29,120 29,120 Intangible assets 39,954 39,954 Less accumulated amortization (10,283) (9,251) Intangible assets, net $ 29,671 $ 30,703
Schedule of Future Amortization Expenses	Future amortization expense related to intangible assets is as follows (in thousands): For the Year Ending Amount 2024 $ 3,486 2025 1,564 2026 1,564 2027 1,374 2028 1,016 Thereafter 9,833 $ 18,837

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Indebtedness	March 31, 2024 December 31, 2023 Revolving debt $ 180,000 $ 125,000 Term loans 877,021 910,000 Convertible notes 287,500 287,500 Mortgage loans 122,828 123,339 1,467,349 1,445,839 Unamortized debt issuance costs (15,347) (15,171) Debt, net of debt issuance costs $ 1,452,002 $ 1,430,668 Detailed information about our gross debt at March 31, 2024 and December 31, 2023 is as follows (dollars in thousands): Principal Balance Outstanding Lender Interest Rate Initial Maturity Date Fully Extended Maturity Date Number of March 31, 2024 December 31, 2023 OPERATING PARTNERSHIP DEBT: 2023 Senior Credit and Term Loan Facility Bank of America, N.A. $400 Million Revolver (1) 7.38% Variable 6/21/2027 6/21/2028 n/a $ 55,000 $ — $200 Million Term Loan (1) 7.33% Variable 6/21/2026 6/21/2028 n/a 200,000 200,000 Total Senior Credit and Term Loan Facility 255,000 200,000 Term Loans KeyBank National Association Term Loan (1) n/a 2/14/2025 2/14/2025 n/a — 225,000 Regions Bank Term Loan (1) 7.32% Variable 2/26/2027 2/26/2029 n/a 200,000 — 200,000 225,000 Convertible Notes 1.50% Fixed 2/15/2026 2/15/2026 n/a 287,500 287,500 Secured Mortgage Indebtedness MetaBank 4.44% Fixed 7/1/2027 7/1/2027 3 42,400 42,611 Bank of the Cascades (2) 7.32% Variable 12/19/2024 12/19/2024 1 7,358 7,425 4.30% Fixed 12/19/2024 12/19/2024 7,358 7,425 Total Mortgage Loans 4 57,116 57,461 Total Operating Partnership Debt 799,616 769,961 JOINT VENTURE DEBT: Brickell Joint Venture Mortgage Loan City National Bank of Florida 8.32% Variable 6/9/2025 6/9/2025 2 47,000 47,000 GIC Joint Venture Credit Facility and Term Loans Bank of America, N.A. $125 Million Revolver (3) 7.58% Variable 9/15/2027 9/15/2028 n/a 125,000 125,000 $75 Million Term Loan (3) 7.53% Variable 9/15/2027 9/15/2028 n/a 75,000 75,000 Bank of America, N.A. (4) 8.19% Variable 1/13/2026 1/13/2027 n/a 402,021 410,000 Wells Fargo 4.99% Fixed 6/6/2028 6/6/2028 1 12,720 12,785 PACE loan 6.10% Fixed 7/31/2040 7/31/2040 1 5,992 6,093 Total GIC Joint Venture Credit Facility and Term Loans 2 620,733 628,878 Total Joint Venture Debt 4 667,733 675,878 Total Debt 8 $ 1,467,349 $ 1,445,839 (1) The 2023 Senior Credit and Term Loan Facility is supported by a borrowing base of 52 unencumbered hotel properties. (2) The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and have cross-default provisions. (3) The $125 Million Revolver and the $75 Million Term Loan are secured by pledges of the equity in the entities and affiliated entities that own 13 lodging properties. (4) The GIC Joint Venture Term Loan is secured by pledges of the equity in the entities and affiliated entities that own 26 lodging properties.
Schedule of Fixed-rate and Variable-rate Debt, after Giving Effect to Interest Rate Derivative	Our total fixed-rate and variable-rate debt, after consideration of our interest rate derivative agreements that are currently in effect, is as follows (in thousands): March 31, 2024 Percentage December 31, 2023 Percentage Fixed-rate debt (1) $ 955,970 65% $ 956,414 66% Variable-rate debt 511,379 35% 489,425 34% $ 1,467,349 $ 1,445,839
Schedule of Fair Value of Fixed-rate that is Debt Not Recorded at Fair Value	Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (dollars in thousands): March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value Valuation Technique Convertible notes $ 287,500 $ 257,313 $ 287,500 $ 256,141 Level 1 - Market approach Mortgage loans 68,470 62,547 68,915 60,883 Level 2 - Market approach $ 355,970 $ 319,860 $ 356,415 $ 317,024

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Operating Lease Maturity	Operating lease maturities as of March 31, 2024 are as follows (in thousands): For the Year Ending Amount 2024 $ 1,678 2025 2,251 2026 2,205 2027 2,247 2028 2,090 Thereafter 35,803 Total lease payments (1) 46,274 Less: Imputed interest (20,861) Total $ 25,413 (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)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Financial Instruments	Information about our derivative financial instruments at March 31, 2024 and December 31, 2023 is as follows (dollars in thousands): Notional Amount Fair Value Contract date Effective Date Expiration Date Average Annual Effective Fixed Rate March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Operating Partnership: June 11, 2018 September 28, 2018 September 30, 2024 2.86 % $ 75,000 $ 75,000 $ 905 $ 1,170 June 11, 2018 December 31, 2018 December 31, 2025 2.92 % 125,000 125,000 3,683 2,877 July 26, 2022 January 31, 2023 January 31, 2027 2.60 % 100,000 100,000 4,328 3,134 July 26, 2022 January 31, 2023 January 31, 2029 2.56 % 100,000 100,000 6,010 4,273 Total Operating Partnership (1) 400,000 400,000 14,926 11,454 GIC Joint Venture: March 24, 2023 July 1, 2023 January 13, 2026 3.35 % 100,000 100,000 2,048 1,250 March 24, 2023 July 1, 2023 January 13, 2026 3.35 % 100,000 100,000 2,048 1,254 January 19, 2024 October 1, 2024 January 13, 2026 3.77 % 100,000 — (2) 632 — Total GIC Joint Venture 300,000 200,000 4,728 2,504 Total $ 700,000 $ 600,000 $ 19,654 $ 13,958 (1) In April 2024, after repayment of the outstanding $55.0 million balance of our $400 Million Revolver from the proceeds of the sale of a portfolio of two lodging properties in New Orleans, LA and a $6.0 million paydown to the GIC Joint Venture Term Loan from the proceeds of the sale of the Hilton Garden Inn - Bryan (College Station), TX, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 77% of our total pro rata indebtedness when taking into consideration interest rate swaps.
Schedule of Location in Financial Statements of Gain or Loss Recognized on Derivative Financial Instruments Designated as Cash Flow Hedges	We characterize the realized and unrealized gain or loss related to derivative financial instruments designated as cash flow hedges as follows (in thousands): Three Months Ended 2024 2023 Unrealized gain (loss) recognized in Accumulated other comprehensive income (loss) on derivative financial instruments $ 9,375 $ (2,439) Gain reclassified from Accumulated other comprehensive income (loss) to Interest expense $ 3,679 $ 1,949 Total interest expense and other finance expense presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 21,582 $ 20,909

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Common Stock Activity	Changes in Common Stock during the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended 2024 2023 Beginning shares of Common Stock outstanding 107,593,373 106,901,576 Grants under the Equity Plan (as defined below in " Note 12 - Equity-Based Compensation" ) 1,055,544 873,563 Performance share and other forfeitures (323,930) (137,193) Shares acquired for employee withholding requirements (126,846) (168,083) Ending shares of Common Stock outstanding 108,198,141 107,469,863

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Disclosures Concerning Financial Instruments Measured at Fair Value	Disclosures concerning financial instruments measured at fair value are as follows (in thousands): Fair Value Measurements at March 31, 2024 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 19,654 $ — $ 19,654 Onera Purchase Option — — 931 931 Fair Value Measurements at December 31, 2023 using Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 13,958 $ — $ 13,958 Onera Purchase Option $ — $ — $ 931 $ 931
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 (dollars 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)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards	The following table summarizes time-based restricted stock award activity under our Equity Plan: Number Weighted-Average Aggregate (per share) (in thousands) Non-vested at December 31, 2023 861,713 $ 8.79 $ 5,791 Granted 548,138 6.56 Vested (297,460) 9.13 Non-vested at March 31, 2024 1,112,391 $ 7.60 $ 7,242 The following table summarizes performance-based restricted stock activity under the Equity Plan: Number Weighted-Average Aggregate (per share) (in thousands) Non-vested at December 31, 2023 1,056,272 $ 11.93 $ 7,098 Granted 507,406 7.40 Forfeited (323,930) 14.05 Non-vested at March 31, 2024 1,239,748 $ 10.99 $ 8,071 (1) The amounts included in this column represent the expected future value of the performance-based restricted stock awards calculated using the Monte Carlo simulation valuation model.
Schedule of Equity-based Compensation Expense	Equity-based compensation expense included in Corporate general and administrative expenses in the Condensed Consolidated Statements of Operations is as follows (in thousands): Three Months Ended 2024 2023 Time-based restricted stock $ 870 $ 690 Performance-based restricted stock 978 778 $ 1,848 $ 1,468
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 $14.4 million at March 31, 2024 and will be recorded as follows (in thousands): Total 2024 2025 2026 2027 Time-based restricted stock $ 6,803 $ 2,647 $ 2,531 $ 1,405 $ 220 Performance-based restricted stock 7,606 2,961 2,904 1,512 229 $ 14,409 $ 5,608 $ 5,435 $ 2,917 $ 449

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information is as follows: Three Months Ended 2024 2023 Cash payments for interest $ 24,142 $ 21,436 Insurance premium financing $ — $ 10,877 Accrued acquisitions and improvements to lodging properties $ 8,685 $ 5,384 Cash payments for income taxes, net of refunds $ 41 $ 110 Accrued and unpaid dividends $ 213 $ —

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	3 Months Ended
	Mar. 31, 2024 jointventure room hotel state $ / shares	Jan. 13, 2022 $ / shares
Real Estate Properties [Line Items]
Number of states in which hotel properties are located | state	24
Number of separate joint ventures | jointventure	2
Percentage of guestrooms located in the top 50 metropolitan statistical areas	85%
Percentage of guestrooms located in the top 100 metropolitan statistical areas	90%
Percentage of guestrooms operated under premium franchise brands	99%
Series E Preferred Units
Real Estate Properties [Line Items]
Preferred stock, dividend rate	6.25%
Series F Preferred Units
Real Estate Properties [Line Items]
Preferred stock, dividend rate	5.875%
Series Z Preferred Units
Real Estate Properties [Line Items]
Preferred stock, dividend rate	5.25%
Preferred stock, liquidation preference (in dollars per share) | $ / shares		$ 25,000
NCI Transaction | Series E Preferred Units
Real Estate Properties [Line Items]
Preferred stock, dividend rate	6.25%
NCI Transaction | Series F Preferred Units
Real Estate Properties [Line Items]
Preferred stock, dividend rate	5.875%
NCI Transaction | Series Z Preferred Units
Real Estate Properties [Line Items]
Preferred stock, dividend rate	5.25%
Preferred stock, liquidation preference (in dollars per share) | $ / shares	$ 25
Operating Partnership
Real Estate Properties [Line Items]
Ownership percentage of equity interests	87%
Hotels
Real Estate Properties [Line Items]
Number of hotel properties | hotel	99
Number of guestrooms | room	14,785
Hotels | Brickell Joint Venture
Real Estate Properties [Line Items]
Number of hotel properties | hotel	2
Hotels | Onera Joint Venture
Real Estate Properties [Line Items]
Number of hotel properties | hotel	1
Hotels | Wholly owned properties | Hotel Portfolio Other Than Ones Owned Through Joint Venture
Real Estate Properties [Line Items]
Number of hotel properties | room	56
Ownership percentage of equity interests	100%
Hotels | Partially Owned Properties | Hotels Owned Through Joint Venture
Real Estate Properties [Line Items]
Number of hotel properties | room	40
Ownership percentage of equity interests	90%
General partner, ownership interest	51%

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.1		$ 0.1
Provision for credit losses	$ 0.1	$ 0.1
Number of reportable segments | segment	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)	Mar. 31, 2024
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

INVESTMENTS IN LODGING PROPER_3

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Investment in Lodging Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties at cost	$ 3,535,942		$ 3,513,347
Less accumulated depreciation and amortization	(820,933)		(784,298)
Investments in lodging property, net	2,715,009		2,729,049
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Depreciation and amortization	36,600	$ 36,800
Real estate development loan, net
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties at cost	4,309		4,176
Lodging buildings and improvements
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties at cost	2,793,479		2,786,223
Land
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties at cost	373,039		373,039
Furniture, fixtures and equipment
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties at cost	271,533		268,631
Construction in progress
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties at cost	53,628		41,324
Intangible assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in hotel properties at cost	$ 39,954		$ 39,954

INVESTMENTS IN LODGING PROPER_4

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Sale (Details)			1 Months Ended			3 Months Ended
	Apr. 25, 2024 USD ($) room	Apr. 17, 2024 USD ($) room	May 01, 2024 USD ($)	Apr. 30, 2024 USD ($)	Feb. 29, 2024 USD ($) room	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Apr. 15, 2024 room	Jun. 30, 2023 USD ($)	Jan. 13, 2022 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold | room					127
Sale of real estate property					$ 10,300,000
Repayments of debt						$ 33,490,000	$ 692,000
$400 Million Revolver | Unsecured debt
Financing Receivable, Allowance for Credit Loss [Line Items]
Credit facility, maximum borrowing capacity						$ 400,000,000			$ 400,000,000
Joint Venture Term Loan | Secured debt
Financing Receivable, Allowance for Credit Loss [Line Items]
Credit facility, maximum borrowing capacity										$ 600,000,000
Subsequent Event | $400 Million Revolver | Unsecured debt
Financing Receivable, Allowance for Credit Loss [Line Items]
Repayments of debt		$ 55,000,000		$ 55,000,000
Credit facility, maximum borrowing capacity		400,000,000
Subsequent Event | Joint Venture Term Loan | Secured debt
Financing Receivable, Allowance for Credit Loss [Line Items]
Repayments of debt		6,000,000	$ 6,000,000	$ 6,000,000
Subsequent Event | Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Gains on sales of investment real estate		28,000,000
Sale of real estate, expected return of restricted cash		2,600,000
New Orleans, LA | Subsequent Event
Financing Receivable, Allowance for Credit Loss [Line Items]
Sale of real estate property		$ 73,000,000
New Orleans, LA | Courtyard By Marriott | Subsequent Event
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold | room		202						202
New Orleans, LA | SpringHill Suites | Subsequent Event
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold | room		208						208
Bryan (College Station), TX | Hilton Garden Inn | Subsequent Event
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold | room	119
Sale of real estate property	$ 11,000,000

INVESTMENTS IN LODGING PROPER_5

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Assets Held for Sale (Details) - Disposed of by Sale - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Under Contract For Sale
Business Acquisition [Line Items]
Net carrying amount	$ 55,570	$ 65,311
One individual lodging property
Business Acquisition [Line Items]
Net carrying amount	8,024	8,004
Market For Sale
Business Acquisition [Line Items]
Net carrying amount	64,019	73,740
DallasTX | Under Contract For Sale
Business Acquisition [Line Items]
Net carrying amount	0	9,940
New Orleans, LA | Under Contract For Sale
Business Acquisition [Line Items]
Net carrying amount	43,693	43,504
Bryan (College Station), TX | Under Contract For Sale
Business Acquisition [Line Items]
Net carrying amount	10,652	10,642
San Antonio, TX | Undeveloped Land
Business Acquisition [Line Items]
Net carrying amount	1,225	1,225
Flagstaff, AZ | Market For Sale
Business Acquisition [Line Items]
Net carrying amount	$ 425	$ 425

INVESTMENTS IN LODGING PROPER_6

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	$ 10,834		$ 10,834
Finite-lived intangible assets	29,120		29,120
Intangible assets	39,954		39,954
Less accumulated amortization	(10,283)		(9,251)
Intangible assets, net	29,671		30,703
Amortization expenses	1,000	$ 1,000
Tax incentives
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Finite-lived intangible assets	19,750		19,750
Key money
Intangible Assets, Net (Excluding Goodwill) [Abstract]
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 PROPER_7

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Future Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Real Estate [Abstract]
2024	$ 3,486
2025	1,564
2026	1,564
2027	1,374
2028	1,016
Thereafter	9,833
Finite-lived intangible assets, net	$ 18,837

INVESTMENT IN REAL ESTATE LOA_2

INVESTMENT IN REAL ESTATE LOANS - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Mezzanine Loans
Investment Company, Financial Highlights [Line Items]
Initial purchase option, ownership percentage		90%
Loans amount, total		$ 4.6
Mezzanine Loans | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Loans funded amount	$ 4.6
Onera Mezzanine Loan
Investment Company, Financial Highlights [Line Items]
Financing receivable term	24 months
Loan mature term additional at borrower's option	12 months
Loans receivable term until purchase option available		1 year
Unamortized discount related to convertible notes		$ 0.3		$ 0.4
Amortization of discount		(0.1)	$ (0.1)
Onera Mezzanine Loan | Other assets
Investment Company, Financial Highlights [Line Items]
Onera Purchase Option		$ 0.9
Construction Loans | Affiliated Entity | Letter of Credit
Investment Company, Financial Highlights [Line Items]
Letter of credit	$ 3

DEBT - Additional Information (

DEBT - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jan. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted average interest rate for all borrowings	5.35%		5.31%
Joint Venture Term Loan | SOFR | GIC Joint Venture
Debt Instrument [Line Items]
Debt instrument, face amount		$ 100
Joint Venture Term Loan | SOFR | GIC Joint Venture | Interest rate swaps
Debt Instrument [Line Items]
Fixed interest rate		3.77%

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 1,467,349	$ 1,445,839
Unamortized debt issuance costs	(15,347)	(15,171)
Debt, net of debt issuance costs	1,452,002	1,430,668
Convertible notes
Debt Instrument [Line Items]
Principal Balance Outstanding	287,500	287,500
Mortgage loans
Debt Instrument [Line Items]
Principal Balance Outstanding	122,828	123,339
Revolving debt | Unsecured debt
Debt Instrument [Line Items]
Principal Balance Outstanding	180,000	125,000
Term loans | Unsecured debt
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 877,021	$ 910,000

DEBT - Fixed-Rate and Variable-

DEBT - Fixed-Rate and Variable-Rate Debt, after Giving Effect to Interest Rate Derivatives (Details)	1 Months Ended
	Apr. 30, 2024 USD ($) room	Apr. 17, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Fixed rate debt			$ 955,970,000	$ 956,414,000
Fixed rate debt, percentage			65%	66%
Variable-rate debt			$ 511,379,000	$ 489,425,000
Variable-rate debt, percentage			35%	34%
Debt, gross			$ 1,467,349,000	$ 1,445,839,000
Subsequent Event
Debt Instrument [Line Items]
Lodging properties | room	2
Debt paydown	$ 6,000,000
Wholly Owned Properties and Joint Venture Debt
Debt Instrument [Line Items]
Fixed rate debt, percentage			73%
Wholly Owned Properties and Joint Venture Debt | Subsequent Event
Debt Instrument [Line Items]
Fixed rate debt, percentage	77%
$400 Million Revolver | Unsecured debt
Debt Instrument [Line Items]
Debt, gross			$ 55,000,000	$ 0
Credit facility, maximum borrowing capacity			$ 400,000,000		$ 400,000,000
$400 Million Revolver | Subsequent Event | Unsecured debt
Debt Instrument [Line Items]
Extinguishment of debt	$ 55,000,000
Credit facility, maximum borrowing capacity		$ 400,000,000

DEBT - Fair Value of Fixed-Rate

DEBT - Fair Value of Fixed-Rate Debt not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 355,970	$ 356,415
Carrying Value | Level 1 | Convertible notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	287,500	287,500
Carrying Value | Level 2 | Mortgage loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	68,470	68,915
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	319,860	317,024
Fair Value | Level 1 | Convertible notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	257,313	256,141
Fair Value | Level 2 | Mortgage loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 62,547	$ 60,883

DEBT - Schedule of Outstanding

DEBT - Schedule of Outstanding Indebtedness (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) property hotel Instrument	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2022 hotel	Mar. 23, 2022 USD ($)	Jan. 31, 2021 USD ($)	Oct. 08, 2019 USD ($)	Dec. 06, 2018 USD ($)
Debt Instrument [Line Items]
Number of Encumbered  Properties | property	8
Principal Balance Outstanding	$ 1,467,349,000	$ 1,445,839,000
Number of promissory notes | Instrument	2
Hotels
Debt Instrument [Line Items]
Guestrooms | hotel	99
Joint Venture with GIC | Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Guestrooms	13				27
2018 Senior Credit Facility | Joint Venture with GIC | Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Guestrooms | property	26
$125 Million Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 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 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 Encumbered  Properties | property	1
PACE Loan
Debt Instrument [Line Items]
Number of Encumbered  Properties | property	1
PACE Loan | NCI Transaction
Debt Instrument [Line Items]
Interest Rate						6.10%
Debt instrument, face amount						$ 6,500,000
Unsecured debt | 2018 Senior Credit Facility
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 255,000,000	200,000,000
Number of unencumbered hotel properties | hotel	52
Credit facility, maximum borrowing capacity				$ 600,000,000					$ 600,000,000
Unsecured debt | $400 Million Revolver
Debt Instrument [Line Items]
Interest Rate	7.38%
Principal Balance Outstanding	$ 55,000,000	0
Credit facility, maximum borrowing capacity	$ 400,000,000			400,000,000
Unsecured debt | $200 Million Term Loan
Debt Instrument [Line Items]
Interest Rate	7.33%
Principal Balance Outstanding	$ 200,000,000	200,000,000
Credit facility, maximum borrowing capacity	200,000,000
Debt instrument, face amount	200,000,000			$ 200,000,000
Unsecured debt | Term Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	200,000,000	225,000,000
Unsecured debt | Keybank National Association Term Loan due February 14, 2025
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 0	225,000,000
Unsecured debt | Regions Bank Term Loan due February 14.2027
Debt Instrument [Line Items]
Interest Rate	7.32%
Principal Balance Outstanding	$ 200,000,000	0
Unsecured debt | Joint Venture Credit Facility
Debt Instrument [Line Items]
Number of Encumbered  Properties | property	4
Principal Balance Outstanding	$ 667,733,000	675,878,000
Unsecured debt | $125 Million Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	7.58%
Principal Balance Outstanding	$ 125,000,000	125,000,000
Credit facility, maximum borrowing capacity	125,000,000
Unsecured debt | $75 Million Term Loan
Debt Instrument [Line Items]
Principal Balance Outstanding	75,000,000	75,000,000
Debt instrument, face amount	$ 75,000,000
Unsecured debt | $75 Million Term Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	7.53%
Unsecured debt | Bank of America, N.A, variable due January 13, 2026
Debt Instrument [Line Items]
Interest Rate	8.19%
Principal Balance Outstanding	$ 402,021,000	410,000,000
Unsecured debt | Term Loans with Wells Fargo due June 6, 2028
Debt Instrument [Line Items]
Interest Rate	4.99%
Principal Balance Outstanding	$ 12,720,000	12,785,000
Unsecured debt | PACE Loan
Debt Instrument [Line Items]
Interest Rate	6.10%
Principal Balance Outstanding	$ 5,992,000	6,093,000
Unsecured debt | GIC Joint Venture Credit Facility and Term Loans
Debt Instrument [Line Items]
Number of Encumbered  Properties | property	2
Principal Balance Outstanding	$ 620,733,000	628,878,000
Convertible notes
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 287,500,000	287,500,000
Convertible notes | Convertible senior notes due 2026
Debt Instrument [Line Items]
Interest Rate	1.50%						1.50%
Principal Balance Outstanding	$ 287,500,000	287,500,000
Debt instrument, face amount							$ 287,500,000
Mortgage loans
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 122,828,000	123,339,000
Mortgage loans | Meta Bank 4.44% Fixed due July 1, 2027
Debt Instrument [Line Items]
Interest Rate	4.44%
Number of Encumbered  Properties | property	3
Principal Balance Outstanding	$ 42,400,000	42,611,000
Mortgage loans | Bank Of Cascades Variable due December 19, 2024, Note A
Debt Instrument [Line Items]
Interest Rate	7.32%
Number of Encumbered  Properties | property	1
Principal Balance Outstanding	$ 7,358,000	7,425,000
Mortgage loans | Bank Of Cascades 4.30% Fixed due December 19, 2024, Note B
Debt Instrument [Line Items]
Interest Rate	4.30%
Principal Balance Outstanding	$ 7,358,000	7,425,000
Mortgage loans | Secured Mortgage Indebtedness
Debt Instrument [Line Items]
Number of Encumbered  Properties | property	4
Principal Balance Outstanding	$ 57,116,000	57,461,000
Mortgage loans | City National Bank of Florida, Variable Due June 9, 2025
Debt Instrument [Line Items]
Interest Rate	8.32%
Number of Encumbered  Properties | property	2
Principal Balance Outstanding	$ 47,000,000	47,000,000
Loans Payable
Debt Instrument [Line Items]
Number of Encumbered  Properties | property
Principal Balance Outstanding	$ 799,616,000	$ 769,961,000

DEBT - $600 Million Senior Cred

DEBT - $600 Million Senior Credit and Term Loan Facility (Details)		1 Months Ended		3 Months Ended
	Apr. 17, 2024 USD ($)	Apr. 30, 2024 USD ($) room	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($) hotel tradingday	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 06, 2018 USD ($)
Debt Instrument [Line Items]
Principal Balance Outstanding				$ 1,467,349,000		$ 1,445,839,000
Repayments of debt				$ 33,490,000	$ 692,000
Subsequent Event
Debt Instrument [Line Items]
Guestrooms | room		2
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
Additional borrowing capacity			$ 300,000,000
Principal Balance Outstanding				$ 255,000,000		200,000,000
Amount available for borrowing				$ 400,000,000
Number of unencumbered hotel properties | hotel				52
$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
Principal Balance Outstanding				$ 55,000,000		0
Line of credit facility, extension periods | tradingday				2
Line of credit facility, extension term				6 months
Interest Rate				7.38%
$400 Million Revolver | Unsecured debt | Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 400,000,000
Repayments of debt	$ 55,000,000	$ 55,000,000
$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]
Credit facility, maximum borrowing capacity				$ 200,000,000
Debt instrument, face amount			$ 200,000,000	200,000,000
Principal Balance Outstanding				$ 200,000,000		$ 200,000,000
Line of credit facility, extension periods | tradingday				2
Line of credit facility, extension term				12 months
Interest Rate				7.33%

DEBT - 2024 Term Loans (Details

DEBT - 2024 Term Loans (Details) - Unsecured debt	1 Months Ended	3 Months Ended
	Feb. 29, 2024 USD ($) loan	Mar. 31, 2024
2024 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Line of credit outstanding	$ 400,000,000
Number of debt extended | loan	2
Debt extension period	12 months
2024 Term Loan | SOFR
Debt Instrument [Line Items]
Debt basis spread on variable rate		0.10%
2024 Term Loan | Minimum | SOFR
Debt Instrument [Line Items]
Debt basis spread on variable rate		0.35%
Interest Rate		1.35%
2024 Term Loan | Maximum | SOFR
Debt Instrument [Line Items]
Interest Rate		2.35%
$400 Million Revolver
Debt Instrument [Line Items]
Repayments of lines of credit	$ 225,000,000
Interest Rate		7.38%

DEBT - Convertible Senior Notes

DEBT - Convertible Senior Notes and Capped Call Options (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Jan. 25, 2024	Jan. 31, 2021 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jan. 12, 2021 $ / shares
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 1,619	$ 1,399
Share price (in dollars per share) | $ / shares		$ 8.72
1.50% Convertible Senior Notes | 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			$ 1,100	1,100
Debt issuance costs		$ 7,600
Amortization of debt issuance costs			$ 400	$ 400
Debt instrument, effective interest rate			2%	2%	2%
Unamortized discount related to convertible notes			$ (2,800)		$ (3,200)
Debt instrument, conversion ratio	0.08792	0.0834028
Conversion price, debt instruments (in dollars per share) | $ / shares		$ 11.99
Conversion price, premium percentage		37.50%
Debt instrument convertible strike price of capped call transactions (in dollars per share) | $ / shares			$ 14.48			$ 15.26
Debt instrument convertible strike price of capped call transactions premium percentage						75%
1.50% Convertible Senior Notes | Convertible notes | Maximum
Debt Instrument [Line Items]
Debt instrument, conversion ratio		0.1146788

DEBT - Mortgage Loans (Details)

DEBT - Mortgage Loans (Details) $ in Thousands	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 1,467,349	$ 1,445,839
Number of Encumbered  Properties | property	8
Mortgage loans
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 122,828	$ 123,339

DEBT - Metabank Loan (Details)

DEBT - Metabank Loan (Details) - Non-recourse Loan - Metabank - Secured debt	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	25 years
Number of properties that served as collateral for loans | hotel	3

DEBT - GIC Joint Venture Credit

DEBT - GIC Joint Venture Credit Facility (Details)	1 Months Ended	3 Months Ended
	Feb. 28, 2023	Mar. 31, 2024 USD ($) hotel property	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2022 hotel	Oct. 31, 2019 USD ($)	Oct. 08, 2019 USD ($)
Debt Instrument [Line Items]
Principal Balance Outstanding		$ 1,467,349,000	$ 1,445,839,000
Hotels
Debt Instrument [Line Items]
Guestrooms | hotel		99
Joint Venture with GIC | Hotels | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Guestrooms		13				27
$200 Million Term Loan | Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 200,000,000
Debt instrument, face amount		200,000,000			$ 200,000,000
Principal Balance Outstanding		$ 200,000,000	200,000,000
Interest Rate		7.33%
$200 Million Term Loan | SOFR | Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate		1.35%
$125 Million Revolver | 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 Revolver | SOFR | Unsecured debt
Debt Instrument [Line Items]
Debt basis spread on variable rate		0.10%
$125 Million Revolver | SOFR | Minimum | Unsecured debt
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 Million Term Loan | Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 75,000,000
Principal Balance Outstanding		75,000,000	75,000,000
Joint Venture Credit Facility | Unsecured debt
Debt Instrument [Line Items]
Principal Balance Outstanding		$ 667,733,000	675,878,000
Debt basis spread on variable rate		0.05%
Revolving Credit Facility | $125 Million Revolver
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 125,000,000				125,000,000
Revolving Credit Facility | $125 Million Revolver | Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 125,000,000
Principal Balance Outstanding		$ 125,000,000	$ 125,000,000
Interest Rate		7.58%
Revolving Credit Facility | $75 Million Term Loan
Debt Instrument [Line Items]
Interest Rate		0.25%
Revolving Credit Facility | $75 Million Term Loan | Unsecured debt
Debt Instrument [Line Items]
Interest Rate		7.53%
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

DEBT - GIC Joint Venture Term L

DEBT - GIC Joint Venture Term Loan (Details)			1 Months Ended			3 Months Ended
	Apr. 17, 2024 USD ($)	Jan. 13, 2022 USD ($)	May 01, 2024 USD ($)	Apr. 30, 2024 USD ($) room	Mar. 31, 2022 USD ($) hotel	Mar. 31, 2024 USD ($) hotel parkingStructure room property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2022 room	Mar. 31, 2022 parkingStructure	Mar. 31, 2022 parkingSpace
Debt Instrument [Line Items]
Principal Balance Outstanding						$ 1,467,349,000		$ 1,445,839,000
Repayments of debt						$ 33,490,000	$ 692,000
Subsequent Event
Debt Instrument [Line Items]
Guestrooms | room				2
Hotels
Debt Instrument [Line Items]
Guestrooms | hotel						99
Number of guestrooms | room						14,785
Joint Venture with GIC | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Number of guestrooms | parkingStructure						2
Joint Venture with GIC | Hotels | Portfolio Purchase Through Contribution And Purchase Agreement | NCI Transaction
Debt Instrument [Line Items]
Guestrooms					27	13
Number of guestrooms									3,709	2	1,002
Consideration transferred to acquire hotel property					$ 822,000,000
Joint Venture Term Loan | Secured debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 410,000,000
Debt, increase of commitments amount		190,000,000
Credit facility, maximum borrowing capacity		$ 600,000,000
Debt extension period		12 months
Principal Balance Outstanding						$ 402,000,000
Joint Venture Term Loan | Secured debt | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 6,000,000		$ 6,000,000	$ 6,000,000
Joint Venture Term Loan | Secured debt | SOFR
Debt Instrument [Line Items]
Debt basis spread on variable rate						2.75%

DEBT - PACE Loan (Details)

DEBT - PACE Loan (Details) - USD ($) $ in Thousands	Mar. 23, 2022	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt, net of debt issuance costs		$ 1,452,002	$ 1,430,668
PACE Loan | NCI Transaction
Debt Instrument [Line Items]
Debt instrument, face amount	$ 6,500
Interest Rate	6.10%
Debt instrument, amortization period	20 years
Debt, net of debt issuance costs		$ 6,000

DEBT - Brickell Mortgage Loan (

DEBT - Brickell Mortgage Loan (Details) - USD ($) $ in Thousands		1 Months Ended	13 Months Ended
	Jul. 01, 2023	Jun. 30, 2022	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgage loan amount				$ 1,467,349	$ 1,445,839
Mortgage loans
Debt Instrument [Line Items]
Mortgage loan amount				$ 122,828	$ 123,339
Brickell Joint Venture | Brickell Mortgage Loan | Mortgage loans
Debt Instrument [Line Items]
Initial purchase option, ownership percentage		90%
Mortgage loan amount		$ 47,000
Debt instrument, amortization period		25 years
AC/Element Hotel | Brickell Joint Venture
Debt Instrument [Line Items]
Initial purchase option, ownership percentage		90%
AC/Element Hotel | Brickell Joint Venture | Brickell Mortgage Loan | Mortgage loans
Debt Instrument [Line Items]
Initial purchase option, ownership percentage		100%
Debt basis spread on variable rate			3%
AC/Element Hotel | Brickell Joint Venture | Brickell Mortgage Loan | Mortgage loans | SOFR
Debt Instrument [Line Items]
Debt basis spread on variable rate	3%
Brickell Joint Venture | Brickell Joint Venture
Debt Instrument [Line Items]
Initial purchase option, ownership percentage		10%

DEBT - Financial Guarantee (Det

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

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease weighted average remaining lease term	32 years 2 months 12 days		32 years 2 months 12 days
Operating lease weighted average discount rate	4.80%		4.80%
Tenant income	$ 0.8	$ 0.7
Operating lease cost	1.2	1.1
Operating cash outflows from operating leases	$ 1.1	$ 1
Minimum
Lessee, Lease, Description [Line Items]
Lease remaining term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease remaining term	74 years 3 months 18 days

LEASES - Operating Lease Maturi

LEASES - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024	$ 1,678
2025	2,251
2026	2,205
2027	2,247
2028	2,090
Thereafter	35,803
Total lease payments	46,274
Less: Imputed interest	(20,861)
Total	$ 25,413	$ 25,842

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Derivative Financial Instruments (Details)		1 Months Ended
	Jul. 26, 2022 USD ($) arrangment	Apr. 30, 2024 USD ($) room	Apr. 17, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Derivative financial instruments and hedging
Fixed rate debt, percentage				65%	66%
Subsequent Event
Derivative financial instruments and hedging
Lodging properties | room		2
Debt paydown		$ 6,000,000
Wholly Owned Properties and Joint Venture Debt
Derivative financial instruments and hedging
Fixed rate debt, percentage				73%
Wholly Owned Properties and Joint Venture Debt | Subsequent Event
Derivative financial instruments and hedging
Fixed rate debt, percentage		77%
$400 Million Revolver | Unsecured debt
Derivative financial instruments and hedging
Credit facility, maximum borrowing capacity				$ 400,000,000		$ 400,000,000
$400 Million Revolver | Unsecured debt | Subsequent Event
Derivative financial instruments and hedging
Extinguishment of debt		$ 55,000,000
Credit facility, maximum borrowing capacity			$ 400,000,000
Interest rate swaps
Derivative financial instruments and hedging
Number of agreements entered into | arrangment	1
Interest rate swaps | Regions Bank
Derivative financial instruments and hedging
Notional Amount	$ 100,000,000				$ 600,000,000
Designated as hedges
Derivative financial instruments and hedging
Notional Amount				400,000,000	400,000,000
Fair Value				14,926,000	11,454,000
Designated as hedges | GIC Joint Venture Credit Facility and Term Loans
Derivative financial instruments and hedging
Notional Amount				300,000,000	200,000,000
Fair Value				4,728,000	2,504,000
Designated as hedges | Interest rate swaps | GIC Joint Venture Credit Facility and Term Loans
Derivative financial instruments and hedging
Notional Amount				700,000,000	600,000,000
Fair Value				$ 19,654,000	13,958,000
Designated as hedges | Interest Rate Swap Expiring September 30, 2024
Derivative financial instruments and hedging
Average Annual Effective Fixed Rate				2.86%
Notional Amount				$ 75,000,000	75,000,000
Fair Value				$ 905,000	1,170,000
Designated as hedges | Interest Rate Swap Expiring December 31, 2025
Derivative financial instruments and hedging
Average Annual Effective Fixed Rate				2.92%
Notional Amount				$ 125,000,000	125,000,000
Fair Value				$ 3,683,000	2,877,000
Designated as hedges | Interest Rate Swap Expiring January 31, 2027
Derivative financial instruments and hedging
Average Annual Effective Fixed Rate				2.60%
Notional Amount				$ 100,000,000	100,000,000
Fair Value				$ 4,328,000	3,134,000
Designated as hedges | Interest Rate Swap Expiring January 31, 2029
Derivative financial instruments and hedging
Average Annual Effective Fixed Rate				2.56%
Notional Amount				$ 100,000,000	100,000,000
Fair Value				$ 6,010,000	4,273,000
Designated as hedges | Interest Rate Swap Expiring January 13, 2026 One | GIC Joint Venture Credit Facility and Term Loans
Derivative financial instruments and hedging
Average Annual Effective Fixed Rate				3.35%
Notional Amount				$ 100,000,000	100,000,000
Fair Value				$ 2,048,000	1,250,000
Designated as hedges | Interest Rate Swap Expiring January 13, 2026 Two | GIC Joint Venture Credit Facility and Term Loans
Derivative financial instruments and hedging
Average Annual Effective Fixed Rate				3.35%
Notional Amount				$ 100,000,000	100,000,000
Fair Value				$ 2,048,000	1,254,000
Designated as hedges | Interest Rate Swap Expiring January 13, 2026 Three | GIC Joint Venture Credit Facility and Term Loans
Derivative financial instruments and hedging
Average Annual Effective Fixed Rate				3.77%
Notional Amount				$ 100,000,000	0
Fair Value				$ 632,000	$ 0

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Debt instrument, fixed rate debt, percentage	65%	66%
SOFR | CIG Joint Ventures
Derivative [Line Items]
Fixed interest rate	3.77%
Wholly Owned Properties and Joint Venture Debt
Derivative [Line Items]
Debt instrument, fixed rate debt, percentage	73%
Interest rate swaps
Derivative [Line Items]
Reclassification from other comprehensive income in next 12 months	$ 11.6
Interest rate swaps | Joint Venture Term Loan
Derivative [Line Items]
Debt instrument, variable interest rates	$ 600	$ 600

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Gain or Loss Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative instruments, gain (loss) recognized
Total interest expense and other finance expense presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$ 21,582	$ 20,909
Cash flow hedges | Interest rate swaps
Derivative instruments, gain (loss) recognized
Unrealized gain (loss) recognized in Accumulated other comprehensive income (loss) on derivative financial instruments	9,375	(2,439)
Total interest expense and other finance expense presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	21,582	20,909
Cash flow hedges | Interest rate swaps | Interest expense
Derivative instruments, gain (loss) recognized
Gain reclassified from Accumulated other comprehensive income (loss) to Interest expense	$ 3,679	$ 1,949

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	May 09, 2022 USD ($)	Mar. 31, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares 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
Common stock, number of votes | vote		1
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, shares issued (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
Series F Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		4,000,000	4,000,000
Preferred stock, shares issued (in shares)		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 | 2022 ATM Program
Class of Stock [Line Items]
Sale of stock aggregate offering price | $	$ 200

EQUITY - Changes in Common Stoc

EQUITY - Changes in Common Stock (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in Common Stock [Roll Forward]
Beginning shares of Common Stock outstanding (in shares)	107,593,373	106,901,576
Grants under the Equity Plan (in shares)	1,055,544	873,563
Performance share and other forfeitures (in shares)	(323,930)	(137,193)
Shares acquired for employee withholding requirements (in shares)	(126,846)	(168,083)
Ending shares of Common Stock outstanding (in shares)	108,198,141	107,469,863

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	Jan. 13, 2022 $ / shares shares	Oct. 31, 2022 USD ($)	Mar. 31, 2024 USD ($) jointventure room hotel state Rate shares	Mar. 31, 2022 shares	Dec. 31, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Number of joint ventures entered into | jointventure				3
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]
Number of guestrooms | unit	11
Percentage of equity interest in a joint venture			90%
Cash payments to acquire businesses | $			$ 5.2
Acquired property | $			2
Joint venture, fee simple interest in property and investments	100%
Area of land acquired | a	6.4
Joint venture, development cost | $				$ 0.9
Onera Joint Venture | Maximum
Class of Stock [Line Items]
Additional contingent consideration | $			$ 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				51%
Series E Preferred Units
Class of Stock [Line Items]
Preferred stock, dividend rate				6.25%
Series F Preferred Units
Class of Stock [Line Items]
Preferred stock, dividend rate				5.875%
Series Z Preferred Units
Class of Stock [Line Items]
Preferred stock, dividend rate				5.25%
Preferred stock, liquidation preference (in dollars per share) | $ / shares		$ 25,000
Preferred stock, redemption term, period		90 days
Hotels
Class of Stock [Line Items]
Guestrooms | hotel				99
Number of guestrooms | room				14,785
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]
General partner, ownership interest				51%
Guestrooms | room				40
AC/Element Hotel | Brickell Joint Venture
Class of Stock [Line Items]
Initial purchase option, ownership percentage							90%
Operating partnership | 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
Operating partnership | 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]
Number of guestrooms | room				5,454
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

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of Disclosures Concerning Financial Instruments Measured at Fair Value (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Onera Purchase Option	$ 931	$ 931
Level 1
Assets:
Onera Purchase Option	0	0
Level 2
Assets:
Onera Purchase Option	0	0
Level 3
Assets:
Onera Purchase Option	931	931
Interest rate swaps
Assets:
Interest rate swaps	19,654	13,958
Interest rate swaps | Level 1
Assets:
Interest rate swaps	0	0
Interest rate swaps | Level 2
Assets:
Interest rate swaps	19,654	13,958
Interest rate swaps | Level 3
Assets:
Interest rate swaps	$ 0	$ 0

FAIR VALUE MEASUREMENT - Sche_2

FAIR VALUE MEASUREMENT - Schedule of Unobservable Inputs for Fair Values of Purchase Options (Details) - Recurring basis - Level 3 $ in Thousands	Mar. 31, 2024 USD ($)
Exercise price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, exercise price	$ 8,206
Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0.5220
Risk free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0.0415
Expected annualized equity dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase options, measurement input	0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Franchise agreements
Commitments and contingencies
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures	5%
Fees related to the agreement	$ 13.4	$ 13
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%
Management Agreements
Commitments and contingencies
Management agreement, term	14 years
Fees related to the agreement	$ 4.9	$ 4.8

EQUITY-BASED COMPENSATION - Add

EQUITY-BASED COMPENSATION - Additional Information (Details) - Restricted stock	3 Months Ended
	Mar. 31, 2024
Executive officers | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0%
Executive officers | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	200%
Time-based restricted stock | Employees | Prior To 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Time-based restricted stock | Employees | Prior To 2022 | Period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	20%
Time-based restricted stock | Employees | Prior To 2022 | Period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	20%
Time-based restricted stock | Employees | Prior To 2022 | Period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	20%
Time-based restricted stock | Employees | Prior To 2022 | Period four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	40%
Time-based restricted stock | Employees | In 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Time-based restricted stock | Employees | In 2022 | Period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25%
Time-based restricted stock | Employees | In 2022 | Period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25%
Time-based restricted stock | Employees | In 2022 | Period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
Time-based restricted stock | Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Time-based restricted stock | Executive officers | Period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25%
Time-based restricted stock | Executive officers | Period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25%
Time-based restricted stock | Executive officers | Period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%

EQUITY-BASED COMPENSATION - Tim

EQUITY-BASED COMPENSATION - Time-based Restricted Stock Activity (Details) - Restricted stock - Time-based restricted stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number  of Shares
Non-vested at the beginning of period (in shares)	861,713
Granted (in shares)	548,138
Vested (in shares)	(297,460)
Non-vested at the end of period (in shares)	1,112,391
Weighted-Average Grant Date  Fair Value
Non-vested at the beginning of period (in dollars per share)	$ 8.79
Granted (in dollars per share)	6.56
Vested (in dollars per share)	9.13
Non-vested at the end of period (in dollars per share)	$ 7.60
Aggregate Current Value
Aggregate Current Value	$ 7,242	$ 5,791

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Awards (Details) - Restricted stock - Performance-based restricted stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number  of Shares
Non-vested at the beginning of period (in shares)	1,056,272
Granted (in shares)	507,406
Forfeited (in shares)	(323,930)
Non-vested at the end of period (in shares)	1,239,748
Weighted Average Grant Date Fair Value
Non-vested at the beginning of period (in dollars per share)	$ 11.93
Granted (in dollars per share)	7.40
Forfeited (in dollars per share)	14.05
Non-vested at the end of period (in dollars per share)	$ 10.99
Aggregate Current Value
Aggregate Current Value	$ 8,071	$ 7,098

EQUITY-BASED COMPENSATION - Equ

EQUITY-BASED COMPENSATION - Equity-Based Compensation Expense (Details) - Corporate general and administrative - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 1,848	$ 1,468
Time-based restricted stock | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	870	690
Performance-based restricted stock | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 978	$ 778

EQUITY-BASED COMPENSATION - Unr

EQUITY-BASED COMPENSATION - Unrecognized Equity-based Compensation Expense for all Non-vested Awards (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 14,409
2024	5,608
2025	5,435
2026	2,917
2027	449
Time-based restricted stock | Restricted stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	6,803
2024	2,647
2025	2,531
2026	1,405
2027	220
Performance-based restricted stock | Restricted stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	7,606
2024	2,961
2025	2,904
2026	1,512
2027	$ 229

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax (expense) benefit (Note 13)	$ (217,000)	$ 472,000
Unrecognized tax benefits	$ 0

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash payments for interest	$ 24,142	$ 21,436
Insurance premium financing	0	10,877
Accrued acquisitions and improvements to lodging properties	8,685	5,384
Cash payments for income taxes, net of refunds	41	110
Accrued and unpaid dividends	$ 213	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)

1 Months Ended

3 Months Ended

12 Months Ended

May 01, 2024 $ / shares

Apr. 25, 2024 USD ($) room

Apr. 17, 2024 USD ($) room

May 01, 2024 USD ($)

Apr. 30, 2024 USD ($)

Feb. 29, 2024 USD ($) room

Mar. 31, 2024 USD ($)

Mar. 31, 2023 USD ($)

Dec. 31, 2023

Apr. 15, 2024 room

Jun. 30, 2023 USD ($)

Jan. 13, 2022 USD ($)

Subsequent Event [Line Items]

Guestrooms sold | room

127

Sale of real estate property

$ 10,300,000

Repayments of debt

$ 33,490,000

$ 692,000

Joint Venture Term Loan | Secured debt

Subsequent Event [Line Items]

Credit facility, maximum borrowing capacity

$ 600,000,000

$400 Million Revolver | Unsecured debt

Subsequent Event [Line Items]

Credit facility, maximum borrowing capacity

$ 400,000,000

$ 400,000,000

6.25% Series E Preferred Stock

Subsequent Event [Line Items]

Preferred stock, dividend rate

6.25%

6.25%

Series F Cumulative Redeemable Preferred Stock

Subsequent Event [Line Items]

Preferred stock, dividend rate

5.875%

5.875%

Series Z Preferred Units

Subsequent Event [Line Items]

Preferred stock, dividend rate

5.25%

Subsequent Event

Subsequent Event [Line Items]

Common stock cash dividend (in dollars per share) | $ / shares

$ 0.08

Subsequent Event | Joint Venture Term Loan | Secured debt

Subsequent Event [Line Items]

Repayments of debt

$ 6,000,000

$ 6,000,000

$ 6,000,000

Subsequent Event | $400 Million Revolver | Unsecured debt

Subsequent Event [Line Items]

Extinguishment of debt

55,000,000

Credit facility, maximum borrowing capacity

400,000,000

Repayments of debt

55,000,000

$ 55,000,000

Subsequent Event | New Orleans, LA

Subsequent Event [Line Items]

Sale of real estate property

$ 73,000,000

Subsequent Event | Courtyard By Marriott | New Orleans, LA

Subsequent Event [Line Items]

Guestrooms sold | room

202

202

Subsequent Event | SpringHill Suites | New Orleans, LA

Subsequent Event [Line Items]

Guestrooms sold | room

208

208

Subsequent Event | Hilton Garden Inn | Bryan (College Station), TX

Subsequent Event [Line Items]

Guestrooms sold | room

119

Sale of real estate property

$ 11,000,000

Subsequent Event | 6.25% Series E Preferred Stock

Subsequent Event [Line Items]

Cash dividends declared, preferred stock (in dollars per share) | $ / shares

0.390625

Subsequent Event | Series F Cumulative Redeemable Preferred Stock

Subsequent Event [Line Items]

Cash dividends declared, preferred stock (in dollars per share) | $ / shares

0.3671875

Subsequent Event | Series Z Preferred Units

Subsequent Event [Line Items]

Cash dividends declared, preferred stock (in dollars per share) | $ / shares

$ 0.328125