0001298946-20-000099 | 10-Q | XBRL Viewer | Diamondrock Hospitality Co

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Nov. 06, 2020
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-32514
Entity Registrant Name	DIAMONDROCK HOSPITALITY CO
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1180098
Entity Address, Address Line One	2 Bethesda Metro Center, Suite 1400,
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	240
Local Phone Number	744-1150
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		199,518,880
Entity Central Index Key	0001298946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	DRH
Security Exchange Name	NYSE
8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Entity Listings [Line Items]
Title of 12(b) Security	8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	DRH Pr A
Security Exchange Name	NYSE

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Property and equipment, net	$ 3,013,989	$ 3,026,769
Right-of-use assets	96,956	98,145
Restricted cash	31,478	57,268
Due from hotel managers	67,951	91,207
Prepaid and other assets	33,194	29,853
Cash and cash equivalents	110,555	122,524
Total assets	3,354,123	3,425,766
Liabilities:
Mortgage and other debt, net of unamortized debt issuance costs	601,715	616,329
Unsecured term loans, net of unamortized debt issuance costs	398,443	398,770
Senior unsecured credit facility	99,985	75,000
Total debt	1,100,143	1,090,099
Deferred income related to key money, net	11,045	11,342
Unfavorable contract liabilities, net	64,564	67,422
Deferred rent	55,270	52,012
Lease liabilities	104,275	103,625
Due to hotel managers	94,473	72,445
Distributions declared and unpaid	138	25,815
Accounts payable and accrued expenses	82,026	81,944
Total liabilities	1,511,934	1,504,704
Equity:
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 and no shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	48	0
Common stock, $0.01 par value; 400,000,000 shares authorized; 199,518,880 and 200,207,795 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	1,995	2,002
Additional paid-in capital	2,198,376	2,089,349
Accumulated deficit	(366,635)	(178,861)
Total stockholders’ equity	1,833,784	1,912,490
Noncontrolling interests	8,405	8,572
Total equity	1,842,189	1,921,062
Total liabilities and equity	$ 3,354,123	$ 3,425,766

Consolidated Balance Sheets (Parenthetical) - $ / shares	2 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000	10,000,000
Preferred stock, dividend rate	8.25%	8.25%	8.25%	8.25%
Preferred stock, shares issued (in shares)	4,760,000	4,760,000	4,760,000	0
Preferred stock, shares outstanding (in shares)	4,760,000	4,760,000	4,760,000	0
Liquidation preference per share (in dollars per share)	$ 25.00	$ 25.00	$ 25.00
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000	400,000,000	400,000,000
Common stock, shares issued (in shares)	199,518,880	199,518,880	199,518,880	200,207,795
Common stock, shares outstanding (in shares)	199,518,880	199,518,880	199,518,880	200,207,795

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 50,067	$ 240,279	$ 240,441	$ 700,572
Operating Expenses:
Depreciation and amortization	28,514	29,474	87,397	87,805
Corporate expenses	7,267	6,318	19,650	20,785
Business interruption insurance income	0	0	0	(8,822)
Total operating expenses, net	111,870	211,033	390,285	608,878
Interest and other (income) expense, net	(191)	(102)	58	(510)
Interest expense	10,818	14,184	43,665	38,264
Loss on early extinguishment of debt	0	2,373	0	2,373
Total other expenses, net	10,627	16,455	43,723	40,127
(Loss) income before income taxes	(72,430)	12,791	(193,567)	51,567
Income tax (expense) benefit	(7,205)	(1,217)	5,853	(1,939)
Net (loss) income	(79,635)	11,574	(187,714)	49,628
Less: Net loss (income) attributable to noncontrolling interests	43	(45)	781	(194)
Net (loss) income attributable to the Company	(79,592)	11,529	(186,933)	49,434
Distributions to preferred stockholders	(845)	0	(845)	0
Net (loss) income available to common stockholders	$ (80,437)	$ 11,529	$ (187,778)	$ 49,434
(Loss) earnings per share:
Net (loss) income per share available to common stockholders - basic (in dollars per share)	$ (0.40)	$ 0.06	$ (0.93)	$ 0.24
Net (loss) income per share available to common stockholders - diluted (in dollars per share)	$ (0.40)	$ 0.06	$ (0.93)	$ 0.24
Rooms
Revenues:
Total revenues	$ 33,166	$ 174,113	$ 158,066	$ 492,395
Operating Expenses:
Operating expenses	11,792	42,840	54,588	124,581
Food and beverage
Revenues:
Total revenues	9,586	50,624	56,529	161,803
Operating Expenses:
Operating expenses	10,043	34,262	45,845	103,868
Other
Revenues:
Total revenues	7,315	15,542	25,846	46,374
Operating Expenses:
Operating expenses	53,196	85,157	171,759	241,955
Management fees
Operating Expenses:
Operating expenses	(755)	6,088	2,644	18,745
Franchise fees
Operating Expenses:
Operating expenses	$ 1,813	$ 6,894	$ 8,402	$ 19,961

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interests	Cumulative effect of ASC 842 adoption	Cumulative effect of ASC 842 adoption Accumulated Deficit	Cumulative effect of ASC 842 adoption Total Stockholders' Equity
Beginning balance (in shares) at Dec. 31, 2018			204,536,485
Beginning Balance at Dec. 31, 2018	$ 1,890,593		$ 2,045	$ 2,126,472	$ (245,620)	$ 1,882,897	$ 7,696	$ (15,286)	$ (15,286)	$ (15,286)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)			55,916
Share-based compensation	1,157		$ 1	1,073		1,074	83
Common stock repurchased and retired (in shares)			(3,143,922)
Common stock repurchased and retired	(29,998)		$ (31)	(29,967)		(29,998)
Net income (loss)	8,980				8,945	8,945	35
Distributions on common stock/units	(25,504)			113	(25,483)	(25,370)	(134)
Ending balance (in shares) at Mar. 31, 2019			201,448,479
Ending Balance at Mar. 31, 2019	1,829,942		$ 2,015	2,097,691	(277,444)	1,822,262	7,680
Beginning balance (in shares) at Dec. 31, 2018			204,536,485
Beginning Balance at Dec. 31, 2018	1,890,593		$ 2,045	2,126,472	(245,620)	1,882,897	7,696	$ (15,286)	$ (15,286)	$ (15,286)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	49,628
Ending balance (in shares) at Sep. 30, 2019			200,196,850
Ending Balance at Sep. 30, 2019	1,810,354		$ 2,002	2,087,937	(287,582)	1,802,357	7,997
Beginning balance (in shares) at Mar. 31, 2019			201,448,479
Beginning Balance at Mar. 31, 2019	1,829,942		$ 2,015	2,097,691	(277,444)	1,822,262	7,680
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)			33,396
Share-based compensation	2,205		$ 1	1,955		1,956	249
Common stock repurchased and retired (in shares)			(1,004,589)
Common stock repurchased and retired	(10,032)		$ (11)	(10,021)		(10,032)
Net income (loss)	29,074				28,960	28,960	114
Distributions on common stock/units	(25,379)			120	(25,365)	(25,245)	(134)
Ending balance (in shares) at Jun. 30, 2019			200,477,286
Ending Balance at Jun. 30, 2019	1,825,810		$ 2,005	2,089,745	(273,849)	1,817,901	7,909
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,098			866	59	925	173
Common stock repurchased and retired (in shares)			(280,436)
Common stock repurchased and retired	(2,799)		$ (3)	(2,796)		(2,799)
Net income (loss)	11,574				11,529	11,529	45
Distributions on common stock/units	(25,329)			122	(25,321)	(25,199)	(130)
Ending balance (in shares) at Sep. 30, 2019			200,196,850
Ending Balance at Sep. 30, 2019	1,810,354		$ 2,002	2,087,937	(287,582)	1,802,357	7,997
Beginning balance (in shares) at Dec. 31, 2019		0	200,207,795
Beginning Balance at Dec. 31, 2019	1,921,062	$ 0	$ 2,002	2,089,349	(178,861)	1,912,490	8,572
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)			154,981
Share-based compensation	428		$ 1	189		190	238
Redemption of Operating Partnership units	$ (201)			(15)		(15)	(186)
Common stock repurchased and retired (in shares)	(1,119,438)		(1,119,438)
Common stock repurchased and retired	$ (10,000)		$ (11)	(9,989)		(10,000)
Net income (loss)	(34,692)				(34,559)	(34,559)	(133)
Ending balance (in shares) at Mar. 31, 2020		0	199,243,338
Ending Balance at Mar. 31, 2020	1,876,597	$ 0	$ 1,992	2,079,534	(213,420)	1,868,106	8,491
Beginning balance (in shares) at Dec. 31, 2019		0	200,207,795
Beginning Balance at Dec. 31, 2019	1,921,062	$ 0	$ 2,002	2,089,349	(178,861)	1,912,490	8,572
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(187,714)
Ending balance (in shares) at Sep. 30, 2020		47,600	199,518,880
Ending Balance at Sep. 30, 2020	1,842,189	$ 48	$ 1,995	2,198,376	(366,635)	1,833,784	8,405
Beginning balance (in shares) at Mar. 31, 2020		0	199,243,338
Beginning Balance at Mar. 31, 2020	1,876,597	$ 0	$ 1,992	2,079,534	(213,420)	1,868,106	8,491
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)			137,616
Share-based compensation	2,341		$ 2	2,054	4	2,060	281
Net income (loss)	(73,387)				(72,782)	(72,782)	(605)
Sale of stock, net of placement fees and expenses (in shares)			135,481
Sale of stock, net of placement fees and expenses	1,014		$ 1	1,013		1,014
Ending balance (in shares) at Jun. 30, 2020		0	199,516,435
Ending Balance at Jun. 30, 2020	1,806,565	$ 0	$ 1,995	2,082,601	(286,198)	1,798,398	8,167
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)			2,445
Share-based compensation	1,633			1,352		1,352	281
Net income (loss)	(79,635)				(79,592)	(79,592)	(43)
Sale of stock, net of placement fees and expenses (in shares)		47,600
Sale of stock, net of placement fees and expenses	114,471	$ 48		114,423		114,471
Distributions on preferred stock	(845)				(845)	(845)
Ending balance (in shares) at Sep. 30, 2020		47,600	199,518,880
Ending Balance at Sep. 30, 2020	$ 1,842,189	$ 48	$ 1,995	$ 2,198,376	$ (366,635)	$ 1,833,784	$ 8,405

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.125	$ 0.125	$ 0.125
Accounting standards update				us-gaap:AccountingStandardsUpdate201602Member

- Definition

Indicates amendment to accounting standards.

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (187,714)	$ 49,628
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	87,397	87,805
Corporate asset depreciation as corporate expenses	174	170
Loss on early extinguishment of debt	0	2,373
Non-cash lease expense and other amortization	3,744	5,247
Non-cash interest rate swap fair value adjustment	11,329	4,790
Amortization of debt issuance costs	1,480	1,432
Amortization of deferred income related to key money	(297)	(297)
Share-based compensation	5,536	4,882
Changes in assets and liabilities:
Prepaid expenses and other assets	(13,927)	(5,623)
Due to/from hotel managers	45,084	(18,119)
Accounts payable and accrued expenses	(7,509)	3,420
Net cash (used in) provided by operating activities	(54,703)	135,708
Cash flows from investing activities:
Acquisition of interest in the land underlying the Kimpton Shorebreak Resort	(1,585)	0
Proceeds from property insurance	10,663	0
Net cash used in investing activities	(69,150)	(140,803)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(10,594)	(10,374)
Proceeds from sale of common stock, net	1,015	0
Proceeds from sale of preferred stock, net	114,471	0
Proceeds from mortgage debt	48,000	0
Repayments of mortgage debt	(52,517)	0
Proceeds from senior unsecured term loan	0	350,000
Repayments of senior unsecured term loans	0	(300,000)
Draws on senior unsecured credit facility	400,000	125,000
Repayments of senior unsecured credit facility	(375,015)	(50,000)
Payment of debt financing costs	(1,410)	(4,796)
Distributions on common stock and units	(25,557)	(76,751)
Distributions on preferred stock	(845)	0
Repurchase of common stock	(10,000)	(42,828)
Redemption of Operating Partnership units	(201)	0
Shares redeemed to satisfy tax withholdings on vested share-based compensation	(1,253)	(452)
Net cash provided by (used in) financing activities	86,094	(10,201)
Net decrease in cash, cash equivalents, and restricted cash	(37,759)	(15,296)
Cash, cash equivalents, and restricted cash at beginning of period	179,792	91,598
Cash, cash equivalents, and restricted cash at end of period	142,033	76,302
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	33,017	32,604
Cash paid for income taxes, net	32	1,310
Capitalized interest	2,136	1,119
Non-cash cumulative effect of ASC 842 accounting standard adoption	0	15,286
Non-cash Investing and Financing Activities:
Total cash, cash equivalents and restricted cash	142,033	76,302
Frenchman's Reef
Cash flows from investing activities:
Capital expenditures	(38,312)	(65,208)
Operating hotels
Cash flows from investing activities:
Capital expenditures	$ (39,916)	$ (75,595)

Organization	9 Months Ended
Organization	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of premium hotels and resorts. Our hotels are concentrated in key gateway cities and in destination resort locations, and the majority of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”) or Hilton Worldwide (“Hilton”)). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels. As of September 30, 2020, we owned 31 hotels with 10,102 guest rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); New York, New York (4); Phoenix, Arizona; Salt Lake City, Utah; San Diego, California; San Francisco, California (2); Sedona, Arizona (2); Sonoma, California; South Lake Tahoe, California; Washington, D.C. (2); St. Thomas, U.S. Virgin Islands; and Vail, Colorado. Our hotel located in St. Thomas, U.S. Virgin Islands, Frenchman's Reef & Morning Star Marriott Beach Resort (“Frenchman's Reef”) is closed as a result of damage caused by Hurricane Irma in September 2017. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owns 99.6% of the limited partnership units (“common OP units”) of our operating partnership. The remaining 0.4% of the common OP units are held by third parties and executive officers of the Company. See Note 5 for additional disclosures related to common OP units. COVID-19 Pandemic and Management's Response In March 2020, the World Health Organization declared the novel coronavirus, or COVID-19, a global pandemic. Since then, the virus has spread throughout the United States and globally. As a result of the pandemic, government mandates and health official recommendations, the demand for lodging has materially decreased. Throughout March and April 2020, we suspended operations at 20 of our 30 previously operating hotels. As of September 30, 2020, we had reopened 17 of those hotels, leaving three of our previously operating hotels unopened. The hotels that remained open and the hotels that have reopened are operating at historically low occupancy levels. As a result, the COVID-19 pandemic has had a material adverse impact on our operations and financial results for the three and nine months ended September 30, 2020. The severity and duration of the COVID-19 pandemic cannot be reasonably estimated at this time, but we expect it will continue to have a material adverse impact on our results of operations, financial position and cash flow into 2021. We have taken aggressive steps in order to mitigate the ongoing operational and financial impacts on our business. We drew down funds on our $400 million senior unsecured credit facility, suspended our quarterly common dividend, canceled or deferred a significant portion of our capital expenditures planned for 2020, paused the reconstruction of Frenchman's Reef and reduced corporate expenses through decreases in executive compensation, employee headcount and other expenses. Additionally, in coordination with our hotel operators, we have developed and implemented action plans to significantly reduce operating costs at each of our hotels. On June 9, 2020, we executed amendments to the credit agreements for our $400 million senior unsecured credit facility and $400 million of unsecured term loans. The amendments provide a waiver of the quarterly tested financial covenants beginning with the second quarter of 2020 through the first quarter of 2021 and certain other modifications to the covenants thereafter through the fourth quarter of 2021. See Note 8 for more information about these amendments. There can be no assurance that we will meet our financial covenants in the future or that we will be able to obtain additional waivers from our lenders, if needed. Further, during the third quarter of 2020, we issued 4,760,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock, for net proceeds of $114.5 million. See Note 5 for more information about the preferred stock issuance. As of September 30, 2020, the Company had unrestricted cash of $110.6 million and $300.0 million of borrowing capacity on our senior unsecured credit facility.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership. In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2020, the results of our operations for the three and nine months ended September 30, 2020 and 2019, the statements of equity for the three and nine months ended September 30, 2020 and 2019, and the cash flows for the nine months ended September 30, 2020 and 2019. Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019, included in our Annual Report on Form 10-K filed on February 28, 2020. Use of Estimates The preparation of the financial statements in conformity with U.S. 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. Currently, one of the most significant risks and uncertainties is the potential length and severity of the ongoing COVID-19 pandemic. The COVID-19 pandemic has reduced travel and adversely affected the hospitality industry in general. We believe that the actual and threatened spread of COVID-19 globally or in the regions in which we operate, or the future widespread outbreak of infectious or contagious disease, has impeded and will continue to impede national and international travel in general compared to pre-pandemic levels. The extent to which our business will continue to be affected by COVID-19 will largely depend on future developments, which we cannot predict with a high degree of confidence, and its impact on customer travel, including the duration of the outbreak, the continued spread and treatment of COVID-19, new information and developments that may emerge concerning the severity of COVID-19 and the actions of governments and individuals to contain COVID-19 or mitigate its impact, as well as the effect of any relaxation of current restrictions, among others. To the extent that travel activity in the U.S. continues to be materially and adversely affected by COVID-19, the overall business and financial results of the hospitality industry, as well as the business and financial results of the Company, would similarly continue to be materially and adversely impacted. See Note 1 for additional disclosures related to COVID-19 and its impact on the Company. Going Concern Under the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. In making our evaluation, we considered our financial position and liquidity sources, including forecasted future cash flows and our ability to meet contractual obligations that are due or may become due over the next 12 months. As of November 6, 2020, we determined that there is not substantial doubt about our ability to continue as a going concern over the next 12 months. Property and Equipment Investment purchases of hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets that are not businesses are accounted for as asset acquisitions and recorded at relative fair value based upon total accumulated cost of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties, current or projected losses from operations, and an expectation that the property is more likely than not to be sold significantly before the end of its useful life. Management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. As a result of the COVID-19 pandemic, we reviewed each of our hotel properties for impairment as of September 30, 2020 and concluded the carrying value of each of the hotel properties is recoverable. Due to the continuing effects of the pandemic, however, estimated future cash flows could further decline and result in the recognition in future periods of an impairment charge on one or more of our hotel properties, including Frenchman's Reef, which is not yet fully reconstructed. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Revenue Recognition Revenues from operations of the hotels are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as for restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Earnings (Loss) Per Share Basic earnings (loss) per share ("EPS") is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants. No adjustment is made for shares that are anti-dilutive during a period. Share-based Compensation We account for share-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which 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 all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the negative financial impact of the COVID-19 pandemic, we reassessed the realizability of deferred tax assets in each quarter of 2020. As a result of our analysis in the third quarter of 2020, we recorded a valuation allowance of $12.4 million in the three months ended September 30, 2020 on our deferred tax assets given our financial results and uncertainty about our ability to utilize our net operating loss carryforwards in future years. We have elected to be treated as a real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local, and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly owned subsidiary of Bloodstone TRS, Inc., our taxable REIT subsidiary (“TRS”), except for Frenchman’s Reef, which is owned by a Virgin Islands corporation that we have elected to be treated as a TRS, and Cavallo Point, The Lodge at the Golden Gate (“Cavallo Point”), which is leased to a wholly owned subsidiary of the Company, which we have elected to be treated as a TRS. We had no accruals for tax uncertainties as of September 30, 2020 and December 31, 2019. Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the observability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs Intangible Assets and Liabilities Intangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable contract assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations. Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. We have not elected hedge accounting treatment for the changes in the fair value of derivatives. Changes in the fair value of derivatives are recorded each period and are included in interest expense in the consolidated statements of operations. Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures generally held by our hotel managers and cash held in escrow pursuant to lender requirements. Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of debt issuance costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations. Debt issuance costs related to our Revolving Credit Facility (defined in Note 8) are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the Revolving Credit Facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations. Due to/from Hotel Managers The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees. Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. We aggregate our operating segments using the criteria established by U.S. GAAP, including the similarities of our product offering, types of customers and method of providing service. All of our properties react similarly to economic stimulus, such as business investment, changes in Gross Domestic Product, and changes in travel patterns. As such, all our operating segments meet the aggregation criteria, resulting in a single reportable segment represented by our consolidated financial results. Accounting for Impact of Natural Disasters Assets destroyed or damaged as a result of natural disasters or other involuntary events are written off or reduced in carrying value to their salvage value. When recovery of all or a portion of the amount of property damage loss or other covered expenses through insurance proceeds is demonstrated to be probable, a receivable is recorded and offsets the loss or expense up to the amount of the total loss or expense. No gain is recorded until all contingencies related to the insurance claim have been resolved. Income resulting from business interruption insurance is not recognized until all contingencies related to the insurance recoveries are resolved. Frenchman's Reef has been closed since September 2017, when the hotel was significantly damaged by Hurricane Irma. For the nine months ended September 30, 2019, we recognized $8.8 million of business interruption insurance income related to Frenchman's Reef. We settled our insurance claim for Hurricane Irma in December 2019, and for the nine months ended September 30, 2020, we did not recognize any business interruption insurance income.

Property and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and EquipmentProperty and equipment as of September 30, 2020 and December 31, 2019 consists of the following (in thousands):


	September 30, 2020		December 31, 2019
Land	$	618,210	$	617,695
Land improvements	7,994		7,994
Buildings and site improvements	2,778,571		2,751,590
Furniture, fixtures and equipment	541,810		534,802
Construction in progress	166,751		126,464
	4,113,336		4,038,545
Less: accumulated depreciation	(1,099,347)		(1,011,776)
	$	3,013,989	$	3,026,769

On March 2, 2020, we acquired the remaining 4.5% interest in the land underlying the Kimpton Shorebreak Resort located in Huntington Beach, California, for a purchase price of $1.6 million. We now own 100% of the interest in the land underlying the hotel.

As of September 30, 2020 and December 31, 2019, we had accrued capital expenditures of $8.9 million and $13.1 million, respectively.

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

We are subject to operating leases, the most significant of which are ground leases. We are the lessee to ground leases under eight of our hotels and one parking garage as of September 30, 2020. The lease liabilities for our operating leases assume the exercise of all available extension options, as we believe they are reasonably certain to be exercised. As of September 30, 2020, our operating leases have a weighted-average remaining lease term of 66 years and a weighted-average discount rate of 5.77%.

The components of operating lease expense, which is included in other hotel expenses in our consolidated statements of operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating lease cost	$	2,760	$	2,834	$	8,331	$	8,417
Variable lease payments	$	17	$	311	$	256	$	1,137
Cash paid for amounts included in the measurement of operating lease liabilities	$	802	$	835	$	2,412	$	2,421

Maturities of lease liabilities are as follows (in thousands):


Year Ending December 31,	As of September 30, 2020
2020 (excluding the nine months ended September 30, 2020)	$	802
2021	3,496
2022	3,940
2023	3,997
2024	3,976
Thereafter	759,124
Total lease payments	775,335
Less imputed interest	(671,060)
Total lease liabilities	$	104,275

Equity

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Equity

EquityCommon Shares

We are authorized to issue up to 400 million shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors.

We have an “at-the-market” equity offering program (the “ATM Program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200 million. In June 2020, we sold 135,481 shares of common stock at an average price of $7.56 per share for proceeds of $1.0 million, net of approximately $10 thousand in fees paid to the applicable sales agent. We did not sell any shares during the three months ended September 30, 2020. As of November 6, 2020, shares of common stock having an aggregate offering price of up to $199.0 million remained available for sale under the ATM Program.

Our board of directors has approved a share repurchase program (the “Share Repurchase Program”) authorizing us to repurchase shares of our common stock having an aggregate price of up to $250 million. Repurchases under the Share Repurchase Program are made in open market or privately negotiated transactions as permitted by federal securities laws and other legal requirements. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing, manner, price and actual number of shares repurchased will depend on a variety of factors, including stock price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The Share Repurchase Program may be suspended or terminated at any time without prior notice. During the first quarter of 2020, we repurchased 1,119,438 shares of our common stock at an average price of $8.91 per share for a total purchase price of $10.0 million. These shares were all repurchased prior to March 4, 2020. We retired all repurchased shares on their respective settlement dates. We have suspended share repurchases and, pursuant to our Amended Credit Agreements (as defined in Note 8), may not repurchase shares while our financial covenant requirements are waived on our senior unsecured credit facility and unsecured term loans. The Share Repurchase Program expired on November 5, 2020. At the time of expiration, we had $165.2 million of unused repurchase capacity under the Share Repurchase Program.

Preferred Shares

We are authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption.

In August and September 2020, we issued a total of 4,760,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock") with a liquidation preference of $25.00 per share, for gross proceeds of $119.0 million. In connection with the offering, we incurred $4.5 million of offering costs. On or after August 31, 2025, the Series A Preferred Stock will be redeemable at the Company’s option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date.

Operating Partnership Units

In connection with our acquisition of Cavallo Point in December 2018, we issued 796,684 common OP units to third parties, otherwise unaffiliated with the Company, at $11.76 per unit. Each common OP unit is redeemable at the option of the holder. Holders of common OP units have certain redemption rights, which enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions.

Long-Term Incentive Partnership units (“LTIP units”), which are also referred to as profits interest units, may be issued to eligible participants under the 2016 Plan (as defined in Note 6 below) for the performance of services to or for the benefit of our operating partnership. LTIP units are a class of partnership unit in our operating partnership and will receive, whether vested or not, the same per-unit distributions as the outstanding common OP units, which equal per-share dividends on shares of our common stock. Initially, LTIP units have a capital account balance of zero, do not receive an allocation of operating income (loss), and do not have full parity with common OP units with respect to liquidating distributions. If such parity is reached, vested LTIP units are converted into an equal number of common OP units, and thereafter will possess all of the rights and interests of common OP units, including the right to exchange the common OP units for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. See Note 6 for additional disclosures related to LTIP units.

There were 855,191 and 792,131 common OP units held by unaffiliated third parties and executive officers of the Company as of September 30, 2020 and December 31, 2019, respectively. There were 243,809 and 244,366 LTIP units outstanding as of September 30, 2020 and December 31, 2019, respectively. All vested LTIP units have reached economic parity with common OP units and have been converted into common OP units.

Dividends and Distributions

We have paid the following dividends to holders of our common stock and distributions to holders of common OP units and LTIP units during 2020:

Payment Date

Record Date

Dividend
per Share

January 13, 2020

January 2, 2020

0.125

Our board of directors has suspended the quarterly common dividend commencing with the first quarter dividend that would have been paid in April 2020. The resumption in quarterly common dividends will be determined by our board of directors after considering our projected taxable income, obligations under our financing agreements, expected capital requirements, and risks affecting our business.

We have paid the following dividends to holders of our Series A Preferred Stock during 2020:

Payment Date

Record Date

Dividend
per Share

September 30, 2020

September 20, 2020

0.178

Stock Incentive Plans

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock Incentive Plans

We are authorized to issue up to 6,082,664 shares of our common stock under our 2016 Equity Incentive Plan (the “2016 Plan”), of which we have issued or committed to issue 3,053,153 shares as of September 30, 2020.

Restricted Stock Awards

Restricted stock awards issued to our officers and employees generally vest over a three-year period from the date of the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying consolidated statements of operations. A summary of our restricted stock awards from January 1, 2020 to September 30, 2020 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2020	472,999	$	10.40
Granted	343,410	9.41
Vested	(229,664)	10.55
Forfeited	(13,683)	9.99
Unvested balance at September 30, 2020	573,062	$	9.76

The remaining share awards are expected to vest as follows: 8,202 shares during 2020, 247,019 shares during 2021, 141,836 during 2022 and 176,005 during 2023. As of September 30, 2020, the unrecognized compensation cost related to restricted stock awards was $4.0 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 25 months. We recorded $0.7 million and $0.6 million of compensation expense related to restricted stock awards for the three months ended September 30, 2020 and 2019, respectively. We recorded $2.0 million and $1.9 million of compensation expense related to restricted stock awards for the nine months ended September 30, 2020 and 2019, respectively.

Performance Stock Units

Performance stock units (“PSUs”) are restricted stock units that vest three years from the date of grant. Each executive officer is granted a target number of PSUs (the “PSU Target Award”). The actual number of shares of common stock issued to each executive officer is based on the Company's achievement of certain performance targets. Fifty percent of the PSUs are based on relative total stockholder return and 50% on hotel market share improvement. The achievement of certain levels of total stockholder return relative to the total stockholder return of a peer group of publicly-traded lodging REITs is measured over a three-year performance period. There is no payout of shares of our common stock if our total stockholder return falls below the 30th percentile of the total stockholder returns of the peer group. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if our total stockholder return is equal to or greater than the 75th percentile of the total stockholder returns of the peer group. The number of PSUs earned is limited to 100% of the PSU Target Award if the Company's total stockholder return is negative for the three-year performance period. The improvement in market share for each of our hotels is measured over a three-year performance period based on a report prepared for each hotel by STR Global, a well-recognized and universally accepted benchmarking service for the hospitality industry.

We measure compensation expense for the PSUs based upon the fair market value of the award at the grant date. Compensation expense is recognized on a straight-line basis over the three-year performance period and is included in corporate expenses in the accompanying consolidated statements of operations. The grant date fair value of the portion of the PSUs based on our relative total stockholder return is determined using a Monte Carlo simulation performed by a third-party valuation firm. The grant date fair value of the portion of the PSUs based on hotel market share improvement is the closing price of our common stock on the grant date.

On February 25, 2020, our board of directors granted 352,035 PSUs to our executive officers. The grant date fair value of the portion of the PSUs based on our relative total stockholder return was $8.52 using the assumptions of volatility of 21.4% and a risk-free rate of 1.16%. The grant date fair value of the portion of the PSUs based on hotel market share was $9.58, which was the closing stock price of our common stock on such date.

A summary of our PSUs from January 1, 2020 to September 30, 2020 is as follows:


	Number of Target Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2020	796,532	$	11.16
Granted	352,035	9.02
Additional units from dividends	9,556	10.42
Vested (1)	(245,937)	11.00

Unvested balance at September 30, 2020	912,186	$	9.63

______________________

(1)The number of shares of common stock earned for the PSUs vested in 2020 was equal to 123.07% of the PSU Target Award.

The remaining unvested PSUs are expected to vest as follows: 290,927 units during 2021, 269,224 units during 2022 and 352,035 during 2023. The number of shares earned upon vesting is subject to the attainment of the performance goals described above. As of September 30, 2020, the unrecognized compensation cost related to the PSUs was $4.1 million and is expected to be recognized on a straight-line basis over a weighted average period of 23 months. We recorded $0.7 million and $0.5 million of compensation expense related to the PSUs for the three months ended September 30, 2020 and 2019, respectively. We recorded $2.0 million and $1.8 million of compensation expense related to the PSUs for the nine months ended September 30, 2020 and 2019, respectively.

LTIP Units

LTIP units are designed to offer executives a long-term incentive comparable to restricted stock, while allowing them to enjoy a more favorable income tax treatment. Each LTIP unit awarded is deemed equivalent to an award of one share of common stock reserved under the 2016 Plan. At the time of award, LTIP units do not have full economic parity with common OP units, but can achieve such parity over time upon the occurrence of specified events in accordance with partnership tax rules.

On February 25, 2020, our board of directors granted 80,898 LTIP units to certain of our executive officers. Other executive officers of the Company elected to receive restricted stock in lieu of LTIP units. The grant date fair value of the LTIP unit was the closing price of our common stock on the grant date.

A summary of our LTIP units from January 1, 2020 to September 30, 2020 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2020	244,366	$	10.65
Granted	80,898	9.58
Vested (1)	(81,455)	10.65

Unvested balance at September 30, 2020	243,809	$	10.29

______________________

(1)As of September 30, 2020, all vested LTIP units have been converted to common OP units.

The remaining unvested LTIP units are expected to vest as follows: 108,421 units during 2021, 108,422 units during 2022 and 26,966 units during 2023. As of September 30, 2020, of the 325,264 LTIP units granted, 81,455 LTIP units have vested.

As of September 30, 2020, the unrecognized compensation cost related to LTIP unit awards was $1.9 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 21 months. We recorded $0.3 million and $0.2 million of compensation expense related to LTIP unit awards for the three months ended September 30, 2020 and 2019, respectively. We recorded $0.8 million and $0.5 million of compensation expense related to LTIP unit awards for the nine months ended September 30, 2020 and 2019, respectively.

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Basic EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by dividing net income (loss) available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities.

Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted EPS calculations.

The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Net (loss) income attributable to common stockholders	(80,437)		$	11,529	$	(187,778)	$	49,434
Dividends declared on unvested share-based compensation	—		(31)		—		(101)
Net (loss) income available to common stockholders	$	(80,437)	$	11,498	$	(187,778)	$	49,333
Denominator:
Weighted-average number of common shares outstanding—basic	200,978,327		201,448,348		200,994,434		202,218,646
Effect of dilutive securities:
Unvested restricted common stock	—		102,309		—		59,793

Shares related to unvested PSUs	—		441,632		—		404,149
Weighted-average number of common shares outstanding—diluted	200,978,327		201,992,289		200,994,434		202,682,588
Earnings (loss) per share:
Net (loss) income per share available to common stockholders—basic	$	(0.40)	$	0.06	$	(0.93)	$	0.24
Net (loss) income per share available to common stockholders—diluted	$	(0.40)	$	0.06	$	(0.93)	$	0.24

For each of the three and nine month periods ended September 30, 2020 and 2019, there were no anti-dilutive securities that were excluded from diluted weighted-average common shares outstanding.

The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted earnings (loss) per share calculation as there would be no effect on the amounts since the common OP units' share of income or loss would also be added or subtracted to derive net income (loss) available to common stockholders.

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

DebtThe following table sets forth information regarding the Company’s debt as of September 30, 2020 and December 31, 2019 (dollars in thousands):


			Principal Balance as of
Loan	Interest Rate as of September 30, 2020	Maturity Date	September 30, 2020		December 31, 2019
Salt Lake City Marriott Downtown at City Creek mortgage loan (repaid on June 25, 2020)	4.25%	November 2020	$	—	$	53,273
Salt Lake City Marriott Downtown at City Creek mortgage loan	LIBOR + 3.25% (1)	January 2022 (2)	47,700		—
Westin Washington, D.C. City Center mortgage loan	3.99%	January 2023	58,860		60,550
The Lodge at Sonoma Renaissance Resort & Spa mortgage loan	3.96%	April 2023	26,502		26,963
Westin San Diego Downtown mortgage loan	3.94%	April 2023	60,668		61,851
Courtyard New York Manhattan/Midtown East mortgage loan	4.40%	August 2024	79,940		81,107
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	79,647		80,904
JW Marriott Denver at Cherry Creek mortgage loan	4.33%	July 2025	60,361		61,253
Westin Boston Waterfront mortgage loan	4.36%	November 2025	187,839		190,725
New Market Tax Credit loan (3)	5.17%	December 2020	2,943		2,943
Unamortized debt issuance costs			(2,745)		(3,240)
Total mortgage and other debt, net of unamortized debt issuance costs			601,715		616,329



Unsecured term loan	LIBOR + 2.35% (4)	October 2023	50,000		50,000
Unsecured term loan	LIBOR + 2.35% (5)	July 2024	350,000		350,000
Unamortized debt issuance costs			(1,557)		(1,230)
Unsecured term loans, net of unamortized debt issuance costs			398,443		398,770

Senior unsecured credit facility	LIBOR + 2.40% (6)	July 2023 (7)	99,985		75,000

Total debt, net of unamortized debt issuance costs			$	1,100,143	$	1,090,099
Weighted-Average Interest Rate	3.84%

_______________________

(1)LIBOR is subject to a floor of 1.0%.

(2)The loan may be extended for an additional year upon satisfaction of certain conditions.

(3)Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 2018.

(4)We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023.

(5)We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.

(6)Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.

(7) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

Mortgage and Other Debt

We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the secured assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of September 30, 2020, eight of our 31 hotels were secured by mortgage debt.

On June 25, 2020, we refinanced our only significant near-term debt maturity by closing on a $48.0 million mortgage loan secured by the Salt Lake City Marriott Downtown at City Creek. The loan proceeds were used to repay the existing $52.5 million mortgage loan secured by the Salt Lake City Marriott Downtown at City Creek that was scheduled to mature in November 2020, with the balance funded by corporate cash on hand. The new loan matures in January 2022 and has an option to extend the maturity to January 2023, subject to the satisfaction of certain conditions. The new loan bears interest at LIBOR plus 3.25%. The LIBOR rate is subject to a floor of 1.0%. The loan requires principal payments of $150 thousand per month, with the remaining principal due at maturity.

Due to the impact of COVID-19, we requested relief with respect to certain conditions of the loans on our hotels syndicated through commercial mortgage backed security (“CMBS”) pools. With the exception of the mortgage loan secured by the Westin Boston Waterfront, we have not received any of the requested relief. On July 16, 2020, we entered into an amendment to the mortgage loan secured by the Westin Boston Waterfront. The amendment allows the Company to use the hotel’s current reserve balance for replacement of furniture and fixtures (“FF&E Reserve”) for the debt service payments due for three months beginning August 2020. Any funds from the FF&E Reserve used for amounts due under the loan are required to be replenished by the Company ratably over a 12-month period ending in June 2022.

Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios or debt yields that trigger “cash trap” provisions, as well as restrictions on incurring additional debt without lender consent. Such cash trap provisions are triggered when the hotel’s operating results fall below a certain debt service coverage ratio or debt yield. When these provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of our lenders until a specified debt service coverage ratio or debt yield is reached and maintained for a certain period of time. Such provisions do not provide the lender the right to accelerate repayment of the underlying debt. As of September 30, 2020, the debt service coverage ratios or debt yields for all of our mortgage loans were below the minimum thresholds such that the cash trap provision of each respective loan was triggered, with the exception of the mortgage loan secured by the Salt Lake Marriott Downtown at City Creek. We do not expect that such cash traps affect our ability to satisfy our short-term liquidity requirements.

Senior Unsecured Credit Facility and Unsecured Term Loans

We are party to credit agreements (the “Credit Agreements”) that provide for a $400 million senior unsecured credit facility (the “Revolving Credit Facility”), which matures in July 2023, a $350 million unsecured term loan maturing in July 2024 (the “Facility Term Loan”) and a $50 million unsecured term loan maturing in October 2023 (the "2023 Term Loan"). The maturity date for the Revolving Credit Facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. The interest rate on the Revolving Credit Facility is based upon LIBOR, plus an applicable margin based upon the Company’s leverage ratio. In addition to the interest payable on amounts outstanding under the Revolving Credit Facility, we are required to pay an amount equal to 0.20% of the unused portion of the Revolving Credit Facility if the average usage is greater than 50% or 0.30% of the unused portion of the Revolving Credit Facility if the average usage is less than or equal to 50%. As of September 30, 2020, we had $100.0 million in borrowings outstanding under the Revolving Credit Facility.

We incurred interest and unused fees on the Revolving Credit Facility of $1.1 million for each of the three months ended September 30, 2020 and 2019. We incurred interest and unused fees on the Revolving Credit Facility of $3.6 million and $2.8 million for the nine months ended September 30, 2020 and 2019, respectively. We incurred interest on the unsecured term loans of $3.7 million and $3.5 million for the three months ended September 30, 2020 and 2019, respectively. We incurred interest on the unsecured term loans of $9.8 million and $10.4 million for the nine months ended September 30, 2020 and 2019, respectively.

On June 9, 2020, we entered into amendments to the Credit Agreements (the “Amended Credit Agreements”). The Amended Credit Agreements waive the quarterly tested financial covenants from June 9, 2020 through the first quarter of 2021, unless we elect to terminate the waiver on an earlier date (such period between June 9, 2020 and the earlier of such date of termination and the end of the first quarter of 2021, the “Covenant Relief Period”).

During the Covenant Relief Period and until the date we have demonstrated compliance with the financial covenants for the fiscal quarter following the end of the Covenant Relief Period (the “Restriction Period”), (i) the Amended Credit Agreements require that the net cash proceeds from certain incurrences of indebtedness, equity issuances and asset dispositions will, subject to various exceptions, be applied as a mandatory prepayment of the amounts outstanding under the Amended Credit Agreements, (ii) the Amended Credit Agreements impose an additional covenant that we and our subsidiaries maintain minimum liquidity, defined as unrestricted cash plus available capacity on the Revolving Credit Facility, of at least $100.0 million, and (iii) the Amended Credit Agreements impose additional negative covenants that will limit our ability to incur

additional indebtedness, pay dividends and distributions (except to the extent required to maintain REIT status), repurchase shares, make prepayments of other indebtedness, make capital expenditures, conduct asset dispositions or transfers and make investments, in each case subject to various exceptions. During the Restriction Period, acquisitions of encumbered hotels are permitted, subject to a $300 million limitation, and acquisitions of unencumbered hotels are permitted subject to a partial repayment of the outstanding balance on the Revolving Credit Facility or funded with junior capital.

Following the end of the Covenant Relief Period, the Amended Credit Agreements modify certain financial covenants until January 1, 2022 or unless we elect to terminate the period on an earlier date (the “Ratio Adjustment Period”), as follows:

•Maximum Leverage Ratio is increased from 60% to 65%;

•Unencumbered Leverage Ratio is increased from 60% to 65%; and

•Unencumbered Implied Debt Service Coverage Ratio may not be less than 1.00 to 1.00 for the first two testing periods in the Ratio Adjustment Period, not less than 1.10 to 1.00 for the third testing period in the Ratio Adjustment Period and not less than 1.20 to 1.00 for all testing periods thereafter.

During the Covenant Relief Period and until the earlier of (i) January 1, 2022 and (ii) the date on which we have demonstrated compliance with the financial covenants, without giving effect to the modifications imposed during the Ratio Adjustment Period for two consecutive quarters following the Covenant Relief Period, the equity interests of certain of our subsidiaries that own unencumbered properties are required to be pledged to secure the obligations owing under the Amended Credit Agreements.

During the Covenant Relief Period and the Ratio Adjustment Period, the Amended Credit Agreements also set the applicable interest rate to LIBOR plus a margin of 2.40% for the Revolving Credit Facility and LIBOR plus a margin of 2.35% for the Facility Term Loan and 2023 Term Loan. The Amended Credit Agreements also add a LIBOR floor of 0.25% to the variable interest rate calculation. On August 14, 2020, we entered into an additional amendment to the Amended Credit Agreements that permits us to pay preferred dividends up to $17.5 million annually.

Fair Value Measurements and Interest Rate Swaps

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements and Interest Rate Swaps

The fair value of certain financial assets and liabilities and other financial instruments as of September 30, 2020 and December 31, 2019, in thousands, is as follows:


	September 30, 2020				December 31, 2019
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,100,143	$	1,102,892	$	1,090,099	$	1,110,353
Interest rate swap liabilities	$	13,874	$	13,874	$	2,545	$	2,545

_______________

(1)The carrying amount of debt is net of unamortized debt issuance costs.

The fair value of our debt is a Level 2 measurement under the fair value hierarchy (see Note 2). We estimate the fair value of our debt by discounting the future cash flows of each instrument at estimated market rates. The fair value of our interest rate swaps is a Level 2 measurement under the fair value hierarchy. We estimate the fair value of the interest rate swap based on the interest rate yield curve and implied market volatility as inputs and adjusted for the counterparty's credit risk. We concluded the inputs for the credit risk valuation adjustment are Level 3 inputs, however these inputs are not significant to the fair value measurement in its entirety. The carrying value of our other financial instruments approximate fair value due to the short-term nature of these financial instruments.

Interest Rate Swaps

The Company's interest rate derivatives, which are not designated or accounted for as cash flow hedges, consisted of the following as of September 30, 2020 and December 31, 2019, in thousands:


									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Rate Fixed		Index	Effective Date	Maturity Date	Notional Amount		September 30, 2020		December 31, 2019
$50 million term loan	Swap	2.41	%	1-Month LIBOR	January 7, 2019	October 18, 2023	$	50,000	$	(3,540)	$	(1,597)
$350 million term loan	Swap	1.70	%	1-Month LIBOR	July 25, 2019	July 25, 2024	$	175,000	(10,334)		(948)
									$	(13,874)	$	(2,545)

The fair values of the interest rate swap agreements are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets as of September 30, 2020 and December 31, 2019.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Relationships with Managers and Franchisors

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Relationships with Managers and Franchisors

On August 27, 2020, we entered into several agreements with Marriott covering a number of our properties, as described in the following paragraphs.

We terminated the existing management agreements with Marriott and entered into new franchise agreements with Marriott for the following hotel properties:

Hotel

Franchise
Effective Date

Franchise
Expiration Date

Franchise Fees

Atlanta Marriott Alpharetta

September 9, 2020

September 9, 2040 (1)

6% of gross room sales and

3% of gross food and beverage sales (2)

Salt Lake City Marriott Downtown at City Creek

September 3, 2020

September 3, 2040 (1)

6% of gross room sales and

3% of gross food and beverage sales (2)

The Lodge at Sonoma Renaissance Resort & Spa

September 1, 2020

December 31, 2035

5% of gross room sales (2)

Renaissance Charleston Historic District Hotel

September 23, 2020

December 31, 2031

5% of gross room sales (3)

Courtyard New York Manhattan/Fifth Avenue

October 1, 2020

December 28, 2035

6% of gross room sales

_______________________

(1)The franchise agreement may be extended at Marriott's option for one 10-year term.

(2)The franchise agreement limits total franchise fees prior to December 31, 2020 to 3% of gross revenues.

(3)The franchise agreement limits total franchise fees prior to December 31, 2020 to 3.5% of gross revenues.

The term of each of the new franchise agreements is generally equivalent to the term remaining under each of the management agreements that were terminated, including Marriott’s extension options. The franchise agreement for The Lodge at Sonoma Renaissance Resort & Spa provides us an option through July 2022 to convert the hotel to an Autograph Collection Hotel for the remaining franchise term. In connection with the change in hotel manager of the Renaissance Charleston Historic District Hotel, we recognized $1.4 million of accelerated amortization of the unfavorable management agreement liability. The accelerated amortization is included as a reduction to management fees on the accompanying consolidated statements of operations for the three and nine months ended September 30, 2020.

We entered into a new franchise agreement for the Vail Marriott Mountain Resort to convert the brand to a Luxury Collection Hotel. The new franchise agreement has a term of 20 years, and the brand conversion will be effective upon the completion of an agreed-upon renovation. The franchise fees ramp up for the first two years to stabilize in the third year at the standard fees of 5% of gross room sales and 2% of gross food and beverage sales thereafter.

The franchise agreement for The Lexington Hotel was amended to provide the Company with a right to terminate such agreement on or after April 2, 2021, subject to the payment of unamortized key money as of the date of termination and payment of a termination fee.

The franchise agreements for the JW Marriott Denver Cherry Creek, Westin Washington D.C. City Center and Westin San Diego Downtown were amended to extend the term of each agreement by 10 years. The amended franchise agreement for the JW Marriott Denver Cherry Creek provides the Company with an option to convert the hotel to a Luxury Collection Hotel, subject to the completion of a property improvement plan.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation We are subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of our hotels and Company matters. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance will not have a material adverse impact on our financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership. In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2020, the results of our operations for the three and nine months ended September 30, 2020 and 2019, the statements of equity for the three and nine months ended September 30, 2020 and 2019, and the cash flows for the nine months ended September 30, 2020 and 2019. Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019, included in our Annual Report on Form 10-K filed on February 28, 2020.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. Currently, one of the most significant risks and uncertainties is the potential length and severity of the ongoing COVID-19 pandemic. The COVID-19 pandemic has reduced travel and adversely affected the hospitality industry in general. We believe that the actual and threatened spread of COVID-19 globally or in the regions in which we operate, or the future widespread outbreak of infectious or contagious disease, has impeded and will continue to impede national and international travel in general compared to pre-pandemic levels. The extent to which our business will continue to be affected by COVID-19 will largely depend on future developments, which we cannot predict with a high degree of confidence, and its impact on customer travel, including the duration of the outbreak, the continued spread and treatment of COVID-19, new information and developments that may emerge concerning the severity of COVID-19 and the actions of governments and individuals to contain COVID-19 or mitigate its impact, as well as the effect of any relaxation of current restrictions, among others. To the extent that travel activity in the U.S. continues to be materially and adversely affected by COVID-19, the overall business and financial results of the hospitality industry, as well as the business and financial results of the Company, would similarly continue to be materially and adversely impacted. See Note 1 for additional disclosures related to COVID-19 and its impact on the Company.
Going Concern	Going ConcernUnder the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. In making our evaluation, we considered our financial position and liquidity sources, including forecasted future cash flows and our ability to meet contractual obligations that are due or may become due over the next 12 months. As of November 6, 2020, we determined that there is not substantial doubt about our ability to continue as a going concern over the next 12 months.
Property and Equipment	Property and Equipment Investment purchases of hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets that are not businesses are accounted for as asset acquisitions and recorded at relative fair value based upon total accumulated cost of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties, current or projected losses from operations, and an expectation that the property is more likely than not to be sold significantly before the end of its useful life. Management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. As a result of the COVID-19 pandemic, we reviewed each of our hotel properties for impairment as of September 30, 2020 and concluded the carrying value of each of the hotel properties is recoverable. Due to the continuing effects of the pandemic, however, estimated future cash flows could further decline and result in the recognition in future periods of an impairment charge on one or more of our hotel properties, including Frenchman's Reef, which is not yet fully reconstructed. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Revenue Recognition	Revenue Recognition Revenues from operations of the hotels are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as for restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share ("EPS") is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants. No adjustment is made for shares that are anti-dilutive during a period.
Share-based Compensation	Share-based Compensation We account for share-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service.
Income Taxes	Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which 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 all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the negative financial impact of the COVID-19 pandemic, we reassessed the realizability of deferred tax assets in each quarter of 2020. As a result of our analysis in the third quarter of 2020, we recorded a valuation allowance of $12.4 million in the three months ended September 30, 2020 on our deferred tax assets given our financial results and uncertainty about our ability to utilize our net operating loss carryforwards in future years. We have elected to be treated as a real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local, and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly owned subsidiary of Bloodstone TRS, Inc., our taxable REIT subsidiary (“TRS”), except for Frenchman’s Reef, which is owned by a Virgin Islands corporation that we have elected to be treated as a TRS, and Cavallo Point, The Lodge at the Golden Gate (“Cavallo Point”), which is leased to a wholly owned subsidiary of the Company, which we have elected to be treated as a TRS.
Fair Value Measurements	Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the observability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs
Intangible Assets and Liabilities	Intangible Assets and LiabilitiesIntangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable contract assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Comprehensive Income	Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations.
Derivative Instruments	Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. We have not elected hedge accounting treatment for the changes in the fair value of derivatives. Changes in the fair value of derivatives are recorded each period and are included in interest expense in the consolidated statements of operations.
Noncontrolling Interests	Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity.
Restricted Cash	Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures generally held by our hotel managers and cash held in escrow pursuant to lender requirements.
Debt Issuance Costs	Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of debt issuance costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations. Debt issuance costs related to our Revolving Credit Facility (defined in Note 8) are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the Revolving Credit Facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations.
Due to/from Hotel Managers	Due to/from Hotel Managers The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company.
Key Money	Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees.
Leases	Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date.Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution.
Segment Reporting	Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. We aggregate our operating segments using the criteria established by U.S. GAAP, including the similarities of our product offering, types of customers and method of providing service. All of our properties react similarly to economic stimulus, such as business investment, changes in Gross Domestic Product, and changes in travel patterns. As such, all our operating segments meet the aggregation criteria, resulting in a single reportable segment represented by our consolidated financial results.
Accounting for Impact of Natural Disasters	Accounting for Impact of Natural DisastersAssets destroyed or damaged as a result of natural disasters or other involuntary events are written off or reduced in carrying value to their salvage value. When recovery of all or a portion of the amount of property damage loss or other covered expenses through insurance proceeds is demonstrated to be probable, a receivable is recorded and offsets the loss or expense up to the amount of the total loss or expense. No gain is recorded until all contingencies related to the insurance claim have been resolved. Income resulting from business interruption insurance is not recognized until all contingencies related to the insurance recoveries are resolved.

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and equipment

Property and equipment as of September 30, 2020 and December 31, 2019 consists of the following (in thousands):


	September 30, 2020		December 31, 2019
Land	$	618,210	$	617,695
Land improvements	7,994		7,994
Buildings and site improvements	2,778,571		2,751,590
Furniture, fixtures and equipment	541,810		534,802
Construction in progress	166,751		126,464
	4,113,336		4,038,545
Less: accumulated depreciation	(1,099,347)		(1,011,776)
	$	3,013,989	$	3,026,769

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Components of lease expense and other information


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating lease cost	$	2,760	$	2,834	$	8,331	$	8,417
Variable lease payments	$	17	$	311	$	256	$	1,137
Cash paid for amounts included in the measurement of operating lease liabilities	$	802	$	835	$	2,412	$	2,421

Summary of operating lease maturities

Maturities of lease liabilities are as follows (in thousands):


Year Ending December 31,	As of September 30, 2020
2020 (excluding the nine months ended September 30, 2020)	$	802
2021	3,496
2022	3,940
2023	3,997
2024	3,976
Thereafter	759,124
Total lease payments	775,335
Less imputed interest	(671,060)
Total lease liabilities	$	104,275

Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of dividends payable

We have paid the following dividends to holders of our common stock and distributions to holders of common OP units and LTIP units during 2020:

Payment Date

Record Date

Dividend
per Share

January 13, 2020

January 2, 2020

0.125

We have paid the following dividends to holders of our Series A Preferred Stock during 2020:

Payment Date

Record Date

Dividend
per Share

September 30, 2020

September 20, 2020

0.178

Stock Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of restricted stock awards

A summary of our restricted stock awards from January 1, 2020 to September 30, 2020 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2020	472,999	$	10.40
Granted	343,410	9.41
Vested	(229,664)	10.55
Forfeited	(13,683)	9.99
Unvested balance at September 30, 2020	573,062	$	9.76

Schedule of nonvested performance-based units activity

A summary of our PSUs from January 1, 2020 to September 30, 2020 is as follows:


	Number of Target Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2020	796,532	$	11.16
Granted	352,035	9.02
Additional units from dividends	9,556	10.42
Vested (1)	(245,937)	11.00

Unvested balance at September 30, 2020	912,186	$	9.63

______________________

(1)The number of shares of common stock earned for the PSUs vested in 2020 was equal to 123.07% of the PSU Target Award.

Summary of LTIP units

A summary of our LTIP units from January 1, 2020 to September 30, 2020 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2020	244,366	$	10.65
Granted	80,898	9.58
Vested (1)	(81,455)	10.65

Unvested balance at September 30, 2020	243,809	$	10.29

______________________

(1)As of September 30, 2020, all vested LTIP units have been converted to common OP units.

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of earnings (loss) per share, basic and diluted

The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Net (loss) income attributable to common stockholders	(80,437)		$	11,529	$	(187,778)	$	49,434
Dividends declared on unvested share-based compensation	—		(31)		—		(101)
Net (loss) income available to common stockholders	$	(80,437)	$	11,498	$	(187,778)	$	49,333
Denominator:
Weighted-average number of common shares outstanding—basic	200,978,327		201,448,348		200,994,434		202,218,646
Effect of dilutive securities:
Unvested restricted common stock	—		102,309		—		59,793

Shares related to unvested PSUs	—		441,632		—		404,149
Weighted-average number of common shares outstanding—diluted	200,978,327		201,992,289		200,994,434		202,682,588
Earnings (loss) per share:
Net (loss) income per share available to common stockholders—basic	$	(0.40)	$	0.06	$	(0.93)	$	0.24
Net (loss) income per share available to common stockholders—diluted	$	(0.40)	$	0.06	$	(0.93)	$	0.24

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of long term debt

The following table sets forth information regarding the Company’s debt as of September 30, 2020 and December 31, 2019 (dollars in thousands):


			Principal Balance as of
Loan	Interest Rate as of September 30, 2020	Maturity Date	September 30, 2020		December 31, 2019
Salt Lake City Marriott Downtown at City Creek mortgage loan (repaid on June 25, 2020)	4.25%	November 2020	$	—	$	53,273
Salt Lake City Marriott Downtown at City Creek mortgage loan	LIBOR + 3.25% (1)	January 2022 (2)	47,700		—
Westin Washington, D.C. City Center mortgage loan	3.99%	January 2023	58,860		60,550
The Lodge at Sonoma Renaissance Resort & Spa mortgage loan	3.96%	April 2023	26,502		26,963
Westin San Diego Downtown mortgage loan	3.94%	April 2023	60,668		61,851
Courtyard New York Manhattan/Midtown East mortgage loan	4.40%	August 2024	79,940		81,107
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	79,647		80,904
JW Marriott Denver at Cherry Creek mortgage loan	4.33%	July 2025	60,361		61,253
Westin Boston Waterfront mortgage loan	4.36%	November 2025	187,839		190,725
New Market Tax Credit loan (3)	5.17%	December 2020	2,943		2,943
Unamortized debt issuance costs			(2,745)		(3,240)
Total mortgage and other debt, net of unamortized debt issuance costs			601,715		616,329



Unsecured term loan	LIBOR + 2.35% (4)	October 2023	50,000		50,000
Unsecured term loan	LIBOR + 2.35% (5)	July 2024	350,000		350,000
Unamortized debt issuance costs			(1,557)		(1,230)
Unsecured term loans, net of unamortized debt issuance costs			398,443		398,770

Senior unsecured credit facility	LIBOR + 2.40% (6)	July 2023 (7)	99,985		75,000

Total debt, net of unamortized debt issuance costs			$	1,100,143	$	1,090,099
Weighted-Average Interest Rate	3.84%

_______________________

(1)LIBOR is subject to a floor of 1.0%.

(2)The loan may be extended for an additional year upon satisfaction of certain conditions.

(3)Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 2018.

(4)We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023.

(5)We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.

(6)Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.

(7) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Fair Value Measurements and Interest Rate Swaps (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair value of certain financial assets and liabilities and other financial instruments

The fair value of certain financial assets and liabilities and other financial instruments as of September 30, 2020 and December 31, 2019, in thousands, is as follows:


	September 30, 2020				December 31, 2019
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,100,143	$	1,102,892	$	1,090,099	$	1,110,353
Interest rate swap liabilities	$	13,874	$	13,874	$	2,545	$	2,545

_______________

(1)The carrying amount of debt is net of unamortized debt issuance costs.

Schedule of Interest Rate Derivatives

The Company's interest rate derivatives, which are not designated or accounted for as cash flow hedges, consisted of the following as of September 30, 2020 and December 31, 2019, in thousands:


									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Rate Fixed		Index	Effective Date	Maturity Date	Notional Amount		September 30, 2020		December 31, 2019
$50 million term loan	Swap	2.41	%	1-Month LIBOR	January 7, 2019	October 18, 2023	$	50,000	$	(3,540)	$	(1,597)
$350 million term loan	Swap	1.70	%	1-Month LIBOR	July 25, 2019	July 25, 2024	$	175,000	(10,334)		(948)
									$	(13,874)	$	(2,545)

Relationships with Managers and Franchisors (Tables)

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Schedule of Terms of Hotel Franchise Agreements

We terminated the existing management agreements with Marriott and entered into new franchise agreements with Marriott for the following hotel properties:

Hotel

Franchise
Effective Date

Franchise
Expiration Date

Franchise Fees

Atlanta Marriott Alpharetta

September 9, 2020

September 9, 2040 (1)

6% of gross room sales and

3% of gross food and beverage sales (2)

Salt Lake City Marriott Downtown at City Creek

September 3, 2020

September 3, 2040 (1)

6% of gross room sales and

3% of gross food and beverage sales (2)

The Lodge at Sonoma Renaissance Resort & Spa

September 1, 2020

December 31, 2035

5% of gross room sales (2)

Renaissance Charleston Historic District Hotel

September 23, 2020

December 31, 2031

5% of gross room sales (3)

Courtyard New York Manhattan/Fifth Avenue

October 1, 2020

December 28, 2035

6% of gross room sales

_______________________

(1)The franchise agreement may be extended at Marriott's option for one 10-year term.

(2)The franchise agreement limits total franchise fees prior to December 31, 2020 to 3% of gross revenues.

(3)The franchise agreement limits total franchise fees prior to December 31, 2020 to 3.5% of gross revenues.

Organization (Details)	2 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
Organization (Details)	Sep. 30, 2020 USD ($) hotel room shares	Sep. 30, 2020 USD ($) hotel room shares	Sep. 30, 2020 USD ($) hotel room	Dec. 31, 2019 USD ($)	Apr. 30, 2020 hotel
Real Estate Properties [Line Items]
Number of hotels (in hotels)	31	31	31		30
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) \| room	10,102	10,102	10,102
Shares sold (in shares) \| shares		4,760,000
Preferred stock, dividend rate	8.25%	8.25%	8.25%	8.25%
Net proceeds from shares sold \| $		$ 114,500,000
Cash and cash equivalents \| $	$ 110,555,000	$ 110,555,000	$ 110,555,000	$ 122,524,000
Series A Preferred Stock
Real Estate Properties [Line Items]
Shares sold (in shares) \| shares	4,760,000
Atlanta, Georgia
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
Boston, Massachusetts
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2	2	2
Burlington, Vermont
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
Charleston, South Carolina
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
Chicago, Illinois
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2	2	2
Denver, Colorado
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2	2	2
Fort Lauderdale, Florida
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
Fort Worth, Texas
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
Huntington Beach, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
Key West, Florida
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2	2	2
New York, New York
Real Estate Properties [Line Items]
Number of hotels (in hotels)	4	4	4
Phoenix, Arizona
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
Salt Lake City, Utah
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
San Diego, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
San Francisco, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2	2	2
Sedona, Arizona
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2	2	2
Sonoma, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
South Lake Tahoe, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
Washington D.C
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2	2	2
St. Thomas, U.S. Virgin Islands
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
Vail, Colorado
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1	1	1
DiamondRock Hospitality Limited Partnership
Real Estate Properties [Line Items]
General partner, ownership interest			99.60%
Limited partners, ownership interest			0.40%
Suspended Operations, COVID-19
Real Estate Properties [Line Items]
Number of hotels (in hotels)	3	3	3		20
Re-opened Operations, COVID-19
Real Estate Properties [Line Items]
Number of hotels (in hotels)	17	17	17
Unsecured Term Loan
Real Estate Properties [Line Items]
Principal amount \| $	$ 400,000,000	$ 400,000,000	$ 400,000,000
Revolving Credit Facility \| Line of Credit
Real Estate Properties [Line Items]
Maximum borrowing capacity \| $	400,000,000	400,000,000	400,000,000
Remaining borrowing capacity \| $	$ 300,000,000.0	$ 300,000,000.0	$ 300,000,000.0

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Valuation allowance	$ 12,400,000
Accrual for tax uncertainties	$ 0		$ 0
Frenchman's Reef
Property, Plant and Equipment [Line Items]
Proceeds from business interruption insurance		$ 8,800,000
Minimum \| Land, Buildings and Improvements
Property, Plant and Equipment [Line Items]
Useful life	5 years
Minimum \| Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful life	1 year
Maximum \| Land, Buildings and Improvements
Property, Plant and Equipment [Line Items]
Useful life	40 years
Maximum \| Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful life	10 years

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property and Equipment
Property and equipment, at cost	$ 4,113,336	$ 4,038,545
Less: accumulated depreciation	(1,099,347)	(1,011,776)
Property and equipment, net	3,013,989	3,026,769
Land
Property and Equipment
Property and equipment, at cost	618,210	617,695
Land improvements
Property and Equipment
Property and equipment, at cost	7,994	7,994
Buildings and site improvements
Property and Equipment
Property and equipment, at cost	2,778,571	2,751,590
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, at cost	541,810	534,802
Construction in progress
Property and Equipment
Property and equipment, at cost	$ 166,751	$ 126,464

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Mar. 02, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Payments to acquire land		$ 1,585	$ 0
Accrued capital expenditures		$ 8,900		$ 13,100
Kimpton Shorebreak Resort
Property, Plant and Equipment [Line Items]
Interest acquired in land	4.50%
Payments to acquire land	$ 1,600
Percentage ownership		100.00%

Leases - Narrative (Details)	Sep. 30, 2020 ground_lease
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	66 years
Weighted-average discount rate	5.77%
Hotel
Lessee, Lease, Description [Line Items]
Number of operating leases	8
Parking Garage
Lessee, Lease, Description [Line Items]
Number of operating leases	1

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 2,760	$ 2,834	$ 8,331	$ 8,417
Variable lease payments	17	311	256	1,137
Cash paid for amounts included in the measurement of operating lease liabilities	$ 802	$ 835	$ 2,412	$ 2,421

Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020 (excluding the nine months ended September 30, 2020)	$ 802
2021	3,496
2022	3,940
2023	3,997
2024	3,976
Thereafter	759,124
Total lease payments	775,335
Less imputed interest	(671,060)
Total lease liabilities	$ 104,275	$ 103,625

Equity - Narrative (Details)	1 Months Ended		2 Months Ended	3 Months Ended						9 Months Ended		12 Months Ended
Equity - Narrative (Details)	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2018 $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) $ / shares	Mar. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2019 shares	Jun. 30, 2019 shares	Mar. 31, 2019 shares	Sep. 30, 2020 USD ($) vote $ / shares shares	Sep. 30, 2019 USD ($)	Dec. 31, 2019 $ / shares shares	Nov. 06, 2020 USD ($)	Nov. 05, 2020 USD ($)
Class of Stock [Line Items]
Common stock, shares authorized (up to) (in shares) \| shares			400,000,000	400,000,000						400,000,000		400,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01						$ 0.01		$ 0.01
Votes per common share \| vote										1
Shares sold (in shares) \| shares				4,760,000
Net proceeds from shares sold				$ 114,500,000
Placement fees and expenses				4,529,000	$ 10,000
Value amount of shares authorized to be repurchased (up to)			$ 250,000,000	$ 250,000,000						$ 250,000,000
Shares repurchased (in shares) \| shares						1,119,438
Repurchased shares, average price per share (in dollars per share) \| $ / shares						$ 8.91
Common stock repurchased						$ 10,000,000.0				$ 10,000,000	$ 42,828,000
Preferred stock, shares authorized (up to) (in shares) \| shares			10,000,000	10,000,000						10,000,000		10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01						$ 0.01		$ 0.01
Preferred stock, dividend rate			8.25%	8.25%						8.25%		8.25%
Liquidation preference per share (in dollars per share) \| $ / shares			$ 25.00	$ 25.00						$ 25.00
Redemption price per share (in dollars per share) \| $ / shares			$ 25.00	$ 25.00						$ 25.00
Limited partnership, price per unit (in dollars per unit) \| $ / shares		$ 11.76
Option to redeem for common stock ratio		1
Common Stock
Class of Stock [Line Items]
Shares sold (in shares) \| shares	135,481			0
Shares sold, price per share (in dollars per share) \| $ / shares	$ 7.56				$ 7.56
Net proceeds from shares sold	$ 1,000,000.0
Placement fees and expenses	$ 10,000
Series A Preferred Stock
Class of Stock [Line Items]
Shares sold (in shares) \| shares			4,760,000
Placement fees and expenses			$ 4,500,000
Gross proceeds from sale of stock			$ 119,000,000.0
Unaffiliated Third Parties
Class of Stock [Line Items]
Common units issued (in shares) \| shares		796,684
Operating partnerships units held (in shares) \| shares			855,191	855,191						855,191		792,131
Common Stock
Class of Stock [Line Items]
Aggregate offering price (up to)										$ 200,000,000
Shares repurchased (in shares) \| shares						1,119,438	280,436	1,004,589	3,143,922
Subsequent Event
Class of Stock [Line Items]
Amount remaining under offering program													$ 199,000,000.0
Remaining repurchase amount														$ 165,200,000
Long-Term Incentive Plan Unit
Class of Stock [Line Items]
Units outstanding (in shares) \| shares			243,809	243,809						243,809		244,366

Equity - Schedule of Dividends Payable (Details) - $ / shares	Sep. 30, 2020	Jan. 13, 2020
Dividends, Common Operating Partnership And LTIP Units [Abstract]
Dividends per share (in dollars per share)		$ 0.125
Dividends, Preferred Stock [Abstract]
Dividend per share (in dollars per share)	$ 0.178

Stock Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Feb. 25, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return				50.00%
Hotel market share				50.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				3 years
Awards expected to vest in 2020 (in shares)		8,202		8,202
Awards expected to vest in 2021 (in shares)		247,019		247,019
Awards expected to vest in 2022 (in shares)		141,836		141,836
Awards expected to vest in 2023 (in shares)		176,005		176,005
Unrecognized compensation cost		$ 4.0		$ 4.0
Unrecognized compensation expense related to compensation awards, period for recognition (in months)				25 months
Compensation expense		$ 0.7	$ 0.6	$ 2.0	$ 1.9
Number of shares, granted (in shares)				343,410
Units vested (in shares)				229,664
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				3 years
Awards expected to vest in 2021 (in shares)		290,927		290,927
Awards expected to vest in 2022 (in shares)		269,224		269,224
Awards expected to vest in 2023 (in shares)		352,035		352,035
Unrecognized compensation cost		$ 4.1		$ 4.1
Unrecognized compensation expense related to compensation awards, period for recognition (in months)				23 months
Compensation expense		$ 0.7	0.5	$ 2.0	1.8
Performance period (in years)				3 years
Percentage of target award of maximum possible payout to executives				150.00%
Number of units earned if total stockholder return is negative				100.00%
Number of shares, granted (in shares)				352,035
Fair value at grant date (in dollars per share)	$ 8.52
Volatility	21.40%
Risk-free rate	1.16%
Fair value at grant date based on hotel market share (in dollars per share)	$ 9.58
Units vested (in shares)				245,937
Performance Stock Units \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)	352,035
Long-Term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2021 (in shares)		108,421		108,421
Awards expected to vest in 2022 (in shares)		108,422		108,422
Awards expected to vest in 2023 (in shares)		26,966		26,966
Unrecognized compensation cost		$ 1.9		$ 1.9
Unrecognized compensation expense related to compensation awards, period for recognition (in months)				21 months
Compensation expense		$ 0.3	$ 0.2	$ 0.8	$ 0.5
Number of shares, granted (in shares)				80,898
Units outstanding (in shares)		325,264		325,264
Units vested (in shares)				81,455
Long-Term Incentive Plan Unit \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)	80,898
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and incentive plan, shares authorized (up to) (in shares)		6,082,664		6,082,664
Number of shares issued or committed to issue (in shares)		3,053,153		3,053,153
Maximum \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares				30.00%
Minimum \| Performance Stock Units \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares				75.00%

Stock Incentive Plans - Stock Awards Activity (Details)	9 Months Ended
Stock Incentive Plans - Stock Awards Activity (Details)	Sep. 30, 2020 $ / shares shares
Restricted Stock
Number of Shares
Beginning Balance (in shares) \| shares	472,999
Granted (in shares) \| shares	343,410
Vested (in shares) \| shares	(229,664)
Forfeited (in shares) \| shares	(13,683)
Ending Balance (in shares) \| shares	573,062
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 10.40
Granted (in dollars per share) \| $ / shares	9.41
Vested (in dollars per share) \| $ / shares	10.55
Forfeited (in dollars per share) \| $ / shares	9.99
Ending balance (in dollars per share) \| $ / shares	$ 9.76
Performance Stock Units
Number of Shares
Beginning Balance (in shares) \| shares	796,532
Granted (in shares) \| shares	352,035
Vested (in shares) \| shares	(245,937)
Additional units from dividends (in shares) \| shares	9,556
Ending Balance (in shares) \| shares	912,186
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 11.16
Granted (in dollars per share) \| $ / shares	9.02
Vested (in dollars per share) \| $ / shares	11.00
Additional units from dividends (in dollars per share) \| $ / shares	10.42
Ending balance (in dollars per share) \| $ / shares	$ 9.63
Stock of common stock earned for the PSUs vested in 2018	123.07%
Long-Term Incentive Plan Unit
Number of Shares
Beginning Balance (in shares) \| shares	244,366
Granted (in shares) \| shares	80,898
Vested (in shares) \| shares	(81,455)
Ending Balance (in shares) \| shares	243,809
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 10.65
Granted (in dollars per share) \| $ / shares	9.58
Vested (in dollars per share) \| $ / shares	10.65
Ending balance (in dollars per share) \| $ / shares	$ 10.29

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net (loss) income attributable to common stockholders	$ (80,437)	$ 11,529	$ (187,778)	$ 49,434
Dividends declared on unvested share-based compensation	0	(31)	0	(101)
Net (loss) income available to common stockholders	$ (80,437)	$ 11,498	$ (187,778)	$ 49,333
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	200,978,327	201,448,348	200,994,434	202,218,646
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	200,978,327	201,992,289	200,994,434	202,682,588
Earnings (loss) per share:
Net (loss) income per share available to common stockholders - basic (in dollars per share)	$ (0.40)	$ 0.06	$ (0.93)	$ 0.24
Net (loss) income per share available to common stockholders - diluted (in dollars per share)	$ (0.40)	$ 0.06	$ (0.93)	$ 0.24
Anti-dilutive shares (in shares)	0	0	0	0
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	0	102,309	0	59,793
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	0	441,632	0	404,149

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands			9 Months Ended
	Jun. 25, 2020	Jun. 09, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total mortgage and other debt, net of unamortized debt issuance costs			$ 601,715	$ 616,329
Total debt			1,100,143	1,090,099
Senior unsecured credit facility			$ 99,985	75,000
Weighted-average interest rate (as a percent)			3.84%
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs			$ (2,745)	(3,240)
Total mortgage and other debt, net of unamortized debt issuance costs			601,715	616,329
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs			(1,557)	(1,230)
Total debt			398,443	398,770
Unsecured Term Loan Due October 2023 \| Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance			$ 50,000	50,000
Unsecured Term Loan Due October 2023 \| Unsecured Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.35%
Unsecured Term Loan Due October 2023 \| Interest Rate Swap \| Unsecured Term Loan \| LIBOR Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.41%
Unsecured Term Loan due July 2024 \| Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance			$ 350,000	350,000
Unsecured Term Loan due July 2024 \| Unsecured Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.35%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Senior unsecured credit facility			$ 99,985	75,000
Revolving Credit Facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.40%
Unsecured Term Loan, $175 million \| Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance			$ 175,000
Unsecured Term Loan, $175 million \| Interest Rate Swap \| Unsecured Term Loan \| LIBOR Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
Salt Lake City Marriott Downtown \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			4.25%
Principal balance			$ 0	53,273
Salt Lake City Marriott Downtown \| Mortgages
Debt Instrument [Line Items]
Principal balance			$ 47,700	0
Basis spread on variable rate			3.25%
Salt Lake City Marriott Downtown \| Mortgages \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Westin Washington, D.C. City Center \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.99%
Principal balance			$ 58,860	60,550
The Lodge at Sonoma, a Renaissance Resort and Spa \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.96%
Principal balance			$ 26,502	26,963
Westin San Diego \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.94%
Principal balance			$ 60,668	61,851
Courtyard Manhattan / Midtown East \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			4.40%
Principal balance			$ 79,940	81,107
Renaissance Worthington \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.66%
Principal balance			$ 79,647	80,904
JW Marriott Denver at Cherry Creek \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			4.33%
Principal balance			$ 60,361	61,253
Boston Westin \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			4.36%
Principal balance			$ 187,839	190,725
New Market Tax Credit loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			5.17%
Principal balance			$ 2,943	$ 2,943
Minimum \| Revolving Credit Facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Minimum \| Unsecured Term Loan, $175 million \| Interest Rate Swap \| Unsecured Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Minimum \| Salt Lake City Marriott Downtown \| Mortgages \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%

Debt - Mortgage and Other Debt (Details) $ in Thousands		9 Months Ended		19 Months Ended
Debt - Mortgage and Other Debt (Details) $ in Thousands	Jun. 25, 2020 USD ($)	Sep. 30, 2020 USD ($) hotel Hotel	Sep. 30, 2019 USD ($)	Jan. 31, 2022 USD ($)	Apr. 30, 2020 hotel
Debt Instrument [Line Items]
Number of hotels (in hotels) \| hotel		31			30
Debt repayment		$ 10,594	$ 10,374
Mortgages
Debt Instrument [Line Items]
Number of hotels (in hotels) \| Hotel		8
Salt Lake City Marriott Downtown \| Mortgages
Debt Instrument [Line Items]
Principal amount	$ 48,000
Debt repayment	$ 52,500
Basis spread on variable rate		3.25%
Salt Lake City Marriott Downtown \| Forecast \| Mortgages
Debt Instrument [Line Items]
Monthly principal payment				$ 150
Salt Lake City Marriott Downtown \| LIBOR \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Salt Lake City Marriott Downtown \| LIBOR \| Minimum \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%

Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details)		3 Months Ended		9 Months Ended			10 Months Ended	19 Months Ended
	Jun. 09, 2020	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2021	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021	Apr. 01, 2021	Aug. 14, 2020 USD ($)	Dec. 31, 2019 USD ($)
Line of Credit Facility [Line Items]
Percent of unused portion line of credit facility triggering lower commitment fee (as a percent)					50.00%
Senior unsecured credit facility		$ 99,985,000			$ 99,985,000						$ 75,000,000
Maximum annual preferred dividends										$ 17,500,000
Unsecured Term Loan
Line of Credit Facility [Line Items]
Interest incurred on the facility		3,700,000	$ 3,500,000		$ 9,800,000	$ 10,400,000
Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)					0.20%
Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)					0.30%
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		400,000,000			$ 400,000,000
Senior unsecured credit facility		99,985,000			99,985,000						75,000,000
Interest and unused credit facility fees		1,100,000	$ 1,100,000		$ 3,600,000	$ 2,800,000
Revolving Credit Facility \| LIBOR \| Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.40%
Revolving Credit Facility \| LIBOR \| Minimum \| Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Unsecured Term Loan due July 2024 \| Unsecured Term Loan
Line of Credit Facility [Line Items]
Principal balance		350,000,000			$ 350,000,000						350,000,000
Unsecured Term Loan due July 2024 \| LIBOR \| Unsecured Term Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.35%
Unsecured Term Loan Due October 2023 \| Unsecured Term Loan
Line of Credit Facility [Line Items]
Principal balance		$ 50,000,000			$ 50,000,000						$ 50,000,000
Unsecured Term Loan Due October 2023 \| LIBOR \| Unsecured Term Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.35%
Forecast
Line of Credit Facility [Line Items]
Minimum liquidity covenant							$ 100,000,000.0
Covenant, acquisition limitation							$ 300,000,000
Maximum leverage ratio (as a percent)							0.60		0.65
Unencumbered leverage ratio							60.00%		65.00%
Forecast \| Revolving Credit Facility \| LIBOR \| Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate								2.40%
Forecast \| Unsecured Term Loan Due October 2023 \| LIBOR \| Unsecured Term Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate								2.35%
Testing Period One \| Forecast \| Minimum
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio				1.00
Testing Period Two \| Forecast \| Minimum
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio				1.00
Testing Period Three \| Forecast \| Minimum
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio				1.10
Testing Periods Thereafter \| Forecast \| Minimum
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio				1.20

Fair Value Measurements and Interest Rate Swaps - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,100,143	$ 1,090,099
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,102,892	1,110,353
Interest Rate Swap \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liabilities	13,874	2,545
Interest Rate Swap \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liabilities	$ 13,874	$ 2,545

Fair Value Measurements and Interest Rate Swaps - Interest Rate Derivatives (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Interest Rate Swap
Derivative [Line Items]
Fair Value of Liabilities	$ (13,874,000)	$ (2,545,000)
Interest Rate Swap \| $50 million term loan
Derivative [Line Items]
Rate Fixed	2.41%
Notional Amount	$ 50,000,000
Fair Value of Liabilities	$ (3,540,000)	(1,597,000)
Interest Rate Swap \| $350 million term loan
Derivative [Line Items]
Rate Fixed	1.70%
Notional Amount	$ 175,000,000
Fair Value of Liabilities	(10,334,000)	(948,000)
Unsecured Term Loan \| $50 million term loan
Derivative [Line Items]
Hedged Debt	50,000,000	50,000,000
Unsecured Term Loan \| $350 million term loan
Derivative [Line Items]
Hedged Debt	$ 350,000,000	$ 350,000,000

Relationships with Managers and Franchisors - Franchise Agreements (Details) - renewal_term			3 Months Ended	4 Months Ended			9 Months Ended
	Sep. 09, 2020	Sep. 03, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2020	Sep. 30, 2020
Atlanta Marriott Alpharetta
Real Estate Properties [Line Items]
Franchise fee as percentage of gross room sales							6.00%
Franchise fee as percentage of food and beverage sales							3.00%
Number of renewal terms	1
Renewal term	10 years
Atlanta Marriott Alpharetta \| Maximum \| Forecast
Real Estate Properties [Line Items]
Franchise fee, as a percentage					3.00%
Salt Lake City Marriott Downtown at City Creek
Real Estate Properties [Line Items]
Franchise fee as percentage of gross room sales							6.00%
Franchise fee as percentage of food and beverage sales							3.00%
Number of renewal terms		1
Renewal term		10 years
Salt Lake City Marriott Downtown at City Creek \| Maximum \| Forecast
Real Estate Properties [Line Items]
Franchise fee, as a percentage						3.00%
The Lodge at Sonoma Renaissance Resort & Spa
Real Estate Properties [Line Items]
Franchise fee as percentage of gross room sales							5.00%
The Lodge at Sonoma Renaissance Resort & Spa \| Maximum \| Forecast
Real Estate Properties [Line Items]
Franchise fee, as a percentage				3.00%
Renaissance Charleston Historic District Hotel
Real Estate Properties [Line Items]
Franchise fee as percentage of gross room sales							5.00%
Renaissance Charleston Historic District Hotel \| Maximum \| Forecast
Real Estate Properties [Line Items]
Franchise fee as percentage of gross room sales			3.50%
Courtyard New York Manhattan/Fifth Avenue
Real Estate Properties [Line Items]
Franchise fee as percentage of gross room sales							6.00%

Relationships with Managers and Franchisors - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 27, 2020	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2022
Real Estate Properties [Line Items]
Management fee, accelerated amortization expense		$ 1.4
Renaissance Charleston Historic District Hotel
Real Estate Properties [Line Items]
Management fee, accelerated amortization expense			$ 1.4
Franchise fee as percentage of gross room sales			5.00%
Vail Marriott Mountain Resort
Real Estate Properties [Line Items]
Franchise agreement term	20 years
Vail Marriott Mountain Resort \| Forecast
Real Estate Properties [Line Items]
Franchise fee as percentage of gross room sales				5.00%
Franchise fee as percentage of food and beverage sales				2.00%
JW Marriott Denver Cherry Creek
Real Estate Properties [Line Items]
Renewal term	10 years
Westin Washington, D.C. City Center
Real Estate Properties [Line Items]
Renewal term	10 years
Westin San Diego Downtown
Real Estate Properties [Line Items]
Renewal term	10 years

Label

Element

Value

Restricted Cash

us-gaap_RestrictedCash

$ 31,478,000

Restricted Cash

us-gaap_RestrictedCash

$ 57,268,000

[1]	Restricted cash primarily consists of reserves for replacement of furniture and fixtures held by our hotel managers and cash held in escrow pursuant to lender requirements.