Hospitality Investors Trust (HPITQ) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document Information [Line Items]
Entity Registrant Name	Hospitality Investors Trust, Inc.
Entity Central Index Key	0001583077
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		39,151,201
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Real estate investments:
Land	$ 312,144,000	$ 337,858,000
Buildings and improvements	1,775,865,000	1,947,619,000
Furniture, fixtures and equipment	239,722,000	257,314,000
Total real estate investments	2,327,731,000	2,542,791,000
Less: accumulated depreciation and amortization	(379,186,000)	(347,929,000)
Total real estate investments, net	1,948,545,000	2,194,862,000
Cash and cash equivalents	87,757,000	54,886,000
Assets held for sale	106,866,000
Restricted cash	38,919,000	27,959,000
Investments in unconsolidated entities	3,319,000	3,684,000
Right of use assets	59,020,000
Below-market lease asset, net		9,030,000
Prepaid expenses and other assets	40,247,000	35,836,000
Goodwill	10,800,000	11,030,000
Total Assets	2,295,473,000	2,337,287,000
LIABILITIES, NON-CONTROLLING INTEREST AND EQUITY
Mortgage notes payable, net	1,524,297,000	1,507,509,000
Mandatorily redeemable preferred securities, net		219,596,000
Accounts payable and accrued expenses	67,075,000	62,965,000
Lease liabilities	52,251,000
Total Liabilities	1,643,623,000	1,790,070,000
Commitments and Contingencies
Contingently Redeemable Class C Units in operating partnership; 27,568,687 and 11,767,678 units issued and outstanding, respectively ($406,638 and $173,573 liquidation preference, respectively)	391,912,000	163,148,000
Stockholders' Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, one share issued and outstanding	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 39,151,201 and 39,134,628 shares issued and outstanding, respectively	392,000	391,000
Additional paid-in capital	871,328,000	870,251,000
Deficit	(614,221,000)	(489,108,000)
Total equity of Hospitality Investors Trust, Inc. stockholders	257,499,000	381,534,000
Non-controlling interest - consolidated variable interest entity	2,439,000	2,535,000
Total Equity	259,938,000	384,069,000
Total Liabilities, Contingently Redeemable Class C Units, and Stockholders' Equity	$ 2,295,473,000	$ 2,337,287,000

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Contingently redeemable class c units in operating partnership, shares issued (in shares)	27,568,687	11,767,678
Contingently redeemable class c units in operating partnership, shares outstanding (in shares)	27,568,687	11,767,678
Contingently redeemable class c units in operating partnership, liquidation preference	$ 406,638	$ 173,573
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	1	1
Preferred stock, shares outstanding (in shares)	1	1
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	39,151,201	39,134,628
Common stock, shares outstanding (in shares)	39,151,201	39,134,628

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Revenue	$ 158,686	$ 160,325	$ 465,952	$ 465,118
Operating expenses
Management fees	4,410	4,331	12,867	12,718
Other property-level operating expenses	64,199	61,798	188,043	183,010
Transaction related costs	234		780	27
General and administrative	5,105	5,193	15,163	14,874
Depreciation and amortization	26,934	28,446	83,702	83,070
Impairment of goodwill and long-lived assets	11,677		55,168	17,255
Rent	1,674	1,701	4,989	5,038
Total operating expenses	157,218	144,468	486,579	440,888
Gain on sale of assets, net	1,232	46	1,272	215
Operating income (loss)	2,700	15,903	(19,355)	24,445
Interest expense	(22,123)	(27,083)	(72,648)	(78,423)
Other income, net	983	88	1,315	32
Equity in earnings of unconsolidated entities	49	199	276	101
Total other expenses, net	(21,091)	(26,796)	(71,057)	(78,290)
Loss before taxes	(18,391)	(10,893)	(90,412)	(53,845)
Income tax benefit	(897)	(112)	(2,041)	(1,022)
Net loss and comprehensive loss	(17,494)	(10,781)	(88,371)	(52,823)
Less: Net income (loss) attributable to non-controlling interest	102	44	(9)	63
Net loss before dividends and accretion	(17,596)	(10,825)	(88,362)	(52,886)
Dividends on Class C Units (cash and PIK)	(12,825)	(5,405)	(33,295)	(15,355)
Accretion of Class C Units	(1,309)	(663)	(3,456)	(1,890)
Net loss attributable to common stockholders	$ (31,730)	$ (16,893)	$ (125,113)	$ (70,131)
Basic and Diluted net loss attributable to common stockholders per common share (in dollars per share)	$ (0.81)	$ (0.43)	$ (3.20)	$ (1.78)
Basic and Diluted weighted average shares of common stock outstanding (in shares)	39,140,267	39,336,099	39,131,368	39,444,858
Rooms [Member]
Revenues
Revenue	$ 150,133	$ 152,058	$ 439,402	$ 439,661
Operating expenses
Cost of services	38,960	38,919	113,301	112,482
Food and Beverage [Member]
Revenues
Revenue	4,622	4,707	14,953	14,906
Operating expenses
Cost of services	4,025	4,080	12,566	12,414
Product and Service, Other [Member]
Revenues
Revenue	$ 3,931	$ 3,560	$ 11,597	$ 10,551

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2017	39,505,742
Balance at Dec. 31, 2017	$ 395	$ 871,840	$ (379,559)	$ 492,676	$ 2,646	$ 495,322
Net loss before dividends and accretion			(18,541)	(18,541)		(18,541)
Net loss attributable to non-controlling interest					(28)	(28)
Cash distributions on Class C Units			(2,801)	(2,801)		(2,801)
Accretion of Class C Units			(589)	(589)		(589)
PIK accrual on Class C Units			(1,868)	(1,868)		(1,868)
Share-based payments		361		361		361
Balance (in shares) at Mar. 31, 2018	39,505,742
Balance at Mar. 31, 2018	$ 395	872,201	(403,358)	469,238	2,618	471,856
Balance (in shares) at Dec. 31, 2017	39,505,742
Balance at Dec. 31, 2017	$ 395	871,840	(379,559)	492,676	2,646	495,322
Net loss before dividends and accretion						(52,886)
Net loss attributable to non-controlling interest						63
Accretion of Class C Units						(1,890)
PIK accrual on Class C Units						(6,142)
Balance (in shares) at Sep. 30, 2018	39,343,604
Balance at Sep. 30, 2018	$ 393	871,755	(449,690)	422,458	2,600	425,058
Balance (in shares) at Dec. 31, 2017	39,505,742
Balance at Dec. 31, 2017	$ 395	871,840	(379,559)	492,676	2,646	$ 495,322
Repurchase and retirement of common stock (in shares)						(211,154)
Repurchase and retirement of common stock						$ (1,900)
Repurchase and retirement of common stock (in shares)						211,154
Balance (in shares) at Dec. 31, 2018	39,134,628					39,134,628
Balance at Dec. 31, 2018	$ 391	870,251	(489,108)	381,534	2,535	$ 384,069
Balance (in shares) at Mar. 31, 2018	39,505,742
Balance at Mar. 31, 2018	$ 395	872,201	(403,358)	469,238	2,618	471,856
Repurchase and retirement of common stock (in shares)	(170,260)
Repurchase and retirement of common stock	$ (2)	(1,198)		(1,200)		(1,200)
Net loss before dividends and accretion			(23,520)	(23,520)		(23,520)
Net loss attributable to non-controlling interest					47	47
Cash distributions on Class C Units			(3,169)	(3,169)		(3,169)
Accretion of Class C Units			(638)	(638)		(638)
PIK accrual on Class C Units			(2,112)	(2,112)		(2,112)
Share-based payments		361		361		361
Dividends paid or declared					(109)	(109)
Repurchase and retirement of common stock (in shares)	170,260
Balance (in shares) at Jun. 30, 2018	39,335,482
Balance at Jun. 30, 2018	$ 393	871,364	(432,797)	438,960	2,556	441,516
Repurchase and retirement of common stock (in shares)	(912)
Repurchase and retirement of common stock		6		6		6
Net loss before dividends and accretion			(10,825)	(10,825)		(10,825)
Net loss attributable to non-controlling interest					44	44
Cash distributions on Class C Units			(3,243)	(3,243)		(3,243)
Accretion of Class C Units			(663)	(663)		(663)
PIK accrual on Class C Units			(2,162)	(2,162)		(2,162)
Share-based payments		385		385		385
Share-based payments (in shares)	7,210
Repurchase and retirement of common stock (in shares)	912
Balance (in shares) at Sep. 30, 2018	39,343,604
Balance at Sep. 30, 2018	$ 393	871,755	(449,690)	422,458	2,600	$ 425,058
Repurchase and retirement of common stock (in shares)						(208,977)
Repurchase and retirement of common stock						$ (1,900)
Repurchase and retirement of common stock (in shares)						208,977
Balance (in shares) at Dec. 31, 2018	39,134,628					39,134,628
Balance at Dec. 31, 2018	$ 391	870,251	(489,108)	381,534	2,535	$ 384,069
Repurchase and retirement of common stock (in shares)	(2,177)
Repurchase and retirement of common stock		(20)		(20)		(20)
Net loss before dividends and accretion			(32,328)	(32,328)		(32,328)
Net loss attributable to non-controlling interest					(92)	(92)
Cash distributions on Class C Units			(4,765)	(4,765)		(4,765)
Accretion of Class C Units			(883)	(883)		(883)
PIK accrual on Class C Units			(3,177)	(3,177)		(3,177)
Share-based payments		448		448		448
Repurchase and retirement of common stock (in shares)	2,177
Balance (in shares) at Mar. 31, 2019	39,132,451
Balance at Mar. 31, 2019	$ 391	870,679	(530,261)	340,809	2,443	$ 343,252
Balance (in shares) at Dec. 31, 2018	39,134,628					39,134,628
Balance at Dec. 31, 2018	$ 391	870,251	(489,108)	381,534	2,535	$ 384,069
Net loss before dividends and accretion						(88,362)
Net loss attributable to non-controlling interest						(9)
Accretion of Class C Units						(3,456)
PIK accrual on Class C Units						$ (13,318)
Balance (in shares) at Sep. 30, 2019	39,151,201					39,151,201
Balance at Sep. 30, 2019	$ 392	871,328	(614,221)	257,499	2,439	$ 259,938
Balance (in shares) at Mar. 31, 2019	39,132,451
Balance at Mar. 31, 2019	$ 391	870,679	(530,261)	340,809	2,443	343,252
Net loss before dividends and accretion			(38,438)	(38,438)		(38,438)
Net loss attributable to non-controlling interest					(19)	(19)
Cash distributions on Class C Units			(7,517)	(7,517)		(7,517)
Accretion of Class C Units			(1,264)	(1,264)		(1,264)
PIK accrual on Class C Units			(5,011)	(5,011)		(5,011)
Share-based payments		274		274		274
Dividends paid or declared					(87)	(87)
Share-based payments (in shares)	7,892
Balance (in shares) at Jun. 30, 2019	39,140,343
Balance at Jun. 30, 2019	$ 391	870,953	(582,491)	288,853	2,337	291,190
Net loss before dividends and accretion			(17,596)	(17,596)		(17,596)
Net loss attributable to non-controlling interest					102	102
Cash distributions on Class C Units			(7,695)	(7,695)		(7,695)
Accretion of Class C Units			(1,309)	(1,309)		(1,309)
PIK accrual on Class C Units			(5,130)	(5,130)		(5,130)
Share-based payments (in shares)	10,858
Share-based payments	$ 1	375		376		$ 376
Balance (in shares) at Sep. 30, 2019	39,151,201					39,151,201
Balance at Sep. 30, 2019	$ 392	$ 871,328	$ (614,221)	$ 257,499	$ 2,439	$ 259,938

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ (88,371)	$ (52,823)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	83,702	83,070
Impairment of goodwill and long-lived assets	55,168	17,255
Amortization and write-off of deferred financing costs	7,578	9,421
Other adjustments, net	487	1,675
Changes in assets and liabilities:
Prepaid expenses and other assets	(2,842)	(3,858)
Accounts payable and accrued expenses	16,806	16,392
Net cash provided by operating activities	72,528	71,132
Cash flows from investing activities:
Payment received on note for sale of hotel		1,625
Real estate investment improvements and purchases of property and equipment	(44,167)	(85,189)
Payments related to Property Management Transactions		(1,000)
Proceeds from sales of hotels, net	35,452	5,461
Other adjustments, net	67
Net cash used in investing activities	(8,648)	(79,103)
Cash flows from financing activities:
Proceeds from Class C Units	219,746	25,000
Payment of Class C Units issuance costs	(7,756)	(875)
Dividends/Distributions paid	(20,064)	(9,322)
Payments of mortgage notes payable	(1,060,665)
Proceeds from mortgage notes payable	1,086,100
Deferred financing fees	(17,644)
Mandatorily redeemable preferred securities redemptions	(219,746)	(14,370)
Repurchase of shares of common stock	(20)	(1,194)
Net cash used in financing activities	(20,049)	(761)
Net change in cash and cash equivalents and restricted cash	43,831	(8,732)
Cash and cash equivalents and restricted cash, beginning of period	82,845	119,180
Cash and cash equivalents and restricted cash, end of period	126,676	110,448
Supplemental disclosure of cash flow information:
Interest paid	60,363	63,256
Income taxes paid, net	(592)	722
Non-cash investing and financing activities:
Accretion of Class C Units	(3,456)	(1,890)
PIK accrual on Class C Units	(13,318)	(6,142)
Real estate investment improvements and purchases of property and equipment in accounts payable and accrued expenses	$ 1,118	$ 8,205

Note 1 - Organization

Note 1 - Organization	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 Hospitality Investors Trust, Inc. (the "Company"), incorporated on July 25, 2013, September 30, 2019 , the Company owns or has an interest in a total of 138 16,765 33 September 30, 2019, one one one one As part of its investment strategy to continue to pursue the sale of non-core hotels and reallocate capital into more attractive acquisition and capital investment opportunities, as well as debt reduction, the Company commenced marketing for sale a total of 45 nine September 30, 2019. September 30, 2019, six 16 See Note 13 The Company conducted its initial public offering ("IPO"), from January 2014 November 2015 not no may The Company is required to annually publish an estimated net asset value per share of common stock ("Estimated Per-Share NAV") pursuant to the rules and regulations of the Financial Industry Regulatory Authority. On May 9, 2019, $9.21 39,134,628 December 31, 2018 "2019 2019 May 13, 2019. Substantially all of the Company’s business is conducted through its operating partnership, Hospitality Investors Trust Operating Partnership, L.P. (the "OP"). On January 12, 2017, $400 February 2019. February 27, 2019 ( no The Brookfield Investor holds all the issued and outstanding Class C Units and the sole issued and outstanding Redeemable Preferred Share (as defined herein), and, as a result, has significant governance and other rights that could be used to control or influence the Company's decisions or actions. As of September 30, 2019 $406.6 may 10 41.4% 3

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2 The accompanying consolidated financial statements of the Company included herein were prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"). The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal, recurring nature. The operating results presented for interim periods are not may December 31, 2018 10 April 16, 2019. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as percentage ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. Certain amounts in prior periods have been reclassified in order to conform to current period presentation, specifically, the Company changed the presentation of its Consolidated Statements of Operations and Comprehensive Income (Loss) with respect to "Gain (loss) on sale of assets." The change in presentation was to reclassify this line item so that it is included as a component of Operating income (loss) and represented as a separate line item, rather than as a component of "Other income." The Company made this change in presentation for all periods presented. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments The Company allocates the purchase price of properties acquired in real estate investments to tangible and identifiable intangible assets acquired based on their respective fair values at the date of acquisition. Tangible assets include land, land improvements, buildings and furniture, fixtures and equipment. The Company utilizes various estimates, processes and information to determine the property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and furniture, fixtures and equipment are based on purchase price allocation studies performed by independent third The Company's acquisitions of hotel properties are accounted for as acquisitions of groups of assets rather than business combinations, although the determination will be made on a transaction-by-transaction basis. If the Company concludes that an acquisition will be accounted for as a group of assets, the transaction costs associated with the acquisition will be capitalized as part of the assets acquired. The Company's investments in real estate, including transaction costs, that are not 40 15 five The Company is required to make subjective assessments as to the useful lives of the Company’s assets for purposes of determining the amount of depreciation to record on an annual basis with respect to the Company’s investments in real estate. These assessments have a direct impact on the Company’s net income because if the Company were to shorten the expected useful lives of the Company’s investments in real estate, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. Impairment of Long-Lived Assets Upon the occurrence of certain “triggering events” under the provisions of the Accounting Standards Codification ("ASC") section 360 may not 14 Assets Held for Sale (Long Lived-Assets) When the Company initiates the sale of long-lived assets, it assesses whether the assets meet the criteria to be considered assets held for sale. The review is based on whether the following criteria are met: • Management and the Company's board of directors have committed to a plan to sell the asset; • The subject assets are available for immediate sale in their present condition; • The Company is actively locating buyers as well as other initiatives required to complete the sale; • The sale is probable and the transfer is expected to qualify for recognition as a complete sale in one • The long-lived asset is being actively marketed for sale at a price that is reasonable in relation to fair value; and • Actions necessary to complete the plan indicate it is unlikely significant changes will be made to the plan or the plan will be withdrawn. If all the criteria are met, a long-lived asset held for sale is measured at the lower of its carrying amount or fair value less cost to sell, and the Company will cease recording depreciation. Any adjustment to the carrying amount is recorded as an impairment loss. See Note 13 Goodwill The Company allocates goodwill to each reporting unit. For the Company’s purposes, each of its wholly-owned hotels is considered a reporting unit. The Company tests goodwill for impairment at least annually, as of March 31, 360, one not There was no three nine September 30, 2019 . September 30, 2019, two $10.8 Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three Restricted Cash Restricted cash consists of amounts required under mortgage agreements for future capital improvements to owned assets, future interest and property tax payments and cash flow deposits while subject to mortgage agreement restrictions. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These fees are amortized as a component of interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing fees are expensed in full when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not not Revenue Recognition The Company's revenue is primarily from rooms, food and beverage, and other, and is disaggregated on the Company's Consolidated Statement of Operations and Comprehensive Loss. Room sales are driven by a fixed fee charged to a hotel guest to stay at the hotel property for an agreed-upon period. A majority of the Company's room reservations are cancellable and the Company transfers promised goods and services to the hotel guest as of the date upon which the hotel guest occupies a room and at the same time earns and recognizes revenue. The Company offers advance purchase reservations that are paid for by the hotel guest in advance and the Company recognizes deferred revenue as a result of such reservations. The Company's obligation to the hotel guest is satisfied as of the date upon which the hotel guest occupies a room. The Company's room revenue accounted f or 94.6% 94.8% three September 30, 2019 2018 r 94.3% 94.5% nine September 30, 2019 2018 Income Taxes The Company elected to be taxed as a REIT under Sections 856 860 1986, December 31, 2014. 90% not not may Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss, capital loss, and tax credit carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. The Company must determine whether it is "more-likely-than- not" not 50% September 30, 2019 2014, 2015, 2016, 2017 2018. Earnings/Loss per Share The Company calculates basic income or loss per share by dividing net income or loss attributable to common stockholders for the period by the weighted-average shares of its common stock outstanding for such period. Diluted income per share takes into account the effect of dilutive instruments, such as unvested restricted shares of common stock ("restricted shares") and unvested restricted share units in respect of shares of common stock ("RSUs"), except when doing so would be anti-dilutive. The Company currently has outstanding restricted shares whose holders are entitled to participate in dividends when and if paid on shares of common stock. The Company also currently has outstanding RSUs whose holders generally are credited with dividend or other distribution equivalents when and if paid on shares of common stock. These dividends or other distribution equivalents will be regarded as having been reinvested in RSUs and will only be paid to the extent the corresponding RSUs vest. To the extent the Company were to have distributions in the future, it would be required to calculate earnings per share using the two Fair Value Measurements In accordance with ASC section 820 no not The Company’s financial instruments recorded at fair value on a recurring basis are categorized based on the priority of the inputs used to measure fair value. The inputs used in measuring fair value are categorized into three • Level 1 • Level 2 not • Level 3 The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. See Note 10 Class C Units The Company initially measured the Class C Units which were issued to the Brookfield Investor at fair value net of issuance costs. The Company is required to accrete the carrying value of the Class C Units to the liquidation preference using the effective interest method over the five Until the Final Closing, the Company could have become obligated pursuant to the SPA with the Brookfield Investor to issue additional Class C Units. This obligation was considered a contingent forward contract under ASC section 480 December 31, 2018 no December 31, 2018 September 30, 2019 not 11 Leases Effective January 1, 2019, 2016 02 s $59.0 $52.3 September 30, 2019 f $8.1 The Company's leases are primarily comprised of: ground or operating leases of certain of its hotel properties; one The Company includes leases of its hotel properties, and its corporate office space lease, in ROU assets and lease liabilities on the Company’s Consolidated Balance Sheet. The Company's below-market lease intangible, net, which is attributed to its ground leases is also included in the ROU assets on the Company's Consolidated Balance Sheet. The Company determined that its vans, copiers, and other miscellaneous equipment were immaterial to the Company’s financial statements and therefore they have been excluded from the Company's ROU assets and lease liabilities. Operating lease ROU assets and lease liabilities are recognized at the commencement date and are calculated using the present value of future lease payments over the lease term. The discount rate used in the present value calculation is the Company's estimate of its incremental borrowing rate based on the information available at the lease commencement date. ASU 2016 02 not 4 Advertising Costs The Company expenses advertising costs for hotel operations as incurred. These costs were $5.7 three September 30, 2019 $4.8 three September 30, 2018. $16.5 nine September 30, 2019 $13.8 nine September 30, 2018 Allowance for Doubtful Accounts Receivables consist principally of trade receivables from customers and are generally unsecured and are due within 30 90 September 30, 2019 December 31, 2018 Trade receivables $ 10,221 $ 8,329 Allowance for doubtful accounts (501 ) (338 ) Trade and Note receivables, net of allowance $ 9,720 $ 7,991 Reportable Segments The Company has determined that it has one 100% none one Derivative Transactions The Company at certain times enters into derivative instruments to hedge exposure to changes in interest rates. The Company’s derivatives as of September 30, 2019 one not three nine September 30, 2019 September 30, 2018, 5 10 Recently Issued Accounting Pronouncements In June 2016, 2016 13 326 2016 13 2016 13 December 15, 2019. 2016 13 not In August 2018, 2018 13 820 2018 13" 2018 13 2018 13 December 15, 2019. 2018 13 not In March 2019, 2019 01 842 2019 01" 2019 01 not 250, 2019 01 December 15, 2019, 250 January 1, 2019. 250 January 1, 2019, not 2019 01 not

Note 3 - Brookfield Investment

Note 3 - Brookfield Investment	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Investment [Text Block]	Note 3 On March 31, 2017, not • the sale by the Company and purchase by the Brookfield Investor of one $0.01 • the sale by the Company and purchase by the Brookfield Investor of 9,152,542.37 $14.75 $135.0 On February 27, 2018, second 1,694,915.25 $14.75 $25.0 On February 27, 2019, 14,898,060.78 $14.75 $219.7 no Without obtaining the prior approval of the majority of the then outstanding Class C Units and/or at least one two The Redeemable Preferred Share The Redeemable Preferred Share held by the Brookfield Investor has been classified as permanent equity on the Consolidated Balance Sheets. The Redeemable Preferred Share ranks on parity with the Company’s common stock, with the same rights with respect to preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, terms and conditions of redemption and other terms and conditions as the Company’s common stock, with certain exceptions. For so long as the Brookfield Investor holds the Redeemable Preferred Share, the Brookfield Investor has certain rights with respect to the election of members of the Company's board of directors and its committees, including the right to elect two two one The holder of the Redeemable Preferred Share has certain rights in the event the OP fails to redeem Class C Units when required to do so, including the right to increase the size of the Company's board of directors by a number of directors that would result in the holder of the Redeemable Preferred Share being entitled to nominate and elect a majority of the Company's board of directors, subject to compliance with the provisions of the Company's charter requiring at least a majority of the Company's directors to be Independent Directors (as defined in the Company's charter). Class C Units As of September 30, 2019, As of September 30, 2019 Gross Proceeds $ 379.7 Less: Class C Unit issuance costs (1) $ (22.5 ) Plus: PIK Distributions Paid to holders of Class C Units $ 26.9 Accretion of carrying value to liquidation preference of Class C Units $ 7.7 Change in contingent forward liability $ 0.1 Contingently Redeemable Class C Units in operating partnership $ 391.9 ( 1 $6.0 The Class C Units have been classified as temporary equity due to the contingent redemption features described in more detail below. At the Initial Closing, the Class C Units were deemed to have a “beneficial conversion feature” as the effective conversion price of the Class C Units under GAAP as of March 31, 2017 $4.5 three March 31, 2017, Rank The Class C Units rank senior to the OP Units and all other equity interests in the OP with respect to priority in payment of distributions and in the distribution of assets in the event of the liquidation, dissolution or winding-up of the OP, whether voluntary or involuntary, or any other distribution of the assets of the OP among its equity holders for the purpose of winding up its affairs. Distributions Commencing on June 30, 2017, 7.50% 10% Commencing on June 30, 2017, 5% 5% 7.50%, 1.25% four 12.5%. The number of Class C Units delivered in respect of the PIK Distributions on any distribution payment date will be equal to the number obtained by dividing the amount of PIK Distribution by $14.75. The Brookfield Investor is also entitled to receive tax distributions under certain limited circumstances. As of September 30, 2019, no For the three September 30, 2019 September 30, 2018, $7.7 $3.2 347,822.16 146,594.53 nine September 30, 2019 September 30, 2018, $20.0 $9.2 902,948.37 416,402.87 Conversion Rights The Class C Units are generally convertible into OP Units at any time at the option of the holder thereof at an initial conversion price of $14.75 Liquidation Preference The liquidation preference with respect to each Class C Unit as of a particular date is the original purchase price paid under the SPA or the value upon issuance of any Class C Unit received as a PIK Distribution, plus, with respect to such Class C Unit up to but not Mandatory Redemption The Class C Units are generally subject to mandatory redemption at a premium to liquidation preference if the OP consummates any liquidation, sale of all or substantially all of the assets, dissolution or winding-up, whether voluntary or involuntary, sale, merger, reorganization, reclassification or recapitalization or other similar event (a “Fundamental Sale Transaction”) prior to March 31, 2022. may Holder Redemptions The holders of the Class C Units may March 31, 2022 Remedies Upon Failure to Redeem If the OP fails to redeem Class C Units when required to do so pursuant to the terms of the A&R LPA, beginning three may third first The foregoing rights of the Special General Partner are in addition to the other rights described herein if the OP fails to redeem Class C Units when required to do so pursuant to the terms of the A&R LPA. Company Redemption After Five Years At any time and from time to time on or after March 31, 2022, Transfer Restrictions The Brookfield Investor is generally permitted to make transfers of Class C Units without the prior consent of the Company, provided that any transferee must customarily invest in these types of securities or real estate investments of any type or have in excess of $100.0 Preemptive Rights If the Company or the OP proposes to issue additional equity securities, subject to certain exceptions and in accordance with the procedures in the A&R LPA, any holder of Class C Units that owns Class C Units representing more than 5% Brookfield Approval Rights The articles supplementary with respect to the Redeemable Preferred Share restrict the Company from taking certain actions without the prior approval of at least one In general, subject to certain exceptions, prior approval is required before the Company or its subsidiaries (including the OP) are permitted to take any of the following actions: equity issuances; organizational document amendments; debt incurrences; affiliate transactions; sale of all or substantially all assets; bankruptcy or insolvency declarations; declarations or payments of dividends or other distributions; redemptions or repurchases of securities; adoption of, and amendments to, the annual business plan (including the annual operating and capital budget) required under the terms of the Redeemable Preferred Share; hiring and compensation decisions related to certain key personnel (including executive officers); property acquisitions and property sales and dispositions that do not not

Note 4 - Leases

Note 4 - Leases	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 4 As of September 30, 2019 five 47 one five 50 no not During the nine September 30, 2019 $4.1 Supplemental balance sheet information related to the Company's leases was as follows: Weighted Average Remaining Lease Term Weighted Average Discount Rate September 30, 2019 17.7 years 6.33 % Supplemental income statement information related to the Company's leases was as follows: Variable Lease Expense (in thousands) Rent Expense (in thousands) Amortization of Below-Market Lease Intangible, net (in thousands) For the three months ended September 30, 2019 $ 201 $ 1,440 $ 96 For the nine months ended September 30, 2019 $ 597 $ 4,281 $ 295 Rent expense for the Company’s leases of its hotel properties which includes variable lease payments is recorded in Rent expense on the Consolidated Statement of Operations and Comprehensive Loss. Rent expense for the Company's corporate office space is included in General and administrative expense on the Consolidated Statement of Operations and Comprehensive Loss. Maturity of Lease Liabilities Analysis as of September 30, 2019 Minimum Rental Commitments Amortization of Above Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible, net, to Rent Expense For the three months ending December 31, 2019 $ 1,372 $ (38 ) $ 134 $ 96 Year ending December 31, 2020 5,505 (153 ) 535 382 Year ending December 31, 2021 5,533 (153 ) 535 382 Year ending December 31, 2022 5,554 (153 ) 535 382 Year ending December 31, 2023 5,560 (153 ) 535 382 Thereafter 71,019 (1,722 ) 8,161 6,439 Total lease payments $ 94,543 $ (2,372 ) $ 10,435 $ 8,063 Less: Imputed Interest 42,292 Present value of lease liability $ 52,251 The following table summarizes future minimum rental commitments for the Company's operating leases comprised of leases of certain of the Company's hotel properties as of December 31, 2018 Minimum Rental Commitments Amortization of Above Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible, net, to Rent Expense Year ending December 31, 2019 $ 5,227 $ (153 ) $ 551 $ 398 Year ending December 31, 2020 5,265 (153 ) 551 398 Year ending December 31, 2021 5,271 (153 ) 551 398 Year ending December 31, 2022 5,292 (153 ) 551 398 Year ending December 31, 2023 5,298 (153 ) 551 398 Thereafter 71,153 (1,722 ) 8,762 7,040 Total $ 97,506 $ (2,487 ) $ 11,517 $ 9,030 The Company has allocated values to certain above and below-market lease intangibles based on the difference between market rents and rental commitments under the leases. During the three nine September 30, 2018 $0.1 $0.3 three nine September 30, 2018 $1.6 $4.7

Note 5 - Mortgage Notes Payable

Note 5 - Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5 The Company’s mortgage notes payable as of September 30, 2019 December 31, 2018 Outstanding Mortgage Notes Payable Encumbered Properties September 30, 2019 Interest Rate Payment Maturity Hilton Garden Inn Blacksburg Joint Venture $ 10,500 4.31% Interest Only, Principal paid at Maturity June 2020 92 - Pack Mortgage Loan (1) 855,878 One-month LIBOR plus 2.14% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights 92 - Pack Senior Mezzanine Loan 98,377 One-month LIBOR plus 5.60% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights 92 - Pack Junior Mezzanine Loan 68,864 One-month LIBOR plus 8.50% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights Additional Grace Mortgage Loan -20 properties in Grace Portfolio and one additional property 232,000 4.96% Interest Only, Principal paid at Maturity October 2020 Term Loan -25 properties 272,816 One-month LIBOR plus 3.00% Interest Only, Principal paid at Maturity May 2020, subject to three, one year extension rights Total Mortgage Notes Payable $ 1,538,435 Less: Deferred Financing, Net $ 15,707 Plus: Premium on Variable Interest-Only Bond $ 1,569 Total Mortgage Notes Payable, Net $ 1,524,297 ( 1 89 September 30, 2019. Outstanding Mortgage Notes Payable Encumbered Properties December 31, 2018 Interest Rate Payment Maturity Baltimore Courtyard & Providence Courtyard $ 45,500 4.30 % Interest Only, Principal paid at Maturity April 2019 Hilton Garden Inn Blacksburg Joint Venture 10,500 4.31 % Interest Only, Principal paid at Maturity June 2020 87 - Pack Mortgage Loan - 87 properties in Grace Portfolio 805,000 One-month LIBOR plus 2.56% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights 87 - Pack Mezzanine Loan - 87 properties in Grace Portfolio 110,000 One-month LIBOR plus 6.50% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights Additional Grace Mortgage Loan - 20 properties in Grace Portfolio and one additional property 232,000 4.96 % Interest Only, Principal paid at Maturity October 2020 Term Loan -28 properties 310,000 One-month LIBOR plus 3.00% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights Total Mortgage Notes Payable $ 1,513,000 Less: Deferred Financing, Net $ 5,491 Total Mortgage Notes Payable, Net $ 1,507,509 Interest expense related to the Company's mortgage notes payable for the three September 30, 2019 three September 30, 2018, s $20.4 $19.6 nine September 30, 2019 nine September 30, 2018 s $62.7 $56.0 Baltimore Courtyard and Providence Courtyard On April 5, 2019, two 205 219 $46.1 At the closing of the Baltimore Courtyard and Providence Courtyard Bridge Loans, the net proceeds after accrued interest and certain closing costs were used to repay the $45.5 The new loan dated April 5, 2019 May 1, 2019, 92 Hilton Garden Inn Blacksburg Joint Venture The Hilton Garden Inn Blacksburg Joint Venture Loan matures June 6, 2020. July 6, 2015 4.31%. 87 During the quarter ended March 31, 2019 December 31, 2018 87 February 2015 116 “87 “87 87 “87 $915.0 87 $805.0 87 87 “87 87 $110.0 87 87 On May 1, 2019, 87 92 The 87 one 2.56%, 87 one 6.50%, 3.03%. 87 4.0% In connection with a sale or disposition to a third 87 87 87 87 87 The 87 87 For the term of the 87 $250.0 92 On May 1, 2019, 87 $1,040 92 “92 At closing, the Company used the net proceeds from the 92 $961.1 87 $10.0 92 92 The 92 May 7, 2020, first 25% 92 May 7, 2020, 92 may The 92 one 2.14%, 92 one 5.60%, 92 one 8.50% 2.90% . 92 4.0%. In connection with a sale or disposition to a third 92 may 92 92 92 September 30, 2019, three $14.1 $2.8 92 89 For the term of the 92 $250.0 $500.0 September 30, 2019 , the Company was in compliance with this financial covenant. Variable Interest-Only Bond During the nine September 30, 2019, 92 92 September 30, 2019. 10 Additional Grace Mortgage Loan A portion of the purchase price of the Grace Portfolio was financed through additional mortgage financing which loan was refinanced during October 2015 ( 4.96% October 6, 2020. June 2018. September 30, 2019 Term Loan On April 27, 2017, $310.0 28 Prior to the closing of the 92 May 1, 2019, three one three May 1, 2022. 92 $25.0 $285.0 May 1, 2020. May 22, 2019, $310.0 $285.0 one one May 1, 2023. The Term Loan is prepayable in whole or in part at any time, subject to payment of LIBOR breakage, if any. The Term Loan requires monthly interest payments at a variable rate of one 3.00%. 4.00% In connection with a sale or disposition to a third may September 30, 2019, three $12.2 25 The Term Loan also provides for certain amounts to be deposited into reserve accounts, including with respect to all costs associated with the PIPs required pursuant to the franchise agreements related to the Term Loan Collateral Properties. For the term of the Term Loan, the Company and the OP are required to maintain, on a consolidated basis, a net worth of $250.0 September 30, 2019 , the Company was in compliance with this financial covenant.

Note 6 - Mandatorily Redeemable

Note 6 - Mandatorily Redeemable Preferred Securities	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Preferred Stock [Text Block]	Note 6 In February 2015, $447.1 two The holders of the Grace Preferred Equity Interests were entitled to monthly distributions at a rate of 7.50% first 18 August 2016, 8.00% 50.0% $447.1 February 27, 2018, February 27, 2019. Interest expense related to the Grace Preferred Equity Interests for the three September 30, 2019 September 30, 2018 zero $4.3 nine September 30, 2019 September 30, 2018 $2.7 $13.0 On February 27, 2019, $219.7 Due to the fact that the Grace Preferred Equity Interests were mandatorily redeemable and certain of their other characteristics, the Grace Preferred Equity Interests were treated as debt in accordance with GAAP.

Note 7 - Accounts Payable and A

Note 7 - Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	Note 7 - Accounts Payable and Accrued Expenses The following is a summary of the components of accounts payable and accrued expenses (in thousands): September 30, 2019 December 31, 2018 Trade accounts payable $ 10,958 $ 22,247 Accrued expenses 56,117 40,718 Total $ 67,075 $ 62,965

Note 8 - Common Stock

Note 8 - Common Stock	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 8 - Common Stock The Company had 39,151,201 39,134,628 September 30, 2019 December 31, 2018 Share Repurchase Program On September 24, 2018, October 1, 2018, February 2019, no 211,154 $1.9 208,977 $1.9 December 31, 2018

Note 9 - Share-based Payments

Note 9 - Share-based Payments	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 9 - Share-Based Payments The Company has an employee and director incentive restricted share plan (as amended and/or restated, the “RSP”), which provides it with the ability to grant awards of restricted shares and RSUs to the Company’s directors, officers and employees, as well as the directors and employees of entities that provide services to the Company. The total number of shares of common stock that may may not 5% may not 4,000,000 may Restricted share awards entitle the recipient to receive shares of common stock from the Company under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. Restricted shares may not, may RSUs represent a contingent right to receive shares of common stock at a future settlement date, subject to satisfaction of applicable vesting conditions and/or other restrictions, as set forth in the RSP and an award agreement evidencing the grant of RSUs. RSUs may not, not Restricted Share Awards A summary of the Company's restricted share awards for the nine September 30, 2019 Number of Shares Weighted Average Grant Date Fair Value (per share) Aggregate Intrinsic Value (in thousands) Non-vested December 31, 2018 7,210 $ 14.18 $ 102 Granted 10,858 $ 6.91 $ 75 Vested 7,210 $ 14.18 $ 102 Forfeitures — $ — $ — Non-vested September 30, 2019 10,858 $ 6.91 $ 75 Prior to the Initial Closing, the Company made annual restricted share awards to its independent directors that vested annually over a five first September 30, 2019, The compensation expense related to restricted shares for the three September 30, 2019 three September 30, 2018 $0.1 nine September 30, 2019 nine September 30, 2018 $0.1 September 30, 2019 $0.1 RSU Awards A summary of the Company's RSU awards for the nine September 30, 2019 Number of Shares Weighted Average Grant Date Fair Value (per share) Aggregate Intrinsic Value (in thousands) Non-vested December 31, 2018 332,364 $ 14.34 $ 4,765 Granted 219,959 $ 6.91 $ 1,520 Vested 97,335 $ 14.42 $ 1,404 Forfeited 71,558 $ 10.67 $ 763 Non-vested September 30, 2019 383,430 $ 10.74 $ 4,118 RSU awards to the Company’s executive officers and other employees generally vest annually over a four first may third September 30, 2019, The compensation expense related to RSUs for the three September 30, 2019 three September 30, 2018 y $0.4 $0.4 nine September 30, 2019 nine September 30, 2018 $1.1 $1.0 September 30, 2019 $3.3

Note 10 - Fair Value Measuremen

Note 10 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 10 - Fair Value Measurements The Company is required to disclose the fair value of financial instruments which it is practicable to estimate. The fair value of cash and cash equivalents, accounts receivable and accounts payable and accrued expenses approximate their carrying amounts due to the relatively short maturity of these items. The following table shows the carrying amounts and the fair values of material liabilities, excluding deferred financing fees, that qualify as financial instruments (in thousands): September 30, 2019 Carrying Amount Fair Value Mortgage notes payable $ 1,538,435 $ 1,525,372 Total $ 1,538,435 $ 1,525,372 The fair value of the mortgage notes payable was determined using the discounted cash flow method and applying current market rates and is classified as level 3 During the three nine September 30, 2019 14 2 3 During the nine September 30, 2019, 92 5 $1.7 2

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 1 1 - Commitments and Contingencies Litigation In the ordinary course of business, the Company may no A special litigation committee (the “SLC”) of the Company’s board of directors (the “Board”) has been empowered to investigate claims asserted in shareholder demand letters sent to the Board by counsel for two February 26, 2018 May 25, 2018 ( May 2018, August 2018, The SLC, which is represented by independent counsel, has substantially completed its investigation of the claims contained in the demand letters and the Federal Court Action (collectively “the Claims”). On October 11, 2019, The SLC also has been empowered to determine whether it is in the best interest of the Company for the Claims against the defendants in the Federal Court Action to proceed. The Report includes the SLC’s previously disclosed determination that some but not 1 not, 2 Settlement discussions have taken place which led to a mediation that occurred on September 11, 2019. None second November 8, 2019. The Federal Court Action is currently stayed pending a November 15, 2019 The Claims do not no September 30, 2019, Environmental Matters In connection with the ownership and operation of real estate, the Company may not not Contingent Forward Liability Until the Final Closing, the Company could have become obligated pursuant to the SPA with the Brookfield Investor to issue additional Class C Units. This obligation was considered a contingent forward contract under ASC section 480 February 27, 2019, $219.7 no December 31, 2018 $1.3 no September 30, 2019

Note 12 - Related Party Transac

Note 12 - Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 12 Relationships with the Brookfield Investor and its Affiliates As described in Note 3 January 12, 2017, March 31, 2017, 9,152,542.37 February 27, 2018, 1,694,915.25 $14.75 $25.0 February 27, 2019, 14,898,060.78 $14.75 $219.7 no Holders of Class C Units are entitled to receive, with respect to each Class C Unit, fixed, quarterly cumulative cash distributions at a rate of 7.50% 5% three September 30, 2019 September 30, 2018, $7.7 $3.2 347,822.16 146,594.53 nine September 30, 2019 September 30, 2018, $20.0 $9.2 902,948.37 416,402.87 Two of the Company’s directors, Bruce G. Wiles, who also serves as Chairman of the Board, and Lowell G. Baron, have been elected to the Company’s board of directors as the Redeemable Preferred Directors pursuant to the Brookfield Investor’s rights as the holder of the Redeemable Preferred Share and pursuant to the SPA. Mr. Wiles serves as a Senior Advisor for Brookfield Property Group's lodging investment platform, a subsidiary of Brookfield Asset Management Inc., an affiliate of the Brookfield Investor, and Mr. Baron serves as a Managing Partner of Brookfield Asset Management Inc. and Chief Investment Officer of its global real estate business.

Note 13 - Sale of Hotels and As

Note 13 - Sale of Hotels and Assets Held for Sale	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 13 Sale of Hotels During the three nine September 30, 2019, six $37.3 $1.2 five $6.4 $31.0 not See Note 15 11 October 1, 2019 November 7, 2019. During the nine September 30, 2018, one $5.7 $0.1 $3.8 Assets Held for Sale As part of its investment strategy to continue to pursue the sale of non-core hotels and reallocate capital into more attractive acquisition and capital investment opportunities, as well as debt reduction, the Company commenced marketing for sale a total of 26 June 30, 2019, 19 September 30, 2019. As of September 30, 2019, 16 three September 30, 2019, four 16 $11.7 14 $116.0 $38.4 $77.6 The Company expects to close on the sale of the above 16 fourth 2019 first 2020. no not three nine September 30, 2019. See Note 15 11 16 October 1, 2019 November 7, 2019.

Note 14 - Impairments

Note 14 - Impairments	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Real Estate Disclosure [Text Block]	Note 14 Impairments of Long-Lived Assets During the three September 30, 2019, four 16 September 30, 2019, 13 $11.7 three September 30, 2019. no nine September 30, 2019, 17 $55.2 one 17 September 30, 2019. During the nine September 30, 2018, four $17.3 four nine September 30, 2018. four no three September 30, 2018.

Note 15 - Subsequent Events

Note 15 - Subsequent Events	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	Note 15 Between October 1, 2019 November 7, 2019, 11 $73.9 $22.3 $51.6 not September 30, 2019.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The accompanying consolidated financial statements of the Company included herein were prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"). The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal, recurring nature. The operating results presented for interim periods are not may December 31, 2018 10 April 16, 2019.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as percentage ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. Certain amounts in prior periods have been reclassified in order to conform to current period presentation, specifically, the Company changed the presentation of its Consolidated Statements of Operations and Comprehensive Income (Loss) with respect to "Gain (loss) on sale of assets." The change in presentation was to reclassify this line item so that it is included as a component of Operating income (loss) and represented as a separate line item, rather than as a component of "Other income." The Company made this change in presentation for all periods presented.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate, Policy [Policy Text Block]	Real Estate Investments The Company allocates the purchase price of properties acquired in real estate investments to tangible and identifiable intangible assets acquired based on their respective fair values at the date of acquisition. Tangible assets include land, land improvements, buildings and furniture, fixtures and equipment. The Company utilizes various estimates, processes and information to determine the property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and furniture, fixtures and equipment are based on purchase price allocation studies performed by independent third The Company's acquisitions of hotel properties are accounted for as acquisitions of groups of assets rather than business combinations, although the determination will be made on a transaction-by-transaction basis. If the Company concludes that an acquisition will be accounted for as a group of assets, the transaction costs associated with the acquisition will be capitalized as part of the assets acquired. The Company's investments in real estate, including transaction costs, that are not 40 15 five The Company is required to make subjective assessments as to the useful lives of the Company’s assets for purposes of determining the amount of depreciation to record on an annual basis with respect to the Company’s investments in real estate. These assessments have a direct impact on the Company’s net income because if the Company were to shorten the expected useful lives of the Company’s investments in real estate, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets Upon the occurrence of certain “triggering events” under the provisions of the Accounting Standards Codification ("ASC") section 360 may not 14 Assets Held for Sale (Long Lived-Assets) When the Company initiates the sale of long-lived assets, it assesses whether the assets meet the criteria to be considered assets held for sale. The review is based on whether the following criteria are met: • Management and the Company's board of directors have committed to a plan to sell the asset; • The subject assets are available for immediate sale in their present condition; • The Company is actively locating buyers as well as other initiatives required to complete the sale; • The sale is probable and the transfer is expected to qualify for recognition as a complete sale in one • The long-lived asset is being actively marketed for sale at a price that is reasonable in relation to fair value; and • Actions necessary to complete the plan indicate it is unlikely significant changes will be made to the plan or the plan will be withdrawn. If all the criteria are met, a long-lived asset held for sale is measured at the lower of its carrying amount or fair value less cost to sell, and the Company will cease recording depreciation. Any adjustment to the carrying amount is recorded as an impairment loss. See Note 13
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill The Company allocates goodwill to each reporting unit. For the Company’s purposes, each of its wholly-owned hotels is considered a reporting unit. The Company tests goodwill for impairment at least annually, as of March 31, 360, one not There was no three nine September 30, 2019 . September 30, 2019, two $10.8
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash consists of amounts required under mortgage agreements for future capital improvements to owned assets, future interest and property tax payments and cash flow deposits while subject to mortgage agreement restrictions.
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These fees are amortized as a component of interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing fees are expensed in full when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not not
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition The Company's revenue is primarily from rooms, food and beverage, and other, and is disaggregated on the Company's Consolidated Statement of Operations and Comprehensive Loss. Room sales are driven by a fixed fee charged to a hotel guest to stay at the hotel property for an agreed-upon period. A majority of the Company's room reservations are cancellable and the Company transfers promised goods and services to the hotel guest as of the date upon which the hotel guest occupies a room and at the same time earns and recognizes revenue. The Company offers advance purchase reservations that are paid for by the hotel guest in advance and the Company recognizes deferred revenue as a result of such reservations. The Company's obligation to the hotel guest is satisfied as of the date upon which the hotel guest occupies a room. The Company's room revenue accounted f or 94.6% 94.8% three September 30, 2019 2018 r 94.3% 94.5% nine September 30, 2019 2018
Income Tax, Policy [Policy Text Block]	Income Taxes The Company elected to be taxed as a REIT under Sections 856 860 1986, December 31, 2014. 90% not not may Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss, capital loss, and tax credit carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. The Company must determine whether it is "more-likely-than- not" not 50% September 30, 2019 2014, 2015, 2016, 2017 2018.
Earnings Per Share, Policy [Policy Text Block]	Earnings/Loss per Share The Company calculates basic income or loss per share by dividing net income or loss attributable to common stockholders for the period by the weighted-average shares of its common stock outstanding for such period. Diluted income per share takes into account the effect of dilutive instruments, such as unvested restricted shares of common stock ("restricted shares") and unvested restricted share units in respect of shares of common stock ("RSUs"), except when doing so would be anti-dilutive. The Company currently has outstanding restricted shares whose holders are entitled to participate in dividends when and if paid on shares of common stock. The Company also currently has outstanding RSUs whose holders generally are credited with dividend or other distribution equivalents when and if paid on shares of common stock. These dividends or other distribution equivalents will be regarded as having been reinvested in RSUs and will only be paid to the extent the corresponding RSUs vest. To the extent the Company were to have distributions in the future, it would be required to calculate earnings per share using the two
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements In accordance with ASC section 820 no not The Company’s financial instruments recorded at fair value on a recurring basis are categorized based on the priority of the inputs used to measure fair value. The inputs used in measuring fair value are categorized into three • Level 1 • Level 2 not • Level 3 The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. See Note 10
Temporary Equity, Policy [Policy Text Block]	Class C Units The Company initially measured the Class C Units which were issued to the Brookfield Investor at fair value net of issuance costs. The Company is required to accrete the carrying value of the Class C Units to the liquidation preference using the effective interest method over the five Until the Final Closing, the Company could have become obligated pursuant to the SPA with the Brookfield Investor to issue additional Class C Units. This obligation was considered a contingent forward contract under ASC section 480 December 31, 2018 no December 31, 2018 September 30, 2019 not 11
Lessee, Leases [Policy Text Block]	Leases Effective January 1, 2019, 2016 02 s $59.0 $52.3 September 30, 2019 f $8.1 The Company's leases are primarily comprised of: ground or operating leases of certain of its hotel properties; one The Company includes leases of its hotel properties, and its corporate office space lease, in ROU assets and lease liabilities on the Company’s Consolidated Balance Sheet. The Company's below-market lease intangible, net, which is attributed to its ground leases is also included in the ROU assets on the Company's Consolidated Balance Sheet. The Company determined that its vans, copiers, and other miscellaneous equipment were immaterial to the Company’s financial statements and therefore they have been excluded from the Company's ROU assets and lease liabilities. Operating lease ROU assets and lease liabilities are recognized at the commencement date and are calculated using the present value of future lease payments over the lease term. The discount rate used in the present value calculation is the Company's estimate of its incremental borrowing rate based on the information available at the lease commencement date. ASU 2016 02 not 4
Advertising Cost [Policy Text Block]	Advertising Costs The Company expenses advertising costs for hotel operations as incurred. These costs were $5.7 three September 30, 2019 $4.8 three September 30, 2018. $16.5 nine September 30, 2019 $13.8 nine September 30, 2018
Accounts Receivable [Policy Text Block]	Allowance for Doubtful Accounts Receivables consist principally of trade receivables from customers and are generally unsecured and are due within 30 90 September 30, 2019 December 31, 2018 Trade receivables $ 10,221 $ 8,329 Allowance for doubtful accounts (501 ) (338 ) Trade and Note receivables, net of allowance $ 9,720 $ 7,991
Segment Reporting, Policy [Policy Text Block]	Reportable Segments The Company has determined that it has one 100% none one
Derivatives, Policy [Policy Text Block]	Derivative Transactions The Company at certain times enters into derivative instruments to hedge exposure to changes in interest rates. The Company’s derivatives as of September 30, 2019 one not three nine September 30, 2019 September 30, 2018, 5 10
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements In June 2016, 2016 13 326 2016 13 2016 13 December 15, 2019. 2016 13 not In August 2018, 2018 13 820 2018 13" 2018 13 2018 13 December 15, 2019. 2018 13 not In March 2019, 2019 01 842 2019 01" 2019 01 not 250, 2019 01 December 15, 2019, 250 January 1, 2019. 250 January 1, 2019, not 2019 01 not

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, 2019 December 31, 2018 Trade receivables $ 10,221 $ 8,329 Allowance for doubtful accounts (501 ) (338 ) Trade and Note receivables, net of allowance $ 9,720 $ 7,991

Note 3 - Brookfield Investment

Note 3 - Brookfield Investment (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Temporary Equity [Table Text Block]	As of September 30, 2019 Gross Proceeds $ 379.7 Less: Class C Unit issuance costs (1) $ (22.5 ) Plus: PIK Distributions Paid to holders of Class C Units $ 26.9 Accretion of carrying value to liquidation preference of Class C Units $ 7.7 Change in contingent forward liability $ 0.1 Contingently Redeemable Class C Units in operating partnership $ 391.9

Note 4 - Leases (Tables)

Note 4 - Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Lease, Supplemental Balance Sheet Information [Table Text Block]	Weighted Average Remaining Lease Term Weighted Average Discount Rate September 30, 2019 17.7 years 6.33 %
Lessee, Operating Leases, Supplemental Income Statement Information [Table Text Block]	Variable Lease Expense (in thousands) Rent Expense (in thousands) Amortization of Below-Market Lease Intangible, net (in thousands) For the three months ended September 30, 2019 $ 201 $ 1,440 $ 96 For the nine months ended September 30, 2019 $ 597 $ 4,281 $ 295
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Minimum Rental Commitments Amortization of Above Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible, net, to Rent Expense For the three months ending December 31, 2019 $ 1,372 $ (38 ) $ 134 $ 96 Year ending December 31, 2020 5,505 (153 ) 535 382 Year ending December 31, 2021 5,533 (153 ) 535 382 Year ending December 31, 2022 5,554 (153 ) 535 382 Year ending December 31, 2023 5,560 (153 ) 535 382 Thereafter 71,019 (1,722 ) 8,161 6,439 Total lease payments $ 94,543 $ (2,372 ) $ 10,435 $ 8,063 Less: Imputed Interest 42,292 Present value of lease liability $ 52,251
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Minimum Rental Commitments Amortization of Above Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible to Rent Expense Amortization of Below Market Lease Intangible, net, to Rent Expense Year ending December 31, 2019 $ 5,227 $ (153 ) $ 551 $ 398 Year ending December 31, 2020 5,265 (153 ) 551 398 Year ending December 31, 2021 5,271 (153 ) 551 398 Year ending December 31, 2022 5,292 (153 ) 551 398 Year ending December 31, 2023 5,298 (153 ) 551 398 Thereafter 71,153 (1,722 ) 8,762 7,040 Total $ 97,506 $ (2,487 ) $ 11,517 $ 9,030

Note 5 - Mortgage Notes Payab_2

Note 5 - Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Outstanding Mortgage Notes Payable Encumbered Properties September 30, 2019 Interest Rate Payment Maturity Hilton Garden Inn Blacksburg Joint Venture $ 10,500 4.31% Interest Only, Principal paid at Maturity June 2020 92 - Pack Mortgage Loan (1) 855,878 One-month LIBOR plus 2.14% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights 92 - Pack Senior Mezzanine Loan 98,377 One-month LIBOR plus 5.60% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights 92 - Pack Junior Mezzanine Loan 68,864 One-month LIBOR plus 8.50% Interest Only, Principal paid at Maturity Nov 2021, subject to three, one year extension rights Additional Grace Mortgage Loan -20 properties in Grace Portfolio and one additional property 232,000 4.96% Interest Only, Principal paid at Maturity October 2020 Term Loan -25 properties 272,816 One-month LIBOR plus 3.00% Interest Only, Principal paid at Maturity May 2020, subject to three, one year extension rights Total Mortgage Notes Payable $ 1,538,435 Less: Deferred Financing, Net $ 15,707 Plus: Premium on Variable Interest-Only Bond $ 1,569 Total Mortgage Notes Payable, Net $ 1,524,297 Outstanding Mortgage Notes Payable Encumbered Properties December 31, 2018 Interest Rate Payment Maturity Baltimore Courtyard & Providence Courtyard $ 45,500 4.30 % Interest Only, Principal paid at Maturity April 2019 Hilton Garden Inn Blacksburg Joint Venture 10,500 4.31 % Interest Only, Principal paid at Maturity June 2020 87 - Pack Mortgage Loan - 87 properties in Grace Portfolio 805,000 One-month LIBOR plus 2.56% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights 87 - Pack Mezzanine Loan - 87 properties in Grace Portfolio 110,000 One-month LIBOR plus 6.50% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights Additional Grace Mortgage Loan - 20 properties in Grace Portfolio and one additional property 232,000 4.96 % Interest Only, Principal paid at Maturity October 2020 Term Loan -28 properties 310,000 One-month LIBOR plus 3.00% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights Total Mortgage Notes Payable $ 1,513,000 Less: Deferred Financing, Net $ 5,491 Total Mortgage Notes Payable, Net $ 1,507,509

Note 7 - Accounts Payable and_2

Note 7 - Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	September 30, 2019 December 31, 2018 Trade accounts payable $ 10,958 $ 22,247 Accrued expenses 56,117 40,718 Total $ 67,075 $ 62,965

Note 9 - Share-based Payments (

Note 9 - Share-based Payments (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Number of Shares Weighted Average Grant Date Fair Value (per share) Aggregate Intrinsic Value (in thousands) Non-vested December 31, 2018 7,210 $ 14.18 $ 102 Granted 10,858 $ 6.91 $ 75 Vested 7,210 $ 14.18 $ 102 Forfeitures — $ — $ — Non-vested September 30, 2019 10,858 $ 6.91 $ 75 Number of Shares Weighted Average Grant Date Fair Value (per share) Aggregate Intrinsic Value (in thousands) Non-vested December 31, 2018 332,364 $ 14.34 $ 4,765 Granted 219,959 $ 6.91 $ 1,520 Vested 97,335 $ 14.42 $ 1,404 Forfeited 71,558 $ 10.67 $ 763 Non-vested September 30, 2019 383,430 $ 10.74 $ 4,118

Note 10 - Fair Value Measurem_2

Note 10 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	September 30, 2019 Carrying Amount Fair Value Mortgage notes payable $ 1,538,435 $ 1,525,372 Total $ 1,538,435 $ 1,525,372

Note 1 - Organization (Details

Note 1 - Organization (Details Textual)	Jan. 12, 2017USD ($)	Sep. 30, 2019USD ($)shares	Sep. 30, 2018	Jun. 30, 2019	May 09, 2019$ / shares	Dec. 31, 2018USD ($)shares
Number of Real Estate Properties		138
Number of Guest Rooms		16,765
Number of States in which Entity Operates		33
Real Estate, Marketed For Sale		45		26
Number of Real Estate Properties Sold		6	1
Number of Real Estate Held for Sale		16
Common Stock, Net Asset Value Per Share | $ / shares					$ 9.21
Common Stock, Shares, Outstanding, Ending Balance | shares		39,151,201				39,134,628
Temporary Equity, Liquidation Preference		$ 406,638				$ 173,573
Brookfield Investor [Member[ | Hospitality Investors Trust, Inc. [Member]
Sale of Stock, Percentage of Ownership after Transaction		41.40%
Securities Purchase Voting and Standstill Agreement [Member]
Sale of Stock, Consideration Received on Transaction	$ 400,000,000
Securities Purchase Voting and Standstill Agreement [Member] | Class C Units [Member]
Temporary Equity, Liquidation Preference		$ 406,600,000

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Goodwill, Impairment Loss	$ 0		$ 0		$ 0
Number of Real Estate, Goodwill Allocated	2		2		2
Goodwill, Ending Balance	$ 10,800,000		$ 10,800,000		$ 10,800,000		$ 11,030,000
Open Tax Year				2014 2015 2016 2017 2018
Derivative Liability, Total	0		0		0		1,300,000
Operating Lease, Right-of-Use Asset	59,020,000		59,020,000		59,020,000
Operating Lease, Liability, Total	52,251,000		52,251,000		52,251,000
Finite-Lived Intangible Assets, Net, Ending Balance							9,030,000
Advertising Expense	5,700,000	$ 4,800,000			$ 16,500,000	$ 13,800,000
Number of Reportable Segments					1
Goodwill, Period Increase (Decrease), Total			0
Off-Market Favorable Lease [Member] | Right-of-Use Asset [Member]
Finite-Lived Intangible Assets, Net, Ending Balance	8,100,000		8,100,000		$ 8,100,000
Forward Contracts [Member]
Derivative Liability, Total	$ 0		$ 0		$ 0		$ 0
Product Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Rooms [Member]
Concentration Risk, Percentage	94.60%	94.80%			94.30%	94.50%
Building [Member]
Property, Plant and Equipment, Useful Life					40 years
Land Improvements [Member]
Property, Plant and Equipment, Useful Life					15 years
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life					5 years

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies - Trade and Note Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Trade receivables	$ 10,221	$ 8,329
Allowance for doubtful accounts	(501)	(338)
Trade and Note receivables, net of allowance	$ 9,720	$ 7,991

Note 3 - Brookfield Investmen_2

Note 3 - Brookfield Investment (Details Textual) $ / shares in Units, $ in Thousands	Feb. 27, 2019USD ($)$ / sharesshares	Feb. 27, 2018USD ($)$ / sharesshares	Jun. 30, 2017$ / shares	Mar. 31, 2017USD ($)$ / sharesshares	Jan. 12, 2017USD ($)	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)shares	Mar. 31, 2017USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)shares	Dec. 31, 2018$ / sharesshares
Preferred Stock, Shares Outstanding, Ending Balance | shares				1		1		1	1		1
Preferred Stock, Par or Stated Value Per Share | $ / shares				$ 0.01		$ 0.01		$ 0.01	$ 0.01		$ 0.01
Number Of Directors Eligible For Election By Investors									2
Number Of Additional Directors Eligible For Election By Investors									2
Number Of Directors With Approval Rights									1
Temporary Equity, Dividends, Adjustment						$ 12,825	$ 5,405		$ 33,295	$ 15,355
Payments of Dividends, Total									20,064	9,322
Securities Purchase Voting and Standstill Agreement [Member]
Sale of Stock, Consideration Received on Transaction					$ 400,000
Class C Units [Member]
Temporary Equity, Dividends, Adjustment								$ 4,500
Cash Distributions, Percent Per Year	7.50%		7.50%
Cash Distributions, Percent Per Year, Potential Increased Rate			10.00%
Paid-in-kind Distributions, Percent Per Year	5.00%		5.00%
Paid-in-kind Distributions, Percent Per Year, Potential Increased Rate			7.50%
Paid-in-kind Distributions, Potential Additional Increase in Distribution Rate Per Quarter			1.25%
Paid-in-kind Distributions, Maximum Percent Per Year			12.50%
Paid-in-kind Distributions, Denominator for Distributions | $ / shares			$ 14.75
Temporary Equity, Tax Distributions									0
Payments of Dividends, Total						$ 7,700	$ 3,200		$ 20,000	$ 9,200
Paid-in-kind Distributions, Number of Units | shares						347,822.16	146,594.53		902,948.37	416,402.87
Convertible Equity, Conversion Price | $ / shares									$ 14.75
Related Party Transaction, Minimum Amount of Assets for Transfers without Consent									$ 100,000
Related Party Transaction, Minimum Percent of Class C Units to Outstanding Common Stock to Trigger Preemptive Rights									5.00%
Class C Units [Member] | Brookfield Investor [Member[
Related Party Transaction, Expenses from Transactions with Related Party									$ 6,000
Class C Units [Member] | Securities Purchase Voting and Standstill Agreement [Member]
Sale of Stock, Number of Shares Issued in Transaction | shares	14,898,060.78	1,694,915.25		9,152,542.37				9,152,542.37
Sale of Stock, Price Per Share | $ / shares	$ 14.75	$ 14.75		$ 14.75				$ 14.75
Sale of Stock, Consideration Received on Transaction	$ 219,700	$ 25,000		$ 135,000

Note 3 - Brookfield Investmen_3

Note 3 - Brookfield Investment - Class C Units (Details) - USD ($) $ in Thousands		30 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Contingently Redeemable Class C Units in operating partnership		$ 391,912	$ 163,148
Class C Units [Member]
Gross Proceeds		379,700
Class C Unit issuance costs(1)	[1]	(22,500)
PIK Distributions Paid to holders of Class C Units		26,900
Accretion of carrying value to liquidation preference of Class C Units		7,700
Change in contingent forward liability		100
Contingently Redeemable Class C Units in operating partnership		$ 391,900
[1]	Class C Unit issuance costs include $6.0 million paid directly to the Brookfield Investor at the Initial Closing in the form of expense reimbursements and a commitment fee.

Note 4 - Leases (Details Textua

Note 4 - Leases (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Number of Operating Leases Held	1		1
Operating Lease, Payments			$ 4,100
Amortization of Below Market Lease		$ 100		$ 300
Operating Lease, Cost	$ 1,440	$ 1,600	$ 4,281	$ 4,700
Minimum [Member]
Lessee, Operating Lease, Remaining Term of Contract			5 years
Lessee, Operating Lease, Renewal Term	5 years		5 years
Maximum [Member]
Lessee, Operating Lease, Remaining Term of Contract			47 years
Lessee, Operating Lease, Renewal Term	50 years		50 years

Note 4 - Leases - Lease Informa

Note 4 - Leases - Lease Information (Details)	Sep. 30, 2019
Weighted average remaining lease term (Year)	17 years 255 days
Weighted average discount rate	6.33%

Note 4 - Leases - Supplemental

Note 4 - Leases - Supplemental Income Statement For Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Variable Lease Expense	$ 201		$ 597
Rent Expense	1,440	$ 1,600	4,281	$ 4,700
Amortization of Below-market Lease Intangible, Net	$ 96		$ 295

Note 4 - Leases - Maturity of L

Note 4 - Leases - Maturity of Lease Liabilities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
For the three months ending December 31, 2019, minimum rental commitments	$ 1,372
For the three months ending December 31, 2019, amortization of above market lease intangible to rent expense	(38,000)
For the three months ending December 31, 2019, amortization of below market lease intangible to rent expense	134,000
For the three months ending December 31, 2019, amortization of below market lease intangible, net, to rent expense	96,000
Year ending December 31, 2020, minimum rental commitments	5,505,000
Year ending December 31, 2020, amortization of above market lease intangible to rent expense	(153,000)	$ (153,000)
Year ending December 31, 2020, amortization of below market lease intangible to rent expense	535,000	551,000
Year ending December 31, 2020, amortization of below market lease intangible, net, to rent expense	382,000	398,000
Year ending December 31, 2021, minimum rental commitments	5,533,000
Year ending December 31, 2021, amortization of above market lease intangible to rent expense	(153,000)	(153,000)
Year ending December 31, 2021, amortization of below market lease intangible to rent expense	535,000	551,000
Year ending December 31, 2021, amortization of below market lease intangible, net, to rent expense	382,000	398,000
Year ending December 31, 2022, minimum rental commitments	5,554,000
Year ending December 31, 2022, amortization of above market lease intangible to rent expense	(153,000)	(153,000)
Year ending December 31, 2022, amortization of below market lease intangible to rent expense	535,000	551,000
Year ending December 31, 2022, amortization of below market lease intangible, net, to rent expense	382,000	398,000
Year ending December 31, 2023, minimum rental commitments	5,560,000
Year ending December 31, 2023, amortization of above market lease intangible to rent expense	(153,000)	(153,000)
Year ending December 31, 2023, amortization of below market lease intangible to rent expense	535,000	551,000
Year ending December 31, 2023, amortization of below market lease intangible, net, to rent expense	382,000	398,000
Thereafter, minimum rental commitments	71,019,000
Thereafter, amortization of above market lease intangible to rent expense	(1,722,000)	(1,722,000)
Thereafter, amortization of below market lease intangible to rent expense	8,161,000	8,762,000
Thereafter, amortization of below market lease intangible, net, to rent expense	6,439,000	7,040,000
Total lease payments, minimum rental commitments	94,543,000
Total lease payments, amortization of above market lease intangible to rent expense	(2,372,000)	(2,487,000)
Total lease payments, amortization of below market lease intangible to rent expense	10,435,000	11,517,000
Total lease payments, amortization of below market lease intangible, net, to rent expense	8,063,000	9,030,000
Less: Imputed Interest, minimum rental commitments	42,292,000
Present value of lease liability, minimum rental commitments	$ 52,251,000

Note 4 - Leases - Minimum Lease

Note 4 - Leases - Minimum Lease Payments (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Year ending December 31, 2019, minimum rental commitments		$ 5,227,000
Year ending December 31, 2019, amortization of above market lease intangible to rent expense		(153,000)
Year ending December 31, 2019, amortization of below market lease intangible to rent expense		551,000
Year ending December 31, 2019, amortization of below market lease intangible, net, to rent expense		398,000
Year ending December 31, 2020, minimum rental commitments		5,265,000
Year ending December 31, 2020, amortization of above market lease intangible to rent expense	$ (153,000)	(153,000)
Year ending December 31, 2020, amortization of below market lease intangible to rent expense	535,000	551,000
Year ending December 31, 2020, amortization of below market lease intangible, net, to rent expense	382,000	398,000
Year ending December 31, 2021, minimum rental commitments		5,271,000
Year ending December 31, 2021, amortization of above market lease intangible to rent expense	(153,000)	(153,000)
Year ending December 31, 2021, amortization of below market lease intangible to rent expense	535,000	551,000
Year ending December 31, 2021, amortization of below market lease intangible, net, to rent expense	382,000	398,000
Year ending December 31, 2022, minimum rental commitments		5,292,000
Year ending December 31, 2022, amortization of above market lease intangible to rent expense	(153,000)	(153,000)
Year ending December 31, 2022, amortization of below market lease intangible to rent expense	535,000	551,000
Year ending December 31, 2022, amortization of below market lease intangible, net, to rent expense	382,000	398,000
Year ending December 31, 2023, minimum rental commitments		5,298,000
Year ending December 31, 2023, amortization of above market lease intangible to rent expense	(153,000)	(153,000)
Year ending December 31, 2023, amortization of below market lease intangible to rent expense	535,000	551,000
Year ending December 31, 2023, amortization of below market lease intangible, net, to rent expense	382,000	398,000
Thereafter, minimum rental commitments		71,153,000
Thereafter, amortization of above market lease intangible to rent expense	(1,722,000)	(1,722,000)
Thereafter, amortization of below market lease intangible to rent expense	8,161,000	8,762,000
Thereafter, amortization of below market lease intangible, net, to rent expense	6,439,000	7,040,000
Total, minimum rental commitments		97,506,000
Total, amortization of above market lease intangible to rent expense	(2,372,000)	(2,487,000)
Total, amortization of below market lease intangible to rent expense	10,435,000	11,517,000
Total, amortization of below market lease intangible, net, to rent expense	$ 8,063,000	$ 9,030,000

Note 5 - Mortgage Notes Payab_3

Note 5 - Mortgage Notes Payable (Details Textual) $ in Thousands		May 01, 2019USD ($)	Apr. 05, 2019USD ($)	Apr. 27, 2017USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	May 22, 2019USD ($)	Jul. 06, 2015	Feb. 28, 2015
Number of Real Estate Properties Collateralize by Debt Agreement					89		89
Number of Real Estate Properties					138		138
Number of Real Estate Properties Sold							6	1
Long-term Debt, Total					$ 1,524,297		$ 1,524,297		$ 1,507,509
Third Party [Member]
Number of Real Estate Properties Collateralize by Debt Agreement					25		25
Number of Real Estate Properties Sold							3
87-Pack Collateral Property [Member]
Number of Real Estate Properties												87
Grace Portfolio [Member]
Number of Real Estate Properties					116		116
Baltimore Courtyard and Providence Courtyard Bridge Loans [Member]
Debt Instrument, Face Amount			$ 46,100
Repayments of Debt			$ 45,500
87-Pack Loans and the Baltimore Courtyard and Providence Courtyard Bridge Loans [Member]
Debt Instrument, Face Amount		$ 1,040,000
Repayments of Debt		961,100
Funded Reserve With Lenders [Member]
Proceeds from Refinancing Used to Fund Reserves		$ 10,000
The 92-pack Loans [Member]
Debt Instrument, Percent Prepayable		25.00%
Mortgages [Member]
Interest Expense, Debt, Total					$ 20,400	$ 19,600	$ 62,700	$ 56,000
Mortgages [Member] | Hilton Garden Inn Blacksburg Joint Venture Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage					4.31%		4.31%		4.31%		4.31%
Mortgages [Member] | Additional Grace Mortgage Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage					4.96%		4.96%		4.96%
Secured Debt [Member] | 87-Pack Loans [Member]
Debt Instrument, Face Amount					$ 915,000		$ 915,000
Minimum Net Worth Required for Compliance					250,000		$ 250,000
Secured Debt [Member] | 87-Pack Loans [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate							3.03%
Secured Debt [Member] | 87-Pack Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate							4.00%
Secured Debt [Member] | 87-Pack Mortgage Loan [Member]
Debt Instrument, Face Amount					805,000		$ 805,000
Debt Instrument, Number of Extensions on Initial Maturity Date									3
Secured Debt [Member] | 87-Pack Mortgage Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate							2.56%		2.56%
Secured Debt [Member] | 87-Pack Mezzanine Loan [Member]
Debt Instrument, Face Amount					110,000		$ 110,000
Debt Instrument, Number of Extensions on Initial Maturity Date									3
Secured Debt [Member] | 87-Pack Mezzanine Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate							6.50%		6.50%
Secured Debt [Member] | The 92-pack Loans [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate							4.00%
Secured Debt [Member] | The 92-pack Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Weighted Average [Member]
Debt Instrument, Basis Spread on Variable Rate							2.90%
Secured Debt [Member] | The 92 - Pack Mortgage Loan [Member] | Third Party [Member]
Repayments of Debt							$ 14,100
Secured Debt [Member] | The 92 - Pack Mortgage Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	[1]						2.14%
Secured Debt [Member] | The 92 - Pack Senior Mezzanine Loan [Member] | Third Party [Member]
Repayments of Debt							$ 2,800
Secured Debt [Member] | The 92 - Pack Senior Mezzanine Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate							5.60%
Secured Debt [Member] | The 92 - Pack Junior Mezzanine Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate							8.50%
Secured Debt [Member] | Term Loan [Member]
Number of Real Estate Properties Collateralize by Debt Agreement				28
Debt Instrument, Face Amount				$ 310,000						$ 285,000
Debt Instrument, Basis Spread on Variable Rate									3.00%
Minimum Net Worth Required for Compliance				$ 250,000
Debt Instrument, Number of Extensions on Initial Maturity Date				3					3
Secured Debt [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				3.00%			3.00%
Secured Debt [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate				4.00%
Secured Debt Excluding Interest in Properties Serving as Collateral and Excluding Accumulated Depreciation and Amortization [Member] | The 92-pack Loans [Member]
Minimum Net Worth Required for Compliance					250,000		$ 250,000
Secured Debt Including Interest in Properties Serving as Collateral and Excluding Accumulated Depreciation and Amortization [Member] | The 92-pack Loans [Member]
Minimum Net Worth Required for Compliance					$ 500,000		500,000
Term Loan [Member]
Repayments of Debt							25,000
Long-term Debt, Total		$ 285,000
Term Loan [Member] | Third Party [Member]
Repayments of Debt							$ 12,200
[1]	As a result of asset sale activity, the number of hotel properties serving as collateral for this loan has been reduced to 89 as of September 30, 2019.

Note 5 - Mortgage Notes Payab_4

Note 5 - Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) $ in Thousands		Apr. 27, 2017	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Jul. 06, 2015
Mortgage notes payable			$ 1,538,435	$ 1,513,000
Term of extension (Year)
Less: Deferred Financing, Net			$ 15,707	5,491
Plus: Premium on Variable Interest-Only Bond			1,569
Long-term Debt, Total			$ 1,524,297	1,507,509
Term of extension (Year)
Hilton Garden Inn Blacksburg Joint Venture Loan [Member] | Mortgages [Member]
Mortgage notes payable			$ 10,500	$ 10,500
Debt Instrument, Interest Rate, Stated Percentage			4.31%	4.31%	4.31%
Term of extension (Year)			2020 years	2020 years
Term of extension (Year)			2020 years	2020 years
Baltimore Courtyard and Providence Courtyard Loan [Member] | Mortgages [Member]
Mortgage notes payable				$ 45,500
Debt Instrument, Interest Rate, Stated Percentage				4.30%
Term of extension (Year)				2019 years
Term of extension (Year)				2019 years
The 92 - Pack Mortgage Loan [Member] | Secured Debt [Member]
Mortgage notes payable	[1]		$ 855,878
Term of extension (Year)	[1]		2021 years
Term of extension (Year)	[1]		2021 years
The 92 - Pack Mortgage Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	[1]		2.14%
The 92 - Pack Senior Mezzanine Loan [Member] | Mortgages [Member]
Mortgage notes payable			$ 98,377
The 92 - Pack Senior Mezzanine Loan [Member] | Secured Debt [Member]
Term of extension (Year)			2021 years
Term of extension (Year)			2021 years
The 92 - Pack Senior Mezzanine Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			5.60%
87-Pack Mortgage Loan [Member] | Secured Debt [Member]
Mortgage notes payable				$ 805,000
Term of extension (Year)				1 year
Term of extension (Year)				1 year
Debt Instrument, Number of Extensions on Initial Maturity Date				3
87-Pack Mortgage Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			2.56%	2.56%
The 92 - Pack Junior Mezzanine Loan [Member] | Secured Debt [Member]
Mortgage notes payable			$ 68,864
Term of extension (Year)			2021 years
Term of extension (Year)			2021 years
The 92 - Pack Junior Mezzanine Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			8.50%
87-Pack Mezzanine Loan [Member] | Secured Debt [Member]
Mortgage notes payable				$ 110,000
Term of extension (Year)				1 year
Term of extension (Year)				1 year
Debt Instrument, Number of Extensions on Initial Maturity Date				3
87-Pack Mezzanine Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			6.50%	6.50%
Additional Grace Mortgage Loan [Member] | Mortgages [Member]
Mortgage notes payable			$ 232,000	$ 232,000
Debt Instrument, Interest Rate, Stated Percentage			4.96%	4.96%
Term of extension (Year)			2020 years	2020 years
Term of extension (Year)			2020 years	2020 years
Term Loan [Member] | Secured Debt [Member]
Mortgage notes payable			$ 272,816	$ 310,000
Term of extension (Year)			2020 years	1 year
Debt Instrument, Basis Spread on Variable Rate				3.00%
Term of extension (Year)			2020 years	1 year
Debt Instrument, Number of Extensions on Initial Maturity Date		3		3
Term Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3.00%	3.00%
[1]	As a result of asset sale activity, the number of hotel properties serving as collateral for this loan has been reduced to 89 as of September 30, 2019.

Note 6 - Mandatorily Redeemab_2

Note 6 - Mandatorily Redeemable Preferred Securities (Details Textual) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2015USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Feb. 27, 2019USD ($)
Number of Newly Formed Limited Liability Companies	2
Interest Expense, Total		$ 22,123	$ 27,083	$ 72,648	$ 78,423
The Grace Acquisition [Member] | Redeemable Preferred Stock [Member]
Temporary Equity, Liquidation Preference, Issued as Consideration to Acquire Real Estate	$ 447,100
Preferred Stock, Distribution Period	1 year 180 days
Preferred Stock, Redemption Terms, Percentage of Preferred Equity Interests Required to be Redeemed at End of Third Year	50.00%
Interest Expense, Total		$ 0	$ 4,300	$ 2,700	$ 13,000
Preferred Stock, Redemption Terms, Preferred Equity Interests Required to be Redeemed at End of Fourth Year						$ 219,700
The Grace Acquisition [Member] | Redeemable Preferred Stock [Member] | Minimum [Member]
Preferred Stock, Dividend Rate, Percentage	7.50%
The Grace Acquisition [Member] | Redeemable Preferred Stock [Member] | Maximum [Member]
Preferred Stock, Dividend Rate, Percentage	8.00%

Note 7 - Accounts Payable and_3

Note 7 - Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Trade accounts payable	$ 10,958	$ 22,247
Accrued expenses	56,117	40,718
Total	$ 67,075	$ 62,965

Note 8 - Common Stock (Details

Note 8 - Common Stock (Details Textual) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2018	Sep. 30, 2019
Common Stock, Shares, Outstanding, Ending Balance		39,134,628			39,134,628	39,151,201
Stock Repurchased and Retired During Period, Shares		208,977			211,154
Stock Repurchased and Retired During Period, Value	$ 20	$ 1,900	$ (6)	$ 1,200	$ 1,900

Note 9 - Share-based Payments_2

Note 9 - Share-based Payments (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum			5.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	4,000,000		4,000,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years
Share-based Payment Arrangement, Expense		$ 0.1	$ 0.1	$ 0.1
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 0.1		$ 0.1
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Share-based Payment Arrangement, Expense	0.4	$ 0.4	$ 1.1	$ 1
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 3.3		$ 3.3

Note 9 - Share-based Payments -

Note 9 - Share-based Payments - Restricted Share and RSU Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Restricted Stock [Member]
Non-vested (in shares)	7,210	7,210
Non-vested, weighted average grant date fair value (in dollars per share)	$ 14.18	$ 14.18
Non-vested, aggregate intrinsic value		$ 75	$ 102
Granted (in shares)	10,858
Granted, weighted average grant date fair value (in dollars per share)		$ 6.91
Vested (in shares)		7,210
Vested, weighted average grant date fair value (in dollars per share)		$ 14.18
Forfeitures (in shares)
Forfeitures, weighted average grant date fair value (in dollars per share)
Non-vested (in shares)		10,858
Non-vested, weighted average grant date fair value (in dollars per share)		$ 6.91
Restricted Stock Units (RSUs) [Member]
Non-vested (in shares)	332,364	332,364
Non-vested, weighted average grant date fair value (in dollars per share)	$ 14.34	$ 14.34
Non-vested, aggregate intrinsic value		$ 4,118	$ 4,765
Granted (in shares)		219,959
Granted, weighted average grant date fair value (in dollars per share)		$ 6.91
Vested (in shares)		97,335
Vested, weighted average grant date fair value (in dollars per share)		$ 14.42
Forfeitures (in shares)		71,558
Forfeitures, weighted average grant date fair value (in dollars per share)		$ 10.67
Granted, aggregate intrinsic value		$ 1,520
Vested, aggregate intrinsic value		1,404
Forfeited, aggregate intrinsic value		$ 763
Non-vested (in shares)		383,430
Non-vested, weighted average grant date fair value (in dollars per share)		$ 10.74

Note 10 - Fair Value Measurem_3

Note 10 - Fair Value Measurements (Details Textual) $ in Millions	Sep. 30, 2019USD ($)
Fair Value, Inputs, Level 2 [Member] | Variable Interest Only Bond [Member]
Derivative Asset, Total	$ 1.7

Note 10 - Fair Value Measurem_4

Note 10 - Fair Value Measurements - Fair Value of Liabilities (Details) $ in Thousands	Sep. 30, 2019USD ($)
Reported Value Measurement [Member]
Mortgage notes payable	$ 1,538,435
Total	1,538,435
Estimate of Fair Value Measurement [Member]
Mortgage notes payable	1,525,372
Total	$ 1,525,372

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2019	Feb. 27, 2019	Dec. 31, 2018
Derivative Liability, Total	$ 0		$ 1,300
The Grace Acquisition [Member] | Redeemable Preferred Stock [Member]
Preferred Stock, Redemption Terms, Preferred Equity Interests Required to be Redeemed at End of Fourth Year		$ 219,700

Note 12 - Related Party Trans_2

Note 12 - Related Party Transactions and Arrangements (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Feb. 27, 2019	Feb. 27, 2018	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Mar. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
Dividends, Paid-in-kind, Total					$ 5,130	$ 5,011	$ 3,177	$ 2,162	$ 2,112	$ 1,868		$ 13,318	$ 6,142
Class C Units [Member]
Proceeds from Issuance or Sale of Equity, Total														$ 379,700
Cash Distributions, Percent Per Year	7.50%		7.50%
Paid-in-kind Distributions, Percent Per Year	5.00%		5.00%
Dividends, Paid-in-kind, Total					$ 7,700			$ 3,200				$ 20,000	$ 9,200
Paid-in-kind Distributions, Number of Units					347,822.16			146,594.53				902,948.37	416,402.87
Securities Purchase Voting and Standstill Agreement [Member] | Class C Units [Member]
Sale of Stock, Number of Shares Issued in Transaction	14,898,060.78	1,694,915.25		9,152,542.37							9,152,542.37
Sale of Stock, Price Per Share	$ 14.75	$ 14.75		$ 14.75							$ 14.75
Proceeds from Issuance or Sale of Equity, Total	$ 219,700	$ 25,000

Note 13 - Sale of Hotels and _2

Note 13 - Sale of Hotels and Assets Held for Sale (Details Textual) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Nov. 07, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2019
Proceeds from Sale of Real Estate, Total					$ 37,300	$ 5,700
Gain (Loss) on Sale of Properties					$ 1,200	$ 100
Number of Hotels, Previously Recognized Impairment Loss		5			5
Number of Real Estate Properties Sold					6	1
Payments for Repurchase of Redeemable Preferred Stock					$ 219,746	$ 14,370
Real Estate, Marketed For Sale		45			45		26
Real Estate, Marketed For Sale, Addition		19
Number of Real Estate Held for Sale		16			16
Number of Hotels Identified for Impairment		4			17	4
Impairment of Real Estate		$ 11,700	$ 0		$ 55,200	$ 17,300
Proceeds from Sale of Real Estate, Net of Prepayment Costs					6,400
Repayment of Long-term Debt and Closing Costs					$ 31,000
Subsequent Event [Member]
Proceeds from Sale of Real Estate, Total	$ 22,300
Number of Real Estate Properties Sold	11
Repayment of Long-term Debt and Closing Costs	$ 51,600
Forecast [Member]
Aggregate Contract Purchase Price				$ 116,000
Net Proceeds from Sale of Real Estate, Expected				38,400
Repayment of Long-term Debt and Closing Costs, Estimated				$ 77,600
Grace Preferred Equity Interests [Member]
Payments for Repurchase of Redeemable Preferred Stock						$ 3,800

Note 14 - Impairments (Details

Note 14 - Impairments (Details Textual)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Number of Hotels Identified for Impairment	4			17	4
Number of Real Estate Held for Sale	16		16	16
Impairment of Real Estate	$ 11,700,000	$ 0		$ 55,200,000	$ 17,300,000
Goodwill, Impairment Loss	$ 0		$ 0	$ 0

Note 15 - Subsequent Events (De

Note 15 - Subsequent Events (Details Textual) $ in Millions	1 Months Ended	9 Months Ended
	Nov. 07, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Number of Real Estate Properties Sold		6	1
Proceeds from Sale of Real Estate, Total		$ 37.3	$ 5.7
Repayment of Long-term Debt and Closing Costs		$ 31
Subsequent Event [Member]
Number of Real Estate Properties Sold	11
Real Estate, Sales Price	$ 73.9
Proceeds from Sale of Real Estate, Total	22.3
Repayment of Long-term Debt and Closing Costs	$ 51.6