Hospitality Investors Trust (HPITQ) 10-K 27 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 15, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	HOSPITALITY INVESTORS TRUST, INC.
Entity Central Index Key	1,583,077
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		39,505,742
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate investments:
Land	$ 341,651	$ 339,819
Buildings and improvements	1,921,396	1,838,594
Furniture, fixtures and equipment	226,242	212,994
Total real estate investments	2,489,289	2,391,407
Less: accumulated depreciation and amortization	(257,592)	(169,486)
Total real estate investments, net	2,231,697	2,221,921
Assets held for sale	5,586	0
Cash and cash equivalents	55,736	42,787
Acquisition deposits	0	7,500
Restricted cash	63,444	35,050
Investments in unconsolidated entities	3,649	3,490
Below-market lease asset, net	9,428	9,827
Prepaid expenses and other assets	36,705	32,836
Goodwill	14,408	0
Total Assets	2,420,653	2,353,411
LIABILITIES, NON-CONTROLLING INTEREST AND EQUITY
Mortgage notes payable, net	1,495,777	1,410,925
Promissory notes payable, net	1,000	23,380
Mandatorily redeemable preferred securities, net	233,058	288,265
Accounts payable and accrued expenses	67,452	68,519
Due to related parties	0	2,879
Total Liabilities	1,797,287	1,793,968
Commitments and Contingencies
Contingently Redeemable Class C Units in operating partnership; 9,507,892 units issued and outstanding ($140,241 liquidation preference)	128,044	0
Stockholders' Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, one and zero shares issued and outstanding, respectively	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 39,505,742 and 38,493,430 shares issued and outstanding, respectively	395	385
Additional paid-in capital	871,840	843,149
Deficit	(379,559)	(286,852)
Total equity of Hospitality Investors Trust, Inc. stockholders	492,676	556,682
Non-controlling interest - consolidated variable interest entity	2,646	2,761
Total Stockholders' Equity	495,322	559,443
Total Liabilities, Contingently Redeemable Class C Units, and Stockholders' Equity	$ 2,420,653	$ 2,353,411

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Contingently redeemable class c units in operating partnership, shares issued (in shares)	9,507,892	9,507,892
Contingently redeemable class c units in operating partnership, shares outstanding (in shares)	9,507,892	9,507,892
Contingently redeemable class c units in operating partnership, liquidation preference	$ 140,241	$ 140,241
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	50,000,000	50,000,000
Preferred stock, issued (shares)	1	0
Preferred stock, outstanding (shares)	1	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, authorized (shares)	300,000,000	300,000,000
Common stock, issued (shares)	39,505,742	38,493,430
Common stock, outstanding (shares)	39,505,742	38,493,430

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Rooms	$ 588,308	$ 566,633	$ 420,617
Food and beverage	19,811	20,039	15,908
Other	12,956	12,920	9,659
Total revenue	621,075	599,592	446,184
Operating expenses
Rooms	147,814	139,169	99,543
Food and beverage	16,158	15,986	12,774
Management fees	23,643	42,560	22,107
Other property-level operating expenses	242,925	230,546	171,488
Acquisition and transaction related costs	498	25,270	64,513
General and administrative	18,889	15,806	11,621
Depreciation and amortization	105,237	101,007	68,500
Impairment of goodwill and long-lived assets	32,689	2,399	0
Rent	6,569	6,714	6,249
Total operating expenses	594,422	579,457	456,795
Operating income (loss)	26,653	20,135	(10,611)
Interest expense	(98,865)	(92,264)	(80,667)
Other income (expense)	(1,260)	1,169	(491)
Equity in earnings of unconsolidated entities	403	399	238
Total other expenses, net	(99,722)	(90,696)	(80,920)
Loss before taxes	(73,069)	(70,561)	(91,531)
Income tax (benefit) expense	(1,926)	1,371	3,106
Net loss and comprehensive loss	(71,143)	(71,932)	(94,637)
Less: Net income attributable to non-controlling interest	244	315	189
Net loss before dividends and accretion	(71,387)	(72,247)	(94,826)
Deemed dividend related to beneficial conversion feature of Class C Units	(4,535)	0	0
Dividends on Class C Units (cash and PIK)	(13,103)	0	0
Accretion of Class C Units	(1,668)	0	0
Net loss attributable to common stockholders	$ (90,693)	$ (72,247)	$ (94,826)
Basic and diluted net loss per share (usd per share)	$ (2.30)	$ (1.86)	$ (3.61)
Basic and diluted weighted average shares outstanding (shares)	39,411,677	38,732,949	26,247,563

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Deficit	Total Equity of Hospitality Investors Trust, Inc. Stockholders	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2014		10,163,206
Beginning balance at Dec. 31, 2014	$ 201,795	$ 102	$ 221,379	$ (19,686)	$ 201,795	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		25,373,352
Issuance of common stock, net	631,779	$ 253	631,526		631,779
Net loss attributable to Hospitality Investors Trust, Inc.	(94,826)			(94,826)	(94,826)
Net income attributable to non-controlling interest	189					189
Non-controlling interest - consolidated variable interest entity	2,551					2,551
Dividends paid or declared	(41,168)			(41,168)	(41,168)
PIK distributions on Class C Units	0
Common stock issued through Distribution Reinvestment Plan (in shares)		764,219
Common stock issued through Distribution Reinvestment Plan	18,158	$ 8	18,150		18,158
Share-based payments	74		74		74
Common stock offering costs, commissions and dealer manager fees	(77,343)		(77,343)		(77,343)
Ending balance (in shares) at Dec. 31, 2015		36,300,777
Ending balance at Dec. 31, 2015	641,209	$ 363	793,786	(155,680)	638,469	2,740
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Hospitality Investors Trust, Inc.	$ (43,957)
Ending balance (in shares) at Mar. 31, 2016	36,636,016
Beginning balance (in shares) at Dec. 31, 2015		36,300,777
Beginning balance at Dec. 31, 2015	$ 641,209	$ 363	793,786	(155,680)	638,469	2,740
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		61,181
Issuance of common stock, net	1,147	$ 1	1,146		1,147
Net loss attributable to Hospitality Investors Trust, Inc.	(72,247)			(72,247)	(72,247)
Net income attributable to non-controlling interest	315					315
Dividends paid or declared (in shares)		1,732,822
Dividends paid or declared	(20,505)	$ 17	38,697	(58,925)	(20,211)	(294)
PIK distributions on Class C Units	0
Common stock issued through Distribution Reinvestment Plan (in shares)		398,650
Common stock issued through Distribution Reinvestment Plan	9,468	$ 4	9,464		9,468
Share-based payments	66		66		66
Common stock offering costs, commissions and dealer manager fees	$ (10)		(10)		(10)
Ending balance (in shares) at Dec. 31, 2016	38,493,430	38,493,430
Ending balance at Dec. 31, 2016	$ 559,443	$ 385	843,149	(286,852)	556,682	2,761
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Hospitality Investors Trust, Inc.	$ (20,679)
Ending balance (in shares) at Mar. 31, 2017	39,617,676
Beginning balance (in shares) at Dec. 31, 2016	38,493,430	38,493,430
Beginning balance at Dec. 31, 2016	$ 559,443	$ 385	843,149	(286,852)	556,682	2,761
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		1,125,403
Issuance of common stock, net	18,608	$ 11	18,597		18,608
Repurchase and retirement of common stock (shares)		(113,091)
Repurchase and retirement of common stock	(763)	$ (1)	(762)		(763)
Net loss attributable to Hospitality Investors Trust, Inc.	(71,387)			(71,387)	(71,387)
Net income attributable to non-controlling interest	244					244
Dividends paid or declared (in shares)		0
Dividends paid or declared	(2,373)	$ 0	0	(2,014)	(2,014)	(359)
Deemed dividend related to beneficial conversion feature of Class C Units			4,535	(4,535)
Cash distributions on Class C Units	(7,862)			(7,862)	(7,862)
Accretion on Class C Units	(1,668)			(1,668)	(1,668)
PIK distributions on Class C Units	(5,241)			(5,241)	(5,241)
Share-based payments	499		499		499
Waiver of obligation from Former Advisor	$ 5,822		5,822		5,822
Ending balance (in shares) at Dec. 31, 2017	39,505,742	39,505,742
Ending balance at Dec. 31, 2017	$ 495,322	$ 395	$ 871,840	$ (379,559)	$ 492,676	$ 2,646

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (71,143)	$ (71,932)	$ (94,637)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	105,237	101,007	68,500
Impairment of goodwill and long-lived assets	32,689	2,399	0
Amortization and write-off of deferred financing costs	11,339	9,547	11,161
Loss of acquisition deposits	0	22,000	0
Other adjustments, net	2,065	(721)	1,548
Changes in assets and liabilities:
Prepaid expenses and other assets	(2,348)	2,982	(15,175)
Restricted cash	1,320	(389)	(11,602)
Due to related parties	(2,879)	(3,399)	1,259
Accounts payable and accrued expenses	5,252	6,352	45,453
Net cash provided by operating activities	81,532	67,846	6,507
Cash flows from investing activities:
Acquisition of hotel assets, net of cash received	(60,043)	(69,892)	(629,760)
Proceeds from sales of hotels, net	11,525	12,710	0
Real estate investment improvements and purchases of property and equipment	(78,935)	(91,311)	(46,523)
Fees related to Property Management Transactions	(13,000)	0	0
Acquisition deposits	0	0	(40,504)
Change in restricted cash related to real estate improvements	(29,714)	36,627	(55,259)
Other adjustments, net	(581)	0	0
Net cash used in investing activities	(170,748)	(111,866)	(772,046)
Cash flows from financing activities:
Proceeds from issuance of common stock, net	0	678	631,698
Repurchase of Common Shares	(763)	0	0
Proceeds from Class C Units	135,000	0	0
Payment of Class C Units issuance costs	(13,866)	0	0
Payments of offering costs	0	(1,055)	(79,280)
Dividends/Distributions paid	(8,221)	(11,500)	(19,153)
Repayments of promissory and mortgage notes payable	(1,030,622)	(13,473)	(291,849)
Payment of deferred consideration payable	0	0	(3,500)
Repayment of Contingent Consideration	(4,620)	0	0
Mandatorily redeemable preferred securities redemptions	(56,071)	(4,335)	(152,574)
Proceeds from mortgage notes payable	1,101,000	70,384	624,100
Deferred financing fees	(19,672)	(721)	(27,944)
Restricted cash for debt service	0	0	(991)
Net cash provided by financing activities	102,165	39,978	680,507
Net change in cash and cash equivalents	12,949	(4,042)	(85,032)
Cash and cash equivalents, beginning of period	42,787	46,829	131,861
Cash and cash equivalents, end of period	55,736	42,787	46,829
Supplemental disclosure of cash flow information:
Interest paid	88,392	84,683	68,108
Income taxes paid	1,865	763	6,408
Non-cash investing and financing activities:
Deemed dividend related to beneficial conversion feature of Class C Units	(4,535)	0	0
Accretion of Class C Units	(1,668)	0	0
PIK distributions on Class C Units	(5,241)	0	0
Waiver of Obligation from Former Advisor	(5,822)	0	0
Offering costs payable	0	0	308
Class B Units in operating partnership converted and redeemed for Common Stock	7,659	0	0
Note payable to Former Property Manager	1,000	0	0
Common stock issued to Former Property Manager	4,076	0	0
Real estate investment improvements and purchases of property and equipment in accounts payable and accrued expenses	14,267	12,478	17,518
Proceeds receivable from stock sales	0	0	90
Seller financed acquisition	0	20,000	0
Seller financed acquisition deposit	0	7,500	0
Mortgage and mezzanine debt assumed on real estate investments	0	0	904,185
Mandatorily redeemable preferred securities issued in acquisition of property and equipment	0	0	447,097
Contingent consideration on acquisition	0	0	0
Deferred consideration on acquisition	0	0	0
Dividends declared but not paid	0	4,765	4,936
Common stock issued through distribution reinvestment plan	$ 0	$ 9,468	$ 18,150

Organization

Organization	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Hospitality Investors Trust, Inc. (the "Company") was incorporated on July 25, 2013 as a Maryland corporation and qualified as a REIT beginning with the taxable year ended December 31, 2014 . The Company was formed primarily to acquire lodging properties in the midscale limited service, extended stay, select service, upscale select service, and upper upscale full service segments within the hospitality sector. As of December 31, 2017 , the Company had acquired or had an interest in a total of 145 hotels, including one hotel classified as held for sale (See Note 18 - Assets Held for Sale) with a total of 17,483 guestrooms located in 33 states. As of December 31, 2017 , all but one of these hotels operated under a franchise or license agreement with a national brand owned by one of Hilton Worldwide, Inc., Marriott International, Inc., Hyatt Hotels Corporation, and Intercontinental Hotels Group or one of their respective subsidiaries or affiliates. As of December 31, 2017, 79 of the hotel assets the Company has acquired were managed by Crestline and 66 of the hotel assets the Company has acquired were managed by other property managers. As of December 31, 2017, the Company’s other property managers were Hampton Inns Management LLC and Homewood Suites Management LLC, affiliates of Hilton Worldwide Holdings Inc. ( 39 hotels), InnVentures IVI, LP ( 2 hotels), McKibbon Hotel Management, Inc. ( 21 hotels) and Larry Blumberg & Associates, Inc. ( 4 hotels). On January 7, 2014 , the Company commenced its primary initial public offering (the "IPO" or the "Offering") on a "reasonable best efforts" basis of up to 80,000,000 shares of common stock, $0.01 par value per share, at a price of $25.00 per share, subject to certain volume and other discounts, pursuant to a registration statement on Form S-11 (File No. 333-190698 ), as well as up to 21,052,631 shares of common stock available pursuant to the Distribution Reinvestment Plan (the "DRIP") under which the Company's common stockholders could elect to have their cash distributions reinvested in additional shares of the Company's common stock. On November 15, 2015 , the Company suspended its IPO, and, on November 18, 2015 , Realty Capital Securities, LLC (the "Former Dealer Manager"), the dealer manager of the IPO, suspended sales activities, effective immediately. On December 31, 2015 , the Company terminated the Former Dealer Manager as the dealer manager of the IPO. On March 28, 2016 , the Company announced that, because it required funds in addition to operating cash flow and cash on hand to meet its capital requirements, beginning with distributions payable with respect to April 2016 the Company would pay distributions to its stockholders in shares of common stock instead of cash. On July 1, 2016 , the Company's board of directors approved an initial estimated net asset value per share of common stock (“Estimated Per-Share NAV”) equal to $21.48 based on an estimated fair value of the Company's assets less the estimated fair value of its liabilities, divided by 36,636,016 shares of common stock outstanding on a fully diluted basis as of March 31, 2016 . On June 19, 2017, the Company's board of directors approved an updated Estimated Per-Share NAV (the "2017 NAV") equal to $13.20 based on an estimated fair value of the Company's assets less the estimated fair value of the Company's liabilities, divided by 39,617,676 shares of common stock outstanding on a fully diluted basis as of March 31, 2017 . It is currently anticipated that the Company will publish an updated Estimated Per-Share NAV on at least an annual basis. On January 7, 2017 , the third anniversary of the commencement of the IPO, it terminated in accordance with its terms. On January 12, 2017 , the Company along with its operating partnership, Hospitality Investors Trust Operating Partnership, L.P. (then known as American Realty Capital Hospitality Operating Partnership, L.P.) (the “OP”), entered into (i) a Securities Purchase, Voting and Standstill Agreement (the “SPA”) with the Brookfield Investor, as well as related guarantee agreements with certain affiliates of the Brookfield Investor, and (ii) a Framework Agreement (the “Framework Agreement”) with the Former Advisor, the Company's former property managers, American Realty Capital Hospitality Properties, LLC and American Realty Capital Hospitality Grace Portfolio, LLC (together, the “Former Property Manager”), Crestline Hotels & Resorts, LLC (“Crestline”), then an affiliate of the Former Advisor and the Former Property Manager, American Realty Capital Hospitality Special Limited Partnership, LLC (the “Former Special Limited Partner”), another affiliate of the Former Advisor and the Former Property Manager, and, for certain limited purposes, the Brookfield Investor. In connection with the Company’s entry into the SPA, the Company suspended paying distributions to stockholders entirely and suspended the DRIP. Currently, under the Brookfield Approval Rights (as defined below), prior approval is required before the Company can declare or pay any distributions or dividends to its common stockholders, except for cash distributions equal to or less than $0.525 per annum per share. On March 31, 2017 , the initial closing under the SPA (the “Initial Closing”) occurred and various transactions and agreements contemplated by the SPA were consummated and executed, including but not limited to: • the sale by the Company and purchase by the Brookfield Investor of one share of a new series of preferred stock designated as the Redeemable Preferred Share, par value $0.01 per share (the “Redeemable Preferred Share”), for a nominal purchase price; and • the sale by the Company and purchase by the Brookfield Investor of 9,152,542.37 Class C Units for a purchase price of $14.75 per Class C Unit, or $135.0 million in the aggregate. On February 27, 2018 , the second closing under the SPA (the “Second Closing”) occurred, pursuant to which the Company sold 1,694,915.25 additional Class C Units to the Brookfield Investor, for a purchase price of $14.75 per Class C Unit, or $25.0 million in the aggregate. Subject to the terms and conditions of the SPA, the Company has the right to sell, and the Brookfield Investor has agreed to purchase, additional Class C Units in an aggregate amount of up to $240.0 million at subsequent closings (each, a "Subsequent Closing") that may occur through February 2019. The Subsequent Closings are subject to conditions, and there can be no assurance they will be completed on their current terms, or at all. Substantially all of the Company’s business is conducted through the OP. Prior to the Initial Closing, the Company was the sole general partner and held substantially all of the units of limited partner interest in the OP entitled “OP Units” ("OP Units"). The Brookfield Investor holds all the issued and outstanding Class C Units, which rank senior in payment of distributions and in the distribution of assets to the OP Units held by the Company, and BSREP II Hospitality II Special GP, OP LLC (the “Special General Partner”) is the special general partner of the OP, with certain non-economic rights that apply if the Company fails to redeem the Class C Units when required to do so, including the ability to commence selling the OP's assets until the Class C Units have been fully redeemed. As of December 31, 2017 , the total liquidation preference of the Class C Units was $140.2 million , and as of February 27, 2018 , following the Second Closing, the total liquidation preference of the Class C Units was $165.2 million . Without obtaining the prior approval of the majority of the then outstanding Class C Units, the OP is restricted from taking certain actions including equity issuances, debt incurrences, payment of dividends or other distributions, redemptions or repurchases of securities, property acquisitions and property sales and dispositions. In addition, pursuant to the terms of the Redeemable Preferred Share, in addition to other governance and board rights, the Brookfield Investor has elected and has a continuing right to elect two directors (each, a “Redeemable Preferred Director”) to the Company’s board of directors and the Company is similarly restricted from taking those actions requiring approval of the Class C Units without the prior approval of at least one of the Redeemable Preferred Directors. Prior approval of at least one of the Redeemable Preferred Directors is also required to approve the annual business plan (including the annual operating and capital budget) required under the terms of the Redeemable Preferred Share (the "Annual Business Plan"), hiring and compensation decisions related to certain key personnel (including our executive officers) and various matters related to the structure and composition of the Company’s board of directors. These restrictions (collectively referred to herein as the “Brookfield Approval Rights”) are subject to certain exceptions and conditions. Also at the Initial Closing, as contemplated by the SPA and the Framework Agreement, the Company changed its name from American Realty Capital Hospitality Trust, Inc. to Hospitality Investors Trust, Inc. and the name of the OP from American Realty Capital Hospitality Operating Partnership, L.P. to Hospitality Investors Trust Operating Partnership, L.P. and completed various other actions required to effect the Company’s transition from external management to self-management. Prior to the Initial Closing, the Company had no employees, and the Company depended on the Former Advisor to manage certain aspects of its affairs on a day-to-day basis pursuant to the advisory agreement with the Former Advisor (the "Advisory Agreement"). In addition, prior to the Initial Closing, the Former Property Manager served as the Company's property manager and had retained Crestline to provide services, including locating investments, negotiating financing and operating certain hotel assets in the Company's portfolio. As of March 31, 2017, the Former Advisor, the Former Property Manager and Crestline were under common control with AR Capital, LLC (“AR Capital”), the parent of American Realty Capital IX, LLC ("ARC IX"), and AR Global Investments, LLC ("AR Global"), the successor to certain of AR Capital's businesses. ARC IX served as the Company’s sponsor prior to its transition to self-management at the Initial Closing. Following the sale of AR Global’s membership interest in Crestline in April 2017, Crestline is no longer under common control with AR Global and AR Capital. At the Initial Closing, the Advisory Agreement was terminated and certain employees of the Former Advisor or its affiliates (including, at the time, Crestline) who had been involved in the management of the Company’s day-to-day operations, including all of its executive officers, became employees. As of December 31, 2017, the Company had 25 full-time employees. The staff at the Company’s hotels are employed by the Company's third-party hotel managers. The Company now conducts its operations independently of the Former Advisor and its affiliates, with which the Company has no ongoing affiliation. See Note 3 - Brookfield Investment and Related Transactions for additional information regarding the terms of the SPA and the Framework Agreement and the other transactions and agreements contemplated thereby, as well as the Redeemable Preferred Share and the Class C Units, including conversion rights, distribution rights, approval rights and redemption rights associated therewith.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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 a fair statement of the results for the interim periods presented. These adjustments are considered to be of a normal, recurring nature. 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 "general and administrative" expenses and "acquisition and transaction related costs". The change in presentation was to reclassify these line items so that they are included as a component of Operating income (loss). 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. Management makes significant estimates regarding purchase price allocations to record investments in real estate, the useful lives of real estate and real estate taxes, as applicable. 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 parties or on the Company’s analysis of comparable properties in the Company’s portfolio. Identifiable intangible assets and liabilities, as applicable, are typically related to contracts, including operating lease agreements, ground lease agreements and hotel management agreements, which will be recorded at fair value. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Investments in real estate that are not considered to be business combinations under GAAP are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation of the Company's long-lived assets is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for furniture, fixtures and equipment, and the shorter of the useful life or the remaining lease term for leasehold interests. 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. Below-Market Lease The below-market lease intangible is based on the difference between the market rent and the contractual rent and is discounted to a present value using an interest rate reflecting the Company's assessment of the risk associated with the leases acquired (See Note 5 - Leases). Acquired lease intangible assets are amortized over the remaining lease term. The amortization of a below-market lease is recorded as an increase to rent expense on the Consolidated Statements of Operations and Comprehensive Income (Loss). Impairment of Long Lived Assets When circumstances indicate the carrying amount of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of demand, competition and other factors. If impairment exists, due to the inability to recover the carrying amount of a property, an impairment loss will be recorded to the extent that the carrying amount exceeds the estimated fair value of the property which results in an immediate charge to net income. During the years ended December 31, 2017 and December 31, 2016 , the Company recognized impairment losses on long-lived assets of $15.6 million and $2.4 million , respectively (See Note 17-Impairments). 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 group; • 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 year; • 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 such adjustment to the carrying amount is recorded as an impairment loss. The Company has one hotel that is qualified to be treated as an asset held for sale as of December 31, 2017 and an impairment loss of $1.4 million which includes goodwill impairment was recognized on this hotel (See Note 18 - Assets Held for Sale). 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, or upon the occurrence of any "triggering events" if sooner, and has elected to test for goodwill impairment during the quarter ended June 30 of each year. During the second quarter ended June 30, 2017, the Company adopted ASU 2017-04, Intangibles - Goodwill and Other, which simplified the measurement of goodwill by eliminating Step 2 from the goodwill impairment test in the event that there is evidence of an impairment based on any "triggering events." The Company chose to adopt ASU 2017-04 in the second quarter ended June 30, 2017, as this was the first time it was required to test goodwill for impairment. Upon the occurrence of any "triggering events," the Company is required to compare the fair value of each reporting unit to which goodwill has been allocated, to the carrying amount of such reporting unit including the allocation of goodwill. As required by Accounting Standards Codification section 350 - Intangibles - Goodwill and Other (ASC 350), as amended by ASU 2017-04, if the carrying amount of a reporting unit exceeds its fair value, the Company applies a one-step quantitative test and records the amount of goodwill impairment as the excess of the reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to such reporting unit. During the year ended December 31, 2017 , the Company recognized goodwill of $31.6 million , and goodwill impairment of $17.1 million (See Note 4 - Business Combinations and Note 17-Impairments). 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 months or less. 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. For purposes of the statement of cash flows, changes in restricted cash caused by changes to the amount needed for future capital improvements are treated as investing activities, changes related to future debt service payments are treated as financing activities, and changes related to real estate tax payments and excess cash flow deposits are treated as operating activities. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These fees are amortized 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 close are expensed in the period in which it is determined that the financing will not be successful. Revenue Recognition The Company recognizes hotel revenue as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel services. Income Taxes The Company elected and qualified to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code") commencing with its tax year ended December 31, 2014 . In order to continue to qualify as a REIT, the Company must annually distribute to its stockholders 90% of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding net capital gain, and must comply with various other organizational and operational requirements. The Company generally will not be subject to federal corporate income tax on that portion of its REIT taxable income that it distributes to its stockholders. The Company may be subject to certain state and local taxes on its income, property taxes and federal income and excise taxes on its undistributed income. The Company's hotels are leased to taxable REIT subsidiaries, which are owned by the OP. The taxable REIT subsidiaries are subject to federal, state and local income taxes. 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 that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. 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" that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement in order to determine the amount of benefit to recognize in the financial statements. This accounting standard applies to all tax positions related to income taxes. Earnings/Loss per Share The Company calculates basic income or loss per share by dividing net income or loss for the period by the weighted-average shares of its common stock outstanding for a respective period. Diluted income per share takes into account the effect of dilutive instruments, such as stock options, 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. For distributions payable with respect to April 1, 2016 through January 13, 2017 (the date distributions to stockholders were suspended), the Company has paid cumulative distributions of 2,047,877 shares of common stock and has adjusted at each reporting date, retroactively for all periods presented its computation of loss per share in order to reflect this as a change in capital structure (See Note 10 - Common Stock). The Company currently has outstanding restricted shares whose holders are entitled to participate in dividends when and if paid on shares of common stock. Holders of RSUs 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 related 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-class method with regard to restricted shares, whereby earnings or losses are reduced by distributed earnings as well as any available undistributed earnings allocable to holders of restricted shares. Fair Value Measurements In accordance with Accounting Standards Codification section 820 - Fair Value Measurement , certain assets and liabilities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability between market participants in an orderly transaction on the measurement date. The market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability is known as the principal market. When no principal market exists, the most advantageous market is used. This is the market in which the reporting entity would sell the asset or transfer the liability with the price that maximizes the amount that would be received or minimizes the amount that would be paid. Fair value is based on assumptions market participants would make in pricing the asset or liability. Generally, fair value is based on observable quoted market prices or derived from observable market data when such market prices or data are available. When such prices or inputs are not available, the reporting entity should use valuation models. 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 levels, as follows: • Level 1 - Inputs that are based upon quoted prices for identical instruments traded in active markets. • Level 2 - Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar investments in markets that are not active, or models based on valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the investment. • Level 3 - Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. 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. Class C Units The Company initially measured the Class C Units 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 year period prior to the holder's redemption option becoming exercisable. However, if it becomes probable that the Class C Units will become redeemable prior to such date, the Company will adjust the carrying value of the Class C Units to the maximum liquidation preference. Pursuant to the SPA with the Brookfield Investor, the Company may become obligated to issue additional Class C Units to the Brookfield Investor and this obligation is considered a contingent forward contract under Accounting Standards Codification section 480 - Distinguishing Liabilities from Equity, and accounted for as a liability. The fair value of the contingent forward liability was initially recognized at zero since the contingent forward contract was executed at fair market value. The Company has determined the fair value of the contingent forward liability was $1.4 million as of December 31, 2017 (See Note 13 - Commitments and Contingencies). The Company will measure the contingent forward liability on a recurring basis until the underlying Class C Units are issued and any changes in fair value will be recognized through earnings. At the time that the underlying Class C Units are issued, the corresponding liability will be extinguished. Advertising Costs The Company expenses advertising costs for hotel operations as incurred. These costs were $18.4 million for the year ended December 31, 2017 , $17.2 million for the year ended December 31, 2016 , and $12.2 million for the year ended December 31, 2015 . Allowance for Doubtful Accounts Receivables consist principally of trade receivables from customers and are generally unsecured and are due within 30 to 90 days. The Company records a provision for uncollectible accounts using the allowance method. Expected credit losses associated with trade receivables are recorded as an allowance for doubtful accounts. The allowance for doubtful accounts is estimated based upon historical patterns of credit losses for aged receivables as well as specific provisions for certain identifiable, potentially uncollectible balances. When internal collection efforts on accounts have been exhausted, the accounts are written off and the associated allowance for doubtful accounts is reduced. Trade and note receivable balances, net of the allowance for doubtful accounts, are included in prepaid expenses and other assets in the accompanying Consolidated Balance Sheets, and are as follows (in thousands): December 31, 2017 December 31, 2016 Trade receivables $ 9,638 $ 9,145 Note receivable (1) 1,625 — Allowance for doubtful accounts (312 ) (434 ) Trade and Note receivables, net of allowance $ 10,951 $ 8,711 ________________ (1) See Note 19 - Sales of Hotels. Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company’s investments in real estate generate room revenue and other income through the operation of the properties, which comprise 100% of the total consolidated revenues. Management evaluates the operating performance of the Company’s investments in real estate on an individual property level, and therefore each property is considered a reporting unit. Each of the Company's reporting units are also considered to be operating segments, but none of these individual operating segments represents a reportable segment as they meet the criteria in GAAP to aggregate all properties into one reportable segment. 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 December 31, 2017 , consist of interest rate cap agreements which it believes will help to mitigate its exposure to increasing borrowing costs under floating rate indebtedness. The Company has elected not to designate its interest rate cap agreements as cash flow hedges. The impact of the interest rate caps for the year ended December 31, 2017 , was immaterial to the consolidated financial statements. Pursuant to the SPA with the Brookfield Investor, the Company may become obligated to issue additional Class C Units to the Brookfield Investor and this obligation is considered a contingent forward contract under Accounting Standards Codification section 480 - Distinguishing Liabilities from Equity, and accounted for as a liability. The fair value of the contingent forward liability was initially recognized at zero since the contingent forward contract was executed at fair market value. The Company has determined the fair value of the contingent forward liability was $1.4 million as of December 31, 2017 (See Note 13 - Commitments and Contingencies). The Company will measure the contingent forward liability on a recurring basis until the underlying Class C Units are issued and any changes in fair value will be recognized through earnings. At the time that the underlying Class C Units are issued, the corresponding liability will be extinguished. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled to for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. Based on the Company's assessment of this standard, it will not materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales; however, it may allow for earlier gain recognition for future asset sale transactions pursuant to which the Company has continuing involvement with the asset. The Company will adopt this standard as of January 1, 2018 using the modified retrospective approach, and based on its final assessment, the impact of the adoption will not be material and will not impact the amount or timing of revenue recognition in its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 Leases ("ASU 2016-02"), which requires an entity to separate lease components from nonlease components in a contract. ASU 2016-02 provides more guidance on how to identify and separate components than did previous GAAP. ASU 2016-02 requires lessees to recognize assets and liabilities arising from operating leases on the balance sheet. This amendment has not fundamentally changed lessor accounting, however some changes have been made to align and conform to the lessee guidance. The adoption of ASU 2016-02 becomes effective for the Company for the fiscal year beginning after December 15, 2018, and all subsequent annual and interim periods. Upon adoption, the Company will be required to recognize its operating leases, which are primarily comprised of one operating lease with respect to the Georgia Tech Hotel & Conference Center and nine ground leases, under which it is the lessee, as right of use assets and liabilities in the Consolidated Balance Sheet. Early adoption is permitted. The Company is still evaluating the impact this standard will have on its consolidated financial statements and related disclosures, and, other than the inclusion of right of use assets and related liabilities in the Company's Consolidated Balance Sheet, such effects have not yet been determined. In March 2016, the FASB issued ASU 2016-07 Investments—Equity Method and Joint Ventures ("ASU 2016-07"), which requires that an equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The adoption of ASU 2016-07 became effective for the Company beginning January 1, 2017. The adoption of ASU 2016-07 did not have a material effect on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09 Compensation—Stock Compensation ("ASU 2016-09"), which requires that all excess tax benefits and all tax deficiencies should be recognized as income tax expense or benefits in the income statement. These benefits and deficiencies are discrete items in the reporting period in which they occur. An entity should not consider these benefits or deficiencies in determining the annual estimated tax rate. The adoption of ASU 2016-09 became effective for the Company beginning January 1, 2017. The adoption of ASU 2016-09 did not have a material effect on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"), which addresses the presentation and classification of certain cash flow receipts and payments. The Company adopted ASU 2016-15 in the quarter ended June 30, 2017. The adoption of this ASU did not have a material effect on the Company's consolidated financial statements. In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash, which requires the statement of cash flows to include amounts generally described as restricted cash and cash equivalents, with cash and cash equivalents when reconciling the beginning and ending total amounts thereof. The ASU is effective for the Company for fiscal years beginning after December 15, 2017. The adoption of this ASU will result in reclassification of restricted cash balances and activity in the Company’s statement of cash flows. The Company will adopt this standard as of January 1, 2018, and other than the reclassification of restricted cash balances and activity in the statement of cash flows, it is not expected to have a material impact on the Company’s consolidated financial statements. The adoption of this standard does not change the Company’s balance sheet presentation. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business, with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Additionally, this update also narrows the definition of an output. ASU 2017-01 requires that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business, thus reducing the number of transactions that need to be further evaluated. As a result of this standard, the Company expects that future hotel purchases, if any, will be considered asset purchases as opposed to business combinations, however the determination will be made on a transaction-by-transaction basis. ASU 2017-01 is effective for the Company for fiscal years beginning after December 15, 2018, and early adoption is permitted. In January 2017, FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplified the measurement of goodwill by eliminating Step 2 from the goodwill impairment test, if there is evidence of an impairment based on any "triggering events." The Company adopted ASU 2017-04 during the second quarter ended June 30, 2017. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718), which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless all the following are met: the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified, the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified, the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments to this update are effective for the Company for fiscal years beginning after December 15, 2017, and early adoption is permitted. ASU 2017-09 is required to be adopted prospectively to an award modified on or after the adoption date. The adoption of this ASU is not expected to have a material effect on the Company's consolidated financial statements.

Brookfield Investment and Relat

Brookfield Investment and Related Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Brookfield Investment and Related Transactions	Brookfield Investment and Related Transactions Securities Purchase, Voting and Standstill Agreement On January 12, 2017 , the Company and the OP entered into the SPA with the Brookfield Investor, as well as related guarantee agreements with certain affiliates of the Brookfield Investor. Pursuant to the terms of the SPA, at the Initial Closing, the Brookfield Investor agreed to purchase (i) the Redeemable Preferred Share, for a nominal purchase price, and (ii) 9,152,542.37 Class C Units, for a purchase price of $14.75 per Class C Unit, or $135.0 million in the aggregate. The Initial Closing occurred on March 31, 2017 . The Redeemable Preferred Share has been classified as permanent equity on the Consolidated Balance Sheets, and the Class C Units have been classified as temporary equity due to the contingent redemption features described in more detail below. The Company measured the Class C Units issued at fair value, or $135.0 million , representing the gross proceeds of the issuance of the Class C Units at the Initial Closing. As discussed below, the Class C Units include conversion rights. Because the effective conversion price of the Class C Units under GAAP of $14.09 as of March 31, 2017 (which is calculated on a net investment basis after transaction fees and costs payable to the Brookfield Investor as $129.0 million divided by 9,152,542.37 Class C Units issued) is less than the fair value of the Company’s common stock of $14.59 on such date (See Note 10 - Common Stock), the conversion rights represent a “beneficial conversion feature” under GAAP. The Company measured the beneficial conversion feature at $4.5 million , and has recognized the beneficial conversion feature as a deemed dividend as of March 31, 2017 , reducing income available to common stockholders for purposes of calculating earnings per share. As of December 31, 2017 , the Class C Units are reflected on the Consolidated Balance Sheets at $128.0 million . The value of the Class C Units as of December 31, 2017 , is derived by reducing the $ 135.0 million in gross proceeds by the $13.8 million in costs directly attributable to the issuance of Class C Units at the Initial Closing, including $6.0 million paid directly to Brookfield at the Initial Closing in the form of expense reimbursements and a commitment fee, and increased by $5.2 million in distributions payable to holders of Class C Units in the form of additional Class C Units ("PIK Distributions") and $1.6 million in the accretion of the carrying value to the liquidation preference through December 31, 2017 . Following the Initial Closing, subject to the terms and conditions of the SPA, the Company also has the right to sell, and the Brookfield Investor has agreed to purchase, additional Class C Units at the same price per unit as at the Initial Closing upon 15 business days’ prior written notice and in an aggregate amount not to exceed $265.0 million at Subsequent Closings as follows: • On or prior to February 27, 2018 , but no earlier than January 3, 2018 , up to an amount that would be sufficient to reduce the outstanding amount of the Grace Preferred Equity Interests (as defined in Note 8 below) to approximately $223.5 million . Proceeds from this Subsequent Closing must be used by the OP exclusively to, concurrently therewith, redeem then outstanding Grace Preferred Equity Interests. • On or prior to February 27, 2019 , but no earlier than January 3, 2019 , up to the then outstanding amount of the Grace Preferred Equity Interests. Proceeds from this Subsequent Closing must be used by the OP exclusively to, concurrently therewith, redeem all then outstanding Grace Preferred Equity Interests. • On or prior to February 27, 2019 , in one or more transactions, up to an amount equal to the difference between the then unfunded portion of the Brookfield Investor’s $400.0 million funding commitment and the outstanding amount of the Grace Preferred Equity Interests. Proceeds from these Subsequent Closings must be used by the OP exclusively to fund brand-mandated property improvement plans ("PIPs") and related lender reserves, repay amounts then outstanding with respect to mortgage debt principal and interest and working capital. On February 27, 2018 , the Second Closing occurred, pursuant to which the Company sold 1,694,915.25 additional Class C Units to the Brookfield Investor, for a purchase price of $14.75 per Class C Unit, or $25.0 million in the aggregate. See Note 21 – Subsequent Events. Consummation of any Subsequent Closing is subject to the satisfaction of certain conditions, and there can be no assurance they will be completed on their current terms, or at all. In addition, from February 27, 2018 through February 27, 2019 , the Brookfield Investor will have the right to purchase, and the OP has agreed to sell, in one or more transactions, the then unfunded portion of the Brookfield Investor’s $400.0 million funding commitment in transactions of no less than $25.0 million each. The SPA also contains certain standstill and voting restrictions applicable to the Brookfield Investor and certain of its affiliates. The Redeemable Preferred Share 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, except as provided therein. For so long as the Brookfield Investor holds the Redeemable Preferred Share, (i) the Brookfield Investor has the right to elect two Redeemable Preferred Directors (neither of whom may be subject to an event that would require disclosure pursuant to Item 401(f) of Regulation S-K, which relates to involvement in certain legal proceedings, in any definitive proxy statement filed by the Company), as well as to approve (such approval not to be unreasonably withheld, conditioned or delayed) two additional independent directors (each, an “Approved Independent Director”) to be recommended and nominated by the Company's board of directors for election by the stockholders at each annual meeting, (ii) each committee of the Company’s board of directors, except any committee formed with authority and jurisdiction over the review and approval of conflicts of interest involving the Brookfield Investor and its affiliates, on the one hand, and the Company, on the other hand (a “Conflicts Committee”), is required to include at least one of the Redeemable Preferred Directors as selected by the holder of the Redeemable Preferred Share (or, if neither of the Redeemable Preferred Directors satisfies all requirements applicable to such committee, with respect to independence and otherwise, of the Company’s charter, the SEC and any national securities exchange on which any shares of the Company’s stock are then listed, at least one of the Approved Independent Directors as selected by the Company's board of directors), and (iii) the Company will not make a general delegation of the powers of the Company’s board of directors to any committee thereof which does not include as a member a Redeemable Preferred Director, other than to a Conflicts Committee. If the OP fails to redeem Class C Units when required to do so, beginning three months after such failure and until all Class C Units requested to be redeemed have been redeemed, the holder of the Redeemable Preferred Share will have 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 and fill the vacancies created by the expansion 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). The Brookfield Investor is not permitted to transfer the Redeemable Preferred Share, except to an affiliate of the Brookfield Investor. The holder of the Redeemable Preferred Share generally votes together as a single class with the holders of the Company’s common stock at any annual or special meeting of stockholders of the Company. However, any action that would alter the terms of the Redeemable Preferred Share or the rights of its holder (including any amendment to the Company's charter, including the Articles Supplementary with respect to the Redeemable Preferred Share (the "Articles Supplementary")) is subject to a separate class vote of the Redeemable Preferred Share. In addition, the Redeemable Preferred Directors have the Brookfield Approval Rights. At its election and subject to notice requirements, the Company may redeem the Redeemable Preferred Share for a cash amount equal to par value upon the occurrence of any of the following: (i) the first date on which no Class C Units remain outstanding; (ii) the date the liquidation preference applicable to all Class C Units held by the Brookfield Investor and its affiliates is reduced to $100.0 million or less due to the exercise by holders of Class C Units of their redemption rights under the amendment and restatement of the OP's existing agreement of limited partnership ( the "A&R LPA"); or (iii) in connection with a failure of the Brookfield Investor to consummate the applicable purchase of Class C Units at any Subsequent Closing (subject to the terms set forth in the SPA, a “Funding Failure”), the 11th business day after the date the Company obtains a final, non-appealable judgment of a court of competent jurisdiction in connection with such Funding Failure. Under the circumstances described in clause (iii) in the foregoing sentence, in addition, (i) the Brookfield Approval Rights would be permanently terminated, (ii) the OP would be entitled to redeem all or any portion of the then outstanding Class C Units in cash for their liquidation preference, (iii) all Class C Units received in respect of all PIK Distributions accrued from the date of the Initial Closing would be forfeited, and (iv) the Brookfield Investor would be required to cause each of the Redeemable Preferred Directors to resign from the Company’s board of directors. Class C Units At the Initial Closing, the Brookfield Investor, the Special General Partner and the Company, in its capacity as general partner of the OP, entered into the A&R LPA, which established the terms, rights, obligations and preferences of the Class C Units as set forth in more detail below. 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 , 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% per annum from legally available funds. If the Company fails to pay these cash distributions when due, the per annum rate will increase to 10% until all accrued and unpaid distributions required to be paid in cash are reduced to zero . Commencing on June 30, 2017 and subject to the occurrence of a Funding Failure if one were to occur, holders of Class C Units are also entitled to receive, with respect to each Class C Unit, a fixed, quarterly, cumulative PIK Distribution at a rate of 5% per annum ("PIK Distributions"). If the Company fails to redeem the Brookfield Investor when required to do so pursuant to the A&R LPA, the 5% per annum PIK Distribution rate will increase to a per annum rate of 7.50% , and would further increase by 1.25% per annum for the next four quarterly periods thereafter, up to a maximum per annum rate of 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. 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 including such date, (i) any accrued and unpaid cash distributions and (ii) any accrued and unpaid PIK Distributions. Conversion Rights At any time and subject to the occurrence of a Funding Failure, the Class C Units are convertible into OP Units at any time at the option of the holder thereof at an initial conversion price of $14.75 (the "Conversion Price"). The Conversion Price is subject to anti-dilution and other adjustments upon the occurrence of certain events and transactions. Notwithstanding the foregoing, the convertibility of certain Class C Units may be restricted in certain circumstances described in the A&R LPA, and, to the extent any Class C Units submitted for conversion are not converted as a result of these restrictions, the holder will instead be entitled to receive an amount in cash equal to two times the liquidation preference of any unconverted Class C Units. OP Units, in turn, are generally redeemable for shares of the Company’s common stock on a one-for-one-basis or the cash value of a corresponding number of shares, at the election of the Company, in accordance with the terms of the A&R LPA. Notwithstanding the foregoing, with respect to any redemptions in exchange for shares of the Company’s common stock that would result in the converting holder owning 49.9% or more of the shares of the Company’s common stock then outstanding after giving effect to the redemption, for the number of shares of the Company’s common stock exceeding the 49.9% threshold, the redeeming holder may elect to retain OP Units or to request delivery in cash of the cash value of a corresponding number of shares. Mandatory Redemption 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 , the fifth anniversary of the Initial Closing, the holders of Class C Units will be entitled to receive, prior to and in preference to any distribution of any of the assets or surplus funds of the Company to the holders of any other limited partnership interests in the OP: • in the case of a Fundamental Sale Transaction consummated on or prior to February 27, 2019 , an amount per Class C Unit in cash equal to such Class C Unit’s pro rata share (determined based on the respective liquidation preferences of all Class C Units) of an amount equal to (I) $800.0 million less (II) the sum of (i) the difference between (A) $400.0 million and (B) the aggregate purchase price paid under the SPA of all outstanding Class C Units (with the purchase price for Class C Units issued as PIK Distributions being zero for these purposes) and (ii) all cash distributions actually paid to date; • in the case of a Fundamental Sale Transaction consummated after February 27, 2019 and prior to January 1, 2022 , the date that is 57 months and one day after the date of the Initial Closing, an amount per Class C Unit in cash equal to (x) two times the purchase price under the SPA of such Class C Unit (with the purchase price for Class C Units issued as PIK Distributions being zero for these purposes), less (y) all cash distributions actually paid to date; and • in the case of a Fundamental Sale Transaction consummated on or after January 1, 2022 , an amount per Class C Unit in cash equal to the liquidation preference of such Class C Unit plus a make whole premium for such Class C Unit calculated based on a discount rate of 5% and the assumption that such Class C Unit had not been redeemed until March 31, 2022 , the fifth anniversary of the Initial Closing (the "Make Whole Premium"). Holder Redemptions In the event of the occurrence of a REIT Event (as defined and more fully described in the A&R LPA, the Company’s failure to satisfy any of the requirements for qualification and taxation as a REIT under certain circumstances) or a Material Breach (as defined and more fully described in the A&R LPA, generally a breach by the Company of certain material obligations under the A&R LPA), in each case, subject to certain notice and cure rights, holders of Class C Units have the right to require the Company to redeem any Class C Units submitted for redemption for an amount equivalent to what the holders of Class C Units would have been entitled to receive in a Fundamental Sale Transaction if the date of redemption were the date of the consummation of the Fundamental Sale Transaction. From time to time on or after March 31, 2022 , the fifth anniversary of the Initial Closing, and at any time following the rendering of a judgment enjoining or otherwise preventing the holders of Class C Units, the Brookfield Investor or the Special General Partner from exercising their respective rights under the A&R LPA or the Articles Supplementary, any holder of Class C Units may, at its election, require the Company to redeem any or all of its Class C Units for an amount in cash equal to the liquidation preference. The OP is not required to make any redemption of less than all of the Class C Units held by any holder requiring a payment of less than $15.0 million . If any redemption request would result in the total liquidation preference of Class C Units remaining outstanding being equal to less than $35.0 million , the OP has the right to redeem all then outstanding Class C Units in full. 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 months after such failure the Special General Partner has the exclusive right, power and authority to sell the assets or properties of the OP for cash at such time or times as the Special General Partner may determine, upon engaging a reputable, national third party sales broker or investment bank reasonably acceptable to holders of a majority of the then outstanding Class C Units to conduct an auction or similar process designed to maximize the sales price. The proceeds from sales of assets or properties by the Special General Partner must be used first to make any and all payments or distributions due or past due with respect to the Class C Units, regardless of the impact of such payments or distributions on the Company or the OP. In addition and as described elsewhere herein, 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 months after such failure and until all Class C Units requested to be redeemed have been redeemed: • the holder of the Redeemable Preferred Share would have 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 and fill the vacancies created thereby subject to compliance with 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); and • the 5% per annum PIK Distribution rate would increase to a per annum rate of 7.50% , and would further increase by 1.25% per annum for the next four quarterly periods thereafter, up to a maximum per annum rate of 12.5% . Company Liquidation Preference Reduction Upon Listing In the event a listing of the Company’s common stock on a national stock exchange occurs prior to March 31, 2022 , the fifth anniversary of the Initial Closing, the OP would also have certain rights to redeem all but $0.10 of the liquidation preference of each issued and outstanding Class C Unit for cash subject to payment of a make whole premium and certain rights of the Class C Unit holders to convert their retained liquidation preference into OP Units prior to March 31, 2024 . Company Redemption After Five Years At any time and from time to time on or after March 31, 2022 , the fifth anniversary of the Initial Closing, the Company has the right to elect to redeem all or any part of the issued and outstanding Class C Units for an amount in cash equal to the liquidation preference. Transfer Restrictions Subject to certain exceptions, 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 million of assets. Preemptive Rights Subject to the occurrence of a Funding Failure, 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% of the outstanding shares of the Company’s common stock on an as-converted basis has certain preemptive rights. Brookfield Approval Rights The Articles Supplementary restrict the Company from taking certain actions without the prior approval of at least one of the Redeemable Preferred Directors, and the A&R LPA restricts the OP from taking certain actions without the prior approval of the majority of the then outstanding Class C Units. Subject to certain limitations, both sets of rights are subject to temporary and permanent suspension in connection with any Funding Failure and no longer apply if the liquidation preference applicable to all Class C Units held by the Brookfield Investor and its affiliates is reduced to $100.0 million or less due to the exercise by holders of Class C Units of their redemption rights under the A&R LPA. 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; hiring and compensation decisions related to certain key personnel (including executive officers); property acquisitions and property sales and dispositions that do not meet transaction-size limits and other defined criteria and would be outside of the OP’s normal course of business; entry into new lines of business; settlement of material litigation; changes to material agreements; increasing or decreasing the number of directors on the Company’s board of directors; nominating or appointing a director (other than a Redeemable Preferred Director) who is not independent; nominating or appointing the chairperson of the Company’s board of directors; and certain other matters. After December 31, 2021 , the 57-month anniversary of the Initial Closing, no prior approval will be required for debt incurrences, equity issuances and asset sales if the proceeds therefrom are used to redeem the then outstanding Class C Units in full. Framework Agreement On January 12, 2017 , the Company and the OP, entered into the Framework Agreement with the Former Advisor, the Former Property Manager, Crestline, the Former Special Limited Partner, and, for certain limited purposes, the Brookfield Investor. The Framework Agreement provides for the Company transitioning from an externally managed company with no employees of its own that is dependent on the Former Advisor and its affiliates to manage its day-to-day operations to a self-managed company. The transactions contemplated by the Framework Agreement generally were consummated at, and as a condition to, the Initial Closing, and the Framework Agreement would have terminated automatically upon the termination of the SPA in accordance with its terms prior to the Initial Closing. At the Initial Closing, pursuant to the Framework Agreement, the Advisory Agreement was terminated. The Framework Agreement also provided for the extension or renewal of the Advisory Agreement on specified terms under certain circumstances, none of which occurred. Until the expiration without renewal or termination of the Advisory Agreement, the Former Advisor and its affiliates agreed to use their respective commercially reasonable efforts to assist the Company and its subsidiaries to take such actions as the Company and its subsidiaries reasonably deemed necessary to transition to self-management, including, but not limited to providing books and records, accounting systems, software and office equipment. In addition, the Former Advisor also granted the Company the right to hire certain of employees of the Former Advisor or its affiliates who were then involved in the management of the Company’s day-to-day operations, including all of the Company’s current executive officers, and made other agreements in order to promote retention of these individuals which relate to the compensation payable to them and other terms of their employment by the Former Advisor and its affiliates prior to the Initial Closing. Pursuant to the Framework Agreement, at the Initial Closing, the Company and the Former Advisor and/or certain of its affiliates, as applicable, entered into a series of agreements to facilitate the transition to self-management, including the agreements described in more detail below. Property Management Transactions Prior to the Initial Closing, the Company, directly or indirectly through its taxable REIT subsidiaries, had entered into agreements with the Former Property Manager, which, in turn, engaged Crestline or a third-party sub-property manager to manage the Company’s hotel properties. These agreements were intended to be coterminous, meaning that the term of the agreement with the Former Property Manager was the same as the term of the Former Property Manager’s agreement with the applicable sub-property manager for the applicable hotel properties, with certain exceptions. At the Initial Closing, as contemplated by and pursuant to the Framework Agreement, the Company, through its taxable REIT subsidiaries, the Former Property Manager, Crestline and the Company’s third-party sub-property managers entered into a series of amendments, assignments and terminations with respect to the then existing property management arrangements (collectively, the "Property Management Transactions") pursuant to the Framework Agreement. At the consummation of the Property Management Transactions, among other things: • property management agreements for a total of 69 hotels then sub-managed by Crestline (collectively, the "Crestline Agreements") were assigned by the Former Property Manager to Crestline; • property management agreements for a total of five additional hotels (together with the Crestline Agreements, the "Long-Term Agreements") were transitioned to Crestline and the sub-property management agreements with Interstate Management Company, LLC related to these properties were terminated effective April 3, 2017 ; • in connection with the assignment of the Long-Term Agreements to Crestline, they were amended as follows: • the total property management fee of up to 4.0% of the monthly gross receipts from the properties was reduced to 3.0% ; • no change to the remaining term (generally 18 to 19 years), which will renew automatically for three five year terms unless either party provides advance notice of non-renewal; • the termination provisions were changed from being generally only terminable by the Company prior to expiration for cause and not in connection with a sale such that, beginning on April 1, 2021 , the first day of the 49th month following the Initial Closing, the Company will have an "on-sale" termination right upon payment of a fee in an amount equal to two and one half times the property management fee in the trailing 12 months, subject to customary adjustments; and • if, prior to March 31, 2023, the six-year anniversary of the Initial Closing, the Company sells a hotel managed pursuant to a Long-Term Agreement, the Company has the right to terminate the applicable Long-Term Agreement with respect to any property that is being sold and concurrently replace it with a comparable hotel owned by the Company and managed pursuant to a short-term agreement, by terminating that hotel’s existing property manager and retaining Crestline on the same terms as the Long-Term Agreement being replaced; and • the property management agreements with the Former Property Manager for the Company’s 65 other hotels were terminated and the sub-property managers managing these hotels prior to the Initial Closing continued to do so following the Initial Closing in accordance with property management agreements with the Company’s taxable REIT subsidiaries under the property management terms in effect prior to the Initial Closing. As consideration for the Property Management Transactions, the Company and the OP: • paid a one-time cash amount equal to $10.0 million to the Former Property Manager; • have made and will continue to make a monthly cash payment in the amount of $333,333.33 , $4.0 million in the aggregate, to the Former Property Manager on the 15th day of each month for the 12 months following the Initial Closing (See Note 7 - Promissory Notes Payable); • issued 279,329 shares of the Company’s common stock to the Former Property Manager, for which the fair value on the date of grant has been determined to be $14.59 per share (See Note 10 - Common Stock); • waived any and all obligations of the Former Advisor to refund or otherwise repay any Organization or Offering Expenses (as defined in the Advisory Agreement) to the Company in an amount acknowledged to be $5,821,988 , which amount had been reflected as a reduction in offering proceeds due to it being directly related to issuing shares of common stock in prior periods; and • converted all 524,956 units of limited partnership in the OP entitled “Class B Units” (“Class B Units") held by the Former Advisor into 524,956 OP Units, and, immediately following such conversion, redeemed such 524,956 OP Units for 524,956 shares of the Company’s common stock. The foregoing consideration aggregates to $31.6 million and was recorded as goodwill on the Company’s Consolidated Balance Sheets (See Note 4 - Business Combinations). Assignment and Assumption Agreement At the Initial Closing, as contemplated by the Framework Agreement, the Company, the Former Advisor and AR Global entered into an assignment and assumption agreement, pursuant to which the Former Advisor and AR Global assigned to the Company all right, title and interest in the following assets that are relevant to the Company and the OP: (i) accounting systems, (ii) IT equipment and (iii) certain office furniture and equipment. Facilities Use Agreement The Framework Agreement contemplates that the Company would enter into a Facilities Use Agreement with Crestline at the Initial Closing in the form attached to the Framework Agreement (the “Facilities Use Agreement”), pursuant to which the OP would sublease office space at Crestline’s principal place of business, 3950 University Drive, Fairfax, Virginia 22030, and would pay a portion of the total rent equivalent to the portion of the total space used. The term of the sublease would continue through December 31, 2019, automatically renewing for successive one -year periods unless either party delivered written notice to the other at least 120 days prior the expiration of the initial term or any renewal term. While the Facilities Use Agreement was not entered into at the Initial Closing, the Company commenced its occupation of the space at the Initial Closing on the terms contemplated by the Facilities Use Agreement and continued to do so through June 30, 2017. Effective as of July 1, 2017, the Company and Crestline entered into a new annually renewable joint occupancy agreement which replaces the Fa

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Business Combinations	Business Combinations Summit Acquisition On June 2, 2015 , the Company entered into agreements with affiliates of Summit Hotel Properties, Inc. (the "Summit Sellers"), as amended from time to time thereafter, to purchase fee simple interests in a portfolio of 26 hotels in three separate closings for a total purchase price of approximately $347.4 million , subject to closing prorations and other adjustments. On October 15, 2015 , the Company completed the acquisition of ten hotels (the "First Summit Closing") for $150.1 million , which was funded with $7.6 million previously paid as an earnest money deposit, $45.6 million from the IPO and $96.9 million from an advance, secured by a mortgage on the hotels in the First Summit Closing, under the SN Term Loan (as defined below) (See Note 6 - Mortgage Notes Payable). On December 29, 2015 , the Company and the Summit Sellers agreed to terminate the purchase agreement pursuant to which the Company had the right to acquire a fee simple interest in ten hotels (the "Second Summit Closing") for a total purchase price of $89.1 million . As a result of this termination, the Company forfeited $9.1 million in non-refundable earnest money deposits. On February 11, 2016 , the Company completed the acquisition of six hotels (the "Third Summit Closing") from the Summit Sellers for an aggregate purchase price of $108.3 million which together with certain closing costs, was funded with $18.5 million previously paid as an earnest money deposit, $20.0 million in proceeds from a loan from the Summit Sellers (the "Summit Loan") described in Note 7 - Promissory Notes Payable, and $70.4 million from an advance, secured by a mortgage on the hotels in the Third Summit Closing, under the SN Term Loan. Also on February 11, 2016 , the Company entered into an agreement with the Summit Sellers to reinstate, with certain changes, the purchase agreement (the "Reinstatement Agreement") related to the hotels in the Second Summit Closing, pursuant to which the Company had been scheduled to acquire from the Summit Sellers ten hotels for an aggregate purchase price of $89.1 million . Pursuant to the Reinstatement Agreement, the Second Summit Closing was re-scheduled to occur on December 30, 2016 and $7.5 million (the “New Deposit”) borrowed by the Company from the Summit Sellers was used as a new earnest money deposit. Under the Reinstatement Agreement, the Summit Sellers had the right to market and ultimately sell any or all of the hotels in the Second Summit Closing to a bona fide third party purchaser without the consent of the Company at any time prior to the Company completing its acquisition of the Second Summit Closing. For any hotel sold in this manner, the Reinstatement Agreement terminated with respect to such hotel and the purchase price was reduced by the amount allocated to such hotel. In June 2016, the Summit Sellers informed the Company that two of the ten hotels had been sold, thereby reducing the Second Summit Closing to eight hotels for an aggregate purchase price of $77.2 million . On January 12, 2017 , the Company, through a wholly owned subsidiary of the OP, entered into an amendment (the “Summit Amendment”) to the Reinstatement Agreement. Under the Summit Amendment, the closing date for the purchase of seven of the hotels remaining to be purchased under the Reinstatement Agreement for an aggregate purchase price of $66.5 million was extended from January 12, 2017 to April 27, 2017 , following an amendment entered into on December 30, 2016 to extend the closing date from December 30, 2016 to January 10, 2017 , and an amendment entered into on January 10, 2017 to extend the closing date from January 10, 2017 to January 12, 2017 . The closing date for the purchase of an eighth hotel to be purchased under the Reinstatement Agreement for an aggregate purchase price of $10.5 million was extended from January 12, 2017 to October 24, 2017 . Concurrent with the Company’s entry into the Summit Amendment, the Company entered into an amendment to the Summit Loan (the “Loan Amendment”) and the Summit Sellers agreed to loan the Company an additional $3.0 million (the "Additional Loan Agreement") as consideration for the Summit Amendment. For additional discussion see Note 7 - Promissory Notes Payable. On April 27, 2017 , the Company, through the OP, completed the acquisition of seven hotels in the Second Summit Closing from the Summit Sellers (the "April Acquisition") pursuant to the Reinstatement Agreement for an aggregate purchase price of $66.5 million . Additionally, during the quarter ended June 30, 2017, the Summit Sellers informed the Company that the eighth hotel was sold by the Summit Sellers to a third party, in connection with which Company’s right and obligation to purchase this hotel was terminated in accordance with the terms of the Reinstatement Agreement. The following table presents the preliminary allocation of the assets acquired and liabilities assumed by the Company as of December 31, 2017 for the April Acquisition (in thousands): Assets acquired and liabilities assumed December 31, 2017 Land 9,732 Building and Improvements 50,407 Furniture, fixtures and equipment 6,461 Prepaid expenses and other assets 167 Accounts payable and accrued expenses (239 ) Total operating assets acquired, net 66,528 Framework Agreement: The Company has determined that the consummation of the transactions contemplated by the Framework Agreement and the transfer of consideration in exchange for an in-place workforce, intellectual property and infrastructure assets represent a business combination as defined by FASB Accounting Standard Codifications 805 - Business Combinations. The Company anticipates an increased economic return to its investors in the form of reduced advisory and property management fees as a result of the transactions completed at the Initial Closing pursuant to the Framework Agreement. The Company determined total consideration remitted as a result of the transactions completed at the Initial Closing pursuant to the Framework Agreement was $31.6 million , comprised of a cash payment of $10.0 million , a non-interest bearing short-term note payable of $4.0 million , a waiver of repayment by the Former Advisor of Organization or Offering Expenses owed to the Company of $5.8 million , newly issued common stock of $4.1 million , and common stock issued upon conversion and redemption of Class B Units of $7.7 million (See Note 3 - Brookfield Investment and Related Transactions). The Company determined the fair value on the date of grant of the Company's common stock to be $14.59 per share (See Note 10 - Common Stock). The Company determined this value by utilizing income and market based approaches further adjusted for fair value of debt and the Class C Units, and applied a discount for lack of marketability. As part of the process, the Company made the determination after consulting with a nationally recognized third party advisor. In applying the acquisition method of accounting, the Company recognized all consideration transferred of $31.6 million as goodwill since no value was allocated to the immaterial infrastructure fixed assets and immaterial intellectual property. The recognized goodwill balance is representative of employees acquired and the synergies expected to be achieved through reduced fees. During the year ended December 31, 2017, the Company recognized goodwill impairment of $17.1 million (See Note 17- Impairments).

Leases

Leases	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Leases	Leases In connection with its acquisitions the Company has assumed various lease agreements. These lease agreements are primarily comprised of one operating lease with respect to the Georgia Tech Hotel & Conference Center and nine ground leases which are also classified as operating leases. The following table summarizes the Company's future minimum rental commitments under these leases (in thousands): Minimum Rental Commitments Amortization of Below Market Lease Intangible to Rent Expense Year ended December 31, 2018 $ 5,217 $ 398 Year ended December 31, 2019 5,227 398 Year ended December 31, 2020 5,265 398 Year ended December 31, 2021 5,271 398 Year ended December 31, 2022 5,292 398 Thereafter 76,451 7,438 Total $ 102,723 $ 9,428 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 years ended December 31, 2017 , December 31, 2016 and December 31, 2015 , amortization of below-market lease intangibles, net, to rent expense was $ 0.4 million , $0.4 million and $0.4 million , respectively. Rent expense for the years ended December 31, 2017 , December 31, 2016 and December 31, 2015 was $6.2 million , $6.3 million and $5.8 million , respectively.

Mortgage Notes Payable

Mortgage Notes Payable	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable The Company’s mortgage notes payable as of December 31, 2017 and December 31, 2016 consist of the following, respectively (in thousands): Outstanding Mortgage Notes Payable Encumbered Properties December 31, 2017 December 31, 2016 Interest Rate Payment Maturity Baltimore Courtyard & Providence Courtyard $ 45,500 $ 45,500 4.30% Interest Only, Principal paid at Maturity April 2019 Hilton Garden Inn Blacksburg Joint Venture 10,500 10,500 4.31% Interest Only, Principal paid at Maturity June 2020 87 - Pack Mortgage Loan - 87 properties in Grace Portfolio 805,000 793,647 (1) 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 110,000 101,794 (1) One-month LIBOR plus 6.50% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights Refinanced Additional Grace Mortgage Loan - 20 properties in Grace Portfolio and one additional property 232,000 232,000 4.96% Interest Only, Principal paid at Maturity October 2020 Refinanced Term Loan -27 properties in Summit and Noble Portfolios and one additional property 310,000 235,484 (1) 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 $ 1,418,925 Less: Deferred Financing Fees, Net $ 17,223 $ 8,000 Total Mortgage Notes Payable, Net $ 1,495,777 $ 1,410,925 (1) These loans were refinanced in April 2017 on different terms with respect to interest rate, principal amount and maturity. Interest expense related to the Company's mortgage notes payable for the year ended December 31, 2017 , for the year ended December 31, 2016 , and for the year ended December 31, 2015 was $66.8 million , $60.1 million , and $43.1 million , respectively. Baltimore Courtyard and Providence Courtyard The Baltimore Courtyard and Providence Courtyard Loan matures on April 6, 2019 . On May 6, 2014 and each month thereafter, the Company is required to make an interest only payment based on the outstanding principal and a fixed annual interest rate of 4.30% . The entire principal amount is due at maturity. Hilton Garden Inn Blacksburg Joint Venture The Hilton Garden Inn Blacksburg Joint Venture Loan matures June 6, 2020 . On July 6, 2015 and each month thereafter, the Company is required to make an interest only payment based on the outstanding principal and a fixed annual interest rate of 4.31% . The entire principal amount is due at maturity. 87- Pack Loans On February 27, 2015 , the Company acquired a portfolio of 116 hotels (the "Grace Portfolio") through fee simple or leasehold interests from certain subsidiaries of Whitehall Real Estate Funds, an investment arm controlled by The Goldman Sachs Group, Inc. In connection with this acquisition, the Company assumed existing mortgage and mezzanine indebtedness encumbering those hotels (comprising the "Assumed Grace Mortgage Loan" and the "Assumed Grace Mezzanine Loan," collectively, the "Assumed Grace Indebtedness"). The Assumed Grace Mortgage Loan carried an interest rate of London Interbank Offered Rate ("LIBOR") plus 3.31% , and the Assumed Grace Mezzanine Loan carried an interest rate of LIBOR plus 4.77% , for a combined weighted average interest rate of LIBOR plus 3.47% . On April 28, 2017 , the Company and the OP through certain wholly-owned subsidiaries of the OP, entered into a mortgage loan agreement (the “87-Pack Mortgage Loan”) and a mezzanine loan agreement (the “87-Pack Mezzanine Loan” and, collectively with the 87-Pack Mortgage Loan, the “87-Pack Loans”) with an aggregate principal balance of $915.0 million to refinance the Assumed Grace Mortgage Loan and the Assumed Grace Mezzanine Loan. The principal amount of the 87-Pack Mortgage Loan is $805.0 million and the 87-Pack Mortgage Loan is secured by 87 of the Company’s hotel properties, all of which served as collateral for the Assumed Grace Mortgage Loan (each, a “87-Pack Collateral Property”). The principal amount of the 87-Pack Mezzanine Loan is $110.0 million and the 87-Pack Mezzanine Loan is secured by the ownership interest in the entities which own the 87-Pack Collateral Properties and the related operating lessees. At the closing of the 87-Pack Loans, the net proceeds after accrued interest and closing costs were used to repay the $895.4 million principal amount then outstanding under the Assumed Grace Indebtedness and pay $1.0 million into the Reserve Funds (as defined below). The 87-Pack Loans mature on May 1, 2019 , subject to three one -year extension rights which, if all three extension rights are exercised, would result in a fully extended maturity date of May 1, 2022 . The 87-Pack Loans are prepayable in whole or in part with certain prepayment fees applicable on or prior to November 1, 2018 , after which each loan is prepayable without any prepayment fee or any other fee or penalty. Prepayments under the 87-Pack Mortgage Loan are generally conditioned on a pro-rata prepayment being made under the 87-Pack Mezzanine Loan. The 87-Pack Mortgage Loan requires monthly interest payments at a variable rate equal to one-month LIBOR plus 2.56% , and the 87-Pack Mezzanine Loan requires monthly interest payments at a variable rate equal to one-month LIBOR plus 6.50% , for a combined weighted average interest rate of LIBOR plus 3.03% . Pursuant to an interest rate cap agreement, the LIBOR portions of the interest rates due under the 87-Pack Loans are effectively capped at the greater of (i) 4.0% and (ii) a rate that would result in a debt service coverage ratio specified in the loan documents. In connection with a sale or disposition to a third party of an individual 87-Pack Collateral Property, such 87-Pack Collateral Property may be released from the 87-Pack Loans, subject to certain conditions and limitations, by prepayment of a portion of the 87-Pack Loans at a release price calculated in accordance with the terms of the 87-Pack Loans. At closing, the 87-Pack Mortgage Loan borrowers deposited $30.0 million to fund a reserve (the “87-Pack PIP Reserve”) in order to fund expenditures for work required to be performed under PIPs required by franchisors of the 87-Pack Collateral Properties. The 87-Pack PIP Reserve was funded with a portion of the proceeds of the Refinanced Term Loan (as defined below). The 87-Pack Loans also provides for certain additional amounts to be deposited in reserve accounts (collectively with the 87-Pack PIP Reserve, the “Reserve Funds”). The 87-Pack Loans (i) are non-recourse except for certain environmental indemnities and certain so-called “bad boy” events and (ii) are fully recourse (subject in certain cases to a specified cap) upon the occurrence of certain other “bad boy” events. For the term of the 87-Pack Loans, the Company and the OP are required to maintain, on a consolidated basis, a net worth of $250.0 million (excluding accumulated depreciation and amortization). As of December 31, 2017 , the Company was in compliance with this financial covenant. Refinanced Additional Grace Mortgage Loan A portion of the purchase price of the Grace Portfolio was financed through additional mortgage financing (the "Original Additional Grace Mortgage Loan"). The Original Additional Grace Mortgage Loan was refinanced during October 2015 (the “Refinanced Additional Grace Mortgage Loan”). The Refinanced Additional Grace Mortgage Loan carries a fixed annual interest rate of 4.96% per annum with a maturity date on October 6, 2020 . Pursuant to the Refinanced Additional Grace Mortgage Loan, the Company agreed to make periodic payments into an escrow account for the property improvement plans required by the franchisors. The Refinanced Additional Grace Mortgage Loan includes the following financial covenants: minimum consolidated net worth and minimum consolidated liquidity. As of December 31, 2017 , the Company was in compliance with these financial covenants. Refinanced Term Loan On August 21, 2015 , the Company entered into a Term Loan Agreement with Deutsche Bank AG New York Branch, as administrative agent and Deutsche Bank Securities Inc., as sole lead arranger and book-running manager (as amended, the "SN Term Loan"). Draws under the SN Term Loan were used to finance approximately $235.5 million of the approximately $366 million purchase price with respect to a total of 20 of the Company's hotels, including the hotels acquired in the First Summit Closing and the Third Summit Closing. On February 11, 2016 , the SN Term Loan was amended to reduce the lenders’ total commitment from $450.0 million to $293.4 million . On July 1, 2016 , the period in which the Company had the ability to further draw down on the SN Term Loan expired, reducing the lenders' total commitment to $235.5 million . Upon such expiration, no additional amounts were available to be drawn under the SN Term Loan. Due to the amendment and the expiration, the Company recorded a reduction to its deferred financing fees associated with the SN Term Loan. The reduction of $3.0 million was reflected as a general and administrative expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). The SN Term Loan provided for financing (the “Loans”) at a rate equal to a base rate plus a spread of between 3.25% and 3.75% for Eurodollar rate Loans and between 2.25% and 2.75% for base rate Loans, depending on the aggregate debt yield and aggregate loan-to-value of the properties securing the Loans measured periodically. On April 27, 2017 , the Company and the OP, as guarantors, and certain wholly-owned subsidiaries of the OP (each a “Term Loan Borrower” and collectively the “Term Loan Borrowers”), as borrowers, entered into a Second Amended and Restated Term Loan Agreement (the “Refinanced Term Loan”) in an aggregate principal amount of $310.0 million to amend, restate and refinance the SN Term Loan. The Refinanced Term Loan is collateralized by 28 of the Company’s hotel properties, 20 of which served as collateral for the SN Term Loan, the seven hotels acquired on the same date as the refinancing pursuant to the April Acquisition, and one unencumbered hotel from Company’s existing portfolio (each, a “Term Loan Collateral Property”). At the closing of the Refinanced Term Loan, the net proceeds after accrued interest and closing costs were used (i) to repay the $235.5 million principal amount then outstanding under the SN Term Loan; (ii) to fund $33.1 million of the purchase price of the hotels purchased in the April Acquisition; (iii) to deposit $30.0 million to fund the 87-Pack PIP Reserve; and (iv) to pay in full the contingent consideration payable to the seller as part of an acquisition of hotels by the Company during March 2014 of $4.6 million . The Refinanced Term Loan matures on May 1, 2019 , subject to three one -year extension rights which, if all three extension rights are exercised, would result in an outside maturity date of May 1, 2022 . The Refinanced Term Loan is prepayable in whole or in part at any time, subject to payment of (i) LIBOR breakage, if any, and (ii) except for the first $99.1 million pay-down of the loan balance, certain fees applicable prior to May 1, 2018 . The Refinanced Term Loan requires monthly interest payments at a variable rate of one-month LIBOR plus 3.00% . Pursuant to an interest rate cap agreement, the LIBOR portions of the interest rates due under the Refinanced Term Loan is capped at 4.00% during the initial term, and a rate based on a debt service coverage ratio during any extension term. In connection with a sale or disposition to a third party of an individual Term Loan Collateral Property, such Term Loan Collateral Property may be released from the Refinanced Term Loan, subject to certain prepayment fees and conditions. The Refinanced 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 any franchise agreement related to any Term Loan Collateral Property. The Refinanced Term Loan (i) is non-recourse except for certain environmental indemnities and certain so-called “bad boy” events and (ii) is fully recourse (subject in certain cases to a specified cap) upon the occurrence of certain other “bad boy” events. For the term of the Refinanced Term Loan, the Company, the OP and the Term Loan Borrowers are required to maintain, on a consolidated basis, a net worth of $250.0 million (excluding accumulated depreciation and amortization). As of December 31, 2017 , the Company was in compliance with this financial covenant.

Promissory Notes Payable

Promissory Notes Payable	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Promissory Notes Payable	Promissory Notes Payable The Company’s promissory notes payable as of December 31, 2017 and December 31, 2016 were as follows (in thousands): Outstanding Promissory Notes Payable Note Payable December 31, 2017 December 31, 2016 Interest Rate Summit Loan Promissory Note $ — $ 23,405 14.0 % Note Payable to Former Property Manager $ 1,000 $ — — % Less: Deferred Financing Fees, Net $ — $ 25 Promissory Notes Payable, Net $ 1,000 $ 23,380 Interest expense related to the Company's promissory notes payable for the year ended December 31, 2017 , the year ended December 31, 2016 , and the year ended December 31, 2015 were $0.9 million , $2.9 million , and $1.4 million , respectively. Summit Loan Promissory Note On February 11, 2016 , the Summit Sellers loaned the Company $27.5 million under the Summit Loan. Proceeds from the Summit Loan totaling $20.0 million were used to pay a portion of the purchase price of the Third Summit Closing and proceeds from the Summit Loan totaling $7.5 million were used as a new purchase price deposit on the reinstated Second Summit Closing. On January 12, 2017, the Company entered into the Loan Amendment, amending the Summit Loan. See Note 4 - Business Combinations. The interest rate on the Summit Loan, as amended, included 9.0% paid in cash monthly and an additional 4% , which accrued and was compounded monthly and added to the outstanding principal balance at maturity unless otherwise paid in cash by the Company. The Summit Loan, as amended, had a maturity date of February 11, 2018 , however, if the closing of the April Acquisition occurred prior to February 11, 2018, then the outstanding principal of the Summit Loan and any accrued interest thereon would become immediately due and payable in full. The Company was also permitted to pre-pay the Summit Loan in whole or in part without penalty at any time. On January 12, 2017, the Company and the Summit Sellers entered into the Additional Loan Agreement pursuant to which the Summit Sellers agreed to loan the Company an additional $3.0 million as consideration for the Summit Amendment described in Note 4. The maturity date of the Additional Loan under the Additional Loan Agreement was July 31, 2017, however, if the sale of the seven hotels to be sold pursuant to the Reinstatement Agreement on April 27, 2017 was completed on that date, the entire principal amount of the Additional Loan would be deemed paid in full and the interest accrued thereon would become immediately due and payable. On March 31, 2017, at the Initial Closing and using a portion of the proceeds therefrom, the Company paid in full the Summit Loan. On April 27, 2017, the Company completed the acquisition of seven of the hotels remaining to be purchased under the Reinstatement Agreement, and as a result, the Additional Loan was deemed paid in full (See Note 4 - Business Combinations). Note Payable to Former Property Manager As part of the consideration for the Property Management Transactions, the Company and the OP agreed pursuant to the Framework Agreement to make certain cash payments to the Former Property Manager, which agreement is classified under GAAP as a short-term note payable with the Former Property Manager. The note payable is non-interest bearing and is required to be repaid in twelve monthly installments of $333,333.33 , with the final payment in March 2018 (See Note 3 - Brookfield Investment and Related Transactions).

Mandatorily Redeemable Preferre

Mandatorily Redeemable Preferred Securities	12 Months Ended
	Dec. 31, 2017
Temporary Equity Disclosure [Abstract]
Mandatorily Redeemable Preferred Securities	Mandatorily Redeemable Preferred Securities In February 2015, approximately $447.1 million of the contract purchase price for the Grace Portfolio was satisfied by the issuance to the sellers of the Grace Portfolio of preferred equity interests (the "Grace Preferred Equity Interests") in two newly-formed Delaware limited liability companies, HIT Portfolio I Holdco, LLC and HIT Portfolio II Holdco, LLC (formerly known as ARC Hospitality Portfolio I Holdco, LLC and ARC Hospitality Portfolio II Holdco, LLC, respectively, and, together, the "Holdco entities"), each of which is an indirect subsidiary of the Company and an indirect owner of the 112 hotels currently comprising the Grace Portfolio. The two Holdco entities correspond, respectively, to the pool of hotels encumbered by the 87-Pack Loan (plus eight additional otherwise unencumbered hotels) and the pool of hotels encumbered by the Refinanced Additional Grace Mortgage Loan. The holders of the Grace Preferred Equity Interests were entitled to monthly distributions at a rate of 7.50% per annum for the first 18 months following closing, through August 2016, and are entitled to 8.00% per annum thereafter. On liquidation of the Holdco entities, the holders of the Grace Preferred Equity Interests are entitled to receive their original value (as reduced by redemptions) prior to any distributions being made to the Company or the Company's stockholders. Beginning in April 2015, the Company became obligated to use 35% of any IPO proceeds to redeem the Grace Preferred Equity Interests at par, up to a maximum of $350.0 million in redemptions for any 12 -month period. As of December 31, 2017 , the Company has redeemed $213.0 million of the Grace Preferred Equity Interests, resulting in $234.1 million of liquidation value remaining outstanding under the Grace Preferred Equity Interests. The Company is also required, in certain circumstances, to apply debt proceeds to redeem the Grace Preferred Equity Interests at par. In addition, the Company has the right, at its option, to redeem the Grace Preferred Equity Interests, in whole or in part, at any time at par. The holders of the Grace Preferred Equity Interests have certain consent rights over major actions by the Company relating to the Grace Portfolio. In connection with the issuance of the Grace Preferred Equity Interests, the Company and the OP have made certain guarantees and indemnities to the sellers and their affiliates or indemnifying the sellers and their affiliates related to the Grace Portfolio. If the Company is unable to satisfy the redemption, distribution or other requirements of the Grace Preferred Equity Interests (including if there is a default under the related guarantees provided by the Company and the OP), the holders of the Grace Preferred Equity Interests have certain rights, including the ability to assume control of the operations of the Grace Portfolio through the assumption of control of the Holdco entities. Due to the fact that the Grace Preferred Equity Interests are mandatorily redeemable and certain of their other characteristics, the Grace Preferred Equity Interests are treated as debt in accordance with GAAP. The Company is required to redeem 50.0% of the Grace Preferred Equity Interests originally issued, or an additional $10.6 million by February 27, 2018 , and is required to redeem the remaining $223.5 million by February 27, 2019 . See Note 21 – Subsequent Events for information about the Second Closing which occurred on February 27, 2018 and the use of a portion of the proceeds thereof to redeem $10.6 million of liquidation value of the Grace Preferred Equity Interests.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses The following is a summary of the components of accounts payable and accrued expenses (in thousands): December 31, 2017 December 31, 2016 Trade accounts payable $ 24,261 $ 22,403 Accrued expenses 43,191 41,497 Contingent consideration from Barceló Portfolio (See Note 13 - Commitments and Contingencies) — 4,619 Total $ 67,452 $ 68,519

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Common Stock	Common Stock The Company had 39,505,742 shares and 38,493,430 shares of common stock outstanding as of December 31, 2017 and December 31, 2016 , respectively. The shares of common stock outstanding include shares issued as distributions through March 2017, as a result of the Company's change in distribution policy adopted by the Company's board of directors in March 2016 as described below. Common Stock Issuances At the Initial Closing the Company issued 279,329 shares of the Company’s common stock to the Former Property Manager, and converted all 524,956 Class B Units held by the Former Advisor into 524,956 OP Units, and, immediately following such conversion, redeemed such 524,956 OP Units for 524,956 shares of the Company’s common stock. The Company determined the fair value on the date of issuance of the Company's common stock to be $14.59 per share. The Company determined this value by utilizing income and market based approaches further adjusted for fair value of debt and the Class C Units, and applied a discount for lack of marketability. As part of the process, the Company made the determination after consulting with a nationally recognized third party advisor. Distributions On February 3, 2014 , the Company's board of directors declared distributions payable to stockholders of record each day during the applicable month at a rate equal to $0.0046575343 per day (or $0.0046448087 if a 366-day year), or $1.70 per annum, per share of common stock. The first distribution was paid in May 2014 to holders of record in April 2014. For the period from May 2014 until May 2016 when the Company commenced paying distributions in common stock, the Company paid cash distributions, all of which were funded with proceeds from the Offering and proceeds realized from the sale of common stock issued pursuant to the DRIP. The Offering was suspended on November 15, 2015 and terminated on January 7, 2017, the third anniversary of the commencement of the Offering, in accordance with its terms. In March 2016, the Company’s board of directors changed the distribution policy, such that distributions paid with respect to April 2016 were paid in shares of common stock instead of cash to all stockholders, and not at the election of each stockholder. Accordingly, the Company paid a cash distribution to stockholders of record each day during the quarter ended March 31, 2016 , but any distributions for subsequent periods were paid in shares of common stock. Distributions for the quarter ended June 30, 2016 were paid in common stock in an amount equivalent to $1.70 per annum, divided by $23.75 . On July 1, 2016 , the Company's board of directors approved an initial Estimated Per-Share NAV, which was published on the same date. This was the first time that the Company’s board of directors determined an Estimated Per-Share NAV. In connection with its determination of Estimated Per-Share NAV, the Company’s board of directors revised the amount of the distribution to $1.46064 per share per annum, equivalent to a 6.80% annual rate based on the Estimated Per-Share NAV at that time. The Company’s board of directors authorized distributions, payable in shares of common stock, at a rate of 0.068 multiplied by the Estimated Per-Share NAV in effect as of the close of business on the applicable date. Therefore, beginning with distributions payable with respect to July 2016, the Company paid distributions to its stockholders in shares of common stock on a monthly basis to stockholders of record each day during the prior month in an amount equal to 0.000185792 per share per day, or $1.46064 per annum, divided by $21.48 . On January 13, 2017 , in connection with its approval of the Company's entry into the SPA, the Company's board of directors suspended paying distributions to the Company's stockholders entirely. Currently, under the Brookfield Approval Rights, prior approval is required before the Company can declare or pay any distributions or dividends to its common stockholders, except for cash distributions equal to or less than $0.525 per annum per share. Share Repurchase Program The Company’s board of directors adopted a share repurchase program (“SRP”) in connection with the IPO that enabled the Company’s stockholders to sell their shares back to the Company after having held them for at least one year , subject to significant conditions and limitations. In connection with the Company’s entry into the SPA, the Company's board of directors suspended the SRP effective as of January 23, 2017 . In connection with the Initial Closing, the Company's board of directors terminated the SRP effective as of April 30, 2017 . The Company did no t make any repurchases of common stock pursuant to the SRP or otherwise during the years ended December 31, 2016 or December 31, 2017 , except pursuant to the tender offer which the Company commenced in October 2017, as described below. Company Tender Offer On October 25, 2017 , the Company commenced a self-tender offer (the “Company Offer”) for up to 1,000,000 shares of common stock at a price of $6.50 per share. On November 15, 2017 , the Company increased the purchase price in the Company Offer to $6.75 per share. The Company Offer was made in response to an unsolicited offer to stockholders commenced on October 23, 2017 by MacKenzie Realty Capital, Inc. The Company Offer expired at 5:00 p.m., New York City time, on December 22, 2017 . On December 26, 2017 , a total of 113,091 shares were tendered in the Company Offer and purchased and subsequently retired by the Company, for an aggregate purchase price of $763,366 . Distribution Reinvestment Plan Pursuant to the DRIP, to the extent the Company pays distributions in cash, stockholders may elect to reinvest distributions by purchasing shares of common stock. There were 1,226,867 shares issued under the DRIP as of December 31, 2016 . There were 828,217 shares issued under the DRIP as of December 31, 2015 . Commencing with distributions paid with respect to April 2016, the Company paid distributions in shares of common stock instead of cash. Shares are only issued pursuant to the DRIP in connection with distributions paid in cash. On January 13, 2017 , as authorized by the Company's board of directors, the DRIP was suspended effective as of February 12, 2017.

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments The Company has adopted 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, following an amendment and restatement in connection with the Initial Closing, 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 be granted under the RSP may not exceed 5% of the authorized shares of common stock at any time and in any event may not exceed 4,000,000 shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events). 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, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash or stock distributions when and if paid prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in shares of common stock are generally subject to the same restrictions as the underlying restricted shares. The fair value of the restricted shares is expensed over the applicable vesting period. The Company recognizes the impact of forfeited restricted share awards as they occur. 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, in general, be sold or otherwise transferred until restrictions are removed and the rights to the shares of common stock have vested. Holders of RSUs do not have or receive any voting rights with respect to the RSUs or any shares underlying any award of RSUs, but such holders generally are credited with dividend or other distribution equivalents that are regarded as having been reinvested in RSUs which are subject to the same vesting conditions and/or other restrictions as the underlying RSUs. The fair value of the RSUs is expensed over the applicable vesting period. The Company recognizes the impact of forfeited RSUs as they occur. Restricted Share Awards A summary of the Company's restricted share awards for the year ended December 31, 2017 is presented below. Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested December 31, 2016 11,387 $ 22.12 $ 252 Granted 7,576 $ 14.59 $ 111 Vested 4,862 $ 22.21 $ 108 Forfeitures 6,525 $ 22.06 $ 144 Non-vested December 31, 2017 7,576 $ 14.59 $ 111 Prior to the Initial Closing, the Company made annual restricted share awards to its independent directors that vested annually over a five -year period following the date of grant, subject to continued service. In connection with the Initial Closing, the Company implemented a new director compensation program. Following the Initial Closing and pursuant to a compensation payment agreement, restricted share awards are generally made to an affiliate of the Brookfield Investor in respect of the Redeemable Preferred Directors’ service on the board of directors and vest on the earlier of the first anniversary of the date of grant and the date of the next annual meeting of the board of directors following the date of grant, subject to the continued service of the applicable Redeemable Preferred Director. As of December 31, 2017 , the Company anticipates that all unvested restricted share awards will vest in accordance with their terms. The compensation expense related to restricted shares for the year ended December 31, 2017 was less than $0.1 million . As of December 31, 2017 there was less than $0.1 million of unrecognized compensation expense remaining. RSU Awards A summary of the Company's RSU awards for the year ended December 31, 2017 is presented below: Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested December 31, 2016 — $ — $ — Granted 100,398 $ 15.08 $ 1,514 Vested 558 $ 21.48 $ 12 Forfeited — $ — $ — Non-vested December 31, 2017 99,840 $ 15.04 $ 1,502 RSU awards to the Company’s executive officers and other employees generally vest annually over a four -year vesting period following the date of grant, subject to continued service. RSU awards to directors other than Redeemable Preferred Directors vest on the earlier of the first anniversary of the date of grant and the date of the next annual meeting of the board of directors following the date of grant, subject to the continued service of the applicable director. In addition, during the year ended December 31, 2017 , certain RSU awards to directors other than Redeemable Preferred Directors were issued in connection with the simultaneous forfeiture of an equal number of restricted shares. These RSU awards have the same vesting terms as the restricted shares which were forfeited (i.e., annually over a five -year period following the date of grant of the original restricted share award). Vested RSUs may only be settled in shares of common stock and such settlement generally will be on the earliest of (i) in the calendar year in which the third anniversary of each applicable vesting date occurs, (ii) termination of the recipient’s services to the Company and (iii) a change in control event. As of December 31, 2017 , the Company anticipates that all unvested RSUs will vest in accordance with their terms. The compensation expense related to RSUs for the year ended December 31, 2017 was approximately $0.4 million . As of December 31, 2017 there was $1.2 million of unrecognized compensation expense remaining.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	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): December 31, 2017 Carrying Amount Fair Value Mortgage notes payable $ 1,513,000 $ 1,516,368 Mandatorily redeemable preferred securities $ 234,117 $ 222,700 Contingent forward liability (1) $ 1,437 $ 1,437 Total $ 1,748,554 $ 1,740,505 ______________ (1) See Note 13 - Commitments and Contingencies The fair value of the mortgage notes payable and mandatorily redeemable preferred securities were determined using the discounted cash flow method and applying current market rates and is classified as level 3 under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. The contingent forward liability represents the fair value of the Company's obligation to issue Class C Units to the Brookfield Investor in the future (See Note 13 - Commitments and Contingencies), and is estimated by using option pricing analysis and discounting the estimated value of Class C Units to account for uncertainty and lack of marketability. The contingent forward liability is classified as level 3 under the fair value hierarchy. During 2017, the Company recorded an impairment loss of $10.4 million on its hotel properties (See Note 17-Impairments). The fair value of these hotel properties was based on the observable market data which is considered level 2 input under the fair value hierarchy and unobservable inputs that reflect the Company's internal assumptions, which are considered level 3 input under the fair value hierarchy. The Company recognized an impairment loss of $5.2 million , including impairment of $3.9 million on the sale of two hotels and impairment of $1.3 million on one hotel classified as held for sale as of December 31, 2017 , which includes the costs to sell those assets. The fair value was determined using level 2 measurements, which were agreed upon sales prices with third party buyers (See Note 17 - Impairments of Long-Lived Assets).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company at the date of this filing, other than as set forth below. In February 2018, a stockholder of the Company, Tom Milliken, filed a derivative complaint (the “Complaint”) on behalf of the Company and against the Company, as well as the Former Advisor, the Former Property Manager, various affiliates of those entities (together, the “Former Advisor Defendants”), and certain current and former directors and officers of the Company (the “Director Defendants”). The Complaint was filed in the District Court for the Southern District of New York on February 26, 2018. The Complaint alleges, among other things, that the Former Advisor and Director Defendants breached their fiduciary duties to the Company and its stockholders by putting their own interests above those of the Company, which breach was aided and abetted by certain of the Former Advisor Defendants. The Complaint also asserts claims of breach of contract against the Director Defendants, corporate waste against the Former Advisor and certain of the Director Defendants, and unjust enrichment against certain of the Director Defendants and Former Advisor Defendants. The Company has been investigating the above claims and others made by the stockholder since receipt of a shareholder demand letter from Mr. Milliken's attorneys in July 2017 and a supplemental demand letter in December 2017. Based on its investigation to date, the Company believes that the claims are without merit and no accrual of any potential liability was necessary as of December 31, 2017. The Company has consulted with its outside legal counsel and it is evaluating the next steps that will be taken in the case. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations. Contingent Consideration Included as part of the Company's March 2014 acquisition of interests in six hotels through fee simple, leasehold and joint venture interests (the "Barceló Portfolio") was a contingent consideration payable to the seller based on the future operating results of three of the six hotels: Baltimore Courtyard, Providence Courtyard and Stratford Homewood Suites. During August 2016, the Company and the seller entered into an agreement extending and modifying the payment terms of the contingent consideration. The amount payable was calculated by applying a contractual capitalization rate to the excess earnings before interest, taxes, and depreciation and amortization, earned in the third year after the acquisition over an agreed upon target, provided the contingent consideration generally would not be less than $4.1 million or exceed $4.6 million . The Company paid the contingent consideration of $4.6 million with proceeds used from the Refinanced Term Loan (See Note 6 - Mortgage Notes Payable). Contingent Forward Liability Pursuant to the SPA with the Brookfield Investor, the Company may become obligated to issue additional Class C Units to the Brookfield Investor and this obligation is considered a contingent forward contract under Accounting Standards Codification section 480 - Distinguishing Liabilities from Equity, and accounted for as a liability. The fair value of the contingent forward liability was initially recognized at zero since the contingent forward contract was executed at fair market value. The Company has determined the fair value of the contingent forward liability was $1.4 million as of December 31, 2017 . The Company will measure the contingent forward liability on a recurring basis until the Company is no longer obligated to issue additional Class C Units and any changes in fair value will be recognized through earnings. At the time that the Company is no longer obligated to issue additional Class C Units, the corresponding liability will be extinguished.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Brookfield Investment and Related Transactions Securities Purchase, Voting and Standstill Agreement On January 12, 2017 , the Company and the OP entered into the SPA with the Brookfield Investor, as well as related guarantee agreements with certain affiliates of the Brookfield Investor. Pursuant to the terms of the SPA, at the Initial Closing, the Brookfield Investor agreed to purchase (i) the Redeemable Preferred Share, for a nominal purchase price, and (ii) 9,152,542.37 Class C Units, for a purchase price of $14.75 per Class C Unit, or $135.0 million in the aggregate. The Initial Closing occurred on March 31, 2017 . The Redeemable Preferred Share has been classified as permanent equity on the Consolidated Balance Sheets, and the Class C Units have been classified as temporary equity due to the contingent redemption features described in more detail below. The Company measured the Class C Units issued at fair value, or $135.0 million , representing the gross proceeds of the issuance of the Class C Units at the Initial Closing. As discussed below, the Class C Units include conversion rights. Because the effective conversion price of the Class C Units under GAAP of $14.09 as of March 31, 2017 (which is calculated on a net investment basis after transaction fees and costs payable to the Brookfield Investor as $129.0 million divided by 9,152,542.37 Class C Units issued) is less than the fair value of the Company’s common stock of $14.59 on such date (See Note 10 - Common Stock), the conversion rights represent a “beneficial conversion feature” under GAAP. The Company measured the beneficial conversion feature at $4.5 million , and has recognized the beneficial conversion feature as a deemed dividend as of March 31, 2017 , reducing income available to common stockholders for purposes of calculating earnings per share. As of December 31, 2017 , the Class C Units are reflected on the Consolidated Balance Sheets at $128.0 million . The value of the Class C Units as of December 31, 2017 , is derived by reducing the $ 135.0 million in gross proceeds by the $13.8 million in costs directly attributable to the issuance of Class C Units at the Initial Closing, including $6.0 million paid directly to Brookfield at the Initial Closing in the form of expense reimbursements and a commitment fee, and increased by $5.2 million in distributions payable to holders of Class C Units in the form of additional Class C Units ("PIK Distributions") and $1.6 million in the accretion of the carrying value to the liquidation preference through December 31, 2017 . Following the Initial Closing, subject to the terms and conditions of the SPA, the Company also has the right to sell, and the Brookfield Investor has agreed to purchase, additional Class C Units at the same price per unit as at the Initial Closing upon 15 business days’ prior written notice and in an aggregate amount not to exceed $265.0 million at Subsequent Closings as follows: • On or prior to February 27, 2018 , but no earlier than January 3, 2018 , up to an amount that would be sufficient to reduce the outstanding amount of the Grace Preferred Equity Interests (as defined in Note 8 below) to approximately $223.5 million . Proceeds from this Subsequent Closing must be used by the OP exclusively to, concurrently therewith, redeem then outstanding Grace Preferred Equity Interests. • On or prior to February 27, 2019 , but no earlier than January 3, 2019 , up to the then outstanding amount of the Grace Preferred Equity Interests. Proceeds from this Subsequent Closing must be used by the OP exclusively to, concurrently therewith, redeem all then outstanding Grace Preferred Equity Interests. • On or prior to February 27, 2019 , in one or more transactions, up to an amount equal to the difference between the then unfunded portion of the Brookfield Investor’s $400.0 million funding commitment and the outstanding amount of the Grace Preferred Equity Interests. Proceeds from these Subsequent Closings must be used by the OP exclusively to fund brand-mandated property improvement plans ("PIPs") and related lender reserves, repay amounts then outstanding with respect to mortgage debt principal and interest and working capital. On February 27, 2018 , the Second Closing occurred, pursuant to which the Company sold 1,694,915.25 additional Class C Units to the Brookfield Investor, for a purchase price of $14.75 per Class C Unit, or $25.0 million in the aggregate. See Note 21 – Subsequent Events. Consummation of any Subsequent Closing is subject to the satisfaction of certain conditions, and there can be no assurance they will be completed on their current terms, or at all. In addition, from February 27, 2018 through February 27, 2019 , the Brookfield Investor will have the right to purchase, and the OP has agreed to sell, in one or more transactions, the then unfunded portion of the Brookfield Investor’s $400.0 million funding commitment in transactions of no less than $25.0 million each. The SPA also contains certain standstill and voting restrictions applicable to the Brookfield Investor and certain of its affiliates. The Redeemable Preferred Share 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, except as provided therein. For so long as the Brookfield Investor holds the Redeemable Preferred Share, (i) the Brookfield Investor has the right to elect two Redeemable Preferred Directors (neither of whom may be subject to an event that would require disclosure pursuant to Item 401(f) of Regulation S-K, which relates to involvement in certain legal proceedings, in any definitive proxy statement filed by the Company), as well as to approve (such approval not to be unreasonably withheld, conditioned or delayed) two additional independent directors (each, an “Approved Independent Director”) to be recommended and nominated by the Company's board of directors for election by the stockholders at each annual meeting, (ii) each committee of the Company’s board of directors, except any committee formed with authority and jurisdiction over the review and approval of conflicts of interest involving the Brookfield Investor and its affiliates, on the one hand, and the Company, on the other hand (a “Conflicts Committee”), is required to include at least one of the Redeemable Preferred Directors as selected by the holder of the Redeemable Preferred Share (or, if neither of the Redeemable Preferred Directors satisfies all requirements applicable to such committee, with respect to independence and otherwise, of the Company’s charter, the SEC and any national securities exchange on which any shares of the Company’s stock are then listed, at least one of the Approved Independent Directors as selected by the Company's board of directors), and (iii) the Company will not make a general delegation of the powers of the Company’s board of directors to any committee thereof which does not include as a member a Redeemable Preferred Director, other than to a Conflicts Committee. If the OP fails to redeem Class C Units when required to do so, beginning three months after such failure and until all Class C Units requested to be redeemed have been redeemed, the holder of the Redeemable Preferred Share will have 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 and fill the vacancies created by the expansion 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). The Brookfield Investor is not permitted to transfer the Redeemable Preferred Share, except to an affiliate of the Brookfield Investor. The holder of the Redeemable Preferred Share generally votes together as a single class with the holders of the Company’s common stock at any annual or special meeting of stockholders of the Company. However, any action that would alter the terms of the Redeemable Preferred Share or the rights of its holder (including any amendment to the Company's charter, including the Articles Supplementary with respect to the Redeemable Preferred Share (the "Articles Supplementary")) is subject to a separate class vote of the Redeemable Preferred Share. In addition, the Redeemable Preferred Directors have the Brookfield Approval Rights. At its election and subject to notice requirements, the Company may redeem the Redeemable Preferred Share for a cash amount equal to par value upon the occurrence of any of the following: (i) the first date on which no Class C Units remain outstanding; (ii) the date the liquidation preference applicable to all Class C Units held by the Brookfield Investor and its affiliates is reduced to $100.0 million or less due to the exercise by holders of Class C Units of their redemption rights under the amendment and restatement of the OP's existing agreement of limited partnership ( the "A&R LPA"); or (iii) in connection with a failure of the Brookfield Investor to consummate the applicable purchase of Class C Units at any Subsequent Closing (subject to the terms set forth in the SPA, a “Funding Failure”), the 11th business day after the date the Company obtains a final, non-appealable judgment of a court of competent jurisdiction in connection with such Funding Failure. Under the circumstances described in clause (iii) in the foregoing sentence, in addition, (i) the Brookfield Approval Rights would be permanently terminated, (ii) the OP would be entitled to redeem all or any portion of the then outstanding Class C Units in cash for their liquidation preference, (iii) all Class C Units received in respect of all PIK Distributions accrued from the date of the Initial Closing would be forfeited, and (iv) the Brookfield Investor would be required to cause each of the Redeemable Preferred Directors to resign from the Company’s board of directors. Class C Units At the Initial Closing, the Brookfield Investor, the Special General Partner and the Company, in its capacity as general partner of the OP, entered into the A&R LPA, which established the terms, rights, obligations and preferences of the Class C Units as set forth in more detail below. 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 , 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% per annum from legally available funds. If the Company fails to pay these cash distributions when due, the per annum rate will increase to 10% until all accrued and unpaid distributions required to be paid in cash are reduced to zero . Commencing on June 30, 2017 and subject to the occurrence of a Funding Failure if one were to occur, holders of Class C Units are also entitled to receive, with respect to each Class C Unit, a fixed, quarterly, cumulative PIK Distribution at a rate of 5% per annum ("PIK Distributions"). If the Company fails to redeem the Brookfield Investor when required to do so pursuant to the A&R LPA, the 5% per annum PIK Distribution rate will increase to a per annum rate of 7.50% , and would further increase by 1.25% per annum for the next four quarterly periods thereafter, up to a maximum per annum rate of 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. 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 including such date, (i) any accrued and unpaid cash distributions and (ii) any accrued and unpaid PIK Distributions. Conversion Rights At any time and subject to the occurrence of a Funding Failure, the Class C Units are convertible into OP Units at any time at the option of the holder thereof at an initial conversion price of $14.75 (the "Conversion Price"). The Conversion Price is subject to anti-dilution and other adjustments upon the occurrence of certain events and transactions. Notwithstanding the foregoing, the convertibility of certain Class C Units may be restricted in certain circumstances described in the A&R LPA, and, to the extent any Class C Units submitted for conversion are not converted as a result of these restrictions, the holder will instead be entitled to receive an amount in cash equal to two times the liquidation preference of any unconverted Class C Units. OP Units, in turn, are generally redeemable for shares of the Company’s common stock on a one-for-one-basis or the cash value of a corresponding number of shares, at the election of the Company, in accordance with the terms of the A&R LPA. Notwithstanding the foregoing, with respect to any redemptions in exchange for shares of the Company’s common stock that would result in the converting holder owning 49.9% or more of the shares of the Company’s common stock then outstanding after giving effect to the redemption, for the number of shares of the Company’s common stock exceeding the 49.9% threshold, the redeeming holder may elect to retain OP Units or to request delivery in cash of the cash value of a corresponding number of shares. Mandatory Redemption 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 , the fifth anniversary of the Initial Closing, the holders of Class C Units will be entitled to receive, prior to and in preference to any distribution of any of the assets or surplus funds of the Company to the holders of any other limited partnership interests in the OP: • in the case of a Fundamental Sale Transaction consummated on or prior to February 27, 2019 , an amount per Class C Unit in cash equal to such Class C Unit’s pro rata share (determined based on the respective liquidation preferences of all Class C Units) of an amount equal to (I) $800.0 million less (II) the sum of (i) the difference between (A) $400.0 million and (B) the aggregate purchase price paid under the SPA of all outstanding Class C Units (with the purchase price for Class C Units issued as PIK Distributions being zero for these purposes) and (ii) all cash distributions actually paid to date; • in the case of a Fundamental Sale Transaction consummated after February 27, 2019 and prior to January 1, 2022 , the date that is 57 months and one day after the date of the Initial Closing, an amount per Class C Unit in cash equal to (x) two times the purchase price under the SPA of such Class C Unit (with the purchase price for Class C Units issued as PIK Distributions being zero for these purposes), less (y) all cash distributions actually paid to date; and • in the case of a Fundamental Sale Transaction consummated on or after January 1, 2022 , an amount per Class C Unit in cash equal to the liquidation preference of such Class C Unit plus a make whole premium for such Class C Unit calculated based on a discount rate of 5% and the assumption that such Class C Unit had not been redeemed until March 31, 2022 , the fifth anniversary of the Initial Closing (the "Make Whole Premium"). Holder Redemptions In the event of the occurrence of a REIT Event (as defined and more fully described in the A&R LPA, the Company’s failure to satisfy any of the requirements for qualification and taxation as a REIT under certain circumstances) or a Material Breach (as defined and more fully described in the A&R LPA, generally a breach by the Company of certain material obligations under the A&R LPA), in each case, subject to certain notice and cure rights, holders of Class C Units have the right to require the Company to redeem any Class C Units submitted for redemption for an amount equivalent to what the holders of Class C Units would have been entitled to receive in a Fundamental Sale Transaction if the date of redemption were the date of the consummation of the Fundamental Sale Transaction. From time to time on or after March 31, 2022 , the fifth anniversary of the Initial Closing, and at any time following the rendering of a judgment enjoining or otherwise preventing the holders of Class C Units, the Brookfield Investor or the Special General Partner from exercising their respective rights under the A&R LPA or the Articles Supplementary, any holder of Class C Units may, at its election, require the Company to redeem any or all of its Class C Units for an amount in cash equal to the liquidation preference. The OP is not required to make any redemption of less than all of the Class C Units held by any holder requiring a payment of less than $15.0 million . If any redemption request would result in the total liquidation preference of Class C Units remaining outstanding being equal to less than $35.0 million , the OP has the right to redeem all then outstanding Class C Units in full. 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 months after such failure the Special General Partner has the exclusive right, power and authority to sell the assets or properties of the OP for cash at such time or times as the Special General Partner may determine, upon engaging a reputable, national third party sales broker or investment bank reasonably acceptable to holders of a majority of the then outstanding Class C Units to conduct an auction or similar process designed to maximize the sales price. The proceeds from sales of assets or properties by the Special General Partner must be used first to make any and all payments or distributions due or past due with respect to the Class C Units, regardless of the impact of such payments or distributions on the Company or the OP. In addition and as described elsewhere herein, 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 months after such failure and until all Class C Units requested to be redeemed have been redeemed: • the holder of the Redeemable Preferred Share would have 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 and fill the vacancies created thereby subject to compliance with 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); and • the 5% per annum PIK Distribution rate would increase to a per annum rate of 7.50% , and would further increase by 1.25% per annum for the next four quarterly periods thereafter, up to a maximum per annum rate of 12.5% . Company Liquidation Preference Reduction Upon Listing In the event a listing of the Company’s common stock on a national stock exchange occurs prior to March 31, 2022 , the fifth anniversary of the Initial Closing, the OP would also have certain rights to redeem all but $0.10 of the liquidation preference of each issued and outstanding Class C Unit for cash subject to payment of a make whole premium and certain rights of the Class C Unit holders to convert their retained liquidation preference into OP Units prior to March 31, 2024 . Company Redemption After Five Years At any time and from time to time on or after March 31, 2022 , the fifth anniversary of the Initial Closing, the Company has the right to elect to redeem all or any part of the issued and outstanding Class C Units for an amount in cash equal to the liquidation preference. Transfer Restrictions Subject to certain exceptions, 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 million of assets. Preemptive Rights Subject to the occurrence of a Funding Failure, 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% of the outstanding shares of the Company’s common stock on an as-converted basis has certain preemptive rights. Brookfield Approval Rights The Articles Supplementary restrict the Company from taking certain actions without the prior approval of at least one of the Redeemable Preferred Directors, and the A&R LPA restricts the OP from taking certain actions without the prior approval of the majority of the then outstanding Class C Units. Subject to certain limitations, both sets of rights are subject to temporary and permanent suspension in connection with any Funding Failure and no longer apply if the liquidation preference applicable to all Class C Units held by the Brookfield Investor and its affiliates is reduced to $100.0 million or less due to the exercise by holders of Class C Units of their redemption rights under the A&R LPA. 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; hiring and compensation decisions related to certain key personnel (including executive officers); property acquisitions and property sales and dispositions that do not meet transaction-size limits and other defined criteria and would be outside of the OP’s normal course of business; entry into new lines of business; settlement of material litigation; changes to material agreements; increasing or decreasing the number of directors on the Company’s board of directors; nominating or appointing a director (other than a Redeemable Preferred Director) who is not independent; nominating or appointing the chairperson of the Company’s board of directors; and certain other matters. After December 31, 2021 , the 57-month anniversary of the Initial Closing, no prior approval will be required for debt incurrences, equity issuances and asset sales if the proceeds therefrom are used to redeem the then outstanding Class C Units in full. Framework Agreement On January 12, 2017 , the Company and the OP, entered into the Framework Agreement with the Former Advisor, the Former Property Manager, Crestline, the Former Special Limited Partner, and, for certain limited purposes, the Brookfield Investor. The Framework Agreement provides for the Company transitioning from an externally managed company with no employees of its own that is dependent on the Former Advisor and its affiliates to manage its day-to-day operations to a self-managed company. The transactions contemplated by the Framework Agreement generally were consummated at, and as a condition to, the Initial Closing, and the Framework Agreement would have terminated automatically upon the termination of the SPA in accordance with its terms prior to the Initial Closing. At the Initial Closing, pursuant to the Framework Agreement, the Advisory Agreement was terminated. The Framework Agreement also provided for the extension or renewal of the Advisory Agreement on specified terms under certain circumstances, none of which occurred. Until the expiration without renewal or termination of the Advisory Agreement, the Former Advisor and its affiliates agreed to use their respective commercially reasonable efforts to assist the Company and its subsidiaries to take such actions as the Company and its subsidiaries reasonably deemed necessary to transition to self-management, including, but not limited to providing books and records, accounting systems, software and office equipment. In addition, the Former Advisor also granted the Company the right to hire certain of employees of the Former Advisor or its affiliates who were then involved in the management of the Company’s day-to-day operations, including all of the Company’s current executive officers, and made other agreements in order to promote retention of these individuals which relate to the compensation payable to them and other terms of their employment by the Former Advisor and its affiliates prior to the Initial Closing. Pursuant to the Framework Agreement, at the Initial Closing, the Company and the Former Advisor and/or certain of its affiliates, as applicable, entered into a series of agreements to facilitate the transition to self-management, including the agreements described in more detail below. Property Management Transactions Prior to the Initial Closing, the Company, directly or indirectly through its taxable REIT subsidiaries, had entered into agreements with the Former Property Manager, which, in turn, engaged Crestline or a third-party sub-property manager to manage the Company’s hotel properties. These agreements were intended to be coterminous, meaning that the term of the agreement with the Former Property Manager was the same as the term of the Former Property Manager’s agreement with the applicable sub-property manager for the applicable hotel properties, with certain exceptions. At the Initial Closing, as contemplated by and pursuant to the Framework Agreement, the Company, through its taxable REIT subsidiaries, the Former Property Manager, Crestline and the Company’s third-party sub-property managers entered into a series of amendments, assignments and terminations with respect to the then existing property management arrangements (collectively, the "Property Management Transactions") pursuant to the Framework Agreement. At the consummation of the Property Management Transactions, among other things: • property management agreements for a total of 69 hotels then sub-managed by Crestline (collectively, the "Crestline Agreements") were assigned by the Former Property Manager to Crestline; • property management agreements for a total of five additional hotels (together with the Crestline Agreements, the "Long-Term Agreements") were transitioned to Crestline and the sub-property management agreements with Interstate Management Company, LLC related to these properties were terminated effective April 3, 2017 ; • in connection with the assignment of the Long-Term Agreements to Crestline, they were amended as follows: • the total property management fee of up to 4.0% of the monthly gross receipts from the properties was reduced to 3.0% ; • no change to the remaining term (generally 18 to 19 years), which will renew automatically for three five year terms unless either party provides advance notice of non-renewal; • the termination provisions were changed from being generally only terminable by the Company prior to expiration for cause and not in connection with a sale such that, beginning on April 1, 2021 , the first day of the 49th month following the Initial Closing, the Company will have an "on-sale" termination right upon payment of a fee in an amount equal to two and one half times the property management fee in the trailing 12 months, subject to customary adjustments; and • if, prior to March 31, 2023, the six-year anniversary of the Initial Closing, the Company sells a hotel managed pursuant to a Long-Term Agreement, the Company has the right to terminate the applicable Long-Term Agreement with respect to any property that is being sold and concurrently replace it with a comparable hotel owned by the Company and managed pursuant to a short-term agreement, by terminating that hotel’s existing property manager and retaining Crestline on the same terms as the Long-Term Agreement being replaced; and • the property management agreements with the Former Property Manager for the Company’s 65 other hotels were terminated and the sub-property managers managing these hotels prior to the Initial Closing continued to do so following the Initial Closing in accordance with property management agreements with the Company’s taxable REIT subsidiaries under the property management terms in effect prior to the Initial Closing. As consideration for the Property Management Transactions, the Company and the OP: • paid a one-time cash amount equal to $10.0 million to the Former Property Manager; • have made and will continue to make a monthly cash payment in the amount of $333,333.33 , $4.0 million in the aggregate, to the Former Property Manager on the 15th day of each month for the 12 months following the Initial Closing (See Note 7 - Promissory Notes Payable); • issued 279,329 shares of the Company’s common stock to the Former Property Manager, for which the fair value on the date of grant has been determined to be $14.59 per share (See Note 10 - Common Stock); • waived any and all obligations of the Former Advisor to refund or otherwise repay any Organization or Offering Expenses (as defined in the Advisory Agreement) to the Company in an amount acknowledged to be $5,821,988 , which amount had been reflected as a reduction in offering proceeds due to it being directly related to issuing shares of common stock in prior periods; and • converted all 524,956 units of limited partnership in the OP entitled “Class B Units” (“Class B Units") held by the Former Advisor into 524,956 OP Units, and, immediately following such conversion, redeemed such 524,956 OP Units for 524,956 shares of the Company’s common stock. The foregoing consideration aggregates to $31.6 million and was recorded as goodwill on the Company’s Consolidated Balance Sheets (See Note 4 - Business Combinations). Assignment and Assumption Agreement At the Initial Closing, as contemplated by the Framework Agreement, the Company, the Former Advisor and AR Global entered into an assignment and assumption agreement, pursuant to which the Former Advisor and AR Global assigned to the Company all right, title and interest in the following assets that are relevant to the Company and the OP: (i) accounting systems, (ii) IT equipment and (iii) certain office furniture and equipment. Facilities Use Agreement The Framework Agreement contemplates that the Company would enter into a Facilities Use Agreement with Crestline at the Initial Closing in the form attached to the Framework Agreement (the “Facilities Use Agreement”), pursuant to which the OP would sublease office space at Crestline’s principal place of business, 3950 University Drive, Fairfax, Virginia 22030, and would pay a portion of the total rent equivalent to the portion of the total space used. The term of the sublease would continue through December 31, 2019, automatically renewing for successive one -year periods unless either party delivered written notice to the other at least 120 days prior the expiration of the initial term or any renewal term. While the Facilities Use Agreement was not entered into at the Initial Closing, the Company commenced its occupation of the space at the Initial Closing on the terms contemplated by the Facilities Use Agreement and continued to do so through June 30, 2017. Effective as of July 1, 2017, the Company and Crestline entered into a new annually renewable joint occupancy agreement which replaces the Fa

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2017
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency Prior to the Initial Closing, the Company was dependent on the Former Advisor and its affiliates. Going forward, the Company intends to continue pursuing its investment strategies, subject to the Brookfield Approval Rights. The Company expects to generate additional liquidity through the sale of Class C Units to the Brookfield Investor at Subsequent Closings (See Note 3 - Brookfield Investment and Related Transactions). As a result of these relationships, the Company is dependent upon the Brookfield Investor and its affiliates.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company elected and qualified to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its tax year ended December 31, 2014 . In order to continue to qualify as a REIT, the Company must annually distribute to its stockholders 90% of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding net capital gain, and must comply with various other organizational and operational requirements. As of December 31, 2017 , the REIT has approximately $140.0 million of net operating loss ("NOL") carry forward that may be used in the future to reduce the amount otherwise required to be distributed by the Company to meet REIT requirements. These NOLs will begin to expire after 2034. H.R. 1 (Tax Cuts and Jobs Act) was enacted on December 22, 2017. Accordingly, the deferred tax assets have been remeasured using the U.S. federal income tax rate of 21% that is effective beginning with calendar year 2018. The impact of this re-measurement is a decrease to deferred tax assets and an increase to the deferred income tax expense as of December 31, 2017 of approximately $1.0 million . The Company's TRSs had a combined loss (calculated in accordance with GAAP) in 2017, largely due to the goodwill impairment expense, which resulted in income tax benefit in 2017. The components of income tax expense for the years ended December 31, 2017 , December 31, 2016 and December 31, 2015 are presented in the following table, in thousands. Year Ended December 31, 2017 2016 2015 Current tax (benefit) expense: Federal $ (146 ) $ 994 $ 2,664 State 217 48 549 Total $ 71 $ 1,042 $ 3,213 Deferred tax (benefit) expense: Federal $ (1,283 ) $ 308 $ (98 ) State (714 ) 21 (9 ) Total (1,997 ) 329 (107 ) Total income tax (benefit) expense $ (1,926 ) $ 1,371 $ 3,106 A reconciliation of the statutory federal income tax benefit of the Company's income tax expense is presented in the following table, in thousands. Year Ended December 31, 2017 2016 2015 Statutory federal income tax benefit $ (24,843 ) $ (23,991 ) $ (31,121 ) Effect of non-taxable REIT loss 22,084 25,266 33,720 State income tax expense, net of federal tax benefit (110 ) 96 507 Re-measurement of net deferred tax assets 943 — — Income tax (benefit) expense $ (1,926 ) $ 1,371 $ 3,106 The tax effect of each type of temporary difference and carryforward, that gives rise to the deferred tax assets and liabilities for the year ended December 31, 2017 , December 31, 2016 and December 31, 2015 are presented in the following table, in thousands. Year Ended December 31, 2017 2016 Deferred tax asset: Goodwill 1,691 — Net operating losses 295 — Total Deferred Tax Assets $ 1,986 $ — Deferred tax liability: Investments in unconsolidated entities $ (52 ) $ (59 ) Other (25 ) (30 ) Total deferred tax liabilities (77 ) (89 ) Net deferred tax asset $ 1,909 $ (89 ) As of December 31, 2017 , the Company had a net deferred tax asset of $1.9 million . The Company believes that it is more likely than not that the results of future TRS operations will generate sufficient taxable income in order to realize our total deferred tax assets. Accordingly, no valuation allowance has been recorded as of December 31, 2017. As of December 31, 2017 , the tax years that remain subject to examination by major tax jurisdictions include 2014, 2015, 2016, and 2017. There were no material interest or penalties recorded for the years ended December 31, 2017, 2016, and 2015. As of December 31, 2017 , the Company's taxable REIT subsidiaries have a $1.2 million net operating loss carry forward that will expire after 2037.

Impairments

Impairments	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Impairments	Impairments Impairments of Long-Lived Assets During the quarter ended June 30, 2017, the Company's board of directors approved the 2017 NAV, which was considered a "triggering event" under the provisions of Accounting Standards Codification section 360-Property, Plant and Equipment. The Company identified that certain reporting units (i.e. individual wholly-owned hotels) exhibited indicators of impairment as the carrying value amount (inclusive of allocation of goodwill) was greater than the appraised value and recorded and aggregate impairment loss of $1.4 million on two properties. One of these properties was classified as held for sale during the quarter ended September 30, 2017. During the fourth quarter ended December 31, 2017, the Company conducted its annual fair value assessment of the hotel properties, which was also considered a "triggering event" under the provisions of Accounting Standards Codification section 360-Property, Plant and Equipment. The Company identified two additional hotel properties where the carrying value of the properties exceeded their fair value and management determined the excess carrying value was unrecoverable. The Company recorded an additional impairment of $9.0 million for a cumulative impairment loss of $10.4 million for the year ended December 31, 2017 . The Company recorded $2.4 million of impairment loss on its hotel properties for the year ended December 31, 2016. The Company also recognized an impairment loss of $5.2 million , including impairment of $3.9 million on the sale of two hotels and impairment of $1.3 million on one hotel classified as held for sale as of December 31, 2017 , which includes the costs to sell those assets. In August and September 2017, hurricanes Harvey and Irma made landfall in the United States, primarily impacting Texas and Florida, where 22 of the Company’s hotels are located. The Company evaluated the effects of these hurricanes on the Company’s hotels to determine if indicators of impairment were present in accordance with the provisions of Accounting Standards Codification section 360 - Property, Plant and Equipment, and did not identify any indicators of impairment. The Company recognized an expense of $1.6 million in other property-level operating expenses on the Consolidated Statements of Operations and Comprehensive Loss for repair costs during the year ended December 31, 2017 , net of $0.5 million recorded as a receivable for anticipated insurance recoveries in excess of the deductible. Impairment of Goodwill As described in Note 4 - Business Combinations, the Company determined that the consummation of the transactions contemplated by the Framework Agreement on March 31, 2017 represented a business combination as defined by Accounting Standards Codification section 805 - Business Combinations. In applying the acquisition method of accounting, the Company recognized $31.6 million of goodwill as a result of the transaction. The Company allocated the goodwill recognized to each of its wholly-owned hotels based on its determination that each hotel is a reporting unit as defined in US GAAP. Management determined that the performance of the recoverability test of the Company's reporting units (as described above in Impairments of Long-Lived Assets) represented a "triggering event" under ASC 350. As a result, an evaluation of impairment of the goodwill allocated to each reporting unit for which a fair value was less than the carrying amount was necessary. The Company determined the fair values of each reporting unit using market and discounted cash flow based methods. The assumptions utilized in the income approach include, but are not limited to, revenue growth rates, future cash flows and a discount rate. The assumptions utilized in the market approach include, but are not limited to, future cash flows, the selection of comparable companies and measures of operating results and pricing multiples. In performing this evaluation, the Company compared the fair value of the reporting unit to the carrying amount of such reporting unit including the allocation of goodwill. As required by ASC 350, as amended by ASU 2017-04, if the carrying amount of the reporting unit exceeds its fair value, the Company will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to such reporting unit. As a result of the process described above, the Company has determined that approximately $17.1 million of goodwill allocated to 82 reporting units for which the fair value was less than the carrying amount is impaired. The range of goodwill impairment recorded by each reporting unit was from less than $0.1 million to $1.3 million , with an average impairment of $0.2 million . The Company has recorded a charge as a component of impairment of goodwill and long-lived assets in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2017 . Sales of Hotels During the year ended December 31, 2017 , the Company completed the sale of three hotels for a sales price of $11.7 million , resulting in a net gain of approximately $0.1 million , which is reflected in other income (expense) on the Company’s Consolidated Statement of Operations and Comprehensive Income (Loss). With respect to one of the hotels sold, the Company provided mortgage financing to the buyer in the amount of $1.6 million pursuant to a Promissory Note executed on December 19, 2017 , maturing on December 18, 2018 . The initial interest rate is 8.5% through and including March 19, 2018 ; 10.0% commencing on March 20, 2018 , through and including June 17, 2018 ; 12.5% commencing on June 18, 2018 , through and including September 15, 2018 ; and 15.0% commencing on September 16, 2018 , through and including the maturity date. The Company met the criteria for derecognition of the properties as a result of the sale. The Company used the proceeds from the sale of the hotels to redeem $8.8 million in Grace Preferred Equity Interests in accordance with their terms and for other general corporate purposes. The Company also recognized an impairment loss on two of the three hotels sold, totaling $3.9 million , which includes the costs to sell those assets.

Assets Held for Sale

Assets Held for Sale	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Assets Held for Sale	Assets Held for Sale During the year ended December 31, 2017 , the Company entered into purchase and sale agreements to sell four non-core hotels. These sales were entered into to allow the Company to avoid re-flagging certain of the hotels and generate proceeds that will be used to redeem Grace Preferred Equity Interests in accordance with their terms and meet liquidity requirements. These sales also generate additional liquidity through the elimination of any future PIP obligations associated with the hotels sold. During the year ended December 31, 2017 , the Company sold three of the four hotels. The Company recognized an impairment loss of $1.4 million which includes goodwill impairment on the fourth hotel which was pending sale as of December 31, 2017 , and has classified the hotel as held for sale as of such date. The sale of these hotels does not represent a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, and therefore the operating results for the period of ownership of these properties are included in income from continuing operations for the year ended December 31, 2017 . Assets held for sale as of December 31, 2017 consisted of the following (in thousands): December 31, 2017 Property, Plant & Equipment, less accumulated depreciation 5,700 Less: Costs to Sell (114 ) Assets Held for Sale $ 5,586

Sale of Hotel

Sale of Hotel	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Sale of Hotel	Impairments Impairments of Long-Lived Assets During the quarter ended June 30, 2017, the Company's board of directors approved the 2017 NAV, which was considered a "triggering event" under the provisions of Accounting Standards Codification section 360-Property, Plant and Equipment. The Company identified that certain reporting units (i.e. individual wholly-owned hotels) exhibited indicators of impairment as the carrying value amount (inclusive of allocation of goodwill) was greater than the appraised value and recorded and aggregate impairment loss of $1.4 million on two properties. One of these properties was classified as held for sale during the quarter ended September 30, 2017. During the fourth quarter ended December 31, 2017, the Company conducted its annual fair value assessment of the hotel properties, which was also considered a "triggering event" under the provisions of Accounting Standards Codification section 360-Property, Plant and Equipment. The Company identified two additional hotel properties where the carrying value of the properties exceeded their fair value and management determined the excess carrying value was unrecoverable. The Company recorded an additional impairment of $9.0 million for a cumulative impairment loss of $10.4 million for the year ended December 31, 2017 . The Company recorded $2.4 million of impairment loss on its hotel properties for the year ended December 31, 2016. The Company also recognized an impairment loss of $5.2 million , including impairment of $3.9 million on the sale of two hotels and impairment of $1.3 million on one hotel classified as held for sale as of December 31, 2017 , which includes the costs to sell those assets. In August and September 2017, hurricanes Harvey and Irma made landfall in the United States, primarily impacting Texas and Florida, where 22 of the Company’s hotels are located. The Company evaluated the effects of these hurricanes on the Company’s hotels to determine if indicators of impairment were present in accordance with the provisions of Accounting Standards Codification section 360 - Property, Plant and Equipment, and did not identify any indicators of impairment. The Company recognized an expense of $1.6 million in other property-level operating expenses on the Consolidated Statements of Operations and Comprehensive Loss for repair costs during the year ended December 31, 2017 , net of $0.5 million recorded as a receivable for anticipated insurance recoveries in excess of the deductible. Impairment of Goodwill As described in Note 4 - Business Combinations, the Company determined that the consummation of the transactions contemplated by the Framework Agreement on March 31, 2017 represented a business combination as defined by Accounting Standards Codification section 805 - Business Combinations. In applying the acquisition method of accounting, the Company recognized $31.6 million of goodwill as a result of the transaction. The Company allocated the goodwill recognized to each of its wholly-owned hotels based on its determination that each hotel is a reporting unit as defined in US GAAP. Management determined that the performance of the recoverability test of the Company's reporting units (as described above in Impairments of Long-Lived Assets) represented a "triggering event" under ASC 350. As a result, an evaluation of impairment of the goodwill allocated to each reporting unit for which a fair value was less than the carrying amount was necessary. The Company determined the fair values of each reporting unit using market and discounted cash flow based methods. The assumptions utilized in the income approach include, but are not limited to, revenue growth rates, future cash flows and a discount rate. The assumptions utilized in the market approach include, but are not limited to, future cash flows, the selection of comparable companies and measures of operating results and pricing multiples. In performing this evaluation, the Company compared the fair value of the reporting unit to the carrying amount of such reporting unit including the allocation of goodwill. As required by ASC 350, as amended by ASU 2017-04, if the carrying amount of the reporting unit exceeds its fair value, the Company will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to such reporting unit. As a result of the process described above, the Company has determined that approximately $17.1 million of goodwill allocated to 82 reporting units for which the fair value was less than the carrying amount is impaired. The range of goodwill impairment recorded by each reporting unit was from less than $0.1 million to $1.3 million , with an average impairment of $0.2 million . The Company has recorded a charge as a component of impairment of goodwill and long-lived assets in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2017 . Sales of Hotels During the year ended December 31, 2017 , the Company completed the sale of three hotels for a sales price of $11.7 million , resulting in a net gain of approximately $0.1 million , which is reflected in other income (expense) on the Company’s Consolidated Statement of Operations and Comprehensive Income (Loss). With respect to one of the hotels sold, the Company provided mortgage financing to the buyer in the amount of $1.6 million pursuant to a Promissory Note executed on December 19, 2017 , maturing on December 18, 2018 . The initial interest rate is 8.5% through and including March 19, 2018 ; 10.0% commencing on March 20, 2018 , through and including June 17, 2018 ; 12.5% commencing on June 18, 2018 , through and including September 15, 2018 ; and 15.0% commencing on September 16, 2018 , through and including the maturity date. The Company met the criteria for derecognition of the properties as a result of the sale. The Company used the proceeds from the sale of the hotels to redeem $8.8 million in Grace Preferred Equity Interests in accordance with their terms and for other general corporate purposes. The Company also recognized an impairment loss on two of the three hotels sold, totaling $3.9 million , which includes the costs to sell those assets.

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2017 , December 31, 2016 and December 31, 2015: Quarters Ended (In thousands, except for share amounts) March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Total revenues $ 143,703 $ 167,012 $ 167,241 $ 143,119 Net income (loss) attributable to common stockholders $ (20,679 ) $ (27,255 ) $ (14,058 ) $ (28,701 ) Basic and Diluted weighted average shares outstanding 38,810,386 39,610,265 39,611,261 39,603,885 Basic and Diluted net loss attributable to common stockholders per common share $ (0.53 ) $ (0.69 ) $ (0.35 ) $ (0.72 ) Quarters Ended (In thousands, except for share amounts) March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Total revenues $ 135,153 $ 163,230 $ 161,458 $ 139,751 Net income (loss) attributable to common stockholders $ (43,957 ) $ (7,024 ) $ (6,684 ) $ (14,582 ) Basic and Diluted weighted average shares outstanding 38,571,410 38,776,850 38,788,041 38,794,215 Basic and Diluted net loss attributable to common stockholders per common share $ (1.14 ) $ (0.18 ) $ (0.17 ) $ (0.38 ) Quarters Ended (In thousands, except for share amounts) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenues $ 54,826 $ 133,490 $ 132,852 125,016 Net income (loss) attributable to stockholders $ (39,976 ) $ 438 $ (5,082 ) $ (50,206 ) Basic weighted average shares outstanding 15,059,550 19,038,201 27,124,227 32,775,258 Diluted weighted average shares outstanding 15,059,550 19,072,777 27,124,227 32,775,258 Basic and Diluted net loss attributable to common stockholders per common share $ (2.65 ) $ 0.02 $ (0.18 ) $ (1.53 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Second Closing under the SPA On February 27, 2018 , the Second Closing under the SPA occurred, pursuant to which the Company sold 1,694,915.25 additional Class C Units to the Brookfield Investor, for a purchase price of $14.75 per Class C Unit, or $25.0 million in the aggregate. Pursuant to the SPA, the gross proceeds from the sale of the Class C Units at the Second Closing were, and will be used, as follows: (i) $10.6 million to redeem outstanding Grace Preferred Equity Interests; and (ii) $14.4 million to fund brand-mandated PIPs and related lender reserves. Following the Company’s redemption of $10.6 million in liquidation value of Grace Preferred Equity Interests with a portion of the proceeds from the Second Closing, the Company is required to redeem the remaining $223.5 million of Grace Preferred Equity Interests originally issued by February 27, 2019 .

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III, Real Estate and Accumulated Depreciation	Initial Cost Subsequent Costs Capitalized Gross Amount at December 31, 2017 (1) Property U.S. State or Country Acquisition Debt at December 31, 2017 Land Building and Land Building and Improvements Land Building and Improvements Total Accumulated Courtyard Baltimore Downtown Inner Harbor MD 2014 (24,980 ) 4,961 34,343 — — 4,961 34,343 39,304 (3,292 ) Courtyard Providence Downtown RI 2014 (20,520 ) 4,724 29,388 — 1,247 4,724 30,635 35,359 (3,056 ) Georgia Tech Hotel and Conference Center GA 2014 (10,427 ) — — — — — — — Homewood Suites Stratford CT 2014 (12,500 ) 2,377 13,875 — 1,402 2,377 15,277 17,654 (1,720 ) Westin Virginia Beach Town Center VA 2014 — — — — — — — Hilton Garden Inn Blacksburg VA 2014/2015 (10,500 ) — 14,107 — — — 14,107 14,107 (1,000 ) Courtyard Lexington South Hamburg Place KY 2015 (11,657 ) 2,766 10,242 — 37 2,766 10,280 13,046 (795 ) Courtyard Louisville Downtown KY 2015 (31,359 ) 3,727 33,543 — 1,325 3,727 34,868 38,595 (2,389 ) Embassy Suites Orlando International Drive Jamaican Court FL 2015 (32,262 ) 2,356 23,646 (4 ) 1,761 2,352 25,407 27,759 (2,144 ) Fairfield Inn & Suites Atlanta Vinings GA 2015 (1,079 ) 1,394 8,968 — 1,921 1,395 10,889 12,284 (1,082 ) Homewood Suites Chicago Downtown IL 2015 (57,909 ) 15,314 73,248 4 5,611 15,318 78,859 94,177 (6,589 ) Hyatt Place Albuquerque Uptown NM 2015 (16,434 ) 987 16,386 (1 ) 1,206 986 17,591 18,577 (1,380 ) Hyatt Place Baltimore Washington Airport MD 2015 (10,314 ) 3,129 9,068 2 1,358 3,131 10,425 13,556 (1,000 ) Hyatt Place Baton Rouge I 10 LA 2015 (9,286 ) 1,888 8,897 (1 ) 1,279 1,887 10,175 12,062 (807 ) Hyatt Place Birmingham Hoover AL 2015 (5,032 ) 956 9,689 1 1,463 957 11,152 12,109 (804 ) Hyatt Place Cincinnati Blue Ash OH 2015 (6,517 ) 652 7,951 (1 ) 1,521 651 9,472 10,123 (878 ) Hyatt Place Columbus Worthington OH 2015 (7,998 ) 1,063 11,319 (1 ) 1,609 1,063 12,927 13,990 (894 ) Hyatt Place Indianapolis Keystone IN 2015 (15,568 ) 1,918 13,935 (1 ) 1,337 1,917 15,271 17,188 (1,230 ) Hyatt Place Memphis Wolfchase Galleria TN 2015 (10,506 ) 971 14,505 2 1,851 974 16,356 17,330 (1,096 ) Hyatt Place Miami Airport West Doral FL 2015 (15,140 ) 2,634 17,897 1 1,681 2,634 19,578 22,212 (1,392 ) Hyatt Place Nashville Franklin Cool Springs TN 2015 (15,360 ) 2,201 15,003 2 1,737 2,202 16,740 18,942 (1,251 ) Hyatt Place Richmond Innsbrook VA 2015 (8,938 ) 1,584 8,013 (5 ) 1,483 1,578 9,497 11,075 (978 ) Hyatt Place Tampa Airport Westshore FL 2015 (16,004 ) 3,329 15,710 (5 ) 1,255 3,324 16,966 20,290 (1,340 ) Residence Inn Lexington South Hamburg Place KY 2015 (10,882 ) 2,044 13,313 — 2,023 2,044 15,336 17,380 (1,272 ) SpringHill Suites Lexington Near The University Of Kentucky KY 2015 (11,552 ) 3,321 13,064 — 1,963 3,321 15,027 18,348 (1,022 ) Hampton Inn Albany Wolf Road Airport NY 2015 (16,986 ) 1,717 16,572 — 3,202 1,717 19,774 21,491 (1,322 ) Hampton Inn Colorado Springs Central Airforce Academy CO 2015 (917 ) 449 6,322 — 13 449 6,335 6,784 (579 ) Hampton Inn Baltimore Glen Burnie MD 2015 (5,342 ) — 5,438 — 1,248 — 6,686 6,686 (1,201 ) Hampton Inn Beckley WV 2015 (13,394 ) 857 13,670 — 197 857 13,867 14,724 (1,078 ) Hampton Inn Birmingham Mountain Brook AL 2015 (6,531 ) — 9,863 — 991 — 10,855 10,855 (766 ) Hampton Inn Boca Raton FL 2015 (11,828 ) 2,027 10,420 — 1,815 2,027 12,235 14,262 (905 ) Hampton Inn Boca Raton Deerfield Beach FL 2015 (8,076 ) 2,781 9,338 — 155 2,781 9,493 12,274 (742 ) Hampton Inn Chattanooga Airport I 75 TN 2015 (1,047 ) 1,827 5,268 (1,827 ) (5,268 ) — — — — Hampton Inn Chicago Gurnee IL 2015 (8,606 ) 757 12,189 — 73 757 12,262 13,019 (980 ) Hampton Inn Columbia I 26 Airport SC 2015 (6,708 ) 1,209 3,684 — 1,364 1,209 5,048 6,257 (430 ) Hampton Inn Columbus Dublin OH 2015 (8,567 ) 1,140 10,856 — 22 1,140 10,878 12,018 (854 ) Hampton Inn Detroit Madison Heights South Troy MI 2015 (11,749 ) 1,950 11,834 — 32 1,950 11,866 13,816 (955 ) Hampton Inn Detroit Northville MI 2015 (7,623 ) 1,210 8,591 — 1,601 1,210 10,192 11,402 (815 ) Hampton Inn Kansas City Overland Park KS 2015 (6,948 ) 1,233 9,210 — 161 1,233 9,371 10,604 (968 ) Hampton Inn Kansas City Airport MO 2015 (10,500 ) 1,362 9,247 — 216 1,362 9,464 10,826 (760 ) Hampton Inn Memphis Poplar TN 2015 (10,968 ) 2,168 10,618 — 2,274 2,168 12,892 15,060 (847 ) Hampton Inn Morgantown WV 2015 (9,349 ) 3,062 12,810 — 422 3,062 13,233 16,295 (992 ) Hampton Inn Norfolk Naval Base VA 2015 (2,424 ) — 6,873 — 2,011 — 8,884 8,884 (1,068 ) Hampton Inn Palm Beach Gardens FL 2015 (17,259 ) 3,253 17,724 — 2 3,253 17,726 20,979 (1,348 ) Hampton Inn Pickwick Dam Shiloh Falls TN 2015 (2,225 ) 148 2,089 — 26 148 2,115 2,263 (245 ) Hampton Inn Scranton Montage Mountain PA 2015 (8,430 ) 754 11,174 — 46 754 11,220 11,974 (923 ) Hampton Inn St Louis Westport MO 2015 (9,477 ) 1,359 8,486 — 1,105 1,359 9,591 10,950 (667 ) Hampton Inn State College PA 2015 (11,736 ) 2,509 9,359 — 1,851 2,509 11,210 13,719 (809 ) Hampton Inn West Palm Beach Florida Turnpike FL 2015 (14,537 ) 2,008 13,636 — 168 2,008 13,804 15,812 (1,042 ) Homewood Suites Hartford Windsor Locks CT 2015 (9,707 ) 3,072 8,996 — 3,530 3,072 12,526 15,598 (1,078 ) Homewood Suites Memphis Germantown TN 2015 (6,347 ) 1,024 8,871 — 2,346 1,024 11,217 12,241 (1,115 ) Homewood Suites Phoenix Biltmore AZ 2015 (17,375 ) — 23,722 — 2,153 — 25,874 25,874 (1,915 ) Hampton Inn & Suites Boynton Beach FL 2015 (26,269 ) 1,393 24,759 — 41 1,393 24,800 26,193 (1,877 ) Hampton Inn Cleveland Westlake OH 2015 (8,880 ) 4,177 10,002 (2,499 ) (6,340 ) 1,678 3,662 5,340 — Courtyard Athens Downtown GA 2015 (10,099 ) 3,201 7,305 — 233 3,201 7,538 10,739 (591 ) Courtyard Gainesville FL 2015 (12,720 ) 2,904 8,605 — 178 2,904 8,783 11,687 (707 ) Courtyard Knoxville Cedar Bluff TN 2015 (7,607 ) 1,289 8,556 — 1,062 1,289 9,618 10,907 (778 ) Courtyard Mobile AL 2015 (715 ) — 3,657 — 1,369 — 5,027 5,027 (558 ) Courtyard Orlando Altamonte Springs Maitland FL 2015 (14,090 ) 1,716 11,463 — 29 1,716 11,492 13,208 (884 ) Courtyard Sarasota Bradenton FL 2015 (11,299 ) 1,928 8,334 — 1,588 1,928 9,922 11,850 (667 ) Courtyard Tallahassee North I 10 Capital Circle FL 2015 (12,464 ) 2,767 9,254 — 144 2,767 9,397 12,164 (800 ) Holiday Inn Express & Suites Kendall East Miami FL 2015 (7,758 ) 1,248 7,525 — 316 1,248 7,842 9,090 (598 ) Residence Inn Chattanooga Downtown TN 2015 (10,957 ) 1,142 10,112 — 1,405 1,142 11,517 12,659 (904 ) Residence Inn Fort Myers FL 2015 (9,657 ) 1,372 8,765 — 1,786 1,372 10,552 11,924 (707 ) Residence Inn Knoxville Cedar Bluff TN 2015 (8,847 ) 1,474 9,580 — 676 1,474 10,256 11,730 (801 ) Residence Inn Macon GA 2015 (5,615 ) 1,046 5,381 — 1,625 1,046 7,006 8,052 (758 ) Residence Inn Mobile AL 2015 (4,577 ) — 6,714 — 24 — 6,738 6,738 (567 ) Residence Inn Sarasota Bradenton FL 2015 (11,015 ) 2,138 9,118 — 192 2,138 9,310 11,448 (748 ) Residence Inn Savannah Midtown GA 2015 (8,908 ) 1,106 9,349 — 1,743 1,106 11,092 12,198 (801 ) Residence Inn Tallahassee North I 10 Capital Circle FL 2015 (9,092 ) 1,349 9,983 — 1,821 1,349 11,804 13,153 (925 ) Residence Inn Tampa North I 75 Fletcher FL 2015 (9,284 ) 1,251 8,174 — 284 1,251 8,457 9,708 (720 ) Residence Inn Tampa Sabal Park Brandon FL 2015 (14,345 ) 1,773 10,830 — 513 1,773 11,343 13,116 (884 ) Courtyard Bowling Green Convention Center KY 2015 (9,096 ) 503 11,003 — 76 504 11,080 11,584 (853 ) Courtyard Chicago Elmhurst Oakbrook Area IL 2015 (7,248 ) 1,323 11,868 — 147 1,323 12,015 13,338 (2,046 ) Courtyard Jacksonville Airport Northeast FL 2015 (6,269 ) 1,783 5,459 — 1,392 1,783 6,852 8,635 (817 ) Hampton Inn & Suites Nashville Franklin Cool Springs TN 2015 (19,840 ) 2,526 16,985 — 94 2,525 17,079 19,604 (1,361 ) Hampton Inn Boston Peabody MA 2015 (13,181 ) 3,008 11,846 — 166 3,008 12,012 15,020 (1,042 ) Hampton Inn Grand Rapids North MI 2015 (12,013 ) 2,191 11,502 — 1,299 2,191 12,802 14,993 (952 ) Homewood Suites Boston Peabody MA 2015 (7,299 ) 2,508 8,654 — 2,906 2,508 11,560 14,068 (1,268 ) Hyatt Place Las Vegas NV 2015 (18,892 ) 2,902 17,419 — 1,727 2,902 19,146 22,048 (1,626 ) Hyatt Place Minneapolis Airport South MN 2015 (12,206 ) 2,519 11,810 — 1,216 2,519 13,026 15,545 (1,045 ) Residence Inn Boise Downtown ID 2015 (13,426 ) 1,776 10,203 — 4,773 1,776 14,976 16,752 (1,144 ) Residence Inn Portland Downtown Lloyd Center OR 2015 (40,109 ) 25,213 23,231 — 520 25,213 23,750 48,963 (2,061 ) SpringHill Suites Grand Rapids North MI 2015 (10,695 ) 1,063 9,312 — 1,704 1,063 11,016 12,079 (709 ) Hyatt Place Kansas City Overland Park Metcalf KS 2015 (4,924 ) 1,038 7,792 — 1,670 1,039 9,462 10,501 (892 ) Courtyard Asheville NC 2015 (14,310 ) 2,236 10,290 — 1,057 2,236 11,347 13,583 (785 ) Courtyard Dallas Market Center TX 2015 (16,992 ) — 19,768 — 2,424 — 22,192 22,192 (1,769 ) Fairfield Inn & Suites Dallas Market Center TX 2015 (11,438 ) 1,550 7,236 1 19 1,552 7,255 8,807 (560 ) Hilton Garden Inn Austin Round Rock TX 2015 (9,192 ) 2,797 10,920 2 2,460 2,799 13,380 16,179 (1,048 ) Residence Inn Los Angeles Airport El Segundo CA 2015 (42,740 ) 16,416 21,618 13 1,857 16,429 23,476 39,905 (1,846 ) Residence Inn San Diego Rancho Bernardo Scripps Poway CA 2015 (22,054 ) 5,261 18,677 — 130 5,261 18,807 24,068 (1,435 ) SpringHill Suites Austin Round Rock TX 2015 (6,638 ) 2,196 8,305 (1 ) 2,180 2,196 10,485 12,681 (675 ) SpringHill Suites Houston Hobby Airport TX 2015 (4,155 ) 762 11,755 2 157 763 11,911 12,674 (905 ) SpringHill Suites San Antonio Medical Center Northwest TX 2015 (710 ) — 7,161 — 1,028 — 8,189 8,189 — SpringHill Suites San Diego Rancho Bernardo Scripps Poway CA 2015 (21,553 ) 3,905 16,999 (3 ) 1,853 3,902 18,852 22,754 (1,298 ) Hampton Inn Charlotte Gastonia NC 2015 (10,234 ) 1,357 10,073 — 850 1,357 10,923 12,280 (794 ) Hampton Inn Dallas Addison TX 2015 (8,039 ) 1,538 7,475 — 116 1,538 7,591 9,129 (614 ) Homewood Suites San Antonio Northwest TX 2015 (8,535 ) 1,998 13,060 — 3,803 1,998 16,863 18,861 (1,451 ) Courtyard Dalton GA 2015 (7,515 ) 676 8,241 1 1,604 677 9,845 10,522 (834 ) Hampton Inn Orlando International Drive Convention Center FL 2015 (13,339 ) 1,183 14,899 — 103 1,183 15,002 16,185 (1,117 ) Hilton Garden Inn Albuquerque North Rio Rancho NM 2015 (9,089 ) 1,141 9,818 1 84 1,142 9,902 11,044 (794 ) Homewood Suites Orlando International Drive Convention Center FL 2015 (23,329 ) 2,182 26,507 6 1,006 2,187 27,512 29,699 (2,023 ) Hampton Inn Chicago Naperville IL 2015 (8,969 ) 1,363 9,460 — 1,034 1,363 10,494 11,857 (862 ) Hampton Inn Indianapolis Northeast Castleton IN 2015 (10,705 ) 1,587 8,144 — 49 1,587 8,193 9,780 (936 ) Hampton Inn Knoxville Airport TN 2015 (6,205 ) 1,033 5,898 — — 1,033 5,898 6,931 (638 ) Hampton Inn Milford CT 2015 (3,867 ) 1,652 5,060 — 2,995 1,652 8,055 9,707 (680 ) Homewood Suites Augusta GA 2015 (6,515 ) 874 8,225 — 1,554 874 9,779 10,653 (850 ) Homewood Suites Seattle Downtown WA 2015 (50,926 ) 12,580 41,011 — 4,698 12,580 45,709 58,289 (3,158 ) Hampton Inn Champaign Urbana IL 2015 (16,228 ) 2,206 17,451 — — 2,206 17,451 19,657 (1,305 ) Hampton Inn East Lansing MI 2015 (10,247 ) 3,219 10,101 — 1,233 3,219 11,334 14,553 (805 ) Hilton Garden Inn Louisville East KY 2015 (14,474 ) 1,022 16,350 1 139 1,023 16,490 17,513 (1,241 ) Residence Inn Jacksonville Airport FL 2015 (5,503 ) 1,451 6,423 — 2,264 1,451 8,687 10,138 (894 ) TownePlace Suites Savannah Midtown GA 2015 (10,041 ) 1,502 7,827 — 373 1,502 8,200 9,702 (621 ) Courtyard Houston I 10 West Energy Corridor TX 2015 (18,558 ) 10,444 20,710 6 2,817 10,449 23,527 33,976 (1,916 ) Courtyard San Diego Carlsbad CA 2015 (18,176 ) 5,080 14,007 9 115 5,090 14,123 19,213 (1,120 ) Hampton Inn Austin North IH 35 & Highway 183 TX 2015 (13,332 ) 1,774 9,798 (8 ) 310 1,765 10,108 11,873 (786 ) SpringHill Suites Asheville NC 2015 (13,833 ) 2,149 9,930 — 613 2,149 10,543 12,692 (760 ) Hampton Inn College Station TX 2015 (13,327 ) 3,306 10,523 — 539 3,306 11,063 14,369 (815 ) Courtyard Flagstaff AZ 2015 (25,550 ) 5,258 24,313 — 385 5,258 24,697 29,955 (1,535 ) DoubleTree Baton Rouge LA 2015 (14,420 ) 1,497 14,777 — 1,971 1,497 16,748 18,245 (1,198 ) Fairfield Inn & Suites Baton Rouge South LA 2015 (3,965 ) 971 3,391 (151 ) (650 ) 820 2,741 3,561 — Hampton Inn Medford OR 2015 (9,450 ) 1,245 10,353 — 107 1,245 10,459 11,704 (658 ) Hampton Inn Fort Wayne Southwest IN 2015 (10,780 ) 1,242 10,511 — 202 1,242 10,713 11,955 (767 ) Hampton Inn & Suites El Paso Airport TX 2015 (13,440 ) 1,641 18,733 — 12 1,641 18,745 20,386 (1,285 ) Residence Inn Fort Wayne Southwest IN 2015 (10,920 ) 1,267 12,136 — 25 1,267 12,161 13,428 (772 ) SpringHill Suites Baton Rouge South LA 2015 (4,830 ) 1,131 5,744 — 136 1,131 5,880 7,011 (395 ) SpringHill Suites Flagstaff AZ 2015 (15,375 ) 1,641 14,283 — 456 1,641 14,739 16,380 (1,020 ) TownePlace Suites Baton Rouge South LA 2015 (6,440 ) 1,055 6,173 — 17 1,055 6,190 7,245 (464 ) Courtyard Columbus Downtown OH 2015 (18,830 ) 2,367 25,191 — 61 2,367 25,252 27,619 (1,399 ) Hilton Garden Inn Monterey CA 2015 (30,600 ) 6,110 27,713 — — 6,110 27,713 33,823 (2,101 ) Hyatt House Atlanta Cobb Galleria GA 2015 (16,520 ) 4,386 22,777 — 11 4,386 22,788 27,174 (1,295 ) Hyatt Place Chicago Schaumburg IL 2015 (4,510 ) 1,519 9,582 — 1,519 1,519 11,101 12,620 (768 ) Fairfield Inn & Suites Spokane WA 2016 (7,420 ) 1,733 10,750 — 3 1,733 10,752 12,485 (576 ) Fairfield Inn & Suites Denver CO 2016 (15,260 ) 1,429 15,675 — 98 1,430 15,773 17,203 (848 ) Springhill Suites Denver CO 2016 (12,075 ) 941 10,870 — 2,065 941 12,934 13,875 (648 ) Hampton Inn Ft. Collins CO 2016 (5,600 ) 641 5,578 — 57 641 5,634 6,275 (368 ) Fairfield Inn & Suites Bellevue WA 2016 (20,798 ) 18,769 14,182 — 59 18,769 14,240 33,009 (916 ) Hilton Garden Inn Ft. Collins CO 2016 (13,090 ) 1,331 17,606 — 206 1,331 17,812 19,143 (1,006 ) Courtyard Jackson Ridgeland MS 2017 (3,520 ) 1,994 6,603 — — 1,994 6,603 8,597 (195 ) Residence Inn Jackson Ridgeland MS 2017 (8,260 ) 949 11,764 — 2 949 11,767 12,716 (222 ) Homewood Suites Jackson Ridgeland MS 2017 (6,150 ) 1,571 7,181 — — 1,571 7,181 8,752 (144 ) Staybridge Suites Jackson MS 2017 (3,640 ) 996 5,915 — — 996 5,915 6,911 (130 ) Fairfield Inn & Suites Germantown TN 2017 (3,640 ) 1,046 3,316 — — 1,046 3,316 4,362 (72 ) Residence Inn Germantown TN 2017 (5,810 ) 1,326 6,784 — — 1,326 6,784 8,110 (133 ) Courtyard Germantown TN 2017 (8,680 ) 1,851 8,844 (41 ) — 1,809 8,844 10,653 (172 ) $(1,747,117) $346,146 $1,791,985 $ (4,495 ) $129,411 $341,651 $1,921,396 $2,263,047 $(147,328) ___________________________________ (1) The tax basis of aggregate land, buildings and improvements as of December 31, 2017 is $2,214,397,402 (unaudited). (2) Each of the properties has a depreciable life of: up to 40 years for buildings, up to 15 years for improvements. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2015 to December 31, 2017: 2017 2016 2015 Land, buildings and improvements, at cost: Balance at January 1 2,178,413 $ 2,047,831 $ 93,237 Additions: Acquisitions 60,141 99,726 1,917,101 Capital improvements 58,793 43,030 37,493 Deductions: Held for Sale (1) (5,826 ) — — Dispositions (11,360 ) (9,744 ) — Impairment of depreciable assets (17,114 ) (2,430 ) — Balance at December 31 $ 2,263,047 $ 2,178,413 $ 2,047,831 Accumulated depreciation and amortization: Balance at January 1 (92,848 ) $ (39,252 ) $ (1,569 ) Depreciation expense (57,890 ) (54,377 ) (37,683 ) Accumulated depreciation: Held for Sale (1) 550 Dispositions and other 2,860 781 Balance at December 31 $ (147,328 ) $ (92,848 ) $ (39,252 ) __________________________________ (1) As of December 31, 2017, the Company had one hotel classified as held for sale.

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	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.
Use of Estimates	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. Management makes significant estimates regarding purchase price allocations to record investments in real estate, the useful lives of real estate and real estate taxes, as applicable.
Real Estate Investments and Below-Market Lease	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 parties or on the Company’s analysis of comparable properties in the Company’s portfolio. Identifiable intangible assets and liabilities, as applicable, are typically related to contracts, including operating lease agreements, ground lease agreements and hotel management agreements, which will be recorded at fair value. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Investments in real estate that are not considered to be business combinations under GAAP are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation of the Company's long-lived assets is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for furniture, fixtures and equipment, and the shorter of the useful life or the remaining lease term for leasehold interests. 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. Below-Market Lease The below-market lease intangible is based on the difference between the market rent and the contractual rent and is discounted to a present value using an interest rate reflecting the Company's assessment of the risk associated with the leases acquired (See Note 5 - Leases). Acquired lease intangible assets are amortized over the remaining lease term. The amortization of a below-market lease is recorded as an increase to rent expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).
Impairment of Long Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying amount of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of demand, competition and other factors. If impairment exists, due to the inability to recover the carrying amount of a property, an impairment loss will be recorded to the extent that the carrying amount exceeds the estimated fair value of the property which results in an immediate charge to net income.
Assets Held for Sale (Long Lived-Assets)	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 group; • 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 year; • 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.
Goodwill	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, or upon the occurrence of any "triggering events" if sooner, and has elected to test for goodwill impairment during the quarter ended June 30 of each year. During the second quarter ended June 30, 2017, the Company adopted ASU 2017-04, Intangibles - Goodwill and Other, which simplified the measurement of goodwill by eliminating Step 2 from the goodwill impairment test in the event that there is evidence of an impairment based on any "triggering events." The Company chose to adopt ASU 2017-04 in the second quarter ended June 30, 2017, as this was the first time it was required to test goodwill for impairment. Upon the occurrence of any "triggering events," the Company is required to compare the fair value of each reporting unit to which goodwill has been allocated, to the carrying amount of such reporting unit including the allocation of goodwill. As required by Accounting Standards Codification section 350 - Intangibles - Goodwill and Other (ASC 350), as amended by ASU 2017-04, if the carrying amount of a reporting unit exceeds its fair value, the Company applies a one-step quantitative test and records the amount of goodwill impairment as the excess of the reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to such reporting unit.
Cash and Cash Equivalents	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 months or less.
Restricted Cash	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. For purposes of the statement of cash flows, changes in restricted cash caused by changes to the amount needed for future capital improvements are treated as investing activities, changes related to future debt service payments are treated as financing activities, and changes related to real estate tax payments and excess cash flow deposits are treated as operating activities.
Deferred Financing Fees	Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These fees are amortized 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 close are expensed in the period in which it is determined that the financing will not be successful.
Revenue Recognition	Revenue Recognition The Company recognizes hotel revenue as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel services.
Income Taxes	Income Taxes The Company elected and qualified to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code") commencing with its tax year ended December 31, 2014 . In order to continue to qualify as a REIT, the Company must annually distribute to its stockholders 90% of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding net capital gain, and must comply with various other organizational and operational requirements. The Company generally will not be subject to federal corporate income tax on that portion of its REIT taxable income that it distributes to its stockholders. The Company may be subject to certain state and local taxes on its income, property taxes and federal income and excise taxes on its undistributed income. The Company's hotels are leased to taxable REIT subsidiaries, which are owned by the OP. The taxable REIT subsidiaries are subject to federal, state and local income taxes. 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 that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. 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" that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement in order to determine the amount of benefit to recognize in the financial statements. This accounting standard applies to all tax positions related to income taxes.
Earnings/Loss per Share	Earnings/Loss per Share The Company calculates basic income or loss per share by dividing net income or loss for the period by the weighted-average shares of its common stock outstanding for a respective period. Diluted income per share takes into account the effect of dilutive instruments, such as stock options, 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. For distributions payable with respect to April 1, 2016 through January 13, 2017 (the date distributions to stockholders were suspended), the Company has paid cumulative distributions of 2,047,877 shares of common stock and has adjusted at each reporting date, retroactively for all periods presented its computation of loss per share in order to reflect this as a change in capital structure (See Note 10 - Common Stock). The Company currently has outstanding restricted shares whose holders are entitled to participate in dividends when and if paid on shares of common stock. Holders of RSUs 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 related 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-class method with regard to restricted shares, whereby earnings or losses are reduced by distributed earnings as well as any available undistributed earnings allocable to holders of restricted shares.
Fair Value Measurements	Fair Value Measurements In accordance with Accounting Standards Codification section 820 - Fair Value Measurement , certain assets and liabilities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability between market participants in an orderly transaction on the measurement date. The market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability is known as the principal market. When no principal market exists, the most advantageous market is used. This is the market in which the reporting entity would sell the asset or transfer the liability with the price that maximizes the amount that would be received or minimizes the amount that would be paid. Fair value is based on assumptions market participants would make in pricing the asset or liability. Generally, fair value is based on observable quoted market prices or derived from observable market data when such market prices or data are available. When such prices or inputs are not available, the reporting entity should use valuation models. 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 levels, as follows: • Level 1 - Inputs that are based upon quoted prices for identical instruments traded in active markets. • Level 2 - Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar investments in markets that are not active, or models based on valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the investment. • Level 3 - Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. 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.
Advertising Costs	Advertising Costs The Company expenses advertising costs for hotel operations as incurred.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts Receivables consist principally of trade receivables from customers and are generally unsecured and are due within 30 to 90 days. The Company records a provision for uncollectible accounts using the allowance method. Expected credit losses associated with trade receivables are recorded as an allowance for doubtful accounts. The allowance for doubtful accounts is estimated based upon historical patterns of credit losses for aged receivables as well as specific provisions for certain identifiable, potentially uncollectible balances. When internal collection efforts on accounts have been exhausted, the accounts are written off and the associated allowance for doubtful accounts is reduced.
Reportable Segments	Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company’s investments in real estate generate room revenue and other income through the operation of the properties, which comprise 100% of the total consolidated revenues. Management evaluates the operating performance of the Company’s investments in real estate on an individual property level, and therefore each property is considered a reporting unit. Each of the Company's reporting units are also considered to be operating segments, but none of these individual operating segments represents a reportable segment as they meet the criteria in GAAP to aggregate all properties into one reportable segment.
Derivative Transactions	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 December 31, 2017 , consist of interest rate cap agreements which it believes will help to mitigate its exposure to increasing borrowing costs under floating rate indebtedness. The Company has elected not to designate its interest rate cap agreements as cash flow hedges. The impact of the interest rate caps for the year ended December 31, 2017 , was immaterial to the consolidated financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled to for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. Based on the Company's assessment of this standard, it will not materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales; however, it may allow for earlier gain recognition for future asset sale transactions pursuant to which the Company has continuing involvement with the asset. The Company will adopt this standard as of January 1, 2018 using the modified retrospective approach, and based on its final assessment, the impact of the adoption will not be material and will not impact the amount or timing of revenue recognition in its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 Leases ("ASU 2016-02"), which requires an entity to separate lease components from nonlease components in a contract. ASU 2016-02 provides more guidance on how to identify and separate components than did previous GAAP. ASU 2016-02 requires lessees to recognize assets and liabilities arising from operating leases on the balance sheet. This amendment has not fundamentally changed lessor accounting, however some changes have been made to align and conform to the lessee guidance. The adoption of ASU 2016-02 becomes effective for the Company for the fiscal year beginning after December 15, 2018, and all subsequent annual and interim periods. Upon adoption, the Company will be required to recognize its operating leases, which are primarily comprised of one operating lease with respect to the Georgia Tech Hotel & Conference Center and nine ground leases, under which it is the lessee, as right of use assets and liabilities in the Consolidated Balance Sheet. Early adoption is permitted. The Company is still evaluating the impact this standard will have on its consolidated financial statements and related disclosures, and, other than the inclusion of right of use assets and related liabilities in the Company's Consolidated Balance Sheet, such effects have not yet been determined. In March 2016, the FASB issued ASU 2016-07 Investments—Equity Method and Joint Ventures ("ASU 2016-07"), which requires that an equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The adoption of ASU 2016-07 became effective for the Company beginning January 1, 2017. The adoption of ASU 2016-07 did not have a material effect on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09 Compensation—Stock Compensation ("ASU 2016-09"), which requires that all excess tax benefits and all tax deficiencies should be recognized as income tax expense or benefits in the income statement. These benefits and deficiencies are discrete items in the reporting period in which they occur. An entity should not consider these benefits or deficiencies in determining the annual estimated tax rate. The adoption of ASU 2016-09 became effective for the Company beginning January 1, 2017. The adoption of ASU 2016-09 did not have a material effect on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"), which addresses the presentation and classification of certain cash flow receipts and payments. The Company adopted ASU 2016-15 in the quarter ended June 30, 2017. The adoption of this ASU did not have a material effect on the Company's consolidated financial statements. In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash, which requires the statement of cash flows to include amounts generally described as restricted cash and cash equivalents, with cash and cash equivalents when reconciling the beginning and ending total amounts thereof. The ASU is effective for the Company for fiscal years beginning after December 15, 2017. The adoption of this ASU will result in reclassification of restricted cash balances and activity in the Company’s statement of cash flows. The Company will adopt this standard as of January 1, 2018, and other than the reclassification of restricted cash balances and activity in the statement of cash flows, it is not expected to have a material impact on the Company’s consolidated financial statements. The adoption of this standard does not change the Company’s balance sheet presentation. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business, with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Additionally, this update also narrows the definition of an output. ASU 2017-01 requires that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business, thus reducing the number of transactions that need to be further evaluated. As a result of this standard, the Company expects that future hotel purchases, if any, will be considered asset purchases as opposed to business combinations, however the determination will be made on a transaction-by-transaction basis. ASU 2017-01 is effective for the Company for fiscal years beginning after December 15, 2018, and early adoption is permitted. In January 2017, FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplified the measurement of goodwill by eliminating Step 2 from the goodwill impairment test, if there is evidence of an impairment based on any "triggering events." The Company adopted ASU 2017-04 during the second quarter ended June 30, 2017. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718), which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless all the following are met: the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified, the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified, the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments to this update are effective for the Company for fiscal years beginning after December 15, 2017, and early adoption is permitted. ASU 2017-09 is required to be adopted prospectively to an award modified on or after the adoption date. The adoption of this ASU is not expected to have a material effect on the Company's consolidated financial statements.
Share-Based Payments	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, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash or stock distributions when and if paid prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in shares of common stock are generally subject to the same restrictions as the underlying restricted shares. The fair value of the restricted shares is expensed over the applicable vesting period. The Company recognizes the impact of forfeited restricted share awards as they occur. 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, in general, be sold or otherwise transferred until restrictions are removed and the rights to the shares of common stock have vested. Holders of RSUs do not have or receive any voting rights with respect to the RSUs or any shares underlying any award of RSUs, but such holders generally are credited with dividend or other distribution equivalents that are regarded as having been reinvested in RSUs which are subject to the same vesting conditions and/or other restrictions as the underlying RSUs. The fair value of the RSUs is expensed over the applicable vesting period. The Company recognizes the impact of forfeited RSUs as they occur.

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Trade and note receivable balances, net of the allowance for doubtful accounts, are included in prepaid expenses and other assets in the accompanying Consolidated Balance Sheets, and are as follows (in thousands): December 31, 2017 December 31, 2016 Trade receivables $ 9,638 $ 9,145 Note receivable (1) 1,625 — Allowance for doubtful accounts (312 ) (434 ) Trade and Note receivables, net of allowance $ 10,951 $ 8,711 ________________ (1) See Note 19 - Sales of Hotels.

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Summary of Allocation of the Assets Acquired	The following table presents the preliminary allocation of the assets acquired and liabilities assumed by the Company as of December 31, 2017 for the April Acquisition (in thousands): Assets acquired and liabilities assumed December 31, 2017 Land 9,732 Building and Improvements 50,407 Furniture, fixtures and equipment 6,461 Prepaid expenses and other assets 167 Accounts payable and accrued expenses (239 ) Total operating assets acquired, net 66,528

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Schedule of Future Minimum Lease Payments for Operating Leases	The following table summarizes the Company's future minimum rental commitments under these leases (in thousands): Minimum Rental Commitments Amortization of Below Market Lease Intangible to Rent Expense Year ended December 31, 2018 $ 5,217 $ 398 Year ended December 31, 2019 5,227 398 Year ended December 31, 2020 5,265 398 Year ended December 31, 2021 5,271 398 Year ended December 31, 2022 5,292 398 Thereafter 76,451 7,438 Total $ 102,723 $ 9,428

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s mortgage notes payable as of December 31, 2017 and December 31, 2016 consist of the following, respectively (in thousands): Outstanding Mortgage Notes Payable Encumbered Properties December 31, 2017 December 31, 2016 Interest Rate Payment Maturity Baltimore Courtyard & Providence Courtyard $ 45,500 $ 45,500 4.30% Interest Only, Principal paid at Maturity April 2019 Hilton Garden Inn Blacksburg Joint Venture 10,500 10,500 4.31% Interest Only, Principal paid at Maturity June 2020 87 - Pack Mortgage Loan - 87 properties in Grace Portfolio 805,000 793,647 (1) 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 110,000 101,794 (1) One-month LIBOR plus 6.50% Interest Only, Principal paid at Maturity May 2019, subject to three, one year extension rights Refinanced Additional Grace Mortgage Loan - 20 properties in Grace Portfolio and one additional property 232,000 232,000 4.96% Interest Only, Principal paid at Maturity October 2020 Refinanced Term Loan -27 properties in Summit and Noble Portfolios and one additional property 310,000 235,484 (1) 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 $ 1,418,925 Less: Deferred Financing Fees, Net $ 17,223 $ 8,000 Total Mortgage Notes Payable, Net $ 1,495,777 $ 1,410,925 (1) These loans were refinanced in April 2017 on different terms with respect to interest rate, principal amount and maturity.

Promissory Notes Payable (Table

Promissory Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Promissory Notes	The Company’s promissory notes payable as of December 31, 2017 and December 31, 2016 were as follows (in thousands): Outstanding Promissory Notes Payable Note Payable December 31, 2017 December 31, 2016 Interest Rate Summit Loan Promissory Note $ — $ 23,405 14.0 % Note Payable to Former Property Manager $ 1,000 $ — — % Less: Deferred Financing Fees, Net $ — $ 25 Promissory Notes Payable, Net $ 1,000 $ 23,380

Accounts Payable and Accrued 35

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	The following is a summary of the components of accounts payable and accrued expenses (in thousands): December 31, 2017 December 31, 2016 Trade accounts payable $ 24,261 $ 22,403 Accrued expenses 43,191 41,497 Contingent consideration from Barceló Portfolio (See Note 13 - Commitments and Contingencies) — 4,619 Total $ 67,452 $ 68,519

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Shares and Units Awards	A summary of the Company's restricted share awards for the year ended December 31, 2017 is presented below. Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested December 31, 2016 11,387 $ 22.12 $ 252 Granted 7,576 $ 14.59 $ 111 Vested 4,862 $ 22.21 $ 108 Forfeitures 6,525 $ 22.06 $ 144 Non-vested December 31, 2017 7,576 $ 14.59 $ 111 A summary of the Company's RSU awards for the year ended December 31, 2017 is presented below: Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested December 31, 2016 — $ — $ — Granted 100,398 $ 15.08 $ 1,514 Vested 558 $ 21.48 $ 12 Forfeited — $ — $ — Non-vested December 31, 2017 99,840 $ 15.04 $ 1,502

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value by Balance Sheet Grouping	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): December 31, 2017 Carrying Amount Fair Value Mortgage notes payable $ 1,513,000 $ 1,516,368 Mandatorily redeemable preferred securities $ 234,117 $ 222,700 Contingent forward liability (1) $ 1,437 $ 1,437 Total $ 1,748,554 $ 1,740,505 ______________ (1) See Note 13 - Commitments and Contingencies

Related Party Transactions an38

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below represents reimbursements to the Former Advisor for the year ended December 31, 2017 , the year ended December 31, 2016 , and the year ended December 31, 2015, and the associated payable as of December 31, 2017 and December 31, 2016 , which is recorded in due to related parties on the Company's Consolidated Balance Sheets (in thousands): Year Ended December 31 Payable as of 2017 2016 2015 December 31, 2017 December 31, 2016 Total general and administrative expense reimbursement for services provided by the Advisor $ 869 $ 2,442 $ — $ — $ 522 The table below presents the asset management fees, acquisition fees, acquisition cost reimbursements and financing coordination fees charged by the Former Advisor in connection with the operations of the Company for the year s ended December 31, 2017 , 2016 , and 2015 and the associated payable as of December 31, 2017 and December 31, 2016 , which is recorded in due to related parties on the Company's Consolidated Balance Sheets (in thousands): Year Ended December 31 Payable as of 2017 2016 2015 December 31, 2017 December 31, 2016 Asset management fees $ 4,581 $ 18,004 $ 4,097 $ — $ 8 Acquisition fees $ — $ 1,624 $ 31,068 $ — $ — Acquisition cost reimbursements $ — $ 108 $ 2,066 $ — $ — Financing coordination fees $ — $ 206 $ 16,994 $ — $ — $ 4,581 $ 19,942 $ 54,225 $ — $ 8 The table below shows the management fees (including incentive fees described above) and reimbursable expenses incurred by the Company pursuant to or the property management agreements (and not payable to a third party sub-property manager) during the year ended December 31, 2017 , the year ended December 31, 2016 , and the year ended December 31, 2015 respectively, and the associated payable as of December 31, 2017 and December 31, 2016 (in thousands): Year Ended December 31 Payable as of 2017 2016 2015 December 31, 2017 December 31, 2016 Total management fees and reimbursable expenses incurred from Crestline $ 4,291 $ 16,181 $ 9,898 $ — $ 1,306 Total management fees incurred from Property Manager $ 2,035 $ 8,459 $ 6,816 $ — $ 532 Total $ 6,326 $ 24,640 $ 16,714 $ — $ 1,838

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense for the years ended December 31, 2017 , December 31, 2016 and December 31, 2015 are presented in the following table, in thousands. Year Ended December 31, 2017 2016 2015 Current tax (benefit) expense: Federal $ (146 ) $ 994 $ 2,664 State 217 48 549 Total $ 71 $ 1,042 $ 3,213 Deferred tax (benefit) expense: Federal $ (1,283 ) $ 308 $ (98 ) State (714 ) 21 (9 ) Total (1,997 ) 329 (107 ) Total income tax (benefit) expense $ (1,926 ) $ 1,371 $ 3,106
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal income tax benefit of the Company's income tax expense is presented in the following table, in thousands. Year Ended December 31, 2017 2016 2015 Statutory federal income tax benefit $ (24,843 ) $ (23,991 ) $ (31,121 ) Effect of non-taxable REIT loss 22,084 25,266 33,720 State income tax expense, net of federal tax benefit (110 ) 96 507 Re-measurement of net deferred tax assets 943 — — Income tax (benefit) expense $ (1,926 ) $ 1,371 $ 3,106
Schedule of Deferred Tax Assets and Liabilities	The tax effect of each type of temporary difference and carryforward, that gives rise to the deferred tax assets and liabilities for the year ended December 31, 2017 , December 31, 2016 and December 31, 2015 are presented in the following table, in thousands. Year Ended December 31, 2017 2016 Deferred tax asset: Goodwill 1,691 — Net operating losses 295 — Total Deferred Tax Assets $ 1,986 $ — Deferred tax liability: Investments in unconsolidated entities $ (52 ) $ (59 ) Other (25 ) (30 ) Total deferred tax liabilities (77 ) (89 ) Net deferred tax asset $ 1,909 $ (89 )

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Summary of Assets Held for Sale	Assets held for sale as of December 31, 2017 consisted of the following (in thousands): December 31, 2017 Property, Plant & Equipment, less accumulated depreciation 5,700 Less: Costs to Sell (114 ) Assets Held for Sale $ 5,586

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2017 , December 31, 2016 and December 31, 2015: Quarters Ended (In thousands, except for share amounts) March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Total revenues $ 143,703 $ 167,012 $ 167,241 $ 143,119 Net income (loss) attributable to common stockholders $ (20,679 ) $ (27,255 ) $ (14,058 ) $ (28,701 ) Basic and Diluted weighted average shares outstanding 38,810,386 39,610,265 39,611,261 39,603,885 Basic and Diluted net loss attributable to common stockholders per common share $ (0.53 ) $ (0.69 ) $ (0.35 ) $ (0.72 ) Quarters Ended (In thousands, except for share amounts) March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Total revenues $ 135,153 $ 163,230 $ 161,458 $ 139,751 Net income (loss) attributable to common stockholders $ (43,957 ) $ (7,024 ) $ (6,684 ) $ (14,582 ) Basic and Diluted weighted average shares outstanding 38,571,410 38,776,850 38,788,041 38,794,215 Basic and Diluted net loss attributable to common stockholders per common share $ (1.14 ) $ (0.18 ) $ (0.17 ) $ (0.38 ) Quarters Ended (In thousands, except for share amounts) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenues $ 54,826 $ 133,490 $ 132,852 125,016 Net income (loss) attributable to stockholders $ (39,976 ) $ 438 $ (5,082 ) $ (50,206 ) Basic weighted average shares outstanding 15,059,550 19,038,201 27,124,227 32,775,258 Diluted weighted average shares outstanding 15,059,550 19,072,777 27,124,227 32,775,258 Basic and Diluted net loss attributable to common stockholders per common share $ (2.65 ) $ 0.02 $ (0.18 ) $ (1.53 )

Organization - Narrative (Detai

Organization - Narrative (Details)

Feb. 27, 2018USD ($)$ / sharesshares

Mar. 31, 2017USD ($)$ / sharesshares

Jan. 13, 2017$ / shares

Dec. 31, 2017USD ($)employeedirectorhotelstatehotel_room$ / sharesshares

Dec. 30, 2017employee

Jun. 19, 2017$ / shares

Dec. 31, 2016$ / sharesshares

Jul. 31, 2016$ / shares

Jul. 01, 2016$ / shares

Jun. 30, 2016$ / shares

Mar. 31, 2016shares

Jan. 07, 2014$ / sharesshares

Class of Stock [Line Items]

Number of properties (hotel) | hotel

145

Number of real estate properties held for sale (hotel) | hotel

4

Number of guest rooms (hotel room) | hotel_room

17,483

Number of states in which entity operates (state) | state

33

Common stock, authorized (shares) | shares

300,000,000

300,000,000

80,000,000

Common stock, par value (usd per share)

$ 0.01

$ 0.01

Share price (in dollars per share)

$ 22.50

Estimated Per-Share NAV (usd per share)

$ 21.48

Common stock, outstanding (shares) | shares

39,617,676

39,505,742

38,493,430

36,636,016

Denominator for common stock equivalent of dividends declared (in dollars per share)

$ 13.20

$ 21.48000

$ 23.75

Preferred stock, par value (usd per share)

$ 0.01

$ 0.01

Number of directors with approval rights (director) | director

1

Entity number of employees | employee

0

25

Sub-Property Manager | United States

Class of Stock [Line Items]

Number of hotels managed by third-party sub-property managers (hotel) | hotel

66

Crestline Hotels and Resorts, LLC | Affiliated Entity | United States

Class of Stock [Line Items]

Number of hotels managed by Crestline | hotel

79

Hampton Inns Management LLC and Homewood Suites Management LLC | Sub-Property Manager | United States

Class of Stock [Line Items]

Number of hotels managed by third-party sub-property managers (hotel) | hotel

39

InnVentures IVI, LP | Sub-Property Manager | United States

Class of Stock [Line Items]

Number of hotels managed by third-party sub-property managers (hotel) | hotel

2

McKibbon Hotel Management, Inc. | Sub-Property Manager | United States

Class of Stock [Line Items]

Number of hotels managed by third-party sub-property managers (hotel) | hotel

21

Larry Blumberg & Associates, Inc | Sub-Property Manager | United States

Class of Stock [Line Items]

Number of hotels managed by third-party sub-property managers (hotel) | hotel

4

Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC

Class of Stock [Line Items]

Number of directors eligible for election by investors (director) | director

2

Distribution reinvestment plan

Class of Stock [Line Items]

Common stock, authorized (shares) | shares

21,052,631

SPA

Class of Stock [Line Items]

Common stock, maximum cash distributions declared (usd per share)

$ 0.525

$ 0.525

SPA | Class C Units

Class of Stock [Line Items]

Value of units issued | $

$ 140,200,000

SPA | Class C Units | Subsequent Event

Class of Stock [Line Items]

Value of units issued | $

$ 165,200,000

Common Stock

Class of Stock [Line Items]

Common stock, par value (usd per share)

$ 0.01

Share price (in dollars per share)

14.59

$ 25

Redeemable preferred share | SPA

Class of Stock [Line Items]

Preferred stock, par value (usd per share)

$ 0.01

Initial Closing | SPA | Class C Units

Class of Stock [Line Items]

Number of units issued (shares) | shares

9,152,542.37

Purchase price of units (usd per share)

$ 14.75

Value of units issued | $

$ 135,000,000

Second Closing | SPA | Class C Units | Subsequent Event

Class of Stock [Line Items]

Number of units issued (shares) | shares

1,694,915.25

Purchase price of units (usd per share)

$ 14.75

Value of units issued | $

$ 25,000,000

Follow-On Funding | SPA | Class C Units

Class of Stock [Line Items]

Value of units issued | $

$ 240,000,000

$ 265,000,000

Disposal Group, Held-for-sale, Not Discontinued Operations

Class of Stock [Line Items]

Number of real estate properties held for sale (hotel) | hotel

1

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended	12 Months Ended
	Jan. 13, 2017shares	Dec. 31, 2017USD ($)segmenthotellease	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 30, 2017USD ($)	Sep. 30, 2017USD ($)	Mar. 31, 2017USD ($)
Summary of Significant Accounting Policies [Line Items]
Impairment charge on long lived assets		$ 15,600,000	$ 2,400,000
Number of real estate properties held for sale (hotel) | hotel		4
Goodwill		$ 14,408,000	0
Goodwill, impairment loss		17,100,000
Advertising expense		$ 18,400,000	$ 17,200,000	$ 12,200,000
Number of reportable segments | segment		1
Number of operating leases | lease		1
Number of ground leases | lease		9
Sales Revenue, Net
Summary of Significant Accounting Policies [Line Items]
Percentage of total consolidated/ combined revenues		100.00%
Minimum
Summary of Significant Accounting Policies [Line Items]
Period after which receivables are due (days)		30 days
Maximum
Summary of Significant Accounting Policies [Line Items]
Period after which receivables are due (days)		90 days
Change in EPS Calculation from Change in Capital Structure | Common Stock
Summary of Significant Accounting Policies [Line Items]
Dividends paid or declared (in shares) | shares	2,047,877
Building
Summary of Significant Accounting Policies [Line Items]
Useful life (years)		40 years
Land improvements
Summary of Significant Accounting Policies [Line Items]
Useful life (years)		15 years
Furniture, fixtures and equipment
Summary of Significant Accounting Policies [Line Items]
Useful life (years)		5 years
Forward Contracts
Summary of Significant Accounting Policies [Line Items]
Derivative liability		$ 1,400,000			$ 0
Class C Units
Summary of Significant Accounting Policies [Line Items]
Accretion period to liquidation preference		5 years
Disposal Group, Held-for-sale, Not Discontinued Operations
Summary of Significant Accounting Policies [Line Items]
Number of real estate properties held for sale (hotel) | hotel		1
Impairment loss on the sale real estate properties		$ 1,300,000
Series of Individually Immaterial Business Acquisitions
Summary of Significant Accounting Policies [Line Items]
Goodwill		31,600,000				$ 31,600,000	$ 31,600,000
Goodwill, impairment loss		17,100,000
Hampton Inn Chattanooga | Disposal Group, Held-for-sale, Not Discontinued Operations
Summary of Significant Accounting Policies [Line Items]
Impairment loss on the sale real estate properties		$ 1,400,000

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Trade receivables	$ 9,638	$ 9,145
Note receivable	1,625	0
Allowance for doubtful accounts	(312)	(434)
Trade and Note receivables, net of allowance	$ 10,951	$ 8,711

Brookfield Investment and Rel45

Brookfield Investment and Related Transactions - Securities Purchase, Voting and Standstill Agreement (Details) - USD ($)	Feb. 27, 2018	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2017	Jun. 30, 2017	Jan. 07, 2014
Related Party Transaction [Line Items]
Share price (in dollars per share)				$ 22.50
Deemed dividend				$ 13,103,000	$ 0	$ 0
Class C Units carrying value				128,044,000	0
Class C Units issuance costs				0	1,055,000	79,280,000
Increase in PIK distributions				5,241,000	$ 0	$ 0
Accretion of the carrying value to the liquidation preference				1,668,000
Common Stock
Related Party Transaction [Line Items]
Share price (in dollars per share)		$ 14.59	$ 14.59						$ 25
Class C Units
Related Party Transaction [Line Items]
Increase in PIK distributions		$ 0
SPA | Follow-On Funding | Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC
Related Party Transaction [Line Items]
Funding commitment		400,000,000
Funding commitment per transaction		$ 25,000,000
SPA | Class C Units
Related Party Transaction [Line Items]
Consideration on units issued				140,200,000
Increase in PIK distributions				5,200,000
Accretion of the carrying value to the liquidation preference				1,600,000
SPA | Class C Units | Initial Closing
Related Party Transaction [Line Items]
Number of shares sold (shares)		9,152,542.37
Share price (usd per share)		$ 14.75	14.75
Consideration on units issued		$ 135,000,000
Class C Units fair value				135,000,000				$ 135,000,000
Conversion price (in dollars per share)		$ 14.09	$ 14.09
Net investment basis after transaction fees and costs payable							$ 129,000,000
Deemed dividend			$ 4,500,000
Class C Units carrying value				128,000,000
Class C Units issuance costs				13,800,000
Related party expenses				6,000,000
SPA | Class C Units | Follow-On Funding
Related Party Transaction [Line Items]
Consideration on units issued		$ 240,000,000		$ 265,000,000
Period of written notice to sell additional units		15 days
SPA | Class C Units | First Follow-On Funding
Related Party Transaction [Line Items]
Consideration on units issued		$ 223,500,000
Subsequent Event | SPA | Class C Units
Related Party Transaction [Line Items]
Consideration on units issued	$ 165,200,000
Subsequent Event | SPA | Class C Units | Second Closing
Related Party Transaction [Line Items]
Number of shares sold (shares)	1,694,915.25
Share price (usd per share)	$ 14.75
Consideration on units issued	$ 25,000,000

Brookfield Investment and Rel46

Brookfield Investment and Related Transactions - The Redeemable Preferred Share (Details) $ in Millions	Mar. 31, 2017USD ($)shares	Dec. 31, 2017director
Related Party Transaction [Line Items]
Number of directors with approval rights (director)		1
Class C Units
Related Party Transaction [Line Items]
Period after which holders of redeemable stock has right to increase number of board of directors		3 months
Number of units remaining outstanding to allow redemption (shares) | shares	0
Liquidation preference | $	$ 100
Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC
Related Party Transaction [Line Items]
Number of directors eligible for election by investors (director)		2
Number of additional directors eligible for election by investors (director)		2

Brookfield Investment and Rel47

Brookfield Investment and Related Transactions - Class C Units (Details)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)period$ / shares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Cash dividend			$ 7,862,000
PIK distributions on Class C Units			$ 5,241,000	$ 0	$ 0
Amount excluded from rights to redeem issued and outstanding shares (in dollars per share) | $ / shares			$ 0.10
Minimum percent of Class C Units to outstanding common stock to trigger preemptive rights		5.00%
Class C Units
Related Party Transaction [Line Items]
Consummation period after initial closing		57 months 1 day
Cash distribution per annum	7.50%
Cash distribution potential increased rate	10.00%
Cash dividend	$ 0
PIK distribution per annum		5.00%
PIK distribution potential increased rate		7.50%
PIK distribution potential additional increased rate		1.25%
PIK distribution, number of quarterly periods (period) | period		4
PIK maximum percent per year		12.50%
Denominator for PIK distribution (in dollars per share) | $ / shares		$ 14.75
Distribution base amount		$ 800,000,000
Distribution amount subtracted from base		400,000,000
PIK distributions on Class C Units		$ 0
Distribution multiple		2
Distribution discount rate assumption		5.00%
Payment amount (less than)		$ 15,000,000
Liquidation preference for right to redeem outstanding units (less than)		35,000,000
Class C Units | Investor
Related Party Transaction [Line Items]
Minimum amount of assets for transfer without consent		$ 100,000,000
OP Units
Related Party Transaction [Line Items]
Conversion price (usd per share) | $ / shares		$ 14.75
Ownership percentage for election of OP units or cash		49.90%

Brookfield Investment and Rel48

Brookfield Investment and Related Transactions - Brookfield Approval Rights (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Liquidation preference	$ 140,241	$ 140,241
Class C Units | Investor
Related Party Transaction [Line Items]
Liquidation preference	$ 100,000

Brookfield Investment and Rel49

Brookfield Investment and Related Transactions - Property Management Transactions (Details)	Mar. 31, 2017USD ($)hotelterm$ / sharesshares	Mar. 30, 2017	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)	Sep. 30, 2017USD ($)
Related Party Transaction [Line Items]
Automatic renewal period	5 years
Common stock, issued (shares)			39,505,742	38,493,430
Goodwill | $			$ 14,408,000	$ 0
Series of Individually Immaterial Business Acquisitions
Related Party Transaction [Line Items]
Goodwill | $	$ 31,600,000		$ 31,600,000			$ 31,600,000
Common Stock
Related Party Transaction [Line Items]
Common stock, fair value (in dollars per share) | $ / shares	$ 14.59
Property Manager
Related Party Transaction [Line Items]
Property management fee			4.00%
Fees incurred with the offering | $			$ 6,326,000	24,640,000	$ 16,714,000
Common stock, issued (shares)	279,329
Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering | $			$ 4,581,000	$ 19,942,000	$ 54,225,000
Common stock, issued (shares)	524,956
Advisor | Class B Units
Related Party Transaction [Line Items]
Conversion of stock (shares)			524,956
Advisor | OP Units
Related Party Transaction [Line Items]
Conversion of stock (shares)			524,956
Shares issued in conversion (in shares)			524,956
Advisor | Common Stock
Related Party Transaction [Line Items]
Shares issued in conversion (in shares)			524,956
Property Management Transactions
Related Party Transaction [Line Items]
Percent fee multiple	2.5
Number of hotels assigned to related party (hotel) | hotel	69
Number of additional hotels transitioned to related party (hotel) | hotel	5
Property management fee	3.00%	4.00%
Number of automatic renewal periods (term) | term	3
Number of hotels with terminated property management agreements (hotel) | hotel	65
Property Management Transactions | Property Manager
Related Party Transaction [Line Items]
Fees incurred with the offering | $	$ 10,000,000
Cash payment per month | $	333,333.33
Aggregate cash payments | $	$ 4,000,000
Period of monthly cash payments	12 months
Common stock, issued (shares)	279,329
Property Management Transactions | Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering | $	$ 5,821,988
Property Management Transactions | Advisor | Class B Units
Related Party Transaction [Line Items]
Conversion of stock (shares)	524,956
Property Management Transactions | Advisor | OP Units
Related Party Transaction [Line Items]
Conversion of stock (shares)	524,956
Shares issued in conversion (in shares)	524,956
Property Management Transactions | Advisor | Common Stock
Related Party Transaction [Line Items]
Shares issued in conversion (in shares)	524,956
Property Management Transactions | Minimum
Related Party Transaction [Line Items]
Term of agreement	18 years
Property Management Transactions | Maximum
Related Party Transaction [Line Items]
Term of agreement	19 years

Brookfield Investment and Rel50

Brookfield Investment and Related Transactions - Facilities Use Agreement (Details)	Mar. 31, 2017
Related Party Transaction [Line Items]
Automatic renewal period	5 years
Facilities Use Agreement
Related Party Transaction [Line Items]
Automatic renewal period	1 year
Written notice to cancel automatic renewal	120 days

Brookfield Investment and Rel51

Brookfield Investment and Related Transactions - Transition Services Agreements (Details) - USD ($) $ in Thousands	May 15, 2017	Mar. 31, 2017	May 15, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering				$ 4,581	$ 19,942	$ 54,225
Transition Services Agreement
Related Party Transaction [Line Items]
Fees incurred with the offering		$ 25
Transition Services Agreement | Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	$ 75	$ 150	$ 225

Brookfield Investment and Rel52

Brookfield Investment and Related Transactions - Registration Rights Agreement (Details) - shares	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Common stock, issued (shares)	39,505,742		38,493,430
Advisor
Related Party Transaction [Line Items]
Common stock, issued (shares)		524,956
Property Manager
Related Party Transaction [Line Items]
Common stock, issued (shares)		279,329

Business Combinations - Summit

Business Combinations - Summit Acquisition (Details) $ in Thousands	Jan. 12, 2017USD ($)hotel	Feb. 11, 2016USD ($)hotel	Dec. 29, 2015USD ($)hotel	Oct. 15, 2015USD ($)hotel	Jun. 02, 2015USD ($)hotelclosing_transaction	Jun. 30, 2016USD ($)hotel	Dec. 31, 2017USD ($)hotel	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
Number of properties (hotel) | hotel							145
Proceeds from issuance of common stock, net							$ 0	$ 678	$ 631,698
Acquisition deposits							$ 0	$ 7,500
Additional Summit Loan Agreement | Loans Payable
Business Acquisition [Line Items]
Proceeds from short-term debt	$ 3,000
Summit Portfolio
Business Acquisition [Line Items]
Number of properties expected to be acquired (hotel) | hotel					26
Number of closing transactions | closing_transaction					3
Total assets acquired, net				$ 150,100	$ 347,400
Number of properties (hotel) | hotel		6		10
Previously paid earnest money despot				$ 7,600
Proceeds from issuance of common stock, net				45,600
Number of properties no longer expected to be acquired | hotel			10
Escrow deposit forfeited			$ 9,100
Summit Portfolio | SN Term Loan | Secured Debt
Business Acquisition [Line Items]
Proceeds from debt				$ 96,900
Summit Portfolio | Summit Loan | Loans Payable
Business Acquisition [Line Items]
Proceeds from short-term debt		$ 20,000
Acquisition deposits		$ 7,500
Summit Portfolio, Second Closing
Business Acquisition [Line Items]
Number of properties expected to be acquired (hotel) | hotel		10				8
Total assets acquired, net		$ 89,100	$ 89,100			$ 77,200
Number of properties no longer expected to be acquired | hotel						2
Acquisition deposits		7,500
Summit Portfolio, Third Closing
Business Acquisition [Line Items]
Total assets acquired, net		108,300
Previously paid money deposit		18,500
Summit Portfolio, Third Closing | SN Term Loan | Secured Debt
Business Acquisition [Line Items]
Proceeds from debt		70,400
Summit Portfolio, Third Closing | Summit Loan
Business Acquisition [Line Items]
Proceeds from short-term debt		$ 20,000
Summit Portfolio, Second Closing, First Seven Hotels
Business Acquisition [Line Items]
Number of properties expected to be acquired (hotel) | hotel	7
Total assets acquired, net	$ 66,500
Summit Portfolio, Second Closing, Eighth Hotel
Business Acquisition [Line Items]
Total assets acquired, net	$ 10,500

Business Combinations - Allocat

Business Combinations - Allocation of Assets Acquired (Details) - Summit Portfolio, Second Closing, First Seven Hotels $ in Thousands	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Prepaid expenses and other assets	$ 167
Accounts payable and accrued expenses	(239)
Total operating assets acquired, net	66,528
Land
Business Acquisition [Line Items]
Property, plant, and equipment acquired	9,732
Building and Improvements
Business Acquisition [Line Items]
Property, plant, and equipment acquired	50,407
Furniture, fixtures and equipment
Business Acquisition [Line Items]
Property, plant, and equipment acquired	$ 6,461

Business Combinations - Framewo

Business Combinations - Framework Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2017	Jan. 07, 2014
Business Acquisition [Line Items]
Cash paid for acquisition		$ 13,000	$ 0	$ 0
Share price (in dollars per share)		$ 22.50
Goodwill		$ 14,408	$ 0
Goodwill, impairment loss		17,100
Common Stock
Business Acquisition [Line Items]
Share price (in dollars per share)	$ 14.59					$ 25
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Purchase price of acquisition	$ 31,600
Cash paid for acquisition	10,000
Liabilities assumed from acquisition	4,000
Consideration transferred, liabilities waived	5,800
Goodwill	31,600	31,600			$ 31,600
Goodwill, impairment loss		$ 17,100
Series of Individually Immaterial Business Acquisitions | Common Stock
Business Acquisition [Line Items]
Consideration transferred, equity interests issued and issuable	$ 4,100
Share price (in dollars per share)	$ 14.59
Conversion and Redemption of Class B Units to Common Stock | Series of Individually Immaterial Business Acquisitions | Common Stock
Business Acquisition [Line Items]
Consideration transferred, equity interests issued and issuable	$ 7,700

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)lease	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Leases [Abstract]
Number of operating leases | lease	1
Number of ground leases | lease	9
Amortization of below-market lease intangibles | $	$ 0.4	$ 0.4	$ 0.4
Rent expense | $	$ 6.2	$ 6.3	$ 5.8

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Details) $ in Thousands	Dec. 31, 2017USD ($)
Minimum Rental Commitments
Year ended December 31, 2018	$ 5,217
Year ended December 31, 2019	5,227
Year ended December 31, 2020	5,265
Year ended December 31, 2021	5,271
Year ended December 31, 2022	5,292
Thereafter	76,451
Total	102,723
Amortization of Below Market Lease Intangible to Rent Expense
Year ended December 31, 2018	398
Year ended December 31, 2019	398
Year ended December 31, 2020	398
Year ended December 31, 2021	398
Year ended December 31, 2022	398
Thereafter	7,438
Total	$ 9,428

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Long-term Debt Instruments (Details) $ in Thousands	Feb. 27, 2015hotel	Dec. 31, 2017USD ($)hotelpropertyextension	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Mortgage Notes Payable		$ 1,513,000	$ 1,418,925
Less: Deferred Financing Fees, Net		17,223	8,000
Total Mortgage Notes Payable, Net		$ 1,495,777	1,410,925
Number of properties (hotel) | hotel		145
Grace acquisition
Debt Instrument [Line Items]
Number of properties (hotel) | hotel	116	112
London interbank offered rate (LIBOR) | Grace acquisition
Debt Instrument [Line Items]
Basis spread on variable rate	3.47%
Mortgage note payable | Grace Mortgage Loan
Debt Instrument [Line Items]
Mortgage Notes Payable		$ 805,000	793,647
Number of extension rights | extension		3
Extension right term (years)		1 year
Mortgage note payable | Grace Mortgage Loan | Grace acquisition
Debt Instrument [Line Items]
Number of properties (hotel) | property		87
Mortgage note payable | Grace Mortgage Loan | London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.56%
Mortgage note payable | Grace Mezzanine Loan
Debt Instrument [Line Items]
Mortgage Notes Payable		$ 110,000	101,794
Number of extension rights | extension		2
Extension right term (years)		1 year
Mortgage note payable | Grace Mezzanine Loan | Grace acquisition
Debt Instrument [Line Items]
Number of properties (hotel) | property		87
Mortgage note payable | Grace Mezzanine Loan | London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		6.50%
Mortgage note payable | New Additional Grace Mortgage Loan
Debt Instrument [Line Items]
Mortgage Notes Payable		$ 232,000	232,000
Interest rate (percent)		4.96%
Number of properties (hotel) | property		1
Mortgage note payable | New Additional Grace Mortgage Loan | Grace acquisition
Debt Instrument [Line Items]
Number of properties (hotel) | property		20
Mortgage note payable | HIT REIT Term Loan
Debt Instrument [Line Items]
Mortgage Notes Payable		$ 310,000	235,484
Number of extension rights | extension		3
Extension right term (years)		1 year
Number of properties (hotel) | property		1
Mortgage note payable | HIT REIT Term Loan | Summit And Nobel Portfolios
Debt Instrument [Line Items]
Number of properties (hotel) | property		27
Mortgage note payable | HIT REIT Term Loan | London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Mortgage note payable | Baltimore Courtyard & Providence Courtyard
Debt Instrument [Line Items]
Mortgage Notes Payable		$ 45,500	45,500
Interest rate (percent)		4.30%
Mortgage note payable | Hilton Garden Inn Blacksburg Joint Venture
Debt Instrument [Line Items]
Mortgage Notes Payable		$ 10,500	$ 10,500
Interest rate (percent)		4.31%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details)

Apr. 28, 2017USD ($)propertyextension

Apr. 27, 2017USD ($)hotelpropertyextension

Feb. 11, 2016USD ($)hotel

Oct. 15, 2015USD ($)hotel

Jun. 02, 2015USD ($)

Feb. 27, 2015hotel

Dec. 31, 2017USD ($)hotelpropertyextension

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Jul. 01, 2016USD ($)

Oct. 06, 2015

Mar. 31, 2014hotel

Debt Instrument [Line Items]

Number of properties (hotel) | hotel

145

Payments to acquire real estate

$ 366,000,000

Number of hotels financed with term loan | hotel

20

General and administrative expenses

$ 18,889,000

$ 15,806,000

$ 11,621,000

Grace acquisition

Debt Instrument [Line Items]

Number of properties (hotel) | hotel

116

112

Grace acquisition | London interbank offered rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate

3.47%

Summit Portfolio

Debt Instrument [Line Items]

Number of properties (hotel) | hotel

6

10

Purchase price of acquisition

$ 150,100,000

$ 347,400,000

The April Acquisition

Debt Instrument [Line Items]

Number of properties (hotel) | hotel

7

Barcelo Acquisition

Debt Instrument [Line Items]

Number of properties (hotel) | hotel

6

HIT REIT 87-Pack Loans

Debt Instrument [Line Items]

Deposit assets

$ 30,000,000

Minimum net worth required for compliance

250,000,000

Assumed Grace Indebtedness

Debt Instrument [Line Items]

Repayments of secured debt

895,400,000

Mortgage note payable

Debt Instrument [Line Items]

Interest expense

$ 66,800,000

$ 60,100,000

$ 43,100,000

Mortgage note payable | New Additional Grace Mortgage Loan

Debt Instrument [Line Items]

Interest rate (percent)

4.96%

Number of properties (hotel) | property

1

Mortgage note payable | New Additional Grace Mortgage Loan | Grace acquisition

Debt Instrument [Line Items]

Number of properties (hotel) | property

20

Mortgage note payable | HIT REIT Term Loan

Debt Instrument [Line Items]

Number of properties (hotel) | property

1

Number of extension rights | extension

3

Extension right term (years)

1 year

Mortgage note payable | HIT REIT Term Loan | London interbank offered rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate

3.00%

Mortgage note payable | Baltimore Courtyard & Providence Courtyard

Debt Instrument [Line Items]

Interest rate (percent)

4.30%

Mortgage note payable | Hilton Garden Inn Blacksburg Joint Venture

Debt Instrument [Line Items]

Interest rate (percent)

4.31%

Mezzanine Mortgage | Grace acquisition | London interbank offered rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate

4.77%

Secured Debt | Grace acquisition | London interbank offered rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate

3.31%

Secured Debt | HIT REIT 87-Pack Loans

Debt Instrument [Line Items]

Amount of loan

915,000,000

Payments for deposits

$ 1,000,000

Number of extension rights | extension

3

Extension right term (years)

1 year

Secured Debt | HIT REIT 87-Pack Loans | London interbank offered rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate

3.03%

Secured Debt | HIT REIT 87-Pack Loans | Maximum | London interbank offered rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate

4.00%

Secured Debt | New Additional Grace Mortgage Loan

Debt Instrument [Line Items]

Interest rate (percent)

4.96%

Secured Debt | SN Term Loan

Debt Instrument [Line Items]

Amount of loan

$ 293,400,000

$ 450,000,000

$ 235,500,000

General and administrative expenses

$ 3,000,000

Repayments of secured debt

$ 235,500,000

Secured Debt | SN Term Loan | Minimum | Eurodollar

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Secured Debt | SN Term Loan | Minimum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Secured Debt | SN Term Loan | Maximum | Eurodollar

Debt Instrument [Line Items]

Basis spread on variable rate

3.75%

Secured Debt | SN Term Loan | Maximum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Secured Debt | SN Term Loan | Summit Portfolio

Debt Instrument [Line Items]

Proceeds from debt

$ 96,900,000

Secured Debt | HIT REIT Term Loan

Debt Instrument [Line Items]

Number of properties (hotel) | property

28

Number of real estate properties unencumbered | property

1

Amount of loan

$ 310,000,000

Payments for deposits

$ 30,000,000

Number of extension rights | extension

3

Amount restricted from paydown

$ 99,100,000

Extension right term (years)

1 year

Secured Debt | HIT REIT Term Loan | Minimum | London interbank offered rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate

3.00%

Secured Debt | HIT REIT Term Loan | Maximum | London interbank offered rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate

4.00%

Secured Debt | HIT REIT Term Loan | SWN Acquisitions

Debt Instrument [Line Items]

Number of properties (hotel) | property

20

Secured Debt | HIT REIT Term Loan | The April Acquisition

Debt Instrument [Line Items]

Number of properties (hotel) | property

7

Purchase price of acquisition

$ 33,100,000

Secured Debt | HIT REIT Term Loan | Barcelo Acquisition

Debt Instrument [Line Items]

Payments for previous acquisition

$ 4,600,000

Secured Debt | HIT REIT 87-Pack Mortgage Loan

Debt Instrument [Line Items]

Number of properties (hotel) | property

87

Amount of loan

$ 805,000,000

Secured Debt | HIT REIT 87-Pack Mortgage Loan | London interbank offered rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate

2.56%

Secured Debt | HIT REIT 87-Pack Mezzanine Loan

Debt Instrument [Line Items]

Amount of loan

$ 110,000,000

Secured Debt | HIT REIT 87-Pack Mezzanine Loan | London interbank offered rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate

6.50%

Promissory Notes Payable - Sche

Promissory Notes Payable - Schedule of Promissory Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Less: Deferred Financing Fees, Net	$ 17,223	$ 8,000
Loans Payable
Debt Instrument [Line Items]
Less: Deferred Financing Fees, Net	0	25
Promissory Notes Payable, Net	1,000	23,380
Loans Payable | Summit Loan
Debt Instrument [Line Items]
Promissory Notes Payable	$ 0	23,405
Interest rate (percent)	14.00%
Loans Payable | Note Payable to Former Property Manager
Debt Instrument [Line Items]
Promissory Notes Payable	$ 1,000	$ 0
Interest rate (percent)	0.00%

Promissory Notes Payable - Narr

Promissory Notes Payable - Narrative (Details)	Jan. 12, 2017USD ($)hotel	Feb. 11, 2016USD ($)hotel	Dec. 31, 2017USD ($)hotel	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Apr. 27, 2017hotel	Mar. 31, 2017USD ($)	Oct. 15, 2015hotel
Debt Instrument [Line Items]
Acquisition deposits			$ 0	$ 7,500,000
Number of properties (hotel) | hotel			145
Summit Portfolio
Debt Instrument [Line Items]
Number of properties (hotel) | hotel		6						10
The April Acquisition
Debt Instrument [Line Items]
Number of properties (hotel) | hotel						7
Summit Loan | Loans Payable
Debt Instrument [Line Items]
Amount of loan		$ 27,500,000
Interest rate (percent)			14.00%
Interest rate, paid in cash (percent)			9.00%
Interest rate, compounded (percent)			4.00%
Interest expense			$ 900,000	$ 2,900,000	$ 1,400,000
Summit Loan | Loans Payable | Summit Portfolio
Debt Instrument [Line Items]
Proceeds from short-term debt		20,000,000
Acquisition deposits		$ 7,500,000
Additional Summit Loan Agreement
Debt Instrument [Line Items]
Number of properties expected to be sold (hotel) | hotel	7
Additional Summit Loan Agreement | Loans Payable
Debt Instrument [Line Items]
Proceeds from short-term debt	$ 3,000,000
Note Payable to Former Property Manager | Loans Payable
Debt Instrument [Line Items]
Interest rate (percent)			0.00%
Property Management Transactions | Property Manager
Debt Instrument [Line Items]
Cash payment per month							$ 333,333.33
Property Management Transactions | Property Manager | Note Payable to Former Property Manager | Loans Payable
Debt Instrument [Line Items]
Cash payment per month			$ 333,333.33

Mandatorily Redeemable Prefer62

Mandatorily Redeemable Preferred Securities - Narrative (Details)	Feb. 27, 2018USD ($)	Apr. 30, 2015USD ($)	Feb. 28, 2015USD ($)company	Dec. 31, 2017USD ($)hotel	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Feb. 27, 2015hotel
Business Acquisition [Line Items]
Number of properties owned (hotel) | hotel				145
Mandatorily redeemable preferred securities redemptions				$ 56,071,000	$ 4,335,000	$ 152,574,000
Mandatorily redeemable preferred securities, net				$ 233,058,000	$ 288,265,000
Grace acquisition
Business Acquisition [Line Items]
Number of newly formed LLCs (company) | company			2
Number of properties owned (hotel) | hotel				112			116
Number of additional unencumbered real estate properties (hotel) | hotel				8
Grace acquisition | Redeemable preferred share
Business Acquisition [Line Items]
Proceeds from issuance of preferred limited partner units			$ 447,100,000
Distribution period			18 months
Percent of equity offering proceeds to redeem preferred equity interests at par		35.00%
Maximum offering proceeds used to redeem preferred equity interests at par		$ 350,000,000
Period for maximum equity offering proceeds used to redeem preferred equity interests at par		12 months
Mandatorily redeemable preferred securities redemptions				$ 213,000,000
Mandatorily redeemable preferred securities, net				$ 234,100,000
Percentage of preferred equity interests required to be redeemed by 2018			50.00%
Amount of preferred equity interests required to be redeemed by 2018			$ 10,600,000
Percentage of preferred equity interests required to be redeemed by 2019			$ 223,500,000
Grace acquisition | Redeemable preferred share | Subsequent Event
Business Acquisition [Line Items]
Stock redeemed during the period	$ 10,600,000
Grace acquisition | Redeemable preferred share | Minimum
Business Acquisition [Line Items]
Distribution rate			7.50%
Grace acquisition | Redeemable preferred share | Maximum
Business Acquisition [Line Items]
Distribution rate			8.00%

Accounts Payable and Accrued 63

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Trade accounts payable	$ 24,261	$ 22,403
Accrued expenses	43,191	41,497
Contingent consideration from Barceló Portfolio (See Note 13 - Commitments and Contingencies)	0	4,619
Total	$ 67,452	$ 68,519

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) - USD ($)

Dec. 26, 2017

Oct. 25, 2017

Mar. 31, 2017

Jan. 13, 2017

Jul. 01, 2016

Feb. 03, 2014

Jul. 31, 2016

Jun. 30, 2016

Dec. 31, 2017

Dec. 31, 2016

Nov. 15, 2017

Jun. 19, 2017

Mar. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Class of Stock [Line Items]

Common stock, outstanding (shares)

39,617,676

39,505,742

38,493,430

36,636,016

Dividends declared per day (in dollars per share)

$ 0.000046575343

$ 0.000185792

Dividends declared per day if leap year (in dollars per share)

0.000046448087

Dividends declared per share (in dollars per share)

$ 1.46064

$ 1.7

$ 1.7000

Denominator for common stock equivalent of dividends declared (in dollars per share)

$ 21.48000

$ 23.75

$ 13.20

Annual dividend rate

6.80%

Minimum holding period for repurchase requests

1 year

Common stock repurchases (shares)

113,091

Common stock, issued (shares)

39,505,742

38,493,430

Repurchase and retirement of common stock

$ 763,366

$ 763,000

Common Stock

Class of Stock [Line Items]

Common stock, fair value (in dollars per share)

$ 14.59

SPA

Class of Stock [Line Items]

Common stock, maximum cash distributions declared (usd per share)

$ 0.525

$ 0.525

Company Offer

Class of Stock [Line Items]

Purchase price of units (usd per share)

$ 6.50

$ 6.75

Distribution reinvestment plan

Class of Stock [Line Items]

Common stock, issued (shares)

1,226,867

828,217

Share Repurchase Program

Class of Stock [Line Items]

Treasury stock, shares, acquired

0

0

Common Stock

Class of Stock [Line Items]

Common stock, outstanding (shares)

39,505,742

38,493,430

36,300,777

10,163,206

Common stock repurchases (shares)

113,091

Repurchase and retirement of common stock

$ 1,000

Maximum | Company Offer

Class of Stock [Line Items]

Number of units issued (shares)

1,000,000

Property Manager

Class of Stock [Line Items]

Common stock, issued (shares)

279,329

Advisor

Class of Stock [Line Items]

Common stock, issued (shares)

524,956

Advisor | Common Stock

Class of Stock [Line Items]

Shares issued in conversion (in shares)

524,956

Property Management Transactions | Property Manager

Class of Stock [Line Items]

Common stock, issued (shares)

279,329

Property Management Transactions | Advisor | Common Stock

Class of Stock [Line Items]

Shares issued in conversion (in shares)

524,956

Class B Units | Advisor

Class of Stock [Line Items]

Conversion of stock (shares)

524,956

Class B Units | Property Management Transactions | Advisor

Class of Stock [Line Items]

Conversion of stock (shares)

524,956

OP Units | Advisor

Class of Stock [Line Items]

Conversion of stock (shares)

524,956

Shares issued in conversion (in shares)

524,956

OP Units | Property Management Transactions | Advisor

Class of Stock [Line Items]

Conversion of stock (shares)

524,956

Shares issued in conversion (in shares)

524,956

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of granted shares allowed	5.00%
Number of shares authorized (shares) | shares	4,000,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	5 years
Compensation expense	$ 0.1
Unrecognized compensation expense remaining	$ 0.1
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	4 years
Compensation expense	$ 0.4
Unrecognized compensation expense remaining	$ 1.2

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Restricted Shares Awards (Details) - Restricted Stock $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)$ / sharesshares
Number of Shares
Non-vested, beginning of period (in shares) | shares	11,387
Granted (in shares) | shares	7,576
Vested (in shares) | shares	4,862
Forfeitures (in shares) | shares	6,525
Non-vested, end of period (in shares) | shares	7,576
Weighted Average Grant Date Fair Value (per share)
Non-vested, beginning of period (in dollars per share) | $ / shares	$ 22.12
Granted (in dollars per share) | $ / shares	14.59
Vested (in dollars per share) | $ / shares	22.21
Forfeitures (in dollars per share) | $ / shares	22.06
Non-vested, end of period (in dollars per share) | $ / shares	$ 14.59
Aggregate Intrinsic Value (in thousands)
Non-vested, beginning of period | $	$ 252
Granted | $	111
Vested | $	108
Forfeitures | $	144
Non-vested, end of period | $	$ 111

Share-Based Compensation - Su67

Share-Based Compensation - Summary of Restricted Units Awards (Details) - Restricted Stock Units (RSUs) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)$ / sharesshares
Number of Shares
Non-vested, beginning of period (in shares) | shares	0
Granted (in shares) | shares	100,398
Vested (in shares) | shares	558
Forfeitures (in shares) | shares	0
Non-vested, end of period (in shares) | shares	99,840
Weighted Average Grant Date Fair Value (per share)
Non-vested, beginning of period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	15.08
Vested (in dollars per share) | $ / shares	21.48
Forfeitures (in dollars per share) | $ / shares	0
Non-vested, end of period (in dollars per share) | $ / shares	$ 15.04
Aggregate Intrinsic Value (in thousands)
Non-vested, beginning of period | $	$ 0
Granted | $	1,514
Vested | $	12
Forfeitures | $	0
Non-vested, end of period | $	$ 1,502

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($)	Dec. 31, 2017	Dec. 30, 2017
Fair Value, Inputs, Level 3 | Carrying Amount
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of mortgage notes payable	$ 1,748,554,000
Mandatorily redeemable preferred securities	234,117,000
Fair Value, Inputs, Level 3 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of mortgage notes payable	1,740,505,000
Mandatorily redeemable preferred securities	222,700,000
Mortgage notes payable | Fair Value, Inputs, Level 3 | Carrying Amount
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of mortgage notes payable	1,513,000,000
Mortgage notes payable | Fair Value, Inputs, Level 3 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of mortgage notes payable	1,516,368,000
Forward Contracts
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative liability	1,400,000	$ 0
Forward Contracts | Carrying Amount
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative liability	1,437,000
Forward Contracts | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative liability	$ 1,437,000

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)hotel	Dec. 31, 2017USD ($)hotel	Dec. 31, 2016USD ($)	Sep. 30, 2017hotel
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Impairment charge	$ 1.4	$ 9	$ 10.4	$ 2.4
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Impairment loss on the sale real estate properties			5.2
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Impairment loss on the sale real estate properties			$ 3.9
Number of impaired hotel assets (hotel) | hotel		2	2
Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Impairment loss on the sale real estate properties			$ 1.3
Number of impaired hotel assets (hotel) | hotel		1	1		1

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	12 Months Ended
	Dec. 31, 2017USD ($)hotel	Dec. 30, 2017USD ($)	Mar. 31, 2014hotel
Other Commitments [Line Items]
Number of properties (hotel) | hotel	145
Barcelo Acquisition
Other Commitments [Line Items]
Number of properties (hotel) | hotel			6
Contingent consideration, minimum	$ 4,100,000
Contingent consideration, maximum	4,600,000
Increase (decrease) in contingent consideration	4,600,000
Baltimore Courtyard, Providence Courtyard And Stratford Homewood Suites
Other Commitments [Line Items]
Number properties with contingent consideration payable based on future operating results | hotel			3
Forward Contracts
Other Commitments [Line Items]
Derivative liability	$ 1,400,000	$ 0

Related Party Transactions an71

Related Party Transactions and Arrangements - Narrative (Details) $ in Thousands	Mar. 31, 2017shares	Sep. 30, 2016USD ($)hotel	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Payments of dividends			$ 8,221	$ 11,500	$ 19,153
Number of hotels sold (hotel) | hotel		1
SPA | Class C Units
Related Party Transaction [Line Items]
Payments of dividends			$ 7,900
Dividends PIK (shares) | shares			355,349.60
Initial Closing | SPA | Class C Units
Related Party Transaction [Line Items]
Number of units issued (shares) | shares	9,152,542.37
Cumulative dividend rate	7.50%
PIK dividend rate	5.00%
Fees incurred with the offering			$ 6,000
ARC Realty Finance Advisors, LLC | Real Estate Commissions
Related Party Transaction [Line Items]
Fees incurred with the offering		$ 300

Related Party Transactions an72

Related Party Transactions and Arrangements - Fees Paid in Connection with the Offering - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Related Party Transactions [Abstract]
Liability for initial public offering costs (percent)	2.00%
Excess amount of gross proceeds	$ 5.8

Related Party Transactions an73

Related Party Transactions and Arrangements - Fees Paid in Connection with the Operations of the Company - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2017	Mar. 31, 2016	Jan. 07, 2014
Related Party Transaction [Line Items]
Amended quarterly asset management fee earned (percent)	0.0625%
Quarterly asset management fee earned (percent)	0.1875%
Share price (in dollars per share)	$ 22.50
Common Stock
Related Party Transaction [Line Items]
Share price (in dollars per share)				$ 14.59		$ 25
ARC Realty Finance Advisors, LLC
Related Party Transaction [Line Items]
Real estate acquisition fee	1.50%
Real estate acquisition fee reimbursement maximum (percent)	0.10%
Annual asset management fee lower of cost of assets or net asset value (percent)	0.75%
Advisor
Related Party Transaction [Line Items]
Maximum asset management fees payable per month					$ 500,000
Related party expenses	$ 4,581,000	$ 19,942,000	$ 54,225,000
Advisor | Common Stock
Related Party Transaction [Line Items]
Shares issued for services (shares)	25,454
Shares issued upon conversion (shares)	524,956
Advisor | Class B Units
Related Party Transaction [Line Items]
Shares issued for services (shares)	524,955.86
Number of shares converted (shares)	524,956
Advisor | OP Units
Related Party Transaction [Line Items]
Number of shares converted (shares)	524,956
Shares issued upon conversion (shares)	524,956
Property Manager
Related Party Transaction [Line Items]
Cumulative capital investment return (percent)	8.50%
Property management fee	4.00%
Annual incentive fee (percent)	15.00%
Related party expenses	$ 6,326,000	24,640,000	16,714,000
Property Manager | Incentive Fees
Related Party Transaction [Line Items]
Related party expenses	$ 100,000	$ 400,000	$ 100,000

Related Party Transactions an74

Related Party Transactions and Arrangements - Fees Paid in Connection with the Operations of the Company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Related party payables	$ 0	$ 2,879
Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	4,581	19,942	$ 54,225
Related party payables	0	8
Property Manager
Related Party Transaction [Line Items]
Fees incurred with the offering	6,326	24,640	16,714
Related party payables	0	1,838
Asset management fees | Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	4,581	18,004	4,097
Related party payables	0	8
Acquisition fees | Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	0	1,624	31,068
Related party payables	0	0
Acquisition cost reimbursements | Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	0	108	2,066
Related party payables	0	0
Financing coordination fees | Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	0	206	16,994
Related party payables	0	0
Total general and administrative expense reimbursement for services provided by the Advisor | Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	869	2,442	0
Related party payables	0	522
Total management fees and reimbursable expenses incurred from Crestline | Property Manager
Related Party Transaction [Line Items]
Fees incurred with the offering	4,291	16,181	9,898
Related party payables	0	1,306
Total management fees incurred from Property Manager | Property Manager
Related Party Transaction [Line Items]
Fees incurred with the offering	2,035	8,459	$ 6,816
Related party payables	$ 0	$ 532

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 140,000
Tax Cuts and Jobs Act, decrease in deferred tax assets	1,000
Net deferred tax asset	1,909
Subsidiaries
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 1,200

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current tax (benefit) expense:
Federal	$ (146)	$ 994	$ 2,664
State	217	48	549
Total	71	1,042	3,213
Deferred tax (benefit) expense:
Federal	(1,283)	308	(98)
State	(714)	21	(9)
Total	(1,997)	329	(107)
Income tax (benefit) expense	$ (1,926)	$ 1,371	$ 3,106

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Statutory federal income tax benefit	$ (24,843)	$ (23,991)	$ (31,121)
Effect of non-taxable REIT loss	22,084	25,266	33,720
State income tax expense, net of federal tax benefit	(110)	96	507
Re-measurement of net deferred tax assets	943	0	0
Income tax (benefit) expense	$ (1,926)	$ 1,371	$ 3,106

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax asset:
Goodwill	$ 1,691	$ 0
Net operating losses	295	0
Total Deferred Tax Assets	1,986	0
Deferred tax liability:
Investments in unconsolidated entities	(52)	(59)
Other	(25)	(30)
Total deferred tax liabilities	(77)	(89)
Net deferred tax asset	$ 1,909
Net deferred tax asset		$ (89)

Impairments (Details)

Impairments (Details) $ in Thousands	Jun. 30, 2017USD ($)hotel	Dec. 31, 2017USD ($)hotel	Sep. 30, 2017USD ($)hotel	Dec. 31, 2017USD ($)hotel	Dec. 31, 2016USD ($)	Mar. 31, 2017USD ($)
Real Estate [Line Items]
Impairment charge	$ 1,400	$ 9,000		$ 10,400	$ 2,400
Number of hotels identified for impairment | hotel	2	2		82
Number of properties (hotel) | hotel		145		145
Insurance settlements receivable		$ 500		$ 500
Goodwill		$ 14,408		14,408	$ 0
Goodwill, impairment loss				17,100
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Impairment loss on the sale real estate properties				$ 5,200
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Number of impaired hotel assets (hotel) | hotel		2		2
Impairment loss on the sale real estate properties				$ 3,900
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate [Line Items]
Number of impaired hotel assets (hotel) | hotel		1	1	1
Impairment loss on the sale real estate properties				$ 1,300
Texas And Florida
Real Estate [Line Items]
Number of properties (hotel) | hotel			22
Loss from catastrophes			$ 1,600
Series of Individually Immaterial Business Acquisitions
Real Estate [Line Items]
Goodwill		$ 31,600	$ 31,600	31,600		$ 31,600
Goodwill, impairment loss				17,100
Minimum
Real Estate [Line Items]
Goodwill, impairment loss, per reporting unit				100
Maximum
Real Estate [Line Items]
Goodwill, impairment loss, per reporting unit				1,300
Weighted Average
Real Estate [Line Items]
Goodwill, impairment loss, per reporting unit				$ 200

Assets Held for Sale - Narrativ

Assets Held for Sale - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2016hotel	Dec. 31, 2017USD ($)hotel
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties held for sale (hotel)		4
Number of hotels sold (hotel)	1
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Long Lived Assets Held-for-sale [Line Items]
Number of hotels sold (hotel)		3
Impairment loss on the sale real estate properties | $		$ 3.9
Disposal Group, Held-for-sale, Not Discontinued Operations
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties held for sale (hotel)		1
Impairment loss on the sale real estate properties | $		$ 1.3
Disposal Group, Held-for-sale, Not Discontinued Operations | Hampton Inn Chattanooga
Long Lived Assets Held-for-sale [Line Items]
Impairment loss on the sale real estate properties | $		$ 1.4

Assets Held for Sale - Summary

Assets Held for Sale - Summary of Assets Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Long Lived Assets Held-for-sale [Line Items]
Property, Plant & Equipment, less accumulated depreciation	$ 5,700
Less: Costs to Sell	(114)
Assets Held for Sale	$ 5,586

Sale of Hotel (Details)

Sale of Hotel (Details) $ in Millions	Dec. 19, 2017USD ($)	Sep. 30, 2016hotel	Dec. 31, 2017USD ($)hotel	Sep. 16, 2018	Jun. 18, 2018	Mar. 20, 2018
Real Estate [Line Items]
Number of hotels sold (hotel) | hotel		1
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Number of hotels sold (hotel) | hotel			3
Sales price			$ 11.7
Gain on sale of hotel			0.1
Redemption of mandatorily redeemable preferred securities			$ 8.8
Number of impaired hotel assets (hotel) | hotel			2
Impairment loss on the sale real estate properties			$ 3.9
Mortgage Financing To Buyer [Member]
Real Estate [Line Items]
Mortgage Loan Related to Property Sales	$ 1.6
Interest rate (percent)	8.50%
Mortgage Financing To Buyer [Member] | Subsequent Event
Real Estate [Line Items]
Interest rate (percent)				15.00%	12.50%	10.00%

Quarterly Results (Unaudited)83

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 143,119	$ 167,241	$ 167,012	$ 143,703	$ 139,751	$ 161,458	$ 163,230	$ 135,153	$ 125,016	$ 132,852	$ 133,490	$ 54,826	$ 621,075	$ 599,592	$ 446,184
Net income (loss) attributable to stockholders	$ (28,701)	$ (14,058)	$ (27,255)	$ (20,679)	$ (14,582)	$ (6,684)	$ (7,024)	$ (43,957)	$ (50,206)	$ (5,082)	$ 438	$ (39,976)	$ (71,387)	$ (72,247)	$ (94,826)
Basic and diluted weighted average shares outstanding (shares)	39,603,885	39,611,261	39,610,265	38,810,386	38,794,215	38,788,041	38,776,850	38,571,410					39,411,677	38,732,949	26,247,563
Basic weighted average shares outstanding (shares)									32,775,258	27,124,227	19,038,201	15,059,550
Diluted weighted average shares outstanding (shares)									32,775,258	27,124,227	19,072,777	15,059,550
Basic and diluted net loss per share (usd per share)	$ (0.72)	$ (0.35)	$ (0.69)	$ (0.53)	$ (0.38)	$ (0.17)	$ (0.18)	$ (1.14)	$ (1.53)	$ (0.18)	$ 0.02	$ (2.65)	$ (2.30)	$ (1.86)	$ (3.61)

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 27, 2018	Dec. 31, 2017	Feb. 28, 2015
Subsequent Event
Subsequent Event [Line Items]
Investment in projects and lender reserves	$ 14.4
SPA | Class C Units
Subsequent Event [Line Items]
Value of units issued		$ 140.2
SPA | Class C Units | Subsequent Event
Subsequent Event [Line Items]
Value of units issued	$ 165.2
Second Closing | SPA | Class C Units | Subsequent Event
Subsequent Event [Line Items]
Number of units issued (shares)	1,694,915.25
Purchase price of units (usd per share)	$ 14.75
Value of units issued	$ 25
Grace acquisition | Redeemable preferred share
Subsequent Event [Line Items]
Percentage of preferred equity interests required to be redeemed by 2019			$ 223.5
Grace acquisition | Redeemable preferred share | Subsequent Event
Subsequent Event [Line Items]
Stock redeemed during the period	$ 10.6

Schedule III - Real Estate an85

Schedule III - Real Estate and Accumulated Depreciation - Summary of Activity for Real Estate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	$ (1,747,117,000)
Initial cost of land	346,146,000
Initial cost of buildings and improvements	1,791,985,000
Subsequent costs capitalized for Land	(4,495,000)
Subsequent costs capitalized for buildings and improvements	129,411,000
Gross amount of land	341,651,000
Gross amount of buildings and improvements	1,921,396,000
Total	2,263,047,000	$ 2,178,413,000	$ 2,047,831,000	$ 93,237,000
Accumulated depreciation	(147,328,000)	$ (92,848,000)	$ (39,252,000)	$ (1,569,000)
Tax basis of aggregate land, buildings and improvements	$ 2,214,397,402
Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable life (years)	40 years
Building improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable life (years)	15 years
Courtyard Baltimore Downtown Inner Harbor
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	$ (24,980,000)
Initial cost of land	4,961,000
Initial cost of buildings and improvements	34,343,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	4,961,000
Gross amount of buildings and improvements	34,343,000
Total	39,304,000
Accumulated depreciation	(3,292,000)
Courtyard Providence Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(20,520,000)
Initial cost of land	4,724,000
Initial cost of buildings and improvements	29,388,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,247,000
Gross amount of land	4,724,000
Gross amount of buildings and improvements	30,635,000
Total	35,359,000
Accumulated depreciation	(3,056,000)
Georgia Tech Hotel and Conference Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,427,000)
Initial cost of land	0
Initial cost of buildings and improvements	0
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	0
Gross amount of buildings and improvements	0
Total	0
Homewood Suites Stratford
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,500,000)
Initial cost of land	2,377,000
Initial cost of buildings and improvements	13,875,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,402,000
Gross amount of land	2,377,000
Gross amount of buildings and improvements	15,277,000
Total	17,654,000
Accumulated depreciation	(1,720,000)
Westin Virginia Beach Town Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	0
Initial cost of buildings and improvements	0
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	0
Gross amount of buildings and improvements	0
Total	0
Hilton Garden Inn Blacksburg
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,500,000)
Initial cost of land	0
Initial cost of buildings and improvements	14,107,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	0
Gross amount of buildings and improvements	14,107,000
Total	14,107,000
Accumulated depreciation	(1,000,000)
Courtyard Lexington South Hamburg Place
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,657,000)
Initial cost of land	2,766,000
Initial cost of buildings and improvements	10,242,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	37,000
Gross amount of land	2,766,000
Gross amount of buildings and improvements	10,280,000
Total	13,046,000
Accumulated depreciation	(795,000)
Courtyard Louisville Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(31,359,000)
Initial cost of land	3,727,000
Initial cost of buildings and improvements	33,543,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,325,000
Gross amount of land	3,727,000
Gross amount of buildings and improvements	34,868,000
Total	38,595,000
Accumulated depreciation	(2,389,000)
Embassy Suites Orlando International Drive Jamaican Court
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(32,262,000)
Initial cost of land	2,356,000
Initial cost of buildings and improvements	23,646,000
Subsequent costs capitalized for Land	(4,000)
Subsequent costs capitalized for buildings and improvements	1,761,000
Gross amount of land	2,352,000
Gross amount of buildings and improvements	25,407,000
Total	27,759,000
Accumulated depreciation	(2,144,000)
Fairfield Inn & Suites Atlanta Vinings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(1,079,000)
Initial cost of land	1,394,000
Initial cost of buildings and improvements	8,968,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,921,000
Gross amount of land	1,395,000
Gross amount of buildings and improvements	10,889,000
Total	12,284,000
Accumulated depreciation	(1,082,000)
Homewood Suites Chicago Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(57,909,000)
Initial cost of land	15,314,000
Initial cost of buildings and improvements	73,248,000
Subsequent costs capitalized for Land	4,000
Subsequent costs capitalized for buildings and improvements	5,611,000
Gross amount of land	15,318,000
Gross amount of buildings and improvements	78,859,000
Total	94,177,000
Accumulated depreciation	(6,589,000)
Hyatt Place Albuquerque Uptown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(16,434,000)
Initial cost of land	987,000
Initial cost of buildings and improvements	16,386,000
Subsequent costs capitalized for Land	(1,000)
Subsequent costs capitalized for buildings and improvements	1,206,000
Gross amount of land	986,000
Gross amount of buildings and improvements	17,591,000
Total	18,577,000
Accumulated depreciation	(1,380,000)
Hyatt Place Baltimore Washington Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,314,000)
Initial cost of land	3,129,000
Initial cost of buildings and improvements	9,068,000
Subsequent costs capitalized for Land	2,000
Subsequent costs capitalized for buildings and improvements	1,358,000
Gross amount of land	3,131,000
Gross amount of buildings and improvements	10,425,000
Total	13,556,000
Accumulated depreciation	(1,000,000)
Hyatt Place Baton Rouge I 10
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,286,000)
Initial cost of land	1,888,000
Initial cost of buildings and improvements	8,897,000
Subsequent costs capitalized for Land	(1,000)
Subsequent costs capitalized for buildings and improvements	1,279,000
Gross amount of land	1,887,000
Gross amount of buildings and improvements	10,175,000
Total	12,062,000
Accumulated depreciation	(807,000)
Hyatt Place Birmingham Hoover
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(5,032,000)
Initial cost of land	956,000
Initial cost of buildings and improvements	9,689,000
Subsequent costs capitalized for Land	1,000
Subsequent costs capitalized for buildings and improvements	1,463,000
Gross amount of land	957,000
Gross amount of buildings and improvements	11,152,000
Total	12,109,000
Accumulated depreciation	(804,000)
Hyatt Place Cincinnati Blue Ash
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,517,000)
Initial cost of land	652,000
Initial cost of buildings and improvements	7,951,000
Subsequent costs capitalized for Land	(1,000)
Subsequent costs capitalized for buildings and improvements	1,521,000
Gross amount of land	651,000
Gross amount of buildings and improvements	9,472,000
Total	10,123,000
Accumulated depreciation	(878,000)
Hyatt Place Columbus Worthington
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,998,000)
Initial cost of land	1,063,000
Initial cost of buildings and improvements	11,319,000
Subsequent costs capitalized for Land	(1,000)
Subsequent costs capitalized for buildings and improvements	1,609,000
Gross amount of land	1,063,000
Gross amount of buildings and improvements	12,927,000
Total	13,990,000
Accumulated depreciation	(894,000)
Hyatt Place Indianapolis Keystone
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(15,568,000)
Initial cost of land	1,918,000
Initial cost of buildings and improvements	13,935,000
Subsequent costs capitalized for Land	(1,000)
Subsequent costs capitalized for buildings and improvements	1,337,000
Gross amount of land	1,917,000
Gross amount of buildings and improvements	15,271,000
Total	17,188,000
Accumulated depreciation	(1,230,000)
Hyatt Place Memphis Wolfchase Galleria
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,506,000)
Initial cost of land	971,000
Initial cost of buildings and improvements	14,505,000
Subsequent costs capitalized for Land	2,000
Subsequent costs capitalized for buildings and improvements	1,851,000
Gross amount of land	974,000
Gross amount of buildings and improvements	16,356,000
Total	17,330,000
Accumulated depreciation	(1,096,000)
Hyatt Place Miami Airport West Doral
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(15,140,000)
Initial cost of land	2,634,000
Initial cost of buildings and improvements	17,897,000
Subsequent costs capitalized for Land	1,000
Subsequent costs capitalized for buildings and improvements	1,681,000
Gross amount of land	2,634,000
Gross amount of buildings and improvements	19,578,000
Total	22,212,000
Accumulated depreciation	(1,392,000)
Hyatt Place Nashville Franklin Cool Springs
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(15,360,000)
Initial cost of land	2,201,000
Initial cost of buildings and improvements	15,003,000
Subsequent costs capitalized for Land	2,000
Subsequent costs capitalized for buildings and improvements	1,737,000
Gross amount of land	2,202,000
Gross amount of buildings and improvements	16,740,000
Total	18,942,000
Accumulated depreciation	(1,251,000)
Hyatt Place Richmond Innsbrook
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,938,000)
Initial cost of land	1,584,000
Initial cost of buildings and improvements	8,013,000
Subsequent costs capitalized for Land	(5,000)
Subsequent costs capitalized for buildings and improvements	1,483,000
Gross amount of land	1,578,000
Gross amount of buildings and improvements	9,497,000
Total	11,075,000
Accumulated depreciation	(978,000)
Hyatt Place Tampa Airport Westshore
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(16,004,000)
Initial cost of land	3,329,000
Initial cost of buildings and improvements	15,710,000
Subsequent costs capitalized for Land	(5,000)
Subsequent costs capitalized for buildings and improvements	1,255,000
Gross amount of land	3,324,000
Gross amount of buildings and improvements	16,966,000
Total	20,290,000
Accumulated depreciation	(1,340,000)
Residence Inn Lexington South Hamburg Place
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,882,000)
Initial cost of land	2,044,000
Initial cost of buildings and improvements	13,313,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,023,000
Gross amount of land	2,044,000
Gross amount of buildings and improvements	15,336,000
Total	17,380,000
Accumulated depreciation	(1,272,000)
SpringHill Suites Lexington Near The University Of Kentucky
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,552,000)
Initial cost of land	3,321,000
Initial cost of buildings and improvements	13,064,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,963,000
Gross amount of land	3,321,000
Gross amount of buildings and improvements	15,027,000
Total	18,348,000
Accumulated depreciation	(1,022,000)
Hampton Inn Albany Wolf Road Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(16,986,000)
Initial cost of land	1,717,000
Initial cost of buildings and improvements	16,572,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	3,202,000
Gross amount of land	1,717,000
Gross amount of buildings and improvements	19,774,000
Total	21,491,000
Accumulated depreciation	(1,322,000)
Hampton Inn Colorado Springs Central Airforce Academy
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(917,000)
Initial cost of land	449,000
Initial cost of buildings and improvements	6,322,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	13,000
Gross amount of land	449,000
Gross amount of buildings and improvements	6,335,000
Total	6,784,000
Accumulated depreciation	(579,000)
Hampton Inn Baltimore Glen Burnie
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(5,342,000)
Initial cost of land	0
Initial cost of buildings and improvements	5,438,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,248,000
Gross amount of land	0
Gross amount of buildings and improvements	6,686,000
Total	6,686,000
Accumulated depreciation	(1,201,000)
Hampton Inn Beckley
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,394,000)
Initial cost of land	857,000
Initial cost of buildings and improvements	13,670,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	197,000
Gross amount of land	857,000
Gross amount of buildings and improvements	13,867,000
Total	14,724,000
Accumulated depreciation	(1,078,000)
Hampton Inn Birmingham Mountain Brook
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,531,000)
Initial cost of land	0
Initial cost of buildings and improvements	9,863,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	991,000
Gross amount of land	0
Gross amount of buildings and improvements	10,855,000
Total	10,855,000
Accumulated depreciation	(766,000)
Hampton Inn Boca Raton
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,828,000)
Initial cost of land	2,027,000
Initial cost of buildings and improvements	10,420,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,815,000
Gross amount of land	2,027,000
Gross amount of buildings and improvements	12,235,000
Total	14,262,000
Accumulated depreciation	(905,000)
Hampton Inn Boca Raton Deerfield Beach
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,076,000)
Initial cost of land	2,781,000
Initial cost of buildings and improvements	9,338,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	155,000
Gross amount of land	2,781,000
Gross amount of buildings and improvements	9,493,000
Total	12,274,000
Accumulated depreciation	(742,000)
Hampton Inn Chattanooga Airport I 75
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(1,047,000)
Initial cost of land	1,827,000
Initial cost of buildings and improvements	5,268,000
Subsequent costs capitalized for Land	(1,827,000)
Subsequent costs capitalized for buildings and improvements	(5,268,000)
Gross amount of land	0
Gross amount of buildings and improvements	0
Total	0
Accumulated depreciation	0
Hampton Inn Chicago Gurnee
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,606,000)
Initial cost of land	757,000
Initial cost of buildings and improvements	12,189,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	73,000
Gross amount of land	757,000
Gross amount of buildings and improvements	12,262,000
Total	13,019,000
Accumulated depreciation	(980,000)
Hampton Inn Columbia I 26 Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,708,000)
Initial cost of land	1,209,000
Initial cost of buildings and improvements	3,684,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,364,000
Gross amount of land	1,209,000
Gross amount of buildings and improvements	5,048,000
Total	6,257,000
Accumulated depreciation	(430,000)
Hampton Inn Columbus Dublin
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,567,000)
Initial cost of land	1,140,000
Initial cost of buildings and improvements	10,856,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	22,000
Gross amount of land	1,140,000
Gross amount of buildings and improvements	10,878,000
Total	12,018,000
Accumulated depreciation	(854,000)
Hampton Inn Detroit Madison Heights South Troy
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,749,000)
Initial cost of land	1,950,000
Initial cost of buildings and improvements	11,834,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	32,000
Gross amount of land	1,950,000
Gross amount of buildings and improvements	11,866,000
Total	13,816,000
Accumulated depreciation	(955,000)
Hampton Inn Detroit Northville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,623,000)
Initial cost of land	1,210,000
Initial cost of buildings and improvements	8,591,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,601,000
Gross amount of land	1,210,000
Gross amount of buildings and improvements	10,192,000
Total	11,402,000
Accumulated depreciation	(815,000)
Hampton Inn Kansas City Overland Park
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,948,000)
Initial cost of land	1,233,000
Initial cost of buildings and improvements	9,210,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	161,000
Gross amount of land	1,233,000
Gross amount of buildings and improvements	9,371,000
Total	10,604,000
Accumulated depreciation	(968,000)
Hampton Inn Kansas City Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,500,000)
Initial cost of land	1,362,000
Initial cost of buildings and improvements	9,247,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	216,000
Gross amount of land	1,362,000
Gross amount of buildings and improvements	9,464,000
Total	10,826,000
Accumulated depreciation	(760,000)
Hampton Inn Memphis Poplar
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,968,000)
Initial cost of land	2,168,000
Initial cost of buildings and improvements	10,618,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,274,000
Gross amount of land	2,168,000
Gross amount of buildings and improvements	12,892,000
Total	15,060,000
Accumulated depreciation	(847,000)
Hampton Inn Morgantown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,349,000)
Initial cost of land	3,062,000
Initial cost of buildings and improvements	12,810,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	422,000
Gross amount of land	3,062,000
Gross amount of buildings and improvements	13,233,000
Total	16,295,000
Accumulated depreciation	(992,000)
Hampton Inn Norfolk Naval Base
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(2,424,000)
Initial cost of land	0
Initial cost of buildings and improvements	6,873,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,011,000
Gross amount of land	0
Gross amount of buildings and improvements	8,884,000
Total	8,884,000
Accumulated depreciation	(1,068,000)
Hampton Inn Palm Beach Gardens
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(17,259,000)
Initial cost of land	3,253,000
Initial cost of buildings and improvements	17,724,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,000
Gross amount of land	3,253,000
Gross amount of buildings and improvements	17,726,000
Total	20,979,000
Accumulated depreciation	(1,348,000)
Hampton Inn Pickwick Dam @ Shiloh Falls
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(2,225,000)
Initial cost of land	148,000
Initial cost of buildings and improvements	2,089,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	26,000
Gross amount of land	148,000
Gross amount of buildings and improvements	2,115,000
Total	2,263,000
Accumulated depreciation	(245,000)
Hampton Inn Scranton @ Montage Mountain
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,430,000)
Initial cost of land	754,000
Initial cost of buildings and improvements	11,174,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	46,000
Gross amount of land	754,000
Gross amount of buildings and improvements	11,220,000
Total	11,974,000
Accumulated depreciation	(923,000)
Hampton Inn St Louis Westport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,477,000)
Initial cost of land	1,359,000
Initial cost of buildings and improvements	8,486,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,105,000
Gross amount of land	1,359,000
Gross amount of buildings and improvements	9,591,000
Total	10,950,000
Accumulated depreciation	(667,000)
Hampton Inn State College
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,736,000)
Initial cost of land	2,509,000
Initial cost of buildings and improvements	9,359,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,851,000
Gross amount of land	2,509,000
Gross amount of buildings and improvements	11,210,000
Total	13,719,000
Accumulated depreciation	(809,000)
Hampton Inn West Palm Beach Florida Turnpike
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(14,537,000)
Initial cost of land	2,008,000
Initial cost of buildings and improvements	13,636,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	168,000
Gross amount of land	2,008,000
Gross amount of buildings and improvements	13,804,000
Total	15,812,000
Accumulated depreciation	(1,042,000)
Homewood Suites Hartford Windsor Locks
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,707,000)
Initial cost of land	3,072,000
Initial cost of buildings and improvements	8,996,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	3,530,000
Gross amount of land	3,072,000
Gross amount of buildings and improvements	12,526,000
Total	15,598,000
Accumulated depreciation	(1,078,000)
Homewood Suites Memphis Germantown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,347,000)
Initial cost of land	1,024,000
Initial cost of buildings and improvements	8,871,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,346,000
Gross amount of land	1,024,000
Gross amount of buildings and improvements	11,217,000
Total	12,241,000
Accumulated depreciation	(1,115,000)
Homewood Suites Phoenix Biltmore
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(17,375,000)
Initial cost of land	0
Initial cost of buildings and improvements	23,722,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,153,000
Gross amount of land	0
Gross amount of buildings and improvements	25,874,000
Total	25,874,000
Accumulated depreciation	(1,915,000)
Hampton Inn & Suites Boynton Beach
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(26,269,000)
Initial cost of land	1,393,000
Initial cost of buildings and improvements	24,759,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	41,000
Gross amount of land	1,393,000
Gross amount of buildings and improvements	24,800,000
Total	26,193,000
Accumulated depreciation	(1,877,000)
Hampton Inn Cleveland Westlake
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,880,000)
Initial cost of land	4,177,000
Initial cost of buildings and improvements	10,002,000
Subsequent costs capitalized for Land	(2,499,000)
Subsequent costs capitalized for buildings and improvements	(6,340,000)
Gross amount of land	1,678,000
Gross amount of buildings and improvements	3,662,000
Total	5,340,000
Accumulated depreciation	0
Courtyard Athens Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,099,000)
Initial cost of land	3,201,000
Initial cost of buildings and improvements	7,305,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	233,000
Gross amount of land	3,201,000
Gross amount of buildings and improvements	7,538,000
Total	10,739,000
Accumulated depreciation	(591,000)
Courtyard Gainesville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,720,000)
Initial cost of land	2,904,000
Initial cost of buildings and improvements	8,605,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	178,000
Gross amount of land	2,904,000
Gross amount of buildings and improvements	8,783,000
Total	11,687,000
Accumulated depreciation	(707,000)
Courtyard Knoxville Cedar Bluff
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,607,000)
Initial cost of land	1,289,000
Initial cost of buildings and improvements	8,556,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,062,000
Gross amount of land	1,289,000
Gross amount of buildings and improvements	9,618,000
Total	10,907,000
Accumulated depreciation	(778,000)
Courtyard Mobile
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(715,000)
Initial cost of land	0
Initial cost of buildings and improvements	3,657,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,369,000
Gross amount of land	0
Gross amount of buildings and improvements	5,027,000
Total	5,027,000
Accumulated depreciation	(558,000)
Courtyard Orlando Altamonte Springs Maitland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(14,090,000)
Initial cost of land	1,716,000
Initial cost of buildings and improvements	11,463,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	29,000
Gross amount of land	1,716,000
Gross amount of buildings and improvements	11,492,000
Total	13,208,000
Accumulated depreciation	(884,000)
Courtyard Sarasota Bradenton
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,299,000)
Initial cost of land	1,928,000
Initial cost of buildings and improvements	8,334,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,588,000
Gross amount of land	1,928,000
Gross amount of buildings and improvements	9,922,000
Total	11,850,000
Accumulated depreciation	(667,000)
Courtyard Tallahassee North I 10 Capital Circle
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,464,000)
Initial cost of land	2,767,000
Initial cost of buildings and improvements	9,254,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	144,000
Gross amount of land	2,767,000
Gross amount of buildings and improvements	9,397,000
Total	12,164,000
Accumulated depreciation	(800,000)
Holiday Inn Express & Suites Kendall East Miami
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,758,000)
Initial cost of land	1,248,000
Initial cost of buildings and improvements	7,525,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	316,000
Gross amount of land	1,248,000
Gross amount of buildings and improvements	7,842,000
Total	9,090,000
Accumulated depreciation	(598,000)
Residence Inn Chattanooga Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,957,000)
Initial cost of land	1,142,000
Initial cost of buildings and improvements	10,112,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,405,000
Gross amount of land	1,142,000
Gross amount of buildings and improvements	11,517,000
Total	12,659,000
Accumulated depreciation	(904,000)
Residence Inn Fort Myers
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,657,000)
Initial cost of land	1,372,000
Initial cost of buildings and improvements	8,765,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,786,000
Gross amount of land	1,372,000
Gross amount of buildings and improvements	10,552,000
Total	11,924,000
Accumulated depreciation	(707,000)
Residence Inn Knoxville Cedar Bluff
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,847,000)
Initial cost of land	1,474,000
Initial cost of buildings and improvements	9,580,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	676,000
Gross amount of land	1,474,000
Gross amount of buildings and improvements	10,256,000
Total	11,730,000
Accumulated depreciation	(801,000)
Residence Inn Macon
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(5,615,000)
Initial cost of land	1,046,000
Initial cost of buildings and improvements	5,381,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,625,000
Gross amount of land	1,046,000
Gross amount of buildings and improvements	7,006,000
Total	8,052,000
Accumulated depreciation	(758,000)
Residence Inn Mobile
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,577,000)
Initial cost of land	0
Initial cost of buildings and improvements	6,714,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	24,000
Gross amount of land	0
Gross amount of buildings and improvements	6,738,000
Total	6,738,000
Accumulated depreciation	(567,000)
Residence Inn Sarasota Bradenton
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,015,000)
Initial cost of land	2,138,000
Initial cost of buildings and improvements	9,118,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	192,000
Gross amount of land	2,138,000
Gross amount of buildings and improvements	9,310,000
Total	11,448,000
Accumulated depreciation	(748,000)
Residence Inn Savannah Midtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,908,000)
Initial cost of land	1,106,000
Initial cost of buildings and improvements	9,349,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,743,000
Gross amount of land	1,106,000
Gross amount of buildings and improvements	11,092,000
Total	12,198,000
Accumulated depreciation	(801,000)
Residence Inn Tallahassee North I 10 Capital Circle
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,092,000)
Initial cost of land	1,349,000
Initial cost of buildings and improvements	9,983,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,821,000
Gross amount of land	1,349,000
Gross amount of buildings and improvements	11,804,000
Total	13,153,000
Accumulated depreciation	(925,000)
Residence Inn Tampa North I 75 Fletcher
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,284,000)
Initial cost of land	1,251,000
Initial cost of buildings and improvements	8,174,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	284,000
Gross amount of land	1,251,000
Gross amount of buildings and improvements	8,457,000
Total	9,708,000
Accumulated depreciation	(720,000)
Residence Inn Tampa Sabal Park Brandon
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(14,345,000)
Initial cost of land	1,773,000
Initial cost of buildings and improvements	10,830,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	513,000
Gross amount of land	1,773,000
Gross amount of buildings and improvements	11,343,000
Total	13,116,000
Accumulated depreciation	(884,000)
Courtyard Bowling Green Convention Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,096,000)
Initial cost of land	503,000
Initial cost of buildings and improvements	11,003,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	76,000
Gross amount of land	504,000
Gross amount of buildings and improvements	11,080,000
Total	11,584,000
Accumulated depreciation	(853,000)
Courtyard Chicago Elmhurst Oakbrook Area
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,248,000)
Initial cost of land	1,323,000
Initial cost of buildings and improvements	11,868,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	147,000
Gross amount of land	1,323,000
Gross amount of buildings and improvements	12,015,000
Total	13,338,000
Accumulated depreciation	(2,046,000)
Courtyard Jacksonville Airport Northeast
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,269,000)
Initial cost of land	1,783,000
Initial cost of buildings and improvements	5,459,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,392,000
Gross amount of land	1,783,000
Gross amount of buildings and improvements	6,852,000
Total	8,635,000
Accumulated depreciation	(817,000)
Hampton Inn & Suites Nashville Franklin Cool Springs
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(19,840,000)
Initial cost of land	2,526,000
Initial cost of buildings and improvements	16,985,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	94,000
Gross amount of land	2,525,000
Gross amount of buildings and improvements	17,079,000
Total	19,604,000
Accumulated depreciation	(1,361,000)
Hampton Inn Boston Peabody
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,181,000)
Initial cost of land	3,008,000
Initial cost of buildings and improvements	11,846,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	166,000
Gross amount of land	3,008,000
Gross amount of buildings and improvements	12,012,000
Total	15,020,000
Accumulated depreciation	(1,042,000)
Hampton Inn Grand Rapids North
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,013,000)
Initial cost of land	2,191,000
Initial cost of buildings and improvements	11,502,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,299,000
Gross amount of land	2,191,000
Gross amount of buildings and improvements	12,802,000
Total	14,993,000
Accumulated depreciation	(952,000)
Homewood Suites Boston Peabody
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,299,000)
Initial cost of land	2,508,000
Initial cost of buildings and improvements	8,654,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,906,000
Gross amount of land	2,508,000
Gross amount of buildings and improvements	11,560,000
Total	14,068,000
Accumulated depreciation	(1,268,000)
Hyatt Place Las Vegas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(18,892,000)
Initial cost of land	2,902,000
Initial cost of buildings and improvements	17,419,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,727,000
Gross amount of land	2,902,000
Gross amount of buildings and improvements	19,146,000
Total	22,048,000
Accumulated depreciation	(1,626,000)
Hyatt Place Minneapolis Airport South
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,206,000)
Initial cost of land	2,519,000
Initial cost of buildings and improvements	11,810,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,216,000
Gross amount of land	2,519,000
Gross amount of buildings and improvements	13,026,000
Total	15,545,000
Accumulated depreciation	(1,045,000)
Residence Inn Boise Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,426,000)
Initial cost of land	1,776,000
Initial cost of buildings and improvements	10,203,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	4,773,000
Gross amount of land	1,776,000
Gross amount of buildings and improvements	14,976,000
Total	16,752,000
Accumulated depreciation	(1,144,000)
Residence Inn Portland Downtown Lloyd Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(40,109,000)
Initial cost of land	25,213,000
Initial cost of buildings and improvements	23,231,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	520,000
Gross amount of land	25,213,000
Gross amount of buildings and improvements	23,750,000
Total	48,963,000
Accumulated depreciation	(2,061,000)
SpringHill Suites Grand Rapids North
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,695,000)
Initial cost of land	1,063,000
Initial cost of buildings and improvements	9,312,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,704,000
Gross amount of land	1,063,000
Gross amount of buildings and improvements	11,016,000
Total	12,079,000
Accumulated depreciation	(709,000)
Hyatt Place Kansas City Overland Park Metcalf
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,924,000)
Initial cost of land	1,038,000
Initial cost of buildings and improvements	7,792,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,670,000
Gross amount of land	1,039,000
Gross amount of buildings and improvements	9,462,000
Total	10,501,000
Accumulated depreciation	(892,000)
Courtyard Asheville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(14,310,000)
Initial cost of land	2,236,000
Initial cost of buildings and improvements	10,290,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,057,000
Gross amount of land	2,236,000
Gross amount of buildings and improvements	11,347,000
Total	13,583,000
Accumulated depreciation	(785,000)
Courtyard Dallas Market Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(16,992,000)
Initial cost of land	0
Initial cost of buildings and improvements	19,768,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,424,000
Gross amount of land	0
Gross amount of buildings and improvements	22,192,000
Total	22,192,000
Accumulated depreciation	(1,769,000)
Fairfield Inn & Suites Dallas Market Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,438,000)
Initial cost of land	1,550,000
Initial cost of buildings and improvements	7,236,000
Subsequent costs capitalized for Land	1,000
Subsequent costs capitalized for buildings and improvements	19,000
Gross amount of land	1,552,000
Gross amount of buildings and improvements	7,255,000
Total	8,807,000
Accumulated depreciation	(560,000)
Hilton Garden Inn Austin Round Rock
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,192,000)
Initial cost of land	2,797,000
Initial cost of buildings and improvements	10,920,000
Subsequent costs capitalized for Land	2,000
Subsequent costs capitalized for buildings and improvements	2,460,000
Gross amount of land	2,799,000
Gross amount of buildings and improvements	13,380,000
Total	16,179,000
Accumulated depreciation	(1,048,000)
Residence Inn Los Angeles Airport El Segundo
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(42,740,000)
Initial cost of land	16,416,000
Initial cost of buildings and improvements	21,618,000
Subsequent costs capitalized for Land	13,000
Subsequent costs capitalized for buildings and improvements	1,857,000
Gross amount of land	16,429,000
Gross amount of buildings and improvements	23,476,000
Total	39,905,000
Accumulated depreciation	(1,846,000)
Residence Inn San Diego Rancho Bernardo Scripps Poway
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(22,054,000)
Initial cost of land	5,261,000
Initial cost of buildings and improvements	18,677,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	130,000
Gross amount of land	5,261,000
Gross amount of buildings and improvements	18,807,000
Total	24,068,000
Accumulated depreciation	(1,435,000)
SpringHill Suites Austin Round Rock
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,638,000)
Initial cost of land	2,196,000
Initial cost of buildings and improvements	8,305,000
Subsequent costs capitalized for Land	(1,000)
Subsequent costs capitalized for buildings and improvements	2,180,000
Gross amount of land	2,196,000
Gross amount of buildings and improvements	10,485,000
Total	12,681,000
Accumulated depreciation	(675,000)
SpringHill Suites Houston Hobby Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,155,000)
Initial cost of land	762,000
Initial cost of buildings and improvements	11,755,000
Subsequent costs capitalized for Land	2,000
Subsequent costs capitalized for buildings and improvements	157,000
Gross amount of land	763,000
Gross amount of buildings and improvements	11,911,000
Total	12,674,000
Accumulated depreciation	(905,000)
SpringHill Suites San Antonio Medical Center Northwest
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(710,000)
Initial cost of land	0
Initial cost of buildings and improvements	7,161,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,028,000
Gross amount of land	0
Gross amount of buildings and improvements	8,189,000
Total	8,189,000
Accumulated depreciation	0
SpringHill Suites San Diego Rancho Bernardo Scripps Poway
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(21,553,000)
Initial cost of land	3,905,000
Initial cost of buildings and improvements	16,999,000
Subsequent costs capitalized for Land	(3,000)
Subsequent costs capitalized for buildings and improvements	1,853,000
Gross amount of land	3,902,000
Gross amount of buildings and improvements	18,852,000
Total	22,754,000
Accumulated depreciation	(1,298,000)
Hampton Inn Charlotte Gastonia
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,234,000)
Initial cost of land	1,357,000
Initial cost of buildings and improvements	10,073,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	850,000
Gross amount of land	1,357,000
Gross amount of buildings and improvements	10,923,000
Total	12,280,000
Accumulated depreciation	(794,000)
Hampton Inn Dallas Addison
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,039,000)
Initial cost of land	1,538,000
Initial cost of buildings and improvements	7,475,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	116,000
Gross amount of land	1,538,000
Gross amount of buildings and improvements	7,591,000
Total	9,129,000
Accumulated depreciation	(614,000)
Homewood Suites San Antonio Northwest
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,535,000)
Initial cost of land	1,998,000
Initial cost of buildings and improvements	13,060,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	3,803,000
Gross amount of land	1,998,000
Gross amount of buildings and improvements	16,863,000
Total	18,861,000
Accumulated depreciation	(1,451,000)
Courtyard Dalton
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,515,000)
Initial cost of land	676,000
Initial cost of buildings and improvements	8,241,000
Subsequent costs capitalized for Land	1,000
Subsequent costs capitalized for buildings and improvements	1,604,000
Gross amount of land	677,000
Gross amount of buildings and improvements	9,845,000
Total	10,522,000
Accumulated depreciation	(834,000)
Hampton Inn Orlando International Drive Convention Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,339,000)
Initial cost of land	1,183,000
Initial cost of buildings and improvements	14,899,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	103,000
Gross amount of land	1,183,000
Gross amount of buildings and improvements	15,002,000
Total	16,185,000
Accumulated depreciation	(1,117,000)
Hilton Garden Inn Albuquerque North Rio Rancho
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,089,000)
Initial cost of land	1,141,000
Initial cost of buildings and improvements	9,818,000
Subsequent costs capitalized for Land	1,000
Subsequent costs capitalized for buildings and improvements	84,000
Gross amount of land	1,142,000
Gross amount of buildings and improvements	9,902,000
Total	11,044,000
Accumulated depreciation	(794,000)
Homewood Suites Orlando International Drive Convention Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(23,329,000)
Initial cost of land	2,182,000
Initial cost of buildings and improvements	26,507,000
Subsequent costs capitalized for Land	6,000
Subsequent costs capitalized for buildings and improvements	1,006,000
Gross amount of land	2,187,000
Gross amount of buildings and improvements	27,512,000
Total	29,699,000
Accumulated depreciation	(2,023,000)
Hampton Inn Chicago Naperville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,969,000)
Initial cost of land	1,363,000
Initial cost of buildings and improvements	9,460,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,034,000
Gross amount of land	1,363,000
Gross amount of buildings and improvements	10,494,000
Total	11,857,000
Accumulated depreciation	(862,000)
Hampton Inn Indianapolis Northeast Castleton
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,705,000)
Initial cost of land	1,587,000
Initial cost of buildings and improvements	8,144,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	49,000
Gross amount of land	1,587,000
Gross amount of buildings and improvements	8,193,000
Total	9,780,000
Accumulated depreciation	(936,000)
Hampton Inn Knoxville Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,205,000)
Initial cost of land	1,033,000
Initial cost of buildings and improvements	5,898,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,033,000
Gross amount of buildings and improvements	5,898,000
Total	6,931,000
Accumulated depreciation	(638,000)
Hampton Inn Milford
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(3,867,000)
Initial cost of land	1,652,000
Initial cost of buildings and improvements	5,060,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,995,000
Gross amount of land	1,652,000
Gross amount of buildings and improvements	8,055,000
Total	9,707,000
Accumulated depreciation	(680,000)
Homewood Suites Augusta
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,515,000)
Initial cost of land	874,000
Initial cost of buildings and improvements	8,225,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,554,000
Gross amount of land	874,000
Gross amount of buildings and improvements	9,779,000
Total	10,653,000
Accumulated depreciation	(850,000)
Homewood Suites Seattle Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(50,926,000)
Initial cost of land	12,580,000
Initial cost of buildings and improvements	41,011,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	4,698,000
Gross amount of land	12,580,000
Gross amount of buildings and improvements	45,709,000
Total	58,289,000
Accumulated depreciation	(3,158,000)
Hampton Inn Champaign Urbana
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(16,228,000)
Initial cost of land	2,206,000
Initial cost of buildings and improvements	17,451,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,206,000
Gross amount of buildings and improvements	17,451,000
Total	19,657,000
Accumulated depreciation	(1,305,000)
Hampton Inn East Lansing
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,247,000)
Initial cost of land	3,219,000
Initial cost of buildings and improvements	10,101,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,233,000
Gross amount of land	3,219,000
Gross amount of buildings and improvements	11,334,000
Total	14,553,000
Accumulated depreciation	(805,000)
Hilton Garden Inn Louisville East
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(14,474,000)
Initial cost of land	1,022,000
Initial cost of buildings and improvements	16,350,000
Subsequent costs capitalized for Land	1,000
Subsequent costs capitalized for buildings and improvements	139,000
Gross amount of land	1,023,000
Gross amount of buildings and improvements	16,490,000
Total	17,513,000
Accumulated depreciation	(1,241,000)
Residence Inn Jacksonville Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(5,503,000)
Initial cost of land	1,451,000
Initial cost of buildings and improvements	6,423,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,264,000
Gross amount of land	1,451,000
Gross amount of buildings and improvements	8,687,000
Total	10,138,000
Accumulated depreciation	(894,000)
TownePlace Suites Savannah Midtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,041,000)
Initial cost of land	1,502,000
Initial cost of buildings and improvements	7,827,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	373,000
Gross amount of land	1,502,000
Gross amount of buildings and improvements	8,200,000
Total	9,702,000
Accumulated depreciation	(621,000)
Courtyard Houston I 10 West Energy Corridor
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(18,558,000)
Initial cost of land	10,444,000
Initial cost of buildings and improvements	20,710,000
Subsequent costs capitalized for Land	6,000
Subsequent costs capitalized for buildings and improvements	2,817,000
Gross amount of land	10,449,000
Gross amount of buildings and improvements	23,527,000
Total	33,976,000
Accumulated depreciation	(1,916,000)
Courtyard San Diego Carlsbad
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(18,176,000)
Initial cost of land	5,080,000
Initial cost of buildings and improvements	14,007,000
Subsequent costs capitalized for Land	9,000
Subsequent costs capitalized for buildings and improvements	115,000
Gross amount of land	5,090,000
Gross amount of buildings and improvements	14,123,000
Total	19,213,000
Accumulated depreciation	(1,120,000)
Hampton Inn Austin North @ IH 35 & Highway 183
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,332,000)
Initial cost of land	1,774,000
Initial cost of buildings and improvements	9,798,000
Subsequent costs capitalized for Land	(8,000)
Subsequent costs capitalized for buildings and improvements	310,000
Gross amount of land	1,765,000
Gross amount of buildings and improvements	10,108,000
Total	11,873,000
Accumulated depreciation	(786,000)
SpringHill Suites Asheville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,833,000)
Initial cost of land	2,149,000
Initial cost of buildings and improvements	9,930,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	613,000
Gross amount of land	2,149,000
Gross amount of buildings and improvements	10,543,000
Total	12,692,000
Accumulated depreciation	(760,000)
Hampton Inn College Station
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,327,000)
Initial cost of land	3,306,000
Initial cost of buildings and improvements	10,523,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	539,000
Gross amount of land	3,306,000
Gross amount of buildings and improvements	11,063,000
Total	14,369,000
Accumulated depreciation	(815,000)
Courtyard Flagstaff
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(25,550,000)
Initial cost of land	5,258,000
Initial cost of buildings and improvements	24,313,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	385,000
Gross amount of land	5,258,000
Gross amount of buildings and improvements	24,697,000
Total	29,955,000
Accumulated depreciation	(1,535,000)
DoubleTree Baton Rouge
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(14,420,000)
Initial cost of land	1,497,000
Initial cost of buildings and improvements	14,777,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,971,000
Gross amount of land	1,497,000
Gross amount of buildings and improvements	16,748,000
Total	18,245,000
Accumulated depreciation	(1,198,000)
Fairfield Inn & Suites Baton Rouge South
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(3,965,000)
Initial cost of land	971,000
Initial cost of buildings and improvements	3,391,000
Subsequent costs capitalized for Land	(151,000)
Subsequent costs capitalized for buildings and improvements	(650,000)
Gross amount of land	820,000
Gross amount of buildings and improvements	2,741,000
Total	3,561,000
Accumulated depreciation	0
Hampton Inn Medford
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,450,000)
Initial cost of land	1,245,000
Initial cost of buildings and improvements	10,353,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	107,000
Gross amount of land	1,245,000
Gross amount of buildings and improvements	10,459,000
Total	11,704,000
Accumulated depreciation	(658,000)
Hampton Inn Fort Wayne Southwest
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,780,000)
Initial cost of land	1,242,000
Initial cost of buildings and improvements	10,511,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	202,000
Gross amount of land	1,242,000
Gross amount of buildings and improvements	10,713,000
Total	11,955,000
Accumulated depreciation	(767,000)
Hampton Inn & Suites El Paso Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,440,000)
Initial cost of land	1,641,000
Initial cost of buildings and improvements	18,733,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	12,000
Gross amount of land	1,641,000
Gross amount of buildings and improvements	18,745,000
Total	20,386,000
Accumulated depreciation	(1,285,000)
Residence Inn Fort Wayne Southwest
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,920,000)
Initial cost of land	1,267,000
Initial cost of buildings and improvements	12,136,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	25,000
Gross amount of land	1,267,000
Gross amount of buildings and improvements	12,161,000
Total	13,428,000
Accumulated depreciation	(772,000)
SpringHill Suites Baton Rouge South
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,830,000)
Initial cost of land	1,131,000
Initial cost of buildings and improvements	5,744,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	136,000
Gross amount of land	1,131,000
Gross amount of buildings and improvements	5,880,000
Total	7,011,000
Accumulated depreciation	(395,000)
SpringHill Suites Flagstaff
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(15,375,000)
Initial cost of land	1,641,000
Initial cost of buildings and improvements	14,283,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	456,000
Gross amount of land	1,641,000
Gross amount of buildings and improvements	14,739,000
Total	16,380,000
Accumulated depreciation	(1,020,000)
TownePlace Suites Baton Rouge South
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,440,000)
Initial cost of land	1,055,000
Initial cost of buildings and improvements	6,173,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	17,000
Gross amount of land	1,055,000
Gross amount of buildings and improvements	6,190,000
Total	7,245,000
Accumulated depreciation	(464,000)
Courtyard Columbus Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(18,830,000)
Initial cost of land	2,367,000
Initial cost of buildings and improvements	25,191,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	61,000
Gross amount of land	2,367,000
Gross amount of buildings and improvements	25,252,000
Total	27,619,000
Accumulated depreciation	(1,399,000)
Hilton Garden Inn Monterey
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(30,600,000)
Initial cost of land	6,110,000
Initial cost of buildings and improvements	27,713,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	6,110,000
Gross amount of buildings and improvements	27,713,000
Total	33,823,000
Accumulated depreciation	(2,101,000)
Hyatt House Atlanta Cobb Galleria
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(16,520,000)
Initial cost of land	4,386,000
Initial cost of buildings and improvements	22,777,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	11,000
Gross amount of land	4,386,000
Gross amount of buildings and improvements	22,788,000
Total	27,174,000
Accumulated depreciation	(1,295,000)
Hyatt Place Chicago Schaumburg
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,510,000)
Initial cost of land	1,519,000
Initial cost of buildings and improvements	9,582,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,519,000
Gross amount of land	1,519,000
Gross amount of buildings and improvements	11,101,000
Total	12,620,000
Accumulated depreciation	(768,000)
Fairfield Inn & Suites Spokane
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,420,000)
Initial cost of land	1,733,000
Initial cost of buildings and improvements	10,750,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	3,000
Gross amount of land	1,733,000
Gross amount of buildings and improvements	10,752,000
Total	12,485,000
Accumulated depreciation	(576,000)
Fairfield Inn & Suites Denver
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(15,260,000)
Initial cost of land	1,429,000
Initial cost of buildings and improvements	15,675,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	98,000
Gross amount of land	1,430,000
Gross amount of buildings and improvements	15,773,000
Total	17,203,000
Accumulated depreciation	(848,000)
Springhill Suites Denver
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,075,000)
Initial cost of land	941,000
Initial cost of buildings and improvements	10,870,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,065,000
Gross amount of land	941,000
Gross amount of buildings and improvements	12,934,000
Total	13,875,000
Accumulated depreciation	(648,000)
Hampton Inn Ft. Collins
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(5,600,000)
Initial cost of land	641,000
Initial cost of buildings and improvements	5,578,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	57,000
Gross amount of land	641,000
Gross amount of buildings and improvements	5,634,000
Total	6,275,000
Accumulated depreciation	(368,000)
Fairfield Inn & Suites Bellevue
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(20,798,000)
Initial cost of land	18,769,000
Initial cost of buildings and improvements	14,182,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	59,000
Gross amount of land	18,769,000
Gross amount of buildings and improvements	14,240,000
Total	33,009,000
Accumulated depreciation	(916,000)
Hilton Garden Inn Ft. Collins
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,090,000)
Initial cost of land	1,331,000
Initial cost of buildings and improvements	17,606,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	206,000
Gross amount of land	1,331,000
Gross amount of buildings and improvements	17,812,000
Total	19,143,000
Accumulated depreciation	(1,006,000)
Courtyard Jackson Ridgeland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(3,520,000)
Initial cost of land	1,994,000
Initial cost of buildings and improvements	6,603,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,994,000
Gross amount of buildings and improvements	6,603,000
Total	8,597,000
Accumulated depreciation	(195,000)
Residence Inn Jackson Ridgeland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,260,000)
Initial cost of land	949,000
Initial cost of buildings and improvements	11,764,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,000
Gross amount of land	949,000
Gross amount of buildings and improvements	11,767,000
Total	12,716,000
Accumulated depreciation	(222,000)
Homewood Suites Jackson Ridgeland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,150,000)
Initial cost of land	1,571,000
Initial cost of buildings and improvements	7,181,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,571,000
Gross amount of buildings and improvements	7,181,000
Total	8,752,000
Accumulated depreciation	(144,000)
Staybridge Suites Jackson
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(3,640,000)
Initial cost of land	996,000
Initial cost of buildings and improvements	5,915,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	996,000
Gross amount of buildings and improvements	5,915,000
Total	6,911,000
Accumulated depreciation	(130,000)
Fairfield Inn & Suites Germantown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(3,640,000)
Initial cost of land	1,046,000
Initial cost of buildings and improvements	3,316,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,046,000
Gross amount of buildings and improvements	3,316,000
Total	4,362,000
Accumulated depreciation	(72,000)
Residence Inn Germantown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(5,810,000)
Initial cost of land	1,326,000
Initial cost of buildings and improvements	6,784,000
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,326,000
Gross amount of buildings and improvements	6,784,000
Total	8,110,000
Accumulated depreciation	(133,000)
Courtyard Germantown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,680,000)
Initial cost of land	1,851,000
Initial cost of buildings and improvements	8,844,000
Subsequent costs capitalized for Land	(41,000)
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,809,000
Gross amount of buildings and improvements	8,844,000
Total	10,653,000
Accumulated depreciation	$ (172,000)

Schedule III - Real Estate an86

Schedule III - Real Estate and Accumulated Depreciation - Summary of Activity for Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)hotel	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Land, buildings and improvements, at cost:
Balance at January 1	$ 2,178,413	$ 2,047,831	$ 93,237
Additions:	60,141	99,726	1,917,101
Capital improvements	58,793	43,030	37,493
Held for Sale	(5,826)	0	0
Dispositions	(11,360)	(9,744)	0
Impairment of depreciable assets	(17,114)	(2,430)	0
Balance at December 31	2,263,047	2,178,413	2,047,831
Accumulated depreciation and amortization:
Balance at January 1	(92,848)	(39,252)	(1,569)
Depreciation expense	(57,890)	(54,377)	(37,683)
Held for Sale	550
Dispositions and other	2,860	781
Balance at December 31	$ (147,328)	$ (92,848)	$ (39,252)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties held for sale (hotel) | hotel	4
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties held for sale (hotel) | hotel	1